N-CSRS

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:		3/31/2009

Item 1:   Report(s) to Shareholders.

2009
LORD ABBETT SEMIANNUAL REPORT

Lord Abbett

Municipal Income Fund

Municipal Income Trust

National Tax Free Fund

California Tax Free Fund

Connecticut Tax Free Fund

Hawaii Tax Free Fund

Missouri Tax Free Fund

New Jersey Tax Free Fund

New York Tax Free Fund

Intermediate Tax Free Fund

Short Duration Tax Free Fund

Georgia Tax Free Trust

High Yield Municipal Bond Fund

Pennsylvania Tax Free Trust

For the six-month period ended March 31, 2009

Lord Abbett Municipal Income Fund and
Lord Abbett Municipal Income Trust

Semiannual Report

For the six-month period ended March 31, 2009

Dear Shareholders: We are pleased to provide you with this semiannual report of the Lord Abbett Municipal Income Fund and the Lord Abbett Municipal Income Trust for the six-month period ended March 31, 2009. For additional information about the Funds, please visit our Website at www.lordabbett.com, where you can access the quarterly commentaries by the Funds' portfolio managers. General information about Lord Abbett mutual funds, as well as in-depth discussions of market trends and investment strategies, is also provided in Lord Abbett Insights, a quarterly newsletter available on our Website.

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

Best regards,

Robert S. Dow
Chairman

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.

1

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges 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; also, certain Funds do not yet have effective a Rule 12b-1 plan under which distribution and service fees are paid); and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in each 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, 2008 through March 31, 2009).

Actual Expenses

For each class of each Fund, the first line of the applicable table on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled "Expenses Paid During the Period 10/1/08 – 3/31/09" 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 applicable table on the following pages provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in 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

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. 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†
	10/1/08		3/31/09		10/1/08 – 3/31/09
Class A
Actual	$	1,000.00	$	981.90	$	4.84
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.02	$	4.94
Class B
Actual	$	1,000.00	$	977.50	$	8.83
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.02	$	9.00
Class C
Actual	$	1,000.00	$	978.70	$	7.89
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.94	$	8.05
Class F
Actual	$	1,000.00	$	982.50	$	4.30
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.57	$	4.38

^†  For each class of the Fund, expenses are equal to the annualized expense ratio for such class (0.98% for Class A, 1.79% for Class B, 1.60% for Class C and 0.87% for Class F) 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, 2009

Credit Rating: S&P or Moody's(a)	%*
AAA		23.82	%
AA+		5.84	%
AA		9.58	%
AA-		7.52	%
A+		2.58	%
A		10.65	%
A-		5.89	%
BBB+		5.62	%
BBB		7.19	%
BBB-		3.20	%
BB+		1.67	%
Credit Rating: S&P or Moody's(a)	%*
BB		1.03	%
BB-		0.63	%
B+		0.08	%
B		0.10	%
B-		0.74	%
CCC		0.54	%
CCC+		0.28	%
NR		10.70	%
Short-Term Investments		2.34	%
Total		100.00	%

(a)  Certain investments have been rated by Fitch IBCA.

*  Represents percent of total investments.

3

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. 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†
	10/1/08		3/31/09		10/1/08 – 3/31/09
Class A
Actual	$	1,000.00	$	986.80	$	4.95
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.96	$	5.04
Class C
Actual	$	1,000.00	$	984.70	$	7.97
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.89	$	8.10
Class F
Actual	$	1,000.00	$	988.40	$	4.36
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.57	$	4.43

^†  For each class of the Fund, expenses are equal to the annualized expense ratio for such class (1.00% for Class A, 1.61% for Class C and 0.88% for Class F) 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, 2009

Credit Rating: S&P or Moody's(a)	%*
AAA		30.39	%
AA+		4.36	%
AA		7.12	%
AA-		13.61	%
A+		5.05	%
A		15.58	%
A-		4.89	%
BBB+		2.97	%
BBB		5.86	%
BBB-		2.71	%
BB+		0.87	%
NR		6.03	%
Short-Term Investment		0.56	%
Total		100.00	%

(a)  Certain investments have been rated by Fitch IBCA.

*  Represents percent of total investments.

4

Connecticut 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. 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†
	10/1/08		3/31/09		10/1/08 – 3/31/09
Class A
Actual	$	1,000.00	$	1,014.40	$	4.47
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.47	$	4.48
Class F
Actual	$	1,000.00	$	1,013.90	$	4.07
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.91	$	4.08

^†  For each class of the Fund, expenses are equal to the annualized expense ratio for such class (0.89% for Class A and 0.81% for Class F) 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, 2009

Credit Rating: S&P or Moody's	%*
AAA		24.57	%
AA+		0.86	%
AA		14.10	%
AA-		14.55	%
A+		6.30	%
A		10.84	%
A-		7.59	%
BBB+		7.51	%
BBB		2.13	%
BBB-		2.98	%
NR		6.98	%
Short-Term Investment		1.59	%
Total		100.00	%

*  Represents percent of total investments.

5

Hawaii 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. 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†
	10/1/08		3/31/09		10/1/08 – 3/31/09
Class A
Actual	$	1,000.00	$	1,026.50	$	4.65
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.32	$	4.63
Class F
Actual	$	1,000.00	$	1,027.00	$	4.25
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.76	$	4.23

^†  For each class of the Fund, expenses are equal to the annualized expense ratio for such class (0.92% for Class A and 0.84% for Class F) 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, 2009

Credit Rating: S&P or Moody's	%*
AAA		26.37	%
AA+		0.98	%
AA		24.76	%
AA-		17.97	%
A+		2.22	%
A		5.02	%
BBB+		5.72	%
BBB		2.23	%
BBB-		3.62	%
B		0.61	%
NR		10.50	%
Total		100.00	%

*  Represents percent of total investments.

6

Missouri 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. 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†
	10/1/08		3/31/09		10/1/08 – 3/31/09
Class A
Actual	$	1,000.00	$	1,012.70	$	4.06
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.91	$	4.08
Class F
Actual	$	1,000.00	$	1,013.20	$	3.51
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.45	$	3.53

^†  For each class of the Fund, expenses are equal to the annualized expense ratio for such class (0.81% for Class A and 0.70% for Class F) 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, 2009

Credit Rating: S&P or Moody's(a)	%*
AAA		28.74	%
AA+		9.87	%
AA		10.57	%
AA-		14.33	%
A+		1.31	%
A		4.90	%
A-		8.80	%
BBB+		8.98	%
BBB		2.60	%
BBB-		2.37	%
NR		7.53	%
Total		100.00	%

(a)  Certain investments have been rated by Fitch IBCA.

*  Represents percent of total investments.

7

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. 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†
	10/1/08		3/31/09		10/1/08 – 3/31/09
Class A
Actual	$	1,000.00	$	977.20	$	3.99
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.89	$	4.08
Class F
Actual	$	1,000.00	$	977.70	$	3.45
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,021.42	$	3.53

^†  For each class of the Fund, expenses are equal to the annualized expense ratio for such class (0.81% for Class A, and 0.70% for Class F) 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, 2009

Credit Rating: S&P or Moody's(a)	%*
AAA		19.26	%
AA+		4.90	%
AA		10.60	%
AA-		19.87	%
A+		6.15	%
A		9.07	%
A-		4.23	%
BBB+		5.27	%
BBB		3.22	%
BBB-		5.11	%
Ba2		0.55	%
BB-		0.29	%
B		0.54	%
B3		0.15	%
NR		8.37	%
Short-Term Investment		2.42	%
Total		100.00	%

(a)  Certain investments have been rated by Fitch IBCA.

*  Represents percent of total investments.

8

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. 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†
	10/1/08		3/31/09		10/1/08 – 3/31/09
Class A
Actual	$	1,000.00	$	1,006.40	$	4.55
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.39	$	4.58
Class C
Actual	$	1,000.00	$	1,003.10	$	7.64
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,017.31	$	7.70
Class F
Actual	$	1,000.00	$	1,007.00	$	4.00
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.96	$	4.03

^†  For each class of the Fund, expenses are equal to the annualized expense ratio for such class (0.91% for Class A, 1.53% for Class C and 0.80% for Class F) 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, 2009

Credit Rating: S&P or Moody's(a)	%*
AAA		13.55	%
AA+		10.83	%
AA		17.25	%
AA-		22.42	%
A+		9.50	%
A		2.65	%
A-		2.06	%
BBB+		3.00	%
BBB		2.77	%
Credit Rating: S&P or Moody's(a)	%*
BBB-		3.97	%
BB+		3.70	%
BB		0.57	%
B-		0.59	%
CCC+		0.42	%
NR		5.26	%
Short-Term Investment		1.46	%
Total		100.00	%

(a)  Certain investments have been rated by Fitch IBCA.

*  Represents percent of total investments.

9

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. 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†
	10/1/08		3/31/09		10/1/08 – 3/31/09
Class A*
Actual	$	1,000.00	$	1,046.50	$	1.84
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.16	$	1.82
Class B*
Actual	$	1,000.00	$	1,042.70	$	5.65
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.39	$	5.59
Class C*
Actual	$	1,000.00	$	1,041.60	$	5.40
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.67	$	5.34
Class F*
Actual	$	1,000.00	$	1,045.80	$	1.79
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,023.19	$	1.77
Class P*
Actual	$	1,000.00	$	1,045.60	$	2.70
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,022.27	$	2.67

^†  For each class of the Fund, expenses are equal to the annualized expense ratio for such class (0.36% for Class A, 1.11% for Class B, 1.06% for Class C, 0.35% for Class F and 0.53% for Class P) multiplied by the average account value over the period, multiplied by 182/365 to reflect one-half year period.

*  The annualized expenses of each class have been restated (0.50% for Class A, 1.30% for Class B, 1.12% for Class C, 0.40% for Class F and 0.75% 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	$	2.55	$	2.52
Class B	$	6.62	$	6.55
Class C	$	5.70	$	5.64
Class F	$	2.04	$	2.02
Class P	$	3.82	$	3.78

10

Intermediate Tax Free Fund

Portfolio Holdings Presented by Credit Rating

March 31, 2009

Credit Rating: S&P or Moody's(a)	%*
AAA		28.69	%
AA+		12.99	%
AA		11.95	%
AA-		21.01	%
A+		4.51	%
A		5.20	%
A-		1.46	%
BBB+		2.77	%
BBB		4.27	%
BBB-		1.23	%
Credit Rating: S&P or Moody's(a)	%*
BB+		0.50	%
BB		0.58	%
Ba3		0.35	%
B		0.30	%
B-		0.29	%
CCC		0.19	%
C		0.01	%
NR		1.65	%
Short-Term Investments		2.05	%
Total		100.00	%

(a)  Certain investments have been rated by Fitch IBCA.

*  Represents percent of total investments.

11

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. 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†
	12/12/08		3/31/09		12/12/08 – 3/31/09
Class A
Actual	$	1,000.00	$	1,023.70	$	1.31
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,013.78	$	1.30
Class C
Actual	$	1,000.00	$	1,021.40	$	3.53
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,011.56	$	3.52
Class F
Actual	$	1,000.00	$	1,023.80	$	0.95
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,014.12	$	0.94
Class I
Actual	$	1,000.00	$	1,024.30	$	0.70
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,014.37	$	0.70

^†  For each class of the Fund, expenses are equal to the annualized expense ratio for such class (0.43% for Class A, 1.16% for Class C, 0.31% for Class F and 0.23% for Class I) multiplied by the average account value over the period, multiplied by 110/365 (to reflect the period December 12, 2008, commencement of investment operations, to March 31, 2009).

Portfolio Holdings Presented by Credit Rating

March 31, 2009

Credit Rating: S&P or Moody's	%*
AAA		24.35	%
AA+		12.68	%
AA		22.13	%
AA-		15.31	%
A+		8.00	%
A		4.44	%
A-		0.17	%
BBB+		2.08	%
BBB		2.58	%
Ba2		0.06	%
Short-Term Investments		8.20	%
Total		100.00	%

*  Represents percent of total investments.

12

Georgia Tax Free Trust

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. 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†
	10/1/08		3/31/09		10/1/08 – 3/31/09
Class A
Actual	$	1,000.00	$	1,017.70	$	5.03
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.94	$	5.04
Class F
Actual	$	1,000.00	$	1,022.50	$	4.49
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.51	$	4.48

^†  For each class of the Fund, expenses are equal to the annualized expense ratio for such class (1.00% for Class A and 0.89% for Class F) 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, 2009

Credit Rating: S&P or Moody's	%*
AAA		24.16	%
AA+		2.97	%
AA		19.26	%
AA-		8.14	%
A+		6.37	%
A		18.32	%
A3		5.43	%
Baa1		0.40	%
BBB		5.51	%
BBB-		3.37	%
Ba3		1.27	%
NR		4.80	%
Total		100.00	%

*  Represents percent of total investments.

13

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. 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†
	10/1/08		3/31/09		10/1/08 – 3/31/09
Class A
Actual	$	1,000.00	$	824.80	$	5.10
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,019.34	$	5.64
Class B
Actual	$	1,000.00	$	822.70	$	8.36
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,015.78	$	9.25
Class C
Actual	$	1,000.00	$	822.80	$	7.82
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,016.38	$	8.65
Class F
Actual	$	1,000.00	$	825.40	$	4.51
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.00	$	4.99
Class P
Actual	$	1,000.00	$	823.80	$	6.14
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,018.20	$	6.79

^†  For each class of the Fund, expenses are equal to the annualized expense ratio for such class (1.12% for Class A, 1.84% for Class B, 1.72% for Class C, 0.99% for Class F, and 1.35% 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, 2009

Credit Rating: S&P or Moody's(a)	%*
AAA		4.94	%
AA+		7.30	%
AA		2.81	%
AA-		3.04	%
A+		1.16	%
A		3.09	%
A-		3.17	%
BBB+		4.20	%
BBB		8.07	%
BBB-		3.35	%
BB+		4.22	%
BB		3.68	%
Credit Rating: S&P or Moody's(a)	%*
BB-		1.57	%
B+		1.13	%
B		1.52	%
B-		3.77	%
CCC+		1.97	%
CCC		0.35	%
Caa3		0.15	%
C		0.11	%
D		0.04	%
NR		38.71	%
Short-Term Investments		1.65	%
Total		100.00	%

(a)  Certain investments have been rated by Fitch IBCA.

*  Represents percent of total investments.

14

Pennsylvania Tax Free Trust

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. 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†
	10/1/08		3/31/09		10/1/08 – 3/31/09
Class A
Actual	$	1,000.00	$	1,016.00	$	4.93
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.06	$	4.94
Class F
Actual	$	1,000.00	$	1,014.30	$	4.22
Hypothetical (5% Return Before Expenses)	$	1,000.00	$	1,020.72	$	4.23

^†  For each class of the Fund, expenses are equal to the annualized expense ratio for such class (0.98% for Class A and 0.84% for Class F) 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, 2009

Credit Rating: S&P or Moody's(a)	%*
AAA		17.45	%
AA+		4.73	%
AA		7.58	%
AA-		21.38	%
A+		4.85	%
A		13.24	%
A-		2.22	%
BBB+		8.55	%
BBB		3.34	%
BBB-		8.55	%
BB		0.69	%
B+		0.51	%
NR		4.83	%
Short-Term Investment		2.08	%
Total		100.00	%

(a)  Certain investments have been rated by Fitch IBCA.

*  Represents percent of total investments.

15

Schedule of Investments (unaudited)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
MUNICIPAL BONDS 107.47%
Corporate-Backed 6.73%
Allegheny Cnty PA Indl Dev Auth Resdl Inc Pj		5.10	%	9/1/2026	BBB-(a)	$	1,000	$	758,370
Allegheny Cnty PA Indl Dev Auth Rev		5.50	%	11/1/2016	Baa3		2,500		2,152,800
Alliance Arpt Auth Inc TX Spl Facs Rev American Airlines Inc Pj AMT		5.25	%	12/1/2029	CCC+		4,500		1,751,670
Bayonne NJ Redev Agy Royal Caribbean Pj Ser A AMT		5.375	%	11/1/2035	BB-		750		323,295
Brazos River Auth TX Ref TXU Elec Co Pj Ser C AMT		5.75	%	5/1/2036	CCC		3,805		2,454,225
Cass Cnty TX Indl Dev Corp Envr Impt Rev Ser A AMT		6.00	%	9/1/2025	BBB		1,000		664,700
Clark Cnty NV Indl Dev Rev NV Ser C AMT (AMBAC)		5.95	%	12/1/2038	A		3,320		2,220,881
Cnty of Nez Perce ID Potlatch Corp Pj		6.00	%	10/1/2024	BB		2,200		1,493,162
CT St Res Recovery Auth Rev American Fuel Co Pj Ser A AMT		6.45	%	11/15/2022	BB+		3,000		2,591,400
Dallas-Fort Worth TX Intl Arpt Fac Impt Corp Rev American Airlines Inc AMT		5.50	%	11/1/2030	CCC+		2,300		872,781
Escambia Cnty FL Env Impt Rev Intl Paper Co Pjs Ser A AMT		5.00	%	8/1/2026	BBB		500		283,605
Houston TX Spl Facs Continental Ser E		6.75	%	7/1/2021	B-		3,000		2,146,290
IL Fin Auth Sports Fac Rev Leafs Hockey Club Pj Ser A		6.00	%	3/1/2037	NR		1,550		697,484
IL Fin Auth Sports Fac Rev United Sports Org of Barrington Ser A†		6.25	%	10/1/2037	NR		2,000		1,443,280
Jacksonville FL Econ Dev Gerdau Ameristeel US Inc AMT		5.30	%	5/1/2037	BB+		2,350		1,058,651
LA Loc Govt Envr Fac Cmnty Dev Rev Auth		6.75	%	11/1/2032	BB+		5,000		3,239,850
Lee Cnty FL Ind Dev Auth Bonita Springs Util Pj AMT (AMBAC)		5.125	%	11/1/2019	A+		750		741,832
Liberty NY Dev Corp Rev Goldman Sachs Headquarters		5.25	%	10/1/2035	A1		5		4,167
Long Beach CA Bd Fin Auth Natural Gas Rev Ser A		5.25	%	11/15/2020	A		1,505		1,112,541
Mashantucket Western Pequot Tribe CT 2006 Ser A Sub Spl Rev Bd†		5.50	%	9/1/2036	B1		1,000		487,290
Matagorda Cnty TX Nav Dist No 1 Rev Houston Ltg & Pwr Co AMT (AMBAC)		5.125	%	11/1/2028	A		2,800		2,134,692

See Notes to Financial Statements.
16

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Corporate-Backed (continued)
MD Indl Dev Fing Auth Ref Synagro Baltimore Ser A AMT		5.25	%	12/1/2013	BBB+(a)	$	750	$	706,140
MD Indl Dev Fing Auth Ref Synagro Baltimore Ser A AMT		5.50	%	12/1/2015	BBB+(a)		1,000		912,070
Mission TX Econ Dev Corp Solid Wst Disp Rev Allied Wst NA Inc Pj AMT		5.20	%	4/1/2018	BBB		3,500		3,033,975
New York City NY Indl Dev Agy JetBlue Airways Corp Pj AMT		5.00	%	5/15/2020	B-		1,970		1,177,528
New York City NY Indl Dev Agy Rev American Airlines JFK Intl Arpt AMT		8.00	%	8/1/2028	B-		2,000		1,493,880
NJ Econ Dev Auth Kapkowski Rd Landfill Pj		6.50	%	4/1/2028	Baa3		2,325		2,040,583
NJ Econ Dev Auth Spl Fac Rev Continental Airlines Inc Pj AMT		5.50	%	4/1/2028	B3		1,215		631,035
NJ Econ Dev Auth Spl Fac Rev Continental Airlines Inc Pj AMT		6.25	%	9/15/2029	B		1,500		905,910
Port Corpus Christi Auth TX Celanese Pj Ser A		6.45	%	11/1/2030	B+		400		236,104
RI St Econ Dev Providence Place Mall (RADIAN)		6.125	%	7/1/2020	BBB+		550		514,514
Richmond Cnty GA Dev Auth Envr Impt Rev Intl Paper Co Pj Ser A AMT		5.00	%	8/1/2030	BBB		1,500		799,620
Rockdale Cnty GA Dev Auth Visy Paper Pj Ser A AMT		6.125	%	1/1/2034	NR		1,000		630,070
Sabine River Auth TX Pollutn Ctrl Rev TXU Elec C		5.20	%	5/1/2028	CCC		3,000		1,340,850
Seminole Tribe FL Spl Oblig Rev Ser A†		5.75	%	10/1/2022	BBB		1,000		769,680
Seneca Nation Indians Cap Impts Auth NY Spl Oblig Ser A†		5.00	%	12/1/2023	BB		1,000		643,040
Seneca Nation Indians Cap Impts Auth NY Spl Oblig Ser A†		5.25	%	12/1/2016	BB		500		398,450
St. John Baptist Parish LA Rev Marathon Oil Corp Ser A		5.125	%	6/1/2037	BBB+		4,820		3,407,981
Texas City TX Indl Dev Corp Marine Term Rev Arco Pipe Line		7.375	%	10/1/2020	Aa1		5,500		6,718,140
Tob Sttlmnt Auth WA Tob Sttlmnt Asset Bk		6.50	%	6/1/2026	BBB		380		345,865
Tulsa OK Muni Arpt Tr Rev Ser A AMT		7.75	%	6/1/2035	B-		1,400		1,112,328
Virgin Islands Pub Fin Auth Refinery Facs Rev Sr Secd Hovensa Refinery AMT		4.70	%	7/1/2022	BBB		2,500		1,525,450
Total									57,976,179

See Notes to Financial Statements.
17

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Education 8.09%
CA Edl Facs Auth Rev Santa Clara Univ		5.00	%	4/1/2021	Aa3	$	1,000	$	1,059,410
CA Edl Facs Auth Rev Univ La Verne Ser A		5.00	%	6/1/2035	Baa2		1,000		669,070
CA Muni Fin Auth Rev Biola Univ		5.80	%	10/1/2028	Baa1		1,000		839,840
CA Statewide Cmntys Dev Auth Rev Irvine LLC UCI East Campus		6.00	%	5/15/2023	Baa2		5,000		4,448,850
CA Statewide Cmntys Dev Auth Rev Thomas Jefferson Sch Law Ser A		7.25	%	10/1/2032	BB+		2,500		1,929,275
CA Statewide Cmntys Dev Auth Sonoma Country Day Sch COP		6.00	%	1/1/2029	NR		2,715		1,842,019
CO Edl & Cultural Facs Auth Rev Indpt Sch Vail Christian High Sch†		5.50	%	6/1/2037	NR		1,500		948,150
Dist of Columbia Rev James F Oyster Elem Sch Pilot (ACA)		6.25	%	11/1/2021	NR		450		395,680
FL St Bd of Governors Rev Univ Sys		5.50	%	7/1/2020	AA		2,075		2,213,797
Grand Traverse Academy MI Pub Sch Academy Rev		5.00	%	11/1/2036	BBB-		1,840		1,080,890
Grand Vly MI St Univ Rev (FGIC)		5.50	%	2/1/2018	AA-		1,150		1,262,792
Harrisburg PA Auth Univ Rev Harrisburg Univ of Science A		5.40	%	9/1/2016	NR		395		374,405
Harrisburg PA Auth Univ Rev Harrisburg Univ of Science B		6.00	%	9/1/2036	NR		1,500		1,156,425
Hillsborough Cnty FL Indl Dev Auth Terrace Cmnty Middle Sch Pj A		5.125	%	5/15/2037	BBB-		1,070		650,143
IL Fin Auth Northwestern Mem Hosp Ser A(b)(d)		5.75	%	8/15/2030	AA+		2,500		2,451,875
IL Fin Auth Rev Univ of Chicago Ser B		5.75	%	7/1/2033	Aa1		4,300		4,565,439
LA St Univ & Agric & Mech College Hlth Sciences Ctr Pj (NPFGC)		6.375	%	5/1/2031	AA-		2,290		2,359,822
Lee Cnty FL Indl Dev Auth Lee Charter Fndtn Ser A		5.25	%	6/15/2027	BB		2,500		1,513,175
Louisville & Jefferson Cnty Metro Govt Rev Bellarmine Univ Ser A		6.00	%	5/1/2038	Baa2		2,500		2,133,775
MA Hlth & Edl Facs Auth Rev Harvard Univ Ser A		5.25	%	11/15/2020	AAA		2,000		2,303,040
MA St Dev Fin Agy Rev Wheelock College Ser C		5.25	%	10/1/2037	BBB		5,000		3,845,850
Marietta GA Dev Auth Rev Life Univ Inc Pj		7.00	%	6/15/2030	Ba3		3,000		2,311,410
MD St Econ Dev Corp Rev College Pk Pj		5.50	%	6/1/2027	Baa2		3,295		2,426,965

See Notes to Financial Statements.
18

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Education (continued)
MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies		5.875	%	12/1/2028	Baa3	$	2,365	$	1,794,775
MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies		6.125	%	12/1/2033	Baa3		3,080		2,329,466
Miami-Dade Cnty Edl Facs Auth FL Univ of Miami Ser A		5.20	%	4/1/2024	A2		1,500		1,461,915
Miami-Dade Cnty Edl Facs Auth FL Univ of Miami Ser A		5.25	%	4/1/2021	A2		1,500		1,517,490
Moorhead MN Edl Facs Rev Concordia College Corp Pj A		5.00	%	12/15/2022	A3		1,125		1,155,836
NC Cap Facs Fin Agy Edl Facs Rev Meredith College		6.00	%	6/1/2031	BBB		1,975		1,824,900
NY St Dorm Auth Rev Fordham Univ Ser B (AG)		5.00	%	7/1/2025	AAA		1,895		1,951,433
NY St Dorm Auth Rev Fordham Univ Ser B (AG)		5.00	%	7/1/2026	AAA		3,185		3,255,739
NY St Dorm Auth Rev Rochester Inst Technology Ser A		6.25	%	7/1/2029	A1		5,000		5,301,850
PA St Higher Edl Facs Auth Rev Edinboro Univ		5.75	%	7/1/2028	BBB-		645		512,111
PA St Pub Sch Bldg Auth College Rev Delaware Cnty Cmnty College Pj (FSA)		5.00	%	10/1/2025	Aa3		1,000		1,026,230
Plymouth MI Edl Ctr Charter Sch Pub Sch Academy Rev		5.375	%	11/1/2035	BBB-		405		260,703
Tampa FL Rev Univ Tampa Pj (CIFG)		5.00	%	4/1/2035	BBB(a)		1,000		805,550
TX St Tech Univ Rev Ref & Impt Fing Ser 12		5.00	%	2/15/2021	AA		1,000		1,080,820
WA St Univ Athletic Facs Rev (AMBAC)		5.00	%	10/1/2022	A2		1,000		1,044,180
WV Univ Rev Univ Sys WV Pj Ser A (AMBAC)		Zero Coupon		4/1/2024	A+		2,880		1,282,234
WV Univ Rev Univ Sys WV Pj Ser A (AMBAC)		Zero Coupon		4/1/2026	A+		800		306,792
Total									69,694,121
General Obligation 20.68%
Bessemer AL Sch Warrants (AMBAC)		5.60	%	2/1/2030	Baa1		2,000		1,914,560
CA St		5.00	%	4/1/2020	A		3,550		3,566,614
CA St		5.50	%	4/1/2024	A		5,000		4,989,850
CA St		6.50	%	4/1/2033	A		15,000		15,776,250
Crowley TX Indpt Sch Dist Sch Bldg (PSF GTD)		5.50	%	8/1/2029	AAA		1,000		1,059,210

See Notes to Financial Statements.
19

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
General Obligation (continued)
Delaware Vly PA Regl Fin Auth Loc Govt Rev Ser C (AMBAC)		7.75	%	7/1/2027	Aa2	$	1,000	$	1,231,820
El Paso Cnty Hosp Dist TX (AG)(b)		5.00	%	8/15/2037	AAA		7,500		7,118,625
El Paso Cnty Hosp Dist TX Ser A (AG)		5.00	%	8/15/2028	AAA		1,250		1,248,388
Florida St Bd Ed Ser D		5.00	%	6/1/2030	AAA		5,000		5,025,200
Foothill-De Anza CA Cmnty College Dist Cap Apprec (NPFGC)		Zero Coupon		8/1/2030	Aa1		4,505		1,263,653
Foothill-De Anza CA Cmnty College Dist Ser A (AMBAC)		4.50	%	8/1/2031	Aa1		1,800		1,588,680
Fort Bend TX Indpt Sch Dist (PSF GTD)(b)		5.00	%	8/15/2028	AAA		4,000		4,098,060
Fort Bend TX Indpt Sch Dist (PSF GTD)(b)		5.00	%	8/15/2029	AAA		5,000		5,122,575
Grand Prairie TX Indp Sch Dist Bldg Ser A (PSF GTD)		5.00	%	2/15/2028	AAA		1,000		1,022,120
Gwinnett Cnty Sch Dist(b)		5.00	%	2/1/2028	AAA		4,105		4,286,518
Hillsborough Cnty FL Sch Bd COP (NPFGC)		5.00	%	7/1/2029	AA-		715		692,821
Houston TX Indpt Sch Dist (PSF GTD)(b)		5.00	%	2/15/2025	NR		15,000		15,683,550
Jefferson Cnty AL Sch Warrants (FSA)		5.50	%	2/15/2020	AAA		1,000		765,770
Lake Cnty Forest Preservation Dist IL Ltd Tax Land Acq Ser A		5.00	%	12/15/2027	AAA		6,210		6,431,945
Los Angeles CA Cmnty College Dist Election 2001 Ser E-1		5.00	%	8/1/2033	AA		3,500		3,261,930
Los Angeles CA Cmnty College Dist Ser F-1		5.00	%	8/1/2028	AA		2,000		1,930,180
Los Angeles CA Unif Sch Dist Ser I		5.00	%	7/1/2029	AA-		3,000		2,863,740
Los Angeles Unif Sch Dist CA Drivers Ser 2048 (FSA)(b)		5.00	%	7/1/2028	AAA		7,000		6,922,720
Maricopa Cnty AZ Elementary Sch Dist No 33 Buckeye Ser C		5.70	%	7/1/2025	Baa1		2,385		2,400,073
Mason Cnty MI Cent Sch Dist Sch Bldg & Site Ser A (FSA)		5.00	%	5/1/2024	AAA		1,070		1,106,669
MI Muni Bd Auth Rev Loc Govt Ln Pg Ser A (AMBAC)		4.25	%	5/1/2029	A		1,000		856,870
MI St Strategic Fd Solid Wst Disp Rev Ltd Oblig Wst Mgmt AMT		4.50	%	12/1/2013	A3		1,000		915,700
Montebello CA Unif Sch Dist Election of 2004 (FSA)		5.00	%	8/1/2028	AAA		4,000		3,761,160
Morris MN Indpt Sch Dist No 769 Bldg (NPFGC)		5.00	%	2/1/2028	AAA		1,000		1,081,940

See Notes to Financial Statements.
20

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
General Obligation (continued)
New York City NY Fiscal 2008 Sub Ser C1 (FSA)		5.00	%	10/1/2024	AAA	$	7,050	$	7,054,794
New York City NY Ser E		5.00	%	8/1/2019	AA		5,000		5,182,300
New York City NY Ser E-1		6.25	%	10/15/2028	AA		5,000		5,375,050
New York NY Sub Ser I-1(b)		5.00	%	4/1/2025	AA		12,350		12,162,897
NY St Urban Dev Corp(b)		5.00	%	12/15/2025	AAA		1,980		2,021,440
NY St Urban Dev Corp(b)		5.00	%	12/15/2026	AAA		2,870		2,930,067
NY St Urban Dev Corp(b)		5.00	%	12/15/2027	AAA		1,150		1,174,068
Pima Cnty Unif Sch Dist No 10 Amphitheater AZ Sch Impt Pj 2007 Ser A (AG)		5.00	%	7/1/2027	AAA		1,200		1,223,952
Port of Houston Auth Ref Ser A AMT		6.25	%	10/1/2029	AAA		1,000		1,029,550
Richland Cnty SC		5.375	%	3/1/2030	AA		1,140		1,182,807
Richland Cnty SC		5.375	%	3/1/2031	AA		1,195		1,236,825
Richland Cnty SC		5.375	%	3/1/2032	AA		1,255		1,298,021
Richland Cnty SC		5.375	%	3/1/2033	AA		1,320		1,362,860
San Diego CA Unif Sch Dist Election 1998 Ser E-2 (FSA)		5.50	%	7/1/2025	AAA		5,000		5,338,750
Santa Ana CA Unif Sch Dist Election 2008 Ser A		5.25	%	8/1/2026	A+		4,800		4,751,184
TX St RIBs		6.058	%	9/30/2011	Aa1		11,000		11,839,850
WI St Ser A		5.00	%	5/1/2019	AA-		1,500		1,554,030
Yosemite Cmnty College Dist CA Election 2004 Ser C (FSA)		5.00	%	8/1/2028	AAA		3,500		3,461,290
Total									178,166,926
Healthcare 17.65%
Abag Fin Auth For Nonprofit Corp CA Rev Childrens Hosp & Resh A		5.25	%	12/1/2027	A		1,000		831,320
Abag Fin Auth For Nonprofit Corp CA Woods Oblig COP (ACA)		6.20	%	11/1/2029	BBB-(a)		1,000		801,930
Alachua Cnty FL Indl Dev Rev North FL Ret Village		5.875	%	11/15/2036	NR		2,500		1,653,800
Allegheny Cnty PA Hosp Dev Auth Rev West PA Hlth Sys Ser A		5.00	%	11/15/2028	BB		5,000		2,899,400
AZ Hlth Facs Auth Rev Hlthcare Pooled Fin C (FGIC)		5.50	%	6/1/2014	NR		1,130		1,238,051
AZ Hlth Facs Auth Hlthcare Beatitudes Campus Pj		5.20	%	10/1/2037	NR		2,000		1,113,300

See Notes to Financial Statements.
21

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare (continued)
Brazos Cnty TX Hlth Fac Dev Franciscan Svcs Corp Oblig Grp		5.375	%	1/1/2032	A-	$	1,615	$	1,250,898
CA Hlth Facs Fing Auth Rev Providence Hlth & Svcs Ser C		6.25	%	10/1/2024	AA		2,000		2,120,420
CA Hlth Facs Fing Auth CA Catholic Hlthcare West Ser G		5.50	%	7/1/2025	A		3,275		3,018,043
CA Statewide Cmntys Dev Auth Rev Front Porch Cmntys & Svcs Ser A†		5.125	%	4/1/2037	BBB		2,000		1,256,780
CA Statewide Cmntys Dev Auth Rev Vlycare Hlth Sys Ser A		5.00	%	7/15/2022	NR		1,000		714,920
CA Statewide Cmntys Dev Auth Rev Vlycare Hlth Sys Ser A		5.125	%	7/15/2031	NR		2,250		1,375,717
CT St Dev Auth Hlth Fac Rev Alzheimers Resh Ctr Pj		5.40	%	8/15/2021	NR		880		628,725
Delaware Cnty IN Hosp Auth Hosp Cardinal Hlth Sys Oblig Corp		5.00	%	8/1/2024	Baa3		2,000		1,455,380
Delaware Cnty IN Hosp Auth Hosp Cardinal Hlth Sys Oblig Corp		5.25	%	8/1/2036	Baa3		2,500		1,665,000
Denver CO Hlth & Hosp Auth Hlthcare Rev Ser A		4.75	%	12/1/2036	BBB		2,950		1,840,711
Erie Cnty OH Hosp Facs Rev Firelands Regl Med Ctr Ser A		5.50	%	8/15/2022	A		400		362,536
Fargo ND Hlth Sys Rev Meritcare Oblig Grp A (NPFGC)		5.375	%	6/1/2027	AA-		1,000		961,260
Fulton Cnty GA Resdl Care Facs First Mtg Lenbrook Pj Ser A		5.00	%	7/1/2027	NR		2,000		1,235,060
Glynn-Brunswick Mem Hosp Auth GA Rev Antic Ctfs Southeast GA Ser A		5.50	%	8/1/2028	A		5,300		4,765,283
Grant Cnty NM Rev Bayard Pj		5.00	%	7/1/2033	AA		2,800		2,738,204
Harris Cnty TX Hlth Facs Dev Corp Rev Mem Hermann Hlthcare Sys Ser B		7.125	%	12/1/2031	A		3,000		3,121,680
HFDC Cent TX Inc Ret Fac Rev Ser A		5.75	%	11/1/2036	NR		2,700		1,600,803
HI St Dept Bdgt & Fin Spl Purp Linked Ctfs		6.40	%	7/1/2013	BBB+		3,250		3,587,610
Hillsborough Cnty FL Indl Dev Auth Hosp Rev Tampa Gen Hosp Pj(b)		5.25	%	10/1/2041	A3		5,000		3,722,400
Howard Cnty MD Ret Cmnty Rev Vantage House Fac Ser A		5.25	%	4/1/2027	NR		1,500		966,450
Howard Cnty MD Ret Cmnty Rev Vantage House Fac Ser A		5.25	%	4/1/2033	NR		2,000		1,201,740
Huntsville-Redstone Vlg AL Spl Care Facs Fin Redstone Vlg Pj		5.50	%	1/1/2028	NR		1,500		1,015,260

See Notes to Financial Statements.
22

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare (continued)
Huntsville-Redstone Vlg AL Spl Care Facs Fin Redstone Vlg Pj		5.50	%	1/1/2043	NR	$	1,350	$	818,465
IL Fin Auth Rev Monarch Landing Inc Fac Ser A		7.00	%	12/1/2027	NR		1,000		632,010
IL Fin Auth Rev Monarch Landing Inc Fac Ser A		7.00	%	12/1/2037	NR		1,500		878,085
IL Fin Auth Rev Rush Univ Med Ctr Ser A		7.25	%	11/1/2030	A-		3,000		3,078,060
IL Fin Auth Rev Sedgebrook Inc Fac Ser A		6.00	%	11/15/2037	NR		1,250		645,375
IL Fin Auth Rev Sedgebrook Inc Fac Ser A		6.00	%	11/15/2042	NR		1,250		638,338
IN Hlth & Edl Fac Fin Auth Hosp Rev Cmnty Fndtn Northwest IN		5.50	%	3/1/2037	BBB		2,000		1,499,600
Jacksonville FL Hlth Facs Auth Brooks Hlth Sys		5.25	%	11/1/2038	A		1,750		1,360,153
Johnson City TN Hlth & Edl Fac First Mtg Mtn Sts Hlth Ser A		5.50	%	7/1/2036	BBB+		1,500		1,111,170
Johnston NC Mem Hosp Auth (FSA FHA)(b)		5.25	%	10/1/2024	AAA		5,000		4,802,525
Kalamazoo Hosp Fin Auth MI Rev Reg Lkd Arcs & Levrrs (FGIC)		5.244	%	6/1/2011	AAA		2,800		2,808,568
Kent Hosp Fin Auth MI Rev Met Hosp Pj Ser A		6.00	%	7/1/2035	BBB		1,475		1,028,562
Kerrville TX Hlth Facs Dev Corp Hosp Rev Sid Peterson Mem Hosp Pj		5.375	%	8/15/2035	BBB-		4,000		3,062,760
Knox Cnty TN Hlth Edl & Hsg Facs Baptist Hlth Sys East TN		6.375	%	4/15/2022	A1		1,000		1,011,810
Knox Cnty TN Hlth Edl & Hsg Facs Baptist Hlth Sys East TN		6.50	%	4/15/2031	A1		750		750,765
KY Econ Dev Fin Auth Norton Hlthcare Inc Ser A (NPFGC)		Zero Coupon		10/1/2025	AA-		3,690		1,256,334
LA Pub Facs Auth Rev Ochsner Clinic Fndtn Pj Ser A		5.375	%	5/15/2043	A3		4,070		2,855,186
Lauderdale Cnty & Florence AL Hlthcare Rev Coffee Hlth Ser A (NPFGC)		6.00	%	7/1/2029	AA-		1,000		852,300
Lexington VA Indl Dev Auth Resdl Care Fac Rev Mtg Kendal at Lexington Ser A		5.375	%	1/1/2028	NR		1,500		1,034,265
Lexington VA Indl Dev Auth Resdl Care Fac Rev Mtg Kendal at Lexington Ser A		5.50	%	1/1/2037	NR		1,500		968,220

See Notes to Financial Statements.
23

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare (continued)
Louisville & Jefferson Cnty KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc(b)		5.00	%	10/1/2030	A-	$	10,000	$	7,709,500
MA Hlth & Edl Facs Auth Caregroup Ser B2 (MBIA)		5.375	%	2/1/2026	AA-		1,000		831,180
MA Hlth & Edl Facs Auth Caregroup Ser B2 (MBIA)		5.375	%	2/1/2027	AA-		1,755		1,439,065
Manhattan KS Hlthcare Fac Rev Meadowlark Hills Ret A		5.00	%	5/15/2029	NR		4,050		2,706,048
MD St Hlth & Higher Edl Facs Auth Rev Washington Cnty Hosp		5.75	%	1/1/2033	BBB-		1,000		794,190
MD St Hlth & Higher Edl Facs Auth Rev Washington Cnty Hosp		6.00	%	1/1/2028	BBB-		1,720		1,466,902
MI St Hosp Fin Auth Rev Trinity Hlth Ser A TCRS (AMBAC)		6.00	%	12/1/2027	AA		1,000		1,002,820
Minneapolis & St. Paul MN Hsg &Redev Auth Hlthpartners Oblig Grp Pj		5.875	%	12/1/2029	Baa1		2,100		1,819,083
MN Agric & Econ Dev Bd Rev Unrefunded Bal Hlthcare Sys A (MBIA)		5.50	%	11/15/2017	AA-		45		45,099
Nassau Cnty NY Ind Dev Agy Continuity Care Ret Amsterdam At Harborside Ser A		5.875	%	1/1/2018	NR		2,150		1,882,174
NC Med Care Commn Ret Facs Rev First Mtg UTD Methodist C		5.50	%	10/1/2032	NR		2,500		1,708,500
NH St Hlth & Edl Facs Auth Rev		6.00	%	10/1/2024	A+		250		250,680
NH St Hlth & Edl Facs Auth Rev Dartmouth-Hitchcock Oblig Grp (FSA)		5.50	%	8/1/2027	AAA		3,500		3,483,725
NH St Hlth & Edl Facs Auth Rev Exeter Pj		5.75	%	10/1/2031	A+		1,550		1,397,573
NH St Hlth & Edl Facs Auth Rev The Memorial Hosp		5.25	%	6/1/2036	Baa3		650		450,346
NH St Hlth & Ed Concord Hosp (FSA)		5.50	%	10/1/2021	Aa3		710		717,022
NJ Econ Dev Auth Rev First Mtg Seashore Gardens Pj		5.30	%	11/1/2026	NR		1,440		947,678
NJ Econ Dev Auth Rev First Mtg Seashore Gardens Pj		5.375	%	11/1/2036	NR		1,000		605,730
NJ Hlthcare Facs Fing Auth Rev Somerset Med Ctr		5.50	%	7/1/2018	Ba2		2,000		1,439,820
Northampton Cnty PA Gen Purp St. Luke's Hosp Pj Ser A		5.25	%	8/15/2024	BBB+		1,210		1,040,031
Northampton Cnty PA Gen Purp St. Luke's Hosp Pj Ser A		5.375	%	8/15/2028	BBB+		1,675		1,412,042

See Notes to Financial Statements.
24

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare (continued)
NY St Dorm Auth Orange Regl Med Ctr		6.125	%	12/1/2029	Ba1	$	3,250	$	2,488,655
OH St Higher Edl Fac Commn Rev Univ Hosp Hlth Sys Ser 2009-A		6.75	%	1/15/2039	A		5,000		4,944,050
Orange Cnty FL Hlth Facs Auth Hosp Orlando Regl Hlthcare B		4.75	%	11/15/2036	A		1,000		707,510
Philadelphia PA Hosps & Higher Ed Facs Auth Rev Temple Univ Hosp Pj Ser A		6.625	%	11/15/2023	BBB		4,000		3,539,880
Puerto Rico Indl Tourist Edl &Envr Ctrl Fac Hosp Ser A		6.125	%	11/15/2025	Aa1		910		934,197
Puerto Rico Indl Tourist Edl &Envr Ctrl Fac Hosp Ser A		6.125	%	11/15/2030	Aa1		1,000		1,012,050
Puerto Rico Indl Tourist Edl &Med Envr Ctrl Fac Hosp de la Concepcion		6.50	%	11/15/2020	Aa1		410		423,903
RI St Hlth & Edl Bldg Corp Rev Roger Williams Rlty (FHA)		6.50	%	8/1/2029	A-		1,240		1,230,192
Sarasota Cnty FL Hlth Fac Auth Rev Hlthcare Sarasota Manatee		5.75	%	7/1/2037	NR		1,000		657,940
Sarasota Cnty FL Hlth Fac Auth Rev Hlthcare Sarasota Manatee		5.75	%	7/1/2045	NR		1,100		700,843
Sarasota Cnty FL Pub Hosp Bd Rev Sarasota Mem Hosp Ser B (NPFGC)		5.50	%	7/1/2028	AA-		1,905		1,684,744
Scottsdale AZ Indl Dev Auth Ref Scottsdale Hlthcare A		5.00	%	9/1/2022	A3		1,250		1,111,925
Scottsdale AZ Indl Dev Auth Ref Scottsdale Hlthcare A		5.00	%	9/1/2023	A3		1,000		876,120
Skagit Cnty WA Pub Hosp Dist No 1 Rev Skagit Vly Hosp		5.50	%	12/1/2030	Baa2		750		553,493
St. Paul MN Hsg & Redev Auth Hlthcare Fac Rev Healthpartners Oblig Grp Pj		5.25	%	5/15/2036	Baa1		2,000		1,528,100
Sullivan Cnty TN Hlth Edl &Hsg Facs Bd Hosp Rev Wellmont Hlth Sys Pj Ser C		5.25	%	9/1/2036	BBB+		2,000		1,109,580
Tarrant Cnty TX Cultural Ed Facs Buckner Ret Svcs Inc Pj		5.25	%	11/15/2037	A-		3,000		2,327,220
Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev Christus Hlth Ser A (AG)		6.25	%	7/1/2028	AAA		1,500		1,533,855
Vigo Cnty IN Hosp Auth Rev Union Hosp Inc†		5.75	%	9/1/2042	NR		3,000		1,909,500

See Notes to Financial Statements.
25

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare (continued)
WA St Hlthcare Facs Auth WA Rev Swedish Hlth Svcs Ser A		6.50	%	11/15/2033	A2	$	5,000	$	4,893,150
WA St Hsg Fin Commn Nonprofit Rev Skyline at First Hill Pj Ser A		5.625	%	1/1/2038	NR		1,000		535,200
WI St Hlth & Edl Facs Auth Rev Aurora Hlthcare Inc Ser A		5.60	%	2/15/2029	A3		3,000		2,384,430
WV St Hosp Fin Auth WV Thomas Hlth Sys		6.25	%	10/1/2023	NR		2,000		1,617,580
Total									152,088,557
Housing 1.42%
Dakota Cnty MN Cnty Dev Agy Sing Fam Rev Mtg Bkd Secs Pg Ser B AMT (FHLMC/GNMA/FNMA)		5.15	%	12/1/2038	AAA		471		469,148
Dakota Cnty MN Hsg &Redev Auth Sing Fam Mtg Rev AMT (GNMA/FNMA)		5.85	%	10/1/2030	AAA		29		29,011
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Grp A(b)		5.125	%	1/1/2036	BBB-(a)		4,300		2,779,520
ID Hsg Agy Sing Fam Mtg Ser F AMT (FHA/VA)		7.45	%	7/1/2015	Aaa		25		25,037
LA Pub Facs Auth Rev Susla Facs Inc Pj Ser A†		5.75	%	7/1/2039	NR		2,195		1,490,142
LA St Citizens Ppty Corp Assmt Rev Ser B (AMBAC)		5.00	%	6/1/2016	A		2,700		2,663,118
Lee Cnty FL Hsg Fin Auth Sing Fam Mtg Rev AMT (GNMA/FHLMC/FNMA)		6.40	%	3/1/2029	Aaa		170		170,267
Middlesex Cnty NJ Impt Auth Rev Sub Heldrich Ctr Hotel Ser B		6.125	%	1/1/2025	NR		1,250		736,625
Minneapolis MN Multi Fam Hsg Rev Mtg East Village South (GNMA)		6.10	%	7/20/2020	Aaa		1,000		1,005,650
Minneapolis St. Paul MN Hsg Fin Rev Sing Fam Mtg Ser AB AMT (GNMA/FNMA)		6.25	%	11/1/2030	AAA		105		105,742
Minneapolis St. Paul MN Hsg Mtg Bkd City Living A4 AMT (FHLMC/GNMA/FNMA)		5.00	%	11/1/2038	AAA		974		840,008
MN St Hsg Fin Agy Sing Fam Mtg Ser E		5.90	%	7/1/2025	AA+		120		120,174
MN St Hsg Fin Agy Sing Fam Mtg Ser G-1 AMT		5.60	%	7/1/2022	AA+		120		120,068

See Notes to Financial Statements.
26

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Housing (continued)
MO St Hsg Dev Cmnty Mtg Rev Sing Fam Hmownr Ln Ser B-1 AMT (GNMA/FNMA)		6.25	%	3/1/2031	AAA	$	80	$	80,208
MO St Hsg Dev Cmnty Mtg Rev Sing Fam Ser E-1 AMT (GNMA/FNMA)		Zero Coupon		3/1/2029	AAA		235		74,408
NC Hsg Fin Agy Sing Fam Rev Ser BB AMT		6.25	%	3/1/2012	AA		230		231,771
New Orleans LA Fin Auth Mtg Rev Ser B-2 AMT (GNMA/FNMA)		6.00	%	12/1/2018	Aaa		100		100,418
OK Hsg Fin Agy Sing Fam Mtg Ser B-1 (GNMA/FNMA)		5.30	%	9/1/2026	Aaa		50		50,159
OK Hsg Fin Agy Sing Fam Rev Cap Apprec Mtg Hmownr Ser B-1		Zero Coupon		3/1/2029	Aaa		1,045		363,441
OK Hsg Fin Agy Sing Fam Rev Cap Apprec Mtg Hmownr Ser D-2 AMT (GNMA/FNMA)		Zero Coupon		9/1/2030	Aaa		690		167,932
OK Hsg Fin Agy Sing Fam Rev Cap Apprec Ser D-1 (GNMA/FNMA)		Zero Coupon		3/1/2029	Aaa		1,730		614,271
Total									12,237,118
Lease Obligations 1.68%
AZ St Ser A COP (NPFGC)		5.00	%	11/1/2020	AA-		200		201,694
Goodyear AZ Pub Impt Corp		6.00	%	7/1/2031	AA-		2,350		2,423,720
Gulf Coast Wst Disp Auth TX Swr &Solid Wst Disp Rev Anheuser Busch Pj AMT		5.90	%	4/1/2036	BBB+		1,505		1,194,684
Henrico Cnty VA Econ Dev Auth Pub Fac Lease Rev Jail Pj		6.125	%	11/1/2019	AA+		1,000		1,037,520
Lancaster SC Edl Assistance Sch Dist Lancaster Cnty Pj		5.00	%	12/1/2029	A-		1,755		1,560,002
MO Dev Fin Bd Rev Branson Landing Pj Ser A		5.625	%	12/1/2028	BBB+		3,000		2,468,610
PA St Indl Dev Auth PA Ref Econ Dev		5.50	%	7/1/2023	A-		3,000		3,114,210
Spartanburg Cnty SC Sch Dist McCarthy Teszler Pj (XLCA)		5.00	%	3/1/2022	NR		1,000		1,006,650
VA Pub Sch Auth Rev Sch Fing 1997 Resolution Ser B		5.25	%	8/1/2020	AA+		1,300		1,481,870
Total									14,488,960

See Notes to Financial Statements.
27

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Other Revenue 9.29%
Baker FL Correctional Dev 1st Mtg Rev Detention Ctr Pj		7.50	%	2/1/2030	NR	$	3,500	$	2,858,310
Bellevue WA Convtn Ctr Auth Spl Oblig Rev (NPFGC)		Zero Coupon		2/1/2024	AA-		1,400		670,222
CA Muni Fin Auth High Tech High Chula Vista B†		6.125	%	7/1/2038	BB+(a)		750		555,547
CA Muni Fin Auth High Tech High Media Arts A†		6.00	%	7/1/2038	BB+(a)		500		367,840
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.15	%	7/1/2030	NR		1,000		662,900
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.25	%	7/1/2042	NR		1,500		933,525
CA Statewide Cmntys Dev Auth Rev Windrush Sch		5.50	%	7/1/2037	NR		1,000		658,530
Chester Cnty PA Indl Dev Auth Avon Grove Charter Sch Pj A		6.25	%	12/15/2027	BB+		2,325		1,716,106
CO Edl & Cultural Facs Auth CO New Vision Charter Pj Sch†		6.75	%	4/1/2040	NR		925		714,239
CO Edl & Cultural Facs Auth Rev Charter Sch Cmnty Leadership		6.25	%	7/1/2028	NR		1,000		751,890
CO Edl & Cultural Facs Auth Rev Charter Sch Flagstaff Ser A		6.75	%	8/1/2028	NR		1,215		976,775
CO Edl & Cultural Facs Auth Rev Charter Sch North East Academy†		5.75	%	5/15/2037	NR		860		573,594
Denver CO Convtn Ctr Hotel Auth Rev Sr (XLCA)		5.00	%	12/1/2035	BBB-		1,875		1,233,675
Doctor Charles Drew Academy MI COP		5.70	%	11/1/2036	NR		1,555		927,775
FL Hurricane Catastrophe Fd Rev Ser A		5.00	%	7/1/2014	AA-		3,000		3,043,980
George L Smith II GA World Congress Ctr Auth Rev AMT (NPFGC)		5.50	%	7/1/2020	AA-		700		681,632
George L Smith II GA World Congress Ctr Auth Rev AMT (NPFGC)		5.75	%	7/1/2015	AA-		1,500		1,519,665
Jacksonville FL Excise Taxes Ser C AMT (NPFGC)		5.25	%	10/1/2020	AA-		1,000		968,480
LA Loc Govt Env Fac Cmnty Dev Auth Rev Pkg Fac Corp Garage Pj Ser A (AMBAC)		5.375	%	10/1/2026	A		1,500		1,477,440
La Vernia TX Higher Ed Fin Corp Ed Rev Amigos Por Vida Friends Life		6.25	%	2/15/2026	NR		1,465		1,126,922
Larimer Cnty CO Sales & Use Tax Rev Fairgrounds & Events (NPFGC)		5.00	%	12/15/2019	AA-		750		784,972

See Notes to Financial Statements.
28

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Other Revenue (continued)
Maverick Cnty TX Pub Fac Corp Pj Ser A-1		6.375	%	2/1/2029	NR	$	2,580	$	1,872,822
MD St Hlth & Higher Edl Facs Auth Rev Washington Christian Academy		5.50	%	7/1/2038	NR		2,200		1,322,002
MI Pub Edl Facs Auth Rev Ltd Oblig David Ellis West Pj		5.875	%	6/1/2037	NR		1,400		940,058
Miami-Dade Cnty FL Spl Oblig Fltg Rate Cap Asset Acq Ser A (FGIC)		9.118	%#	4/1/2014	AA-		4,800		4,372,656
Miami-Dade Cnty FL Spl Oblig Sub Ser A (NPFGC)		Zero Coupon		10/1/2024	AA-		3,000		973,860
Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B		6.25	%	1/1/2037	NR		1,700		895,424
Milwaukee WI Redev Auth Rev Academy of Learning Ser A		5.50	%	8/1/2022	NR		300		229,191
Milwaukee WI Redev Auth Rev Academy of Learning Ser A		5.65	%	8/1/2037	NR		250		166,605
MN St Ret Sys Bldg Rev		6.00	%	6/1/2030	AAA		250		255,003
Mohave Cnty AZ Indl Dev Auth Rev Mohave Prison LLC Expansion Pj		8.00	%	5/1/2025	BBB+		4,000		4,211,560
NY St Dorm Auth Rev Ser A		5.00	%	3/15/2024	AAA		7,175		7,420,672
NY St Urban Dev Corp Rev Personal Income Tax Ser A-1		5.00	%	12/15/2022	AAA		1,370		1,449,775
NY St Urban Dev Corp Rev Personal Income Tax Ser A-1		5.00	%	12/15/2023	AAA		2,250		2,359,147
NY St Urban Dev Corp Rev Personal Income Tax Ser B-1		5.00	%	3/15/2028	AAA		5,000		5,027,150
Orange Cnty FL Sales Tax Rev Ser B (FGIC)		5.125	%	1/1/2032	AA		1,425		1,390,301
Osceola Cnty Tourist Dev Tax Rev Ser A (FGIC)		5.00	%	10/1/2032	AA-		1,400		1,265,586
Otero Cnty NM Jail Pj		5.75	%	4/1/2018	NR		825		668,184
Otero Cnty NM Jail Pj		6.00	%	4/1/2028	NR		1,400		995,428
Pima Cnty AZ Indl Dev Auth Ed Rev American Charter Schs Fndtn A		5.50	%	7/1/2026	BBB(a)		1,500		1,089,930
Pima Cnty AZ Indl Dev Auth Edl Rev American Charter Schs Fndtn A		5.625	%	7/1/2038	BBB(a)		2,000		1,362,160
Provo UT Charter Sch Rev Freedom Academy Fndtn		5.50	%	6/15/2037	NR		1,000		612,130
Salt Verde AZ Fin Corp Sr Gas Rev		5.25	%	12/1/2023	A		1,000		725,210

See Notes to Financial Statements.
29

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Other Revenue (continued)
Santa Cruz Cnty Redevelopment Agy CA Tax Allocation Live Oak/Soquel Cmnty Impt Ser A		6.625	%	9/1/2029	A	$	500	$	513,385
Santa Cruz Cnty Redevelopment Agy CA Tax Allocation Live Oak/Soquel Cmnty Impt Ser A		7.00	%	9/1/2036	A		500		522,505
Spokane WA Pub Fac Dist Hotel Motel & Sales Use Tax (NPFGC)		5.75	%	12/1/2028	AA-		1,000		1,020,770
St. Louis MO Indl Dev Auth Rev Confluence Academy Pj Ser A		5.00	%	6/15/2020	NR		700		535,234
St. Louis MO Indl Dev Auth Rev Confluence Academy Pj Ser A		5.25	%	6/15/2025	NR		575		403,322
St. Louis MO Indl Dev Auth Rev Confluence Academy Pj Ser A		5.35	%	6/15/2032	NR		1,000		646,360
St. Paul MN Port Auth Lease Rev Regions Hosp Pkg Ramp Pj Ser 1		5.00	%	8/1/2036	NR		750		424,590
Sweetwater Cnty WY Solid Wst Disp Ref FMC Corp Pj AMT		5.60	%	12/1/2035	BBB		5,000		3,478,850
Tampa FL Sports Auth Rev Tampa Bay Arena Pj (NPFGC)		6.00	%	10/1/2015	AA		450		483,575
Twp of Baytown MN Rev St. Croix Prep Academy Ser A		6.75	%	8/1/2028	NR		1,455		1,158,471
TX St Pub Fin Auth Charter Sch Fin Corp Rev Cosmos Fndtn Ser A		5.375	%	2/15/2037	NR		1,230		735,196
TX St Pub Fin Auth Charter Sch Fin Corp Rev Uplift Ed Ser A		5.875	%	12/1/2036	BBB-		1,145		784,646
UT St Charter Sch Fin Auth Rev Noah Webster Academy Ser A		6.50	%	6/15/2038	NR		1,000		727,570
VA Hsg Dev Auth Rev AMT Ser A-5		4.70	%	7/1/2017	AAA		2,000		1,986,380
Valparaiso IN Econ Dev Rev Valparaiso Fam YMCA		5.875	%	12/1/2027	NR		1,000		760,170
Valparaiso IN Econ Dev Rev Valparaiso Fam YMCA		6.125	%	12/1/2042	NR		650		470,600
West Palm Beach FL Cmnty Northwood-Pleasant Cmnty Redev		5.00	%	3/1/2029	A		525		408,182
West Vly City UT Charter Sch Rev Monticello Academy†		6.375	%	6/1/2037	NR		1,800		1,269,342
Willacy Cnty TX Loc Govt Corp Rev Pj Ser A-2		6.00	%	9/1/2010	NR		900		864,468
Total									80,002,489

See Notes to Financial Statements.
30

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Pre-Refunded 7.43%
Adrian MI City Sch Dist (FSA)		5.00	%	5/1/2034	AAA	$	1,500	$	1,705,350
CA St		5.25	%	4/1/2034	AAA		5,000		5,771,300
Chaska MN Elec Rev Ser A		6.00	%	10/1/2025	A3		250		268,885
CO Hlth Fac Auth Rev Portercare Adventis Hlth		6.625	%	11/15/2026	A2		2,000		2,300,280
Cobb Cnty GA Kennestone Hosp Auth Rev Ctfs Ser 86 A ETM (NPFGC)		Zero Coupon		8/1/2015	AA-		695		489,975
Fayette Cnty GA Pub Fac Auth Rev Criminal Justice Ctr Pj		6.00	%	6/1/2030	AA		3,500		3,757,355
Greenville MI Pub Sch (FSA)		6.00	%	5/1/2025	AAA		1,000		1,004,330
IL Fin Auth Rev Northwestern Mem Hosp Ser A		5.25	%	8/15/2034	Aa2		5,400		6,217,452
MD St Hlth & Higher Edl Facs Auth Rev North Arundel Hosp		6.50	%	7/1/2026	A3		1,000		1,080,980
MD St Hlth & Higher Edl Facs Catholic Hlth Initiative Ser A		6.00	%	12/1/2024	AA		100		105,602
MD St Hlth & Higher Edl Facs Univ MD Med Sys		6.75	%	7/1/2030	A(a)		1,950		2,113,936
MI St COP (AMBAC)		Zero Coupon		6/1/2022	A		2,000		1,110,580
MI St Hse Reps Cap Apprec COP (AMBAC)		Zero Coupon		8/15/2024	A		3,565		1,745,923
Miami-Dade Cnty FL Expwy Auth Toll Sys Rev (FGIC)		6.375	%	7/1/2029	A3		1,000		1,079,440
Milledgeville-Baldwin Cnty GA Fndtn GA St College & St Univ		6.00	%	9/1/2033	AAA		3,000		3,615,390
New York City NY Ser A		6.00	%	5/15/2030	AAA		2,155		2,309,492
New York City NY Unrefunded Bal Ser A		6.00	%	5/15/2030	AA		20		20,464
NY St Dorm Auth Rev St Supp Debt Fashion Inst Tech (FSA)		5.50	%	7/1/2030	AAA		115		123,342
Orange Cnty FL Hlth Facs Auth Rev Hosp Orlando Regl Hlthcare		5.75	%	12/1/2032	AAA		1,000		1,153,920
Phoenix AZ Civic Impt Corp (FGIC)		6.00	%	7/1/2024	AA+		2,400		2,587,392
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser I GTD		5.375	%	7/1/2034	BBB-		1,000		1,130,470
Puerto Rico Pub Impt Bldgs Auth Rev Govt Facs I GTD		5.25	%	7/1/2033	Baa3		95		106,818
RI St Econ Dev Corp Arpt Rev Ser B (FGIC)		6.00	%	7/1/2020	A2		1,210		1,302,093
RI St Econ Dev Corp Arpt Rev Ser B (FGIC)		6.00	%	7/1/2028	A2		1,200		1,291,332

See Notes to Financial Statements.
31

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Pre-Refunded (continued)
RI St Hlth & Edl Bldg Corp Rev Hosp Fin Lifespan Oblig Grp		6.50	%	8/15/2032	A-	$	1,000	$	1,159,240
SC Jobs Econ Dev Auth Hosp Facs Rev Palmetto Hlth Alliance A		7.375	%	12/15/2021	NR		2,000		2,235,420
SC Jobs Econ Dev Auth Hosp Facs Rev Palmetto Hlth Ser C		6.375	%	8/1/2034	BBB+		1,780		2,097,196
SC Jobs Econ Dev Auth Hosp Facs Rev Palmetto Hlth Ser C		6.375	%	8/1/2034	BBB+		240		282,768
Sullivan Cnty TN Hlth Ed Hosp &Hsg Facs Bd Rev Wellmont Hlth		6.25	%	9/1/2022	NR		1,250		1,435,088
Sullivan Cnty TN Hlth Ed Hosp &Hsg Facs Bd Rev Wellmont Hlth		6.25	%	9/1/2022	BBB+(a)		750		861,053
Tampa Bay FL Wtr Util Sys Rev (FGIC)		6.00	%	10/1/2024	AAA		2,000		2,237,320
Tyler TX Hlth Fac Dev Corp Hosp Rev Mother Frances Hosp		6.00	%	7/1/2027	Baa1		1,500		1,694,085
Univ Central AR Rev Hsg Sys (FSA)		6.50	%	1/1/2031	AAA		2,425		2,582,237
Upper Trinity Regl Wtr Dist TX Wtr Rev Sys Ser 4 (FGIC)		6.00	%	8/1/2026	A-		3,025		3,240,682
WA St Higher Ed Facs Auth Rev Gonzaga Univ Pj (MBIA)		5.125	%	4/1/2034	AA		1,000		1,156,760
Western WA Univ Rev Student Rec Fee (MBIA)		5.00	%	5/1/2033	AA-		20		22,277
WV St Ser D (FGIC)		6.50	%	11/1/2026	Aa3		2,000		2,567,780
Total									63,964,007
Special Tax 1.46%
Altoona IA Tax Allocation Annual Appropriation No 6-A		6.00	%	6/1/2034	BBB+		1,000		883,400
Annawan IL Tax Inc Rev Patriot Renewable Fuels LLC Pj		5.625	%	1/1/2018	NR		1,000		734,070
Apple Vly CA Redev Agy Tax Alloc Veda Pj Area		4.75	%	6/1/2037	BBB+		1,000		706,580
Aurora City IL Tax Alloc East River Area No 6 Ser A		6.75	%	12/30/2027	NR		1,000		742,420
Baltimore MD Spl Oblig Ser A		7.00	%	9/1/2038	NR		1,500		1,187,730
Branson Hills Infrastr Facs Cmnty Impt Dist MO Spl Ser A		5.50	%	4/1/2027	NR		1,430		922,550
Branson Hills Infrastr Facs Cmnty Impt Dist MO Spl Ser A		5.50	%	4/1/2022	NR		965		680,315
CA St Unrefunded Bal		5.25	%	4/1/2034	A		5		4,494

See Notes to Financial Statements.
32

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Special Tax (continued)
Clark Cnty NV Impt Dist Spl Loc Imp 128 Summerlin Ser A		5.05	%	2/1/2031	NR	$	1,035	$	520,253
Crosscreek Cmnty Dev Dist FL Spl Assmnt Rev A		5.60	%	5/1/2039	NR		750		377,707
Crosscreek Cmnty Dev Dist FL Spl Assmnt Rev B		5.50	%	5/1/2017	NR		1,490		679,440
Gramercy Farms Cmnty Dev Dist FL Spl Assmt Ser A-1		5.25	%	5/1/2039	NR		2,445		1,201,522
Lakeside Landings Cmnty Dev Dist FL Spl Assmt Ser A		5.50	%	5/1/2038	NR		665		361,926
Legends Bay Cmnty Dev Dist FL Cap Impt Rev Ser B		5.50	%	5/1/2014	NR		955		633,203
Millsboro DE Spl Oblig Plantation Lakes Spl Dev Ser A		5.45	%	7/1/2036	NR		2,100		1,181,985
Salida CA Area Pub Fac Fin Agy Cmnty Fac Dist Spl Tax 1998-1 (FSA)		5.25	%	9/1/2028	AAA		155		154,992
San Juan Cnty NM Tax/Motor Ref &Impt (IBC) (NPFGC)		5.25	%	5/15/2022	AA-		165		173,729
Sparks Loc Impt Dist Ltd Oblig Dist No 3		6.75	%	9/1/2027	NR		1,000		732,090
Stone Canyon Cmnty Impt Dist MO Pub Infrastr Impt Pj		5.70	%	4/1/2022	NR		1,000		716,800
Total									12,595,206
Tax Revenue 5.34%
Dallas Area TX Rapid Transit(b)		5.00	%	12/1/2022	AAA		9,645		10,211,296
Dallas Area TX Rapid Transit(b)		5.00	%	12/1/2023	AAA		6,135		6,495,210
Dallas Area TX Rapid Transit(b)		5.00	%	12/1/2024	AAA		8,070		8,543,821
Dallas Area TX Rapid Transit(b)		5.00	%	12/1/2028	AAA		7,160		7,580,392
Orange Cnty FL Ser A (NPFGC)		5.00	%	10/1/2021	AA-		5,000		5,171,300
Southwestern IL Dev Auth Rev Loc Govt Pg Collinsville Ltd		5.35	%	3/1/2031	NR		500		315,585
Sparks Tourism Impt Dist No 1 Sr Sales Tax Antic Ser A†		6.75	%	6/15/2028	Ba2		2,000		1,366,840
UT Transit Auth(b)		5.00	%	6/15/2028	AAA		5,000		5,095,650
Virgin Islands Pub Fin Auth Rev Gross Rcpts Taxes Ln Nts (FGIC)		5.00	%	10/1/2025	AA-		1,500		1,198,440
Total									45,978,534

See Notes to Financial Statements.
33

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Tobacco 1.50%
Buckeye OH Tob Sttlmnt Asset Bkd Sr Turbo Ser A-2		5.125	%	6/1/2024	BBB	$	4,970	$	3,542,218
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.75	%	6/1/2034	BBB		2,940		1,696,057
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.875	%	6/1/2030	BBB		4,000		2,505,720
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.875	%	6/1/2047	BBB		2,970		1,631,688
Golden St Tob Securitization Corp CA Tob Sttlmnt Rev Asset Bkd Sr Ser A-1		5.00	%	6/1/2033	BBB		3,925		2,312,139
Golden St Tob Securitization Corp CA Tob Sttlmnt Rev Asset Bkd Sr Ser A-1		5.75	%	6/1/2047	BBB		2,200		1,256,464
Total									12,944,286
Transportation 10.12%
Alliance Arpt Auth Inc TX Spl Facs Rev FedEx Corp Pj AMT		4.85	%	4/1/2021	BBB		3,000		2,326,380
AZ St Transn Bd Ser A		5.00	%	7/1/2027	AAA		3,000		3,114,510
AZ St Transn Bd Ser A		5.00	%	7/1/2030	AAA		5,000		5,092,300
Billings MT Arpt Rev AMT (NPFGC)		6.10	%	7/1/2016	AA-		190		196,164
Billings MT Arpt Rev AMT (NPFGC)		6.20	%	7/1/2020	AA-		2,775		2,825,949
Central Puget Sound WA Regl Transit Auth Sales Tax & Motor (FGIC)		5.25	%	2/1/2021	AAA		1,750		1,897,717
Chicago IL O'Hare Intl Arpt Rev Ser A (FSA)		5.00	%	1/1/2033	AAA		5,000		4,837,650
Dallas-Fort Worth TX Intl Arpt Impt Jt Ser B AMT (FSA)		5.00	%	11/1/2035	AAA		1,330		1,156,408
Dallas-Fort Worth TX Intl Arpt Rev Jt Ser B AMT (NPFGC)		6.25	%	11/1/2028	AA		1,000		1,000,330
Greater Orlando Aviation Auth Orlando FL Spl Arpt Facs JetBlue Airways Corp AMT		6.50	%	11/15/2036	NR		645		377,248
Hl St Hwy		5.00	%	1/1/2019	AA+		1,000		1,142,420
Houston TX Arpt Sys Rev Sub Lien Ser A AMT (FGIC)		5.50	%	7/1/2012	AA-		1,610		1,656,030
Los Angeles CA Dept of Arpts Rev Los Angeles Intl Arpt Ser A AMT		5.50	%	5/15/2021	AA		2,375		2,374,834
Metro WA Arpts Auth AMT(b)		5.00	%	10/1/2022	AA-		3,250		3,042,146
Metro WA Arpts Auth AMT(b)		5.375	%	10/1/2028	AA-		2,500		2,340,112
MI St Truck Line (FGIC)		5.00	%	11/1/2021	AA+		2,000		2,102,860

See Notes to Financial Statements.
34

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Transportation (continued)
Miami-Dade Cnty FL Aviation Miami Intl Arpt Hub Ser B (NPFGC)		4.50	%	10/1/2031	AA-	$	520	$	437,424
Miami-Dade Cnty FL Aviation Rev Miami Intl Arpt Ser A AMT (XLCA)		5.00	%	10/1/2037	A2		2,000		1,547,980
MO St Hwys & Transit Commn Rev 1st Lien Ser B		5.00	%	5/1/2022	AAA		2,500		2,691,000
New York City NY Indl Dev Agy Spl Fac Rev Terminal One Grp Assoc Pj AMT		5.50	%	1/1/2024	A3		3,975		3,378,193
North TX Twy Auth Rev First Tier Ser A		6.00	%	1/1/2025	A2		5,000		5,209,950
North TX Twy Auth Rev Toll 2nd Tier Ser F		5.75	%	1/1/2033	A3		5,705		5,152,585
NY St Metro Transn Auth Rev Ser 2008 C		6.25	%	11/15/2023	A		5,000		5,440,350
NY St Metro Transn Auth Rev Ser 2008 C		6.50	%	11/15/2028	A		7,500		8,088,600
NY St Twy Auth Hwy &Brdg Tr Fd Ser B		5.00	%	4/1/2022	AA		5,000		5,157,050
NY St Twy Auth Rev Ser B		5.00	%	4/1/2025	AA		9,500		9,468,935
Port of Seattle WA Spl Fac Rev Unrefunded Bal Ser C AMT (MBIA)		6.00	%	9/1/2029	AA-		1,085		962,449
San Francisco CA City & Cnty Arpt Lease SFO Fuel Ser A AMT (FSA)		6.125	%	1/1/2027	AAA		495		460,449
Santa Rosa Bay Bridge Auth FL Rev Cap Apprec		Zero Coupon		7/1/2017	B3		1,200		402,144
St. Paul Port MN Port Auth Ltd Tax Brownfields Redev 2		5.00	%	3/1/2037	AA+		895		893,622
Susquehanna Area PA Regl Arpt Auth Ser A AMT		6.50	%	1/1/2038	Baa3		3,440		2,398,574
Total									87,172,363
Utilities 16.08%
American Muni Pwr OH Inc Prairie St Enrg Campus Pj A		5.25	%	2/15/2027	A1		5,000		4,920,000
AZ Salt River Pj Agricultural Impt &Pwr Dist Elec Sys Rev Ser A(b)		5.00	%	1/1/2032	Aa1		17,710		17,193,399
Brazos River Auth TX Wtr Rev Supply Sys Ser A AMT (NPFGC)		5.00	%	2/15/2028	AA-		1,000		894,390
CA St Dept of Wtr Res Rev Central Vly Pj Ser AE		5.00	%	12/1/2028	AAA		1,690		1,709,705
CA St Dept of Wtr Res Rev Ser H (FSA)		5.00	%	5/1/2022	AAA		1,000		1,039,910

See Notes to Financial Statements.
35

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Utilities (continued)
Cape Fear Pub Util Auth Rev		5.00	%	8/1/2026	AA	$	5,000	$	5,096,750
Cnty of Tooele UT Union Pacific Pj A Rmkt AMT		5.70	%	11/1/2026	BBB		5,000		4,273,050
CT St Dev Auth Solid Wst Disp Facs Rev PSEG Pwr LLC Pj Ser A AMT		5.75	%	11/1/2037	Baa1		2,250		1,726,965
Delaware Cnty PA Indl Dev Auth Rev Res Recovery Fac Ser A		6.20	%	7/1/2019	BB+		2,110		1,950,020
Detroit MI Rev 2nd Lien Ser B Rmkt (FSA)		7.00	%	7/1/2036	AAA		2,265		2,429,031
Detroit MI Wtr Supply Sys Sr Lien Ser A (NPFGC)		5.00	%	7/1/2034	AA-		975		816,826
Emerald Coast FL Utils Auth Rev Sys (FGIC)		5.25	%	1/1/2036	AA-		1,000		962,400
FL St Wtr Pollutn Ctrl Fing Corp Rev Ser A		5.00	%	1/15/2029	AAA		1,000		1,005,310
Gautier MI Util Dist Util Sys Rev (FGIC)		5.125	%	3/1/2019	NR		425		438,001
Gulf Coast Wst Disp Auth TX Wst Mgmt of TX Ser A AMT		5.20	%	5/1/2028	BBB		2,800		2,156,616
Houston TX Rev First Lien Ser A (AG)		5.125	%	11/15/2032	AAA		4,000		3,843,600
KS St Dev Fin Auth Rev Pub Wtr Supply Revolving Ln 2		4.75	%	4/1/2018	Aa1		310		310,047
Lewis Cnty WA Pub Util Dist No 1 Ser A (FSA)		5.00	%	12/1/2027	Aa3		4,975		5,058,829
Long Island NY Pwr Auth Rev Ser A		5.70	%	4/1/2030	A-		4,510		4,568,269
Long Island NY Pwr Auth Rev Ser A		6.25	%	4/1/2033	A-		1,000		1,060,230
Los Angeles CA Dept of Wtr &Pwr Sys Sub Ser A2 (AMBAC)		5.00	%	7/1/2028	AA-		4,925		4,944,454
MA St Dev Fin Agy Solid Wst Disp Rev Dominion Enrg Brayton Point AMT		5.00	%	2/1/2036	A-		2,200		1,601,842
Maricopa Cnty Pollutn Ctrl Corp AZ Rev El Paso Elec Co Pj Ser A		7.25	%	2/1/2040	BBB		3,000		3,031,020
MD St Econ Dev Corp Potomac		6.20	%	9/1/2022	BBB+		5,700		5,852,418
Melbourne FL Wtr & Swr Rev Ref &Impt Ser A (FGIC)		5.00	%	10/1/2032	AA-		1,000		961,250
MI St Strategic Fd Ltd Oblig (AMBAC)		7.00	%	5/1/2021	A		500		499,555
Midlothian TX Wtr Dist (FSA)		Zero Coupon		9/1/2022	AAA		2,000		1,058,680
MO St Envr Impt & Enrg Unrefunded Bal St Revolving B		7.20	%	7/1/2016	Aaa		1,215		1,214,684
MS Business Fin Corp Ref Sys Enrg Res Inc Pj		5.875	%	4/1/2022	BBB		2,500		2,125,800

See Notes to Financial Statements.
36

Schedule of Investments (unaudited)(continued)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Utilities (continued)
MS Business Fin Corp Ref Sys Enrg Res Inc Pj		5.90	%	5/1/2022	BBB	$	2,450	$	2,086,714
NC Eastern Muni Pwr Agy NC Ser A (AG)		5.25	%	1/1/2019	AAA		5,000		5,173,200
NC Muni Pwr Agy No 1 Catawba NC Catawba Elec Ser A		5.25	%	1/1/2020	A2		2,000		2,059,180
NE St Muni Enrg Agy Rev Ser A (BHAC)		5.375	%	4/1/2039	AAA		3,085		3,165,364
NE St Muni Enrg Agy Rev Ser A (BHAC)		5.125	%	4/1/2029	AAA		500		518,005
Northern CA Pwr Agy Rev Geothermal Pj No 3 Ser A		5.00	%	7/1/2023	A1		1,245		1,204,251
Northern CA Pwr Agy Rev Geothermal Pj No 3 Ser A		5.25	%	7/1/2024	A1		500		490,200
Northern CA Pwr Agy Rev Geothermal Pj No 3 Ser A		5.50	%	7/1/2021	A1		1,000		1,047,790
Northern CA Pwr Agy Rev Geothermal Pj No 3 Ser A		5.50	%	7/1/2022	A1		1,000		1,038,810
OK Muni Pwr Auth Rev Ser A		5.875	%	1/1/2028	A		1,000		1,047,570
PA Econ Dev Fin Auth Exempt Facs Rev Reliant Enrg B AMT		6.75	%	12/1/2036	Ba3		4,000		3,392,680
Palm Beach Cnty Solid Wst Auth Rev Impt Ser B		5.50	%	10/1/2028	AA		3,000		3,051,030
Pima Cnty AZ Indl Dev Auth Wtr &Wst Wtr Rev Global Wtr Res LLC Pj AMT		6.55	%	12/1/2037	NR		3,000		2,068,680
Pinal Cnty AZ Elec Dist No 4		6.00	%	12/1/2028	BBB-		740		620,823
Sabine River Auth TX Pollutn Ctrl Rev Ref TXU Elec Co Pj Ser B AMT		5.75	%	5/1/2030	CCC		1,375		886,875
Sabine River Auth TX Pollutn Ctrl Rev TXU Enrg Co Pj Ser A		5.80	%	7/1/2022	CCC		1,000		451,150
Sabine River Auth TX Ref Southwestern Elec Co (MBIA)		4.95	%	3/1/2018	AA		2,500		2,496,325
Sacramento CA Muni Util Dist (FSA)(b)		5.00	%	8/15/2023	AAA		3,650		3,775,816
Sacramento CA Muni Util Dist (FSA)(b)		5.00	%	8/15/2024	AAA		2,920		3,020,652
Sacramento CA Muni Util Dist (FSA)(b)		5.00	%	8/15/2025	AAA		2,920		3,020,652
Santa Margarita-Dana Point Auth CA Rev Wtr Dist Impt Ser 2-3-4 A		5.25	%	8/1/2032	AA		3,020		3,037,486
SD Conservancy Dist (AMBAC)		5.00	%	8/1/2022	Aaa		1,045		1,069,119
TN Enrg Acq Corp Gas Rev Ser A		5.00	%	9/1/2013	BBB+		2,500		2,193,900
TN Enrg Acq Corp Ser A		5.25	%	9/1/2021	BBB+		2,100		1,579,158
TN Enrg Acq Corp Ser A		5.25	%	9/1/2026	BBB+		5,900		4,136,195

See Notes to Financial Statements.
37

Schedule of Investments (unaudited)(concluded)

NATIONAL TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody's	Principal Amount (000)			Value
Utilities (continued)
TX Muni Gas Acq & Supply Corp I Rev Sr Lien Ser A		5.25	%	12/15/2026		A	$	1,250		$	736,338
UT Wtr Fin Agy Rev Pooled Ln Fin Pg (AMBAC)		5.125	%	7/1/2023		Baa1		1,000			1,022,840
WV St Wtr Dev Auth Rev Ln Pg III Ser A AMT (AMBAC)		6.25	%	7/1/2030		A		1,470			1,411,479
Total											138,545,333
Total Municipal Bonds (cost $1,024,226,420)											925,854,079
							Shares (000)
SHORT-TERM INVESTMENTS 2.58%
Money Market Mutual Funds 2.00%
Dreyfus Municipal Cash Management Plus								17,215			17,215,486
SSgA Tax Free Money Market Fund								4			4,497
Total											17,219,983
							Principal Amount (000)
Variable Rate Demand Note 0.58%
CA Infrastr & Econ Dev Bk Rev Asian Art Museum Fndtn (NPFGC)(f)		7.50	%	4/1/2009		AA-	$	5,000			5,000,000
Total Short-Term Investments (cost $22,219,983)											22,219,983
Total Investments in Securities 110.05% (cost $1,046,446,403)											948,074,062
Liabilities in Excess of Cash and Other Assets(e) (10.05%)											(86,570,790	)
Net Assets 100.00%										$	861,503,272
Open Futures Contracts at March 31, 2009:
Type	Expiration			Contracts		Position	Market Value			Unrealized Depreciation
U.S. 30-Year Treasury Bond		June 2009			465	Short	$	(60,311,953	)	$	(1,440,128	)

See Notes to Financial Statements.
38

Schedule of Investments (unaudited)

CALIFORNIA TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
MUNICIPAL BONDS 103.62%
Corporate-Backed 3.94%
CA Pollutn Ctrl Fing Auth Fing Rev Browning Ferries Indl Inc Ser A AMT		5.80	%	12/1/2016	BBB	$	1,080	$	1,001,614
Golden St Tob Securitization Corp CA Tob Sttlmnt Rev Asset Bkd Ser A (FGIC)		5.00	%	6/1/2035	A-		2,500		1,976,125
Long Beach CA Bd Fin Auth Natural Gas Rev Ser A		5.25	%	11/15/2020	A		1,505		1,112,541
San Jose CA Arpt Rev Ser A AMT (AMBAC)		5.00	%	3/1/2037	A		975		736,720
Virgin Islands Pub Fin Auth Refinery Facs Rev Sr Secd Hovensa Refinery AMT		4.70	%	7/1/2022	BBB		2,250		1,372,905
Total									6,199,905
Education 7.36%
Abag Fin Auth For Nonprofit Corp CA Rev Sch of Mech Arts		5.25	%	10/1/2026	A3		500		486,615
CA Edl Facs Auth Rev CA Lutheran Univ		5.25	%	10/1/2021	Baa1		1,500		1,315,545
CA Edl Facs Auth Rev College &Univ Fing Pg		5.00	%	2/1/2037	Baa3		1,000		634,630
CA Edl Facs Auth Rev Univ La Verne Ser A		5.00	%	6/1/2035	Baa2		1,000		669,070
CA Edl Facs Auth Rev Univ Southern CA Ser A		5.00	%	10/1/2039	AA+		1,000		975,550
CA Muni Fin Auth Ed Rev American Heritage Ed Fndtn Pj A		5.25	%	6/1/2036	BBB-		1,000		628,990
CA Muni Fin Auth Rev Biola Univ		5.80	%	10/1/2028	Baa1		1,085		911,226
CA St Unrefunded Bal		5.125	%	6/1/2027	A		5		4,693
CA Statewide Cmntys Dev Auth Rev Thomas Jefferson Sch Law Ser A		7.25	%	10/1/2032	BB+		1,000		771,710
CA Statewide Cmntys Dev Auth Sonoma Country Day Sch COP		6.00	%	1/1/2029	NR		1,285		871,821
San Bernadino Comnty College Dist CA Election 2002 Ser A		5.75	%	8/1/2020	AA-		750		851,925
San Ysidro CA Sch Dist Cap Apprec Election 1997 Ser D (FGIC)		Zero Coupon		8/1/2028	AA		1,000		323,810
Univ of CA(b)		5.75	%	5/15/2031	Aa1		3,000		3,123,300
Total									11,568,885

See Notes to Financial Statements.
39

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
General Obligation 20.41%
Barstow CA Unif Sch Dist Ser A (FGIC)		5.00	%	8/1/2026	A3	$	2,475	$	2,435,400
Berkeley CA Measure I-Animal Shelter Pj (AG)		4.625	%	9/1/2037	AAA		1,110		944,888
CA St		5.00	%	9/1/2028	A		2,965		2,701,708
CA St		5.50	%	4/1/2024	A		1,000		997,970
CA St		6.50	%	4/1/2033	A		2,500		2,629,375
CA St Previous Veterans Ser BJ AMT		5.70	%	12/1/2032	AA-		640		593,709
CA St Var Purp		5.00	%	4/1/2026	A		1,450		1,345,571
Foothill-De Anza CA Cmnty College Dist Ser A (AMBAC)		4.50	%	8/1/2031	Aa1		1,800		1,588,680
Los Angeles CA Cmnty College Dist 2003 Election Ser F-1		5.00	%	8/1/2033	AA		1,000		931,980
Los Angeles CA Unif Sch Dist Ser I		5.00	%	7/1/2029	AA-		2,225		2,123,940
Los Angeles Unif Sch Dist CA Drivers Ser 2048 (FSA)(b)		5.00	%	7/1/2028	AAA		3,000		2,966,880
Mojave CA Unif Sch Dist Sch Facs Impt Dist No 001 (FGIC)		5.00	%	8/1/2024	AA-		1,060		1,069,943
Mojave CA Unif Sch Dist Sch Facs Impt Dist No 001 (FGIC)		5.25	%	8/1/2022	AA-		1,230		1,271,193
Montebello CA Unif Sch Dist Election of 2004 (FSA)		5.00	%	8/1/2028	AAA		1,335		1,255,287
Oak Vly CA Hosp Dist Election 2004 (FGIC)		5.00	%	7/1/2033	A3		500		452,415
Oxnard CA Unif High Sch Dist Ser A (NPFGC)		6.00	%	2/1/2020	AA-		650		682,149
Pittsburg CA Redev Agy Los Medanos Cmnty Dev Pj (AMBAC)		Zero Coupon		8/1/2026	A		3,500		1,227,345
Pomona CA Unif Sch Dist (NPFGC)		6.15	%	8/1/2030	AA-		850		797,257
Pomona CA Unif Sch Dist Ser A (NPFGC)		6.55	%	8/1/2029	AA-		950		947,996
Riverside CA Cmnty College Dist Unrefunded Bal Ser A (NPFGC)		5.50	%	8/1/2029	AA-		15		15,710
Santa Ana Unif Sch Dist Election 2008 Ser A		5.25	%	8/1/2025	A+		1,650		1,651,072
Santa Ana Unif Sch Dist Election 2008 Ser A		5.25	%	8/1/2026	A+		1,000		989,830
West Contra Costa CA Unif Sch Dist Election of 2005 Ser B		6.00	%	8/1/2027	A2		1,000		1,037,220
Yosemite Cmnty College Dist CA Election 2004 Ser C (FSA)		5.00	%	8/1/2028	AAA		1,455		1,438,908
Total									32,096,426

See Notes to Financial Statements.
40

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare 9.85%
Abag Fin Auth For Nonprofit Corp CA Rev Childrens Hosp & Resh A		5.25	%	12/1/2027	A	$	1,000	$	831,320
CA Hlth Facs Fing Auth CA Catholic Hlthcare West Ser G		5.50	%	7/1/2025	A		2,500		2,303,850
CA Hlth Facs Fing Auth Rev CA NV Methodist		5.00	%	7/1/2036	A		1,000		786,040
CA Hlth Facs Fing Auth Rev Providence Hlth & Svcs Ser C		6.25	%	10/1/2024	AA		1,000		1,060,210
CA Infrastr & Econ Dev Bk Rev Kaiser Hosp Ser A		5.50	%	8/1/2031	A		1,225		1,077,633
CA Infrastr & Econ Dev Bk Rev Kaiser Hosp Ser B		5.55	%	8/1/2031	A+		650		595,030
CA Infrastr & Econ Dev Bk Rev Scripps Res Instl Ser A		5.75	%	7/1/2030	Aa3		1,500		1,513,005
CA Muni Fin Auth Ctfs Cmnty Hosps Central CA		5.25	%	2/1/2037	Baa2		1,000		685,020
CA Statewide Cmntys Dev Auth Rev CA Statewide Inland Regl Ctr Pj		5.00	%	12/1/2017	Baa1		1,000		890,160
CA Statewide Cmntys Dev Auth Rev Daughters of Charity Hlth		5.25	%	7/1/2035	BBB		1,675		1,073,139
CA Statewide Cmntys Dev Auth Rev Front Porch Cmntys & Svcs Ser A†		5.125	%	4/1/2037	BBB		2,000		1,256,780
CA Statewide Cmntys Dev Auth Rev Vlycare Hlth Sys Ser A		5.125	%	7/15/2031	NR		1,500		917,145
Rancho Mirage CA Jt Pwrs Fin Auth Rev Eisenhower Med Ctr Ser A		5.00	%	7/1/2021	A3		1,000		901,270
Sierra View Loc Hlthcare Dist CA		5.25	%	7/1/2032	A(a)		1,000		782,220
Torrance CA Hosp Rev Torrance Mem Med Ctr Ser A		5.50	%	6/1/2031	A+		345		312,594
Torrance CA Hosp Rev Torrance Mem Med Ctr Ser A		6.00	%	6/1/2022	A+		500		503,375
Total									15,488,791
Lease Obligations 9.67%
CA St Pub Wrk Bd Dept Forestry &Fire Ser E		5.00	%	11/1/2024	A-		1,550		1,365,984
CA St Pub Wrk Bd Lease Rev Dept Gen Svcs Teale Data (AMBAC)		5.25	%	3/1/2020	A		1,000		980,440
Los Angeles CA Convtn & Exhibit Ctr Auth Rev Bds Ser A		5.00	%	8/15/2020	AA-		1,000		1,062,170

See Notes to Financial Statements.
41

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Lease Obligations (continued)
Los Angeles CA Muni Impt Corp Rev Cap Equip Ser A		5.00	%	9/1/2025	AA-	$	2,000	$	1,865,220
Palm Springs CA Fin Auth Convention Ctr Pj Ser A (NPFGC)		5.50	%	11/1/2035	AA-		1,000		916,820
Puerto Rico Comwlth Infrastr Fin Auth Mepsi Campus Pj Ser A		6.50	%	10/1/2037	NR		1,000		776,260
Rowland Wtr Dist CA COP Recycled Wtr Pj		6.50	%	12/1/2035	AA-		1,500		1,618,110
San Buenaventura CA Ser C COP (AMBAC)		5.25	%	2/1/2031	A		2,575		2,404,535
San Mateo Cnty CA Jt Pwrs Fin Auth Rev Youth Svcs Campus Ser A		5.00	%	7/15/2024	AA+		1,410		1,447,830
Santa Ana CA Unif Sch Dist Fin Pj COP (FSA)		Zero Coupon		4/1/2019	AAA		2,295		1,448,214
Turlock CA Hlth Fac Rev Emanuel Med Ctr Ser B COP		5.50	%	10/15/2037	BBB		2,000		1,314,180
Total									15,199,763
Other Revenue 3.85%
CA Muni Fin Auth Rev Bds High Tech High Chula Vista B†		6.00	%	7/1/2028	BB+(a)		850		656,192
CA Muni Fin Auth Rev OCEAA Pj Ser A		6.75	%	10/1/2028	NR		1,445		1,152,012
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.15	%	7/1/2030	NR		500		331,450
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.25	%	7/1/2042	NR		1,225		762,379
CA Statewide Cmntys Dev Auth Rev Windrush Sch		5.50	%	7/1/2037	NR		1,250		823,162
Fontana CA Pub Fin Auth Tax North Fontana Redev Pj Ser A (AMBAC)		5.50	%	9/1/2032	A+		1,000		901,290
Oakland CA Jt Pwrs Fin Auth Reassmt Rev		5.50	%	9/2/2024	A-		390		399,079
Santa Cruz Cnty Redevelopment Agy CA Tax Allocation Live Oak/Soquel Cmnty Impt Ser A		6.625	%	9/1/2029	A		500		513,385
Santa Cruz Cnty Redevelopment Agy CA Tax Allocation Live Oak/Soquel Cmnty Impt Ser A		7.00	%	9/1/2036	A		500		522,505
Total									6,061,454

See Notes to Financial Statements.
42

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Pre-Refunded 11.92%
CA Edl Facs Auth Rev Pooled College/Univ Ser C ETM		6.50	%	6/1/2020	Baa3	$	3,000	$	3,181,950
CA Edl Facs Auth Rev Scripps College		5.25	%	8/1/2026	A1		1,145		1,260,588
CA St (AMBAC)(b)		5.00	%	4/1/2031	AAA		10,000		11,409,650
CA Statewide Cmnty Dev Ref CHF Irvine LLC UCI East		5.00	%	5/15/2038	Baa2		1,000		617,360
El Monte CA City Sch Dist Ser A (FSA)		6.25	%	5/1/2025	AAA		1,230		1,302,533
MSR Pub Pwr Agy CA San Juan Pj Rev Ser D ETM (MBIA)		6.75	%	7/1/2020	AA		795		964,438
Total									18,736,519
Special Tax 6.13%
Apple Vly CA Redev Agy Tax Alloc Veda Pj Area		4.75	%	6/1/2037	BBB+		1,500		1,059,870
Carpinteria CA Santn Dist Spl Assmnt Ltd Ser 2007-1-A		6.90	%	9/2/2039	NR		500		501,935
City of San Diego CA Spl Tax Cmnty Facs Dist No 4 Ser A		6.00	%	9/1/2037	NR		1,000		759,740
Dana Point Cmnty Facs Dist No 2006-1		5.625	%	9/1/2033	NR		550		398,161
Dana Point Cmnty Facs Dist No 2006-1		5.625	%	9/1/2037	NR		940		669,468
Jurupa CA Cmnty Svcs Dist Spl Tax Cmnty Facs Dist 18 Eastvale A		5.00	%	9/1/2036	NR		1,710		1,094,126
Los Angeles Cnty CA Pub Wks Fin Auth Los Angeles Regl Pk Open Space (FSA)		5.25	%	10/1/2018	AAA		1,000		1,129,120
Redding CA Redev Agy Tax Alloc Shastec Redev Pj		5.00	%	9/1/2029	BBB+		600		477,906
RNR Sch Fin Auth CA Spl Tax Cmnty Fac Dist No 92-1 Ser A (AMBAC)		5.625	%	9/1/2030	A		3,860		3,305,743
South Orange Cnty CA Pub Fin Auth Spl Tax Rev Ladera Ranch Ser A (AMBAC)		4.625	%	8/15/2026	A		310		237,417
Total									9,633,486
Tax Revenue 3.57%
Los Angeles Cnty CA Metro Trans Auth Metro Trans Ser A (AG)		5.00	%	7/1/2022	AAA		3,000		3,167,970
Los Angeles Cnty CA Metro Trans Auth Rev Prop A-1st Tier Sr Ser B		5.00	%	7/1/2031	AAA		1,635		1,567,098
Los Angeles Cnty CA Metro Trans Auth Sales Tax Rev Sr Ser A (FSA)		4.50	%	7/1/2030	AAA		1,000		886,000
Total									5,621,068

See Notes to Financial Statements.
43

Schedule of Investments (unaudited)(continued)

CALIFORNIA TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Tobacco 0.22%
Golden St Tob Securitization Corp CA Tob Sttlmnt Rev Asset Bkd Sr Ser A-1		5.75	%	6/1/2047	BBB	$	245	$	139,924
Silicon Vly Tob Securitization Auth CA Cap Apprec Turbo Santa Clara A		Zero Coupon		6/1/2036	BBB+(a)		3,500		212,940
Total									352,864
Transportation 3.54%
Fresno CA Arpt Rev Ser A (FSA)		5.50	%	7/1/2030	AAA		1,500		1,436,475
Los Angeles Dept of Arpts Rev Los Angeles Intl Arpt Ser A AMT		5.50	%	5/15/2021	AA		2,350		2,349,835
Palm Springs CA Ref Sub Palm Springs Intl Arpt AMT		5.30	%	7/1/2013	NR		200		175,400
Palm Springs CA Ref Sub Palm Springs Intl Arpt AMT		6.00	%	7/1/2018	NR		250		208,240
Palm Springs CA Ref Sub Palm Springs Intl Arpt AMT		6.40	%	7/1/2023	NR		300		236,595
Palm Springs CA Ref Sub Palm Springs Intl Arpt AMT		6.50	%	7/1/2027	NR		260		196,763
San Francisco CA City & Cnty Arpt Lease SFO Fuel Ser A AMT (FSA)		6.125	%	1/1/2027	AAA		490		455,798
San Francisco CA City & Cnty Commn Intl Arpt Rev AMT (FSA)		5.75	%	1/1/2014	AAA		500		501,720
Total									5,560,826
Utilities 23.16%
CA Metro Wtr Dist of Southern CA Rev Ser B		5.00	%	7/1/2022	AAA		1,500		1,607,685
CA Pollutn Ctrl Fin Auth Solid Wst Disp Rev Mgmt Inc Pj Ser B AMT		5.00	%	7/1/2027	BBB		1,000		706,310
CA Pollutn Ctrl Fin Auth Solid Wst Mgmt Inc Pj Ser A2 AMT		5.40	%	4/1/2025	BBB		1,000		769,920
CA St Dept of Wtr Res Central Vly Pj Ser AE		5.00	%	12/1/2026	AAA		4,000		4,106,240
Chino Basin Desalter Auth Ser A (AG)		5.00	%	6/1/2027	AAA		2,000		2,001,320
City of Riverside CA Issue D (FSA)		5.00	%	10/1/2027	AAA		2,550		2,561,475
Eastern Muni Wtr Dist COP Ser H		5.00	%	7/1/2033	AA		2,500		2,346,225
Fresno CA Rev Ser A (AG)		5.00	%	9/1/2025	AAA		1,530		1,577,445
Imperial CA Ref Wtr Fac COP (FGIC)		5.00	%	10/15/2020	AA-		3,250		3,210,707
Los Angeles CA Wtr & Pwr Rev Pwr Sys Ser A-2		5.25	%	7/1/2032	AA-		1,500		1,495,875

See Notes to Financial Statements.
44

Schedule of Investments (unaudited)(concluded)

CALIFORNIA TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody's	Principal Amount (000)			Value
Utilities (continued)
Los Angeles CA Wtr & Pwr Rev Pwr Sys Sub Ser A-1 (FSA)		5.00	%	7/1/2015		AAA	$	1,000		$	1,131,310
Northern CA Pwr Agy Rev Geothermal Pj No 3 Ser A		5.50	%	7/1/2022		A1		1,985			2,062,038
Northern CA Pwr Agy Rev Hydroelectronic No 1-C (AG)		5.00	%	7/1/2024		AAA		1,760			1,724,923
Sacramento CA Muni Util Dist (FSA)(b)		5.00	%	8/15/2023		AAA		1,920			1,986,182
Sacramento CA Muni Util Dist (FSA)(b)		5.00	%	8/15/2024		AAA		1,540			1,593,084
Sacramento CA Muni Util Dist (FSA)(b)		5.00	%	8/15/2025		AAA		1,540			1,593,084
Sacramento Cnty CA Santn Dist Sacramento Regl Cnty Ser A (FGIC)		5.25	%	12/1/2023		AA		1,500			1,674,525
Santa Margarita-Dana Point Auth CA Rev Wtr Dist Impt Ser 2-3-4 A		5.25	%	8/1/2032		AA		2,000			2,011,580
Shasta CA Jt Pwrs Fin Auth Cnty Admin Bldg Pj Ser A (NPFGC)		5.25	%	4/1/2023		AA-		675			669,722
Southern CA Pub Pwr Auth Rev Sub Ser A		5.00	%	7/1/2020		Aa3		1,500			1,590,135
Total											36,419,785
Total Municipal Bonds (cost $177,481,074)											162,939,772
							Shares (000)
SHORT-TERM INVESTMENT 0.58%
Money Market Mutual Fund
Dreyfus General CA Municipal Money Market Fund Class A (cost $920,327)								920			920,327
Total Investments in Securities 104.20% (cost $178,401,401)											163,860,099
Liabilities in Excess of Cash and Other Assets(e) (4.20%)											(6,610,447	)
Net Assets 100.00%										$	157,249,652
Open Futures Contracts at March 31, 2009:
Type	Expiration			Contracts		Position	Market Value			Unrealized Depreciation
U.S. 30-Year Treasury Bond		June 2009			120	Short	$	(15,564,375	)	$	(380,700	)

See Notes to Financial Statements.
45

Schedule of Investments (unaudited)

CONNECTICUT TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
MUNICIPAL BONDS 101.44%
Corporate-Backed 3.37%
CT St Dev Auth Govt Lease Rev (MBIA)		6.60	%	6/15/2014	AA-	$	500	$	500,000
New Haven CT Solid Wst Auth		5.375	%	6/1/2028	A		1,500		1,488,360
Sprague CT Envr Impt Intl Paper Co Pj Ser A AMT		5.70	%	10/1/2021	BBB		900		622,971
Virgin Islands Pub Fin Auth Refinery Facs Rev Sr Secd Hovensa Refinery AMT		4.70	%	7/1/2022	BBB		2,000		1,220,360
Total									3,831,691
Education 26.75%
CT St Higher Edl Ln Auth Rev Ref Sr Fam Ed Ln Pg Ser A AMT (MBIA)		4.80	%	11/15/2022	A1		2,065		1,715,395
CT St Hlth & Edl Facs Auth (AG)(b)		5.00	%	7/1/2028	AAA		4,050		4,024,991
CT St Hlth & Edl Facs Auth (AG)(b)		5.00	%	7/1/2033	AAA		1,500		1,490,738
CT St Hlth & Edl Facs Auth (AG)(b)		5.00	%	7/1/2038	AAA		4,610		4,581,533
CT St Hlth & Edl Facs Auth Fairfield Univ Facs Ser M		5.00	%	7/1/2026	A-		450		452,948
CT St Hlth & Edl Facs Auth Rev Chase Collegiate Sch Ser A (RADIAN)		4.00	%	7/1/2019	BBB+		100		79,128
CT St Hlth & Edl Facs Auth Rev Chase Collegiate Sch Ser A (RADIAN)		5.00	%	7/1/2027	BBB+		100		77,166
CT St Hlth & Edl Facs Auth Rev CT College Ser E (MBIA)		5.25	%	7/1/2022	AA-		400		419,688
CT St Hlth & Edl Facs Auth Rev CT College Ser G (MBIA)		4.50	%	7/1/2037	AA-		620		557,647
CT St Hlth & Edl Facs Auth Rev Fairfield Univ Ser N		5.00	%	7/1/2026	A-		2,000		1,919,460
CT St Hlth & Edl Facs Auth Rev Fairfield Univ Ser N		5.00	%	7/1/2029	A-		2,000		1,878,240
CT St Hlth & Edl Facs Auth Rev Gunnery Sch (RADIAN)		5.35	%	7/1/2031	BBB+		695		546,305
CT St Hlth & Edl Facs Auth Rev Loomis Chaffee Sch Ser F (AMBAC)		4.00	%	7/1/2022	A2		95		93,554
CT St Hlth & Edl Facs Auth Rev Norwich Free Academy Ser A (AMBAC)		5.00	%	7/1/2034	A		1,250		1,179,787
CT St Hlth & Edl Facs Auth Rev Quinnipiac Univ Ser H (AMBAC)		5.00	%	7/1/2036	A		1,015		975,517
CT St Hlth & Edl Facs Auth Rev Quinnipiac Univ Ser I (MBIA)		5.00	%	7/1/2026	AA-		3,000		2,942,010

See Notes to Financial Statements.
46

Schedule of Investments (unaudited)(continued)

CONNECTICUT TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Education (continued)
CT St Hlth & Edl Facs Auth Rev Quinnipiac Univ Ser I (MBIA)		5.00	%	7/1/2027	AA-	$	1,000	$	980,000
CT St Hlth & Edl Facs Auth Rev Renbrook Sch Ser A (AMBAC)		5.00	%	7/1/2030	A		465		458,974
CT St Hlth & Edl Facs Auth Rev Renbrook Sch Ser A (AMBAC)		5.00	%	7/1/2037	A		700		664,454
CT St Hlth & Edl Facs Auth Rev Sacred Hrt Ser C		6.50	%	7/1/2016	BBB		230		230,115
CT St Hlth & Edl Facs Auth Rev Trinity College Ser J (MBIA)		4.25	%	7/1/2031	AA-		1,000		859,940
CT St Hlth & Edl Facs Auth Rev Univ CT Fndtn Ser A		5.375	%	7/1/2029	AA-		215		217,599
CT St Hlth & Edl Facs Auth Rev Univ Hartford Ser E (RADIAN)		5.25	%	7/1/2032	BBB+		2,900		2,338,096
Univ CT Ser A		5.00	%	4/1/2018	AA		1,580		1,738,237
Total									30,421,522
General Obligation 22.19%
Bridgeport CT Ser C (FGIC)		4.75	%	8/15/2021	AA-		1,000		932,510
CT St Ser A		5.00	%	2/15/2027	AA		1,000		1,047,550
CT St Ser A		5.00	%	4/15/2028	AA		2,555		2,650,838
CT St Ser B		4.75	%	5/1/2023	AA		2,000		2,091,600
CT St Ser B		4.75	%	5/1/2024	AA		2,000		2,067,920
CT St Ser B		5.00	%	5/1/2025	AA		2,500		2,624,400
Hartford CT Ser A (AG)		5.00	%	8/15/2028	AAA		1,740		1,733,475
Hartford CT Ser A (AMBAC)		5.00	%	8/15/2024	A		1,470		1,522,773
Hartford CT Ser A (AMBAC)		5.00	%	8/15/2026	A		1,000		1,018,420
Montville CT		6.70	%	6/15/2009	Aa3		550		556,732
Montville CT		6.70	%	6/15/2010	Aa3		575		606,723
New Haven CT (AMBAC)		5.00	%	11/1/2020	A		2,000		2,072,640
New Haven CT Ser A (AG)		4.75	%	3/1/2028	AAA		1,145		1,114,302
New Haven CT Unrefunded Bal Ser B (FGIC)		5.00	%	11/1/2019	A-		560		587,546
Northern Mariana Islands Comwlth Ser A		5.00	%	6/1/2030	NR		2,500		1,647,150
Puerto Rico Comwlth Pub Impt Bal Pub Impt		Zero Coupon		7/1/2018	BBB-		2,035		1,161,639
Puerto Rico Comwlth Ser A		5.375	%	7/1/2033	BBB-		1,000		799,200

See Notes to Financial Statements.
47

Schedule of Investments (unaudited)(continued)

CONNECTICUT TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
General Obligation (continued)
Puerto Rico Comwlth Unrefunded Bal Pub Impt (FSA)		5.125	%	7/1/2030	AAA	$	945	$	888,442
Redding CT		6.60	%	4/15/2010	Aaa		100		106,214
Total									25,230,074
Healthcare 11.12%
CT St Dev Auth Hlth Facs Rev Alzheimers Res Ctr CT Inc Pj		5.50	%	8/15/2027	NR		1,380		908,813
CT St Dev Auth Rev Duncaster Inc Pj (RADIAN)		5.125	%	8/1/2022	BBB+		235		181,495
CT St Hlth & Edl Facs Auth Rev Bridgeport Hosp Ser A (MBIA)		6.625	%	7/1/2018	AA-		1,250		1,249,662
CT St Hlth & Edl Facs Auth Rev Bristol Hosp Ser B (RADIAN)		5.50	%	7/1/2021	BBB+		1,000		808,310
CT St Hlth & Edl Facs Auth Rev Catholic Hlth East Ser F (MBIA)		5.625	%	11/15/2020	AA-		325		326,742
CT St Hlth & Edl Facs Auth Rev Child Care Pg Ser C (AMBAC)		5.625	%	7/1/2029	A		970		936,399
CT St Hlth & Edl Facs Auth Rev CT College Ser E (MBIA)		5.00	%	7/1/2032	AA-		1,050		1,050,714
CT St Hlth & Edl Facs Auth Rev Hosp for Spl Care Ser C (RADIAN)		5.25	%	7/1/2037	BBB+		1,345		932,919
CT St Hlth & Edl Facs Auth Rev Waterbury Hosp Issue Ser C (RADIAN)		5.75	%	7/1/2029	BBB+		650		492,830
CT St Hlth & Edl Facs Auth Rev William W Backus Hosp Ser G (FSA)		5.00	%	7/1/2035	AAA		1,000		898,300
CT St Hlth & Edl Facs Auth Rev Yale New Haven Hosp Ser J-1 (AMBAC)		5.00	%	7/1/2024	A1		1,715		1,705,825
CT St Hlth & Edl Facs Auth Rev Yale New Haven Hosp Ser J-1 (AMBAC)		5.00	%	7/1/2031	A1		3,500		3,158,785
Total									12,650,794
Housing 1.23%
CT St Hsg Fin Auth Hsg Mtg Fin Ser F AMT (AMBAC)		4.90	%	11/15/2035	AAA		1,000		895,180
CT St Hsg Fin Auth Spl Oblig Grp Home Mtg (AMBAC)		5.85	%	6/15/2030	A		500		505,405
Total									1,400,585

See Notes to Financial Statements.
48

Schedule of Investments (unaudited)(continued)

CONNECTICUT TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Lease Obligations 0.73%
Puerto Rico Comwlth Infrastr Fin Auth Mepsi Campus Pj Ser A		6.25	%	10/1/2024	NR	$	1,000	$	830,650
Other Revenue 3.13%
CT St Hlth & Edl Facs Auth Rev Child Care Pg Ser F (AG)		5.00	%	7/1/2031	AAA		1,750		1,740,568
CT St Hlth & Edl Facs Auth Rev Trinity College Ser H (MBIA)		4.75	%	7/1/2023	AA-		1,030		1,048,581
Puerto Rico Pub Impt Bldgs Unrefunded Bal Govt Facs Ser D		5.25	%	7/1/2036	BBB-		1,000		775,930
Total									3,565,079
Pre-Refunded 13.87%
Bridgeport CT Ser C (FGIC)		5.00	%	8/15/2020	A-		500		539,195
CT St Hlth & Edl Facs Auth Rev CT St Univ Sys Ser E (FGIC)		5.00	%	11/1/2033	AA		750		846,135
CT St Hlth & Edl Facs Auth Rev Fairfield Univ Ser I (MBIA)		5.25	%	7/1/2019	AA		600		613,062
CT St Hlth & Edl Facs Auth Rev Fairfield Univ Ser I (MBIA)		5.50	%	7/1/2029	AA		1,235		1,262,639
CT St Ser B		5.60	%	6/15/2020	Aa3		250		264,145
New Haven CT EM Ser C (MBIA)		5.00	%	11/1/2021	AA-		10		10,867
New Haven CT Ser A (AMBAC)		5.00	%	11/1/2021	A		30		31,366
New Haven CT Unrefunded Bal Ser A (AMBAC)		5.00	%	11/1/2021	A		970		1,078,999
Puerto Rico Comwlth Hwy & Transn Auth Rev Ser D (FSA)		5.00	%	7/1/2032	AAA		410		459,844
Puerto Rico Comwlth Hwy & Transn Auth Rev Ser D		5.25	%	7/1/2038	AAA		1,000		1,109,230
Puerto Rico Elec Pwr Auth Pwr Rev Ser II (FSA)		5.125	%	7/1/2026	AAA		1,925		2,185,183
Puerto Rico Elec Pwr Auth Pwr Rev Ser NN (MBIA)		5.00	%	7/1/2032	AAA		1,500		1,708,440
Puerto Rico Elec Pwr Auth Rev Ser II		5.25	%	7/1/2031	A3		1,000		1,130,550
Puerto Rico Pub Fin Corp Approp E		5.50	%	8/1/2029	Aaa		750		828,998
Univ CT Rev Student Fee Ser A		6.00	%	11/15/2021	AA-		390		426,691
Univ CT Rev Student Fee Ser A (FGIC)		5.75	%	11/15/2020	Aa3		205		223,464
Univ CT Rev Student Fee Ser A (FGIC)		6.00	%	11/15/2025	Aa3		500		547,040
Waterbury CT Ser A (FSA)		5.125	%	4/1/2022	AAA		2,250		2,504,070
Total									15,769,918

See Notes to Financial Statements.
49

Schedule of Investments (unaudited)(continued)

CONNECTICUT TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Special Tax 1.85%
CT St Spl Tax Oblig Transn Infrastr Ser A (AMBAC)		5.00	%	8/1/2023	AA	$	1,500	$	1,591,080
Georgetown Spl Taxing Dist CT Ser A		5.125	%	10/1/2036	NR		1,000		507,130
Total									2,098,210
Tax Revenue 1.77%
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Ser A		5.25	%	8/1/2057	A+		1,000		814,600
Virgin Islands Pub Fin Auth Rev Gross Rcpts Taxes Ln Nts (FGIC)		5.00	%	10/1/2025	AA-		1,500		1,198,440
Total									2,013,040
Tobacco 0.37%
Childrens Tr Fd Puerto Rico Tob Sttlmnt Rev Asset Bkd Bds		5.50	%	5/15/2039	BBB		635		423,786
Transportation 0.47%
Puerto Rico Comwlth Hwy & Transn Rev Unrefunded Bal Ser D (FSA)		5.00	%	7/1/2032	AAA		590		533,679
Utilities 14.59%
CT St Dev Auth Lt & Pwr B AMT		5.95	%	9/1/2028	Baa1		2,550		2,197,845
CT St Dev Auth Solid Wst Disp Facs Rev PSEG Pwr LLC Pj Ser A AMT		5.75	%	11/1/2037	Baa1		1,500		1,151,310
CT St Dev Auth Wtr Fac Rev Aquarion Wtr Co of CT Pj AMT (XLCA)		4.70	%	7/1/2036	NR		2,000		1,415,720
CT St Dev Auth Wtr Fac Rev Aquarion Wtr Co of CT Pj AMT (XLCA)		5.00	%	7/1/2038	NR		3,700		2,874,456
CT St Dev Auth Wtr Fac Rev Bridgeport AMT TCRS (AMBAC)		6.15	%	4/1/2035	A		500		431,895
CT St Dev Auth Wtr Fac Rev CT Wtr Pj Ser A AMT (FGIC)		5.00	%	10/1/2040	AA-		500		393,965
CT St Muni Elec Enrg Co Op Pwr Supply Sys Rev Ser A (AMBAC)		5.00	%	1/1/2022	Aa3		1,650		1,745,337
Naugatuck CT Incineration Facs Pj Ser A AMT COP (AMBAC)		5.00	%	6/15/2022	A2		250		244,082
Puerto Rico Elec Pwr Auth Ser TT		5.00	%	7/1/2037	A3		1,500		1,164,765
Puerto Rico Elec Pwr Auth Ser WW		5.00	%	7/1/2028	A3		1,500		1,217,460
South Central CT Regl Wtr Auth Wtr Sys Rev 22nd Ser (FSA)		5.00	%	8/1/2038	AAA		2,000		1,993,760

See Notes to Financial Statements.
50

Schedule of Investments (unaudited)(concluded)

CONNECTICUT TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody's	Principal Amount (000)			Value
Utilities (continued)
Stamford CT Wtr Pollutn Ctrl Sys &Fac Rev Ser A		5.00	%	11/15/2032		AA+	$	1,000		$	1,006,910
Virgin Islands Wtr & Pwr Auth Elec Sys Rev Ser A		5.00	%	7/1/2031		BBB-		1,000			756,780
Total											16,594,285
Total Municipal Bonds (cost $125,247,911)											115,363,313
							Shares (000)
SHORT-TERM INVESTMENT 1.64%
Money Market Mutual Fund
Dreyfus CT Municipal Cash Management (cost $1,861,898)								1,862			1,861,898
Total Investments in Securities 103.08% (cost $127,109,809)											117,225,211
Liabilities in Excess of Cash and Other Assets(e) (3.08%)											(3,499,171	)
Net Assets 100.00%										$	113,726,040
Open Futures Contracts at March 31, 2009:
Type	Expiration			Contracts		Position	Market Value			Unrealized Depreciation
U.S. 30-Year Treasury Bond	June 2009				143	Short	$	(18,547,547	)	$	(478,308	)

See Notes to Financial Statements.
51

Schedule of Investments (unaudited)

HAWAII TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
MUNICIPAL BONDS 98.87%
Corporate-Backed 1.76%
HI St Dept Trans Spl Fac Rev Continental Airlines Inc AMT		7.00	%	6/1/2020	B	$	950	$	707,427
Virgin Islands Pub Fin Auth Refinery Facs Rev Sr Secd Hovensa Refinery AMT		4.70	%	7/1/2022	BBB		2,250		1,372,905
Total									2,080,332
Education 5.16%
HI St Dept Bdgt & Fin Spl Purp Rev Chaminade Univ Honolulu (RADIAN)		4.75	%	1/1/2036	BBB+		1,000		675,060
HI St Dept Bdgt & Fin Spl Purp Rev Chaminade Univ Honolulu (RADIAN)		5.00	%	1/1/2026	BBB+		100		77,563
HI St Dept Bdgt & Fin Spl Purp Rev Mid Pacific Institute (RADIAN)		4.625	%	1/1/2036	BBB+		500		336,730
HI St Dept Bdgt & Fin Spl Purp Rev Mid Pacific Institute (RADIAN)		5.00	%	1/1/2026	BBB+		1,000		787,810
HI St Hsg Fin & Dev Corp Rev Univ of HI Faculty Hsg Pj (AMBAC)		5.65	%	10/1/2016	A		845		845,228
HI St Hsg Fin & Dev Corp Rev Univ of HI Faculty Hsg Pj (AMBAC)		5.70	%	10/1/2025	A		380		363,569
Univ of HI Ser A (MBIA)		4.125	%	10/1/2026	AA-		1,670		1,462,085
Univ of HI Ser A (MBIA) (FSA)		5.00	%	7/15/2024	AAA		1,500		1,539,480
Total									6,087,525
General Obligation 35.52%
HI Cnty HI Ser A (FGIC)		5.60	%	5/1/2013	AA-		1,780		2,009,584
HI Cnty HI Ser A (FSA)		5.00	%	7/15/2023	AAA		1,000		1,033,380
HI Cnty HI Ser A (MBIA)		5.00	%	7/15/2024	AA-		1,000		1,027,000
HI Cnty HI Ser A (MBIA)		5.25	%	7/15/2023	AA-		595		621,710
HI Cnty Ser A		5.00	%	7/15/2020	AA-		1,150		1,222,783
HI St Ser BZ		6.00	%	10/1/2010	AA		500		536,990
HI St Ser BZ		6.00	%	10/1/2012	AA		500		571,725
HI St Ser CA (FGIC)		8.00	%	1/1/2013	AA		2,000		2,428,320
HI St Ser CZ (FSA)		5.25	%	7/1/2018	AAA		1,000		1,065,190
HI St Ser DE (MBIA)		5.00	%	10/1/2012	AA		2,000		2,230,200
HI St Ser DE (MBIA)		5.00	%	10/1/2024	AA		1,000		1,041,380
HI St Ser DG (AMBAC)		5.00	%	7/1/2016	AA		1,000		1,128,250

See Notes to Financial Statements.
52

Schedule of Investments (unaudited)(continued)

HAWAII TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
General Obligation (continued)
HI St Ser DI (FSA)		5.00	%	3/1/2020	AAA	$	2,000	$	2,176,280
HI St Ser DK		5.00	%	5/1/2025	AA		3,500		3,652,985
HI St Ser DK		5.00	%	5/1/2026	AA		2,500		2,590,350
HI St Ser DK		5.00	%	5/1/2027	AA		2,500		2,573,425
Honolulu HI City & Cnty Ser A (FSA)		5.00	%	7/1/2021	AAA		1,070		1,180,799
Honolulu HI City & Cnty Ser A (FSA)		5.00	%	7/1/2022	AAA		1,525		1,664,675
Honolulu HI City & Cnty Ser A (FSA)		5.00	%	7/1/2028	AAA		3,295		3,409,501
Honolulu HI City & Cnty Ser B (MBIA)		5.00	%	7/1/2018	AA		1,000		1,093,990
Honolulu HI City & Cnty Ser D (MBIA)		5.00	%	7/1/2023	AA		2,000		2,088,080
Kauai Cnty HI Ser A (FGIC)		5.00	%	8/1/2026	AA-		250		251,735
Kauai Cnty HI Ser A (FGIC)		5.00	%	8/1/2029	AA-		1,000		984,880
Kauai Cnty HI Ser A (MBIA)		5.50	%	8/1/2021	AA-		1,630		1,688,142
Maui Cnty HI (MBIA)		5.00	%	3/1/2025	AA		1,000		1,031,940
Maui Cnty HI Ser A (MBIA)		5.00	%	7/1/2023	AA		1,040		1,088,797
Northern Mariana Islands Comwlth Ser A		5.00	%	6/1/2030	NR		1,000		658,860
Puerto Rico Comwlth Ser A		5.375	%	7/1/2028	BBB-		1,000		825,880
Total									41,876,831
Healthcare 3.18%
HI St Dept Bdgt & Fin Kahala Nui Pj Ser A		7.875	%	11/15/2023	NR		500		472,700
HI St Dept Bdgt & Fin Kahala Nui Pj Ser A		8.00	%	11/15/2033	NR		100		89,875
HI St Dept Bdgt & Fin Spl Purp Linked Ctfs		6.40	%	7/1/2013	BBB+		1,505		1,661,339
HI St Dept Bdgt & Fin Spl Purp Rev Kahala Nui Pj Ser A		6.75	%	11/15/2009	NR		500		498,910
Kuakini HI Hlth Sys Spl Purp Rev Ser A		6.30	%	7/1/2022	BBB-		1,000		875,100
Puerto Rico Indl Tourist Ed & Mutuo Oblig Grp Ser A (MBIA)		6.25	%	7/1/2024	AA-		150		150,000
Total									3,747,924
Housing 1.57%
HI St Hsg Fin & Dev Corp Sing Fam Mtg Purp Rev Ser B (FNMA)		5.30	%	7/1/2028	AAA		850		850,229
HI St Hsg Fin & Dev Corp Sing Fam Mtg Purp Rev Ser B (FNMA)		5.45	%	7/1/2017	AAA		1,005		1,006,035
Total									1,856,264

See Notes to Financial Statements.
53

Schedule of Investments (unaudited)(continued)

HAWAII TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Lease Obligations 1.54%
HI St Dept Hawaiian Home Kapolei Office Fac Ser A COP (FSA)		5.00	%	11/1/2031	Aa3	$	1,000	$	980,070
Puerto Rico Comwlth Infrastr Fin Auth Mepsi Campus Pj Ser A		6.25	%	10/1/2024	NR		1,000		830,650
Total									1,810,720
Other Revenue 0.84%
HI St Cap Dist Kapolei St Office Ser A COP (AMBAC)		5.00	%	5/1/2018	A		475		480,282
HI St Cap Dist St Office COP (MBIA)		5.50	%	5/1/2020	AA-		500		510,580
Total									990,862
Pre-Refunded 17.79%
HI Cnty HI Ser A (FGIC)		5.50	%	7/15/2017	A+		1,045		1,149,375
HI St Second Ser CR (FSA)		6.90	%	7/1/2012	AA		820		877,548
HI St Ser CU (MBIA)		5.25	%	10/1/2020	AA		1,700		1,812,166
Honolulu HI City & Cnty Bd Wtr Supply Wtr Sys Rev (FSA)		5.25	%	7/1/2031	AAA		100		109,619
Honolulu HI City & Cnty Ser A (FSA)		5.125	%	9/1/2021	AAA		600		656,400
Honolulu HI City & Cnty Wtr ETM TCRS (FGIC)		6.00	%	12/1/2015	Aa2		1,000		1,221,740
Kauai Cnty HI (FGIC)		6.125	%	8/1/2024	A+		580		622,711
Kauai Cnty HI Ser A (MBIA)		5.50	%	8/1/2021	AA-		865		955,176
Maui Cnty HI Ser A (FGIC)		6.10	%	3/1/2020	AA		500		530,635
Maui Cnty HI Ser A (MBIA)		5.00	%	3/1/2022	AA		750		830,835
Puerto Rico Comwlth Hwy & Transn Auth Hwy Rev Ser Y		5.50	%	7/1/2036	Aaa		1,000		1,202,030
Puerto Rico Comwlth Hwy & Transn Auth Hwy Rev Ser Y (IBC) (MBIA)		5.50	%	7/1/2036	AA		250		299,587
Puerto Rico Comwlth Hwy & Transn Auth Rev Ser D		5.25	%	7/1/2038	AAA		1,000		1,109,230
Puerto Rico Comwlth Hwy & Transn Auth Rev Ser D		5.75	%	7/1/2041	AAA		3,000		3,374,760
Puerto Rico Comwlth Infrastr Fin Auth Spl Ser A		5.375	%	10/1/2024	AAA		300		314,694
Puerto Rico Comwlth Infrastr Fin Auth Spl Ser A		5.50	%	10/1/2032	AAA		200		210,160
Puerto Rico Pub Impt Bldgs Govt Facs Ser D		5.25	%	7/1/2036	BBB-		1,465		1,620,129

See Notes to Financial Statements.
54

Schedule of Investments (unaudited)(continued)

HAWAII TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Pre-Refunded (continued)
Univ HI Univ Sys Rev (FGIC)		5.125	%	7/15/2032	Aa3	$	1,100	$	1,235,927
Univ HI Univ Sys Rev Ser A (FGIC)		5.50	%	7/15/2029	Aa3		2,500		2,838,975
Total									20,971,697
Special Tax 4.15%
HI St Dept of Hawaiian Home Lands(d)		5.875	%	4/1/2034	A2		3,000		2,928,990
Puerto Rico Comwlth Infrastr Fin Auth Spl Ser B		5.00	%	7/1/2046	BBB+		1,000		729,120
Puerto Rico Comwlth Infrastr Fin Auth Spl Ser C (AMBAC)		5.50	%	7/1/2028	A		1,475		1,235,268
Total									4,893,378
Tax Revenue 1.66%
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Ser A		5.25	%	8/1/2057	A+		1,000		814,600
Virgin Islands Pub Fin Auth Rev Gross Rcpts Taxes Ln Nts (FGIC)		4.25	%	10/1/2029	AA-		500		343,625
Virgin Islands Pub Fin Auth Rev Gross Rcpts Taxes Ln Nts (FGIC)		5.00	%	10/1/2025	AA-		1,000		798,960
Total									1,957,185
Tobacco 0.43%
Childrens Tr Fd Puerto Rico Tob Sttlmnt Rev Asset Bkd Bds		5.50	%	5/15/2039	BBB		765		510,546
Transportation 8.38%
HI St Hbr Sys Rev Ser A AMT (FSA)		5.00	%	1/1/2031	AAA		2,000		1,626,460
HI St Hbr Sys Rev Ser A AMT (FSA)		5.25	%	1/1/2027	AAA		1,450		1,292,719
Hl St Hwy		5.00	%	1/1/2019	AA+		1,000		1,142,420
HI St Hwy Rev Ser A (FSA)		5.00	%	7/1/2023	AAA		2,000		2,065,860
Puerto Rico Comwlth Hwy & Transn Auth Hwy Rev Ser CC (FSA)		5.25	%	7/1/2033	AAA		1,000		966,650
Puerto Rico Comwlth Hwy & Trans Auth Rev (FSA) (AG)		5.50	%	7/1/2025	AAA		2,000		2,047,420
Puerto Rico Comwlth Hwy & Transn Auth Rev St Infrastr Bk		5.00	%	7/1/2022	BBB-		20		16,787
Puerto Rico Comwlth Hwy & Transn Auth Transn Rev Ser M		5.00	%	7/1/2046	BBB		1,000		721,790
Total									9,880,106

See Notes to Financial Statements.
55

Schedule of Investments (unaudited)(concluded)

HAWAII TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody's	Principal Amount (000)			Value
Utilities 16.89%
HI St Dept Bdgt & Fin Spl Purp Rev Elec Co & Subsidiaries Ser A AMT (FGIC)		4.80	%	1/1/2025		Baa1	$	1,000		$	821,090
HI St Dept Bdgt & Fin Spl Purp Rev Hawaiian Elec Co Ser A AMT (FGIC)		4.65	%	3/1/2037		Baa1		1,000			583,760
HI St Dept Bdgt & Fin Spl Purp Rev Hawaiian Elec Co Ser B AMT (FGIC)		4.60	%	5/1/2026		Baa1		1,500			996,255
Honolulu HI City & Cnty Bd Wtr Supply Wtr Sys Rev Ser B AMT (MBIA)		5.25	%	7/1/2021		AA		1,335			1,228,721
Honolulu HI City & Cnty Ser 2851 (FSA)(b)		5.00	%	7/1/2032		NR		10,000			9,691,900
Honolulu HI City & Cnty Wst Sr Ser A (FGIC)		5.00	%	7/1/2024		AA-		2,785			2,870,583
Kauai Cnty HI Ser A (FGIC)		5.00	%	8/1/2028		AA-		1,000			993,800
Puerto Rico Comwlth Aqueduct & Swr Auth Rev Sr Lien Ser A (AG)		5.00	%	7/1/2028		AAA		1,000			948,970
Puerto Rico Comwlth Aqueduct & Swr Auth Rev Sr Lien Ser A (AG)		5.125	%	7/1/2047		AAA		1,000			888,260
Virgin Islands Wtr & Pwr Auth Elec Sys Rev Ser A		5.00	%	7/1/2027		BBB-		555			434,848
Virgin Islands Wtr & Pwr Auth Elec Sys Rev Ser A		5.00	%	7/1/2031		BBB-		600			454,068
Total											19,912,255
Total Investments in Municipal Bonds 98.87% (cost $121,032,413)											116,575,625
Cash and Other Assets in Excess of Liabilities(e) 1.13%											1,335,712
Net Assets 100.00%										$	117,911,337
Open Futures Contracts at March 31, 2009:
Type	Expiration			Contracts		Position	Market Value			Unrealized Depreciation
U.S. 30-Year Treasury Bond		June 2009			93	Short	$	(12,062,391	)	$	(294,618	)

See Notes to Financial Statements.
56

Schedule of Investments (unaudited)

MISSOURI TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
MUNICIPAL BONDS 98.44%
Corporate-Backed 2.21%
MO St Dev Fin Bd Solid Wst Disp Rev Procter & Gamble Paper Pj AMT		5.20	%	3/15/2029	AA-	$	1,150	$	1,055,976
MO St Envr Impt & Enrg Res Auth MO KC Pwr & Lt Co Pj AMT		4.90	%	5/1/2038	Baa1		1,500		1,392,630
Virgin Islands Pub Fin Auth Refinery Facs Rev Sr Secd Hovensa Refinery AMT		4.70	%	7/1/2022	BBB		1,500		915,270
Total									3,363,876
Education 6.54%
Curators Univ MO Sys Facs Rev Ser A		5.00	%	11/1/2023	AA		2,000		2,124,540
Lincoln Univ MO Auxiliary Sys (AG)		5.00	%	6/1/2027	AAA		500		509,360
Lincoln Univ MO Auxiliary Sys (AG)		5.125	%	6/1/2037	AAA		1,250		1,243,450
MO St Hlth & Edl Facs Auth Rev Washington Univ		5.00	%	2/15/2033	AAA		3,000		3,014,460
MO St Hlth & Edl Facs Auth Rev Washington Univ Ser A		5.00	%	2/15/2022	AAA		600		635,574
MO St Hlth & Edl Facs Auth Rev Washington Univ Ser A		5.25	%	3/15/2018	AAA		375		437,269
Univ MO Univ Rev Sys Facs Ser B (IBC) (MBIA)		5.00	%	11/1/2027	AA		1,500		1,516,185
Univ of MO Ser A		5.00	%	11/1/2017	AA		400		456,204
Total									9,937,042
General Obligation 6.97%
Jackson Cnty MO Reorg Sch Dist No 7 Lee's Summit Sch Bldg (MBIA)		5.25	%	3/1/2022	Aa2		1,000		1,077,290
Northern Mariana Islands Comwlth Ser B		5.00	%	10/1/2033	NR		2,500		1,599,125
Puerto Rico Comwlth Pub Impt Ser A (IBC) (MBIA)		5.50	%	7/1/2029	AA-		1,000		833,620
St. Louis Cnty MO Pkwy C-2 Sch Dist		5.00	%	3/1/2025	AAA		2,000		2,121,880
St. Louis Cnty MO Pkwy Sch Ser A		5.00	%	3/1/2024	AAA		3,320		3,465,084
St. Louis Cnty MO Sch Dist No R-8 Lindbergh (MBIA)		Zero Coupon		3/1/2018	AA		2,080		1,495,062
Total									10,592,061

See Notes to Financial Statements.
57

Schedule of Investments (unaudited)(continued)

MISSOURI TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare 11.77%
Boone Cnty MO Hosp Ctr		5.75	%	8/1/2028	A3	$	1,500	$	1,356,390
Cape Girardeau Cnty MO Indl Dev Auth Hlthcare Facs Rev Unrefunded Bal Southeast MO Hosp		5.75	%	6/1/2032	BBB+(a)		260		205,335
Cass Cnty MO Hosp Rev		5.625	%	5/1/2038	BBB-(a)		1,500		1,031,700
Hannibal MO Indl Dev Auth Hlth Facs Rev		5.00	%	3/1/2022	BBB+		835		665,370
Joplin MO Indl Dev Auth Hlth Facs Rev Freeman Hlth Pj		5.75	%	2/15/2035	BBB+		2,500		1,947,125
MO St Hlth & Edl Facs Auth BJC Hlth Sys		5.25	%	5/15/2032	AA		5,000		4,839,750
MO St Hlth & Edl Facs Auth MO SSM Hlthcare Ser A		5.00	%	6/1/2028	AA-		2,000		1,941,960
MO St Hlth & Edl Facs Auth MO St. Luke's Hlth Ser 2005A (FSA)		5.50	%	11/15/2028	AAA		1,850		1,895,695
MO St Hlth & Edl Facs Auth Rev Sr Living Facs Lutheran Ser A		5.375	%	2/1/2035	A-(a)		3,680		2,373,158
St. Genevieve Cnty MO Hosp Rev Ser B		5.00	%	3/1/2032	NR		1,510		900,609
St. Louis Cnty MO Indl Dev Auth Sr Living Facs Rev St. Andrew's Resh For Srs Ser A		6.375	%	12/1/2041	NR		1,000		723,040
Total									17,880,132
Housing 3.41%
MO St Hsg Dev Cmnty Mtg Rev Sing Fam Hmownrship Ln Pg A-1 AMT (GNMA/FNMA)		5.90	%	9/1/2035	AAA		580		577,315
MO St Hsg Dev Cmnty Mtg Rev Sing Fam Hmownrship Ln Pg B AMT (GNMA/FNMA)		4.70	%	9/1/2026	AAA		1,860		1,664,105
MO St Hsg Dev Cmnty Mtg Rev Sing Fam Mtg Rev AMT (GNMA/FNMA)		5.375	%	9/1/2022	AAA		515		505,817
MO St Hsg Dev Cmnty Mtg Rev Sing Fam Ser E-1 AMT (GNMA/FNMA)		Zero Coupon		3/1/2029	AAA		470		148,816
MO St Hsg Dev Commn Rev Multi Fam Hsg Ashley Pk 2 AMT (FHA)		4.875	%	7/1/2037	AA		1,500		1,248,735
MO St Hsg Dev Commn Rev Multi Fam Hsg Meadow Ridge 1 AMT (FHA)		4.875	%	7/1/2030	AA		530		458,466
MO St Hsg Dev Commn Rev Multi Fam Hsg Met Vlg 5 AMT (FHA)		4.75	%	7/1/2021	AA		615		573,703
Total									5,176,957

See Notes to Financial Statements.
58

Schedule of Investments (unaudited)(continued)

MISSOURI TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Lease Obligations 11.54%
Cape Girardeau Cnty MO Bldg Corp Reorg Sch Dist R-02 Leasehold Jackson R-II HS (MBIA)		5.25	%	3/1/2026	AA-	$	1,000	$	1,035,070
Grandview MO COP (FGIC)		5.00	%	1/1/2027	A3		1,700		1,637,882
Jackson Cnty MO Pub Bldg Corp Leasehold Rev Cap Impts Pj		5.00	%	12/1/2029	Aa3		1,500		1,513,140
Jackson Cnty MO Pub Bldg Corp Leasehold Rev Cap Impts Pj Ser A (MBIA)		5.00	%	12/1/2018	Aa3		1,385		1,511,811
Jackson Cnty MO Pub Bldg Corp Leasehold Rev Cap Impts Pj Ser B		5.00	%	12/1/2031	Aa3		1,000		998,590
Jackson Cnty MO Spl Oblig Harry S. Truman Sports Complex (AMBAC)		5.00	%	12/1/2021	AA-		2,000		2,048,440
Kansas City MO Spl Fac Rev MCI Overhaul Base Pj Ser G AMT		4.50	%	9/1/2026	AA-		585		470,878
MO Dev Fin Bd Cultural Facs Nelson Gallery Fndtn Ser A (MBIA)		5.00	%	12/1/2030	AA-		3,300		3,316,896
MO St Dev Fin Bd Infrastr Facs Rev Branson Landing Pj Ser A		5.00	%	6/1/2035	BBB+		1,220		873,544
Puerto Rico Pub Impt Bldgs Govt Facs I GTD		5.25	%	7/1/2033	BBB-		2,465		1,920,630
Springfield MO Spl Oblig Heers Garage Pj Ser B		4.50	%	11/1/2027	A1		500		452,710
St. Louis MO Muni Fin Corp Police Cap Impts Sales Tax (FSA)		5.00	%	2/15/2023	AAA		1,675		1,753,055
Total									17,532,646
Other Revenue 13.05%
Kansas City MO East Vlg Pj Ser B (AG)		5.00	%	4/15/2024	AAA		1,000		1,037,510
Kansas City MO East Vlg Pj Ser B (AG)		5.00	%	4/15/2025	AAA		1,860		1,908,918
Kansas City MO Muni Assistance Corp Rev Ser A		5.125	%	3/1/2019	A2		1,100		1,109,108
MO Dev Fin Bd Cultural Facs Rev Ser B		5.00	%	6/1/2037	AAA		2,000		1,999,860
MO St Bd of Pub Bldgs Ser A		5.00	%	10/15/2027	AA+		7,500		7,670,625
MO St Dev Fin Bd Infrastr Facs Crackerneck Creek Pj Ser C		5.00	%	3/1/2028	A+		1,000		880,140
MO St Dev Fin Bd Midwest Resh Instl Pj		4.50	%	11/1/2027	Baa2		1,000		643,170
MO St Dev Fin Bd Midwest Resh Instl Pj		5.00	%	11/1/2022	Baa2		1,000		761,050
MO St Hlth & Edl Facs Auth SSM Hlth 2008 Ser B (AMBAC)		5.25	%	6/1/2021	AA-		235		256,416

See Notes to Financial Statements.
59

Schedule of Investments (unaudited)(continued)

MISSOURI TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Other Revenue (continued)
MO St Hlth & Edl Facs Auth SSM Hlth 2008 Ser B (AMBAC)		5.25	%	6/1/2021	AA-	$	1,470	$	1,470,735
St. Louis MO Indl Dev Auth Rev Confluence Academy Pj Ser A		5.25	%	6/15/2025	NR		575		403,322
St. Louis MO Indl Dev Auth Rev Confluence Academy Pj Ser A		5.35	%	6/15/2032	NR		1,000		646,360
St. Louis MO Indl Dev Auth Rev Convtn Ctr Hotel (AMBAC)		Zero Coupon		7/15/2020	A		2,000		1,042,320
Total									19,829,534
Pre-Refunded 9.99%
Bowling Green MO Sch Dist R-I Bldg Corp Leasehold Rev (MBIA)		5.85	%	3/1/2020	NR		1,000		1,048,570
Cape Girardeau Cnty MO Indl Dev Hlthcare Southeast MO Hosp		5.75	%	6/1/2032	NR		1,340		1,514,267
MO St Bonne Terre Prison Pj Ser A COP (AMBAC)		5.15	%	6/1/2018	Aa2		1,015		1,021,800
MO St Dev Fin Bd Infrastr Facs Rev Hartman Heritage Ctr Pj Ser A (AMBAC)		5.875	%	4/1/2020	Baa1		1,000		1,000,000
MO St Hlth & Edl Facs Auth Rev Washington Univ Ser A		6.00	%	3/1/2030	Aaa		850		900,898
MO St Hlth & Edl Facs Auth Rev Washington Univ Ser B		5.00	%	3/1/2030	AAA		1,800		1,806,426
MO St Hlth & Edl Facs Auth Rev Webster Univ (MBIA)		5.25	%	4/1/2021	Baa1		2,000		1,975,500
Puerto Rico Comwlth Hwy & Transn Auth Transn Rev Ser D		5.75	%	7/1/2041	AAA		1,000		1,124,920
Puerto Rico Pub Impt Bldgs Auth Rev Govt Facs I GTD		5.25	%	7/1/2033	Baa3		35		39,354
St. Louis Cnty MO Pattonville No R-3 Sch Dist MO Direct Deposit Pg (FGIC)		6.00	%	3/1/2019	AA-		845		895,599
St. Louis MO Arpt Rev Arpt Dev Pg Ser A (MBIA)		5.25	%	7/1/2031	AAA		2,000		2,187,680
St. Louis MO Muni Fin Corp Leasehold Rev Carnahan Courthouse Ser A (FGIC)		5.125	%	2/15/2027	NR		1,500		1,657,785
Total									15,172,799
Special Tax 2.85%
Branson Hills Infrastr Facs Cmnty Impt Dist MO Spl Ser A		5.50	%	4/1/2027	NR		1,375		887,068
Howard Bend MO Levee Dist Impt		4.40	%	3/1/2026	BBB		1,000		835,650

See Notes to Financial Statements.
60

Schedule of Investments (unaudited)(continued)

MISSOURI TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Special Tax (continued)
Kansas City MO Tax Inc Fing Comm Tax Inc Rev Kansas City MO Maincor Pj Ser A		5.25	%	3/1/2018	NR	$	500	$	395,305
Osage Beach MO Tax Inc Prewitts Pt Pj		5.00	%	5/1/2023	NR		1,000		622,720
Riverside Quindaro Bend Levee Dist MO lmpt Rev L 385 Pj (RADIAN)		5.00	%	3/1/2017	BBB+		795		730,867
Stone Canyon Cmnty Impt Dist MO Rev Pub Infrastr Impt Pj		5.75	%	4/1/2027	NR		1,300		859,599
Total									4,331,209
Tax Revenue 2.57%
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Ser A		5.25	%	8/1/2057	A+		775		631,315
St. Louis MO Muni Fin Corp Rec Sales Tax Leasehold Rev (AMBAC)		5.00	%	2/15/2037	A		4,000		3,275,840
Total									3,907,155
Tobacco 0.48%
Childrens Tr Fd Puerto Rico Tob Sttlmnt Rev Asset Bkd Bds		5.50	%	5/15/2039	BBB		1,100		734,118
Transportation 7.66%
Bi St Dev Agy MO Met Dist Rev Metrolink Cross Cnty Pj B (FSA)		5.00	%	10/1/2032	AAA		3,500		3,143,350
MO St Hwys & Transit Commn Rev 1st Lien Ser B		5.00	%	5/1/2022	AAA		2,500		2,691,000
MO St Hwys & Transit Commn Rev 2nd Lien		5.25	%	5/1/2021	AAA		3,500		3,888,605
St. Louis MO Ref Lambert Intl Arpt Ser A (FSA)		5.00	%	7/1/2025	AAA		2,000		1,920,300
Total									11,643,255
Utilities 19.40%
Kansas City MO Ser A		5.25	%	12/1/2032	AA+		1,000		1,002,180
Kansas City MO Ser A		5.25	%	1/1/2034	AA		1,000		1,005,220
Metro St. Louis MO Swr Dist Rev Ser A		5.75	%	5/1/2038	AA+		1,760		1,851,538
Metro St. Louis MO Swr Dist Wst Wtr Sys Rev Ser A (MBIA)		5.00	%	5/1/2034	AA+		4,250		4,243,795
MO Joint Muni Elec Util Commn Rev Iatan 2 Pj Ser A		6.00	%	1/1/2039	A3		2,000		1,983,320

See Notes to Financial Statements.
61

Schedule of Investments (unaudited)(concluded)

MISSOURI TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody's	Principal Amount (000)			Value
Utilities (continued)
MO Jt Muni Elec Util Cmnty Pwr Iatan 2 Pj Ser A (AMBAC)		5.00	%	1/1/2034		A3	$	1,000		$	881,920
MO Jt Muni Elec Util Cmnty Pwr Pj Rev Plum Point Pj (MBIA)		5.00	%	1/1/2034		AA-		5,000			4,089,750
MO Jt Muni Elec Util Cmnty Pwr Pj Rev Ser A (AMBAC)		5.00	%	1/1/2023		A3		3,000			2,867,670
MO St Envr Impt & Enrg Res Auth Rev Union Elec Co Pj AMT		5.45	%	10/1/2028		Baa1		2,475			2,000,592
MO St Envr Impt & Enrg Res Auth Wtr Fac American Wtr Co Pj AMT (AMBAC)		4.60	%	12/1/2036		A		1,000			624,200
MO St Envr Impt & Enrg Unrefunded Bal St Revolving B		7.20	%	7/1/2016		Aaa		1,060			1,059,724
MO St Envr Impt & Enrg Unrefunded Bal St Revolving D		5.625	%	7/1/2016		Aaa		220			219,798
MO St Envr Impt & Enrg Unrefunded Bal St Revolving E		5.90	%	1/1/2019		Aaa		240			239,947
Puerto Rico Comwlth Aqueduct & Swr Auth Rev Sr Lien Ser A (AG)		5.125	%	7/1/2047		AAA		1,000			888,260
Puerto Rico Elec Pwr Auth Pwr Rev Ser RR (XLCA)		5.00	%	7/1/2025		A3		1,000			833,620
Puerto Rico Elec Pwr Auth Ser WW		5.00	%	7/1/2028		A3		1,500			1,217,460
St. Charles Cnty MO Pub Wtr Supply Dist No 2 COP (MBIA)		5.125	%	12/1/2027		Baa1		3,000			2,634,000
St. Joseph MO Indl Dev Auth Spl Oblig Rev Sew Sys Impts Pj		5.00	%	4/1/2027		A		1,325			1,280,745
Virgin Islands Wtr & Pwr Auth Elec Sys Rev Ser A		5.00	%	7/1/2031		BBB-		730			552,449
Total											29,476,188
Total Investments in Municipal Bonds 98.44% (cost $163,085,957)											149,576,972
Cash and Other Assets in Excess of Liabilities(e) 1.56%											2,362,812
Net Assets 100.00%										$	151,939,784
Open Futures Contracts at March 31, 2009:
Type	Expiration			Contracts		Position	Market Value			Unrealized Depreciation
U.S. 30-Year Treasury Bond		June 2009			90	Short	$	(11,673,281	)	$	(277,999	)

See Notes to Financial Statements.
62

Schedule of Investments (unaudited)

NEW JERSEY TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
MUNICIPAL BONDS 96.04%
Corporate-Backed 5.23%
Bayonne NJ Redev Agy Royal Caribbean Pj Ser A AMT		5.375	%	11/1/2035	BB-	$	750	$	323,295
NJ Econ Dev Auth Amer Wtr Co Inc Ser B AMT (FGIC)		5.375	%	5/1/2032	NR		5,000		3,689,900
NJ Econ Dev Auth Kapkowski Rd Landfill Pj		6.50	%	4/1/2028	Baa3		675		592,427
NJ Econ Dev Auth Spl Fac Rev Continental Airlines Inc Pj AMT		5.50	%	4/1/2028	B3		320		166,198
NJ Econ Dev Auth Spl Fac Rev Continental Airlines Inc Pj AMT		6.25	%	9/15/2029	B		1,000		603,940
Virgin Islands Pub Fin Auth Refinery Facs Rev Sr Secd Hovensa Refinery AMT		4.70	%	7/1/2022	BBB		1,000		610,180
Total									5,985,940
Education 22.13%
Higher Ed Student Assist Auth NJ Student Ln Rev Ser A AMT (MBIA)		6.15	%	6/1/2019	AA		465		446,242
NJ Econ Dev Auth Sch Facs Constr Ser 0		5.25	%	3/1/2025	AA-		1,085		1,099,235
NJ Econ Dev Auth Sch Facs Constr Ser P		5.25	%	9/1/2024	AA-		1,000		1,016,810
NJ Econ Dev Auth Sch Facs Constr Ser P		5.25	%	9/1/2026	AA-		1,000		1,016,260
NJ Rutgers St Univ Rev Ser F		5.00	%	5/1/2031	AA		2,500		2,525,550
NJ St Edl Facs Auth City Univ Ser E (AG)		5.00	%	7/1/2028	Aa2		5,000		4,969,050
NJ St Edl Facs Auth College of NJ (FSA)		5.00	%	7/1/2028	AAA		3,000		3,035,220
NJ St Edl Facs Auth Kean Univ Ser D (FGIC)		5.00	%	7/1/2032	AA-		500		482,640
NJ St Edl Facs Auth Ref Stevens Inst Technology Ser A		5.00	%	7/1/2034	BBB+		1,000		754,940
NJ St Edl Facs Auth Rev Georgian Court Univ Ser D		5.25	%	7/1/2037	BBB+		750		575,805
NJ St Edl Facs Auth Rev Montclair St Univ Ser J		5.00	%	7/1/2029	A2		2,000		1,933,120
NJ St Edl Facs Auth RevRider Univ Ser C (RADIAN)		4.70	%	7/1/2027	BBB+		1,000		729,540

See Notes to Financial Statements.
63

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Education (continued)
NJ St Edl Facs Auth Rev Seton Hall Univ Ser E		6.00	%	7/1/2028	A	$	2,400	$	2,500,416
NJ St Edl Facs Auth Rev William Paterson Ser E (XLCA)		5.00	%	7/1/2027	A2		2,500		2,499,800
NJ St Edl Facs Auth Rowan Univ Ser B (AG)		5.00	%	7/1/2027	AAA		1,725		1,764,623
Total									25,349,251
General Obligation 10.91%
Essex Cnty NJ Impt Auth Pj Rev Cons GTD (AMBAC)		5.25	%	12/15/2018	A1		2,000		2,241,960
Gloucester Cnty Impt Auth Cnty Ln Cnty Cap Pg GTD		5.00	%	4/1/2028	AA+		2,500		2,560,025
Irvington Twp NJ Gen Impt		5.00	%	1/1/2021	A1		1,410		1,530,428
Millburn Twp NJ Sch Dist		5.35	%	7/15/2018	Aa1		1,050		1,235,556
Millburn Twp NJ Sch Dist		5.35	%	7/15/2019	Aa1		250		293,655
Montville Twp NJ Fire Dist No 23		5.25	%	7/15/2016	A2		410		455,084
Northern Mariana Islands Comwlth Ser B		5.00	%	10/1/2033	NR		2,500		1,599,125
Pohatcong Twp NJ Sch Dist (FSA)		5.25	%	7/15/2026	AAA		1,335		1,503,878
Puerto Rico Comwlth Pub Impt CR (FSA)		4.50	%	7/1/2023	AAA		1,000		923,460
Puerto Rico Comwlth Unrefunded Pub Impt Ser A		5.25	%	7/1/2030	BBB-		190		152,161
Rahway NJ (FSA)		4.125	%	12/15/2026	Aa3		5		4,761
Total									12,500,093
Healthcare 21.64%
Burlington Cnty NJ Bridge Commn Econ Dev Rev The Evergreens Pj		5.625	%	1/1/2038	NR		1,000		627,560
Camden Cnty NJ Impt Auth HlthcareRedev Rev Cooper Hlth Sys Oblig Grp A		5.00	%	2/15/2035	BBB		760		482,760
NJ Econ Dev Auth Ret Cmty Rev Seabrook Vlg Inc Fac		5.25	%	11/15/2036	NR		1,500		971,550
NJ Econ Dev Auth Rev First Mtg Seashore Gardens Pj		5.30	%	11/1/2026	NR		500		329,055
NJ Econ Dev Auth Rev First Mtg Seashore Gardens Pj		5.375	%	11/1/2036	NR		1,000		605,730
NJ Econ Dev Auth Rev Masonic Charity Fndtn Pj		6.00	%	6/1/2025	A-		1,000		934,230

See Notes to Financial Statements.
64

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare (continued)
NJ Hlthcare Fac Fin Auth AHS Hosp Corp Ser A		5.00	%	7/1/2027	A+	$	2,000	$	1,733,200
NJ Hlthcare Fac Fin Auth Rev Atlanticare Regl Med Ctr		5.00	%	7/1/2037	A+		1,000		796,380
NJ Hlthcare Fac Fin Auth Rev Cap Hlth Sys Oblig Grp Ser A		5.375	%	7/1/2033	Baa1		2,000		1,591,740
NJ Hlthcare Fac Fin Auth Rev Hackensack Univ Med Ctr (AG)		5.25	%	1/1/2031	Aa2		2,100		2,038,869
NJ Hlthcare Fac Fin Auth Rev Holy Name Hosp		5.00	%	7/1/2036	Baa2		1,700		1,194,437
NJ Hlthcare Fac Fin Auth Rev Hunterdon Med Ctr Ser A		5.25	%	7/1/2025	A-		600		507,654
NJ Hlthcare Fac Fin Auth Rev Robert Wood Johnson Univ Hosp		5.75	%	7/1/2031	A2		3,000		2,837,910
NJ Hlthcare Fac Fin Auth Rev Somerset Med Ctr		5.50	%	7/1/2033	Ba2		1,130		619,138
NJ Hlthcare Fac Fin Auth Rev St. Peter's Univ Hosp Oblig		5.25	%	7/1/2021	Baa2		1,000		837,210
NJ Hlthcare Fac Fin Auth Rev Trinitas Hosp Oblig Grp Ser A		4.75	%	7/1/2024	BBB-		1,000		706,830
NJ Hlthcare Fac Fin Auth Rev Trinitas Hosp Oblig Grp Ser A		5.25	%	7/1/2030	BBB-		1,000		685,690
NJ Hlthcare Facs Fing Auth Rev Hosp Asset Transformation Pg Ser A		5.00	%	10/1/2028	AA-		5,000		4,842,650
Puerto Rico Indl Tourist Edl &Envr Ctrl Fac Hosp Ser A		6.125	%	11/15/2025	Aa1		415		426,035
Puerto Rico Indl Tourist Edl &Envr Ctrl Fac Hosp Ser A		6.125	%	11/15/2030	Aa1		1,000		1,012,050
Puerto Rico Indl Tourist Edl &Mutuo Oblig Grp Ser A (NPFGC)		6.25	%	7/1/2024	AA-		1,000		1,000,000
Total									24,780,678
Housing 2.16%
NJ Econ Dev Auth Ref Cranes Mill Pj		5.00	%	6/1/2015	BBB-(a)		815		685,113
NJ St Hsg & Mtg Fin Agy Rev Sing Fam Hsg Ser T AMT		4.625	%	10/1/2027	AA		2,000		1,721,760
Virgin Islands Hsg Fin Auth Sing Fam Rev Ser A AMT (GNMA)		6.50	%	3/1/2025	NR		70		70,239
Total									2,477,112

See Notes to Financial Statements.
65

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Lease Obligations 5.75%
Morris-Union Jt Commn NJ COP (RADIAN)		5.00	%	5/1/2027	BBB+	$	1,000	$	764,450
NJ Econ Dev Auth Rev Ser U (FSA)		5.00	%	9/1/2023	AAA		2,030		2,088,890
NJ Econ Dev Auth Rev Ser U (FSA)		5.00	%	9/1/2024	AAA		1,000		1,017,820
NJ Econ Dev Auth Sch Facs Constr Ser Y		5.00	%	9/1/2033	AA-		1,000		977,890
Puerto Rico Comwlth Infrastr Fin Auth Mepsi Campus Pj Ser A		6.50	%	10/1/2037	NR		1,000		776,260
Puerto Rico Pub Impt Bldgs Govt Facs I GTD		5.25	%	7/1/2033	BBB-		1,230		958,367
Total									6,583,677
Other Revenue 7.37%
Hudson Cnty NJ Impt Auth Hudson Regl Fire/Rescue Ser A (AMBAC)		5.625	%	9/1/2019	Baa1		100		102,077
Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B		6.25	%	1/1/2037	NR		1,300		684,736
Monmouth Cnty NJ Impt Auth Rev Unrefunded Bal Govt Ln (MBIA)		6.40	%	12/1/2009	AA		195		195,090
NJ Econ Dev Auth Motor Vehicle Surcharge Rev Ser A (MBIA)		5.00	%	7/1/2034	AA-		75		67,565
NJ Econ Dev Auth Muni Rehab (AMBAC)		5.00	%	4/1/2028	AA-		1,130		1,116,350
NJ Envr Infrastr Tr Rev Ser C		5.00	%	9/1/2021	AAA		3,000		3,388,410
NJ St Edl Facs Auth Rev Richard Stockton College Ser F (NPFCG)		5.00	%	7/1/2031	A3		2,765		2,509,680
Rahway NJ COP (MBIA)		5.625	%	2/15/2020	Baa1		365		375,373
Total									8,439,281
Pre-Refunded 1.59%
Carteret NJ Bd Ed COP (MBIA)		5.75	%	1/15/2030	NR		80		84,076
North Bergen Twp NJ Bd Ed COP (FSA)		6.125	%	12/15/2022	Aa3		1,185		1,304,081
Puerto Rico Comwlth Pub Impt Ser A		5.25	%	7/1/2030	AAA		310		367,511
Puerto Rico Pub Impt Bldgs Auth Rev Govt Facs I GTD		5.25	%	7/1/2033	Baa3		20		22,488
South Brunswick Twp NJ (FGIC)		5.625	%	12/1/2023	AA		45		46,514
Total									1,824,670

See Notes to Financial Statements.
66

Schedule of Investments (unaudited)(continued)

NEW JERSEY TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Special Tax 0.40%
NJ Econ Dev Auth Newark Downtown Dist Mgmt Corp		5.125	%	6/15/2037	Baa3	$	700	$	454,335
Tax Revenue 0.55%
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Ser A		5.25	%	8/1/2057	A+		775		631,315
Tobacco 1.10%
Tob Sttlmnt Fin Corp NJ Cap Apprec Asset Bkd 1C		Zero Coupon		6/1/2041	BBB-		25,000		750,750
Tob Sttlmnt Fin Corp NJ Ser 1A		4.75	%	6/1/2034	BBB		1,000		513,930
Total									1,264,680
Transportation 14.93%
Hudson Cnty Impt Auth Rev Harrison Pkg Fac Pj Ser C (AG)		5.125	%	1/1/2031	AAA		2,500		2,521,750
NJ St Transn Tr Fd TCRS (AMBAC)		5.25	%	12/15/2022	AA-		1,500		1,580,985
NJ St Transn Tr Fd Transn Sys Ser A (NPFGC)		5.25	%	12/15/2021	AA-		5,000		5,275,100
NJ St Transn Tr Fd Transn Sys Ser B (FGIC)		5.50	%	12/15/2020	AA-		1,500		1,636,605
Port Auth NY & NJ Cons 125th Ser (FSA)		5.00	%	10/15/2027	AAA		5,000		5,102,350
Port Auth NY & NJ Cons 152nd AMT		5.75	%	11/1/2030	AA-		1,000		978,190
Total									17,094,980
Utilities 2.28%
North Hudson Swr Auth NJ Rev Ser C (MBIA)		5.00	%	8/1/2022	Baa1		1,025		1,043,860
Puerto Rico Elec Pwr Auth Ser WW		5.00	%	7/1/2028	A3		1,000		811,640
Virgin Islands Wtr & Pwr Auth Elec Sys Rev Ser A		5.00	%	7/1/2031	BBB-		1,000		756,780
Total									2,612,280
Total Municipal Bonds (cost $124,470,056)									109,998,292

See Notes to Financial Statements.
67

Schedule of Investments (unaudited)(concluded)

NEW JERSEY TAX FREE FUND March 31, 2009

Investments					Shares (000)			Value
SHORT-TERM INVESTMENT 2.38%
Money Market Mutual Fund
Dreyfus NJ Municipal Cash Management (cost $2,727,207)						2,727		$	2,727,207
Total Investments in Securities 98.42% (cost $127,197,263)									112,725,499
Cash and Other Assets in Excess of Liabilities(e) 1.58%									1,806,691
Net Assets 100.00%								$	114,532,190
Open Futures Contracts at March 31, 2009:
Type	Expiration	Contracts		Position	Market Value			Unrealized Depreciation
U.S. 30-Year Treasury Bond	June 2009		125	Short	$	(16,212,891	)	$	(415,605	)

See Notes to Financial Statements.
68

Schedule of Investments (unaudited)

NEW YORK TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
MUNICIPAL BONDS 105.00%
Corporate-Backed 6.12%
Broome Cnty NY Indl Dev Agy Univ Plaza Phase II Pj Ser B (ACA)		5.10	%	8/1/2036	NR	$	500	$	281,230
Essex Cnty NY Indl Dev Agy Intl Paper Co Pj Ser A AMT		4.60	%	12/1/2030	BBB		1,400		693,644
Liberty NY Dev Corp Rev Goldman Sachs Headquarters		5.25	%	10/1/2035	A1		5,000		4,166,800
New York City NY Indl Dev Agy Spl Fac Rev British Airways AMT		5.25	%	12/1/2032	Ba1		2,245		1,143,356
New York City NY Indl Dev Agy Spl Fac Rev JetBlue Airways Corp Pj AMT		5.125	%	5/15/2030	B-		3,000		1,493,400
New York City NY Indl Dev Agy United Jewish Appeal Fed Pj A		5.00	%	7/1/2027	Aa1		1,250		1,265,425
NY Indl Dev Agy Pkg Fac Rev Royal Charter NY Presbyterian (FSA)		5.75	%	12/15/2029	AAA		1,000		1,048,850
Seneca Nation Indians Cap Impts Auth NY Spl Oblig Ser A†		5.00	%	12/1/2023	BB		1,000		643,040
Seneca Nation Indians Cap Impts Auth NY Spl Oblig Ser A†		5.25	%	12/1/2016	BB		1,000		796,900
TSASC Inc NY Ser 1		5.00	%	6/1/2026	BBB		1,750		1,238,545
Virgin Islands Pub Fin Auth Refinery Facs Rev Sr Secd Hovensa Refinery AMT		4.70	%	7/1/2022	BBB		1,665		1,015,950
Yonkers NY Indl Dev Agy Rev Sacred Heart Assocs Pj Ser A AMT (SONYMA)		4.80	%	10/1/2026	Aa1		750		653,640
Total									14,440,780
Education 14.83%
Albany NY Indl Dev Agy Civic Fac Rev Albany College Pharmacy Ser A		5.625	%	12/1/2034	BBB-		700		485,667
Albany NY Indl Dev Agy Civic Fac Rev Albany Law Sch Univ Ser A		5.00	%	7/1/2031	BBB		1,000		739,110
Cattaraugus Cnty NY Indl Dev Agy Civic Fac Rev St. Bonaventure Univ		5.00	%	5/1/2023	BBB-		500		374,615
Cattaraugus Cnty NY Indl Dev Agy Civic Fac Rev St. Bonaventure Univ		5.10	%	5/1/2031	BBB-		1,075		713,370
Hempstead Twn NY Indl Dev Agy Civic Fac Rev Hofstra Univ Pj (MBIA)		5.80	%	7/1/2015	AA		750		749,850

See Notes to Financial Statements.
69

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Education (continued)
Nassau Cnty NY Ind Dev Agy Continuing Care Ret Amsterdam At Harborside Ser A		6.50	%	1/1/2027	NR	$	1,000	$	813,560
New York City NY Indl Dev Agy Civic Fac Polytechnic Univ Pj (ACA)		5.25	%	11/1/2037	BB+		1,000		740,220
New York City NY Indl Dev Agy Civic Rev NY Institute of Tech (MBIA)		5.25	%	3/1/2023	AA-		100		104,850
New York City NY Indl Dev Agy Fac Rev Vaughn College Aeronautics B		5.00	%	12/1/2031	BB+		1,510		932,002
NY St Dorm Auth Lease Rev Cap Apprec Court Fac		Zero Coupon		8/1/2021	AA+		3,265		1,861,540
NY St Dorm Auth New York Univ Ser C		5.00	%	7/1/2029	AA-		5,000		4,993,300
NY St Dorm Auth Rev Colgate Univ (MBIA)		6.00	%	7/1/2016	AA-		1,000		1,147,360
NY St Dorm Auth Rev Fordham Univ Ser B (AG)		5.00	%	7/1/2023	AAA		1,000		1,052,090
NY St Dorm Auth Rev Fordham Univ Ser B (AG)		5.00	%	7/1/2027	AAA		2,405		2,442,181
NY St Dorm Auth Rev Master Boces Pg		5.25	%	8/15/2028	A+		3,375		3,298,590
NY St Dorm Auth Rev Pratt Institute (RADIAN)		6.00	%	7/1/2024	BBB+		1,000		958,490
NY St Dorm Auth Rev Pratt Institute (RADIAN)		6.00	%	7/1/2028	BBB+		2,000		1,916,220
NY St Dorm Auth Rev Rochester Inst Technology Ser A		6.25	%	7/1/2029	A1		2,750		2,916,017
NY St Dorm Auth Rev Spl Act Sch Dist Pj (MBIA)		6.00	%	7/1/2016	AA-		1,400		1,397,816
NY St Dorm Auth Rev Teachers College		5.375	%	3/1/2029	A1		1,000		989,710
NY St Dorm Auth Rev Univ Ser B		5.00	%	7/1/2027	AA-		1,500		1,449,360
NY St Dorm Auth Rev 4201 Schs Pg		6.25	%	7/1/2020	AA-		1,685		1,762,881
Oneida Cnty NY Indl Dev Agy Rev Hamilton College Civic Fac		5.00	%	9/15/2027	Aa2		2,565		2,597,704
Rensselaer Cnty NY Indl Dev Agy Civic Fac Rev Polytech Inst Ser B TCRS (AMBAC)		5.50	%	8/1/2022	A		200		203,652
Seneca Cnty NY Indl Dev Agy Civic Fac Rev New York Chiropractic College		5.00	%	10/1/2027	BBB		500		345,380
Total									34,985,535

See Notes to Financial Statements.
70

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
General Obligation 12.58%
New York NY Sub Ser I-1(b)		5.00	%	4/1/2025	AA	$	10,000	$	9,848,500
New York NY Unrefunded Bal Ser J		5.50	%	6/1/2022	AA		200		205,894
Northern Mariana Islands Comwlth Ser B		5.00	%	10/1/2033	NR		4,000		2,558,600
NY St Dorm Auth Revs Non St Supp Debt Sch Dist Fing Pg Ser C (FSA)		5.00	%	10/1/2032	AAA		1,425		1,419,143
NY St Urban Dev Corp(b)		5.00	%	12/15/2025	AAA		3,290		3,359,574
NY St Urban Dev Corp(b)		5.00	%	12/15/2026	AAA		4,790		4,891,295
NY St Urban Dev Corp(b)		5.00	%	12/15/2027	AAA		1,920		1,960,603
Puerto Rico Comwlth Pub Impt		5.25	%	7/1/2018	BBB-		2,000		1,833,100
Puerto Rico Comwlth Pub Impt Ser A		5.25	%	7/1/2024	BBB-		1,500		1,258,125
Puerto Rico Comwlth Ser A		5.375	%	7/1/2028	BBB-		1,090		900,209
Puerto Rico Comwlth Unrefunded Bal 07 Pub Impt (IBC) (MBIA)		5.00	%	7/1/2028	AA		355		278,789
Puerto Rico Comwlth Unrefunded Pub Impt Ser A		5.25	%	7/1/2030	BBB-		190		152,162
Syracuse NY Indl Dev Agy Sch Fac Rev Syracuse City Sch Dist Ser A (FSA)		5.00	%	5/1/2027	AAA		1,000		1,018,960
Total									29,684,954
Healthcare 11.03%
Albany NY Indl Dev Agy Civic Fac Rev St. Peter's Hosp Pj Ser A		5.25	%	11/15/2027	BBB+		1,500		1,213,020
Albany NY Indl Dev Agy Civic Fac Rev St. Peter's Hosp Pj Ser E		5.50	%	11/15/2027	BBB+		1,000		834,240
Cortland Cnty NY Indl Dev Agy Cortland Mem Hosp Pj (RADIAN)		5.625	%	7/1/2024	BBB+		1,750		1,539,895
Genesee Cnty NY Indl Dev Agy Civic Fac Rev United Mem Med Ctr Pj		5.00	%	12/1/2032	NR		1,000		646,370
Madison Cnty NY Indl Dev Agy Civic Fac Rev Oneida Hlth Sys Inc Pj		5.25	%	2/1/2027	BBB-		750		571,545
Madison Cnty NY Indl Dev Agy Civic Fac Rev Oneida Hlth Sys Inc Pj		5.50	%	2/1/2032	BBB-		750		557,137
New York City NY Hlth & Hosp Corp Rev Hlth Sys Ser A		5.50	%	2/15/2023	A+		1,000		1,026,740
New York City NY Indl Dev Agy Rev Hrbr House Pj A (GNMA)		5.875	%	5/20/2044	AA+		595		584,106
NY St Dorm Auth Mem Sloan Kettering Sub Ser A2		5.00	%	7/1/2026	AA		5,000		5,006,950

See Notes to Financial Statements.
71

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare (continued)
NY St Dorm Auth Muni Hlth Facs Lease Sub 2-4		5.00	%	1/15/2028	AA-	$	1,000	$	984,370
NY St Dorm Auth Orange Regl Med Ctr		6.125	%	12/1/2029	Ba1		2,000		1,531,480
NY St Dorm Auth Rev Mental Hlth Svc Fac (IBC) (MBIA)		6.00	%	8/15/2012	AA-		1,460		1,608,555
NY St Dorm Auth Rev Mtg Nursing Home A (FHA) (NPFGC)		5.40	%	2/1/2031	AA-		275		267,424
NY St Dorm Auth Rev Mtg Nursing Home A (FHA) (NPFGC)		5.50	%	8/1/2030	AA-		1,000		1,001,640
NY St Dorm Auth Rev Non St Supp Debt NYU Hosp Ctr Ser A		5.00	%	7/1/2020	BB+		1,935		1,463,189
NY St Dorm Auth Rev Non St Supp Debt NYU Hosp Ctr Ser A		5.00	%	7/1/2036	BB+		1,265		769,120
NY St Dorm Auth Rev Utd Cerebral Palsy Aff No 1-A (AMBAC)		5.75	%	7/1/2018	A		1,000		1,052,730
NY St Dorm Auth Rev Catholic Hlth Long Island Oblig Grp		5.00	%	7/1/2027	Baa1		1,250		1,091,062
NY St Dorm Auth Revs Lenox Hill Hosp Oblig Grp		5.375	%	7/1/2020	Ba1		2,000		1,654,080
NY St Dorm Auth Revs Lenox Hill Hosp Oblig Grp		5.50	%	7/1/2030	Ba1		1,500		1,072,095
Suffolk Cnty NY Indl Dev Agy Civic Fac Rev Eastern Long Island Hosp Assoc†		5.375	%	1/1/2027	NR		1,280		893,235
Suffolk Cnty NY Indl Dev Agy Civic Fac Rev Eastern Long Island Hosp Assoc†		5.50	%	1/1/2037	NR		1,000		641,240
Total									26,010,223
Housing 4.63%
New York City NY Hsg Dev Corp Multi Fam Hsg Rev Ser A AMT		5.50	%	11/1/2034	AA		1,500		1,396,305
New York City NY Hsg Dev Corp Multi Fam Hsg Rev Ser L AMT		4.85	%	11/1/2025	AA		3,205		2,980,970
NY St Dorm Auth Rev Upstate Cmnty Colleges Ser B		5.25	%	7/1/2021	AA-		1,000		1,018,250
NY St Hsg Fin Agy Multi Fam Hsg Rev Division Street Ser A AMT (SONYMA)		5.00	%	2/15/2026	Aa1		625		578,619
NY St Mtg Agy Hmownr Mtg Rev Ser 133 AMT		4.95	%	10/1/2021	Aa1		2,000		1,945,520
NY St Mtg Agy Hmownr Mtg Rev Ser 143 AMT		4.875	%	10/1/2030	Aa1		2,255		1,933,617

See Notes to Financial Statements.
72

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Housing (continued)
NY St Mtg Agy Rev Hmownr Mtg Ser 70		5.40	%	4/1/2022	Aa1	$	70	$	70,053
NY St Mtg Agy Rev Ser 156		5.20	%	10/1/2028	Aa1		1,000		989,130
Total									10,912,464
Lease Obligations 12.25%
New York City NY Edl Constr Fd Rev Ser A (FGIC)		5.00	%	4/1/2031	AA-		10,215		9,910,082
New York City NY Indl Dev Agy Civic Fac Rev USTA Natl Tennis (FSA)		5.00	%	11/15/2023	AAA		1,830		1,928,436
New York City NY Indl Dev Agy Queens Baseball Stadium Pilot (AMBAC)		5.00	%	1/1/2031	A		1,000		833,670
New York City Trans Fin Auth NY Fiscal 2007 Ser S1 (FGIC)		5.00	%	7/15/2026	AA-		6,150		6,121,341
New York City Trans Fin Auth NY Fiscal 2008 Ser S1		5.00	%	1/15/2028	AA-		5,000		4,711,400
NY St Urban Dev Corp Rev St Fac		5.70	%	4/1/2020	AA-		4,150		4,616,709
Puerto Rico Comwlth Infrastr Fin Auth Mepsi Campus Pj Ser A		6.50	%	10/1/2037	NR		1,000		776,260
Total									28,897,898
Other Revenue 8.84%
Albany NY Indl Dev Agy Civic Fac Rev Brighter Choice Charter Ser A		5.00	%	4/1/2027	BBB-(a)		1,000		695,860
Albany NY Indl Dev Agy Civic Fac Rev Brighter Choice Charter Ser A		5.00	%	4/1/2037	BBB-(a)		1,000		625,360
Broome Cnty NY Indl Dev Agy Rev Univ Plaza LLC Phase 1 Pj A (ACA)		5.20	%	8/1/2030	NR		750		453,600
Broome Cnty NY Indl Dev Agy Rev Univ Plaza LLC Phase 1 Pj A (ACA)		5.20	%	8/1/2036	NR		1,000		572,000
New York City NY Tr Cultural Res Rev Lincoln Ctr Ser C		5.75	%	12/1/2018	A+		2,500		2,711,900
New York City NY Tr Cultural Res Rev Museum Modern Art Ser 1A		5.00	%	4/1/2031	Aa2		4,500		4,417,560
NY St Urban Dev Corp Rev Personal Income Tax Ser A-1(b)		5.00	%	12/15/2028	AAA		4,160		4,181,923
NY St Urban Dev Corp Rev Personal Income Tax Ser A-1		5.00	%	12/15/2028	AAA		2,625		2,638,834
NY St Urban Dev Corp Rev Personal Income Tax Ser B		5.00	%	3/15/2032	AAA		2,250		2,210,737

See Notes to Financial Statements.
73

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Other Revenue (continued)
Puerto Rico Pub Impt Bldgs Unrefunded Bal Govt Facs Ser D		5.25	%	7/1/2027	BBB-	$	265	$	215,413
Ulster Cnty NY Indl Dev Agy Civic Fac Rev Ser A		6.00	%	9/15/2027	NR		3,000		2,128,140
Total									20,851,327
Pre-Refunded 4.02%
Albany NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ser A (FGIC)		6.375	%	12/1/2017	NR		650		681,557
Buffalo NY Muni Wtr Fin Auth Wtr Sys Rev (FSA)		6.00	%	7/1/2029	AAA		500		511,925
New York City NY Muni Wtr Fin Auth Wtr & Swr Sys Rev Ser B		6.00	%	6/15/2033	AAA		1,470		1,551,864
New York City Transn Fin Auth Fut Tax 2004 Ser C		5.50	%	5/1/2025	AAA		5		5,070
NY St Dorm Auth Rev Pace Univ (MBIA)		6.00	%	7/1/2029	AA		1,610		1,736,755
NY St Dorm Auth Rev St Supp Debt 2007 Mental Hlth Ser B (MBIA)		6.00	%	2/15/2025	AA		10		10,480
NY St Dorm Auth Rev St Supp Debt 2007 Mental Hlth Ser B (MBIA)		6.00	%	2/15/2030	AA		10		10,480
NY St Dorm Auth Rev St Supp Debt Unrefunded Bal 2007 Mental B (MBIA)		6.00	%	2/15/2025	AA		5		5,240
NY St Dorm Auth Rev St Supp Debt Unrefunded Bal 2007 Mental B (MBIA)		6.00	%	2/15/2030	AA		5		5,240
NY St Dorm Auth Rev Supp Debt Mental Hlth Svcs Ser B (MBIA)		6.00	%	2/15/2025	AA-		100		104,795
NY St Dorm Auth Rev Supp Debt Mental Hlth Svcs Ser B (MBIA)		6.00	%	2/15/2030	AA		100		104,795
Puerto Rico Comwlth Aqueduct &Swr Auth Rev ETM		10.25	%	7/1/2009	AAA		80		81,918
Puerto Rico Comwlth Hwy & Transn Auth Rev Ser D		5.25	%	7/1/2038	AAA		1,500		1,663,845
Puerto Rico Comwlth Pub Impt Ser A		5.25	%	7/1/2030	AAA		310		367,511
Puerto Rico Comwlth Pub Impt Ser A		5.375	%	7/1/2028	AAA		555		610,578
Puerto Rico Pub Fin Corp Approp E		5.50	%	8/1/2029	Aaa		1,000		1,105,330
Puerto Rico Pub Impt Bldgs Auth Rev Govt Facs Ser D		5.25	%	7/1/2027	BBB-		735		812,829
Tompkins Cnty NY Indl Dev Agy Civic Fac Cornell Univ Lake		5.625	%	7/1/2020	Aa1		115		123,519
Total									9,493,731

See Notes to Financial Statements.
74

Schedule of Investments (unaudited)(continued)

NEW YORK TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Tax Revenue 2.51%
New York City Transnl Fin Auth Rev Fiscal 2009 Ser S-1		5.375	%	7/15/2024	AA-	$	5,000	$	5,107,700
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Ser A		5.25	%	8/1/2057	A+		1,000		814,600
Total									5,922,300
Tobacco 0.64%
TSASC Inc NY Ser 1		5.125	%	6/1/2042	BBB		2,445		1,498,883
Transportation 13.40%
Metro Transn Auth NY Transn Ser A		5.00	%	11/15/2031	A		5,000		4,561,800
New York City NY Indl Dev Agy Spl Fac 1990 America Airlines Inc Pj AMT		5.40	%	7/1/2019	CCC+		2,635		1,055,370
New York City NY Indl Dev Agy Spl Fac Rev Terminal One Grp Assoc Pj AMT		5.50	%	1/1/2021	A3		1,250		1,128,162
New York City NY Indl Dev Agy Spl Fac Rev Terminal One Grp Assoc Pj AMT		5.50	%	1/1/2024	A3		2,000		1,699,720
Niagara NY Frontier Auth Arpt Buffalo Niagara Intl Ser B (MBIA)		5.50	%	4/1/2019	AA-		690		695,168
NY St Thruway Auth NY Ser H (FGIC)		5.00	%	1/1/2030	AA-		8,000		7,699,520
NY St Thruway Auth Rev Triborough Bridge & Tunnel Auth Ser B		5.00	%	4/1/2028	AA		2,000		1,956,800
Puerto Rico Comwlth Hwy & Transn Auth Sub PR St Infrastr		5.00	%	7/1/2028	BBB-		1,000		782,250
Triborough Bridge & Tunnel Auth NY Gen Ser A		5.00	%	11/15/2027	Aa2		1,875		1,897,144
Triborough Bridge & Tunnel Auth Rev		4.75	%	11/15/2030	Aa2		5,455		5,151,757
Triborough NY Bridge & Tunnel Auth Rev Ser C		5.00	%	11/15/2029	Aa2		5,000		4,993,350
Total									31,621,041
Utilities 14.15%
Long Island NY Pwr Auth Ser A		5.50	%	4/1/2024	A-		2,190		2,227,033
New York City NY Muni Wtr Fin Auth Rev Ser DD		5.00	%	6/15/2032	AA+		1,000		982,410
New York City NY Muni Wtr Fin Auth Wtr & Swr Rev Ser CC		5.00	%	6/15/2029	AA+		1,545		1,542,930
New York City NY Muni Wtr Fin Auth Wtr & Swr Rev Ser CC(b)		5.00	%	6/15/2029	AA+		3,500		3,500,735
New York City NY Muni Wtr Fin Auth Wtr & Swr Rev Ser CC(b)		5.125	%	6/15/2030	AA+		6,500		6,501,365

See Notes to Financial Statements.
75

Schedule of Investments (unaudited)(concluded)

NEW YORK TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody's	Principal Amount (000)			Value
Utilities (continued)
NY St Enrg Resh & Dev Auth AMT		6.952	%	7/1/2026		A+	$	8,000		$	7,960,720
NY St Envr Facs(d)		5.00	%	6/15/2029		NR		2,795			2,791,255
NY St Envr Facs Corp Solid Wst Mgmt Pj Ser A AMT		4.55	%	5/1/2012		BBB		1,500			1,432,350
NY St Envr Facs Corp St Clean Wtr & Drinking Ser B		4.75	%	6/15/2032		AA+		5,000			4,676,750
Puerto Rico Elec Pwr Auth Ser PP (FGIC)		5.00	%	7/1/2025		AA-		2,000			1,667,240
Upper Mohawk Vly Regl Wtr Fin Auth NY Wtr Sys Unrefunded Bal (AMBAC)		5.75	%	4/1/2020		A3		105			108,628
Total											33,391,416
Total Municipal Bonds (cost $271,400,089)											247,710,552
							Shares (000)
SHORT-TERM INVESTMENT 1.56%
Money Market Mutual Fund
Dreyfus NY Municipal Cash Management (cost $3,666,405)								3,666			3,666,405
Total Investments in Securities 106.56% (cost $275,066,494)											251,376,957
Liabilities in Excess of Cash and Other Assets(e) (6.56%)										(15,467,504)
Net Assets 100.00%										$235,909,453
Open Futures Contracts at March 31, 2009:
Type	Expiration			Contracts		Position	Market Value			Unrealized Depreciation
U.S. 30-Year Treasury Bond		June 2009			197	Short	$	(25,551,516	)	$	(655,589	)

See Notes to Financial Statements.
76

Schedule of Investments (unaudited)

INTERMEDIATE TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
MUNICIPAL BONDS 98.00%
Corporate-Backed 3.17%
Allegheny Cnty PA Indl Dev Auth Rev		5.50	%	11/1/2016	Baa3	$	1,500	$	1,291,680
Brazos River Auth TX Ref TXU Elec Co Pj Ser C AMT		5.75	%	5/1/2036	CCC		2,050		1,322,250
CA Pollutn Ctrl Fing Auth Fing Rev Browning Ferries Indl Inc Ser A AMT		5.80	%	12/1/2016	BBB		1,600		1,483,872
Chicago IL O'Hare Intl Arpt Ser B (FSA)		5.00	%	1/1/2020	AAA		3,500		3,659,705
Cnty of Nez Perce ID Potlatch Corp Pj		6.00	%	10/1/2024	BB		1,000		678,710
Long Beach CA Bd Fin Auth Natural Gas Rev Ser A		5.25	%	11/15/2020	A		500		369,615
MD Indl Dev Fing Auth Ref Synagro Baltimore Ser A AMT		5.25	%	12/1/2013	BBB+(a)		750		706,140
MD Indl Dev Fing Auth Ref Synagro Baltimore Ser A AMT		5.375	%	12/1/2014	BBB+(a)		1,000		930,310
MI St Strategic Fd Pollutn Ctrl Rev General Motors Corp		6.20	%	9/1/2020	C		400		50,120
Mission Econ Dev Corp Rev Wst Mgmt Inc Pj		6.00	%	8/1/2020	BBB		2,000		1,960,380
NJ Econ Dev Auth Spl Fac Rev Continental Airlines Inc Pj AMT		6.25	%	9/15/2029	B		3,000		1,811,820
OH St Wtr Dev Auth Solid Wst Allied Wst NA Pj Ser A AMT		5.15	%	7/15/2015	BBB		250		229,283
Port Corpus Cristi Auth TX Nueces Cnty Rev		5.65	%	12/1/2022	NR		2,000		1,782,520
San Jose CA Arpt Rev Ser A AMT (AMBAC)		5.50	%	3/1/2018	A		500		496,155
Seminole Tribe FL Spl Oblig Rev Ser A†		5.75	%	10/1/2022	BBB		150		115,452
Seneca Nation Indians Cap Impts Auth NY Spl Oblig Ser A†		5.25	%	12/1/2016	BB		250		199,225
Tulsa OK Muni Arpt Tr Rev Ser A AMT		7.75	%	6/1/2035	B-		2,500		1,986,300
Virgin Islands Pub Fin Auth Refinery Facs Rev Sr Secd Hovensa Refinery AMT		4.70	%	7/1/2022	BBB		1,000		610,180
Yavapai Cnty Indl Dev Auth AZ Wst Mgmt Inc Pj		4.00	%	6/1/2027	BBB		2,000		1,966,140
Total									21,649,857
Education 10.71%
Albany NY Indl Dev Agy Civic Fac Rev St. Peter's Hosp Pj Ser A		5.00	%	11/15/2015	BBB+		250		236,755
Allegheny Cnty Higher Ed Bldg Auth PA Duquesne Univ		5.00	%	3/1/2015	A2		1,100		1,199,649

See Notes to Financial Statements.
77

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Education (continued)
Allegheny Cnty PA Higher Ed Duquesne Univ Ser A (FGIC)		5.00	%	3/1/2013	AA-	$	150	$	163,128
Atlanta GA Dev Auth Edl Facs Science Park LLC Pj		5.00	%	7/1/2021	A1		610		613,642
Bulloch Cnty GA Dev Auth Student Hsg Rev Southn Univ Hsg Fndtn Four (AG)		5.25	%	7/1/2018	Aa2		500		566,040
CA Muni Fin Auth Rev Biola Univ		5.625	%	10/1/2023	Baa1		1,015		875,884
CA Statewide Cmntys Dev Auth Rev Irvine LLC UCI East Campus		6.00	%	5/15/2023	Baa2		2,000		1,779,540
CA Statewide Cmntys Dev Auth Rev Thomas Jefferson Sch Law Ser A		7.25	%	10/1/2032	BB+		1,000		771,710
Carrollton TX Fmrs Bd Indpt Sch Ref Sch Bldg (PSF GTD)		4.50	%	2/15/2019	AAA		500		533,750
CT St Hlth & Edl Fac Auth Fairfield Univ Facs Ser M		5.00	%	7/1/2016	A-		1,000		1,092,520
CT St Hlth & Edl Facs Auth Rev Quinnipiac Univ Ser I (MBIA)		5.00	%	7/1/2019	AA-		500		522,635
Delaware Cnty PA Auth Univ Rev Villanova Univ (FGIC)		5.00	%	8/1/2010	AA-		200		208,490
Harris Cnty TX Cultural Ed Facs Fin Corp Rev Baylor College Medicine Pj Ser D		5.00	%	11/15/2019	A		1,910		1,944,934
IL Edl Facs Auth Revs Northwestern Univ		5.50	%	12/1/2013	AAA		300		337,377
IL Fin Auth Northwestern Mem Hosp Ser A(b)(d)		5.75	%	8/15/2030	AA+		2,500		2,451,875
IL Fin Auth Rev DePaul Univ		5.00	%	10/1/2013	A-		1,225		1,332,665
IL Fin Auth Rev Univ of Chicago Ser B		5.50	%	7/1/2021	Aa1		5,000		5,657,100
MA Hlth & Edl Facs Auth Rev Harvard Univ Ser A		5.25	%	11/15/2019	AAA		2,850		3,325,123
Marietta GA Dev Auth Rev Life Univ Inc Pj		6.25	%	6/15/2020	Ba3		3,000		2,390,580
MI Higher Ed Facs Auth Rev Creative Studies		5.00	%	12/1/2016	Baa3		1,235		1,051,603
MI Higher Ed Facs Auth Rev Creative Studies		5.25	%	12/1/2018	Baa3		1,120		929,219
Miami-Dade Cnty Edl Facs Auth FL Univ of Miami Ser A		5.25	%	4/1/2016	A2		1,000		1,063,690
MO St Hlth & Edl Facs Auth Rev Washington Univ Ser A		5.25	%	3/15/2018	AAA		625		728,781
NC Cap Facs Fin Agy Edl Facs Rev Meredith College		5.375	%	6/1/2021	BBB		500		465,085
NH Hlth & Edl Facs Auth Rev Univ Sys Ser A		5.50	%	7/1/2020	A+		1,590		1,741,114

See Notes to Financial Statements.
78

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Education (continued)
NY St Dorm Auth Montefiore Med Ctr (FGIC)		5.00	%	2/1/2022	AA-	$	2,500	$	2,549,175
OH St Cuyahoga Cmnty College Dist Rev Ser C(d)		5.00	%	8/1/2020	AA-		1,800		1,936,764
OH St Ref Case Western Reserve Ser C		5.00	%	12/1/2015	AA-		3,065		3,405,123
PA St Higher Edl Facs Auth Rev Edinboro Univ		5.00	%	7/1/2018	BBB-		250		214,520
PA St Higher Edl Facs Auth Rev Ser AG		5.25	%	6/15/2018	Aa3		1,000		1,142,500
PA St Higher Edl Facs Auth Rev Ser AH		5.00	%	6/15/2019	Aa3		2,455		2,681,793
PA St Higher Edl Facs Auth Rev Univ of PA Ser A		5.00	%	9/1/2019	AA+		3,450		3,894,946
PA St Higher Edl Facs Auth Temple Univ (MBIA)		5.00	%	4/1/2010	AA-		250		258,100
Pierce Cnty WA Sch Dist No 416 White River (FSA)		5.00	%	12/1/2015	Aa1		250		285,978
Troy Indl Dev Auth NY Rev Rensselaer Polytechnic Ser E		4.05	%	4/1/2037	A		2,500		2,539,000
TX St Tech Univ Rev Ref & Impt Fing Ser 12		5.00	%	2/15/2020	AA		1,475		1,614,358
TX St Univ Sys Fing Rev		5.25	%	3/15/2019	AA-		5,000		5,692,000
Univ AR Univ Revs Facs Fayetteville Campus (AMBAC)		5.00	%	11/1/2014	Aa3		350		389,309
Univ of CO Ser A		5.00	%	6/1/2018	AA-		1,250		1,408,337
Univ of MN Rev Stadium Debt		5.00	%	8/1/2018	AA+		1,000		1,100,240
Univ of Pittsburgh PA Rev Cap Pj Ser B		5.00	%	9/15/2019	AA		2,000		2,178,220
Univ of TX Rev Ser A		5.25	%	8/15/2019	AAA		5,000		5,740,800
Univ of Western MI (AG)		5.25	%	11/15/2020	AAA		3,980		4,252,391
Total									73,266,443
General Obligation 22.02%
AL St Pub Sch & College Cap Impt		5.00	%	12/1/2022	AA		500		532,875
Arlington TX (FSA)		5.00	%	8/15/2011	AAA		325		352,771
Atlantic Cnty NJ		5.00	%	2/1/2018	AA		885		1,008,820
Birmingham City AL Cap Impt Ser A (AMBAC)		5.00	%	12/1/2018	AA		1,000		1,077,690
Brevard Cnty FL Sch Bd COP Ser B (MBIA)		5.00	%	7/1/2019	A2		3,500		3,494,190
Broward Cnty FL Parks & Land Preservation Pj		5.00	%	1/1/2019	AA+		2,040		2,140,735
CA St		5.00	%	8/1/2018	A		3,000		3,062,130

See Notes to Financial Statements.
79

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
General Obligation (continued)
CA St (FSA)		5.00	%	8/1/2016	AAA	$	2,000	$	2,138,400
Chandler AZ		4.00	%	7/1/2020	AAA		3,375		3,464,167
Chesterfield Cnty SC Sch (FSA)		5.375	%	3/1/2018	AAA		2,050		2,188,232
Chicago Park Dist IL Ser F		5.50	%	1/1/2022	AA+		1,750		1,948,048
Cnty of Bexar TX		5.25	%	6/15/2020	AA+		3,190		3,461,533
Cnty of Miami-Dade FL Bldg Better Cmntys Pg Ser B		5.25	%	7/1/2019	AA-		3,225		3,479,452
Comwlth of Puerto Rico (FGIC)		5.50	%	7/1/2012	BBB-		1,500		1,521,180
Comwlth of Puerto Rico Ser A (FSA)		5.00	%	7/1/2018	AAA		3,000		3,023,160
Cook Cnty IL Cmnty Consolidated Sch Dist No 64 (FSA)		5.50	%	12/1/2016	Aa3		1,580		1,807,789
Crawford Central Sch Dist Ser C		5.00	%	2/1/2019	A1		1,775		1,962,919
Desert Sands Unif Sch Dist CA Election 2001		5.75	%	8/1/2019	AA-		675		776,952
Dist of Columbia Ser E (BHAC)		5.00	%	6/1/2021	AAA		3,500		3,850,630
FL St Bd Ed Lottery Rev Ser B (AMBAC)		5.00	%	7/1/2016	AAA		1,000		1,049,460
Foothill De Anza CA Cmnty College Dist Ser A (AMBAC)		5.00	%	8/1/2017	Aa1		500		542,720
Gloucester Cnty Impt Auth Cnty Ln Cnty Cap Pg GTD		5.00	%	4/1/2017	AA+		1,000		1,126,830
Hancock Cnty MS Sch Dist (AMBAC)		5.00	%	4/15/2010	A3		160		165,536
Hemet CA Univ Sch Dist 2002 Election Ser C (MBIA)		5.00	%	8/1/2011	AA-		200		215,424
Hoffman Estates IL Ser A		5.25	%	12/1/2020	AA+		1,205		1,325,669
Houston TX Pub Impt Ser A (AMBAC)		5.00	%	3/1/2018	AA		2,500		2,712,125
IL St (MBIA)		5.375	%	4/1/2016	AA-		4,465		5,105,370
IL St Kane Cnty Sch Dist No 131 Aurora East Side Ser C (AG)		5.00	%	6/1/2019	AAA		2,730		2,906,276
Iron Cnty Sch Dist UT Sch Bldg UT Sch Bd Pg GTD		5.00	%	1/15/2021	Aaa		1,210		1,308,821
Jackson Pub Sch Dist (FSA)		5.00	%	10/1/2018	Aa3		2,655		2,849,373
Jersey City NJ Pub Impt Ser A (MBIA)		5.25	%	9/1/2015	AA-		250		279,220
KY St Lexington-Fayette Urban Cnty Govt Ser A		4.00	%	2/1/2018	AA+		1,165		1,242,612
KY St Property & Bldgs Commn KY Pj No 89 (FSA)		5.00	%	11/1/2014	AAA		2,000		2,237,760
Las Vegas-Clark Cnty Library Dist NV Medium Term		5.00	%	1/1/2019	AA		3,500		3,608,710

See Notes to Financial Statements.
80

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
General Obligation (continued)
Los Angeles CA Unif Sch Dist Ser A (MBIA)		5.00	%	7/1/2018	AA-	$	500	$	534,065
Luzerne Cnty PA Ser B (FSA)		4.50	%	12/15/2014	AAA		1,045		1,149,521
Luzerne Cnty PA Ser B (FSA)		4.50	%	12/15/2015	AAA		1,090		1,191,294
MA St Ser C (FSA)		5.50	%	12/1/2017	AAA		1,600		1,889,648
Maricopa Cnty AZ Sch Dist No 006 Washington Elem Sch Impt Pj of 2001 Ser B (FSA)		5.00	%	7/1/2017	AAA		400		445,656
Maricopa Cnty Unif Sch Dist No 41-Gilbert AZ Ser A (MBIA)		5.00	%	7/1/2018	AA-		2,400		2,571,024
MD St Loc Facs 2nd Lien Ser A		5.00	%	8/1/2015	AAA		1,450		1,675,577
Mecklenburg Cnty NC COP Ser A		5.00	%	2/1/2020	AA+		3,565		3,870,271
Memphis TN (MBIA)		5.00	%	10/1/2018	AA		3,295		3,535,008
Middlesex Cnty Impt Auth Ref Cnty Open Space Tr Fd GTD		5.00	%	9/15/2014	AAA		1,005		1,135,539
Mobile City AL Ser B		5.00	%	2/15/2018	AA-		1,000		1,117,500
MS Dev Bank Spl Oblig Rev Harrison Cnty Pj Ser D (AG)		5.00	%	10/1/2020	AAA		1,495		1,616,768
MS Dev Bank Spl Oblig Rev Jackson		5.50	%	1/1/2019	AA-		1,120		1,220,408
MS Dev Bank Spl Oblig Rev Jackson Pub Sch Dist Pj (FSA)		5.25	%	4/1/2014	Aa3		2,605		2,945,916
NC Infrastr Fin Corp Cap Impt Ser A (FSA)		5.00	%	5/1/2017	AAA		2,000		2,274,240
New York City NY Ser G		5.00	%	8/1/2015	AA		1,000		1,076,200
New York City NY Ser H-1		5.00	%	3/1/2015	AA		1,665		1,788,077
New York City NY Ser I		5.00	%	8/1/2015	AA		2,500		2,661,950
NY St Dorm Auth Revs Non St Supp Debt Sch Dist Fing Pg Ser C (FSA)		5.00	%	10/1/2020	AAA		475		518,933
NY St Urban Dev Corp(b)		5.00	%	12/15/2025	AAA		1,320		1,348,275
NY St Urban Dev Corp(b)		5.00	%	12/15/2026	AAA		1,920		1,961,128
NY St Urban Dev Corp(b)		5.00	%	12/15/2027	AAA		770		786,494
Oak Ridge TN		4.00	%	6/1/2018	AA		2,120		2,246,755
Octorara Area Sch Dist Ser B (FSA)		5.00	%	6/1/2019	AAA		2,890		3,192,756
Onondaga Cnty NY Ser A		5.00	%	3/1/2020	AA+		1,150		1,294,406
Philadelphia PA (CIFG)		4.50	%	8/1/2012	Baa1		250		256,513
Philadelphia PA Ser A (FSA)		5.00	%	12/15/2015	AAA		1,315		1,407,497
Phoenix AZ Ser B		5.00	%	7/1/2019	AAA		500		551,775
River Rouge MI Sch Dist (FGIC)		5.00	%	5/1/2011	AA-		300		323,256

See Notes to Financial Statements.
81

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
General Obligation (continued)
San Bernardino Comnty College Dist CA Election 2002 Ser A		6.00	%	8/1/2021	AA-	$	750	$	856,365
Shelby Cnty TN(d)		5.00	%	4/1/2019	AA+		1,500		1,699,200
Suffolk Cnty NY Pub Impt Ser B		5.00	%	11/1/2019	AA		2,450		2,780,970
Three Rivers MI Cmnty Schs (FSA)		5.00	%	5/1/2017	AAA		500		572,410
TN St Metro Govt Nashville &Davidson Cnty		5.00	%	5/15/2020	AA		5,225		5,739,558
WA King Cnty Sch Dist No 414 Lake Washington		5.00	%	12/1/2019	AA+		2,500		2,794,175
WA King Cnty Sch Dist No 414 Lake Washington (FSA)		5.00	%	12/1/2016	AAA		4,125		4,731,375
WA St Ser A		5.00	%	7/1/2016	AA+		3,100		3,546,431
WA St Ser D (AMBAC)		5.00	%	1/1/2017	AA+		3,000		3,266,130
Washoe Cnty NV Sch Dist Ser B (MBIA)		5.00	%	6/1/2014	AA		300		337,797
WI St Ser 1 (AMBAC)		5.00	%	5/1/2015	AA		4,000		4,498,120
WI St Ser 1 (MBIA)		5.50	%	5/1/2014	AA		1,000		1,141,180
Williamson Cnty TX (MBIA)		5.25	%	2/15/2018	AA+		500		561,155
Worcester MA Ser A (FSA)		5.25	%	10/1/2019	AAA		1,000		1,073,560
Worcester MA Ser A (FSA)		5.25	%	10/1/2020	AAA		1,195		1,270,225
Yavapai Cnty Unif Sch Dist No 22 Humboldt AZ Sch Impt Pj of 2006 Ser B (AG)		5.00	%	7/1/2018	Aa2		1,070		1,153,663
Total									150,576,343
Healthcare 11.51%
Allegheny Cnty PA Hosp Dev Auth Rev Hlth Sys West PA Ser A		5.00	%	11/15/2017	BB		250		190,778
Allegheny Cnty PA Hosp Dev Auth Rev Univ Pittsburgh Med Ctr Ser A		5.00	%	9/1/2014	AA-		750		788,752
Allegheny Cnty PA Hosp Dev Auth Rev Univ Pittsburgh Med Ctr Ser B		5.00	%	6/15/2013	AA-		1,000		1,050,480
Alton IL St. Anthony's Hlth Ctr		6.00	%	9/1/2010	BB+		945		930,352
CA Hlth Facs Fing Auth CA Catholic Hlthcare West Ser K		5.125	%	7/1/2022	A		2,000		1,954,020
CA Hlth Facs Fing Auth Rev Providence Hlth & Svcs Ser C		6.00	%	10/1/2020	AA		1,000		1,084,300
CA Hlth Facs Fing Auth Rev Scripps Hlth Ser A		5.50	%	10/1/2020	A+		2,000		2,032,520
CA Statewide Cmntys Dev Auth Rev CA Statewide Inland Regl Ctr Pj		5.00	%	12/1/2017	Baa1		250		222,540

See Notes to Financial Statements.
82

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare (continued)
CA Statewide Cmntys Dev Valleycare Hlth Sys Ser A		4.80	%	7/15/2017	NR	$	250	$	197,403
Coffee Cnty Hosp Auth Ref Coffee Regl Med Ctr Inc Pj		5.00	%	12/1/2019	BBB		550		454,129
CT St Hlth & Edl Fac Auth Quinnipiac Univ Hlth & Ed K1 (MBIA)		5.00	%	7/1/2014	AA		1,500		1,611,330
Doylestown PA Hosp Auth Hosp Rev Ser A (AG)		5.00	%	7/1/2022	AAA		1,000		935,160
Glynn-Brunswick Mem Hosp Auth Rev Southeast GA Hlth Ser A		4.75	%	8/1/2019	A		3,840		3,598,003
Harris Cnty Hlth Facs Dev Corp Mem Hermann Hlthcare Sys A		5.25	%	12/1/2014	A		1,415		1,437,725
HI St Dept Bdgt & Fin Spl Purp Linked Ctfs		6.40	%	7/1/2013	BBB+		250		275,970
IL Fin Auth Edward Hosp A Rmkt (AMBAC)		6.00	%	2/1/2028	A+		1,400		1,285,690
IL Fin Auth Hosp Sisters Svcs Inc Ser A		5.00	%	3/15/2027	AAA		1,000		905,790
IL Fin Auth Rev Rush Univ Med Ctr Ser A		6.00	%	11/1/2019	A-		1,000		1,020,370
IL Fin Auth Rev Sedgebrook Inc Fac Ser A		5.50	%	11/15/2013	NR		250		208,275
IL Fin Auth Rev The Carle Fndtn Ser A (AG)		5.50	%	2/15/2016	AAA		2,000		2,098,840
IL Fin Auth Rev The Carle Fndtn Ser A (AG)		5.50	%	2/15/2017	AAA		2,000		2,081,400
IL Hlth Facs Auth Rev Loyola Univ Hlth Sys Ser A		5.75	%	7/1/2011	Baa2		160		156,992
IN Bond Bk Rev Spl Pg Hendricks Regl Hlth Ser A		5.00	%	2/1/2019	AA		1,765		1,848,661
IN Hlth & Edl Facs Fing Auth Ref St. Francis E (FSA)		5.25	%	11/1/2022	Aa3		1,000		1,035,740
IN Hlth Fac Fing Auth Rev Ascension Hlth A3 Rmkt		5.00	%	11/1/2027	Aa2		1,000		1,033,800
IN Hlth Fac Fing Auth Rev Ascension Ser A2 Rmkt		3.75	%	11/15/2036	Aa1		4,600		4,516,970
Iron River Hosp Fin Auth Iron Cnty Cmnty Hosps		6.00	%	5/15/2020	NR		1,000		839,470
Kalamazoo Hosp Fin Auth MI Ref Bronson Hosp A Rmkt (FSA)		5.25	%	5/15/2014	AAA		2,000		2,138,420
Knox Cnty TN Hlth Edl & Hsg Facs Baptist Hlth Sys East TN		6.375	%	4/15/2022	A1		250		252,953
MD St Hlth & Higher Edl Facs Auth Rev Washington Cnty Hosp		5.75	%	1/1/2033	BBB-		250		198,548
ME Hlth & Higher Edl Facs Auth Rev Ser A (MBIA)		5.375	%	7/1/2018	Aa3		2,700		2,922,993

See Notes to Financial Statements.
83

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare (continued)
NC Med Care Commn Rev Univ Hlth Sys Ser E-1		5.75	%	12/1/2036	A+	$	3,500	$	3,575,600
NJ Hlth Facs Fing Auth St. Joseph's Hlthcare Sys Pj		6.00	%	7/1/2018	BBB-		3,000		2,544,690
NJ Hlthcare Facs Fing Auth AHS Hosp Corp Ser A		5.125	%	7/1/2019	A+		1,500		1,494,555
NJ Hlthcare Facs Fing Auth Rev Ser A		5.00	%	10/1/2015	AA-		1,500		1,632,420
NJ Hlthcare Facs Fing Auth Rev Ser A		5.00	%	10/1/2016	AA-		2,000		2,157,960
NJ Hlthcare Facs Fing Auth Rev Somerset Med Ctr		5.50	%	7/1/2018	Ba2		1,950		1,403,824
Northampton Cnty Gen Purp Auth St. Luke's Hosp Pj Ser A		5.00	%	8/15/2019	BBB+		2,000		1,774,720
NY St Dorm Auth Good Samaritan Hosp Med Ctr A (MBIA)		5.75	%	7/1/2014	AA-		1,500		1,517,745
NY St Dorm Auth Mem Sloan Kettering Sub Ser A2		5.00	%	7/1/2014	AA		2,000		2,156,420
NY St Dorm Auth Orange Regl Med Ctr		6.50	%	12/1/2021	Ba1		1,000		868,190
NY St Dorm Auth Revs Lenox Hill Hosp Oblig Grp		5.375	%	7/1/2020	Ba1		1,000		827,040
OH St Higher Edl Fac Commn Rev Cleveland Clinic Hlth Pj Ser A(c)		5.00	%	1/1/2015	Aa2		1,000		1,059,230
Philadelphia PA Hosps & Higher Ed Facs Auth Rev Temple Univ Hosp Pj Ser A		6.625	%	11/15/2023	BBB		2,000		1,769,940
SC Jobs Econ Dev Auth Hosp Facs Rev Tuomey (CIFG)		5.00	%	11/1/2011	BBB+		250		261,548
SC Jobs Econ Dev Auth Rev Anmed Hlth Pj (AMBAC)		7.50	%#	2/1/2026	AA		3,500		3,500,000
Tarrant Cnty TX Cultural Ed Facs Bruckner Ret Svcs Inc Pj		5.00	%	11/15/2011	A-		250		250,533
Tarrant Cnty TX Cultural Ed Facs Fin Corp Rev Christus Hlth Ser A (AG)		5.75	%	7/1/2018	AAA		3,500		3,697,435
Univ of AL Ser A		5.00	%	9/1/2016	A+		2,320		2,315,638
Univ of AL Ser A		5.25	%	9/1/2017	A+		1,180		1,183,918
WI Hlth & Edl Facs Auth Ministry Hlth Rmkt (FSA)		5.00	%	8/1/2016	AAA		2,230		2,426,418
WI Hlth & Edl Facs Auth Wheaton Franciscan Hlthcare		5.25	%	8/15/2018	BBB+		2,000		1,632,880
WV St Hosp Fin Auth WV Thomas Hlth Sys		6.00	%	10/1/2020	NR		1,600		1,323,472
Total									78,682,550

See Notes to Financial Statements.
84

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Housing 0.17%
Garza Cnty TX Pub Fac Corp Pj Rev		5.50	%	10/1/2018	BBB	$	1,000	$	875,750
LA St Citizens Ppty Corp Assmt Rev Ser B (AMBAC)		5.00	%	6/1/2016	A		300		295,902
Total									1,171,652
Lease Obligations 8.50%
CA St Pub Wks Brd Svcs Richmond Lab B (XLCA)		5.00	%	11/1/2017	A-		315		317,797
Goodyear Public Impt Corp AZ		6.375	%	7/1/2019	AA-		500		582,565
Greenville Cnty SC Sch Dist		5.50	%	12/1/2017	AA		3,000		3,366,180
Gwinnett Cnty Dev Auth COP Pub Schs Pj (MBIA)		5.25	%	1/1/2020	AA+		5,000		5,555,050
IN St Fin Auth Ser A1		5.00	%	11/1/2015	AA+		1,000		1,130,030
KY St Property & Bldgs Commn		5.75	%	11/1/2019	Aa3		3,425		3,942,038
KY St Property & Bldgs Commn Rev KY Pj No 93 (AG)		5.00	%	2/1/2015	AAA		1,315		1,459,808
KY St Property & Bldgs Commn Rev KY Pj No 93 (AG)		5.25	%	2/1/2020	AAA		2,000		2,215,120
Montgomery Cnty VA Indl Dev Auth Pub Facs Pjs		5.00	%	2/1/2018	AA-		1,000		1,059,200
New York City NY Indl Dev Agy Civic Fac Rev USTA Natl Tennis (FSA)		5.00	%	11/15/2018	AAA		400		444,148
NJ Econ Dev Auth Ref Sch Facs Constr Ser W		5.00	%	3/1/2013	AA-		1,500		1,608,180
NJ Econ Dev Auth Ref Transn Pj Ser A		5.00	%	5/1/2013	AA-		3,500		3,762,535
NJ Econ Dev Auth Transn Pj Sublease Ser A		5.00	%	5/1/2018	AA-		1,425		1,511,369
NJ Sports & Exposition Auth Rev Ser B		5.00	%	9/1/2018	AA-		5,000		5,392,800
North Charleston SC COP Convention Ctr Pj		5.00	%	10/1/2016	AA-		2,010		2,247,964
North Charleston SC COP Convention Ctr Pj		5.00	%	10/1/2017	AA-		2,535		2,824,142
Northwest Allen Sch Bldg Corp IN Rev First Mtg (FSA)		5.00	%	7/15/2020	AAA		3,140		3,325,103
NY St Dorm Auth Revs St Mental Hlth Svcs Facs Pj Ser A (FSA)		5.00	%	2/15/2016	AAA		2,775		3,053,693
PA Indl Dev Auth PA Econ Dev		5.00	%	7/1/2013	A-		2,000		2,144,180
Puerto Rico Comwlth Infrastr Fin Auth Mepsi Campus Pj Ser A		5.60	%	10/1/2014	NR		230		213,737
VA College Bldg Auth Rev Pub Higher Ed Fing Pg Ser A		5.00	%	9/1/2016	Aa1		5,475		6,287,818

See Notes to Financial Statements.
85

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Lease Obligations (continued)
VA Pub Bldg Auth Rev Fac Bldg Ser A		5.00	%	8/1/2014	AA+	$	3,000	$	3,418,410
WI St Ser A(d)		5.25	%	5/1/2020	AA-		2,175		2,271,853
Total									58,133,720
Other Revenue 6.63%
Baker FL Correctional Dev 1st Mtg Rev Detention Ctr Pj		7.50	%	2/1/2030	NR		1,200		979,992
CA St Econ Recovery Ser A (FGIC)		5.25	%	7/1/2014	AA-		200		217,926
CA St Pub Wks Bd Dept Hlth Dept Corrections & Rehab F (FGIC)		5.25	%	11/1/2017	AA-		250		257,115
Citizens Ppty Ins Corp FL Sr 2nd High Risk Acct A (NPFGC)		5.00	%	3/1/2012	AA-		350		357,969
Dallas TX Rev Ref & Impt (AG)		5.00	%	8/15/2021	AAA		3,800		3,914,532
FL Hurricane Catastrophe Fd Rev Ser A		5.00	%	7/1/2014	AA-		5,000		5,073,300
FL St Dept Envr Protn Preservation Rev FL Forever Ser B (NPFGC)		5.00	%	7/1/2012	AA-		300		324,588
Garza Cnty TX Pub Fac Corp Pj Rev		5.25	%	10/1/2017	BBB		1,000		872,480
Garza Cnty TX Pub Fac Corp Pj Rev		5.50	%	10/1/2019	BBB		1,600		1,381,856
Houston TX Util Sys Rev Ser A (MBIA)		5.25	%	5/15/2017	AA		2,400		2,607,816
LA Pub Facs Auth Rev Cleco Pwr LLC Pj		7.00	%	12/1/2038	Baa1		3,500		3,559,605
Manatee Cnty FL Rev Ref & Impt (AMBAC)		5.00	%	10/1/2019	AA-		2,030		2,105,922
MD St Hlth & Higher Edl Facs Auth Rev Washington Christian Academy		5.25	%	7/1/2018	NR		250		196,213
MI St Envr (MBIA) (IBC)		5.50	%	12/1/2013	AA		100		115,452
Miami-Dade Cnty FL Spl Oblig Fltg Rate Cap Asset Acq Ser A (FGIC)		9.118	%#	4/1/2009	AA-		200		182,194
Mohave Cnty AZ Indl Dev Auth Rev Mohave Prison LLC Expansion Pj		7.50	%	5/1/2019	BBB+		3,000		3,131,160
New York City NY Tr Cultural Res Rev Lincoln Ctr Ser C		5.75	%	12/1/2018	A+		2,500		2,711,900
NJ Econ Dev Auth Rev		5.625	%	6/15/2019	BBB		3,000		2,586,210
NM Fin Auth Rev Sub Lien Pub Pj Revolving Fd Ser C (NPFGC)		5.00	%	6/15/2015	AA-		2,145		2,373,185
OH Air Quality Dev Auth Rev Pollutn First Enrg Ser B		5.25	%	3/1/2023	Baa1		2,000		2,000,620
OR St Dept Admin Svcs (FSA)		5.00	%	9/1/2012	AAA		100		111,949
PA St Cumberland Vly Sch Dist (FSA)		5.00	%	11/15/2019	Aa3		3,000		3,196,110
Philadelphia PA Auth Indl Dev Rev First Philadelphia Charter Ser A		5.30	%	8/15/2017	BBB-		240		204,002

See Notes to Financial Statements.
86

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Other Revenue (continued)
Rockport IN Rev MI Pwr Co Pj Ser A		6.25	%	6/2/2025	BBB	$	2,500	$	2,507,375
Twp of Baytown MN St. Croix Prep Academy Pj Ser A		6.00	%	8/1/2018	NR		1,900		1,644,260
VA Hsg Dev Auth Rev AMT Ser A-5		4.70	%	7/1/2017	AAA		2,315		2,299,235
Valparaiso IN Econ Dev Rev Valparaiso Fam YMCA		5.00	%	12/1/2012	NR		250		232,622
Willacy Cnty TX Loc Govt Corp Rev Pj Ser A-2		6.00	%	9/1/2010	NR		180		172,894
Total									45,318,482
Pre-Refunded 1.11%
IL St Toll Hwy Auth Rev Ser A-1 (FSA)		5.00	%	1/1/2026	AAA		5,000		5,791,100
Metro Transn Auth NY Transn Facs Svc Contract Ser 8 (MBIA) (IBC)		5.375	%	7/1/2021	AAA		520		599,071
Milledgeville & Baldwin Cnty Dev Auth GA College & St Univ Fndtn		5.50	%	9/1/2024	AAA		1,000		1,179,710
Total									7,569,881
Special Tax 0.82%
Goodyear AZ Pub Impt Corp Muni Facs Rev Ser A (NPFGC)		5.00	%	7/1/2022	AA-		500		504,670
Kansas City MO Tax Inc Fing Comm Tax Inc Rev Kansas City MO Maincor Pj Ser A		5.25	%	3/1/2018	NR		120		94,873
Legends Bay Cmnty Dev Dist FL Cap Impt Rev Ser B		5.50	%	5/1/2014	NR		250		165,760
Miami-Dade Cnty FL GTD (FGIC)		5.00	%	8/1/2014	AA-		1,000		1,072,790
Orange Cnty FL (AMBAC)		5.00	%	10/1/2013	A+		1,265		1,321,331
Sparks Loc Impt Dist Ltd Oblig Dist No 3		6.50	%	9/1/2020	NR		500		397,395
Sparks Tourism Impt Dist No 1 Rev Ser A†		6.50	%	6/15/2020	Ba2		2,000		1,524,300
Tempe AZ Pier Town Lake Impt Dist Ser A		5.00	%	1/1/2018	Aa3		500		556,050
Total									5,637,169
Tax Revenue 4.45%
AL Pub Sch & College Auth AL Cap Impt		5.00	%	12/1/2016	AA		3,500		4,006,730
Bay Area Infrastr Fing Auth CA St Acceleration Nts (FGIC)		5.00	%	8/1/2017	AA-		500		506,965
Dallas TX Area Rapid Transit(b)		5.00	%	12/1/2022	AAA		635		672,271
Dallas TX Area Rapid Transit(b)		5.00	%	12/1/2023	AAA		390		412,891
Dallas TX Area Rapid Transit(b)		5.00	%	12/1/2024	AAA		515		545,228
Dallas TX Area Rapid Transit(b)		5.00	%	12/1/2028	AAA		460		487,000

See Notes to Financial Statements.
87

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Tax Revenue (continued)
FL St Dept of Envr Protection Rev Ser A (FGIC)		5.00	%	7/1/2014	AA-	$	4,000	$	4,278,880
MI St Trunk Line (FGIC)		5.00	%	11/1/2012	AA+		350		384,293
New York City NY Transnl Fin Auth Rev Fiscal 2009 Ser S-1		5.00	%	7/15/2016	AA-		3,055		3,232,343
NY Loc Govt Assistance Corp Rev Ser C		5.00	%	4/1/2016	AAA		5,000		5,653,650
NY New York City Transn Fin Auth Rev Ser B		5.00	%	11/1/2016	AAA		5,000		5,594,100
TX St Transn Commn Rev First Tier		5.00	%	4/1/2017	AAA		2,365		2,708,043
Virgin Islands Pub Fin Auth Gross Rcpts Taxes Ln Nts (FGIC)		5.00	%	10/1/2018	AA-		1,000		898,160
Volusia Cnty FL Sub Lien Sales Tax (FSA)		5.00	%	10/1/2015	Aa3		1,000		1,077,430
Total									30,457,984
Tobacco 0.82%
Buckeye OH Tob Sttlmnt Asset Bkd Sr Turbo Ser A-2		5.125	%	6/1/2024	BBB		480		342,106
Golden St Tob Securitization Corp CA Asset Bkd Sr Ser A1		5.00	%	6/1/2014	BBB		2,500		2,310,275
Tob Sttlmnt Fing Auth Asset Bkd Ser A1		5.50	%	6/1/2019	AA-		1,000		1,016,620
Tob Sttlmnt Rev Mgmt Auth SC		5.00	%	6/1/2018	BBB		2,000		1,909,800
Total									5,578,801
Transportation 10.00%
Alliance Arpt Auth Inc TX Spl Facs Rev FedEx Corp Pj AMT		4.85	%	4/1/2021	BBB		3,000		2,326,380
Camino Real Regl Mobility Auth TX Pass-Thru Toll Transn Rev St Spur 601		5.25	%	8/15/2018	A		500		527,140
Clark Cnty NV Arpt Rev Sub Lien Ser A (AMBAC)		5.00	%	7/1/2016	Aa3		250		265,898
E-470 Pub Hwy Auth CO Ser D2 (MBIA)		5.00	%	9/1/2039	AA		2,000		1,969,660
FL St Tpk Auth Tpk Rev Dept Transn Ser A		5.00	%	7/1/2020	Aa2		500		537,490
GA St Road & Twy Auth Rev Fed Hwy Grant Antic Bds Ser A		5.00	%	6/1/2019	AA-		3,575		3,955,880
HI St Hwy Rev		5.00	%	1/1/2016	AA+		1,150		1,316,623
Jacksonville FL (NPFGC)		5.00	%	10/1/2016	AA-		1,370		1,518,727
KY Tpk Auth Rev Revitalization Pj Ser A		5.00	%	7/1/2019	AA+		4,040		4,378,633
MA Bay Transn Auth Rev Ref Sr Ser B		5.25	%	7/1/2019	AAA		5,000		5,752,250
Maine Tpk Auth (FSA)		5.00	%	7/1/2013	AAA		1,000		1,128,420

See Notes to Financial Statements.
88

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Transportation (continued)
Metro Transn Auth NY Ser B		5.00	%	11/15/2021	A	$	500	$	503,455
Metro WA Arpts Ser A		5.50	%	10/1/2014	AA-		3,000		3,152,040
MI St Grant Antic Bds (FSA)		5.25	%	9/15/2018	AAA		500		545,930
NJ Econ Dev Auth Rev Transn Pj Ser A		5.00	%	5/1/2019	AA-		3,000		3,165,150
NJ Econ Dev Auth Spl Fac Rev Continental Airlines Inc Pj AMT		6.625	%	9/15/2012	B		250		210,310
NJ St Transn Tr Fd Grant Antic Bds Ser A (FGIC)		5.00	%	6/15/2017	AA-		300		313,245
NJ St Transn Tr Fd Transn Sys Ser B (FGIC)		5.50	%	12/15/2020	AA-		1,000		1,091,070
North TX Twy Auth Rev Ref Sys First Tier Ser A		5.00	%	1/1/2012	A2		500		528,840
North TX Twy Auth Rev Ref Sys First Tier Ser G		5.00	%	1/1/2038	A2		2,500		2,531,800
North TX Twy Auth Rev Ser H		5.00	%	1/1/2043	A2		3,000		3,061,560
OH St Rev Ser 2008-1		5.50	%	6/15/2020	AA		4,500		5,130,270
OH St Rev Ser 2008-1		5.75	%	6/15/2019	AA		1,000		1,175,620
Oklahoma City OK Arpt Tr Ref Jr Lien 29th Ser B (AMBAC)		5.00	%	7/1/2017	A+		350		375,372
PA St Tpk Commn Rev Ser A (FSA)		5.25	%	7/15/2019	AAA		1,270		1,471,193
PA St Tpk Commn Rev Sub Ser A (AG)		5.00	%	6/1/2017	AAA		3,500		3,833,305
PA St Tpk Commn Rev Sub Ser A (AG)		5.00	%	6/1/2018	AAA		2,500		2,720,050
RI St Econ Dev Corp Rev Grant Antic Dept Transn Ser A (AG)(d)		5.25	%	6/15/2020	AAA		5,000		5,245,250
RI St Econ Dev Ser C (AG)		5.00	%	7/1/2014	AAA		1,985		2,154,162
San Francisco City & Cnty Arpts Commn CA Rev 2nd Ser A-4		6.50	%	5/1/2019	A1		2,500		2,634,750
Triborough NY Bridge & Tunnel Auth Rev Sub Ser D		5.00	%	11/15/2014	Aa3		1,000		1,115,230
TX St Transn Commn Rev First Tier		5.00	%	8/15/2042	BBB+		1,500		1,504,950
WI St Rev Ser A		5.00	%	7/1/2019	AA+		2,000		2,230,080
Total									68,370,733
Utilities 18.09%
Atlanta GA Rev Ser C (FSA)		3.15	%#	11/1/2041	AAA		600		600,000
AZ Salt River Pj Agricultural Impt & Pwr Dist Rev Ser A		5.00	%	1/1/2021	Aa1		1,000		1,079,980
Burke Cnty GA Dev Auth Pollutn Ctrl Rev GA Pwr Co Vogtle 5th Ser		4.375	%	10/1/2032	A		500		506,980
CA St Dept of Wtr Res Ser K Pwr Supply		5.00	%	5/1/2018	Aa3		4,050		4,346,055

See Notes to Financial Statements.
89

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Utilities (continued)
Cape Fear Pub Util Auth NC Wtr & Swr Sys Rev		5.00	%	8/1/2018	AA	$	1,000	$	1,131,200
Chicago IL Ref 2nd Lien (FSA)		5.00	%	11/1/2013	AAA		1,000		1,114,360
Chicago IL Rev Ser A (BHAC)		5.50	%	1/1/2020	AAA		1,250		1,440,925
Dallas TX Wtrwrks & Swr Sys Rev (AMBAC)		5.00	%	10/1/2014	AAA		1,000		1,131,990
Dist of Columbia Wtr & Swr Auth Ref Sub Lien Ser A (AG)		5.00	%	10/1/2018	AAA		1,000		1,128,040
Enrg Northwest Pj 3 Ser D		5.00	%	7/1/2016	Aaa		2,500		2,771,750
Enrg Northwest WA Elec Rev Columbia Generating Ser C		5.00	%	7/1/2024	Aaa		1,000		1,019,210
FL Muni Pwr Agy Rev Ser A		5.00	%	10/1/2016	A1		2,170		2,207,975
Fulton Cnty GA (FGIC)		5.00	%	1/1/2018	AA-		3,000		3,180,180
GA St Muni Elec Auth Rev Pj Sub Ser A		5.00	%	1/1/2014	A		1,145		1,229,261
Grand River Dam Auth Rev Ser A (BHAC)		5.00	%	6/1/2016	AAA		1,000		1,150,220
Hamilton Cnty OH Rev Ref & Impt Metro Swr Dist Ser A (MBIA)		5.00	%	12/1/2018	AA		3,410		3,623,534
Hampton Rds Santn Dist VA		5.00	%	4/1/2022	AA+		5,000		5,449,500
HI St Ser DG (AMBAC)		5.00	%	7/1/2015	AA		240		272,549
IA Fin Auth Rev Revolving Fd		5.25	%	8/1/2020	AAA		2,500		2,828,475
IL Fin Auth Rev Revolving Fd Master Tr		5.25	%	9/1/2016	AAA		5,000		5,702,450
IN Muni Pwr Agy Rev Ser B (MBIA)		5.25	%	1/1/2020	AA-		3,875		4,043,020
Indianapolis IN Loc Pub Impt Bd Bk Wtrwrks Pj Ser 2007 L (MBIA)		5.00	%	7/1/2019	AA-		500		526,745
Indianapolis IN Ser C (AG)		5.00	%	6/1/2017	AAA		3,140		3,372,486
Intermountain Pwr Agy UT Ser A		5.25	%	7/1/2020	A+		1,000		1,015,480
Lansing MI Sew Disp Sys (FGIC)		5.00	%	5/1/2014	AA-		150		169,225
Long Island Pwr Rev Ser A (FGIC)		5.00	%	12/1/2019	AA-		3,000		3,096,330
Lower CO River Auth		5.50	%	5/15/2014	A1		1,000		1,104,250
Lower CO River Auth		5.50	%	5/15/2015	A1		1,200		1,331,076
MA St Wtr Res Auth Ser B		4.00	%	8/1/2016	AA+		1,170		1,256,779
MD St Econ Dev Corp Potomac		6.20	%	9/1/2022	BBB+		1,650		1,694,121
Metro Govt Nashville & Davidson Cnty TN Wtr & Swr Rev Ser A (FSA)		5.25	%	1/1/2019	AAA		500		580,205
Miami-Dade FL Rev Ser B (FSA)		5.25	%	10/1/2018	AAA		3,000		3,188,970
MN St Muni Pwr Agy Elec Rev		5.25	%	10/1/2022	A3		250		260,605
Monroe Cnty Dev Auth GA Oglethorpe Pwr Scherer B (AMBAC)		4.625	%	1/1/2036	A		1,500		1,545,045

See Notes to Financial Statements.
90

Schedule of Investments (unaudited)(continued)

INTERMEDIATE TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Utilities (continued)
MS Business Fin Corp Ref Sys Enrg Res Inc Pj		5.90	%	5/1/2022	BBB	$	2,500	$	2,129,300
NC Eastern Muni Pwr Agy Ser A (AG)		5.00	%	1/1/2013	AAA		1,500		1,617,030
NC Muni Pwr Agy No 1 Catawba NC Catawba Elec Ser A		5.25	%	1/1/2015	A2		3,000		3,224,010
NE Pub Pwr Dist Gen Ser B (FSA)		5.00	%	1/1/2018	AAA		3,000		3,283,710
NJ Envr Infrastr Tr Rev Ser A		5.00	%	9/1/2016	AAA		2,515		2,895,645
Northern CA Pwr Agy Rev Geothermal Pj No 3 Ser A		5.00	%	7/1/2017	A1		1,000		1,051,640
Northern CA Pwr Agy Rev Geothermal Pj No 3 Ser A		5.00	%	7/1/2018	A1		600		624,288
Northwest Subn Muni Jt Action Wtr Agy IL Wtr Supply Sys Rev		5.00	%	5/1/2018	AA-		500		563,270
NY St Envr Facs Rev Fing Pg Ser A		4.375	%	10/15/2014	AAA		1,000		1,069,250
Onslow NC Wtr & Swr Auth Combined Entrprse Sys Rev Ser A (MBIA)		5.00	%	6/1/2019	AA-		500		546,435
Philadelphia PA Sch Dist Ser B (AMBAC)		5.00	%	4/1/2013	Aa3		260		276,013
Phoenix Civic Impt Corp Rev Sr Lien		5.50	%	7/1/2019	AAA		1,675		1,943,285
Piedmont SC Muni Pwr Agy SC A3		5.25	%	1/1/2019	A-		2,000		1,933,240
Pima Cnty AZ Swr Rev (FSA)		5.00	%	7/1/2014	AAA		200		222,242
Pinal Cnty Elec Dist No 4		6.00	%	12/1/2023	BBB-		525		478,957
Portland OR Ref First Lien Ser A (FSA)		5.00	%	6/15/2014	AAA		1,000		1,130,540
Puerto Rico Elec Pwr Auth Ser WW		5.25	%	7/1/2014	A3		1,500		1,502,595
Sabine River Auth TX Ref Southwestern Elec Co (MBIA)		4.95	%	3/1/2018	AA		500		499,265
Sacramento CA Muni Util Dist (FSA)(b)		5.00	%	8/15/2023	AAA		780		806,887
Sacramento CA Muni Util Dist (FSA)(b)		5.00	%	8/15/2024	AAA		620		641,371
Sacramento CA Muni Util Dist (FSA)(b)		5.00	%	8/15/2025	AAA		620		641,371
San Antonio TX Ser A		5.00	%	2/1/2018	Aa1		1,000		1,112,220
San Antonio TX Ser A		5.25	%	2/1/2020	Aa1		5,000		5,550,700
San Antonio TX Sys		5.00	%	2/1/2018	Aa1		2,740		3,047,483
SC St Pub Svc Auth Rev Santee Cooper Ser A (MBIA)		5.00	%	1/1/2016	Aa2		4,295		4,774,193
TN Enrg Acq Corp Ser A		5.25	%	9/1/2021	BBB+		2,000		1,503,960
Tuscon AZ Rev (FGIC)		5.50	%	7/1/2018	AA-		4,100		4,430,378
WA Snohomish Cnty Pub Util Dist No 1 (FSA)		5.00	%	12/1/2020	AAA		5,000		5,283,600
Western Generation Agy OR Wauna Cogeneration Pj B AMT		5.00	%	1/1/2016	NR		1,510		1,206,037

See Notes to Financial Statements.
91

Schedule of Investments (unaudited)(concluded)

INTERMEDIATE TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody's	Principal Amount (000)			Value
Utilities (continued)
WI Pub Pwr Inc Sys (FSA)		5.00	%	7/1/2016		AAA	$	2,795		$	3,187,670
WV Econ Dev Auth Rev Pollutn Ctrl Ser D		4.85	%	5/1/2019		BBB		1,000			958,500
Yuma AZ Muni Ppty Corp Util Sys Rev Sr Lien (XLCA)		5.00	%	7/1/2024		A		500			483,390
Total											123,717,446
Total Municipal Bonds (cost $666,576,519)											670,131,061
							Shares (000)
SHORT-TERM INVESTMENTS 2.05%
Money Market Mutual Fund 1.32%
Dreyfus Municipal Cash Management Plus								8,996			8,995,783
							Principal Amount (000)
Variable Rate Demand Note 0.73%
CA Infrastr & Econ Dev Bk Rev Asian Art Museum Fndtn (MBIA)(f)		7.50	%	4/1/2009		AA-	$	5,000			5,000,000
Total Short-Term Investments (cost $13,995,783)											13,995,783
Total Investments in Securities 100.05% (cost $680,572,302)											684,126,844
Liabilities in Excess of Cash and Other Assets(e) (0.05%)										(310,515)
Net Assets 100.00%										$	683,816,329
Open Futures Contracts at March 31, 2009:
Type	Expiration			Contracts		Position	Market Value			Unrealized Depreciation
U.S. 30-Year Treasury Bond		June 2009			230	Short	$	(29,831,719	)	$	(595,009	)

See Notes to Financial Statements.
92

Schedule of Investments (unaudited)

SHORT DURATION TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
MUNICIPAL BONDS 80.48%
Education 2.36%
ND St Bd of Higher Ed Rev Univ Hsg &Aux Facs		4.00	%	4/1/2012	A+	$	1,000	$	1,035,690
OH Kent St Univ Revs Fltr Gen Recpts (MBIA)		10.25	%#	5/1/2031	AA-		500		500,000
Troy Indl Dev Auth NY Rev Rensselaer Polytechnic Ser E		4.05	%	4/1/2037	A		100		101,560
Total									1,637,250
General Obligation 24.38%
AK St Muni Bond Bank Auth Rev Ser 1		5.00	%	9/1/2015	A+		100		108,544
Boston MA Ser A		5.00	%	4/1/2014	AA+		1,500		1,699,905
Cnty of King WA Tax Ser B		4.50	%	1/1/2013	AAA		80		87,118
Crawford Central Sch Dist (AG)		3.50	%	2/15/2012	Aa2		250		264,770
CT St Ser D		5.00	%	11/1/2014	AA		500		569,720
Dist of Columbia Ser E (BHAC)		5.00	%	6/1/2014	AAA		1,500		1,682,790
El Paso TX (FSA)		5.75	%	8/15/2012	AAA		500		564,750
FL St Bd of Ed Pub Ed Ser C		5.00	%	6/1/2014	AAA		250		276,503
Frisco TX Ser A (FSA)		5.00	%	2/15/2012	AAA		500		546,850
Hartford CT		5.625	%	2/1/2013	A		590		670,051
HI St Ser DG (AMBAC)		5.00	%	7/1/2012	AA		50		55,420
Madison Cnty Cmnty Unit Sch Dist No 7-Edwardsville IL Ser A (FSA)		5.00	%	12/1/2013	AAA		500		558,860
Maricopa Cnty Unif Sch Dist No 11-Peoria AZ (FSA)		5.00	%	7/1/2014	AAA		500		568,705
Mecklenburg Cnty NC Ser A COP		5.00	%	2/1/2012	AA+		250		272,678
Mobile City AL (AMBAC)		4.10	%	2/15/2011	AA-		50		52,270
MS Dev Bank Spl Oblig Rev Jackson		5.00	%	1/1/2012	AA-		75		79,982
Natomas Unif Sch Dist CA Cap Pjs Ser B COP (AMBAC)		5.00	%	2/1/2035	A		685		685,253
New York City NY Ser K (FSA)		5.00	%	8/1/2013	AAA		1,500		1,621,485
NY St Metro Transn Auth Rev Ser B (MBIA)		5.50	%	1/1/2013	AA-		75		81,924
OH St Infrastr Impt		5.35	%	8/1/2014	AA+		1,000		1,143,450
OH St Rev Mental Hlth Cap Facs Ser II-A (AMBAC)		5.00	%	8/1/2012	AA		500		555,900
Philadelphia PA Ser B (FSA)		3.50	%#	8/1/2031	AAA		2,000		2,000,000
RI St & Providence Plantations Ser A		5.00	%	7/15/2012	AA		475		526,765

See Notes to Financial Statements.
93

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
General Obligation (continued)
Socorro Indpt Sch Dist TX Ser A (PSF GTD)		5.00	%	8/15/2014	AAA	$	1,000	$	1,134,470
WA St Douglas Cnty Sch Dist No 206 Eastmont (MBIA)		5.00	%	12/1/2014	Aa1		1,000		1,131,170
Total									16,939,333
Healthcare 17.72%
CA Hlth Facs Fing Auth Rev CA Catholic Hlthcare Ser C (MBIA)		6.15	%#	7/1/2020	AA		2,000		2,000,000
Franklin Cnty Indl Dev Auth PA Rev Chambersburg Hosp (AMBAC)		3.25	%#	12/1/2024	AA		2,000		2,000,000
IL Fin Auth Rev Advocate Hlthcare Ser A-3		1.90	%#	11/1/2030	AA		1,000		1,000,000
IL Fin Auth Rev Rush Univ Med Ctr Ser A		5.00	%	11/1/2014	A-		100		101,453
IL Fin Auth Rev The Carle Fndtn Ser A (AG)		5.00	%	2/15/2012	AAA		500		522,075
IN Hlth & Edl Facs Fing Auth Rev Parkview Hlth Sys Ser A (AMBAC)		7.50	%#	11/1/2033	A+		2,000		2,000,000
IN Hlth Fac Fing Auth Rev Ascension Ser A2		3.75	%	11/15/2036	Aa1		400		392,780
IN Hlth Fac Fing Auth Rev Henry Cnty Mem Hosp Pj		3.50	%#	4/1/2022	A		115		115,000
Lexington Cnty SC		5.50	%	5/1/2032	A+		400		462,252
MA Hlth & Edl Facs Auth Rev Cap Assets Pg Ser D (MBIA)		7.50	%#	1/1/2035	Baa1		100		100,000
NC Med Care Commn Rev Univ Hlth Sys Ser E-1		5.75	%	12/1/2036	A+		1,000		1,021,600
NJ Hlthcare Facs Fing Auth Rev Somerset Med Ctr		5.50	%	7/1/2018	Ba2		50		35,995
NY St Dorm Auth Rev Mental Hlth Svcs Facs Impt		5.00	%	2/15/2014	AA-		1,000		1,061,030
SC Jobs Econ Dev Auth Rev Anmed Hlth Pj (AMBAC)		7.50	%#	2/1/2026	AA		1,500		1,500,000
Total									12,312,185
Housing 5.70%
Albany NY Indl Dev Agy Rev Univ Albany Fndtn Student Ser A (AMBAC)		6.25	%#	11/1/2032	AA		200		200,000
CA Hsg Fin Agy Rev Multi Fam Hsg Ser D		3.25	%#	2/1/2031	AA-		760		760,000
WI Hsg & Econ Dev Auth Rev Ser A		5.00	%#	4/1/2046	Aa3		2,000		2,000,000
WY St Cmnty Dev Auth Rev Sing Fam Mtg Ser A		3.50	%	12/1/2032	AA+		1,000		1,000,000
Total									3,960,000

See Notes to Financial Statements.
94

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Lease Obligations 1.82%
MI St Bldg Auth Rev Facs Pg Ser I		5.00	%	10/15/2015	A+	$	75	$	80,882
NJ Econ Dev Auth Rev Sch Facs Constr Ser W		5.00	%	9/1/2012	AA-		200		215,228
OH St Bldg Auth Rev Facs Adult Correction Ser C (MBIA)		5.00	%	10/1/2013	AA		425		470,475
Sevier Cnty Pub Bldg Auth TN Rev Loc Govt Pub Impt Ser II-C-2 (AMBAC)		3.25	%#	6/1/2034	A		500		500,000
Total									1,266,585
Other Revenue 9.03%
Babylon Indl Dev Agy NY Rev Ogden Martin Pj (FSA)		2.90	%#	1/1/2019	AAA		100		100,000
CA Muni Fin Auth Rev Wst Mgmt Inc Pj Ser A		4.90	%	2/1/2039	BBB		500		497,745
Citizens Ppty Ins Corp FL Sr Secd High Risk Acct A (MBIA)		5.00	%	3/1/2010	AA-		900		912,375
Citizens Ppty Ins Corp FL Sr Secd High Risk Acct A (MBIA)		5.00	%	3/1/2012	AA-		100		102,277
Dallas TX (AG)		5.00	%	8/15/2014	AAA		300		322,593
Indianapolis Loc Pub Impt Bond Bank Rev Ser F-2 (MBIA)		7.50	%#	2/1/2020	AA		2,000		2,000,000
New York City NY Tr Cultural Res Rev Lincoln Ctr Ser C		5.75	%	12/1/2016	A+		75		82,440
NJ Econ Dev Auth Rev Cigarette Tax (FGIC)		5.00	%	6/15/2013	BBB		75		72,728
NY St Dorm Auth Rev Personal Income Tax Ser A		5.00	%	3/15/2014	AAA		250		277,450
OH Air Quality Dev Auth Rev Pollutn First Enrg Ser B		5.25	%	3/1/2023	Baa1		500		500,155
RI Convtn Ctr Auth Rev Ser A (MBIA)		6.50	%#	5/15/2027	AA-		400		400,000
Rockport IN Rev MI Pwr Co Pj Ser A		6.25	%	6/1/2025	BBB		1,000		1,002,950
Total									6,270,713
Pre-Refunded 0.31%
UT Transit Auth Rev Ser B (FSA)		4.50	%	6/15/2033	AAA		90		101,750
Weslaco Hlth Facs Dev Corp Rev TX Knapp Med Ctr Pj		6.25	%	6/1/2032	BBB+		100		112,625
Total									214,375
Tax Revenue 0.32%
IL St		5.25	%	6/15/2012	AAA		200		222,216

See Notes to Financial Statements.
95

Schedule of Investments (unaudited)(continued)

SHORT DURATION TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Tobacco 2.88%
Tob Sttlmnt Fing Corp NJ Rev Ser 2955†		8.13	%	6/1/2034	AA+	$	2,000	$	2,000,000
Transportation 6.53%
Atlanta GA Ser RF-C-2 (MBIA)		8.00	%#	1/1/2030	AA-		2,000		2,000,000
DuPage Cnty IL (FSA)		5.00	%	1/1/2012	AAA		75		81,565
FL St Turnpike Auth Rev Ref Dept Transn Ser A		5.00	%	7/1/2012	Aa2		75		81,958
MA Bay Transn Auth Rev Sr Ser C		5.25	%	7/1/2013	AAA		75		84,739
NY St Metro Transn Auth Ser B		5.00	%	11/15/2023	A		600		631,344
Orlando & Orange Cnty FL Expressway Auth Rev Ser D (FSA)		3.00	%#	7/1/2032	AAA		750		750,000
PA Turnpike Commn Rev Ser T (FGIC)		5.50	%	12/1/2013	AA-		75		83,927
TX St Transn Commn Rev First Tier		5.00	%	4/1/2013	AAA		210		235,099
TX St Transn Commn Rev First Tier		5.00	%	8/15/2042	BBB+		500		501,650
WI St Rev Ser B (AMBAC)		5.00	%	7/1/2013	AA+		75		83,495
Total									4,533,777
Utilities 9.43%
AL St Mobile Wtr & Swr Commissioners (FGIC)		5.25	%	1/1/2012	AA-		1,000		1,076,600
Atlanta GA Rev Ser C (FSA)		3.15	%#	11/1/2041	AAA		2,500		2,500,000
Chelan Cnty Pub Util Dist No 1 WA Rev Sys Sub Ser A		5.00	%	7/1/2013	AA		1,000		1,097,510
Enrg Northwest WA Rev Pj 1 Ser A (MBIA)		5.25	%	7/1/2013	Aaa		180		200,117
Jacksonville Elec Auth FL Rev Issue 2-17th Ser		5.25	%	10/1/2013	Aa2		50		53,167
MI Muni Bond Auth Rev Clean Wtr Fd		5.50	%	10/1/2013	AAA		340		391,857
Muni Elec Auth of GA Rev 2005 Ser Y (AMBAC)		6.40	%	1/1/2013	A+		75		81,859
NC Eastern Muni Pwr Agy Rev Ser F		5.375	%	1/1/2013	BBB+		50		52,189
Seattle WA		5.00	%	4/1/2013	Aa2		1,000		1,101,280
Total									6,554,579
Total Municipal Bonds (cost $55,729,391)									55,911,013
						Shares (000)
SHORT-TERM INVESTMENTS 7.19%
Money Market Mutual Fund 1.79%
Dreyfus Municipal Cash Management Plus							1,247		1,247,022

See Notes to Financial Statements.
96

Schedule of Investments (unaudited)(concluded)

SHORT DURATION TAX FREE FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Variable Rate Demand Notes(f) 5.40%
CA Infrastr & Econ Dev Bk Rev Asian Art Museum Fndtn (MBIA)		7.50	%	4/1/2009	AA-	$	2,000	$	2,000,000
CA St Ser 2813		4.22	%	4/2/2009	A+		1,000		1,000,000
HI St Dept of Bdgt & Fin Rev Queens Hlth Sys Ser C (AMBAC)		4.50	%	4/1/2009	A+		750		750,000
Total									3,750,000
Total Short-Term Investments (cost $4,997,022)									4,997,022
Total Investments in Securities 87.67% (cost $60,726,413)									60,908,035
Cash and Other Assets in Excess of Liabilities 12.33%								8,563,587
Net Assets 100.00%								$69,471,622

See Notes to Financial Statements.
97

Schedule of Investments (unaudited)

GEORGIA TAX FREE TRUST March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
MUNICIPAL BONDS 106.91%
Corporate-Backed 3.54%
Albany-Dougherty GA Payroll Dev Auth Procter & Gamble AMT		5.20	%	5/15/2028	AA-	$	1,035	$	936,882
Fulton Cnty GA Dev Auth Loc Dist Cooling Fac Rev Sr Maxon Atlantic Station A AMT		5.125	%	3/1/2026	BBB		1,500		1,338,225
Richmond Cnty GA Dev Auth Envr Impt Rev Intl Paper Co Pj Ser A AMT		5.00	%	8/1/2030	BBB		1,000		533,080
Virgin Islands Pub Fin Auth Refinery Facs Rev Sr Secd Hovensa Refinery AMT		4.70	%	7/1/2022	BBB		2,000		1,220,360
Total									4,028,547
Education 26.36%
Americus-Sumter GA Payroll Dev Auth Rev GSW Fndtn Student Hsg Pj (CIFG)		5.00	%	6/1/2036	A2		2,285		2,037,809
Athens GA Hsg Auth Student Hsg Lease Rev Univ of GA East Campus (AMBAC)		5.00	%	12/1/2027	Aa2		2,000		2,020,500
Athens-Clarke Cnty GA Unif Govt Dev Auth Rev UGA O'Malleys Bldg LLC Pj		5.00	%	6/15/2028	Aa2		2,000		2,017,360
Athens-Clarke Cnty GA Univ Govt Dev Auth Edl Facs Rev UGA Cert Precint LLC		5.00	%	6/15/2031	Aa2		2,500		2,496,500
Athens-Clarke Cnty GA Univ Govt UGA Rev CCRC Bldg LLC Pj (AMBAC)		5.00	%	12/15/2032	A		1,050		868,424
Atlanta GA Dev Auth Edl Facs Rev Science Park LLC Pj		4.75	%	7/1/2027	A1		3,080		2,677,105
Atlanta GA Dev Auth Edl Facs Rev Science Park LLC Pj		5.25	%	7/1/2027	A1		2,000		1,871,780
Bulloch Cnty GA Dev Auth GA South Univ Pj (AMBAC)		5.00	%	8/1/2021	A1		400		412,576
Bulloch Cnty GA Dev Auth Student Hsg Rev Southn Univ Hsg Fndtn Four (AG)		5.25	%	7/1/2028	Aa2		2,465		2,528,326
Carrollton Payroll Dev Auth Rev Univ of West GA Evergreen Complex		5.25	%	7/1/2029	A2		1,175		1,135,121
Dahlonega GA Downtown Dev Auth Pkg & Rec Ctr LLC A (CIFG)		5.00	%	7/1/2032	A+		1,000		900,970
Fulton Cnty GA Dev Auth Rev GA Tech Athletic Assoc (AMBAC)		5.50	%	10/1/2017	A		1,000		1,068,130
Fulton Cnty GA Dev Auth Rev GA Tech Fndtn Sac II Pj Ser A		5.125	%	11/1/2021	AA+		750		776,212
Fulton Cnty GA Dev Auth Rev GA Tech Fndtn Sac Ser A		5.00	%	11/1/2031	AA+		1,400		1,407,476

See Notes to Financial Statements.
98

Schedule of Investments (unaudited)(continued)

GEORGIA TAX FREE TRUST March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Education (continued)
Fulton Cnty GA Dev Auth Rev Tuff Morehouse Pj Ser A (AMBAC)		5.50	%	2/1/2022	A	$	1,000	$	1,033,720
Marietta GA Dev Auth Rev Life Univ Inc Pj		7.00	%	6/15/2030	Ba3		2,000		1,540,940
Marietta GA Dev Auth Rev Ser Student Hsg SPSU Student Hsg I		5.125	%	9/15/2023	A2		1,000		804,680
Peach Cnty GA Dev Auth Student Fort Vly St Univ Fndtn Ppty (AMBAC)		5.00	%	6/1/2023	A		1,115		1,159,121
Peach Cnty GA Dev Auth Student Fort Vly St Univ Fndtn Ppty LLC (AMBAC)		5.00	%	6/1/2034	A		1,000		955,830
Private Colleges & Univs Auth GA Rev Spelman College		5.25	%	6/1/2021	Aa3		1,340		1,408,796
Richmond Cnty GA Dev Auth Student Hsg Facs Rev ASU Jaguar Student Hsg LLC (XLCA)		5.00	%	7/1/2034	A2		1,000		891,590
Total									30,012,966
General Obligation 13.17%
Barnesville-Lamar Cnty GA Indl Dev Auth Student Hsg Facs Rev Gordon College Pptys A		5.00	%	8/1/2030	A3		145		133,584
Gwinnett Cnty Sch Dist(b)		5.00	%	2/1/2028	AAA		10,000		10,441,650
Northern Mariana Islands Comwlth Ser A		5.00	%	6/1/2030	NR		2,500		1,647,150
Paulding Cnty GA Sch Dist		4.75	%	2/1/2027	AA+		1,000		1,001,880
Puerto Rico Comwlth Pub Impt Ser A		5.125	%	7/1/2031	BBB-		665		514,231
Puerto Rico Comwlth Ser A		5.375	%	7/1/2028	BBB-		1,155		953,891
Puerto Rico Comwlth UnrefundedPub Impt Ser A		5.25	%	7/1/2030	BBB-		380		304,323
Total									14,996,709
Healthcare 9.47%
Clarke Cnty GA Hosp Auth Rev Ctfs Athens Regl Med Ctr Pj (MBIA)		5.125	%	1/1/2032	AA		500		502,920
Cobb Cnty GA Hosp Auth Rev Ref &Impt Rev Antic Ctfs (AMBAC)		5.25	%	4/1/2024	AA-		1,000		1,023,020
Coffee Cnty GA Hosp Auth Rev Ref Coffee Regl Med Ctr Inc Pj		5.00	%	12/1/2026	BBB		1,010		748,208
Coffee Cnty GA Hosp Auth Rev Ref Coffee Regl Med Ctr Inc Pj		5.25	%	12/1/2022	BBB		1,000		805,940

See Notes to Financial Statements.
99

Schedule of Investments (unaudited)(continued)

GEORGIA TAX FREE TRUST March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare (continued)
Fulton Cnty GA Resdl Care Facs First Mtg Lenbrook Pj Ser A		5.00	%	7/1/2027	NR	$	1,500	$	926,295
Glynn-Brunswick Mem Hosp Auth GA Rev 2005 Antic Ctfs (MBIA)		6.00	%	8/1/2016	AA		100		99,750
Glynn-Brunswick Mem Hosp Auth GA Rev Antic Ctfs Southeast GA Ser A		5.50	%	8/1/2028	A		1,840		1,654,362
Houston Cnty GA Hosp Auth Rev Antic Ctfs Houston Hlthcare Pj		5.00	%	10/1/2038	A2		1,500		1,146,645
Houston Cnty GA Hosp Auth Rev Antic Ctfs Houston Hlthcare Pj		5.25	%	10/1/2035	A2		1,500		1,222,860
Med Ctr Hosp Auth GA Rev Spring Harbor Green Isl Pj		5.25	%	7/1/2037	NR		1,300		789,815
Puerto Rico Indl Tourist Edl & Med Envr Ctrl Fac Hosp de la Concepcion		6.50	%	11/15/2020	Aa1		410		423,903
Ware Cnty GA Hosp Auth Rev Antic Ctfs GTD (MBIA)		5.50	%	3/1/2021	Baa1		500		493,535
Wayne Cnty GA Hosp Auth Rev GTD (XLCA)		5.00	%	3/1/2023	NR		1,000		942,280
Total									10,779,533
Housing 7.06%
Albany-Dougherty GA Inner City Albany St Univ Student Hsg Ser A (XLCA)		5.00	%	7/1/2031	NR		1,000		762,520
East Point GA Hsg Auth Multi Fam Rev Hsg Laurel Ridge WA Rd Apts AMT (FNMA)		5.00	%	10/1/2032	AAA		3,500		3,248,840
GA St Hsg & Fin Auth Rev Sing Fam Mtg Ser B AMT		5.05	%	12/1/2031	AAA		1,000		856,900
GA St Hsg & Fin Auth Rev Sing Fam Sub Mtg Ser A-2 AMT		4.85	%	12/1/2037	AAA		100		80,717
GA St Hsg & Fin Auth Rev Sub Ser A-2 AMT		4.875	%	12/1/2024	AAA		100		92,688
Richmond Cnty GA Dev Auth ASU Jaguar Student Hsg LLC Ser A		5.25	%	2/1/2030	A3		2,000		1,615,360
Savannah GA Econ Dev Auth Multi Fam Hsg Rev AMT (GNMA)		5.15	%	11/20/2022	AAA		500		496,105
Tift Cnty GA Dev Auth Student Hsg Facs Rev Second ABAC LLC Pj (CIFG)		5.00	%	8/1/2037	A3		1,000		885,080
Total									8,038,210

See Notes to Financial Statements.
100

Schedule of Investments (unaudited)(continued)

GEORGIA TAX FREE TRUST March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Lease Obligations 4.97%
Assoc Cnty GA Commnrs Leasing Pj Unrefunded Bal Pub Purp Pj (AMBAC)		5.625	%	7/1/2020	A1	$	10	$	10,368
Atlanta GA Dev Auth Rev Tuff ATDC Pj Ser A		5.00	%	1/1/2035	A3		1,275		1,129,204
Atlanta GA Dev Auth Rev Tuff ATDC Pj Ser C		4.625	%	1/1/2035	A3		1,170		974,657
Fayette Cnty GA Pub Fac Auth Rev Criminal Justice Ctr Pj		5.00	%	6/1/2026	AA		1,040		1,058,169
GA Muni Assoc Inc Ctfs City Court Atlanta Pj (AMBAC)		5.25	%	12/1/2026	A		750		702,367
GA Sch Bds Assoc Inc DeKalb Cnty Pub Schs Pj (MBIA)		5.00	%	12/1/2023	AA-		1,000		1,014,070
Puerto Rico Comwlth Infrastr Fin Auth Mepsi Campus Pj Ser A		6.50	%	10/1/2037	NR		1,000		776,260
Total									5,665,095
Other Revenue 2.98%
Cobb Marietta GA Coliseum &Exhibit Hall Auth Rev (NPFGC)		5.625	%	10/1/2026	AA-		1,000		1,036,750
GA St Higher Ed Facs Auth Rev USG Real Estate Fndtn I LLC Pj (AG)		5.25	%	6/15/2019	AAA		1,735		1,845,467
George L Smith II GA World Congress Ctr Auth Rev AMT (NPFGC)		5.75	%	7/1/2015	AA-		500		506,555
Total									3,388,772
Pre-Refunded 6.74%
Assoc Cnty GA Commnrs Leasing Pj Pub Purp Pj (AMBAC)		5.625	%	7/1/2020	A1		15		16,101
Athens-Clarke Cnty GA Univ Govt Dev Auth Rev Catholic Hlth East Issue		5.50	%	11/15/2032	A1		1,000		1,147,140
Atlanta GA ETM		5.60	%	12/1/2015	A1		95		104,816
Cobb Cnty GA Kennestone Hosp Auth Rev Ctfs Ser 86 A ETM (MBIA)		Zero Coupon		8/1/2015	AA-		280		197,400
Private Colleges & Univs Auth GA Rev Mercer Univ Pj		5.75	%	10/1/2031	Baa2		500		565,980
Puerto Rico Comwlth Hwy &Transn Auth Rev Ser C		6.00	%	7/1/2029	AAA		250		269,848
Puerto Rico Comwlth Pub Impt		5.00	%	7/1/2027	AAA		370		414,981
Puerto Rico Comwlth Pub Impt Ser A		5.25	%	7/1/2030	AAA		620		735,022
Puerto Rico Comwlth Pub Impt Ser A (MBIA)		5.75	%	7/1/2026	AA-		1,240		1,312,639

See Notes to Financial Statements.
101

Schedule of Investments (unaudited)(continued)

GEORGIA TAX FREE TRUST March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Pre-Refunded (continued)
Puerto Rico Pub Impt Bldgs Govt Facs Ser D		5.25	%	7/1/2036	BBB-	$	915	$	1,011,889
Puerto Rico Pub Impt Bldgs Govt Facs Ser D		5.375	%	7/1/2033	BBB-		1,185		1,315,125
Savannah GA Econ Dev Auth Rev Sub Ser C ETM		Zero Coupon		12/1/2021	Aaa		1,000		582,810
Total									7,673,751
Special Tax 1.03%
Atlanta GA Dev Auth Rev Opportunity Pj (AMBAC)		5.00	%	12/1/2018	A		1,105		1,178,317
Tax Revenue 1.01%
Metro Atlanta Rapid Transn Auth GA Sales Tax Ser N (NPFGC) (IBC)		6.25	%	7/1/2018	AAA		465		535,736
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Ser A		5.25	%	8/1/2057	A+		750		610,950
Total									1,146,686
Tobacco 0.44%
Childrens Tr Fd Puerto Rico Tob Sttlmnt Rev Asset Bkd Bds		5.50	%	5/15/2039	BBB		750		500,535
Transportation 3.81%
Atlanta GA Arpt Fac Rev AMT (MBIA)		Zero Coupon		1/1/2010	AA		170		162,789
Atlanta GA Arpt Facs Rev Gen Ser A AMT (FSA)		5.125	%	1/1/2030	AAA		100		85,344
Augusta GA Arpt Rev Gen Passenger Fac Charge A		5.15	%	1/1/2035	Baa2		1,020		639,295
College Park GA Business Indl Dev Auth Rev Civic Ctr Pj (AMBAC)		5.25	%	9/1/2026	AA-		1,000		990,950
Macon Bibb Cnty GA Indl Auth Arpt Impt Rev Atlantic AMT (AMBAC)		5.00	%	4/1/2018	A		430		431,655
Metro Atlanta Rapid Transit Auth Ref Third Indenture Ser B (FSA)		5.00	%	7/1/2029	AAA		2,000		2,026,820
Total									4,336,853
Utilities 26.33%
Appling Cnty GA Dev Auth Pollutn Ctrl Rev GA Pwr Co Plant Hatch Pj (AMBAC)		4.40	%	7/1/2016	A		1,000		1,010,810
Atlanta GA Wtr & Wst Wtr Rev Ser A Unrefunded Bal (FGIC)		5.00	%	11/1/2029	A		2,090		1,722,536

See Notes to Financial Statements.
102

Schedule of Investments (unaudited)(concluded)

GEORGIA TAX FREE TRUST March 31, 2009

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody's	Principal Amount (000)			Value
Utilities (continued)
Augusta GA Wtr & Swr Rev (FSA)		5.00	%	10/1/2024		AAA	$	2,000		$	2,093,760
Carroll Cnty GA Wtr Auth Wtr &Swr Rev (AMBAC)		5.25	%	7/1/2021		A3		500			526,015
Cherokee Cnty GA Wtr & Swr Auth Rev Ser 2006 (FSA)		5.00	%	8/1/2031		AAA		3,000			2,979,840
Cobb Cnty GA Dev Auth Solid Wst Disp GA Wst Mgt Pj Ser A AMT		5.00	%	4/1/2033		BBB		500			355,385
DeKalb Cnty GA Wtr & Swr Rev Ser A(b)		5.00	%	10/1/2035		AA		12,540			12,569,971
Elberton GA Combined Util Sys Rev Ref & Impt (AMBAC)		5.50	%	1/1/2019		A3		550			583,699
Forsyth Cnty GA Wtr &Swr Auth Rev (FSA)		5.00	%	4/1/2019		AAA		500			547,525
Glynn Cnty GA Wtr & Swr Rev Ref & Impt (AMBAC)		5.00	%	4/1/2023		A3		750			762,195
Main Str Nat Gas Inc GA Gas Pj Ser B		5.00	%	3/15/2019		A		1,000			685,480
Monroe Cnty Dev Auth GA Oglethorpe Pwr Scherer B (AMBAC)		4.625	%	1/1/2036		A		1,500			1,545,045
Muni Elec Auth GA Combustion Turbine Pj Ser A (MBIA)		5.25	%	11/1/2022		AA-		1,445			1,477,036
Muni Elec Auth of GA Rev Gen Resolution Pjs Sub Ser A		5.25	%	1/1/2021		A		1,000			1,045,450
Walton Cnty GA Wtr & Swr Auth Walton Hard Labor Creek Pj GTD (FSA)		5.00	%	2/1/2033		AAA		2,150			2,080,082
Total											29,984,829
Total Investments in Municipal Bonds 106.91% (cost $131,187,115)											121,730,803
Liabilities in Excess of Cash and Other Assets(e) (6.91%)											(7,869,484	)
Net Assets 100.00%										$	113,861,319
Open Futures Contracts at March 31, 2009:
Type	Expiration			Contracts		Position	Market Value			Unrealized Depreciation
U.S. 30-Year Treasury Bond		June 2009			168	Short	$	(21,790,125	)	$	(559,962	)

See Notes to Financial Statements.
103

Schedule of Investments (unaudited)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
MUNICIPAL BONDS 109.30%
Corporate-Backed 11.24%
Alliance Arpt Auth Inc TX Spl Facs Rev American Airlines Inc Pj AMT		5.25	%	12/1/2029	CCC+	$	27,000	$	10,510,020
Ascension Parish LA Pollutn Ctrl Rev Ref Borden Inc Pj		10.00	%	12/1/2009	B3		16,500		4,784,835
Cnty of Nez Perce ID Potlatch Corp Pj		6.00	%	10/1/2024	BB		5,000		3,393,550
Coshocton Cnty OH Envr Rev Smurfit Stone Container†*		5.125	%	8/1/2013	D		3,100		333,250
CT St Res Recovery Auth Rev American Fuel Co Pj Ser A AMT		6.45	%	11/15/2022	BB+		3,470		2,997,386
Gulf Coast Wst Disp Auth TX Rev Ser A AMT		6.10	%	8/1/2024	BBB		1,000		683,870
Houston TX Arpt Sys Rev Spl Facs Rev Continental Airlines C AMT		6.125	%	7/15/2027	B-		3,120		1,750,476
IL Fin Auth Sports Fac Rev Leafs Hockey Club Pj Ser A		5.875	%	3/1/2027	NR		1,500		675,060
IL Fin Auth Sports Fac Rev Leafs Hockey Club Pj Ser A		6.00	%	3/1/2037	NR		1,450		652,486
IL Fin Auth Sports Fac Rev United Sports Org of Barrington Ser A†		6.125	%	10/1/2027	NR		1,475		1,116,722
IL Fin Auth Sports Fac Rev United Sports Org of Barrington Ser A†		6.25	%	10/1/2037	NR		6,525		4,708,701
Jacksonville FL Econ Dev Gerdau Ameristeel US Inc AMT		5.30	%	5/1/2037	BB+		6,400		2,883,136
LA Loc Govt Envr Fac Cmnty Dev Rev Auth		6.75	%	11/1/2032	BB+		12,500		8,099,625
MI St Strategic Fd Pollutn Ctrl Rev General Motors Corp		6.20	%	9/1/2020	C		5,000		626,500
Mohegan Tribe Indians CT Gaming Pub Impt Priority Dist†		5.125	%	1/1/2023	B+		3,350		1,579,793
Mohegan Tribe Indians CT Gaming Pub Impt Priority Dist†		5.25	%	1/1/2033	B+		1,500		600,585
New York City NY Indl Dev Agy Spl Fac Rev American Airlines JFK Intl Arpt AMT		7.625	%	8/1/2025	B-		23,300		17,071,211
New York City NY Indl Dev Agy Spl Fac Rev American Airlines JFK Intl Arpt AMT		8.00	%	8/1/2028	B-		2,000		1,493,880
New York City NY Indl Dev Agy Spl Fac Rev British Airways AMT		5.25	%	12/1/2032	Ba1		3,560		1,813,072

See Notes to Financial Statements.
104

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Corporate-Backed (continued)
NJ Econ Dev Auth Glimcher Pptys LP Pj AMT		6.00	%	11/1/2028	NR	$	5,035	$	3,242,993
NJ Econ Dev Auth Spl Fac Rev Continental Airlines Inc Pj AMT		5.50	%	4/1/2028	B3		3,955		2,054,108
NJ Econ Dev Auth Spl Fac Rev Continental Airlines Inc Pj AMT		6.25	%	9/15/2019	B		5,325		3,914,461
NJ Econ Dev Auth Spl Fac Rev Continental Airlines Inc Pj AMT		6.25	%	9/15/2029	B		6,000		3,623,640
NJ Econ Dev Auth Spl Fac Rev Continental Airlines Inc Pj AMT		6.40	%	9/15/2023	B		4,060		2,714,475
NJ Econ Dev Auth Spl Fac Rev Continental Airlines Inc Pj AMT		7.20	%	11/15/2030	B		755		497,100
OR St Econ Dev Rev Ref Georgia Pacific Corp Pj Ser 183 AMT		5.70	%	12/1/2025	B2		1,780		1,012,660
Port of Bay City Auth TX Rev Matagorda Cnty Rev HoechstCelanese Corp Pj AMT		6.50	%	5/1/2026	B+		3,340		1,952,464
Port of Corpus Christi Auth of Nueces Cnty TX Rev Bds Celanese Ser B AMT		6.70	%	11/1/2030	B+		1,500		857,460
Port of Corpus Christi Auth TX Celanese Pj Ser A		6.45	%	11/1/2030	B+		6,700		3,954,742
Richmond Cnty GA Dev Auth Envr Impt Rev Intl Paper Co Pj Ser A AMT		5.00	%	8/1/2030	BBB		3,000		1,599,240
Rockdale Cnty GA Dev Auth Visy Paper Pj Ser A AMT		6.125	%	1/1/2034	NR		2,500		1,575,175
Rumford ME Rev Bds Ref Boise Cascade Corp Pj AMT		6.875	%	10/1/2026	Ba3		1,500		757,260
Total									93,529,936
Education 5.43%
CA Statewide Cmntys Dev Auth Rev Thomas Jefferson Sch Law Ser A		7.25	%	10/1/2032	BB+		3,500		2,700,985
CA Statewide Cmntys Dev Auth Sonoma Country Day Sch COP		6.00	%	1/1/2029	NR		6,550		4,443,913
Charyl Stockwell Academy MI COP		5.90	%	10/1/2035	NR		3,000		1,968,540
CO Edl & Cultural Facs Auth Rev Indpt Sch Vail Christian High Sch†		5.50	%	6/1/2037	NR		3,500		2,212,350
Harrisburg PA Auth Univ Rev Harrisburg Univ of Science B		6.00	%	9/1/2036	NR		4,500		3,469,275
IA Higher Ed Ln Auth Rev Ref Private College Grand View		5.00	%	10/1/2031	NR		1,500		1,151,445

See Notes to Financial Statements.
105

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Education (continued)
IA Higher Ed Ln Auth Rev Ref Private College Waldorf A		5.00	%	10/1/2034	NR	$	1,000	$	670,190
IL Fin Auth Northwestern Mem Hosp Ser A(b)(d)		5.75	%	8/15/2030	AA+		5,000		4,903,750
Lee Cnty FL Indl Dev Auth Lee Charter Fndtn Ser A		5.25	%	6/15/2027	BB		3,500		2,118,445
MA Dev Fin Agy Boston Architectural College (ACA)		5.00	%	1/1/2037	NR		2,710		1,694,699
MA St Dev Fin Agy Rev Eastern Nazarene College		5.625	%	4/1/2029	BB+		1,000		675,740
Marietta GA Dev Auth Rev Life Univ Inc Pj		7.00	%	6/15/2030	Ba3		5,000		3,852,350
MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies		5.875	%	12/1/2028	Baa3		2,360		1,790,980
MI Higher Ed Facs Auth Rev Ltd Oblig Creative Studies		6.125	%	12/1/2033	Baa3		3,075		2,325,684
New York City NY Indl Dev Agy Fac Rev Vaughn College Aeronautics B		5.00	%	12/1/2031	BB+		1,510		932,002
New York City NY Indl Dev Agy Fac Rev Vaughn College Aeronautics B		5.25	%	12/1/2036	BB+		3,640		2,248,210
PA St Higher Edl Facs Auth Rev Edinboro Univ		5.75	%	7/1/2028	BBB-		855		678,844
Univ of CA(b)		5.75	%	5/15/2031	Aa1		7,000		7,287,700
Total									45,125,102
General Obligation 5.89%
CA St(d)		6.50	%	4/1/2033	A		15,000		15,776,250
Los Angeles CA Unif Sch Dist Ser D(b)		5.00	%	1/1/2034	AA-		10,460		9,850,810
Los Angeles CA Unif Sch Dist Ser F(b)		5.00	%	7/1/2029	AA-		2,000		1,883,520
New York City NY Ser H-1(b)		5.125	%	3/1/2026	AA		10,000		9,925,100
NY St Urban Dev Corp(b)		5.00	%	12/15/2025	AAA		3,730		3,808,513
NY St Urban Dev Corp(b)		5.00	%	12/15/2026	AAA		5,420		5,534,085
NY St Urban Dev Corp(b)		5.00	%	12/15/2027	AAA		2,160		2,205,466
Total									48,983,744
Healthcare 33.40%
Allegheny Cnty PA Hosp Dev Auth Rev West PA Hlth Sys Ser A		5.00	%	11/15/2028	BB		9,000		5,218,920
Alton IL St. Anthony's Hlth Ctr		6.00	%	9/1/2010	BB+		685		674,382
Alton IL St. Anthony's Hlth Ctr		6.00	%	9/1/2014	BB+		1,620		1,501,870

See Notes to Financial Statements.
106

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare (continued)
AZ Hlth Facs Auth Hlthcare Beatitudes Campus Pj		5.20	%	10/1/2037	NR	$	8,000	$	4,453,200
Bremer Cnty IA Ret Fac Rev Bartels Lutheran Ser A		5.00	%	11/15/2017	NR		1,140		910,951
Bucks Cnty PA Indl Dev Auth Ret Cmnty Ann's Choice Inc Fac Ser A		6.125	%	1/1/2025	NR		3,500		2,551,150
CA Statewide Cmntys Dev Auth Rev Daughters of Charity Hlth Ser A		5.25	%	7/1/2030	BBB		3,020		2,011,713
CA Statewide Cmntys Dev Auth Rev Vlycare Hlth Sys Ser A		5.00	%	7/15/2022	NR		2,270		1,622,868
CO Hlth Facs Auth Rev Christian Living Cmntys Pj A		5.75	%	1/1/2026	NR		1,000		705,360
CO Hlth Facs Auth Rev Christian Living Cmntys Pj A		5.75	%	1/1/2037	NR		2,055		1,301,144
CO Hlth Facs Auth Rev Hlth & Resdl Care Facs Volunteers of America Care A		5.30	%	7/1/2037	NR		1,500		822,555
Cottage Grove MN Sr Hsg Rev PHS/Cottage Grove Inc Pj B		6.00	%	12/1/2046	NR		2,325		1,626,709
Cuyahoga Cnty OH Hlthcare & Indpt Living Fac Rev Fac Eliza Jennings Sr Care Ser A		6.00	%	5/15/2037	NR		4,300		2,970,612
Cuyahoga Cnty OH Hlthcare &Indpt Living Fac Rev Fac Eliza Jennings Sr Care Ser A		6.00	%	5/15/2042	NR		2,500		1,692,750
Director St NV Dept Business & Industry Las Ventanas Ret Pj A		7.00	%	11/15/2034	NR		6,000		3,338,460
Director St NV Dept Business & Industry Las Ventanas Ret Pj B		6.00	%	11/15/2014	NR		4,105		2,560,371
Director St NV Dept Business &Industry Las Ventanas Ret Pj B		6.75	%	11/15/2023	NR		4,700		2,715,143
East Rochester NY Hsg Auth Rev Ref Sr Living Woodland Vlg Pj		5.50	%	8/1/2033	NR		1,700		1,078,956
Fulton Cnty GA Resdl Care Facs First Mtg Lenbrook Pj Ser A		5.125	%	7/1/2042	NR		8,000		4,415,760
Fulton Cnty PA Indl Dev Auth Hosp Rev Fulton Cnty Med Ctr Pj		5.875	%	7/1/2031	NR		1,500		1,048,065
HFDC Cent TX Inc Ret Fac Rev Ser A		5.625	%	11/1/2026	NR		1,850		1,203,832
HFDC Cent TX Inc Ret Fac Rev Ser A		5.75	%	11/1/2036	NR		3,750		2,223,337
Hillsborough Cnty FL Indl Dev Auth Hosp Rev Tampa Gen Hosp Pj(b)		5.25	%	10/1/2041	A3		5,000		3,722,400

See Notes to Financial Statements.
107

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare (continued)
Hillsdale MI Hosp Fin Auth Hosp Rev Hillsdale Cmnty Hlth Ctr		5.75	%	5/15/2018	BBB-	$	2,360	$	2,133,747
Holmes Cnty Hosp Corp FL Hosp Rev Doctors Mem Hosp		5.75	%	11/1/2026	NR		6,615		4,897,283
Holmes Cnty Hosp Corp FL Hosp Rev Doctors Mem Hosp		6.00	%	11/1/2038	NR		7,115		4,912,836
Huntsville-Redstone Vlg AL Spl Care Facs Fin Redstone Vlg Pj		5.50	%	1/1/2028	NR		4,500		3,045,780
IA Fin Auth Sr Hsg Rev Ref Bethany Life Cmntys Pj A		5.55	%	11/1/2041	NR		1,000		628,500
IL Fin Auth Rev Bds Edward Hosp A Rmkt (AMBAC)		6.25	%	2/1/2033	A+		500		458,210
IL Fin Auth Rev Clare at Wtr Tower Pj Ser A		5.20	%	5/15/2012	NR		1,000		858,250
IL Fin Auth Rev Clare at Wtr Tower Pj Ser A		5.30	%	5/15/2013	NR		1,000		817,730
IL Fin Auth Rev Clare at Wtr Tower Pj Ser A		6.00	%	5/15/2025	NR		4,000		2,230,040
IL Fin Auth Rev Clare at Wtr Tower Pj Ser A		6.125	%	5/15/2038	NR		5,000		2,454,250
IL Fin Auth Rev Clare at Wtr Tower Pj Ser C		5.125	%	5/15/2012	NR		5,000		4,281,500
IL Fin Auth Rev Clare Oaks Pj Ser A		6.00	%	11/15/2027	NR		8,000		5,844,560
IL Fin Auth Rev Friendship Vlg Schaumburg A		5.375	%	2/15/2025	BB-(a)		4,000		2,504,360
IL Fin Auth Rev Friendship Vlg Schaumburg A		5.625	%	2/15/2037	BB-(a)		4,000		2,289,880
IL Fin Auth Rev Kewannee Hosp Pj		5.10	%	8/15/2031	NR		1,215		788,669
IL Fin Auth Rev Landing at Plymouth Pj A		6.00	%	5/15/2025	NR		3,000		2,155,560
IL Fin Auth Rev Montgomery Place Pj Ser A		5.50	%	5/15/2026	NR		2,400		1,641,528
IL Fin Auth Rev Rush Univ Med Ctr Ser A		7.25	%	11/1/2030	A-		3,000		3,078,060
IL Fin Auth Rev Sedgebrook Inc Fac Ser A		6.00	%	11/15/2037	NR		3,750		1,936,125
IL Fin Auth Rev Sedgebrook Inc Fac Ser A		6.00	%	11/15/2042	NR		3,750		1,915,012
IL Fin Auth Rev Smith Vlg Pj Ser A		5.25	%	11/15/2016	NR		4,290		3,546,800

See Notes to Financial Statements.
108

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare (continued)
IL Fin Auth Rev Three Crowns Pk Plaza A		5.875	%	2/15/2038	NR	$	4,500	$	2,779,425
IN Hlth & Edl Fac Fin Auth Hosp Rev Cmnty Fndtn Northwest IN		5.50	%	3/1/2037	BBB		5,000		3,749,000
Iron River MI Hosp Fin Auth		6.50	%	5/15/2033	NR		3,000		2,275,440
Jacksonville FL Hlth Facs Auth Brooks Hlth Sys		5.25	%	11/1/2038	A		3,700		2,875,751
Johnson City TN Hlth & Edl Fac First Mtg Mtn Sts Hlth Ser A		5.50	%	7/1/2036	BBB+		2,800		2,074,184
Johnston Mem Hosp Auth (FHA)(FSA)(b)		5.25	%	10/1/2036	AAA		7,000		6,723,535
Knox Cnty TN Hlth Edl & Hsg Facs Baptist Hlth Sys East TN		6.375	%	4/15/2022	A1		4,215		4,264,779
Knox Cnty TN Hlth Edl & Hsg Facs Baptist Hlth Sys East TN		6.50	%	4/15/2031	A1		5,955		5,961,074
Lexington VA Indl Dev Auth Resdl Care Fac Rev Mtg Kendal at Lexington Ser A		5.50	%	1/1/2037	NR		1,750		1,129,590
Louisville & Jefferson Cnty KY Metro Govt Hlth Sys Rev Norton Hlthcare Inc(b)		5.25	%	10/1/2036	A-		23,750		18,377,988
Lubbock TX Hlth Facs Dev Corp Rev 1st Mtg Carillon Pj A		6.30	%	7/1/2019	NR		4,010		3,396,791
MA St Hlth & Edl Facs Auth Rev UMass Mem Issue Ser D		5.25	%	7/1/2025	BBB		8,560		6,815,301
MD St Hlth & Higher Edl Facs Auth Rev Washington Cnty Hosp		5.75	%	1/1/2033	BBB-		1,035		821,987
MD St Hlth & Higher Edl Facs Auth Rev Washington Cnty Hosp		6.00	%	1/1/2028	BBB-		1,280		1,091,648
Mesquite TX Hlth Facs Dev Ret Fac Christian Care		5.50	%	2/15/2025	BBB-		2,000		1,454,620
Mesquite TX Hlth Facs Dev Ret Fac Christian Care		5.625	%	2/15/2035	BBB-		1,650		1,107,447
NH Hlth & Edl Facs Auth Rev Havenwood Heritage Heights A		5.35	%	1/1/2026	NR		1,035		708,499
NH Hlth & Edl Facs Auth Rev Havenwood Heritage Heights A		5.40	%	1/1/2030	NR		750		491,055
NJ Econ Dev Auth Rev First Mtg Seashore Gardens Pj		5.30	%	11/1/2026	NR		1,250		822,637
NJ Econ Dev Auth Rev First Mtg Seashore Gardens Pj		5.375	%	11/1/2036	NR		2,605		1,577,927
NJ Hlthcare Fac Fin Auth Rev Holy Name Hosp		5.25	%	7/1/2030	Baa2		16,885		12,819,092

See Notes to Financial Statements.
109

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare (continued)
Northampton Cnty PA Gen Purp St. Luke's Hosp Pj Ser A		5.25	%	8/15/2024	BBB+	$	1,210	$	1,040,031
Northampton Cnty PA Gen Purp St. Luke's Hosp Pj Ser A		5.375	%	8/15/2028	BBB+		1,675		1,412,042
NY St Dorm Auth Orange Regl Med Ctr		6.125	%	12/1/2029	Ba1		4,250		3,254,395
OH St Higher Edl Fac Commn Rev Univ Hosp Hlth Sys Ser 2009-A		6.75	%	1/15/2039	A		5,000		4,944,050
Orange Cnty FL Hlth Facs Auth Ref Hlthcare Orlando Lutheran		5.375	%	7/1/2020	NR		1,100		797,104
Orange Cnty FL Hlth Facs Auth Ref Hlthcare Orlando Lutheran		5.70	%	7/1/2026	NR		1,920		1,278,835
Philadelphia PA Hosps & Higher Ed Facs Auth Rev Temple Univ Hosp Pj Ser A		6.625	%	11/15/2023	BBB		7,000		6,194,790
RI St Hlth & Edl Bldg Corp Rev Hosp Fin St. Joseph Hlth Svcs		5.50	%	10/1/2029	BB		15,270		9,809,753
Sarasota Cnty FL Hlth Fac Auth Rev Hlthcare Sarasota Manatee		5.75	%	7/1/2037	NR		2,565		1,687,616
Sarasota Cnty FL Hlth Fac Auth Rev Hlthcare Sarasota Manatee		5.75	%	7/1/2045	NR		6,435		4,099,932
Sayre Mem Hosp Auth OK Hosp &Sales Tax Rev		6.00	%	7/1/2037	NR		4,000		2,902,200
SC Jobs Econ Dev Auth Hlth Facs Rev First Mtg Wesley Commons		5.125	%	10/1/2026	NR		1,400		896,140
SC Jobs Econ Dev Auth Rev Anmed Hlth Pj (AMBAC)		7.50	%#	2/1/2026	AA		3,000		3,000,000
SC Jobs Econ Dev Auth Rev Woodlands At Furman Pj Ser A		6.00	%	11/15/2042	NR		4,600		2,699,050
SC Jobs Econ Dev Hosp Rev Ref &Impt Hampton Regl Med		5.25	%	11/1/2028	NR		12,000		8,336,280
St. Joseph Cnty Indl Econ Dev Rev Holy Cross Vlg Notre Dame Pj A		5.70	%	5/15/2028	NR		265		177,810
St. Joseph Cnty Indl Econ Dev Rev Holy Cross Vlg Notre Dame Pj A		6.00	%	5/15/2026	NR		250		178,560
St. Joseph Cnty Indl Econ Dev Rev Holy Cross Vlg Notre Dame Pj A		6.00	%	5/15/2038	NR		475		313,320
St. Paul MN Port Auth Lease Rev Hltheast Midway Campus 03 A		5.75	%	5/1/2025	BB		1,520		1,144,104
Sullivan Cnty TN Hlth Edl & Hsg Facs Bd Hosp Rev Wellmont Hlth Sys Pj Ser C		5.25	%	9/1/2036	BBB+		1,145		635,235

See Notes to Financial Statements.
110

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare (continued)
Sylacauga AL Hlthcare Auth Coosa Vly Med Ctr Ser A		6.00	%	8/1/2025	NR	$	3,000	$	2,264,190
Sylacauga AL Hlthcare Auth Coosa Vly Med Ctr Ser A		6.00	%	8/1/2035	NR		3,000		2,038,680
Vigo Cnty IN Hosp Auth Rev Union Hosp Inc†		5.70	%	9/1/2037	NR		8,000		5,164,160
Vigo Cnty IN Hosp Auth Rev Union Hosp Inc†		5.75	%	9/1/2042	NR		2,000		1,273,000
Western IL Econ Dev Auth Rev Carthage Mem Hosp Pj Ser B		7.00	%	6/1/2033	NR		2,890		2,340,582
Westmoreland Cnty PA Indl Dev Auth Rev Ret Cmnty Redstone A		5.75	%	1/1/2026	NR		900		630,342
WI Hlth & Edl Facs Auth Hlth Facs Three Pillars Sr Living A		5.50	%	8/15/2034	A-(a)		500		350,315
WI Hlth & Edl Facs Auth Rev Wheaton Hlthcare Ser B		5.125	%	8/15/2030	BBB+		26,150		16,639,506
Wilson Cnty KS Hosp Rev		5.60	%	9/1/2036	NR		3,530		2,502,099
WV St Hosp Fin Auth WV Thomas Hlth Sys		6.50	%	10/1/2028	NR		7,425		5,772,418
Total									277,883,497
Housing 5.20%
El Paso Cnty TX Hsg Fin Corp Multi Fam Hsg Rev Las Lomas Apts Ser A		5.60	%	12/1/2009	B3		110		109,758
El Paso Cnty TX Hsg Fin Corp Multi Fam Hsg Rev Las Lomas Apts Ser A		6.375	%	12/1/2029	B3		3,280		2,318,402
El Paso Cnty TX Hsg Fin Corp Multi Fam Hsg Rev Las Lomas Apts Ser A		6.45	%	12/1/2019	B3		1,515		1,242,633
Gaithersburg MD Econ Dev Rev Asbury MD Oblig Grp A(b)		5.125	%	1/1/2036	BBB-(a)		10,700		6,916,480
Harrisonburg VA Redev & Hsg Auth Multi Fam Hsg Rev Brooke Ridge Apts Pj Ser E AMT		6.475	%	12/1/2038	NR		12,170		9,243,237
LA Pub Facs Auth Rev Susla Facs Inc Pj Ser A†		5.75	%	7/1/2039	NR		5,100		3,462,288
LA St Gas & Fuels Tax Rev Ser A (FGIC)(b)		5.00	%	5/1/2041	AA		13,500		13,018,995
Metro Govt Nashville & Davidson Cnty TN Facs Bd Rev Multi Fam Hsg Rev Prestige A		7.50	%	12/20/2040	NR		3,955		2,669,467

See Notes to Financial Statements.
111

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Housing (continued)
Middlesex Cnty NJ Impt Auth Rev Sub Heldrich Ctr Hotel Ser B		6.125	%	1/1/2025	NR	$	2,790	$	1,644,147
Munimae TE Bond Subsidiary LLC Purp Sub Pfd Shs Ser B 3†(c)		5.90	%	9/30/2015	NR		2,000		1,007,500
MuniMae TE Bond Subsidiary LLC Purp Sub Pfd Shs Ser D†(c)		5.30	%	9/30/2015	NR		2,000		1,301,120
Stillwater MN Multi Fam Rev Hsg Orleans Homes LP Pj AMT		5.50	%	2/1/2042	NR		500		313,130
Total									43,247,157
Other Revenue 19.11%
AK Indl Dev & Expt Auth Sports Facs Rev Anchorage Sportsplex Pj Ser A		6.15	%	8/1/2031	NR		3,285		2,287,871
Baker FL Correctional Dev 1st Mtg Rev Detention Ctr Pj		7.50	%	2/1/2030	NR		8,300		6,778,278
Baltimore MD Convtn Ctr Hotel Rev Sub Ser B		5.875	%	9/1/2039	Ba1		5,500		2,695,605
Beauregard Parish LA Rev Ref Boise Cascade Corp Pj		6.80	%	2/1/2027	Ba3		4,750		2,446,630
CA Muni Fin Auth High Tech High Chula Vista B†		6.125	%	7/1/2038	BB+(a)		1,250		925,912
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.15	%	7/1/2030	NR		1,640		1,087,156
CA Statewide Cmntys Dev Auth Huntington Pk Charter Sch Pj A		5.25	%	7/1/2042	NR		1,500		933,525
CA Statewide Cmntys Dev Auth Rev Windrush Sch		5.50	%	7/1/2037	NR		1,000		658,530
Charyl Stockwell Academy MI COP		5.75	%	10/1/2025	NR		4,130		2,951,670
Chester Cnty PA Indl Dev Auth Rev Renaissance Academy Pj A		5.625	%	10/1/2015	NR		1,870		1,649,246
CO Edl & Cultural Facs Auth CO New Vision Charter Pj Sch†		6.75	%	4/1/2040	NR		930		718,100
CO Edl & Cultural Facs Auth Rev Charter Sch Cmnty Leadership		6.50	%	7/1/2038	NR		1,065		781,391
Conner Creek Academy East MI Pub Sch Academy Rev		5.25	%	11/1/2036	BB+		1,000		626,270
Denver CO Convtn Ctr Hotel Auth Rev Sr (XLCA)		5.00	%	12/1/2035	BBB-		3,000		1,973,880
Detroit Cmnty High Sch MI Pub Sch Academy Rev		5.65	%	11/1/2025	BB		1,000		701,570

See Notes to Financial Statements.
112

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Other Revenue (continued)
Detroit Cmnty High Sch MI Pub Sch Academy Rev		5.75	%	11/1/2030	BB	$	1,255	$	834,726
Doctor Charles Drew Academy MI COP		5.70	%	11/1/2036	NR		1,665		993,406
FL Dev Fin Corp Rev Palm Bay Academy Inc Pj A		6.00	%	5/15/2036	BB-		2,000		1,369,160
FL Dev Fin Corp Rev Palm Bay Academy Inc Pj A		6.125	%	5/15/2037	BB-		1,855		1,285,571
IA Fin Auth Child Svcs		5.375	%	6/1/2026	NR		1,795		1,177,197
IAH Pub Fac Corp Pj Rev		6.00	%	5/1/2016	NR		965		833,934
IAH Pub Fac Corp Pj Rev		6.00	%	5/1/2021	NR		2,000		1,564,620
IAH Pub Fac Corp Pj Rev		6.125	%	5/1/2026	NR		1,500		1,112,595
Kansas City MO Indl Dev Auth Allen Vlg Sch Pj Ser A†		6.125	%	8/1/2026	NR		1,550		1,178,945
Kansas City MO Indl Dev Auth Allen Vlg Sch Pj Ser A†		6.25	%	8/1/2036	NR		2,815		2,003,998
Kansas City MO Indl Dev Auth Derrick Thomas Ser A†		5.875	%	1/1/2037	NR		6,570		4,490,923
LA Gas & Fuel St TR II-R ROCS-RR-II-R-659 (FGIC)		1.08	%#	5/1/2041	Aa3		6,750		6,750,000
La Vernia Higher Ed Fin Corp Rev Bd Ser A		7.125	%	2/15/2038	NR		5,015		3,826,946
La Vernia TX Higher Ed Fin Corp Ed Rev Amigos Por Vida Friends Life		6.25	%	2/15/2026	NR		1,000		769,230
La Vernia TX Higher Ed Fin Corp Ed Rev Amigos Por Vida Friends Life		6.375	%	2/15/2037	NR		1,000		722,410
Lee Cnty FL Indl Dev Auth Indl Dev Rev Lee Charter Fndtn Ser A		5.375	%	6/15/2037	BB		3,500		1,963,780
Lombard Pub Facs Corp Rev Bds First Tier Ser A 1		7.125	%	1/1/2036	NR		8,500		5,870,950
Madison Cnty FL Rev First Mtg Twin Oaks Pj Ser A		6.00	%	7/1/2025	NR		1,185		859,563
Maverick Cnty TX Pub Fac Corp Pj Ser A-1		6.25	%	2/1/2024	NR		4,810		3,638,428
Maverick Cnty TX Pub Fac Corp Pj Ser A-1		6.375	%	2/1/2029	NR		1,560		1,132,404
MD St Econ Dev Corp Rev Sr Lien Pj Chesapeake Bay A		5.00	%	12/1/2031	NR		10,000		5,203,800
MD St Econ Dev Corp Rev Sr Lien Pj Chesapeake Bay B		5.25	%	12/1/2031	NR		1,000		541,620
MD St Hlth & Higher Edl Facs Auth Rev Washington Christian Academy		5.25	%	7/1/2018	NR		250		196,213

See Notes to Financial Statements.
113

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Other Revenue (continued)
MD St Hlth & Higher Edl Facs Auth Rev Washington Christian Academy		5.50	%	7/1/2038	NR	$	2,300	$	1,382,093
MI Pub Edl Facs Auth Rev Ltd Oblig Bradford Academy†		6.50	%	9/1/2037	BBB-		5,000		3,700,650
MI Pub Edl Facs Auth Rev Ltd Oblig Crescent		7.00	%	10/1/2036	NR		745		584,900
MI Pub Edl Facs Auth Rev Ltd Oblig David Ellis West Pj		5.875	%	6/1/2037	NR		3,390		2,276,283
MI Pub Edl Facs Auth Rev Ltd Oblig Old Redford Pj Ser A		5.875	%	12/1/2030	BBB-		3,720		2,663,371
Middlesex Cnty NJ Impt Auth Sub Heldrich Ctr Hotel Ser B		6.25	%	1/1/2037	NR		5,755		3,031,274
Milwaukee WI Redev Auth Rev Academy of Learning Ser A		5.65	%	8/1/2037	NR		1,000		666,420
Mohave Cnty AZ Indl Dev Auth Rev Mohave Prison LLC Expansion Pj		8.00	%	5/1/2025	BBB+		8,000		8,423,120
NJ Econ Dev Auth Rev		5.625	%	6/15/2019	BBB		4,150		3,577,590
NJ St Econ Dev Auth Rev Cigarette Tax		5.50	%	6/15/2024	BBB		3,185		2,443,245
NY St Urban Dev Corp Rev Personal Income Tax Ser A-1(b)		5.00	%	12/15/2028	AAA		6,000		6,031,620
Otero Cnty NM Jail Pj		5.75	%	4/1/2018	NR		1,925		1,559,096
Otero Cnty NM Jail Pj		6.00	%	4/1/2023	NR		1,350		1,021,599
Otero Cnty NM Jail Pj		6.00	%	4/1/2028	NR		1,900		1,350,938
Palm Bay FL Edl Facs Rev Patriot Charter Sch Pj Ser A		6.75	%	7/1/2022	NR		1,460		1,096,387
Palm Bay FL Edl Facs Rev Patriot Charter Sch Pj Ser A		7.00	%	7/1/2036	NR		5,000		3,428,300
Palm Beach Cnty FL Rev G Star Sch of Arts Ser A		6.75	%	5/15/2035	BB		2,455		1,914,532
Pima Cnty AZ Indl Dev Auth Edl Rev American Charter Schs Fdtn A		5.625	%	7/1/2038	BBB(a)		9,000		6,129,720
Pima Cnty AZ Indl Dev Auth Edl Rev Ref Horizon Cmnty Learning Ctr		5.25	%	6/1/2035	BBB		10,000		6,526,500
Pima Cnty AZ Indl Dev Auth Edl Rev Ref Paradise Ed Ctr Pj		5.875	%	6/1/2022	BB		250		194,598
Pima Cnty AZ Indl Dev Auth Edl Rev Ref Paradise Ed Ctr Pj		6.00	%	6/1/2036	BB		1,800		1,230,678
Plymouth MI Edl Ctr Charter Sch Pub Sch Academy Rev		5.375	%	11/1/2030	BBB-		1,500		1,008,195
Provo UT Charter Sch Rev Freedom Academy Fndtn		5.50	%	6/15/2037	NR		3,000		1,836,390

See Notes to Financial Statements.
114

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Other Revenue (continued)
Red River Auth TX Pollutn Ctrl Celanese Pj Ser A		6.45	%	11/1/2030	B+	$	2,495	$	1,472,699
Rivers Auth Inc Mont Pj Rev Sr Lien*		7.375	%	11/1/2027	NR		2,615		1,087,239
San Luis AZ Fac Dev Corp Rev Sr Lien Pj Regl Detention Ctr		7.00	%	5/1/2020	NR		1,000		861,540
San Luis AZ Fac Dev Corp Rev Sr Lien Pj Regl Detention Ctr		7.25	%	5/1/2027	NR		1,200		995,556
Spanish Fork City UT Charter Sch Rev American Leadership Academy†		5.55	%	11/15/2021	NR		1,160		865,209
Spanish Fork City UT Charter Sch Rev American Leadership Academy†		5.55	%	11/15/2026	NR		800		542,888
Spanish Fork City UT Charter Sch Rev American Leadership Academy†		5.70	%	11/15/2036	NR		1,750		1,103,725
Star Intl Academy MI COP		6.125	%	3/1/2037	BB+		1,460		1,008,276
Summit Academy MI Pub Sch Academy Rev		6.375	%	11/1/2035	BB+		3,795		2,830,463
Sweetwater Cnty WY Solid Wst Disp Ref FMC Corp Pj AMT		5.60	%	12/1/2035	BBB		2,500		1,739,425
Twp of Baytown MN Rev St. Croix Prep Academy Ser A		6.75	%	8/1/2028	NR		1,000		796,200
Twp of Baytown MN Rev St. Croix Prep Academy Ser A		7.00	%	8/1/2038	NR		1,500		1,165,470
TX St Pub Fin Auth Charter Sch Fin Corp Rev Cosmos Fndtn Ser A		5.375	%	2/15/2037	NR		2,870		1,715,456
UT Cnty UT Charter Sch Rev Lakeview Academy Ser A		5.625	%	7/15/2037	NR		1,000		669,890
UT Cnty UT Charter Sch Rev Lincoln Academy Ser A†		5.875	%	6/15/2037	NR		1,750		1,213,957
UT St Charter Sch Fin Auth Rev Noah Webster Academy Ser A		6.50	%	6/15/2038	NR		500		363,785
West Vly City UT Charter Sch Rev Monticello Academy†		6.375	%	6/1/2037	NR		4,200		2,961,798
Total									159,007,128
Special Tax 8.07%
Allegheny Cnty PA Redev Auth Rev Pittsburgh Mills Pj		5.60	%	7/1/2023	NR		500		369,460
Altoona IA Tax Alloc Annual Appropriation		5.75	%	6/1/2031	BBB+		1,000		869,270
Amelia Walk Cmnty Dev Dist FL Spl Assmnt Ser A		5.50	%	5/1/2037	NR		980		552,093

See Notes to Financial Statements.
115

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Special Tax (continued)
Arborwood Cmnty Dev Dist FL Cap Impt Rev Master Infrastr Pj A		5.35	%	5/1/2036	NR	$	6,785	$	3,783,994
Arborwood Cmnty Dev Dist FL Centex Homes Pj Ser A 1		5.50	%	5/1/2036	NR		2,825		1,614,290
Arborwood Cmnty Dev Dist FL Centex Homes Pj Ser A 2		5.10	%	5/1/2016	NR		3,665		2,742,996
Atlanta GA Tax Alloc Eastside Pj Ser A AMT		5.625	%	1/1/2016	NR		1,335		1,227,799
Atlanta GA Tax Alloc Princeton Lakes Pj		5.50	%	1/1/2031	NR		1,045		699,105
Aurora City IL Tax Alloc East River Area No 6 Ser A		6.75	%	12/30/2027	NR		1,650		1,224,993
Aurora City IL Tax Alloc River City No 3 Ser B		6.50	%	12/30/2023	NR		2,000		1,528,820
Baltimore MD Spl Oblig Ser A		7.00	%	9/1/2038	NR		6,000		4,750,920
Branson MO Indl Dev Auth Tax Rev Branson Landing Retail Pj		5.50	%	6/1/2029	NR		6,220		3,871,328
Cap Reg Cmnty Dev Dist Spl Assmnt Cap Impt Ser A		7.00	%	5/1/2039	NR		1,500		1,054,905
Crosscreek Cmnty Dev Dist FL Spl Assmnt Rev A		5.60	%	5/1/2039	NR		1,750		881,318
Crosscreek Cmnty Dev Dist FL Spl Assmnt Rev B		5.50	%	5/1/2017	NR		1,490		679,440
Cypress Creek Hillsborough Cnty Cmnty Dev Dist FL Cap		5.35	%	5/1/2037	NR		6,800		3,502,748
Dardenne Town Square Transn Dev Dist MO Sales Tax Ser A		5.00	%	5/1/2036	NR		3,110		1,559,198
Durbin Crossing Cmnty Dev Dist FL Spl Assmnt Ser A		5.50	%	5/1/2037	NR		5,800		3,184,200
East Homestead Cmnty Dev Dist FL Spl Assmnt Rev Ser B		5.00	%	5/1/2011	NR		915		653,447
Grandview MO Indl Dev Auth Tax Inc Grandview Crossing Pj 1		5.75	%	12/1/2028	NR		1,000		492,230
Henderson NV Loc Impt Dists No T18		5.25	%	9/1/2026	NR		8,155		3,658,333
Henderson NV Loc Impt Dists No T18		5.30	%	9/1/2035	NR		2,500		1,119,700
IA Fin Auth Child Svcs		5.50	%	6/1/2031	NR		4,260		2,665,056
Lake Elsinore CA Unif Sch Cmnty Dist Spl Tax No 2004-03		5.25	%	9/1/2029	NR		1,650		945,004
Legends Bay Cmnty Dev Dist FL Corp Impt Rev Ser A		5.875	%	5/1/2038	NR		1,000		559,420
Magnolia West Cmnty Dev Dist FL Spl Assmnt		5.35	%	5/1/2037	NR		3,890		2,110,364

See Notes to Financial Statements.
116

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Special Tax (continued)
Mariposa East Pub Impt Dist NM		5.75	%	9/1/2021	NR	$	350	$	250,828
Mariposa East Pub Impt Dist NM		6.00	%	9/1/2032	NR		1,000		633,760
Mediterranea Cmnty Dev Dist FL Spl Assmnt Ser A		5.60	%	5/1/2037	NR		1,480		827,409
Millsboro DE Spl Oblig Plantation Lakes Spl Dev Ser A		5.45	%	7/1/2036	NR		5,000		2,814,250
Orange Grove Cmnty Dev Dist LA Spl Assmnt		5.30	%	11/1/2021	NR		1,760		1,176,032
Panther Trace II FL Cmnty Dev Dist Rev Spl Assmnt Ser A		5.60	%	5/1/2035	NR		1,735		1,055,869
Pine Ridge Plantation Cmnty Dev Dist FL Cap Impt Rev Ser B		5.00	%	5/1/2011	NR		970		602,836
Shingle Creek Cmnty Dev Dist FL Cap Impt Rev		6.10	%	5/1/2025	NR		4,990		3,158,670
Sparks Loc Impt Dist Ltd Oblig Dist No 3		6.75	%	9/1/2027	NR		1,000		732,090
Stone Canyon Cmnty Impt Dist MO Pub Infrastr Impt Pj		5.70	%	4/1/2022	NR		1,485		1,064,448
Tern Bay Cmnty Dev Dist FL Cap Impt Rev Ser A*		5.375	%	5/1/2037	NR		12,950		5,180,000
Tracy CA Cmnty Facs Dist No 1 Spl Tax NEI Phase II		5.70	%	9/1/2026	NR		920		697,526
Whispering Spr Dev Dist LA Spl Assmnt		5.20	%	10/1/2021	NR		2,290		1,330,192
Whiting IN Redev Dist Tax Inc Rev Standard Ave Pj		5.35	%	1/15/2027	NR		2,055		1,312,837
Total									67,137,178
Tax Revenue 2.64%
Southwestern IL Dev Auth Rev Loc Govt Pg Collinsville Ltd		5.35	%	3/1/2031	NR		1,000		631,170
Sparks Tourism Impt Dist No 1 Sr Sales Tax Antic Ser A†		6.75	%	6/15/2028	Ba2		7,000		4,783,940
UT Transit Auth(b)		5.00	%	6/15/2028	AAA		16,235		16,547,706
Total									21,962,816
Tobacco 1.77%
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.875	%	6/1/2030	BBB		6,690		4,190,817
Buckeye OH Tob Sttlmnt Fing Auth Asset Bkd Sr Turbo Ser A-2		5.875	%	6/1/2047	BBB		19,180		10,537,300
Total									14,728,117

See Notes to Financial Statements.
117

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Transportation 4.41%
Augusta GA Arpt Rev Gen Arpt Passenger B AMT		5.35	%	1/1/2028	Baa2	$	350	$	237,157
Augusta GA Arpt Rev Gen Ser C AMT		5.45	%	1/1/2031	Baa2		2,410		1,590,865
Dallas-Fort Worth TX Intl Arpt Fac Impt Corp Rev A Sub Ser 2 AMT		9.00	%	5/1/2029	CCC+		7,500		4,585,050
Dallas-Fort Worth TX Intl Arpt Fac Impt Corp Rev A Sub Ser 3 AMT		9.125	%	5/1/2029	CCC+		1,500		838,920
Director St NV Dept Business &Industry Las Vegas Monorail Pj Secd Tier		7.25	%	1/1/2023	NR		5,000		350,000
Director St NV Dept Business &Industry Las Vegas Monorail Pj Secd Tier		7.375	%	1/1/2030	NR		5,000		350,000
Greater Orlando Aviation Auth Orlando FL Spl Arpt Facs JetBlue Airways Corp AMT		6.375	%	11/15/2026	NR		2,305		1,420,687
Greater Orlando Aviation AuthOrlando FL Spl Arpt Facs JetBlue Airways Corp AMT		6.50	%	11/15/2036	NR		5,000		2,924,400
Metro WA Arpts Auth AMT(b)		5.00	%	10/1/2022	AA-		3,250		3,042,146
Metro WA Arpts Auth AMT(b)		5.25	%	10/1/2027	AA-		4,540		4,249,644
Metro WA Arpts Auth AMT(b)		5.375	%	10/1/2028	AA-		2,500		2,340,113
NJ Econ Dev Auth Spl Fac Rev Continental Airlines Inc Pj AMT		6.625	%	9/15/2012	B		2,760		2,321,822
North TX Twy Auth Rev Toll 2nd Tier Ser F		5.75	%	1/1/2033	A3		4,200		3,793,314
Phoenix AZ Indl Dev Auth Arpt Fac Rev America West Airlines Inc Pj AMT		6.25	%	6/1/2019	Caa3		1,955		1,394,814
Santa Rosa Bay Bridge Auth FL Rev		6.25	%	7/1/2028	B3		4,835		3,107,648
Santa Rosa Bay Bridge Auth FL Rev Cap Apprec		Zero Coupon		7/1/2017	B3		2,800		938,336
St. Paul MN Port Auth Lease Rev Hltheast Midway Campus 03 A		5.875	%	5/1/2030	BB		1,000		709,160
Susquehanna Area Regl Arpt Auth PA Ser A AMT		6.50	%	1/1/2038	Baa3		3,500		2,440,410
Total									36,634,486

See Notes to Financial Statements.
118

Schedule of Investments (unaudited)(continued)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Utilities 12.14%
AZ Salt River Pj Agricultural Impt &Pwr Dist Elec Sys Rev Ser A(b)		5.00	%	1/1/2032	Aa1	$	17,700	$	17,183,691
Brazos River Auth TX Pollutn Ctrl Rev TXU Enrg Co LLC Pj AMT		5.00	%	3/1/2041	Caa1		6,000		2,315,520
City of San Antonio TX Elec &Gas Ser A(b)		5.25	%	2/1/2029	Aa1		19,375		19,697,657
City of San Antonio TX Elec &Gas Ser A(b)		5.25	%	2/1/2031	Aa1		6,270		6,374,416
Clark Cnty NV Rev Pwr Co Pj Ser C		5.50	%	10/1/2030	BB+		4,215		3,155,644
CT St Dev Auth Solid Wst Disp Facs Rev PSEG Pwr LLC Pj Ser A AMT		5.75	%	11/1/2037	Baa1		2,250		1,726,965
Detroit MI Rev 2nd Lien Ser B Rmkt (FSA)		7.00	%	7/1/2036	AAA		4,535		4,863,425
IA Fin Auth Child Svcs		5.55	%	6/1/2036	NR		5,960		3,596,383
Maricopa Cnty Pollutn Ctrl Corp AZ Rev El Paso Elec Co Pj Ser A		7.25	%	2/1/2040	BBB		3,000		3,031,020
MD St Econ Dev Corp Potomac		6.20	%	9/1/2022	BBB+		1,650		1,694,121
Moraine OH Solid Wst Disp Rev General Motors Corp Pj AMT		6.75	%	7/1/2014	C		525		60,559
New York City NY Muni Wtr Fin Auth Wtr & Swr Rev Ser CC(b)		5.00	%	6/15/2029	AA+		11,000		11,002,310
New York City NY Muni Wtr Fin Auth Wtr & Swr Rev Ser CC(b)		5.125	%	6/15/2030	AA+		1,000		1,000,210
Niagara Cnty NY Indl Dev Agy Solid Wst Disp Ser B AMT		5.55	%	11/15/2024	Baa2		750		704,287
OH St Pollutn Ctrl Rev Ref General Motors Corp Pj		5.625	%	3/1/2015	C		2,965		371,515
Pima Cnty AZ Indl Dev Auth Wtr &Swr Global Wtr Res LLC Pj AMT		5.60	%	12/1/2022	NR		2,000		1,332,760
Pima Cnty AZ Indl Dev Auth Wtr &Swr Global Wtr Res LLC Pj AMT		5.75	%	12/1/2032	NR		5,000		2,868,800
Pima Cnty AZ Indl Dev Auth Wtr &Wst Wtr Rev Global Wtr Res LLC Pj AMT		6.55	%	12/1/2037	NR		7,000		4,826,920
Pinal Cnty AZ Elec Dist No 4		6.00	%	12/1/2038	BBB-		1,150		901,853
Sabine River Auth TX Pollutn Ctrl Rev Ref TXU Elec Co Pj Ser B AMT		5.75	%	5/1/2030	CCC		5,040		3,250,800
TN Enrg Acq Corp Ser A		5.25	%	9/1/2021	BBB+		900		676,782
TN Enrg Acq Corp Ser A		5.25	%	9/1/2026	BBB+		5,100		3,575,355
TN Enrg Acq Corp Ser C		5.00	%	2/1/2025	A		5,005		3,463,960

See Notes to Financial Statements.
119

Schedule of Investments (unaudited)(concluded)

HIGH YIELD MUNICIPAL BOND FUND March 31, 2009

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody's	Principal Amount (000)			Value
Utilities (continued)
TX Muni Gas Acq & Supply Corp Rev Sr Lien Ser D		6.25	%	12/15/2026		A	$	2,300		$	1,557,054
Western Generation Agy OR Wauna Cogeneration Pj B AMT		5.00	%	1/1/2016		NR		1,500			1,198,050
Western Generation Agy OR Wauna Cogeneration Pj C		5.00	%	1/1/2021		NR		790			589,861
Total											101,019,918
Total Municipal Bonds (cost $1,271,405,573)											909,259,079
							Shares (000)
SHORT-TERM INVESTMENTS 1.83%
Money Market Mutual Funds 0.87%
Dreyfus Municipal Cash Management Plus								7,243			7,242,552
SSgA Tax Free Money Market Fund								3			2,888
Total											7,245,440
							Principal Amount (000)
Variable Rate Demand Note 0.96%
CA Infrastr & Econ Dev Bk Rev Asian Art Museum Fndtn (MBIA)(f)		7.50	%	4/1/2009		AA-	$	8,000			8,000,000
Total Short-Term Investments (cost $15,245,440)											15,245,440
Total Investments in Securities 111.13% (cost $1,286,651,013)											924,504,519
Liabilities in Excess of Cash and Other Assets(e) (11.13%)											(92,598,514	)
Net Assets 100.00%										$	831,906,005
Open Futures Contracts at March 31, 2009:
Type	Expiration			Contracts		Position	Market Value			Unrealized Depreciation
U.S. 30-Year Treasury Bond		June 2009			818	Short	$	(106,097,156	)	$	(2,712,400	)

See Notes to Financial Statements.
120

Schedule of Investments (unaudited)

PENNSYLVANIA TAX FREE TRUST March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
MUNICIPAL BONDS 96.22%
Corporate-Backed 3.34%
Allegheny Cnty PA Indl Dev Auth Rev Envr Impt USX Pj		6.10	%	7/15/2020	BBB+	$	1,000	$	942,340
PA Econ Dev Fing Auth Rev USG Corp Pj AMT		6.00	%	6/1/2031	B+		1,000		424,310
York Cnty PA Indl Dev Auth Pollutn Ctrl Rev Svc Elec & Gas Ser A (MBIA)		6.45	%	10/1/2019	AA-		1,475		1,476,047
Total									2,842,697
Education 18.40%
Allegheny Cnty Higher Ed Bldg Auth PA Duquesne Univ		5.00	%	3/1/2028	A2		1,515		1,462,823
Harrisburg PA Auth Univ Rev Harrisburg Univ of Science A		5.40	%	9/1/2016	NR		115		109,004
Harrisburg PA Auth Univ Rev Harrisburg Univ of Science B		6.00	%	9/1/2036	NR		1,000		770,950
Lehigh Cnty PA Gen Purp Auth Rev DeSales Univ Pj (RADIAN)		5.125	%	12/15/2023	BBB+		1,000		824,650
New Wilmington PA Muni Auth Rev Westminster College Pj GG4 (RADIAN)		5.125	%	5/1/2033	BBB+		1,000		727,460
PA St Higher Edl Facs Auth College &Univ Revs Moravian College Pj (RADIAN)		5.375	%	7/1/2031	BBB+		1,000		882,410
PA St Higher Edl Facs Auth College & Univ Revs Univ of the Arts (RADIAN)		5.625	%	3/15/2025	BBB+		1,000		987,030
PA St Higher Edl Facs Auth College &Univ Revs Univ of the Arts (RADIAN)		5.75	%	3/15/2030	BBB+		500		472,670
PA St Higher Edl Facs Auth Rev Assn Indpt Colleges & Univ GG5 Gwynedd Mercy (RADIAN)		5.125	%	5/1/2032	BBB+		1,020		762,266
PA St Higher Edl Facs Auth Rev Drexel Univ Ser A		5.20	%	5/1/2032	A+		600		560,268
PA St Higher Edl Facs Auth Rev Edinboro Univ		5.75	%	7/1/2028	BBB-		1,000		793,970
PA St Higher Edl Facs Auth Rev Philadelphia Univ		5.00	%	6/1/2030	BBB		1,530		1,090,615
PA St Higher Edl Facs Auth Rev York College PA Pj Ser EE 1 (XLCA)		5.00	%	11/1/2033	A		1,000		931,770
PA St Univ Ser A		5.00	%	8/15/2029	AA		1,000		1,016,410
Philadelphia PA Auth Indl Dev Rev Ed Cmnty Fgn Med Grads (MBIA)		5.00	%	6/1/2015	AA-		250		249,965

See Notes to Financial Statements.
121

Schedule of Investments (unaudited)(continued)

PENNSYLVANIA TAX FREE TRUST March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Education (continued)
Snyder Cnty PA Higher Ed Auth Rev Susquehanna Univ Pj		5.00	%	1/1/2029	A2	$	1,300	$	1,249,430
St Pub Sch Bldg Auth PA College Rev (AMBAC)		Zero Coupon		7/15/2014	A		295		252,449
St Pub Sch Bldg Auth PA College Rev (AMBAC)		Zero Coupon		7/15/2015	A		295		241,056
St Pub Sch Bldg Auth PA College Rev (AMBAC)		Zero Coupon		7/15/2016	A		295		229,124
St Pub Sch Bldg Auth PA College Rev Delaware Cnty Cmnty College Pj (FSA)		5.00	%	10/1/2029	Aa3		675		679,860
St Pub Sch Bldg Auth PA Sch Jefferson Cnty Dubois Tech Sch (FGIC)		5.00	%	2/1/2029	AA-		1,000		999,930
Wilkes-Barre PA Fin Auth Wilkes Univ Pj		5.00	%	3/1/2037	BBB		570		373,795
Total									15,667,905
General Obligation 20.77%
Allentown PA Sch Dist Ser A		5.00	%	2/15/2023	A		1,000		1,040,620
Bucks Cnty PA		5.25	%	5/1/2023	AA+		1,000		1,110,380
Centennial Sch Dist Bucks Cnty Ser B (FSA)		5.25	%	12/15/2027	AAA		1,180		1,209,665
Delaware Vly PA Regl Fin Auth Loc Govt Rev Ser C (AMBAC)		7.75	%	7/1/2027	Aa2		1,000		1,231,820
Gateway PA Sch Dist Allegheny (FSA)		5.00	%	7/15/2027	Aa3		4,280		4,361,063
Luzerne Cnty PA Ser B (FSA)		5.00	%	12/15/2027	AAA		1,500		1,508,295
Montgomery Cnty PA		5.00	%	9/15/2022	Aaa		550		567,369
Northern Mariana Islands Comwlth Ser B		5.00	%	10/1/2033	NR		1,690		1,081,009
Philadelphia PA Ser A (FSA)		5.25	%	12/15/2027	AAA		2,500		2,501,675
Puerto Rico Comwlth Ser A		5.375	%	7/1/2028	BBB-		1,825		1,507,231
West Mifflin Area Sch Dist PA (FSA)		5.375	%	4/1/2028	AAA		1,500		1,562,820
Total									17,681,947
Healthcare 12.78%
Allegheny Cnty PA Hosp Dev Auth Rev OH Vly Gen Hosp Pj A		5.125	%	4/1/2035	Baa2		500		334,150
Allegheny Cnty PA Hosp Dev Auth Rev West PA Hlth Sys Ser A		5.00	%	11/15/2028	BB		1,000		579,880

See Notes to Financial Statements.
122

Schedule of Investments (unaudited)(continued)

PENNSYLVANIA TAX FREE TRUST March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Healthcare (continued)
Allegheny Cnty PA Hosp Dev Auth Univ Pittsburgh Med Ctr Ser A		5.00	%	9/1/2018	AA-	$	1,000	$	998,470
Allegheny Cnty PA Hosp Dev Catholic Hlth East Issue		5.50	%	11/15/2032	A1		1,500		1,313,625
Bucks Cnty PA Indl Dev Auth Rev Lutheran Cmnty Telford Ctr		5.75	%	1/1/2037	NR		1,000		635,830
Delaware Cnty PA Auth Hosp Rev Crozer Chester Med Ctr (ACA)		5.375	%	12/1/2018	BBB-		1,000		856,290
Lancaster Cnty PA Hosp Auth Rev Brethren Vlg Pj Ser A		6.25	%	7/1/2026	NR		1,000		809,700
Lehigh Cnty PA Lehigh Vly Hlth Network Ser A (FSA)		5.00	%	7/1/2025	AAA		1,000		914,360
Monroe Cnty PA Hosp Auth Rev Hosp Pocono Med Ctr		5.125	%	1/1/2037	A-		1,000		760,470
Northampton Cnty PA Gen Purp St. Luke's Hosp Pj Ser A		5.25	%	8/15/2023	BBB+		1,250		1,084,325
Philadelphia PA Hosps&Higher Ed Facs Auth Hosp Rev Ref Temple Univ Hlth Sys A		5.50	%	7/1/2030	BBB		1,000		720,900
Puerto Rico Indl Tourist Ed & Mutuo Oblig Grp Ser A (MBIA)		6.25	%	7/1/2024	AA-		850		850,000
Southcentral Gen Auth PA Rev Wellspan Hlth Oblig Grp Ser A		6.00	%	6/1/2029	Aa3		1,000		1,019,110
Total									10,877,110
Housing 4.41%
Allegheny Cnty PA Resdl Fin Auth Mtg Rev Sing Fam Mtg Ser VV AMT (GNMA/FNMA)		4.95	%	11/1/2037	Aaa		980		900,796
PA Hsg Fin Agy Sing Fam Mtg Ser 93 A AMT		4.85	%	10/1/2021	AA+		3,000		2,850,570
Total									3,751,366
Lease Obligations 2.56%
Puerto Rico Comwlth Infrastr Fin Auth Mepsi Campus Pj Ser A		5.60	%	10/1/2014	NR		685		636,564
York PA Gen Auth Rev York City Recreation Corp (AMBAC)		5.50	%	5/1/2018	A		1,475		1,548,396
Total									2,184,960

See Notes to Financial Statements.
123

Schedule of Investments (unaudited)(continued)

PENNSYLVANIA TAX FREE TRUST March 31, 2009

Investments	Interest Rate			Maturity Date	Credit Rating: S&P or Moody's	Principal Amount (000)		Value
Other Revenue 3.40%
Philadelphia PA Auth Indl Dev Please Touch Museum Pj		5.25	%	9/1/2036	BBB-	$	1,000	$	676,730
Philadelphia PA Auth Indl Dev Revs First Philadelphia Charter Sch		5.85	%	8/15/2037	BBB-		1,000		680,910
Philadelphia PA Auth Indl Dev Revs Russell Byers Charter Sch A		5.25	%	5/1/2037	BBB-		1,000		620,510
Philadelphia PA Auth Indl Dev Revs Ser A		5.50	%	9/15/2037	BBB-		1,370		883,609
Washington Cnty PA Auth Rev Cap Fdg Rev Pj & Equip Pg (AMBAC)		6.15	%	12/1/2029	A		35		33,055
Total									2,894,814
Pre-Refunded 18.24%
Allegheny Cnty PA Redev Auth Tax Inc Rev Wtrfrnt Pj Ser A		6.30	%	12/15/2018	A-(a)		1,000		1,099,830
Bucks Cnty PA Wtr&Swr Auth Neshaminy Interceptor Swr Sys (AMBAC)		5.50	%	6/1/2017	Baa1		465		468,683
PA Conv Ctr Auth Rev Ser A ETM (FGIC)		6.70	%	9/1/2016	AAA		855		1,002,513
PA St Higher Edl Facs Auth Rev Drexel Univ		6.00	%	5/1/2029	A+		800		803,464
Philadelphia PA Auth For Indl Dev Lease Rev Ser B (FSA)		5.125	%	10/1/2026	AAA		1,000		1,108,240
Philadelphia PA Gas Wks Rev 12th Ser B ETM (MBIA)		7.00	%	5/15/2020	AA		1,830		2,220,888
Philadelphia PA Sch Dist (FGIC)		5.25	%	6/1/2034	Aa3		3,000		3,461,430
Philadelphia PA Sch Dist Ser A (FSA)		5.75	%	2/1/2019	AAA		450		488,524
Philadelphia PA Sch Dist Ser A (FSA)		5.75	%	2/1/2020	AAA		250		271,403
Philadelphia PA Sch Dist Ser A (FSA)		5.75	%	2/1/2021	AAA		500		542,805
Philadelphia PA Sch Dist Ser B (FGIC)		5.625	%	8/1/2022	Aa3		1,000		1,139,690
Puerto Rico Pub Bldgs Auth Rev Govt Facs Ser I GTD		5.375	%	7/1/2034	BBB-		1,000		1,130,470
Quaker Vly PA Sch Dist (FSA)		5.50	%	4/1/2025	Aa3		800		930,800
St Pub Sch Bldg Auth PA Rev Del Cnty Cmnty College Pj (MBIA)		5.50	%	10/1/2020	AA		800		856,368
Total									15,525,108
Tax Revenue 0.72%
Puerto Rico Sales Tax Fing Corp Sales Tax Rev Ser A		5.25	%	8/1/2057	A+		750		610,950

See Notes to Financial Statements.
124

Schedule of Investments (unaudited)(concluded)

PENNSYLVANIA TAX FREE TRUST March 31, 2009

Investments	Interest Rate			Maturity Date		Credit Rating: S&P or Moody's	Principal Amount (000)			Value
Tobacco 0.32%
Childrens Tr Fd Puerto Rico Tob Sttlmnt Rev Asset Bkd Bds		5.50	%	5/15/2039		BBB	$	405		$	270,289
Transportation 7.54%
Delaware River Port Auth PA&NJ Ref Port Dist Pj Ser A (FSA)		5.20	%	1/1/2027		AAA		1,000			1,004,990
Delaware River Port Auth PA&NJ Rev (FSA)		6.00	%	1/1/2019		AAA		1,000			1,017,480
PA Tpk Commn Oil Franchise Tax Rev Rmkt 2003 PA Tpk Ser C (MBIA)		5.00	%	12/1/2029		AA		1,000			1,013,710
PA Tpk Commn Rev Sub Ser B-1		5.625	%	6/1/2029		A2		3,310			3,384,607
Total											6,420,787
Utilities 3.74%
Allegheny Cnty PA San Auth Swr Rev (FGIC)		5.00	%	12/1/2037		AA-		1,000			933,670
Delaware Cnty PA Indl Dev Auth Wtr Facs Aqua PA Inc Pj Ser A AMT (FGIC)		5.00	%	11/1/2036		AA-		1,000			783,250
Luzerne Cnty PA Indl Dev Auth PA American Wtr Co Ser A AMT (AMBAC)		5.10	%	9/1/2034		A		1,000			697,460
North Huntingdon Twp PA GTD (AMBAC)		5.25	%	4/1/2019		A+		760			769,888
Total											3,184,268
Total Municipal Bonds (cost $88,381,891)											81,912,201
							Shares (000)
SHORT-TERM INVESTMENT 2.05%
Money Market Mutual Fund
Dreyfus PA Municipal Money Market Fund (cost $1,741,013)								1,741			1,741,013
Total Investments in Securities 98.27% (cost $90,122,904)											83,653,214
Cash and Other Assets in Excess of Liabilities(e) 1.73%											1,476,320
Net Assets 100.00%										$	85,129,534
Open Futures Contracts at March 31, 2009:
Type	Expiration			Contracts		Position	Market Value			Unrealized Depreciation
U.S. 30-Year Treasury Bond		June 2009			23	Short	$	(2,983,172	)	$	(75,351	)

See Notes to Financial Statements.
125

Schedule of Investments (unaudited)

March 31, 2009

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, 2009.

TCRS    Transferable Custodial Receipts.

^†  Security was purchased pursuant to Rule 144A under the Securities Act of 1933 or is a private placement 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.

  *  Defaulted Security.

^#  Variable Rate Security. The interest rate represents the rate at March 31, 2009.

^(a)  This investment has been rated by Fitch IBCA.

^(b)  Municipal Bonds Held in Trust - Securities represent underlying bonds transferred to a separate securitization trust established in a tender option bond transaction in which the Fund acquired the residual interest certificates. These securities serve as collateral in a financing transaction. See Note 2(h) for details of Municipal Bonds Held in Trust.

^(c)  Effective Maturity date. Average life of sinking fund due to mandatory or expected principal payments prior to maturity.

^(d)  Security purchased on a when-issued basis (See Note 2(g)).

^(e)  Cash and Other Assets in Excess of Liabilities (Liabilities in Excess of Cash and Other Assets) include net unrealized depreciation on financial futures contracts.

^(f)  The interest represents the rate at March 31, 2009. 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

BHAC    Berkshire Hathaway Assurance Corporation

CIFG    CIFG Guaranty

FHLMC    Federal Home Loan Mortgage Corporation

FHA    Federal Housing Administration

FNMA    Federal National Mortgage Association

FGIC    Financial Guaranty Insurance Company

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.
126

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Statements of Assets and Liabilities (unaudited)

March 31, 2009

	National			California			Connecticut
ASSETS:
Investments in securities, at cost	$	1,046,446,403		$	178,401,401		$	127,109,809
Investments in securities, at value	$	948,074,062		$	163,860,099		$	117,225,211
Cash		1,997,453			901,825			209,046
Deposits with broker for futures collateral		1,674,000			432,000			514,800
Receivables:
Interest and dividends		16,235,569			2,406,872			1,808,215
Investment securities sold		24,147,772			9,521,896			–
Capital shares sold		19,226,841			6,706,302			6,101,716
Prepaid expenses and other assets		54,724			22,502			16,304
Total assets		1,011,410,421			183,851,496			125,875,292
LIABILITIES:
Payables:
Investment securities purchased		48,025,651			7,826,524			–
Trust certificates		78,375,000			10,500,000			5,080,000
Capital shares reacquired		17,993,000			7,178,504			6,394,712
Management fee		323,080			59,445			43,164
12b-1 distribution fees		271,174			38,097			29,465
Interest expense and fees (See Note 2(h))		347,553			70,143			24,931
Fund administration		30,715			5,761			3,629
Directors' fees		340,292			138,707			25,480
Variation margin		349,108			89,378			106,992
Distributions payable		3,619,657			610,294			398,861
Accrued expenses and other liabilities		231,919			84,991			42,018
Total liabilities		149,907,149			26,601,844			12,149,252
NET ASSETS	$	861,503,272		$	157,249,652		$	113,726,040
COMPOSITION OF NET ASSETS:
Paid-in capital	$	1,002,814,671		$	181,405,319		$	128,801,022
Distributions in excess of net investment income		(1,352,344	)		(551,817	)		(459,815	)
Accumulated net realized loss on investments and futures contracts		(40,146,586	)		(8,681,848	)		(4,252,261	)
Net unrealized depreciation on investments and futures contracts		(99,812,469	)		(14,922,002	)		(10,362,906	)
Net Assets	$	861,503,272		$	157,249,652		$	113,726,040
Net assets by class:
Class A Shares	$	734,653,883		$	132,915,877		$	109,452,000
Class B Shares	$	16,481,352			–			–
Class C Shares	$	90,314,727		$	19,962,589			–
Class F Shares	$	20,053,310		$	4,371,186		$	4,274,040
Outstanding shares by class*:
Class A Shares		79,213,085			14,728,366			11,928,728
Class B Shares		1,767,719			–			–
Class C Shares		9,717,246			2,208,558			–
Class F Shares		2,163,359			484,356			466,842
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares–Net asset value	$	9.27		$	9.02		$	9.18
Class A Shares–Maximum offering price (Net asset value plus sales charge of 3.25%)	$	9.58		$	9.32		$	9.49
Class B Shares–Net asset value	$	9.32			–			–
Class C Shares–Net asset value	$	9.29		$	9.04			–
Class F Shares–Net asset value	$	9.27		$	9.02		$	9.16

*  Lord Abbett Municipal Income Fund, Inc. has 1,020,000,000 authorized shares of capital stock (par value $.001)
of which 935,000,000 are issued and allocated as follows: 215,000,000 to National, 140,000,000 to each of
California, New Jersey, and New York, and 100,000,000 to each of Connecticut, Hawaii, and Missouri.
Lord Abbett Municipal Income Trust has an unlimited number of shares of beneficial interest authorized.

See Notes to Financial Statements.
128

	Hawaii			Missouri			New Jersey
ASSETS:
Investments in securities, at cost	$	121,032,413		$	163,085,957		$	127,197,263
Investments in securities, at value	$	116,575,625		$	149,576,972		$	112,725,499
Cash		7,480,373			3,421,259			200,902
Deposits with broker for futures collateral		334,800			324,000			450,000
Receivables:
Interest and dividends		1,724,364			2,350,508			1,864,391
Investment securities sold		–			2,168,531			–
Capital shares sold		5,225,190			3,579,422			1,978,592
Prepaid expenses and other assets		15,733			19,846			15,381
Total assets		131,356,085			161,440,538			117,234,765
LIABILITIES:
Payables:
Investment securities purchased		2,913,960			5,190,722			–
Trust certificates		5,000,000			–			–
Capital shares reacquired		4,902,841			3,516,951			1,985,648
Management fee		43,996			58,109			44,081
12b-1 distribution fees		34,161			30,605			34,179
Interest expense and fees (See Note 2(h))		30,048			–			–
Fund administration		4,053			5,509			4,258
Directors' fees		19,699			31,568			39,640
Variation margin		68,804			66,627			93,391
Distributions payable		388,250			546,063			448,153
Accrued expenses and other liabilities		38,936			54,600			53,225
Total liabilities		13,444,748			9,500,754			2,702,575
NET ASSETS	$	117,911,337		$	151,939,784		$	114,532,190
COMPOSITION OF NET ASSETS:
Paid-in capital	$	127,065,268		$	168,058,875		$	135,819,672
Distributions in excess of net investment income		(491,418	)		(644,850	)		(490,011	)
Accumulated net realized loss on investments and futures contracts		(3,911,107	)		(1,687,257	)		(5,910,102	)
Net unrealized depreciation on investments and futures contracts		(4,751,406	)		(13,786,984	)		(14,887,369	)
Net Assets	$	117,911,337		$	151,939,784		$	114,532,190
Net assets by class:
Class A Shares	$	114,989,254		$	151,252,695		$	113,673,210
Class B Shares		–			–			–
Class C Shares		–			–			–
Class F Shares	$	2,922,083		$	687,089		$	858,980
Outstanding shares by class*:
Class A Shares		25,287,651			32,839,903			26,936,579
Class B Shares		–			–			–
Class C Shares		–			–			–
Class F Shares		642,324			149,176			203,448
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares–Net asset value	$	4.55		$	4.61		$	4.22
Class A Shares–Maximum offering price (Net asset value plus sales charge of 3.25%)	$	4.70		$	4.76		$	4.36
Class B Shares–Net asset value		–			–			–
Class C Shares–Net asset value		–			–			–
Class F Shares–Net asset value	$	4.55		$	4.61		$	4.22

See Notes to Financial Statements.
129

Statements of Assets and Liabilities (unaudited)(concluded)

March 31, 2009

	New York			Intermediate			Short Duration
ASSETS:
Investments in securities, at cost	$	275,066,494		$	680,572,302		$	60,726,413
Investments in securities, at value	$	251,376,957		$	684,126,844		$	60,908,035
Cash		209,497			707,121			215,085
Deposits with broker for futures collateral		709,200			828,000			–
Receivables:
Interest and dividends		4,255,786			9,051,046			505,615
Investment securities sold		–			2,433,875			–
Capital shares sold		7,372,297			26,694,131			12,021,774
From advisor (See Note 3)		–			133,818			21,409
Prepaid expenses and other assets		21,730			65,642			38,321
Total assets		263,945,467			724,040,477			73,710,239
LIABILITIES:
Payables:
Investment securities purchased		2,786,310			15,908,550			3,571,499
Trust certificates		17,070,000			5,235,000			–
Capital shares reacquired		6,706,043			17,609,084			562,771
Management fee		89,431			212,403			11,915
12b-1 distribution fees		74,616			172,298			8,570
Interest expense and fees (See Note 2(h))		71,628			4,717			–
Fund administration		8,530			21,242			1,192
Directors'/Trustees' fees		120,310			5,775			2
Variation margin		147,042			172,126			–
Distributions payable		892,492			845,615			45,514
Accrued expenses and other liabilities		69,612			37,338			37,154
Total liabilities		28,036,014			40,224,148			4,238,617
NET ASSETS	$	235,909,453		$	683,816,329		$	69,471,622
COMPOSITION OF NET ASSETS:
Paid-in capital	$	269,109,837		$	683,436,740		$	69,289,852
Undistributed (distributions in excess of) net investment income		(958,727	)		1,829			148
Accumulated net realized loss on investments and futures contracts		(7,896,531	)		(2,581,773	)		–
Net unrealized appreciation (depreciation) on investments and futures contracts		(24,345,126	)		2,959,533			181,622
Net Assets	$	235,909,453		$	683,816,329		$	69,471,622
Net assets by class:
Class A Shares	$	202,058,596		$	523,653,504		$	52,645,310
Class B Shares		–		$	4,701,440			–
Class C Shares	$	31,567,652		$	93,700,196		$	7,866,203
Class F Shares	$	2,283,205		$	61,749,549		$	8,949,740
Class I Shares		–			–		$	10,369
Class P Shares		–		$	11,640			–
Outstanding shares by class*:
Class A Shares		21,203,029			54,235,152			3,431,941
Class B Shares		–			487,387			–
Class C Shares		3,314,176			9,714,822			512,737
Class F Shares		239,395			6,396,077			583,348
Class I Shares		–			–			676
Class P Shares		–			1,205			–
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares–Net asset value	$	9.53		$	9.66		$	15.34
Class A Shares–Maximum offering price (Net asset value plus sales charge of 3.25%)**	$	9.85		$	9.88		$	15.69
Class B Shares–Net asset value		–		$	9.65			–
Class C Shares–Net asset value	$	9.53		$	9.65		$	15.34
Class F Shares–Net asset value	$	9.54		$	9.65		$	15.34
Class I Shares–Net asset value		–			–		$	15.34
Class P Shares–Net asset value		–		$	9.66			–

*  Lord Abbett Municipal Income Fund, Inc. has 1,020,000,000 authorized shares of capital stock (par value $.001)
of which 935,000,000 are issued and allocated as follows: 215,000,000 to National, 140,000,000 to each of
California, New Jersey, and New York, and 100,000,000 to each of Connecticut, Hawaii, and Missouri.
Lord Abbett Municipal Income Trust has an unlimited number of shares of beneficial interest authorized.

**  The maximum sales charge on Class A purchases of Intermediate Fund and Short Duration Fund is 2.25%.

See Notes to Financial Statements.
130

	Georgia			High Yield			Pennsylvania
ASSETS:
Investments in securities, at cost	$	131,187,115		$	1,286,651,013		$	90,122,904
Investments in securities, at value	$	121,730,803		$	924,504,519		$	83,653,214
Cash		1,137,435			1,028,507			204,170
Deposits with broker for futures collateral		604,800			2,944,800			82,800
Receivables:
Interest and dividends		2,030,645			22,115,288			1,359,987
Investment securities sold		35,000			17,997,979			105,000
Capital shares sold		9,778,885			28,217,708			1,747,340
From advisor (See Note 3)		–			–			–
Prepaid expenses and other assets		15,270			75,744			16,789
Total assets		135,332,838			996,884,545			87,169,300
LIABILITIES:
Payables:
Investment securities purchased		–			36,677,476			–
Trust certificates		11,270,000			96,812,226			–
Capital shares reacquired		9,446,317			24,806,801			1,567,727
Management fee		42,937			328,366			32,367
12b-1 distribution fees		44,095			48,590			40,010
Interest expense and fees (See Note 2(h))		67,552			452,992			–
Fund administration		4,023			26,452			3,095
Directors'/Trustees' fees		9,044			49,436			20,970
Variation margin		125,710			613,100			16,882
Distributions payable		415,669			4,939,616			317,950
Accrued expenses and other liabilities		46,172			223,485			40,765
Total liabilities		21,471,519			164,978,540			2,039,766
NET ASSETS	$	113,861,319		$	831,906,005		$	85,129,534
COMPOSITION OF NET ASSETS:
Paid-in capital	$	128,586,806		$	1,399,074,933		$	93,347,481
Undistributed (distributions in excess of) net investment income		(84,405	)		272,217			(234,224	)
Accumulated net realized loss on investments and futures contracts		(4,624,808	)		(202,582,251	)		(1,438,682	)
Net unrealized appreciation (depreciation) on investments and futures contracts		(10,016,274	)		(364,858,894	)		(6,545,041	)
Net Assets	$	113,861,319		$	831,906,005		$	85,129,534
Net assets by class:
Class A Shares	$	109,282,163		$	510,932,760		$	84,895,816
Class B Shares		–		$	7,827			–
Class C Shares		–		$	277,654,755			–
Class F Shares	$	4,579,156		$	43,302,716		$	233,718
Class I Shares		–			–			–
Class P Shares		–		$	7,947			–
Outstanding shares by class*:
Class A Shares		22,320,004			54,171,517			18,552,017
Class B Shares		–			828.617			–
Class C Shares		–			29,414,677			–
Class F Shares		931,444			4,587,866			51,096
Class I Shares		–			–			–
Class P Shares		–			842			–
Net asset value, offering and redemption price per share (Net assets divided by outstanding shares):
Class A Shares–Net asset value	$	4.90		$	9.43		$	4.58
Class A Shares–Maximum offering price (Net asset value plus sales charge of 3.25%)**	$	5.06		$	9.75		$	4.73
Class B Shares–Net asset value		–		$	9.45			–
Class C Shares–Net asset value		–		$	9.44			–
Class F Shares–Net asset value	$	4.92		$	9.44		$	4.57
Class I Shares–Net asset value		–			–			–
Class P Shares–Net asset value		–		$	9.44			–

See Notes to Financial Statements.
131

Statements of Operations (unaudited)

For the Six Months Ended March 31, 2009

	National			California			Connecticut
Investment income:
Interest and other	$	26,843,520		$	4,622,915		$	3,215,987
Dividends		89,237			6,225			3,892
Total investment income		26,932,757			4,629,140			3,219,879
Expenses:
Management fee		1,828,564			346,515			261,438
12b-1 distribution plan–Class A		709,059			134,404			115,397
12b-1 distribution plan–Class B		82,558			–			–
12b-1 distribution plan–Class C		338,311			77,057			–
12b-1 distribution plan–Class F		2,305			404			399
Interest expense and fees (See Note 2(h))		818,784			152,855			68,024
Shareholder servicing		205,036			28,922			23,771
Professional		30,477			22,285			21,288
Reports to shareholders		46,583			6,687			5,677
Fund administration		162,539			30,801			23,239
Custody		9,419			2,503			1,421
Directors' fees		10,504			2,009			1,559
Registration		77,392			20,169			13,982
Other		7,747			2,029			1,868
Gross expenses		4,329,278			826,640			538,063
Expense reductions (See Note 7)		(8,707	)		(2,443	)		(598	)
Expenses reimbursed by advisor (See Note 3)		–			–			(18,682	)
Net expenses		4,320,571			824,197			518,783
Net investment income		22,612,186			3,804,943			2,701,096
Net realized and unrealized gain (loss):
Net realized loss on investments and futures contracts		(27,992,311	)		(6,037,933	)		(2,037,073	)
Net change in unrealized depreciation on investments and futures contracts		(8,843,596	)		(160,421	)		352,619
Net realized and unrealized gain (loss)		(36,835,907	)		(6,198,354	)		(1,684,454	)
Net Increase (Decrease) in Net Assets Resulting From Operations	$	(14,223,721	)	$	(2,393,411	)	$	1,016,642

See Notes to Financial Statements.
132

	Hawaii			Missouri			New Jersey
Investment income:
Interest and other	$	2,929,654		$	3,968,947		$	3,198,070
Dividends		–			–			9,498
Total investment income		2,929,654			3,968,947			3,207,568
Expenses:
Management fee		256,924			333,369			250,515
12b-1 distribution plan–Class A		113,845			148,015			111,198
12b-1 distribution plan–Class B		–			–			–
12b-1 distribution plan–Class C		–			–			–
12b-1 distribution plan–Class F		167			75			71
Interest expense and fees (See Note 2(h))		81,341			–			–
Shareholder servicing		19,804			40,092			22,089
Professional		20,623			21,007			20,595
Reports to shareholders		5,383			6,897			5,053
Fund administration		22,837			29,633			22,268
Custody		2,160			2,270			2,018
Directors' fees		1,468			1,913			1,456
Registration		14,361			17,423			14,766
Other		1,628			1,913			1,443
Gross expenses		540,541			602,607			451,472
Expense reductions (See Note 7)		(1,826	)		(2,008	)		(666	)
Expenses reimbursed by advisor (See Note 3)		(11,316	)		(3,892	)		–
Net expenses		527,399			596,707			450,806
Net investment income		2,402,255			3,372,240			2,756,762
Net realized and unrealized gain (loss):
Net realized loss on investments and futures contracts		(1,296,295	)		(1,078,927	)		(3,879,468	)
Net change in unrealized depreciation on investments and futures contracts		1,866,955			(400,632	)		(1,709,974	)
Net realized and unrealized gain (loss)		570,660			(1,479,559	)		(5,589,442	)
Net Increase (Decrease) in Net Assets Resulting From Operations	$	2,972,915		$	1,892,681		$	(2,832,680	)

See Notes to Financial Statements.
133

Statements of Operations (unaudited)(concluded)

For the Six Months Ended March 31, 2009

	New York			Intermediate			Short Duration*
Investment income:
Interest and other	$	6,971,504		$	11,176,576		$	160,587
Dividends		22,540			100,935			1,022
Total investment income		6,994,044			11,277,511			161,609
Expenses:
Management fee		524,977			1,021,055			16,666
12b-1 distribution plan–Class A		203,320			431,619			6,974
12b-1 distribution plan–Class B		–			15,127			–
12b-1 distribution plan–Class C		121,876			280,180			3,896
12b-1 distribution plan–Class F		134			5,149			286
12b-1 distribution plan–Class P		–			25			–
Interest expense and fees (See Note 2(h))		141,298			31,084			–
Shareholder servicing		53,541			61,191			11,906
Professional		22,869			22,233			15,175
Offering expense		–			–			15,271
Reports to shareholders		9,387			20,534			10,956
Fund administration		46,665			102,105			1,666
Custody		1,419			5,150			800
Directors'/Trustees' fees		3,076			5,464			18
Registration		21,983			47,690			731
Other		3,481			3,270			765
Gross expenses		1,154,026			2,051,876			85,110
Expense reductions (See Note 7)		(1,272	)		(5,571	)		(10	)
Expenses reimbursed by advisor (See Note 3)		–			(892,438	)		(63,527	)
Net expenses		1,152,754			1,153,867			21,573
Net investment income		5,841,290			10,123,644			140,036
Net realized and unrealized gain (loss):
Net realized loss on investments and futures contracts		(6,413,561	)		(1,746,907	)		–
Net change in unrealized appreciation (depreciation) on investments and futures contracts		926,837			15,937,554			181,622
Net realized and unrealized gain (loss)		(5,486,724	)		14,190,647			181,622
Net Increase (Decrease) in Net Assets Resulting From Operations	$	354,566		$	24,314,291		$	321,658

*  For the period December 12, 2008 (commencement of investment operations) to March 31, 2009.

See Notes to Financial Statements.
134

	Georgia			High Yield			Pennsylvania
Investment income:
Interest and other	$	3,330,694		$	36,558,074		$	2,437,118
Dividends		–			64,631			8,315
Total investment income		3,330,694			36,622,705			2,445,433
Expenses:
Management fee		258,037			2,095,107			188,030
12b-1 distribution plan–Class A		113,630			533,823			83,533
12b-1 distribution plan–Class B		–			40			–
12b-1 distribution plan–Class C		–			1,215,257			–
12b-1 distribution plan–Class F		526			4,122			13
12b-1 distribution plan–Class P		–			18			–
Interest expense and fees (See Note 2(h))		101,793			1,082,016			56,639
Shareholder servicing		31,896			282,670			22,865
Professional		20,601			65,879			20,313
Offering expense		–			–			–
Reports to shareholders		7,123			56,030			4,529
Fund administration		22,937			167,697			16,714
Custody		2,097			11,682			739
Directors'/Trustees' fees		1,513			11,713			1,092
Registration		14,092			74,563			13,152
Other		1,912			16,518			1,518
Gross expenses		576,157			5,617,135			409,137
Expense reductions (See Note 7)		(1,743	)		(10,245	)		(695	)
Expenses reimbursed by advisor (See Note 3)		(1,637	)		(44,369	)		–
Net expenses		572,777			5,562,521			408,442
Net investment income		2,757,917			31,060,184			2,036,991
Net realized and unrealized gain (loss):
Net realized loss on investments and futures contracts		(2,922,242	)		(102,749,569	)		(1,247,605	)
Net change in unrealized appreciation (depreciation) on investments and futures contracts		1,756,150			(115,274,836	)		323,364
Net realized and unrealized gain (loss)		(1,166,092	)		(218,024,405	)		(924,241	)
Net Increase (Decrease) in Net Assets Resulting From Operations	$	1,591,825		$	(186,964,221	)	$	1,112,750

See Notes to Financial Statements.
135

Statements of Changes in Net Assets

	National						California
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2009 (unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (unaudited)			For the Year Ended September 30, 2008
Operations:
Net investment income	$	22,612,186		$	39,931,675		$	3,804,943		$	7,200,828
Net realized loss on investments and futures contracts		(27,992,311	)		(2,378,882	)		(6,037,933	)		(1,367,721	)
Net change in unrealized depreciation on investments and futures contracts		(8,843,596	)		(111,917,713	)		(160,421	)		(18,510,181	)
Net increase (decrease) in net assets resulting from operations		(14,223,721	)		(74,364,920	)		(2,393,411	)		(12,677,074	)
Distributions to shareholders from:
Net investment income
Class A		(19,957,419	)		(36,017,548	)		(3,474,230	)		(6,687,528	)
Class B		(387,094	)		(827,352	)		–			–
Class C		(2,049,286	)		(3,051,442	)		(425,466	)		(642,468	)
Class F		(137,093	)		(32,167	)		(22,294	)		(3,339	)
Total distributions to shareholders		(22,530,892	)		(39,928,509	)		(3,921,990	)		(7,333,335	)
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		171,711,077			271,142,139			22,958,316			42,418,367
Net proceeds from reorganizations (See Note 13)		–			272,039,008			–			–
Reinvestment of distributions		15,103,772			26,059,036			2,510,641			4,656,181
Cost of shares reacquired		(129,397,539	)		(214,374,558	)		(25,147,231	)		(26,969,184	)
Net increase (decrease) in net assets resulting from capital share transactions		57,417,310			354,865,625			321,726			20,105,364
Net increase (decrease) in net assets		20,662,697			240,572,196			(5,993,675	)		94,955
NET ASSETS:
Beginning of period	$	840,840,575		$	600,268,379		$	163,243,327		$	163,148,372
End of period	$	861,503,272		$	840,840,575		$	157,249,652		$	163,243,327
Distributions in excess of net investment income	$	(1,352,344	)	$	(1,433,638	)	$	(551,817	)	$	(434,770	)

See Notes to Financial Statements.
136

	Connecticut
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2009 (unaudited)			For the Year Ended September 30, 2008
Operations:
Net investment income	$	2,701,096		$	5,622,830
Net realized loss on investments and futures contracts		(2,037,073	)		(566,575	)
Net change in unrealized depreciation on investments and futures contracts		352,619			(13,529,733	)
Net increase (decrease) in net assets resulting from operations		1,016,642			(8,473,478	)
Distributions to shareholders from:
Net investment income
Class A		(2,663,066	)		(5,716,113	)
Class B		–			–
Class C		–			–
Class F		(19,505	)		(4,316	)
Total distributions to shareholders		(2,682,571	)		(5,720,429	)
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		13,142,331			46,125,664
Net proceeds from reorganizations (See Note 13)		–			–
Reinvestment of distributions		1,698,119			3,524,732
Cost of shares reacquired		(28,037,891	)		(43,200,827	)
Net increase (decrease) in net assets resulting from capital share transactions		(13,197,441	)		6,449,569
Net increase (decrease) in net assets		(14,863,370	)		(7,744,338	)
NET ASSETS:
Beginning of period	$	128,589,410		$	136,333,748
End of period	$	113,726,040		$	128,589,410
Distributions in excess of net investment income	$	(459,815	)	$	(478,340	)

See Notes to Financial Statements.
137

Statements of Changes in Net Assets (continued)

	Hawaii						Missouri
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2009 (unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (unaudited)			For the Year Ended September 30, 2008
Operations:
Net investment income	$	2,402,255		$	4,591,113		$	3,372,240		$	6,678,376
Net realized gain (loss) on investments and futures contracts		(1,296,295	)		(629,400	)		(1,078,927	)		25,538
Net change in unrealized depreciation on investments and futures contracts		1,866,955			(8,960,399	)		(400,632	)		(17,210,647	)
Net increase (decrease) in net assets resulting from operations		2,972,915			(4,998,686	)		1,892,681			(10,506,733	)
Distributions to shareholders from:
Net investment income
Class A		(2,491,829	)		(4,759,615	)		(3,481,340	)		(6,851,445	)
Class F		(8,198	)		(593	)		(3,697	)		(1,238	)
Total distributions to shareholders		(2,500,027	)		(4,760,208	)		(3,485,037	)		(6,852,683	)
Capital share transactions (See Note 11):
Net proceeds from sales of shares		14,125,690			27,469,605			13,972,866			25,053,207
Reinvestment of distributions		1,644,631			3,129,218			2,967,576			5,759,335
Cost of shares reacquired		(13,498,547	)		(9,672,012	)		(13,092,581	)		(22,756,012	)
Net increase in net assets resulting from capital share transactions		2,271,774			20,926,811			3,847,861			8,056,530
Net increase (decrease) in net assets		2,744,662			11,167,917			2,255,505			(9,302,886	)
NET ASSETS:
Beginning of period	$	115,166,675		$	103,998,758		$	149,684,279		$	158,987,165
End of period	$	117,911,337		$	115,166,675		$	151,939,784		$	149,684,279
Distributions in excess of net investment income	$	(491,418	)	$	(393,646	)	$	(644,850	)	$	(532,053	)

See Notes to Financial Statements.
138

	New Jersey
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2009 (unaudited)			For the Year Ended September 30, 2008
Operations:
Net investment income	$	2,756,762		$	5,455,509
Net realized gain (loss) on investments and futures contracts		(3,879,468	)		791,140
Net change in unrealized depreciation on investments and futures contracts		(1,709,974	)		(15,724,006	)
Net increase (decrease) in net assets resulting from operations		(2,832,680	)		(9,477,357	)
Distributions to shareholders from:
Net investment income
Class A		(2,840,527	)		(5,578,056	)
Class F		(3,901	)		(1,057	)
Total distributions to shareholders		(2,844,428	)		(5,579,113	)
Capital share transactions (See Note 11):
Net proceeds from sales of shares		14,470,868			21,332,752
Reinvestment of distributions		1,759,712			3,367,855
Cost of shares reacquired		(10,773,264	)		(24,008,559	)
Net increase in net assets resulting from capital share transactions		5,457,316			692,048
Net increase (decrease) in net assets		(219,792	)		(14,364,422	)
NET ASSETS:
Beginning of period	$	114,751,982		$	129,116,404
End of period	$	114,532,190		$	114,751,982
Distributions in excess of net investment income	$	(490,011	)	$	(402,345	)

See Notes to Financial Statements.
139

Statements of Changes in Net Assets (continued)

	New York
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2009 (unaudited)			For the Year Ended September 30, 2008
Operations:
Net investment income	$	5,841,290		$	11,539,635
Net realized loss on investments and futures contracts		(6,413,561	)		(720,160	)
Net change in unrealized appreciation (depreciation) on investments and futures contracts		926,837			(31,180,494	)
Net increase (decrease) in net assets resulting from operations		354,566			(20,361,019	)
Distributions to shareholders from:
Net investment income
Class A		(5,126,899	)		(10,553,686	)
Class B		–			–
Class C		(651,433	)		(1,199,725	)
Class F		(7,725	)		(450	)
Class I		–			–
Class P		–			–
Total distributions to shareholders		(5,786,057	)		(11,753,861	)
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		21,178,869			72,729,237
Reinvestment of distributions		3,355,225			6,637,415
Cost of shares reacquired		(35,521,780	)		(63,771,702	)
Net increase (decrease) in net assets resulting from capital share transactions		(10,987,686	)		15,594,950
Net increase (decrease) in net assets		(16,419,177	)		(16,519,930	)
NET ASSETS:
Beginning of period	$	252,328,630		$	268,848,560
End of period	$	235,909,453		$	252,328,630
Undistributed (distributions in excess of) net investment income	$	(958,727	)	$	(1,013,960	)

*  For the period December 12, 2008 (commencement of investment operations) to March 31, 2009.

See Notes to Financial Statements.
140

	Intermediate						Short Duration
INCREASE (DECREASE) IN NET ASSETS	For the Six Months Ended March 31, 2009 (unaudited)			For the Year Ended September 30, 2008			For the Period December 12, 2008 to March 31, 2009* (unaudited)
Operations:
Net investment income	$	10,123,644		$	4,539,787		$	140,036
Net realized loss on investments and futures contracts		(1,746,907	)		(514,744	)		–
Net change in unrealized appreciation (depreciation) on investments and futures contracts		15,937,554			(13,202,699	)		181,622
Net increase (decrease) in net assets resulting from operations		24,314,291			(9,177,656	)		321,658
Distributions to shareholders from:
Net investment income
Class A		(8,763,265	)		(3,925,358	)		(120,260	)
Class B		(50,230	)		(38,815	)		–
Class C		(1,102,484	)		(562,575	)		(9,425	)
Class F		(208,284	)		(12,157	)		(10,079	)
Class I		–			–			(124	)
Class P		(221	)		(422	)		–
Total distributions to shareholders		(10,124,484	)		(4,539,327	)		(139,888	)
Capital share transactions (Net of share conversions) (See Note 11):
Net proceeds from sales of shares		438,009,006			443,992,535			71,538,438
Reinvestment of distributions		5,787,422			2,455,571			86,988
Cost of shares reacquired		(160,408,245	)		(68,610,436	)		(2,335,574	)
Net increase (decrease) in net assets resulting from capital share transactions		283,388,183			377,837,670			69,289,852
Net increase (decrease) in net assets		297,577,990			364,120,687			69,471,622
NET ASSETS:
Beginning of period	$	386,238,339		$	22,117,652			–
End of period	$	683,816,329		$	386,238,339		$	69,471,622
Undistributed (distributions in excess of) net investment income	$	1,829		$	2,669		$	148

See Notes to Financial Statements.
141

Statements of Changes in Net Assets (concluded)

	Georgia						High Yield
DECREASE IN NET ASSETS	For the Six Months Ended March 31, 2009 (unaudited)			For the Year Ended September 30, 2008			For the Six Months Ended March 31, 2009 (unaudited)			For the Year Ended September 30, 2008
Operations:
Net investment income	$	2,757,917		$	5,453,071		$	31,060,184		$	67,109,142
Net realized gain (loss) on investments and futures contracts		(2,922,242	)		(761,978	)		(102,749,569	)		(79,017,884	)
Net change in unrealized depreciation on investments and futures contracts		1,756,150			(13,577,713	)		(115,274,836	)		(212,898,586	)
Net increase (decrease) in net assets resulting from operations		1,591,825			(8,886,620	)		(186,964,221	)		(224,807,328	)
Distributions to shareholders from:
Net investment income
Class A		(2,705,879	)		(5,530,699	)		(20,420,236	)		(44,351,346	)
Class B		–			–			(278	)		(539	)
Class C		–			–			(10,321,809	)		(22,886,895	)
Class F		(26,821	)		(2,393	)		(335,466	)		(104,811	)
Class P		–			–			(301	)		(594	)
Total distributions to shareholders		(2,732,700	)		(5,533,092	)		(31,078,090	)		(67,344,185	)
Capital share transactions (See Note 11):
Net proceeds from sales of shares		16,910,992			27,835,905			195,015,371			523,404,854
Reinvestment of distributions		2,068,172			4,204,886			18,872,896			39,074,666
Cost of shares reacquired		(28,265,388	)		(26,941,193	)		(256,555,842	)		(675,334,052	)
Net increase (decrease) in net assets resulting from capital share transactions		(9,286,224	)		5,099,598			(42,667,575	)		(112,854,532	)
Net decrease in net assets		(10,427,099	)		(9,320,114	)		(260,709,886	)		(405,006,045	)
NET ASSETS:
Beginning of period	$	124,288,418		$	133,608,532		$	1,092,615,891		$	1,497,621,936
End of period	$	113,861,319		$	124,288,418		$	831,906,005		$	1,092,615,891
Undistributed (distributions in excess of) net investment income	$	(84,405	)	$	(109,622	)	$	272,217		$	290,123

See Notes to Financial Statements.
142

	Pennsylvania
DECREASE IN NET ASSETS	For the Six Months Ended March 31, 2009 (unaudited)			For the Year Ended September 30, 2008
Operations:
Net investment income	$	2,036,991		$	4,042,240
Net realized gain (loss) on investments and futures contracts		(1,247,605	)		524,287
Net change in unrealized depreciation on investments and futures contracts		323,364			(10,069,048	)
Net increase (decrease) in net assets resulting from operations		1,112,750			(5,502,521	)
Distributions to shareholders from:
Net investment income
Class A		(2,055,778	)		(4,053,944	)
Class B		–			–
Class C		–			–
Class F		(963	)		(447	)
Class P		–			–
Total distributions to shareholders		(2,056,741	)		(4,054,391	)
Capital share transactions (See Note 11):
Net proceeds from sales of shares		4,556,995			8,760,886
Reinvestment of distributions		1,245,919			2,389,327
Cost of shares reacquired		(6,647,248	)		(8,823,444	)
Net increase (decrease) in net assets resulting from capital share transactions		(844,334	)		2,326,769
Net decrease in net assets		(1,788,325	)		(7,230,143	)
NET ASSETS:
Beginning of period	$	86,917,859		$	94,148,002
End of period	$	85,129,534		$	86,917,859
Undistributed (distributions in excess of) net investment income	$	(234,224	)	$	(214,474	)

See Notes to Financial Statements.
143

Financial Highlights

NATIONAL TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	9.71		$	11.12		$	11.52		$	11.55		$	11.49		$	11.50
Investment operations:
Net investment income(a)		.26			.51			.49			.46			.47			.47
Net realized and unrealized gain (loss)		(.44	)		(1.41	)		(.40	)		(.02	)		.05			(.01	)
Total from investment operations		(.18	)		(.90	)		.09			.44			.52			.46
Distributions to shareholders from:
Net investment income		(.26	)		(.51	)		(.49	)		(.47	)		(.46	)		(.47	)
Net asset value, end of period	$	9.27		$	9.71		$	11.12		$	11.52		$	11.55		$	11.49
Total Return(b)		(1.81	)%(c)		(8.41	)%		.79	%		3.94	%		4.53	%		4.10	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.49	%(c)		1.05	%		1.18	%		1.20	%		1.13	%		1.06	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.39	%(c)		.79	%		.77	%		.92	%		.93	%		.96	%
Expenses, excluding expense reductions and expenses reimbursed		.49	%(c)		1.06	%		1.27	%		1.20	%		1.14	%		1.10	%
Net investment income		2.82	%(c)		4.77	%		4.34	%		4.04	%		4.03	%		4.07	%
Supplemental Data:
Net assets, end of period (000)	$	734,654		$	740,198		$	525,513		$	499,778		$	497,310		$	500,519
Portfolio turnover rate		20.55	%(c)		88.15	%		49.43	%		72.24	%		118.31	%		168.36	%

^(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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
144

Financial Highlights (continued)

NATIONAL TAX FREE FUND

	Class B Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	9.75		$	11.16		$	11.56		$	11.58		$	11.52		$	11.53
Investment operations:
Net investment income(a)		.22			.42			.41			.39			.39			.39
Net realized and unrealized gain (loss)		(.44	)		(1.41	)		(.40	)		(.02	)		.05			(.01	)
Total from investment operations		(.22	)		(.99	)		.01			.37			.44			.38
Distributions to shareholders from:
Net investment income		(.21	)		(.42	)		(.41	)		(.39	)		(.38	)		(.39	)
Net asset value, end of period	$	9.32		$	9.75		$	11.16		$	11.56		$	11.58		$	11.52
Total Return(b)		(2.25	)%(c)		(9.08	)%		.08	%		3.32	%		3.83	%		3.40	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.89	%(c)		1.85	%		1.90	%		1.86	%		1.78	%		1.71	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.79	%(c)		1.58	%		1.49	%		1.58	%		1.58	%		1.61	%
Expenses, excluding expense reductions and expenses reimbursed		.89	%(c)		1.86	%		1.99	%		1.86	%		1.79	%		1.75	%
Net investment income		2.42	%(c)		3.94	%		3.61	%		3.39	%		3.38	%		3.42	%
Supplemental Data:
Net assets, end of period (000)	$	16,481		$	18,032		$	23,502		$	27,871		$	31,209		$	34,263
Portfolio turnover rate		20.55	%(c)		88.15	%		49.43	%		72.24	%		118.31	%		168.36	%

^(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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
145

Financial Highlights (continued)

NATIONAL TAX FREE FUND

	Class C Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	9.73		$	11.15		$	11.54		$	11.57		$	11.50		$	11.52
Investment operations:
Net investment income(a)		.23			.44			.42			.39			.39			.39
Net realized and unrealized gain (loss)		(.44	)		(1.41	)		(.39	)		(.02	)		.06			(.02	)
Total from investment operations		(.21	)		(.97	)		.03			.37			.45			.37
Distributions to shareholders from:
Net investment income		(.23	)		(.45	)		(.42	)		(.40	)		(.38	)		(.39	)
Net asset value, end of period	$	9.29		$	9.73		$	11.15		$	11.54		$	11.57		$	11.50
Total Return(b)		(2.13	)%(c)		(9.01	)%		.23	%		3.26	%		3.93	%		3.32	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.80	%(c)		1.67	%		1.82	%		1.86	%		1.78	%		1.71	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.70	%(c)		1.41	%		1.41	%		1.58	%		1.58	%		1.61	%
Expenses, excluding expense reductions and expenses reimbursed		.80	%(c)		1.68	%		1.91	%		1.86	%		1.79	%		1.75	%
Net investment income		2.50	%(c)		4.13	%		3.70	%		3.39	%		3.38	%		3.42	%
Supplemental Data:
Net assets, end of period (000)	$	90,315		$	80,301		$	51,244		$	44,450		$	41,322		$	43,409
Portfolio turnover rate		20.55	%(c)		88.15	%		49.43	%		72.24	%		118.31	%		168.36	%

^(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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
146

Financial Highlights (concluded)

NATIONAL TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2009 (unaudited)			Year Ended 9/30/2008			9/28/2007(a) to 9/30/2007
Per Share Operating Performance
Net asset value, beginning of period	$	9.71		$	11.12		$	11.12
Investment operations:
Net investment income(b)		.25			.52			–	(c)
Net realized and unrealized gain (loss)		(.43	)		(1.41	)		–	(c)
Total from investment operations		(.18	)		(.89	)		–	(c)
Distributions to shareholders from:
Net investment income		(.26	)		(.52	)		–
Net asset value, end of period	$	9.27		$	9.71		$	11.12
Total Return(d)		(1.75	)%(e)		(8.32	)%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.44	%(e)		.95	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.34	%(e)		.69	%		.00	%(e)(f)
Expenses, excluding expense reductions and expenses reimbursed		.44	%(e)		.97	%		.00	%(e)(f)
Net investment income		2.75	%(e)		5.00	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)	$	20,053		$	2,310		$	10
Portfolio turnover rate		20.55	%(e)		88.15	%		49.43	%

^(a) Commencement of investment 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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
147

Financial Highlights

CALIFORNIA TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	9.38		$	10.57		$	10.91		$	10.96		$	10.86		$	10.80
Investment operations:
Net investment income(a)		.22			.45			.44			.41			.44			.43
Net realized and unrealized gain (loss)		(.35	)		(1.18	)		(.34	)		(.03	)		.08			.07
Total from investment operations		(.13	)		(.73	)		.10			.38			.52			.50
Distributions to shareholders from:
Net investment income		(.23	)		(.46	)		(.44	)		(.43	)		(.42	)		(.44	)
Net asset value, end of period	$	9.02		$	9.38		$	10.57		$	10.91		$	10.96		$	10.86
Total Return(b)		(1.32	)%(c)		(7.16	)%		.87	%		3.52	%		4.88	%		4.73	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.50	%(c)		1.18	%		1.29	%		1.07	%		1.01	%		1.03	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.40	%(c)		.80	%		.87	%		.93	%		.94	%		.99	%
Expenses, excluding expense reductions and expenses reimbursed		.50	%(c)		1.18	%		1.30	%		1.07	%		1.01	%		1.03	%
Net investment income		2.50	%(c)		4.41	%		4.03	%		3.79	%		4.01	%		3.97	%
Supplemental Data:
Net assets, end of period (000)	$	132,916		$	144,165		$	147,893		$	160,416		$	166,227		$	165,270
Portfolio turnover rate		20.91	%(c)		49.17	%		50.77	%		47.86	%		42.23	%		28.04	%

^(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 and fee expense relates to the liability of floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
148

Financial Highlights (continued)

CALIFORNIA TAX FREE FUND

	Class C Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	9.39		$	10.58		$	10.92		$	10.97		$	10.87		$	10.80
Investment operations:
Net investment income(a)		.20			.39			.37			.34			.37			.36
Net realized and unrealized gain (loss)		(.35	)		(1.18	)		(.34	)		(.03	)		.08			.08
Total from investment operations		(.15	)		(.79	)		.03			.31			.45			.44
Distributions to shareholders from:
Net investment income		(.20	)		(.40	)		(.37	)		(.36	)		(.35	)		(.37	)
Net asset value, end of period	$	9.04		$	9.39		$	10.58		$	10.92		$	10.97		$	10.87
Total Return(b)		(1.53	)%(c)		(7.73	)%		.23	%		2.87	%		4.20	%		4.14	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.81	%(c)		1.79	%		1.92	%		1.72	%		1.65	%		1.67	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.71	%(c)		1.41	%		1.50	%		1.58	%		1.58	%		1.63	%
Expenses, excluding expense reductions and expenses reimbursed		.81	%(c)		1.79	%		1.92	%		1.72	%		1.65	%		1.67	%
Net investment income		2.19	%(c)		3.79	%		3.40	%		3.14	%		3.37	%		3.32	%
Supplemental Data:
Net assets, end of period (000)	$	19,963		$	18,793		$	15,245		$	15,052		$	13,953		$	13,953
Portfolio turnover rate		20.91	%(c)		49.17	%		50.77	%		47.86	%		42.23	%		28.04	%

^(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 and fee expense relates to the liability of floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
149

Financial Highlights (concluded)

CALIFORNIA TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2009 (unaudited)			Year Ended 9/30/2008			9/28/2007(a) to 9/30/2007
Per Share Operating Performance
Net asset value, beginning of period	$	9.38		$	10.57		$	10.57
Investment operations:
Net investment income(b)		.22			.45			–	(c)
Net realized and unrealized gain (loss)		(.35	)		(1.17	)		–	(c)
Total from investment operations		(.13	)		(.72	)		–	(c)
Distributions to shareholders from:
Net investment income		(.23	)		(.47	)		–
Net asset value, end of period	$	9.02		$	9.38		$	10.57
Total Return(d)		(1.16	)%(e)		(7.07	)%		.00	%
Ratio to Average Net Assets:
Expenses excluding expense reductions and including expenses reimbursed		.44	%(e)		1.05	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.34	%(e)		.67	%		.00	%(e)(f)
Expenses, excluding expense reductions and expenses reimbursed		.44	%(e)		1.07	%		.00	%(e)(f)
Net investment income		2.49	%(e)		4.48	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)	$	4,371		$	285		$	10
Portfolio turnover rate		20.91	%(e)		49.17	%		50.77	%

^(a) Commencement of investment 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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
150

Financial Highlights

CONNECTICUT TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	9.26		$	10.26		$	10.51		$	10.56		$	10.61		$	10.55
Investment operations:
Net investment income(a)		.21			.42			.44			.45			.44			.43
Net realized and unrealized gain (loss)		(.08	)		(.99	)		(.24	)		(.04	)		(.05	)		.08
Total from investment operations		.13			(.57	)		.20			.41			.39			.51
Distributions to shareholders from:
Net investment income		(.21	)		(.43	)		(.45	)		(.46	)		(.44	)		(.45	)
Net asset value, end of period	$	9.18		$	9.26		$	10.26		$	10.51		$	10.56		$	10.61
Total Return(b)		1.44	%(c)		(5.77	)%		1.93	%		3.96	%		3.74	%		4.92	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.45	%(c)		.78	%		.91	%		.76	%		.92	%		1.07	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.39	%(c)		.64	%		.59	%		.52	%		.79	%		1.00	%
Expenses, excluding expenses reductions and expenses reimbursed		.46	%(c)		.94	%		1.20	%		1.20	%		1.09	%		1.07	%
Net investment income		2.32	%(c)		4.22	%		4.20	%		4.34	%		4.11	%		4.09	%
Supplemental Data:
Net assets, end of period (000)	$	109,452		$	128,252		$	136,324		$	96,530		$	91,078		$	89,985
Portfolio turnover rate		3.32	%(c)		34.10	%		9.97	%		31.96	%		9.72	%		19.20	%

^(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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
151

Financial Highlights (concluded)

CONNECTICUT TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2009 (unaudited)			Year Ended 9/30/2008			9/28/2007(a) to 9/30/2007
Per Share Operating Performance
Net asset value, beginning of period	$	9.24		$	10.26		$	10.26
Investment operations:
Net investment income(b)		.20			.44			–	(c)
Net realized and unrealized gain (loss)		(.07	)		(1.02	)		–	(c)
Total from investment operations		.13			(.58	)		–	(c)
Distributions to shareholders from:
Net investment income		(.21	)		(.44	)		–
Net asset value, end of period	$	9.16		$	9.24		$	10.26
Total Return(d)		1.39	%(e)		(5.77	)%		.00	%
Ratio to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.40	%(e)		.62	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.34	%(e)		.49	%		.00	%(e)(f)
Expenses, excluding expenses reductions and expenses reimbursed		.41	%(e)		.83	%		.00	%(e)(f)
Net investment income		2.26	%(e)		4.43	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)	$	4,274		$	337		$	10
Portfolio turnover rate		3.32	%(e)		34.10	%		9.97	%

^(a) Commencement of investment 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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
152

Financial Highlights

HAWAII TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	4.53		$	4.92		$	5.01		$	5.04		$	5.08		$	5.08
Investment operations:
Net investment income(a)		.09			.20			.20			.20			.20			.21
Net realized and unrealized gain (loss)		.03			(.39	)		(.09	)		(.02	)		(.04	)		–	(b)
Total from investment operations		.12			(.19	)		.11			.18			.16			.21
Distributions to shareholders from:
Net investment income		(.10	)		(.20	)		(.20	)		(.21	)		(.20	)		(.21	)
Net asset value, end of period	$	4.55		$	4.53		$	4.92		$	5.01		$	5.04		$	5.08
Total Return(c)		2.65	%(d)		(3.99	)%		2.31	%		3.60	%		3.28	%		4.18	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.46	%(d)		.83	%		.95	%		.90	%		1.05	%		1.06	%
Expenses, excluding interest expense and including expense reductions and expenses reimbursed(e)		.39	%(d)		.66	%		.65	%		.71	%		.95	%		1.01	%
Expenses, excluding expenses reductions and expenses reimbursed		.47	%(d)		.97	%		1.19	%		1.14	%		1.05	%		1.06	%
Net investment income		2.10	%(d)		4.03	%		4.02	%		4.01	%		3.98	%		4.13	%
Supplemental Data:
Net assets, end of period (000)	$	114,989		$	115,157		$	103,989		$	91,357		$	78,217		$	69,598
Portfolio turnover rate		11.46	%(d)		20.85	%		10.01	%		38.26	%		18.22	%		6.12	%

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

^(b) Amount is less than $.01.

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

^(d) Not annualized.

^(e) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
153

Financial Highlights (concluded)

HAWAII TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2009 (unaudited)			Year Ended 9/30/2008			9/28/2007(a) to 9/30/2007
Per Share Operating Performance
Net asset value, beginning of period	$	4.53		$	4.92		$	4.92
Investment operations:
Net investment income(b)		.09			.20			–	(c)
Net realized and unrealized gain (loss)		.03			(.38	)		–	(c)
Total from investment operations		.12			(.18	)		–	(c)
Distributions to shareholders from:
Net investment income		(.10	)		(.21	)		–
Net asset value, end of period	$	4.55		$	4.53		$	4.92
Total Return(d)		2.70	%(e)		(3.89	)%		.00	%
Ratio to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.42	%(e)		.66	%		.00	%(e)(f)
Expenses, excluding interest expense and including expense reductions and expenses reimbursed(g)		.35	%(e)		.50	%		.00	%(e)(f)
Expenses, excluding expenses reductions and expenses reimbursed		.42	%(e)		.80	%		.00	%(e)(f)
Net investment income		1.97	%(e)		4.06	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)	$	2,922		$	10		$	10
Portfolio turnover rate		11.46	%(e)		20.85	%		10.01	%

^(a) Commencement of investment 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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
154

Financial Highlights

MISSOURI TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	4.66		$	5.20		$	5.33		$	5.35		$	5.34		$	5.36
Investment operations:
Net investment income(a)		.10			.21			.21			.22			.22			.20
Net realized and unrealized gain (loss)		(.04	)		(.53	)		(.12	)		(.02	)		–	(b)		–	(b)
Total from investment operations		.06			(.32	)		.09			.20			.22			.20
Distributions to shareholders from:
Net investment income		(.11	)		(.22	)		(.22	)		(.21	)		(.21	)		(.22	)
Net realized gain		–			–			–			(.01	)		–			–
Total distributions		(.11	)		(.22	)		(.22	)		(.22	)		(.21	)		(.22	)
Net asset value, end of period	$	4.61		$	4.66		$	5.20		$	5.33		$	5.35		$	5.34
Total Return(c)		1.27	%(d)		(6.45	)%		1.64	%		3.92	%		4.26	%		3.77	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.40	%(d)		.88	%		1.12	%		.78	%		.81	%		1.07	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(e)		.40	%(d)		.76	%		.77	%		.57	%		.67	%		1.01	%
Expenses, excluding expense reductions and expenses reimbursed		.41	%(d)		.93	%		1.24	%		1.16	%		1.09	%		1.07	%
Net investment income		2.27	%(d)		4.17	%		4.06	%		4.14	%		4.02	%		3.85	%
Supplemental Data:
Net assets, end of period (000)	$	151,253		$	149,609		$	158,977		$	159,530		$	161,624		$	155,906
Portfolio turnover rate		6.07	%(d)		28.12	%		21.48	%		27.30	%		25.49	%		40.33	%

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

^(b) Amount is less than $.01.

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

^(d) Not annualized.

^(e) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
155

Financial Highlights (concluded)

MISSOURI TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2009 (unaudited)			Year Ended 9/30/2008			9/28/2007(a) to 9/30/2007
Per Share Operating Performance
Net asset value, beginning of period	$	4.66		$	5.20		$	5.20
Investment operations:
Net investment income(b)		.10			.22			–	(c)
Net realized and unrealized gain (loss)		(.04	)		(.54	)		–	(c)
Total from investment operations		.06			(.32	)		–	(c)
Distributions to shareholders from:
Net investment income		(.11	)		(.22	)		–
Net asset value, end of period	$	4.61		$	4.66		$	5.20
Total Return(d)		1.32	%(e)		(6.36	)%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.35	%(e)		.75	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.35	%(e)		.63	%		.00	%(e)(f)
Expenses, excluding expense reductions and expenses reimbursed		.35	%(e)		.81	%		.00	%(e)(f)
Net investment income		2.24	%(e)		4.34	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)	$	687		$	75		$	10
Portfolio turnover rate		6.07	%(e)		28.12	%		21.48	%

^(a) Commencement of investment 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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
156

Financial Highlights

NEW JERSEY TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	4.43		$	5.00		$	5.17		$	5.20		$	5.18		$	5.20
Investment operations:
Net investment income(a)		.10			.21			.21			.21			.21			.22
Net realized and unrealized gain (loss)		(.20	)		(.56	)		(.17	)		(.03	)		.02			(.02	)
Total from investment operations		(.10	)		(.35	)		.04			.18			.23			.20
Distributions to shareholders from:
Net investment income		(.11	)		(.22	)		(.21	)		(.21	)		(.21	)		(.22	)
Net asset value, end of period	$	4.22		$	4.43		$	5.00		$	5.17		$	5.20		$	5.18
Total Return(b)		(2.28	)%(c)		(7.36	)%		.78	%		3.51	%		4.42	%		3.89	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.40	%(c)		.90	%		1.14	%		1.10	%		1.10	%		1.05	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.40	%(c)		.82	%		.81	%		.86	%		.95	%		1.00	%
Expenses, excluding expense reductions and expenses reimbursed		.40	%(c)		.90	%		1.21	%		1.22	%		1.10	%		1.05	%
Net investment income		2.47	%(c)		4.34	%		4.11	%		4.03	%		4.02	%		4.18	%
Supplemental Data:
Net assets, end of period (000)	$	113,673		$	114,704		$	129,106		$	130,742		$	137,319		$	139,462
Portfolio turnover rate		11.69	%(c)		32.16	%		37.64	%		28.99	%		28.46	%		31.47	%

^(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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
157

Financial Highlights (concluded)

NEW JERSEY TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2009 (unaudited)			Year Ended 9/30/2008			9/28/2007(a) to 9/30/2007
Per Share Operating Performance
Net asset value, beginning of period	$	4.43		$	5.00		$	5.00
Investment operations:
Net investment income(b)		.10			.21			–	(c)
Net realized and unrealized gain (loss)		(.20	)		(.56	)		–	(c)
Total from investment operations		(.10	)		(.35	)		–	(c)
Distributions to shareholders from:
Net investment income		(.11	)		(.22	)		–
Net asset value, end of period	$	4.22		$	4.43		$	5.00
Total Return(d)		(2.23	)%(e)		(7.27	)%		.00	%
Ratio to Average Net Assets:
Expenses excluding expense reductions and including expenses reimbursed		.35	%(e)		.74	%		.00	%(e)(f)
Expenses, excluding interest expenses, including expense reductions and expenses reimbursed(g)		.35	%(e)		.66	%		.00	%(e)(f)
Expenses, excluding expense reductions and expenses reimbursed		.35	%(e)		.77	%		.00	%(e)(f)
Net investment income		2.41	%(e)		4.41	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)	$	859		$	48		$	10
Portfolio turnover rate		11.69	%(e)		32.16	%		37.64	%

^(a) Commencement of investment 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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
158

Financial Highlights

NEW YORK TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	9.71		$	10.96		$	11.27		$	11.32		$	11.41		$	11.42
Investment operations:
Net investment income(a)		.24			.46			.47			.48			.48			.48
Net realized and unrealized gain (loss)		(.18	)		(1.24	)		(.31	)		(.05	)		(.09	)		–	(b)
Total from investment operations		.06			(.78	)		.16			.43			.39			.48
Distributions to shareholders from:
Net investment income		(.24	)		(.47	)		(.47	)		(.48	)		(.48	)		(.49	)
Net asset value, end of period	$	9.53		$	9.71		$	10.96		$	11.27		$	11.32		$	11.41
Total Return(c)		.64	%(d)		(7.37	)%		1.47	%		3.92	%		3.43	%		4.33	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.45	%(d)		.99	%		1.01	%		.80	%		.86	%		1.00	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(e)		.39	%(d)		.78	%		.70	%		.62	%		.76	%		.94	%
Expenses, excluding expense reductions and expenses reimbursed		.45	%(d)		1.00	%		1.16	%		1.11	%		1.04	%		1.05	%
Net investment income		2.54	%(d)		4.36	%		4.20	%		4.27	%		4.16	%		4.27	%
Supplemental Data:
Net assets, end of period (000)	$	202,059		$	221,057		$	243,416		$	233,101		$	229,598		$	237,349
Portfolio turnover rate		14.38	%(d)		44.67	%		25.38	%		69.19	%		57.03	%		46.33	%

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

^(b) Amount is less than $.01.

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

^(d) Not annualized.

^(e) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
159

Financial Highlights (continued)

NEW YORK TAX FREE FUND

	Class C Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	9.70		$	10.96		$	11.27		$	11.32		$	11.40		$	11.42
Investment operations:
Net investment income(a)		.21			.40			.39			.40			.40			.41
Net realized and unrealized loss		(.18	)		(1.25	)		(.30	)		(.04	)		(.08	)		(.01	)
Total from investment operations		.03			(.85	)		.09			.36			.32			.40
Distributions to shareholders from:
Net investment income		(.20	)		(.41	)		(.40	)		(.41	)		(.40	)		(.42	)
Net asset value, end of period	$	9.53		$	9.70		$	10.96		$	11.27		$	11.32		$	11.40
Total Return(b)		.31	%(c)		(8.02	)%		.84	%		3.25	%		2.87	%		3.57	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.76	%(c)		1.63	%		1.67	%		1.46	%		1.51	%		1.65	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.70	%(c)		1.41	%		1.36	%		1.28	%		1.41	%		1.59	%
Expenses, excluding expense reductions and expenses reimbursed		.76	%(c)		1.63	%		1.81	%		1.77	%		1.69	%		1.70	%
Net investment income		2.23	%(c)		3.72	%		3.53	%		3.61	%		3.51	%		3.62	%
Supplemental Data:
Net assets, end of period (000)	$	31,568		$	31,262		$	25,423		$	16,622		$	14,502		$	12,317
Portfolio turnover rate		14.38	%(c)		44.67	%		25.38	%		69.19	%		57.03	%		46.33	%

^(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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
160

Financial Highlights (concluded)

NEW YORK TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2009 (unaudited)			Year Ended 9/30/2008			9/28/2007(a)to 9/30/2007
Per Share Operating Performance
Net asset value, beginning of period	$	9.72		$	10.96		$	10.96
Investment operations:
Net investment income(b)		.24			.48			–	(c)
Net realized and unrealized gain (loss)		(.18	)		(1.24	)		–	(c)
Total from investment operations		.06			(.76	)		–	(c)
Distributions to shareholders from:
Net investment income		(.24	)		(.48	)		–
Net asset value, end of period	$	9.54		$	9.72		$	10.96
Total Return(d)		.70	%(e)		(7.18	)%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.40	%(e)		.82	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.34	%(e)		.61	%		.00	%(e)(f)
Expenses, excluding expense reductions and expenses reimbursed		.40	%(e)		.83	%		.00	%(e)(f)
Net investment income		2.49	%(e)		4.53	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)	$	2,283		$	9		$	10
Portfolio turnover rate		14.38	%(e)		44.67	%		25.38	%

^(a) Commencement of investment 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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
161

Financial Highlights

INTERMEDIATE TAX FREE FUND

	Class A Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	9.42		$	9.75		$	9.81		$	9.80		$	9.95		$	9.94
Investment operations:
Net investment income(a)		.19			.37			.36			.32			.30			.27
Net realized and unrealized gain (loss)		.24			(.32	)		(.06	)		.03			(.17	)		.01
Total from investment operations		.43			.05			.30			.35			.13			.28
Distributions to shareholders from:
Net investment income		(.19	)		(.38	)		(.36	)		(.34	)		(.28	)		(.27	)
Net asset value, end of period	$	9.66		$	9.42		$	9.75		$	9.81		$	9.80		$	9.95
Total Return(b)		4.65	%(c)		.43	%		3.11	%		3.67	%		1.36	%		2.84	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.18	%(c)		.27	%		.27	%		.27	%		.27	%		.26	%†
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.17	%(c)		.24	%		.25	%		.25	%		.25	%		.25	%†
Expenses, excluding expense reductions and expenses reimbursed		.36	%(c)		.79	%		1.37	%		1.66	%		1.42	%		2.35	%†
Net investment income		2.02	%(c)		3.80	%		3.68	%		3.34	%		3.01	%		2.70	%†
Supplemental Data:
Net assets, end of period (000)	$	523,654		$	338,400		$	17,046		$	7,234		$	7,941		$	6,360
Portfolio turnover rate		2.20	%(c)		29.73	%		30.70	%		100.82	%		42.10	%		60.08	%

^† The ratios have been determined on a Fund basis.

^(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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
162

Financial Highlights (continued)

INTERMEDIATE TAX FREE FUND

	Class B Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	9.41		$	9.74		$	9.80		$	9.79		$	9.94		$	9.93
Investment operations:
Net investment income(a)		.16			.31			.29			.26			.21			.20
Net realized and unrealized gain (loss)		.24			(.33	)		(.06	)		.02			(.16	)		–	(b)
Total from investment operations		.40			(.02	)		.23			.28			.05			.20
Distributions to shareholders from:
Net investment income		(.16	)		(.31	)		(.29	)		(.27	)		(.20	)		(.19	)
Net asset value, end of period	$	9.65		$	9.41		$	9.74		$	9.80		$	9.79		$	9.94
Total Return(c)		4.27	%(d)		(.29	)%		2.35	%		2.92	%		.55	%		2.09	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.56	%(d)		1.02	%		1.02	%		1.02	%		1.02	%		1.01	%†
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(e)		.55	%(d)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%†
Expenses, excluding expense reductions and expenses reimbursed		.75	%(d)		1.67	%		2.12	%		2.32	%		2.11	%		3.00	%†
Net investment income		1.64	%(d)		3.15	%		2.95	%		2.67	%		2.15	%		1.95	%†
Supplemental Data:
Net assets, end of period (000)	$	4,701		$	1,966		$	802		$	848		$	775		$	311
Portfolio turnover rate		2.20	%(d)		29.73	%		30.70	%		100.82	%		42.10	%		60.08	%

^† The ratios have been determined on a Fund basis.

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

^(b) Amount is less than $.01.

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

^(d) Not annualized.

^(e) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
163

Financial Highlights (continued)

INTERMEDIATE TAX FREE FUND

	Class C Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	9.41		$	9.74		$	9.80		$	9.79		$	9.94		$	9.93
Investment operations:
Net investment income(a)		.16			.30			.29			.25			.23			.20
Net realized and unrealized gain (loss)		.24			(.32	)		(.06	)		.03			(.17	)		–	(b)
Total from investment operations		.40			(.02	)		.23			.28			.06			.20
Distributions to shareholders from:
Net investment income		(.16	)		(.31	)		(.29	)		(.27	)		(.21	)		(.19	)
Net asset value, end of period	$	9.65		$	9.41		$	9.74		$	9.80		$	9.79		$	9.94
Total Return(c)		4.16	%(d)		(.31	)%		2.35	%		2.90	%		.61	%		2.05	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.53	%(d)		1.02	%		1.02	%		1.02	%		1.02	%		1.01	%†
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(e)		.52	%(d)		.98	%		1.00	%		1.00	%		1.00	%		1.00	%†
Expenses, excluding expense reductions and expenses reimbursed		.68	%(d)		1.45	%		2.02	%		2.31	%		2.06	%		3.00	%†
Net investment income		1.67	%(d)		3.11	%		2.95	%		2.59	%		2.28	%		1.95	%†
Supplemental Data:
Net assets, end of period (000)	$	93,700		$	44,402		$	4,249		$	2,784		$	3,775		$	3,297
Portfolio turnover rate		2.20	%(d)		29.73	%		30.70	%		100.82	%		42.10	%		60.08	%

^† The ratios have been determined on a Fund basis.

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

^(b) Amount is less than $.01.

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

^(d) Not annualized.

^(e) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
164

Financial Highlights (continued)

INTERMEDIATE TAX FREE FUND

	Class F Shares
	Six Months Ended 3/31/2009 (unaudited)			Year Ended 9/30/2008			9/28/2007(a) to 9/30/2007
Per Share Operating Performance
Net asset value, beginning of period	$	9.42		$	9.75		$	9.75
Investment operations:
Net investment income(b)		.18			.39			–	(c)
Net realized and unrealized gain (loss)		.25			(.33	)		–	(c)
Total from investment operations		.43			.06			–	(c)
Distributions to shareholders from:
Net investment income		(.20	)		(.39	)		–
Net asset value, end of period	$	9.65		$	9.42		$	9.75
Total Return(d)		4.58	%(e)		.57	%		.00	%
Ratio to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.17	%(e)		.13	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.17	%(e)		.10	%		.00	%(e)(f)
Expenses, excluding expense reductions and expenses reimbursed		.31	%(e)		.67	%		.00	%(e)(f)
Net investment income		1.95	%(e)		3.97	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)	$	61,750		$	1,460		$	10
Portfolio turnover rate		2.20	%(e)		29.73	%		30.70	%

^(a) Commencement of investment 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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
165

Financial Highlights (concluded)

INTERMEDIATE TAX FREE FUND

	Class P Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	9.42		$	9.75		$	9.81		$	9.80		$	9.95		$	9.94
Investment operations:
Net investment income(a)		.18			.36			.34			.31			.28			.25
Net realized and unrealized gain (loss)		.25			(.33	)		(.06	)		.02			(.17	)		.01
Total from investment operations		.43			.03			.28			.33			.11			.26
Distributions to shareholders from:
Net investment income		(.19	)		(.36	)		(.34	)		(.32	)		(.26	)		(.25	)
Net asset value, end of period	$	9.66		$	9.42		$	9.75		$	9.81		$	9.80		$	9.95
Total Return(b)		4.56	%(c)		.29	%		2.91	%		3.46	%		1.16	%		2.65	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.27	%(c)		.46	%		.47	%		.47	%		.47	%		.46	%†
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.27	%(c)		.43	%		.45	%		.45	%		.45	%		.45	%†
Expenses, excluding expenses reductions and expense reimbursed		.47	%(c)		1.13	%		1.57	%		1.77	%		1.50	%		2.45	%†
Net investment income		1.95	%(c)		3.73	%		3.49	%		3.15	%		2.83	%		2.50	%†
Supplemental Data:
Net assets, end of period (000)	$	12		$	11		$	11		$	11		$	10		$	10
Portfolio turnover rate		2.20	%(c)		29.73	%		30.70	%		100.82	%		42.10	%		60.08	%

^† The ratios have been determined on a Fund basis.

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

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

^(c) Not annualized.

^(d) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
166

Financial Highlights

SHORT DURATION TAX FREE FUND

	Class A Shares
	12/12/2008(a)to 3/31/2009 (unaudited)
Per Share Operating Performance
Net asset value, beginning of period	$	15.00
Investment operations:
Net investment income(b)		.15
Net realized and unrealized gain		.36
Total from investment operations		.51
Distributions to shareholders from:
Net investment income		(.17	)
Net asset value, end of period	$	15.34
Total Return(c)		3.44	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.13	%(d)
Expenses, including expense reductions and expenses reimbursed		.13	%(d)
Expenses, excluding expense reductions and expenses reimbursed		.60	%(d)
Net investment income		.99	%(d)
Supplemental Data:
Net assets, end of period (000)	$	52,645
Portfolio turnover rate		19.20	%(d)

^(a) Commencement of investment 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.

See Notes to Financial Statements.
167

Financial Highlights (continued)

SHORT DURATION TAX FREE FUND

	Class C Shares
	12/12/2008(a)to 3/31/2009 (unaudited)
Per Share Operating Performance
Net asset value, beginning of period	$	15.00
Investment operations:
Net investment income(b)		.10
Net realized and unrealized gain		.37
Total from investment operations		.47
Distributions to shareholders from:
Net investment income		(.13	)
Net asset value, end of period	$	15.34
Total Return(c)		3.17	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.35	%(d)
Expenses, including expense reductions and expenses reimbursed		.35	%(d)
Expenses, excluding expense reductions and expenses reimbursed		.60	%(d)
Net investment income		.68	%(d)
Supplemental Data:
Net assets, end of period (000)	$	7,866
Portfolio turnover rate		19.20	%(d)

^(a) Commencement of investment 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.

See Notes to Financial Statements.
168

Financial Highlights (continued)

SHORT DURATION TAX FREE FUND

	Class F Shares
	12/12/2008(a)to 3/31/2009 (unaudited)
Per Share Operating Performance
Net asset value, beginning of period	$	15.00
Investment operations:
Net investment income(b)		.15
Net realized and unrealized gain		.37
Total from investment operations		.52
Distributions to shareholders from:
Net investment income		(.18	)
Net asset value, end of period	$	15.34
Total Return(c)		3.45	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.09	%(d)
Expenses, including expense reductions and expenses reimbursed		.09	%(d)
Expenses, excluding expense reductions and expenses reimbursed		.30	%(d)
Net investment income		.95	%(d)
Supplemental Data:
Net assets, end of period (000)	$	8,950
Portfolio turnover rate		19.20	%(d)

^(a) Commencement of investment 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.

See Notes to Financial Statements.
169

Financial Highlights (concluded)

SHORT DURATION TAX FREE FUND

	Class I Shares
	12/12/2008(a)to 3/31/2009 (unaudited)
Per Share Operating Performance
Net asset value, beginning of period	$	15.00
Investment operations:
Net investment income(b)		.19
Net realized and unrealized gain		.34
Total from investment operations		.53
Distributions to shareholders from:
Net investment income		(.19	)
Net asset value, end of period	$	15.34
Total Return(c)		3.51	%(d)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.07	%(d)
Expenses, including expense reductions and expenses reimbursed		.07	%(d)
Expenses, excluding expense reductions and expenses reimbursed		2.49	%(d)
Net investment income		1.22	%(d)
Supplemental Data:
Net assets, end of period (000)	$	10
Portfolio turnover rate		19.20	%(d)

^(a) Commencement of investment 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.

See Notes to Financial Statements.
170

Financial Highlights

GEORGIA TAX FREE TRUST

	Class A Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	4.93		$	5.51		$	5.64		$	5.66		$	5.65		$	5.63
Investment operations:
Net investment income(a)		.11			.23			.23			.22			.23			.23
Net realized and unrealized gain (loss)		(.03	)		(.58	)		(.13	)		(.01	)		.01			.02
Total from investment operations		.08			(.35	)		.10			.21			.24			.25
Distributions to shareholders from:
Net investment income		(.11	)		(.23	)		(.23	)		(.23	)		(.23	)		(.23	)
Net asset value, end of period	$	4.90		$	4.93		$	5.51		$	5.64		$	5.66		$	5.65
Total Return(b)		1.77	%(c)		(6.62	)%		1.76	%		3.77	%		4.24	%		4.54	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.50	%(c)		.88	%		.88	%		.63	%		.72	%		.75	%
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(d)		.41	%(c)		.69	%		.60	%		.44	%		.61	%		.67	%
Expenses, excluding expense reductions and expenses reimbursed		.50	%(c)		1.00	%		1.13	%		1.08	%		.72	%		.75	%
Net investment income		2.40	%(c)		4.19	%		4.04	%		3.99	%		3.98	%		4.14	%
Supplemental Data:
Net assets, end of period (000)	$	109,282		$	124,126		$	133,599		$	118,819		$	103,887		$	89,480
Portfolio turnover rate		3.10	%(c)		37.84	%		13.29	%		36.93	%		24.38	%		20.25	%

^(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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
171

Financial Highlights (concluded)

GEORGIA TAX FREE TRUST

	Class F Shares
	Six Months Ended 3/31/2009 (unaudited)			Year Ended 9/30/2008			9/28/2007(a) to 9/30/2007
Per Share Operating Performance
Net asset value, beginning of period	$	4.93		$	5.51		$	5.51
Investment operations:
Net investment income(b)		.12			.23			–	(c)
Net realized and unrealized gain (loss)		(.01	)		(.58	)		–	(c)
Total from investment operations		.11			(.35	)		–	(c)
Distributions to shareholders from:
Net investment income		(.12	)		(.23	)		–
Net asset value, end of period	$	4.92		$	4.93		$	5.51
Total Return(d)		2.25	%(e)		(6.53	)%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.44	%(e)		.81	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.35	%(e)		.63	%		.00	%(e)(f)
Expenses, excluding expense reductions and expenses reimbursed		.45	%(e)		.89	%		.00	%(e)(f)
Net investment income		2.37	%(e)		4.39	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)	$	4,579		$	163		$	10
Portfolio turnover rate		3.10	%(e)		37.84	%		13.29	%

^(a) Commencement of investment 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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
172

Financial Highlights

HIGH YIELD MUNICIPAL BOND FUND

	Class A Shares
	Six Months Ended 3/31/2009			Year Ended 9/30									12/1/2004(a) to
	(unaudited)			2008			2007			2006			9/30/2005
Per Share Operating Performance
Net asset value, beginning of period	$	11.89		$	15.03		$	15.81		$	15.41		$	15.00
Investment operations:
Net investment income(b)														.03
Net realized and unrealized gain														.17
Total from investment operations														.20
Distributions to shareholders from:
Net investment income														(.03	)
Net asset value on SEC Effective Date, December 30, 2004													$	15.17
Investment operations:
Net investment income(b)		.37			.75			.75			.82			.56
Net realized and unrealized gain (loss)		(2.45	)		(3.13	)		(.77	)		.37			.31
Total from investment operations		(2.08	)		(2.38	)		(.02	)		1.19			.87
Distributions to shareholders from:
Net investment income		(0.38	)		(.76	)		(.76	)		(.79	)		(.63	)
Net asset value, end of period	$	9.43		$	11.89		$	15.03		$	15.81		$	15.41
Total Return(c)														1.36	%(d)(e)
Total Return(c)		(17.52	)%(d)		(16.33	)%		(.23	)%		7.97	%		5.79	%(d)(f)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.56	%(d)		1.27	%		1.31	%		.49	%		.15	%(d)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.43	%(d)		.79	%		.67	%		.16	%		.00	%(d)(h)
Expenses, excluding expense reductions and expenses reimbursed		.56	%(d)		1.30	%		1.52	%		1.34	%		1.00	%(i)
Net investment income		3.81	%(d)		5.50	%		4.75	%		5.28	%		4.80	%(i)
Supplemental Data:
Net assets, end of period (000)	$	510,933		$	695,723		$	959,170		$	731,726		$	312,948
Portfolio turnover rate		22.71	%(d)		47.95	%		24.92	%		62.27	%		70.93	%(d)

^(a) Commencement of investment operations was 12/1/2004, SEC effective date was 12/30/2004 and date shares first became available to the public was 1/3/2005.

^(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) Total return for the period 12/1/2004 through 12/30/2004.

^(f) Total return for the period 12/30/2004 through 9/30/2005.

^(g) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

^(h) Amount is less than .01%.

⁽ⁱ⁾ Annualized.

See Notes to Financial Statements.
173

Financial Highlights (continued)

HIGH YIELD MUNICIPAL BOND FUND

	Class B Shares
	Six Months Ended 3/31/2009			Year Ended 9/30									12/1/2004(a) to
	(unaudited)			2008			2007			2006			9/30/2005
Per Share Operating Performance
Net asset value, beginning of period	$	11.91		$	15.03		$	15.81		$	15.41		$	15.00
Investment operations:
Net investment income(b)														.02
Net realized and unrealized gain														.17
Total from investment operations														.19
Distributions to shareholders from:
Net investment income														(.02	)
Net asset value on SEC Effective Date, December 30, 2004													$	15.17
Investment operations:
Net investment income(b)		.34			.70			.68			.77			.58
Net realized and unrealized gain (loss)		(2.46	)		(3.14	)		(.78	)		.37			.29
Total from investment operations		(2.12	)		(2.44	)		(.10	)		1.14			.87
Distributions to shareholders from:
Net investment income		(.34	)		(.68	)		(.68	)		(.74	)		(.63	)
Net asset value, end of period	$	9.45		$	11.91		$	15.03		$	15.81		$	15.41
Total Return(c)														1.29	%(d)(e)
Total Return(c)		(17.73	)%(d)		(16.70	)%		(.74	)%		7.62	%		5.80	%(d)(f)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.92	%(d)		1.74	%		1.77	%		.80	%		.22	%(d)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.79	%(d)		1.26	%		1.13	%		.47	%		.07	%(d)
Expenses, excluding expense reductions and expenses reimbursed		.95	%(d)		2.07	%		2.24	%		1.96	%		1.85	%(h)
Net investment income		3.49	%(d)		5.10	%		4.29	%		4.99	%		4.74	%(h)
Supplemental Data:
Net assets, end of period (000)	$	8		$	10		$	11		$	11		$	10
Portfolio turnover rate		22.71	%(d)		47.95	%		24.92	%		62.27	%		70.93	%(d)

^(a) Commencement of investment operations was 12/1/2004, SEC effective date was 12/30/2004 and date shares first became available to the public was 1/3/2005.

^(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) Total return for the period 12/1/2004 through 12/30/2004.

^(f) Total return for the period 12/30/2004 through 9/30/2005.

^(g) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

^(h) Annualized.

See Notes to Financial Statements.
174

Financial Highlights (continued)

HIGH YIELD MUNICIPAL BOND FUND

	Class C Shares
	Six Months Ended 3/31/2009			Year Ended 9/30									12/1/2004(a) to
	(unaudited)			2008			2007			2006			9/30/2005
Per Share Operating Performance
Net asset value, beginning of period	$	11.89		$	15.03		$	15.81		$	15.41		$	15.00
Investment operations:
Net investment income(b)														.02
Net realized and unrealized gain														.17
Total from investment operations														.19
Distributions to shareholders from:
Net investment income														(.02	)
Net asset value on SEC Effective Date, December 30, 2004													$	15.17
Investment operations:
Net investment income(b)		.35			.68			.67			.76			.56
Net realized and unrealized gain (loss)		(2.46	)		(3.14	)		(.77	)		.38			.31
Total from investment operations		(2.11	)		(2.46	)		(.10	)		1.14			.87
Distributions to shareholders from:
Net investment income		(.34	)		(.68	)		(.68	)		(.74	)		(.63	)
Net asset value, end of period	$	9.44		$	11.89		$	15.03		$	15.81		$	15.41
Total Return(c)														1.29	%(d)(e)
Total Return(c)		(17.72	)%(d)		(16.77	)%		(.74	)%		7.62	%		5.79	%(d)(f)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.86	%(d)		1.78	%		1.81	%		.88	%		.15	%(d)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.73	%(d)		1.30	%		1.17	%		.54	%		.00	%(d)(h)
Expenses, excluding expense reductions and expenses reimbursed		.87	%(d)		1.93	%		2.17	%		1.98	%		1.78	%(i)
Net investment income		3.52	%(d)		5.00	%		4.25	%		4.98	%		4.79	%(i)
Supplemental Data:
Net assets, end of period (000)	$	277,655		$	392,360		$	538,419		$	349,911		$	125,319
Portfolio turnover rate		22.71	%(d)		47.95	%		24.92	%		62.27	%		70.93	%(d)

^(a) Commencement of investment operations was 12/1/2004, SEC effective date was 12/30/2004 and date shares first became available to the public was 1/3/2005.

^(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) Total return for the period 12/1/2004 through 12/30/2004.

^(f) Total return for the period 12/30/2004 through 9/30/2005.

^(g) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

^(h) Amount is less than .01%.

⁽ⁱ⁾ Annualized.

See Notes to Financial Statements.
175

Financial Highlights (continued)

HIGH YIELD MUNICIPAL BOND FUND

	Class F Shares
	Six Months Ended 3/31/2009 (unaudited)			Year Ended 9/30/2008			9/28/2007(a) to 9/30/2007
Per Share Operating Performance
Net asset value, beginning of period	$	11.90		$	15.03		$	15.03
Investment operations:
Net investment income(b)		.36			.76			–	(c)
Net realized and unrealized gain (loss)		(2.44	)		(3.13	)		–	(c)
Total from investment operations		(2.08	)		(2.37	)		–	(c)
Distributions to shareholders from:
Net investment income		(.38	)		(.76	)		–
Net asset value, end of period	$	9.44		$	11.90		$	15.03
Total Return(d)		(17.46	)%(e)		(16.19	)%		.00	%
Ratio to Average Net Assets:
Expenses excluding expense reductions and including expenses reimbursed		.49	%(e)		1.20	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.36	%(e)		.72	%		.00	%(e)(f)
Expenses, excluding expense reductions and expenses reimbursed		.49	%(e)		1.20	%		.00	%(e)(f)
Net investment income		3.70	%(e)		5.90	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)	$	43,303		$	4,513		$	10
Portfolio turnover rate		22.71	%(e)		47.95	%		24.92	%

^(a) Commencement of investment 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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
176

Financial Highlights (concluded)

HIGH YIELD MUNICIPAL BOND FUND

	Class P Shares
	Six Months Ended 3/31/2009			Year Ended 9/30									12/1/2004(a) to
	(unaudited)			2008			2007			2006			9/30/2005
Per Share Operating Performance
Net asset value, beginning of period	$	11.90		$	15.04		$	15.82		$	15.42		$	15.00
Investment operations:
Net investment income(b)														.03
Net realized and unrealized gain														.17
Total from investment operations														.20
Distributions to shareholders from:
Net investment income														(.03	)
Net asset value on SEC Effective Date, December 30, 2004													$	15.17
Investment operations:
Net investment income(b)		.37			.74			.75			.83			.58
Net realized and unrealized gain (loss)		(2.47	)		(3.13	)		(.77	)		.36			.30
Total from investment operations		(2.10	)		(2.39	)		(.02	)		1.19			.88
Distributions to shareholders from:
Net investment income		(.36	)		(.75	)		(.76	)		(.79	)		(.63	)
Net asset value, end of period	$	9.44		$	11.90		$	15.04		$	15.82		$	15.42
Total Return(c)														1.34	%(d)(e)
Total Return(c)		(17.62	)%(d)		(16.34	)%		(.25	)%		7.94	%		5.86	%(d)(f)
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses reimbursed		.67	%(d)		1.35	%		1.32	%		.47	%		.18	%(d)
Expenses, excluding interest expense, including expense reductions and expenses reimbursed(g)		.54	%(d)		.87	%		.66	%		.13	%		.03	%(d)
Expenses, excluding expense reductions and expenses reimbursed		.67	%(d)		1.51	%		1.73	%		1.45	%		1.34	%(h)
Net investment income		3.73	%(d)		5.46	%		4.77	%		5.41	%		4.80	%(h)
Supplemental Data:
Net assets, end of period (000)	$	8		$	10		$	12		$	12		$	11
Portfolio turnover rate		22.71	%(d)		47.95	%		24.92	%		62.27	%		70.93	%(d)

^(a) Commencement of investment operations was 12/1/2004, SEC effective date was 12/30/2004 and date shares first became available to the public was 1/3/2005.

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

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

^(d) Not annualized.

^(e) Total return for the period 12/1/2004 through 12/30/2004.

^(f) Total return for the period 12/30/2004 through 9/30/2005.

^(g) Interest and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

^(h) Annualized.

See Notes to Financial Statements.
177

Financial Highlights

PENNSYLVANIA TAX FREE TRUST

	Class A Shares
	Six Months Ended 3/31/2009			Year Ended 9/30
	(unaudited)			2008			2007			2006			2005			2004
Per Share Operating Performance
Net asset value, beginning of period	$	4.62		$	5.13		$	5.24		$	5.30		$	5.28		$	5.27
Investment operations:
Net investment income(a)		.11			.22			.22			.22			.22			.22
Net realized and unrealized gain (loss)		(.04	)		(.51	)		(.11	)		(.06	)		.02			.01
Total from investment operations		.07			(.29	)		.11			.16			.24			.23
Distributions to shareholders from:
Net investment income		(.11	)		(.22	)		(.22	)		(.22	)		(.22	)		(.22	)
Net asset value, end of period	$	4.58		$	4.62		$	5.13		$	5.24		$	5.30		$	5.28
Total Return(b)		1.60	%(c)		(5.90	)%		2.10	%		3.10	%		4.57	%		4.48	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses assumed		.49	%(c)		1.02	%		1.11	%		.86	%		.96	%		1.02	%
Expenses, excluding interest expense, including expense reductions and expenses assumed(d)		.42	%(c)		.84	%		.77	%		.67	%		.88	%		.97	%
Expenses, excluding expense reductions and expenses assumed		.49	%(c)		1.02	%		1.24	%		1.12	%		1.00	%		1.02	%
Net investment income		2.43	%(c)		4.35	%		4.23	%		4.19	%		4.06	%		4.20	%
Supplemental Data:
Net assets, end of period (000)	$	84,896		$	86,908		$	94,138		$	93,770		$	97,069		$	95,954
Portfolio turnover rate		5.65	%(c)		44.84	%		32.18	%		42.20	%		20.59	%		27.03	%

^(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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
178

Financial Highlights (concluded)

PENNSYLVANIA TAX FREE TRUST

	Class F Shares
	Six Months Ended 3/31/2009 (unaudited)			Year Ended 9/30/2008			9/28/2007(a) to 9/30/2007
Per Share Operating Performance
Net asset value, beginning of period	$	4.62		$	5.13		$	5.13
Investment operations:
Net investment income(b)		.11			.23			–	(c)
Net realized and unrealized gain (loss)		(.05	)		(.52	)		–	(c)
Total from investment operations		.06			(.29	)		–	(c)
Distributions to shareholders from:
Net investment income		(.11	)		(.22	)		–
Net asset value, end of period	$	4.57		$	4.62		$	5.13
Total Return(d)		1.43	%(e)		(5.81	)%		.00	%
Ratios to Average Net Assets:
Expenses, excluding expense reductions and including expenses assumed		.42	%(e)		.80	%		.00	%(e)(f)
Expenses, excluding interest expense, including expense reductions and expenses assumed(g)		.35	%(e)		.61	%		.00	%(e)(f)
Expenses, excluding expense reductions and expenses assumed		.42	%(e)		.83	%		.00	%(e)(f)
Net investment income		2.40	%(e)		4.57	%		.00	%(e)(f)
Supplemental Data:
Net assets, end of period (000)	$	234		$	9		$	10
Portfolio turnover rate		5.65	%(e)		44.84	%		32.18	%

^(a) Commencement of investment operations was 9/28/2007, SEC effective date was 9/14/2007 and date shares first became available to the public was 10/01/2007.

^(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 and fee expense relates to the liability for floating rate notes issued in conjunction with inverse floater securities transactions.

See Notes to Financial Statements.
179

Notes to Financial Statements (unaudited)

1. ORGANIZATION

Lord Abbett Municipal Income Fund, Inc. (the "Company") and Lord Abbett Municipal Income Trust (the "Trust") are registered under the Investment Company Act of 1940, as amended (the "Act"), as open-end management investment companies. The Company was organized as a Maryland corporation on December 27, 1983. The Trust was organized as a Massachusetts business trust on September 11, 1991 and was reorganized as a Delaware statutory trust on July 22, 2002.

The Company consists of the following seven portfolios (separately, a "Fund" and collectively, the "Funds") and their respective classes:

Funds	Classes
Lord Abbett National Tax-Free Income Fund ("National")	A,B,C,F,I and P
Lord Abbett California Tax-Free Income Fund ("California")	A,C,F and P
Lord Abbett Connecticut Tax-Free Income Fund ("Connecticut")	A,F and P
Lord Abbett Hawaii Tax-Free Income Fund ("Hawaii")	A,F and P
Lord Abbett Missouri Tax-Free Income Fund ("Missouri")	A,F and P
Lord Abbett New Jersey Tax-Free Income Fund ("New Jersey")	A,F and P
Lord Abbett New York Tax-Free Income Fund ("New York")	A,C,F and P

The Trust consists of the following five portfolios (separately, a "Fund" and collectively, the "Funds") and their respective classes:

Funds	Classes
Lord Abbett Intermediate Tax-Free Fund ("Intermediate")	A,B,C,F and P
Lord Abbett Short Duration Tax Free Fund ("Short Duration")	A,C, F and I
Georgia Series ("Georgia")	A,F and P
Lord Abbett High Yield Municipal Bond Fund ("High Yield")	A,B,C,F,I and P
Pennsylvania Series ("Pennsylvania")	A,F and P

Each Fund is non-diversified as defined under the Act, except for National, Intermediate and Short Duration. As of the date of this report, only Intermediate and High Yield have issued Class P shares, only Short Duration has issued Class I shares, and National and High Yield have been authorized to issue but have not issued Class I shares.

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. Each Fund (except for National, Intermediate, Short Duration and High Yield) 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. The investment objective of High Yield is to seek a high level of income exempt from federal income tax. New York also 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 the Class B, C, F, I and P shares, although there may be a contingent deferred sales charge ("CDSC") 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

180

Notes to Financial Statements (unaudited)(continued)

exceptions); 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 is not a business day, the next business day thereafter) following the eighth anniversary of the day on which the purchase order was accepted. The Funds' Class P shares are closed to substantially all new retirement and benefit plans and fee-based programs, with certain exceptions as set forth in the Funds' Prospectus.

The preparation of 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 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/Trustees. Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates current market 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. Discounts are accreted and premiums are amortized using the effective interest method. 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, 2005 through September 30, 2008. The statutes of limitations on the Company's and Trust's state and local tax returns may remain open for an additional year depending upon the jurisdiction.

181

Notes to Financial Statements (unaudited)(continued)

(e)  Expenses–Expenses incurred by the Company and Trust that do not specifically relate to an individual Fund are generally allocated to the Funds within the Company and Trust on a pro-rata basis. Expenses, excluding class specific expenses, are allocated to each class of shares based upon the relative proportion of net assets at the beginning of the day. Class A, B, C, F and P shares bear their class specific share of all expenses and fees relating to the Funds' 12b-1 Distribution Plan.

(f)  Futures Contracts–Each Fund may purchase and sell futures contracts for bona fide hedging purposes including hedging against changes in interest rates and securities prices. 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 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. Generally, open futures contracts are marked to market for federal income tax purposes at fiscal year-end. As of March 31, 2009, 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 does not qualify for sale treatment under Statement of Financial Accounting Standard No. 140 "Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities," therefore the municipal securities deposited into a TOB are presented in a Fund's Schedule of Investments and the proceeds from the transactions are reported as a liability for trust certificates on the Statement of Assets and Liabilities. Similarly, proceeds from residual certificates issued to affiliates, if any, from the transaction are included in the liability for trust certificates. Interest income from the underlying security is recorded by a Fund on an accrual basis. Interest expense incurred on the secured borrowing and other expenses related to remarketing, administration and trustee services to a TOB are reported as expenses of a Fund. The floating rate certificates have interest rates that generally reset weekly and their holders have the option to tender certificates to the TOB for redemption at par at each reset date. The residual interests held by a Fund include the right of the Fund (1) to cause the holders of a proportional share of f loating 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. At March 31, 2009, the aggregate value of the underlying municipal

182

Notes to Financial Statements (unaudited)(continued)

securities transferred to TOBs, the liability for trust certificates and the range of interest rates for such certificates were:

Fund	Liability for Trust Certificates		Interest Rate or Range of Interest Rates	Underlying Municipal Bonds Transferred to TOBs
National	$	78,375,000	0.45% - 1.11%	$	153,305,486
California		10,500,000	0.54% - 0.84%		22,672,180
Connecticut		5,080,000	1.19%		10,097,262
Hawaii		5,000,000	1.34%		9,691,900
New York		17,070,000	0.44% - 0.45%		34,243,995
Intermediate		5,235,000	0.45% - 1.11%		10,754,791
Georgia		11,270,000	0.47% - 0.60%		23,011,621
High Yield		96,812,226	0.44% - 1.11%		181,627,855

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 net asset value 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 deemed to have occurred for accounting purposes.

(i)  Fair Value Measurements–Each Fund adopted Financial Accounting Standards Board ("FASB") Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), effective October 1, 2008. In accordance with SFAS 157, fair value is defined as the price that each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. SFAS 157 established a three-tier hierarchy 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 assump tions 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

183

Notes to Financial Statements (unaudited)(continued)

available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used as of March 31, 2009 in valuing each Fund's investments carried at value:

	National					California
Valuation Inputs	Investments in Securities		Other Financial Instruments*			Investments in Securities		Other Financial Instruments*
Level 1 – Quoted Prices	$	17,219,983	$	(1,440,128	)	$	920,327	$	(380,700	)
Level 2 – Other Significant
Observable Inputs		930,854,079		-			162,939,772		-
Total	$	948,074,062	$	(1,440,128	)	$	163,860,099	$	(380,700	)
	Connecticut					Hawaii
Valuation Inputs	Investments in Securities		Other Financial Instruments*			Investments in Securities		Other Financial Instruments*
Level 1 – Quoted Prices	$	1,861,898	$	(478,308	)	$	-	$	(294,618	)
Level 2 – Other Significant
Observable Inputs		115,363,313		-			116,575,625		-
Total	$	117,225,211	$	(478,308	)	$	116,575,625	$	(294,618	)
	Missouri					New Jersey
Valuation Inputs	Investments in Securities		Other Financial Instruments*			Investments in Securities		Other Financial Instruments*
Level 1 – Quoted Prices	$	-	$	(277,999	)	$	2,727,207	$	(415,605	)
Level 2 – Other Significant
Observable Inputs		149,576,972		-			109,998,292		-
Total	$	149,576,972	$	(277,999	)	$	112,725,499	$	(415,605	)
	New York					Intermediate
Valuation Inputs	Investments in Securities		Other Financial Instruments*			Investments in Securities		Other Financial Instruments*
Level 1 – Quoted Prices	$	3,666,405	$	(655,589	)	$	8,995,783	$	(595,009	)
Level 2 – Other Significant
Observable Inputs		247,710,552		-			675,131,061		-
Total	$	251,376,957	$	(655,589	)	$	684,126,844	$	(595,009	)

184

Notes to Financial Statements (unaudited)(continued)

	Short Duration					Georgia
Valuation Inputs	Investments in Securities					Investments in Securities		Other Financial Instruments*
Level 1 – Quoted Prices	$	1,247,022				$	-	$	(559,962	)
Level 2 – Other Significant
Observable Inputs		59,661,013					121,730,803		-
Total	$	60,908,035				$	121,730,803	$	(559,962	)
	High Yield					Pennsylvania
Valuation Inputs	Investments in Securities		Other Financial Instruments*			Investments in Securities		Other Financial Instruments*
Level 1 – Quoted Prices	$	7,245,440	$	(2,712,400	)	$	1,741,013	$	(75,351	)
Level 2 – Other Significant
Observable Inputs		917,259,079		-			81,912,201		-
Total	$	924,504,519	$	(2,712,400	)	$	83,653,214	$	(75,351	)

* Other financial instruments represent futures contracts.

3. MANAGEMENT FEE AND OTHER TRANSACTIONS WITH AFFILIATES

Management Fee

The Company and Trust each have 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, pays the remuneration of officers, 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 is based on each Fund's average daily net assets at the following annual rate, for all Funds, other than Intermediate, Short Duration and High Yield:

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

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

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

185

Notes to Financial Statements (unaudited)(continued)

For the six months ended March 31, 2009, the effective management fee paid to Lord Abbett was at the following annualized rate of each Fund's average daily net assets:

	Effective Management Fee Rate
National		0.45	%
California		0.45	%
Connecticut		0.45	%
Hawaii		0.45	%
Missouri		0.45	%
New Jersey		0.45	%
New York		0.45	%
Intermediate		0.40	%
Short Duration		0.40	%
Georgia		0.45	%
High Yield		0.50	%
Pennsylvania		0.45	%

Lord Abbett provides certain administrative services to each Fund pursuant to an Administrative Services Agreement at an annual rate of .04% of each Fund's average daily net assets.

For the period from October 1, 2008 through January 31, 2009, Lord Abbett had contractually agreed to reimburse expenses for each Fund, other than Intermediate, Short Duration and High Yield, to the extent necessary so that each class' total annual operating expenses (excluding interest expense) did not exceed the following annual rates:

Class	% of Average Daily Net Assets
A		0.95	%
B		1.60	%
C		1.60	%
F		0.70	%
I		0.75	%
P		1.05	%

Effective February 1, 2009, Lord Abbett discontinued the contractual reimbursements for all classes of the Funds.

For the six months ended March 31, 2009, Lord Abbett had voluntarily reimbursed approximately an additional $19,000, $11,000, $4,000, and $2,000, of expenses for Connecticut, Hawaii, Missouri, and Georgia, respectively. Lord Abbett has discontinued the voluntary reimbursements.

Effective February 1, 2009, Lord Abbett is voluntarily reimbursing a portion of Intermediate Fund's expenses to the extent necessary so that each class' total annual operating expenses do not exceed the following annual rates:

Class	% of Average Daily Net Assets(1)
A		0.50	%
B		1.30	%
C		1.12	%
F		0.40	%
P		0.75	%

Lord Abbett may discontinue the voluntary reimbursement or change the level of its reimbursement at any time.

⁽¹⁾For the period from October 1, 2008 through January 31, 2009, Lord Abbett contractually agreed to reimburse expenses for Intermediate so that the Fund's net expenses did not exceed an aggregate annual rate of 0.25% of average daily net assets for Class A shares, 1.00% of average daily net assets for Class B and C shares, 0.10% of average daily net assets for Class F shares, and 0.45% of average daily net assets for Class P shares.

186

Notes to Financial Statements (unaudited)(continued)

For the period from December 12, 2008 through January 31, 2010, Lord Abbett has contractually agreed to reimburse expenses for Short Duration to the extent necessary so that each class' total annual operating expenses do not exceed the following annual rates:

Class	% of Average Daily Net Assets(1)
A		0.50	%
C		1.30	%
F		0.40	%
I		0.30	%

⁽¹⁾Lord Abbett is also voluntarily reimbursing a portion of the Fund's expenses so that the Fund's net expenses do not exceed an aggregate annualized rate of 0.45% of average daily net assets for Class A shares, 1.25% of average daily net assets for Class C shares, 0.35% of average daily net assets for Class F shares and 0.25% of average daily net assets for Class I shares. Lord Abbett may discontinue the voluntary reimbursement or change the level of its reimbursement at any time.

For the period April 15, 2008 through November 3, 2008, Lord Abbett voluntarily agreed to reimburse expenses for High Yield to the extent necessary so that Class B and Class C's total annual operating expenses (excluding interest expense) did not exceed 1.33% of average daily net assets. Effective November 4, 2008, Lord Abbett is no longer voluntarily reimbursing expenses for any Class of shares of High Yield.

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 average daily net assets as follows:

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

⁽¹⁾ The Rule 12b-1 fee each Fund pays on Class C shares is at a blended rate calculated based on 1.00% of each Fund's average daily net assets attributable to Class C shares held for less than one year and 0.80% 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 does 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, 2009:

	Distributor Commissions		Dealers' Concessions
National	$	118,314	$	539,252
California		13,392		65,231
Connecticut		11,546		56,839
Hawaii		19,906		95,624
Missouri		30,427		140,856
New Jersey		5,786		29,337
New York		13,385		62,457
Intermediate		72,474		457,837
Short Duration		15,980		101,913

187

Notes to Financial Statements (unaudited)(continued)

	Distributor Commissions		Dealers' Concessions
Georgia	$	24,478	$	116,100
High Yield		149,853		705,998
Pennsylvania		9,298		42,674

Distributor received the following amount of CDSCs for the six months ended March 31, 2009:

	Class A		Class C
National	$	3,365	$	17,023
California		7		3,743
Hawaii		4,410		-
New Jersey		9,070		-
New York		16,458		4,231
Intermediate		268,847		21,134
Short Duration		-		6,295
Georgia		3,828		-
High Yield		63,068		41,648

Two Directors/Trustees and certain of the Company's and Trust'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 amount 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; tempor ary 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 the distributions paid during the six months ended March 31, 2009 and the fiscal year ended September 30, 2008 was as follows:

	National				California
	Six Months Ended 3/31/2009 (unaudited)		Year Ended 9/30/2008		Six Months Ended 3/31/2009 (unaudited)		Year Ended 9/30/2008
Distributions paid from:
Tax-exempt income	$	22,530,892	$	39,554,659	$	3,921,990	$	7,333,335
Ordinary Income		-		373,850		-		-
Total distributions paid	$	22,530,892	$	39,928,509	$	3,921,990	$	7,333,335

188

Notes to Financial Statements (unaudited)(continued)

	Connecticut				Hawaii
	Six Months Ended 3/31/2009 (unaudited)		Year Ended 9/30/2008		Six Months Ended 3/31/2009 (unaudited)		Year Ended 9/30/2008
Distributions paid from:
Tax-exempt income	$	2,682,571	$	5,720,429	$	2,500,027	$	4,760,208
Total distributions paid	$	2,682,571	$	5,720,429	$	2,500,027	$	4,760,208
	Missouri				New Jersey
	Six Months Ended 3/31/2009 (unaudited)		Year Ended 9/30/2008		Six Months Ended 3/31/2009 (unaudited)		Year Ended 9/30/2008
Distributions paid from:
Tax-exempt income	$	3,485,037	$	6,852,683	$	2,844,428	$	5,579,113
Total distributions paid	$	3,485,037	$	6,852,683	$	2,844,428	$	5,579,113
	New York				Intermediate
	Six Months Ended 3/31/2009 (unaudited)		Year Ended 9/30/2008		Six Months Ended 3/31/2009 (unaudited)		Year Ended 9/30/2008
Distributions paid from:
Tax-exempt income	$	5,786,057	$	11,753,861	$	10,098,765	$	4,539,327
Total distributions paid	$	5,786,057	$	11,753,861	$	10,098,765	$	4,539,327
	Short Duration				Georgia
	Period Ended 3/31/2009* (unaudited)				Six Months Ended 3/31/2009 (unaudited)		Year Ended 9/30/2008
Distributions paid from:
Tax-exempt income	$	139,888			$	2,732,700	$	5,533,092
Total distributions paid	$	139,888			$	2,732,700	$	5,533,092

* For the period December 12, 2008 (commencement of investment operations) to March 31, 2009.

	High Yield				Pennsylvania
	Six Months Ended 3/31/2009 (unaudited)		Year Ended 9/30/2008		Six Months Ended 3/31/2009 (unaudited)		Year Ended 9/30/2008
Distributions paid from:
Tax-exempt income	$	31,078,090	$	67,344,185	$	2,056,741	$	4,054,391
Total distributions paid	$	31,078,090	$	67,344,185	$	2,056,741	$	4,054,391

189

Notes to Financial Statements (unaudited)(continued)

As of September 30, 2008, the capital loss carryforwards, along with the related expiration dates, were as follows:

	2009		2010		2011		2012		2013		2014		2015		2016		Total
National	$	216,704	$	806,580	$	1,807,613	$	4,214,676	$	112,599	$	1,000,976	$	1,179,825	$	1,176,030	$	10,515,003
California		-		-		34,990		777,657		-		-		429,137		3,345		1,245,129
Connecticut		518,107		-		-		457,625		-		99,211		349,983		215,644		1,640,570
Hawaii		268,000		-		-		1,593,681		-		-		49,609		-		1,911,290
Missouri		-		-		-		-		-		-		302,654		-		302,654
New Jersey		-		-		405,467		1,576,989		-		87,412		-		-		2,069,868
New York		-		-		-		-		-		562,562		-		-		562,562
Intermediate		-		-		-		74,668		63,298		16,132		140,520		25,504		320,122
Georgia		-		-		-		37,356		-		4,081		820,773		236,404		1,098,614
High Yield		-		-		-		-		-		1,759,893		9,152,078		16,838,530		27,750,501
Pennsylvania		-		-		-		186,056		-		12,879		-		-		198,935

On December 14, 2007, National acquired the net assets of Florida Series ("Florida") and Michigan Series ("Michigan") of the Trust and Lord Abbett Minnesota Tax-Free Income Fund ("Minnesota"), Lord Abbett Texas Tax-Free Income Fund ("Texas") and Lord Abbett Washington Tax-Free Income Fund ("Washington") of the Company (collectively, the "Acquired Funds"). As of December 14, 2007, the cumulative capital loss carryforwards of the Acquired Funds transferred into National were $6,120,844.

As of March 31, 2009, 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)
National	$	967,763,251	$	17,808,655	$	(115,872,844	)	$	(98,064,189	)
California		167,897,753		2,838,927		(17,376,581	)		(14,537,654	)
Connecticut		122,000,401		1,972,884		(11,828,074	)		(9,855,190	)
Hawaii		116,053,025		3,666,245		(8,143,645	)		(4,477,400	)
Missouri		163,228,497		2,146,642		(15,798,167	)		(13,651,525	)
New Jersey		127,129,570		1,494,745		(15,898,816	)		(14,404,071	)
New York		257,947,307		2,243,211		(25,883,561	)		(23,640,350	)
Intermediate		675,320,455		16,614,869		(13,043,480	)		3,571,389
Short Duration		60,726,413		221,264		(39,642	)		181,622
Georgia		119,935,438		1,370,664		(10,845,299	)		(9,474,635	)
High Yield		1,189,769,974		2,887,087		(364,964,768	)		(362,077,681	)
Pennsylvania		90,111,489		2,350,595		(8,808,870	)		(6,458,275	)

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

190

Notes to Financial Statements (unaudited)(continued)

5. PORTFOLIO SECURITIES TRANSACTIONS

Purchases and sales of investment securities (excluding short-term investments) for the six months ended March 31, 2009 were as follows:

	Purchases		Sales
National	$	250,218,206	$	180,267,936
California		34,401,395		41,546,942
Connecticut		3,965,989		19,871,033
Hawaii		13,309,370		13,855,877
Missouri		15,138,792		8,835,238
New Jersey		14,182,703		12,702,936
New York		35,521,586		50,183,540
Intermediate		296,792,356		11,228,784
Short Duration		59,457,538		3,700,000
Georgia		3,825,130		13,347,460
High Yield		209,080,092		253,825,365
Pennsylvania		4,717,741		12,270,629

There were no purchases or sales of U.S. Government securities for the six months ended March 31, 2009.

6. DIRECTORS'/TRUSTEES' REMUNERATION

The Company's and Trust's officers and the two Directors/Trustees who are associated with Lord Abbett do not receive any compensation from the Company or Trust for serving in such capacities. Outside Directors'/Trustees' 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/Trustees under which outside Directors/Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, Directors'/Trustees' 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'/Trustees' fees on the Statements of Operations and in Directors'/Trustees' 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 and Trust have entered into agreements with the Funds' 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

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. Accordingly, effective December 5, 2008, the amount available under the Facility was changed from $250,000,000 to $200,000,000 and the annual fee to maintain the

191

Notes to Financial Statements (unaudited)(continued)

Facility (of which each participating fund pays its pro rata share based on the net assets of each participating fund) was changed from .08% of the amount available under the Facility to .125%. Any borrowings under this Facility will bear interest at current market rates as set forth in the credit agreement. As of March 31, 2009, there were no loans outstanding pursuant to this Facility nor was the Facility utilized at any time during the six months ended March 31, 2009.

9. CUSTODIAN AND ACCOUNTING AGENT

SSB is the Company's and Trust'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 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 short-term bonds. As a result, the Funds, which tend to invest in longer-term bonds and inverse floaters to a greater degree than some municipal bond funds, normally will have greater market risk than those funds.

Additional risks that could reduce each Fund's performance or increase volatility include call risk, governmental risk, legislative risk, management risk, reclassification risk, sector risk and credit 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. The National Fund may invest up to 35% and all other Funds may invest up to 20% 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 Fund (except National, Intermediate and Short Duration) is non-diversified, which means that it may invest a greater portion of its assets in a single issuer than a diversified fund. Thus, it may be exposed to greater risk.

Because each Fund other than National, Intermediate, Short Duration and High Yield 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, such as National, Intermediate, Short Duration and High Yield. These factors may, for example, include 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 each Fund, and may do so

192

Notes to Financial Statements (unaudited)(continued)

disproportionately as a result of the corresponding disproportionate impact of such occurrences on particular state, territory, or local economies.

Each Fund (except High Yield) may invest up to 20% of its net assets in private activity bonds (sometimes called "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% 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:

National	Six Months Ended March 31, 2009 (unaudited)						Year Ended September 30, 2008
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		13,566,644		$	122,811,518			19,487,991		$	210,159,471
Converted from Class B*		201,295			1,847,305			174,389			1,852,365
Reinvestment of distributions		1,537,043			14,062,673			2,278,434			24,407,450
Shares reacquired		(12,324,143	)		(111,739,449	)		(17,432,758	)		(187,167,156	)
Shares issued in reorganizations (See Note 13)		-			-			24,469,961			266,120,610
Increase		2,980,839		$	26,982,047			28,978,017		$	315,372,740
Class B Shares
Shares sold		354,128		$	3,218,501			388,572		$	4,182,160
Reinvestment of distributions		24,860			228,610			42,993			464,097
Shares reacquired		(259,531	)		(2,372,393	)		(514,652	)		(5,530,861	)
Converted to Class A*		(200,310	)		(1,847,305	)		(173,684	)		(1,852,365	)
Decrease		(80,853	)	$	(772,587	)		(256,771	)	$	(2,736,969	)

193

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended March 31, 2009 (unaudited)						Year Ended September 30, 2008
Class C Shares	Shares			Amount			Shares			Amount
Shares sold		3,023,360		$	27,432,409			5,018,011		$	54,283,446
Reinvestment of distributions		84,248			772,296			109,539			1,176,085
Shares reacquired		(1,644,805	)		(14,800,667	)		(2,013,447	)		(21,623,338	)
Shares issued in reorganizations (See Note 13)		-			-			542,967			5,918,398
Increase		1,462,803		$	13,404,038			3,657,070		$	39,754,591
Class F Shares
Shares sold		1,973,141		$	18,248,649			241,107		$	2,517,062
Reinvestment of distributions		4,400			40,193			1,088			11,404
Shares reacquired		(52,172	)		(485,030	)		(5,104	)		(53,203	)
Increase		1,925,369		$	17,803,812			237,091		$	2,475,263
California	Six Months Ended March 31, 2009 (unaudited)						Year Ended September 30, 2008
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,625,469		$	14,447,211			3,178,432		$	32,527,728
Reinvestment of distributions		253,870			2,269,894			427,316			4,388,744
Shares reacquired		(2,523,303	)		(22,345,344	)		(2,226,767	)		(22,812,202	)
Increase (decrease)		(643,964	)	$	(5,628,239	)		1,378,981		$	14,104,270
Class C Shares
Shares sold		487,273		$	4,347,082			940,205		$	9,598,220
Reinvestment of distributions		26,517			237,324			25,972			266,449
Shares reacquired		(306,589	)		(2,740,384	)		(405,588	)		(4,156,982	)
Increase		207,201		$	1,844,022			560,589		$	5,707,687
Class F Shares
Shares sold		460,125		$	4,164,023			29,394		$	292,419
Reinvestment of distributions		380			3,423			98			988
Shares reacquired		(6,587	)		(61,503	)		-			-
Increase		453,918		$	4,105,943			29,492		$	293,407
Connecticut	Six Months Ended March 31, 2009 (unaudited)						Year Ended September 30, 2008
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,016,837		$	9,198,636			4,562,253		$	45,778,685
Reinvestment of distributions		187,630			1,692,748			350,219			3,522,571
Shares reacquired		(3,133,236	)		(28,022,404	)		(4,341,227	)		(43,200,827	)
Increase (decrease)		(1,928,769	)	$	(17,131,020	)		571,245		$	6,100,429
Class F Shares
Shares sold		431,449		$	3,943,695			35,299		$	346,979
Reinvestment of distributions		596			5,371			-			-
Shares reacquired		(1,695	)		(15,487	)		218			2,161
Increase		430,350		$	3,933,579			35,517		$	349,140

194

Notes to Financial Statements (unaudited)(continued)

Hawaii	Six Months Ended March 31, 2009 (unaudited)						Year Ended September 30, 2008
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		2,496,185		$	11,168,604			5,632,268		$	27,429,595
Reinvestment of distributions		366,609			1,644,416			644,272			3,128,697
Shares reacquired		(3,003,332	)		(13,457,618	)		(1,992,651	)		(9,633,169	)
Increase (decrease)		(140,538	)	$	(644,598	)		4,283,889		$	20,925,123
Class F Shares
Shares sold		648,679		$	2,957,086			8,067		$	40,010
Reinvestment of distributions		48			215			108			521
Shares reacquired		(8,519	)		(40,929	)		(8,091	)		(38,843	)
Increase		640,208		$	2,916,372			84		$	1,688
Missouri	Six Months Ended March 31, 2009 (unaudited)						Year Ended September 30, 2008
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		2,975,411		$	13,358,026			4,902,746		$	24,983,520
Reinvestment of distributions		651,987			2,966,562			1,133,162			5,758,679
Shares reacquired		(2,891,695	)		(13,092,581	)		(4,499,601	)		(22,756,012	)
Increase		735,703		$	3,232,007			1,536,307		$	7,986,187
Class F Shares
Shares sold		132,904		$	614,840			13,996		$	69,687
Reinvestment of distributions		223			1,014			130			656
Increase		133,127		$	615,854			14,126		$	70,343
New Jersey	Six Months Ended March 31, 2009 (unaudited)						Year Ended September 30, 2008
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		3,207,672		$	13,657,268			4,356,945		$	21,290,725
Reinvestment of distributions		420,360			1,759,483			691,213			3,367,440
Shares reacquired		(2,603,975	)		(10,773,264	)		(4,946,493	)		(24,008,559	)
Increase		1,024,057		$	4,643,487			101,665		$	649,606
Class F Shares
Shares sold		192,566		$	813,600			8,742		$	42,027
Reinvestment of distributions		55			229			85			415
Increase		192,621		$	813,829			8,827		$	42,442
New York	Six Months Ended March 31, 2009 (unaudited)						Year Ended September 30, 2008
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		1,512,559		$	14,041,902			5,228,053		$	55,945,433
Reinvestment of distributions		326,753			3,057,068			574,998			6,145,012
Shares reacquired		(3,410,281	)		(31,272,326	)		(5,239,735	)		(56,196,282	)
Increase (decrease)		(1,570,969	)	$	(14,173,356	)		563,316		$	5,894,163
Class C Shares
Shares sold		518,030		$	4,857,986			1,569,460		$	16,783,782
Reinvestment of distributions		31,867			297,926			46,157			491,989
Shares reacquired		(458,524	)		(4,249,439	)		(713,188	)		(7,575,420	)
Increase		91,373		$	906,473			902,429		$	9,700,351

195

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended March 31, 2009 (unaudited)						Year Ended September 30, 2008
Class F Shares	Shares			Amount			Shares			Amount
Shares sold		238,419		$	2,278,981			2		$	22
Reinvestment of distributions		25			231			39			414
Shares reacquired		(2	)		(15	)		-			-
Increase		238,442		$	2,279,197			41		$	436
Intermediate	Six Months Ended March 31, 2009 (unaudited)						Year Ended September 30, 2008
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		33,464,430		$	317,112,335			40,195,207		$	392,148,963
Converted from Class B*		12,285			103,868			11,598			112,817
Reinvestment of distributions		550,698			5,246,443			229,991			2,222,027
Shares reacquired		(15,713,098	)		(149,116,063	)		(6,264,088	)		(61,068,096	)
Increase		18,314,315		$	173,346,583			34,172,708		$	333,415,711
Class B Shares
Shares sold		310,979		$	2,958,160			178,271		$	1,736,644
Reinvestment of distributions		2,718			25,967			1,832			17,783
Shares reacquired		(22,860	)		(227,510	)		(41,961	)		(412,071	)
Converted to Class A*		(12,298	)		(103,868	)		(11,612	)		(112,817	)
Increase (decrease)		278,539		$	(2,652,749	)		126,530		$	1,229,539
Class C Shares
Shares sold		5,791,153		$	54,889,912			4,981,219		$	48,535,052
Reinvestment of distributions		46,687			444,970			21,203			205,123
Shares reacquired		(841,785	)		(7,896,029	)		(719,844	)		(7,038,416	)
Increase		4,996,055		$	47,438,853			4,282,578		$	41,701,759
Class F Shares
Shares sold		6,564,720		$	63,048,599			162,412		$	1,571,876
Reinvestment of distributions		7,259			69,823			1,053			10,185
Shares reaquired		(330,891	)		(3,168,643	)		(9,502	)		(91,853	)
Increase		6,241,088		$	59,949,779			153,963		$	1,490,208
Class P Shares
Reinvestment of distributions		22		$	219			47		$	453
Increase		22		$	219			47		$	453
Short Duration	Period Ended March 31, 2009†(unaudited)
Class A Shares	Shares			Amount
Shares sold		3,564,805		$	54,532,465
Reinvestment of distributions		5,386			82,522
Shares reacquired		(138,250	)		(2,116,449	)
Increase		3,431,941		$	52,498,538
Class C Shares
Shares sold		526,219		$	8,057,769
Reinvestment of distributions		168			2,581
Shares reacquired		(13,650	)		(209,258	)
Increase		512,737		$	7,851,092

196

Notes to Financial Statements (unaudited)(continued)

	Period Ended March 31, 2009†(unaudited)
Class F Shares	Shares			Amount
Shares sold		583,874		$	8,938,186
Reinvestment of distributions		115			1,761
Shares reacquired		(641	)		(9,867	)
Increase		583,348		$	8,930,080
Class I Shares
Shares sold		668		$	10,018
Reinvestment of distributions		8			124
Increase		676		$	10,142
Georgia	Six Months Ended March 31, 2009 (unaudited)						Year Ended September 30, 2008
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		2,622,683		$	12,579,667			5,156,781		$	27,672,041
Reinvestment of distributions		428,713			2,055,730			778,143			4,203,091
Shares reacquired		(5,905,140	)		(28,258,892	)		(4,986,583	)		(26,940,704	)
Increase (decrease)		(2,853,744	)	$	(13,623,495	)		948,341		$	4,934,428
Class F Shares
Shares sold		896,607		$	4,331,325			30,959		$	163,864
Reinvestment of distributions		2,562			12,442			338			1,795
Shares reacquired		(744	)		(6,496	)		(93	)		(489	)
Increase		898,425		$	4,337,271			31,204		$	165,170
High Yield	Six Months Ended March 31, 2009 (unaudited)						Year Ended September 30, 2008
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		12,638,846		$	121,663,539			25,601,338		$	351,719,516
Reinvestment of distributions		1,383,243			13,733,596			2,095,556			28,683,721
Shares reacquired		(18,350,895	)		(181,415,308	)		(32,996,018	)		(457,973,062	)
Decrease		(4,328,806	)	$	(46,018,173	)		(5,299,124	)	$	(77,569,825	)
Class B Shares
Shares sold		-		$	-			7.919		$	129
Reinvestment of distributions		27.805			276			38.577			527
Shares reacquired		(7.919	)		(83	)		-			-
Increase		19.886		$	193			46.496		$	656
Class C Shares
Shares sold		3,150,524		$	30,560,067			11,975,251		$	164,961,402
Reinvestment of distributions		507,094			5,038,493			756,289			10,345,476
Shares reacquired		(7,228,267	)		(72,242,442	)		(15,565,412	)		(215,601,930	)
Decrease		(3,570,649	)	$	(36,643,882	)		(2,833,872	)	$	(40,295,052	)
Class F Shares
Shares sold		4,501,867		$	42,791,765			510,281		$	6,723,803
Reinvestment of distributions		10,102			100,234			3,425			44,354
Shares reacquired		(303,339	)		(2,898,009	)		(135,135	)		(1,759,060	)
Increase		4,208,630		$	39,993,990			378,571		$	5,009,097

197

Notes to Financial Statements (unaudited)(continued)

	Six Months Ended March 31, 2009 (unaudited)						Year Ended September 30, 2008
Class P Shares	Shares			Amount			Shares			Amount
Shares sold		-		$	-			-	(a)	$	4
Reinvestment of distributions		30			297			43			588
Increase		30		$	297			43		$	592
Pennsylvania	Six Months Ended March 31, 2009 (unaudited)						Year Ended September 30, 2008
Class A Shares	Shares			Amount			Shares			Amount
Shares sold		969,189		$	4,333,014			1,741,319		$	8,760,876
Reinvestment of distributions		276,837			1,245,688			473,523			2,388,915
Shares reacquired		(1,492,838	)		(6,647,248	)		(1,752,804	)		(8,823,444	)
Increase (decrease)		(246,812	)	$	(1,068,546	)		462,038		$	2,326,347
Class F Shares
Shares sold		49,011.000		$	223,981			2.000		$	10
Reinvestment of distributions		51.226			231			81.774			412
Increase		49,062.226		$	224,212			83.774		$	422

* Automatic conversion of Class B shares occurs on the 25th day of the month (or, if the 25th 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 December 12, 2008 (commencement of investment operations) to March 31, 2009.

^(a) Value is less than 1 share.

12. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2008, FASB issued Statement of Financial Accounting Standards No. 161, Disclosures about Derivative Instruments and Hedging Activities ("SFAS 161"), which is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 is intended to improve financial reporting about derivative instruments and hedging activities by requiring enhanced disclosures to enable investors to better understand their effects on an entity's financial position, financial performance and cash flows. Management is currently evaluating the impact the adoption of SFAS 161 will have on each Fund's financial statements and disclosures.

In April 2009, FASB issued FASB Staff Position No. 157-4, "Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly" ("FSP 157-4"). FSP 157-4 provides additional guidance for estimating fair value in accordance with FASB SFAS 157, when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate a transaction is not orderly. FSP 157-4 is effective for fiscal years and interim periods ending after June 15, 2009. Management is currently evaluating the impact the adoption of FSP 157-4 will have on the Funds' financial statement disclosures.

13. REORGANIZATIONS

On December 14, 2007, National acquired the net assets of Florida, Michigan, Minnesota, Texas and Washington, pursuant to a plan of reorganization approved by each Acquired Fund's shareholders on December 7, 2007. The acquisition was accomplished by a tax-free exchange of 25,012,928 shares (valued at $272,039,008) of National and 48,464,295 shares of the Acquired Funds outstanding on December 14, 2007. The Acquired Funds' net assets at the date of the acquisition, including $9,763,815 of unrealized appreciation, $71,879 of undistributed

198

Notes to Financial Statements (unaudited)(concluded)

(distributions in excess of) net investment income, and $6,172,997 of accumulated net realized losses, were combined with those of National. Net unrealized appreciation, undistributed (distributions in excess) of net investment income and accumulated net realized losses were as follows:

Acquired Fund	Net Unrealized Appreciation		Undistributed (Distributions in excess of) Net Investment Income			Accumulated Net Realized Loss
Florida	$	2,215,977	$	5,294		$	1,222,409
Michigan		2,543,473		36,665			705,755
Minnesota		96,548		4,182			1,171,794
Texas		2,955,039		(9,352	)		1,519,516
Washington		1,952,778		35,090			1,553,523

The shares issued by National and total net assets of the Acquired Funds were as follows:

Acquired Fund	Shares Issued by National		Shares Exchanged		Total Net Assets of the Acquired Funds
Florida - Class A		4,603,214		10,928,209	$	50,061,794
Florida - Class C		542,967		1,289,781		5,918,398
Michigan - Class A		5,868,887		12,391,978		63,826,490
Minnesota - Class A		4,248,857		9,290,026		46,208,019
Texas - Class A		6,254,984		6,985,424		68,025,455
Washington - Class A		3,494,019		7,578,877		37,998,852

The total net assets of National immediately before the transfer were $631,591,891. Total net assets of the Acquired Funds immediately before the transfer were $272,039,008. Total net assets of National immediately after the transfer were $903,630,899.

199

Approval of Advisory Contracts

At meetings held on December 10 and 11, 2008, 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") , and the Board of the Trust, including all of the Trustees who are not interested persons of the Trust or Lord Abbett considered whether to approve the continuation of the existing management agreements between each of their respective Funds and Lord Abbett. In addition to the materials the Boards had reviewed throughout the course of the year, each 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. Each Board also took into account its familiarity with Lord Abbett gain ed through its previous meetings and discussions, and the examination of the portfolio management teams conducted by members of the Contract Committee during the year.

The materials received by each Board as to each of its respective Funds included, but were not limited to, (1) information provided by Lipper Inc. regarding the investment performance of the Fund compared to the investment performance of one or more groups of funds with substantially similar investment objectives (the "performance universe") and to the investment performance of an appropriate securities index, if such an index existed, for various time periods each ended September 30, 2008, (2) information on the effective management fee rates and expense ratios for one or more groups of funds with similar objectives and of similar size (the "peer expense group"), (3) sales and redemption information for the Fund, (4) information regarding Lord Abbett's financial condition, (5) an analysis of the relative profitability of the management agreement to Lord Abbett, (6) information regarding the distribution arrangements of the Fund, and (7) inf ormation regarding the personnel and other resources devoted by Lord Abbett to managing the Fund. In light of the recent volatility in the securities markets, the Boards also considered the investment performance of each Fund for the period from September 30, 2008 through December 9, 2008.

Investment Management Services Generally. Each 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. Each 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. Each Board noted that in recent years Lord Abbett had not used brokerage commissions to purchase third-party research, but intended to change this practice in 2009, as it had previously discussed with the Boards. Each Board considered the investment advisory services provided by Lord Abbett to other clients, the fees charged for the services, and the differences in the nat ure 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. Each Board reviewed the investment performance of each of its Funds in relation to that of the performance universe, both in terms of total return and in terms of other statistical measures. The Boards observed that the performance of each of these Funds had been adversely affected over the last eighteen months by the credit crisis and the increased spreads between investment grade and below investment grade bonds.

The Board of the Company observed that the investment performance of the Class A shares of the National Tax Free Fund was in the fifth quintile of its performance universe for the

200

nine-month, one-year, three-year, and five-year periods and in the fourth quintile for the ten-year period. The Board also observed that the investment performance was lower than that of the Lipper General Municipal Debt Index for each of those periods.

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

The Board of the Company observed that the investment performance of the Class A shares of the Connecticut Tax Free Fund was in the fourth quintile of its performance universe for the nine-month and one-year periods, in the fifth quintile for the three-year period, and in the third quintile for the five-year and ten-year periods. The Board also observed that there was no Lipper index for the Connecticut municipal debt investment objective.

The Board of the Trust observed that the investment performance of the Class A shares of the Georgia Tax Free Fund was in the fifth quintile of its performance universe for the nine-month and one-year periods, in the fourth quintile for the three-year period, in the third quintile for the five-year period, and in the first quintile for the ten-year period. The Board also observed that there was no Lipper index for the Georgia municipal debt investment objective.

The Board of the Company observed that the investment performance of the Class A shares of the Hawaii Tax Free Fund was in the third quintile of its performance universe for the nine-month, five-year, and ten-year periods and in the fourth quintile for the one-year and three-year periods. The Board also observed that there was no Lipper index for the Hawaii municipal debt investment objective.

The Board of the Company observed that the investment performance of the Class A shares of the Missouri Tax Free Fund was in the fourth quintile of its performance universe for the nine-month, one-year, five-year, and ten-year periods and in the fifth quintile for the three-year period. The Board also observed that there was no Lipper index for the Missouri municipal debt investment objective.

The Board of the Company observed that the investment performance of the Class A shares of the New Jersey Tax Free Fund was in the fifth quintile of its performance universe for the nine-month, one-year, three-year, five-year, and ten-year periods and below that of the Lipper New Jersey Municipal Debt Index for each of those periods.

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

The Board of the Trust observed that the investment performance of the Class A shares of the Pennsylvania Tax Free Fund was in the fourth quintile of its performance universe for the nine-month, one-year, three-year, and five-year periods and in the second quintile for the ten-year period. The Board also observed that the investment performance was lower than that of the Lipper Pennsylvania Municipal Debt Fund Index for the nine-month, one-year, three-year, and five-year periods and higher than that of the Index for the ten-year period.

201

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

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

Lord Abbett's Personnel and Methods. Each Board considered the qualifications of the personnel providing investment management services to each of their respective Funds, in light of its investment objective and discipline. Among other things, each Board considered the size, experience, and turnover rates 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. Each Board determined that Lord Abbett had the expertise and resources to manage each of their respective Funds effectively.

Nature and Quality of Other Services. Each Board considered the nature, quality, costs, and extent of compliance, administrative, and other services performed by Lord Abbett and Lord Abbett Distributor LLC (the "Distributor") and the nature and extent of Lord Abbett's supervision of third party service providers, including each Fund's transfer agent and custodian.

Expenses. As to each of their respective Funds, each Board considered the expense levels of the Fund and the expense levels of the peer expense group. It also considered the amount and nature of the fees paid by shareholders.

As to the National Tax Free Fund, the Board of the Company noted that it and Lord Abbett had agreed to an expense reimbursement agreement through January 31, 2009 that limited the total expense ratio of Class A to not more than 0.95%, the total expense ratios of Class B and Class C to not more than 1.60%, the total expense ratio of Class F to not more than 0.70%, and the total expense ratio of Class I to not more than 0.60%, in each case excluding interest expense, but that Lord Abbett did not propose to enter into a new expense reimbursement agreement. The Board observed that for the twelve months ended September 30, 2008 the contractual management and administrative services fees were approximately two basis points above the median of the peer group and the actual management and administrative services fees were approximately four basis points above the median of the peer group. The Board observed that for the twelve months ended September 30, 2008 the total expense ratios of Class A and Class F were approximately the same as the median of the peer group, the total expense ratios of Class B and Class I were approximately five basis points above the median of the peer group, and the total expense ratio of Class C was approximately thirteen basis points below the median of the peer group. The Board also considered what the expense ratio of each class likely would be if Lord Abbett did not reimburse any expenses and how each of those expense ratios would compare to those of the peer group.

As to the California Tax Free Fund, the Board of the Company noted that it and Lord Abbett had agreed to an expense reimbursement agreement through January 31, 2009 limiting the total expense ratio of Class A to not more than 0.95%, the total expense ratio of Class C to not more than 1.60%, the total expense ratio of Class F to not more than 0.70%, and the total expense ratio of Class P to not more than 1.05%, in each case excluding interest expense, but that

202

Lord Abbett did not propose to enter into a new expense reimbursement agreement. The Board observed that for the twelve months ended September 30, 2008 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 four basis points below the median of the peer group, that the total expense ratio of Class C was approximately fifteen 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 also considered what the expense ratio of each class likely would be if Lord Abbett did not reimburse any expenses and how each of those expense ratios would compare to those of the peer group.

As to the Connecticut Tax Free Fund, the Board of the Company noted that it and Lord Abbett had agreed to an expense reimbursement agreement through January 31, 2009 that limited the total expense ratio of Class A to not more than 0.95% and the total expense ratio of Class F to not more than 0.70%, in each case excluding interest expense, but that Lord Abbett did not propose to enter into a new expense reimbursement agreement. The Board observed that 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 fees were four basis points below the median of the peer group. The Board observed that for the twelve months ended September 30, 2008 the total expense ratio of Class A was approximately fourteen basis points below the median of the peer group and the expense ratio of Class F was approximately four basis points below the median of the peer group. The Board also considered what the expense ratio of each class likely would be if Lord Abbett did not reimburse any expenses and how each of those expense ratios would compare to those of the peer group.

As to the Georgia Tax Free Fund, the Board of the Trust noted that it and Lord Abbett had agreed to an expense reimbursement agreement through January 31, 2009 that limited the total expense ratio of Class A to not more than 0.95% and the total expense ratio of Class F to not more than 0.70%, in each case excluding interest expense, but that Lord Abbett did not propose to enter into a new expense reimbursement agreement. The Board observed that for the twelve months ended September 30, 2008 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 one basis point below the median of the peer group. The Board also observed that for the twelve months ended September 30, 2008 the total expense ratio of Class A was approximately five basis points below the median of the peer group and the total expense ratio of Class F was approximately one basis point below the median of the peer group. The Board also considered what the expense ratio of each class likely would be if Lord Abbett did not reimburse any expenses and how each of those expense ratios would compare to those of the peer group.

As to the Hawaii Tax Free Fund, the Board of the Company noted that it and Lord Abbett had agreed to an expense reimbursement agreement through January 31, 2009 that limited the total expense ratio of Class A to not more than 0.95% and the total expense ratio of Class F to not more than 0.70%, in each case excluding interest expense, but that Lord Abbett did not propose to enter into a new expense reimbursement agreement. The Board observed that for the fiscal year ended September 30, 2008 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 four basis points above the median of the peer group. The Board also observed that for the fiscal year ended September 30, 2008

203

the total expense ratio of Class A was approximately thirteen basis points below the median of the peer group and the total expense ratio of Class F was approximately two basis points below the median of the peer group. The Board also considered what the expense ratio of each class likely would be if Lord Abbett did not reimburse any expenses and how each of those expense ratios would compare to those of the peer group.

As to the Missouri Tax Free Fund, the Board of the Company noted that it and Lord Abbett had agreed to an expense reimbursement agreement through January 31, 2009 that limited the total expense ratio of Class A to not more than 0.95% and the total expense ratio of Class F to not more than 0.70%, in each case excluding interest expense, but that Lord Abbett did not propose to enter into a new expense reimbursement agreement. The Board observed that for the fiscal year ended September 30, 2008 the contractual management and administrative services fees were approximately six basis points below the median of the peer group and that 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, 2008 the total expense ratio of Class A was approximately ten basis points below the median of the peer group and the total expense r atio of Class F was approximately two basis points above the median of the peer group. The Board also considered what the expense ratio of each class likely would be if Lord Abbett did not reimburse any expenses and how each of those expense ratios would compare to those of the peer group.

As to the New Jersey Tax Free Fund, the Board of the Company noted that it and Lord Abbett had agreed to an expense reimbursement agreement through January 31, 2009 that limited the total expense ratio of Class A to not more than 0.95% and the total expense ratio of Class F to not more than 0.70%, in each case excluding interest expense, but that Lord Abbett did not propose to enter into a new expense reimbursement agreement. The Board observed that for the fiscal year ended September 30, 2008 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, 2008 the total expense ratio of Class A was approximately two basis points below the median of the peer group and the total expense ra tio of Class F was approximately the same as the median of the peer group. The Board also considered what the expense ratio of each class likely would be if Lord Abbett did not reimburse any expenses and how each of those expense ratios would compare to those of the peer group.

As to the New York Tax Free Fund, the Board of the Company noted that it and Lord Abbett had agreed to an expense reimbursement agreement through January 31, 2009 that limited the total expense ratio of Class A to not more than 0.95%, the total expense ratio of Class C to not more than 1.60%, and the total expense ratio of Class F to not more than 0.70%, in each case excluding interest expense, but that Lord Abbett did not propose to enter into a new expense reimbursement agreement with the same terms. The Board observed that for the fiscal year ended September 30, 2008 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 four basis points above the median of the peer group. The Board also observed that for the fiscal year ended September 30, 2008 the total expense ratio of Class A was app roximately six basis points below the median of the peer group, that the total expense ratio of Class C was approximately eight basis points below the median of the peer group, and the total expense ratio of Class F was approximately six basis points above the median of the peer group. The Board also considered what the expense ratio of each class

204

likely would be if Lord Abbett did not reimburse any expenses and how each of those expense ratios would compare to those of the peer group.

As to the Pennsylvania Tax Free Fund, the Board of the Trust noted that it and Lord Abbett had agreed to an expense reimbursement agreement through January 31, 2009 that limited the total expense ratio of Class A to not more than 0.95% and the total expense ratio of Class F to not more than 0.70%, in each case excluding interest expense, but that Lord Abbett did not propose to enter into a new expense reimbursement agreement. The Board observed that for the fiscal year ended September 30, 2008 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 service fees were approximately the same as the median of the peer group. The Board also observed that for the fiscal year ended September 30, 2008 the total expense ratio of Class A was approximately the same as the median of the peer group and the total expense ratio of Class F was four basis points above the median of the peer group. The Board also considered what the expense ratio of each class likely would be if Lord Abbett did not reimburse any expenses and how each of those expense ratios would compare to those of the peer group.

As to the Intermediate Tax Free Fund, the Board of the Trust noted that it and Lord Abbett had agreed to an expense reimbursement agreement through January 31, 2009 that limited the total expense ratio of Class A to not more than 0.25%, the total expense ratios of Class B and Class C to not more than 1.00%, the total expense ratio of Class F to not more than 0.10%, and the total expense ratio of Class P to not more than 0.45%, in each case excluding interest expense, but that Lord Abbett did not propose to enter into a new agreement and instead intended to make voluntary reimbursements that would keep the expense ratio of each class twenty-five basis points higher than was the case under the current agreement, which reimbursements it could end at any time. The Board observed that for the fiscal year ended September 30, 2008 the contractual management and administrative services fees were approximately nine basis points below the median of th e peer group and the actual management and administrative services fees were approximately thirty-nine basis points below the median of the peer group. The Board observed that for the fiscal year ended September 30, 2008 the total expense ratios of Class A, Class B, and Class C were approximately sixty-one basis points below the median of the peer group, the total expense ratio of Class F was approximately thirty-five basis points below the median of the peer group, and the total expense ratio of Class P was twenty basis points below the median of the peer group. The Board also considered what the expense ratio of each class likely would be at the new expense reimbursement level proposed by Lord Abbett and if Lord Abbett did not reimburse any expenses and how each of those expense ratios would compare to those of the peer group.

As to the High Yield Municipal Income Fund, the Board of the Trust observed that for the fiscal year ended September 30, 2008 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 three basis points below the median of the peer group. The Board observed that for the fiscal year ended September 30, 2008 the total expense ratio of Class A was approximately three basis points above the median of the peer group, the total expense ratios of Class B and Class C were approximately twenty-seven basis points below the median of the peer group and that the total expense ratio of Class I was approximately the same as the median of the peer group. The Board also noted that there were only a limited number of substantially similar funds with Class F or Class P shares or an equivalent class of shares, so Lipper ha d not provided an expense group comparison for that class.

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Profitability. As to each of their respective Funds, each Board considered the level of Lord Abbett's profits in managing the Fund, including a review of Lord Abbett's methodology for allocating its costs to its management of the Fund. The Board concluded that the allocation methodology had a reasonable basis and was appropriate. It considered the 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 t o 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 decreased in fiscal 2008, largely due to declines in market prices and shareholder redemptions. The Board concluded that Lord Abbett's profitability overall and as to the Fund was not excessive.

Economies of Scale. As to each of their respective Funds, each 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 of their respective Funds, each 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. The Board also took into consideration the investment research that Lord Abbett receives as a result of Fund brokerage transactions.

Alternative Arrangements. As to each of their respective Funds, each Board considered whether, instead of approving the continuation of the management agreement, it might be in the best interests of the Fund to implement one or more alternative arrangements, such as continuing to employ Lord Abbett, but on different terms.

In considering whether to approve the continuation of the management agreements, each 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, each Board unanimously found that continuation of the existing management agreements was in the best interests of each of their respective Funds and its shareholders and voted unanimously to approve the continuation of the management agreement.

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Householding

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

Proxy Voting Policies, Procedures and Records

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

Shareholder Reports and Quarterly Portfolio Disclosure

The Funds are required to file their complete schedule of portfolio holdings with the SEC for their first and third fiscal quarters on Form N-Q. Copies of the filings are available without charge, upon request on the SEC's Website at www.sec.gov and may be available by calling Lord Abbett at 888-522-2388. You can also obtain copies of Form N-Q by (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 20549-0102; or (iii) sending your request electronically, after paying a duplicating fee, to publicinfo@sec.gov.

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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 National Tax-Free Income Fund

Lord Abbett California Tax-Free Income Fund

Lord Abbett Connecticut Tax-Free Income Fund

Lord Abbett Hawaii Tax-Free Income Fund

Lord Abbett Missouri Tax-Free Income Fund

Lord Abbett New Jersey Tax-Free Income Fund

Lord Abbett New York Tax-Free Income Fund

Lord Abbett Municipal Income Trust

Lord Abbett Intermediate Tax-Free Fund

Lord Abbett Short Duration Tax Free Fund

Georgia Series

Lord Abbett High Yield Municipal Bond Fund

Pennsylvania Series

LATFI-3-0309

(05/09)

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 27, 2009
	By:	/s/ Joan A. Binstock
		Joan A. Binstock
		Chief Financial Officer and Vice President
Date: May 27, 2009

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 27, 2009
	By:	/s/ Joan A. Binstock
		Joan A. Binstock
		Chief Financial Officer and Vice President
Date: May 27, 2009

EX-99.CERT

EXHIBIT 99.CERT

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Robert S. Dow, certify that:

1.I have reviewed this report on Form N-CSR of Lord Abbett Municipal Income Fund, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date: May 27, 2009
	/s/ Robert S. Dow
	Robert S. Dow
	Chief Executive Officer and Chairman

CERTIFICATIONS

Pursuant to Section 302 of the

Sarbanes-Oxley Act of 2002

I, Joan A. Binstock, certify that:

1.I have reviewed this report on Form N-CSR of Lord Abbett Municipal Income Fund, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this report;

4.The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and

5.The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.

Date:  May 27, 2009
	/s/ Joan A. Binstock
	Joan A. Binstock
	Chief Financial Officer and Vice President

EX-99.906CERT

EXHIBIT 99.906CERT

CERTIFICATIONS

Pursuant to Section 906 of the

Sarbanes-Oxley Act of 2002

Each of the undersigned below certifies that:

1.This report on Form N-CSR of Lord Abbett Municipal Income Fund, Inc. (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

Date: May 27, 2009
	By:	/s/ Robert S. Dow
		Robert S. Dow
		Chief Executive Officer and Chairman
	By:	/s/ Joan A. Binstock
		Joan A. Binstock
		Chief Financial Officer and Vice President

A SIGNED ORIGINAL OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, OR OTHER DOCUMENT AUTHENTICATING, ACKNOWLEDGING, OR OTHERWISE ADOPTING THE SIGNATURE THAT APPEARS IN TYPED FORM WITHIN THE ELECTRONIC VERSION OF THIS WRITTEN STATEMENT REQUIRED BY SECTION 906, HAS BEEN PROVIDED TO THE REGISTRANT AND WILL BE RETAINED BY THE REGISTRANT AND FURNISHED TO THE SECURITIES AND EXCHANGE COMMISSION OR ITS STAFF UPON REQUEST.