sanfordc.bernsteinfund,inc.€¦ · the public company accounting oversight board (united states)....

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nc. September 30, 2012

Schedule of Investments

To the Annual Report

For the Municipal Bond

Portfolios

Short Duration Diversified Municipal

Short Duration California Municipal

Short Duration New York Municipal

Diversified Municipal

California Municipal

New York Municipal

Sanford C. Bernstein Fund, Inc.Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Sanford C. Bernstein Fund, Inc.

In our opinion, the accompanying statements of assets and liabilities included inthe accompanying Annual Report, including the schedules of investments con-tained herein, and the related statements of operations and of changes in net assetsand the financial highlights present fairly, in all material respects, the financialposition of Short Duration Diversified Municipal Portfolio, Short Duration Cal-ifornia Municipal Portfolio, Short Duration New York Municipal Portfolio,Diversified Municipal Portfolio, California Municipal Portfolio, and New YorkMunicipal Portfolio (six of the eighteen portfolios constituting Sanford C. Bern-stein Fund, Inc., hereafter referred to as the “Fund”) at September 30, 2012, theresults of each of their operations for the year then ended, the changes in each oftheir net assets for each of the two years in the period then ended and the financialhighlights for each of the five years in the period then ended, in conformity withaccounting principles generally accepted in the United States of America. Thesefinancial statements and financial highlights (hereafter referred to as “financialstatements”) are the responsibility of the Fund’s management; our responsibility isto express an opinion on these financial statements based on our audits. We con-ducted our audits of these financial statements in accordance with the standards ofthe Public Company Accounting Oversight Board (United States). Those stan-dards require that we plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free of material misstatement. An auditincludes examining, on a test basis, evidence supporting the amounts and dis-closures in the financial statements, assessing the accounting principles used andsignificant estimates made by management, and evaluating the overall financialstatement presentation. We believe that our audits, which included confirmationof securities at September 30, 2012 by correspondence with the custodian andbrokers, and the application of alternative auditing procedures where securitiespurchased confirmations had not been received, provide a reasonable basis for ouropinion.

PricewaterhouseCoopers LLP (signed)November 28, 2012

Sanford C. Bernstein Fund, Inc.Schedule of Investments

Short Duration Diversified Municipal PortfolioSeptember 30, 2012

Principal Amount (000) U.S. $ Value

MUNICIPAL OBLIGATIONS–96.1%

Long-Term Municipal Bonds–95.2%

California–7.4%California Dept Wtr Res Pwr

Series 20105.00%, 5/01/13 $ 8,730 $ 8,970,774

California Statewide CDA(California General Fund Obl)Series 20095.00%, 6/15/13 7,485 7,731,331

Los Angeles Cnty CA MTA Sales Tax(Los Angeles Cnty CA Met TrnspAuth)Series 2011A4.00%, 7/01/14 7,960 8,467,689

Pasadena CA COPAMBAC Series 19935.35%, 2/01/14 3,985 4,123,598

29,293,392

Colorado–7.6%Colorado Housing & Finance Authority

(Colorado Unemployment)Series 2012A5.00%, 5/15/14 3,620 3,889,907

Denver City & County Board of WaterCommissionersSeries 2012B3.00%, 12/15/14 3,640 3,847,0804.00%, 12/15/15 1,935 2,148,4115.00%, 12/15/14 6,350 6,989,128

Denver CO City & Cnty Arpt(Denver Intl Airport)Series 2011B4.00%, 11/15/14 7,675 8,162,669

Mun Subdist No CO Wtr Conserv DistSeries 2007J5.00%, 12/01/14 2,345 2,558,231

Regional Trnsp Dist CO COPAMBAC5.00%, 12/01/12 2,490 2,506,658

Todd Creek Farms Met Dist #1 CO4.75%, 12/01/09(a)(b) 85 55,098

30,157,182

Connecticut–0.9%Connecticut Spl Tax Obl

(Connecticut Trnsp Prog Spl Tax)Series 2011B5.00%, 12/01/13 3,210 3,385,106


Delaware–0.0%Bridgeville DE Spl Obl

(Heritage Shores Spl Devel Dist DE)Series B5.125%, 7/01/35 $ 220 $ 183,845

District of Columbia–0.8%Metro Washington Arpt Auth VA

Series 2010B5.00%, 10/01/12 2,245 2,245,000NPFGC Series 2004D5.25%, 10/01/12 1,000 1,000,000

3,245,000

Florida–11.1%Citizens Ppty Ins Corp. FL

Series 2010A5.00%, 6/01/13 11,790 12,142,875

Dupree Lakes CDD FL6.83%, 11/01/15 55 54,657

Florida Brd of Ed GO(Florida GO)Series 2012A5.00%, 6/01/15 11,000 12,300,640

Heritage Plantation CDD FLSeries B5.10%, 11/01/13(a)(b) 150 45,000

Jacksonville FL Elec AuthSeries 2011-235.00%, 10/01/13 7,715 8,078,762

Lee Cnty FL Port Auth Arpt(Southwest Florida Intl Airport)AGM Series A5.00%, 10/01/12 1,500 1,500,000

Live Oak CDD FLSeries 20107.36%, 11/01/20 120 130,848

Miami Beach FL Hlth Fac Auth(Mt. Sinai Medical Center FL)3.00%, 11/15/15 815 849,043

Overoaks CDD FLSeries 2010A-16.125%, 5/01/35(a) 30 32,096Series 2010A-26.125%, 5/01/35(a) 60 52,550Series 2010B5.125%, 5/01/17(a) 135 126,981Series 4B5.125%, 5/01/09(a)(c)(d) 55 0

Parkway Center CDD FLSeries B5.625%, 5/01/14 150 138,537

Seminole Tribe of FL(Seminole Tribe of FL Gaming)5.125%, 10/01/17(e) 1,540 1,624,900

Schedule of Investments—Short Duration Diversified Municipal Portfolio 1


Sunshine St Govtl Fing Commn FL(Miami-Dade Cnty FL Non-adValorem)5.00%, 9/01/13 $ 6,400 $ 6,660,864

43,737,753

Illinois–7.8%Cortland IL SSA #10

5.125%, 3/01/14(a)(f) 182 85,542Illinois Ed Fac Auth

(Univ of Chicago)1.125%, 7/01/36 5,965 5,981,344

Illinois Fin Auth(Illinois Unemployment)Series 2012A5.00%, 6/15/15 11,045 12,376,254

Illinois GO5.00%, 8/01/15 7,025 7,783,560

Illinois Sales Tax4.00%, 6/15/13 4,345 4,457,318

30,684,018

Indiana–0.5%Indiana Finance Auth

(Indiana SRF)Series 2011A4.00%, 2/01/13 1,785 1,807,152

Kansas–2.4%Wichita KS Wtr & Swr Util

Series 2011A3.00%, 10/01/13 5,095 5,232,005

Wyandotte Cnty/Kansas City KS UniGovt(Wyandotte Cnty/Kansas City KSSales Tax)Series 2010BZero Coupon, 6/01/21 6,225 4,402,382

9,634,387

Louisiana–1.3%Isabella Lakes CDD LA

6.00%, 8/01/22(a)(b) 515 154,500Louisiana GO

5.00%, 8/01/15 2,325 2,618,392Louisiana Offshore Term Auth

(Loop, Inc.)1.60%, 10/01/37 2,215 2,215,000

Whispering Springs CDD LA5.20%, 10/01/21(a)(b) 670 170,850

5,158,742

Maryland–0.4%Prince Georges Cnty MD GO

Series 2004D5.00%, 12/01/12 1,715 1,728,360


Massachusetts–3.8%Boston MA GO

4.00%, 4/01/13 $ 1,015 $ 1,034,204Massachusetts Mun Whsl Elec Co.

Series 2012A5.00%, 7/01/13–7/01/14 13,105 13,779,182

14,813,386

Michigan–3.5%Detroit MI Swr Disp

AGM0.909%, 7/01/32(g) 1,530 1,184,924

Michigan Fin Auth(Michigan Unemployment)Series 2012A5.00%, 7/01/14–7/01/15 11,380 12,620,690

13,805,614

Mississippi–0.6%Mississippi Business Fin Corp.

(Mississippi Power Co.)2.25%, 12/01/40 2,520 2,531,516

Missouri–2.3%City of Springfield

5.00%, 12/01/14 3,025 3,300,729St. Louis MO Arpt

(Lambert-St. Louis Intl Arpt)NPFGC5.50%, 7/01/16 5,040 5,805,072

9,105,801

Nevada–3.3%Clark Cnty NV SD GO

NPFGC Series 2003D5.50%, 6/15/13 12,570 13,019,378

Henderson NV LID # T-16(Henderson NV LID # T-16 Falls)4.75%, 3/01/13(a) 85 84,595

13,103,973

New Jersey–0.5%New Jersey EDA

(New Jersey Cigarette Tax)5.00%, 6/15/16 1,625 1,814,621

New Mexico–6.0%New Mexico Severance Tax

Series 2010D4.00%, 7/01/13 22,850 23,495,512

New York–3.9%Metropolitan Trnsp Auth NY

Series 2012D4.00%, 11/15/15 8,525 9,385,172

New York NY GOSeries 2012F5.00%, 8/01/15 1,770 1,994,967

2 Sanford C. Bernstein Fund, Inc.—2012 Annual Report


Series 2012G-15.00%, 4/01/14 $ 3,660 $ 3,911,186

15,291,325

North Carolina–2.5%North Carolina GO

Series 2005B5.00%, 4/01/13 1,555 1,592,102

North Carolina Turnpike Auth4.00%, 7/01/14 4,010 4,250,560

Raleigh-Durham Arpt Auth NC(Raleigh Durham Intl Arpt)AMBAC Series 2005B5.00%, 5/01/13 2,000 2,052,680NPFGC-RE5.00%, 5/01/13 1,745 1,790,964

9,686,306

Ohio–0.3%Cleveland OH COP

Series 2010A5.00%, 11/15/12 1,285 1,291,065

Pennsylvania–7.4%Pennsylvania Econ Dev Fin Auth

(First Energy Corp.)Series 2010A3.00%, 11/01/41 4,590 4,605,744

Pennsylvania Hgr Ed Fac Auth(Bryn Mawr College)AMBAC5.25%, 12/01/12 8,570 8,639,760

Pennsylvania Turnpike Comm4.00%, 6/01/13 8,435 8,630,692

Philadelphia PA Arpt(Philadelphia Intl Airport)4.00%, 6/15/13 2,000 2,046,2805.00%, 6/15/13 2,505 2,580,425

Philadelphia PA IDA(Leadership Learning Partners)Series 05A4.60%, 7/01/15(a) 175 171,764

Pittsburgh & Allegheny PA Sprts-ExhbAuth(Pittsburgh-Allegheny Cnty PA SalesTax)AGM4.00%, 2/01/13 2,605 2,634,645

29,309,310

Puerto Rico–1.5%Puerto Rico Infra Fin Auth

Series 2011C3.00%, 12/15/26 5,845 5,916,484

South Carolina–3.1%South Carolina Pub Svc Auth

Series 2012B5.00%, 12/01/13 3,500 3,690,085


Series 2012C5.00%, 12/01/13–12/01/14(h) $ 8,000 $ 8,557,930

12,248,015

Texas–11.7%Dallas TX GO

Series 20055.00%, 2/15/13 4,290 4,365,890

Garland TX ISD GOSeries 20055.00%, 2/15/13 1,660 1,689,116

San Antonio TX Elec & GasAGM5.375%, 2/01/14 5,000 5,334,600

Texas PFA(Texas Workforce Commission)Series 2010A5.00%, 7/01/13 22,200 22,995,648

Texas Trnsp Comm(Texas St Hwy Fund First Tier)Series 20075.00%, 4/01/13 4,450 4,556,177

Univ of HoustonSeries 2011A5.00%, 2/15/14 6,800 7,227,788

46,169,219

Virginia–3.5%Broad Street CDA VA

7.125%, 6/01/15 (Pre-refunded/ETM) 164 173,666Virginia College Bldg Auth

(Virginia Lease 21st Century CollegeProg)5.00%, 2/01/14 3,500 3,717,315

Virginia Pub Bldg Auth(Virginia Lease Pub Fac)Series 2011A5.00%, 8/01/14 6,030 6,547,314

Virginia Trnsp Brd(Virginia Fed Hwy Grant)Series 2012A4.00%, 3/15/14 1,305 1,374,413

Virginia Trnsp Brd(Virginia Lease Trnsp Fund)5.00%, 5/15/15 1,745 1,949,357

13,762,065

Washington–1.1%City of Seattle

5.00%, 9/01/14 3,990 4,342,277

Total Long-Term Municipal Bonds(cost $373,785,669) 375,701,426

Schedule of Investments—Short Duration Diversified Municipal Portfolio 3


Short-Term Municipal Notes–0.9%

Connecticut–0.2%Connecticut Hlth & Ed Fac Auth

(Yale University)Series 2005 Y-30.16%, 7/01/35(i) $ 520 $ 520,000


(Chevron USA, Inc.)Series 2009A0.19%, 12/01/30(i) 1,300 1,300,000Series 2011B0.19%, 11/01/35(i) 1,515 1,515,000

2,815,000

Total Short-Term Municipal Notes(cost $3,335,000) 3,335,000

Total Municipal Obligations(cost $377,120,669) 379,036,426

CORPORATES-INVESTMENT GRADES–5.1%

Financial Institutions–2.8%

Banking–2.2%Bank of America Corp.

7.375%, 5/15/14 1,100 1,204,116Capital One Financial Corp.

2.125%, 7/15/14 935 954,041Citigroup, Inc.

5.50%, 4/11/13 1,900 1,946,487Goldman Sachs Group, Inc. (The)

5.15%, 1/15/14 2,242 2,354,109JPMorgan Chase & Co.

2.05%, 1/24/14 2,332 2,373,228

8,831,981

Finance–0.6%General Electric Capital Corp.

2.15%, 1/09/15 2,370 2,439,117

11,271,098

Industrial–2.3%

Communications-Telecommunications–0.6%Verizon Communications, Inc.

4.35%, 2/15/13 2,264 2,296,934

Consumer Cyclical-Automotive–0.3%Daimler Finance North America LLC

6.50%, 11/15/13 1,287 1,370,022

Energy–0.2%ConocoPhillips

4.75%, 2/01/14 573 605,262

Technology–1.2%Hewlett-Packard Co.

4.50%, 3/01/13 2,285 2,319,328


International Business Machines Corp.0.55%, 2/06/15 $ 2,350 $ 2,356,124

4,675,452

8,947,670

Total Corporates–Investment Grades(cost $19,877,633) 20,218,768

Total Investments—101.2%(cost $396,998,302) 399,255,194

Other assets less liabilities—(1.2)% (4,740,402)

Net Assets—100.0% $ 394,514,792

(a) Illiquid security.(b) Security is in default and is non-income producing.(c) Fair valued by the Adviser.(d) Non-income producing security.(e) Security is exempt from registration under Rule 144A of the

Securities Act of 1933. This security is considered liquid andmay be resold in transactions exempt from registration, normallyto qualified institutional buyers. At September 30, 2012, themarket value of this security amounted to $1,624,900 or 0.4% ofnet assets.

(f) Defaulted.(g) Floating Rate Security. Stated interest rate was in effect at

September 30, 2012.(h) When-Issued or delayed delivery security.(i) Variable Rate Demand Notes are instruments whose interest

rates change on a specific date (such as coupon date or interestpayment date) or whose interest rates vary with changes in adesignated base rate (such as the prime interest rate). Thisinstrument is payable on demand and is secured by letters ofcredit or other credit support agreements from major banks.

As of September 30, 2012, the Fund held 12.6% of net assets ininsured bonds (of this amount 0.0% represents the Fund’sholding in pre-refunded or escrowed to maturity bonds).

Glossary:AGM—Assured Guaranty MunicipalAMBAC—Ambac Assurance CorporationCDA—Community Development AuthorityCDD—Community Development DistrictCOP—Certificate of ParticipationEDA—Economic Development AgencyETM—Escrowed to MaturityGO—General ObligationIDA—Industrial Development Authority/AgencyISD—Independent School DistrictLID—Local Improvement DistrictMTA—Metropolitan Transportation AuthorityNPFGC—National Public Finance Guarantee CorporationNPFGC-RE—National Public Finance Guarantee CorporationReinsuring FGICPFA—Public Finance AuthoritySD—School DistrictSRF—State Revolving FundSSA—Special Services Area

See notes to financial statements.



Short Duration California Municipal PortfolioSeptember 30, 2012





Series 20105.00%, 5/01/13 $ 5,235 $ 5,379,381

California Econ Recovery(California Econ Rec Spl Tax)5.25%, 7/01/13 5,000 5,186,550

California Ed Fac Auth(Stanford Univ)5.00%, 3/15/14 2,520 2,692,368

California Hlth Fac Fin Auth(Cedars-Sinai Med Ctr)4.00%, 8/15/14 1,250 1,326,600

California Infra & Eco Dev Bk(Workers Comp Spl Assmt)AMBAC5.25%, 10/01/13 1,210 1,268,927

California Mun Fin Auth(UTS BioEnergy LLC)Series 2011A-23.95%, 12/01/15(a) 350 356,871

California Pub Wks Brd(Univ of California Lease)Series 2012F4.00%, 10/01/15 1,055 1,165,279


California Statewide CDA(Odd Fellows Home)Series 2012A4.00%, 4/01/16(a) 1,080 1,182,406

Golden St Tobacco Sec CA5.50%, 6/01/33 (Pre-refunded/ETM) 1,855 1,919,7956.25%, 6/01/33 (Pre-refunded/ETM) 840 873,214

Irvine CA Pub Fac Auth AssmtSeries 2012A3.00%, 9/02/14 1,000 1,029,340

Los Angeles CA Dept W&P PwrSeries 2011A4.00%, 7/01/13 4,495 4,620,950

Los Angeles CA Lease Judgement BdsSeries 2010A5.00%, 6/01/13 1,935 1,993,959

Los Angeles CA USD COP5.00%, 12/01/13 1,715 1,801,556


Los Angeles CA USD GOAGM5.00%, 7/01/23 (Pre-refunded/ETM) $ 6,000 $ 6,213,660

Los Angeles Cnty CA Met Trnsp Auth(Los Angeles Cnty CA Mta Sales Tax)2.00%, 7/01/14 2,990 3,076,7705.00%, 7/01/15(a) 2,500 2,733,950

M-S-R Pub Pwr Agy CANPFGC5.00%, 7/01/13 2,155 2,226,955

Met Wtr Dist Southern CA Wtr2012E-23.00%, 7/01/35 1,000 1,064,100Series 2011B4.00%, 7/01/13 3,645 3,748,263

Orange Cnty CA Santn COPSeries 2011A3.00%, 8/01/13 4,710 4,818,2364.00%, 8/01/14 4,410 4,706,352

Port of Oakland CASeries 2011 O5.00%, 5/01/14 1,750 1,871,293

San Diego Cnty CA Regl Trnsp CommnSeries 2012A4.00%, 4/01/15 3,240 3,530,077

San Francisco CA Bay Area RapidTransit(San Francisco City/Cnty CA SalesTax)Series 2012A3.00%, 7/01/15(a) 1,000 1,070,320

San Francisco City/Cnty CA Arpt Commn(San Francisco CA Intl Airport)AGC Series Second-34E4.00%, 5/01/13 1,250 1,277,050

Santa Clara CA USD GO4.00%, 7/01/13 1,390 1,428,739Series 2011A4.00%, 7/01/13 1,730 1,778,215

South Placer CA Wstwtr AuthSeries 2011C3.00%, 11/01/12 1,500 1,503,255

Southern CA Pub Pwr Auth4.00%, 7/01/13 1,200 1,233,3485.00%, 7/01/15 1,000 1,123,080

Southern CA Pub Pwr Auth(Los Angeles CA Dept W&P Pwr)Series 2012A5.00%, 7/01/16 2,255 2,626,376

Univ of California5.00%, 5/15/14 2,000 2,151,820Series 2005E5.00%, 5/15/15 1,000 1,117,940

West Contra Costa CA USD GOAGM5.00%, 8/01/14 1,100 1,181,983

84,744,391

Schedule of Investments—Short Duration California Municipal Portfolio 5



(Heritage Shores Spl Devel Dist DE)Series B5.125%, 7/01/35 $ 100 $ 83,566

Florida–0.6%Durbin Crossing CDD FL

Series 15.25%, 11/01/15(b)(c) 120 89,590

Lake Ashton II CDD FLSeries B5.00%, 11/01/11(b)(c) 190 62,700


Seminole Tribe of FL(Seminole Tribe of FL Gaming)5.125%, 10/01/17(d) 340 358,744

620,074

Georgia–2.5%Appling Cnty Dev Auth GA

(Oglethorpe Power Corp.)2.50%, 1/01/38 2,450 2,468,056


5.125%, 3/01/14(b)(e) 110 51,701Illinois GO

5.00%, 8/01/15 1,400 1,551,172

1,602,873

Louisiana–0.1%Coves of The Highland CDD LA

5.60%, 11/01/21(b)(c)(f) 200 0Isabella Lakes CDD LA

6.00%, 8/01/22(b)(c) 200 60,000Orange Grove CDD LA

5.30%, 11/01/21(b)(c) 130 41,210

101,210

New Jersey–0.9%New Jersey EDA

(New Jersey Cigarette Tax)5.00%, 6/15/16 820 915,686

Puerto Rico–3.0%Puerto Rico Elec Pwr Auth

AGC5.00%, 7/01/13 750 773,265

Puerto Rico GONPFGC6.00%, 7/01/14 1,000 1,068,020

Puerto Rico IND Tour ED Med EnvrnAuth(Inter American Univ of Puerto Rico)5.00%, 10/01/15 1,015 1,114,886

2,956,171



7.125%, 6/01/15 (Pre-refunded/ETM) $ 100 $ 105,894


GOVERNMENTS-TREASURIES–4.0%

U.S. Treasury–4.0%U.S. Treasury Notes

0.125%, 7/31/14(cost $3,993,121) 4,000 3,991,720



Banking–1.6%Goldman Sachs Group, Inc. (The)

5.25%, 10/15/13 500 521,842JPMorgan Chase & Co.

1.875%, 3/20/15 500 510,130Merrill Lynch & Co., Inc.

5.45%, 2/05/13 525 533,022

1,564,994


1.625%, 7/02/15 512 520,955

Insurance–0.5%WellPoint, Inc.

1.25%, 9/10/15 546 549,812

2,635,761

Industrial–0.5%

Capital Goods–0.5%Caterpillar Financial Services Corp.

1.10%, 5/29/15 484 489,878


SHORT-TERM INVESTMENTS–3.2%

Time Deposit–3.2%State Street Time Deposit

0.01%, 10/01/12(cost $3,254,785) 3,255 3,254,785



Net Assets—100.0% $ 100,149,059


(a) When-Issued or delayed delivery security.(b) Illiquid security.(c) Security is in default and is non-income producing.(d) Security is exempt from registration under Rule 144A of the

Securities Act of 1933. This security is considered liquid andmay be resold in transactions exempt from registration, normallyto qualified institutional buyers. At September 30, 2012, themarket value of this security amounted to $358,744 or 0.4% ofnet assets.

(e) Defaulted.(f) Fair valued by the Adviser.


Glossary:AGC—Assured Guaranty CorporationAGM—Assured Guaranty MunicipalAMBAC—Ambac Assurance CorporationCDA—Community Development AuthorityCDD—Community Development DistrictCOP—Certificate of ParticipationEDA—Economic Development AgencyETM—Escrowed to MaturityGO—General ObligationNPFGC—National Public Finance Guarantee CorporationSSA—Special Services AreaUSD—Unified School District



Short Duration New York Municipal PortfolioSeptember 30, 2012




New York–81.7%Albany Cnty NY Arpt Auth

AGM Series 2010A4.00%, 12/15/12 $ 2,970 $ 2,991,028

Buffalo NY GOSeries 2011B3.00%, 12/01/12 3,190 3,203,845

Hempstead Town NY GO4.00%, 8/15/15 1,315 1,448,998

Long Island Pwr Auth NYSeries 2010A5.00%, 5/01/14 4,360 4,666,508NPFGC Series 2006D2.429%, 9/01/15(a) 2,050 2,104,017

Metropolitan Trnsp Auth NYSeries 2012D4.00%, 11/15/15 1,400 1,541,260AMBAC Series 2002A5.50%, 11/15/14 1,415 1,563,773NPFGC Series 2002E5.50%, 11/15/13 3,450 3,650,617

Metropolitan Trnsp Auth NY(Metro Trnsp Auth NY Ded Tax)Series 2010A-15.00%, 11/15/13 3,220 3,388,567

Monroe Cnty NY IDA(New York St Lease Rochester Sch)Series 2012A5.00%, 5/01/15 1,500 1,661,625

New York NY GO5.00%, 8/01/13–1/01/14 4,460 4,671,283Series 2004B2.007%, 8/01/13(a) 2,540 2,559,787Series J-15.00%, 8/01/13 4,000 4,158,360

New York NY Mun Wtr Fin AuthSeries 2009BB5.00%, 6/15/13 4,315 4,459,466

New York NY Trnsl Fin Auth5.00%, 2/01/14–11/01/15 8,210 9,078,348Series 2007B5.00%, 11/01/13 (Pre-refunded/ETM) 515 541,2555.00%, 11/01/13 485 509,832Series 2011E5.00%, 11/01/14 3,045 3,341,218

Schedule of Investments—Short Duration New York Municipal Portfolio 7


New York St Dormitory Auth(New York NY Lease Mun Hlth FacProj)Series 20105.00%, 1/15/13 $ 5,955 $ 6,034,856

New York St Dormitory Auth(New York St Pers Income Tax)5.00%, 3/15/14 3,685 3,935,396Series 2011C4.00%, 3/15/15 1,700 1,847,305

New York St Dormitory Auth(New York Univ)NPFGC5.75%, 7/01/14 2,000 2,186,180

New York St Energy Res & Dev Auth(New York St Elec and Gas Corp.)NPFGC Series 2010C0.595%, 4/01/34(a)(b) 2,325 2,149,739

New York St Envrn Fac Corp.(New York NY Mun Wtr Fin Auth)5.25%, 6/15/14 1,500 1,626,345Series 2012A4.00%, 6/15/15 2,000 2,196,000

New York St Envrn Fac Corp.(New York St SRF)3.00%, 2/15/13 1,405 1,419,612

New York St Loc Gov Asst Corp.5.00%, 4/01/13 2,940 3,009,707Series 2011A5.00%, 4/01/14 5,000 5,352,500AGM0.135%, 4/01/17(a)(b) 850 787,441

New York St Pwr AuthNPFGC5.00%, 11/15/14 1,000 1,095,740

New York St Thruway Auth(New York St Thruway Auth Ded Tax)AGM Series 5B5.00%, 4/01/14 3,000 3,209,610NPFGC-RE Series B5.00%, 4/01/13 1,815 1,857,852

New York St Thruway Auth(New York St Thruway Gen TollRoad)Series 2012I5.00%, 1/01/16 1,000 1,131,830

Port Authority of NY & NJ3.00%, 10/01/14 3,000 3,145,5904.00%, 9/15/13 3,840 3,972,442

Schenectady Cnty NY Cap Res(Ellis Hospital)1.75%, 2/15/18 1,000 1,012,840

Suffolk Cnty NY GOSeries 2011B3.00%, 10/15/13 3,965 4,064,958


Westchester Cnty Hlth Care Corp. NYSeries 2010B5.00%, 11/01/12 $ 1,715 $ 1,720,797

Yonkers NY GOSeries 2011A5.00%, 10/01/13 1,225 1,266,662

108,563,189

California–5.1%California Statewide CDA

(California General Fund Obl)Series 20095.00%, 6/15/13 3,600 3,718,476

Pasadena CA COPAMBAC Series 19935.35%, 2/01/14 2,900 3,000,862

6,719,338


(Heritage Shores Spl Devel Dist DE)Series B5.125%, 7/01/35 108 90,251


Series 2010A5.00%, 6/01/13 3,000 3,089,790


Durbin Crossing CDD FLSeries 15.25%, 11/01/15(b)(c) 155 115,720

New River CDD FL1.00%, 5/01/18–5/01/38(b) 165 74,250Series 2010A15.75%, 5/01/38(b)(d) 35 25,638Series 2010B15.00%, 5/01/15(b)(d) 35 32,777Series B5.00%, 5/01/13(b)(e) 65 1

Overoaks CDD FLSeries 2010A-16.125%, 5/01/35(b) 20 21,397Series 2010A-26.125%, 5/01/35(b) 50 43,792Series 2010B5.125%, 5/01/17(b) 115 108,169Series 4B5.125%, 5/01/09(b)(e)(f) 45 0

Parkway Center CDD FLSeries B5.625%, 5/01/14 185 170,862

3,727,116


5.125%, 3/01/14(b)(g) 153 71,912



Illinois GO5.00%, 8/01/15 $ 1,300 $ 1,440,374

1,512,286


5.60%, 11/01/13(b)(c)(f) 270 0Isabella Lakes CDD LA

6.00%, 8/01/22(b)(c) 255 76,500Juban Parc LA CDD

(Juban Parc CDD LA)5.15%, 10/01/14(b)(c) 115 38,520

Whispering Springs CDD LA5.20%, 10/01/21(b)(c) 120 30,600

145,620

Nevada–0.0%Henderson NV LID # T-16

(Henderson NV LID # T-16 Falls)4.75%, 3/01/13(b) 40 39,810

Puerto Rico–0.8%Puerto Rico GO

5.25%, 7/01/14 1,000 1,055,240


7.125%, 6/01/15 (Pre-refunded/ETM) 100 105,894





7.375%, 5/15/14 375 410,494Capital One Financial Corp.

2.125%, 7/15/14 370 377,535Citigroup, Inc.

5.50%, 4/11/13 630 645,414Goldman Sachs Group, Inc. (The)

5.15%, 1/15/14 761 799,053JPMorgan Chase & Co.

2.05%, 1/24/14 791 804,984

3,037,480


2.15%, 1/09/15 803 826,418

3,863,898

Industrial–2.3%

Communications-Telecommunications–0.6%Verizon Communications, Inc.

4.35%, 2/15/13 765 776,128


6.50%, 11/15/13 441 469,448


Energy–0.2%ConocoPhillips

4.75%, 2/01/14 $ 194 $ 204,923


4.50%, 3/01/13 770 781,568International Business Machines Corp.

0.55%, 2/06/15 805 807,098

1,588,666

3,039,165




0.01%, 10/01/12(cost $2,467,707) 2,468 2,467,707


Other assets less liabilities—1.2% 1,579,665

Net Assets—100.0% $ 132,909,179

(a) Variable rate coupon, rate shown as of September 30, 2012.(b) Illiquid security.(c) Security is in default and is non-income producing.(d) Indicates a security that has a zero coupon that remains in effect

until a predetermined date at which time the stated coupon ratebecomes effective until final maturity.

(e) Non-income producing security.(f) Fair valued by the Adviser.(g) Defaulted.


Glossary:AGM—Assured Guaranty MunicipalAMBAC—Ambac Assurance CorporationCDA—Community Development AuthorityCDD—Community Development DistrictCOP—Certificate of ParticipationETM—Escrowed to MaturityGO—General ObligationIDA—Industrial Development Authority/AgencyLID—Local Improvement DistrictNPFGC—National Public Finance Guarantee CorporationNPFGC-RE—National Public Finance Guarantee CorporationReinsuring FGICSRF—State Revolving FundSSA—Special Services Area


Schedule of Investments—Short Duration New York Municipal Portfolio 9


Diversified Municipal PortfolioSeptember 30, 2012




Alabama–1.9%Alabama Pub Sch & Clg Auth

Series 2009 A5.00%, 5/01/16–5/01/17 $ 67,805 $ 79,869,191

Birmingham AL Arpt Auth(Birmingham-Shuttlesworth IntlArpt)AGM6.00%, 7/01/21–7/01/22 10,070 12,541,792

Birmingham AL Wtrwks BrdSeries 2010A5.00%, 1/01/21–1/01/22 13,295 15,933,316

108,344,299

Arizona–1.9%Arizona Brd of Regents

(Univ of Arizona Cop)Series 2012C5.00%, 6/01/25 2,365 2,785,119

Arizona School Fac Brd COPNPFGC-RE Series A-15.00%, 9/01/15 1,765 1,965,963

Arizona Tourism & Sports Auth(Arizona Tourism/Sports Spl Tax)5.00%, 7/01/15–7/01/16 3,815 3,883,791

Arizona Trans Brd Fed Hwy GrantSeries 2009A5.00%, 7/01/15 16,810 18,820,140

Arizona Trnsp Brd Hwy5.00%, 7/01/15 8,480 9,518,800Series 2011A5.00%, 7/01/24–7/01/25 17,160 20,755,617

Maricopa Cnty AZ IDA MFHR(Steeplechase Apts)Series B6.25%, 12/01/20 1,375 1,378,520

Phoenix AZ Civic Impt Corp.(Phoenix AZ Civic Impt Airport)5.00%, 7/01/20–7/01/25 26,890 31,332,814

Phoenix AZ Civic Impt Corp.(Phoenix AZ Transit Excise Tax)AMBAC5.00%, 7/01/14 5,000 5,402,150

Phoenix AZ Civic Impt Corp.(Phoenix AZ Wastewater)NPFGC5.00%, 7/01/14 5,000 5,404,900


Pima Cnty AZ IDA(Global Water Resources)5.45%, 12/01/17 $ 2,050 $ 2,140,466

Pima Cnty AZ IDA(Horizon Learning Ctr)4.45%, 6/01/14 650 653,276

Salt Verde Fin Corp. Gas(Citigroup, Inc.)Series 20075.25%, 12/01/21 1,430 1,599,641

105,641,197


Series 2010L5.00%, 5/01/17–5/01/19 200,770 247,334,774

California Econ Recovery(California Econ Rec Spl Tax)Series 2009A5.00%, 7/01/19 16,765 20,757,7525.25%, 7/01/21 2,735 3,372,720Series A5.00%, 7/01/20 5,675 6,948,527

California GO5.00%, 8/01/14–5/01/17 33,740 37,569,608Series 20085.00%, 4/01/18 5,000 5,983,800Series 20095.25%, 10/01/20 5,085 6,225,616

Fremont CA USD GOAGM Series B5.00%, 8/01/27 1,000 1,094,780

Fresno CA USD GONPFGC Series A6.00%, 2/01/20 3,255 3,951,765

Golden St Tobacco Sec CAFGIC5.50%, 6/01/33 (Pre-refunded/ETM) 5,000 5,174,650

Los Angeles CA Dept Arpts(Los Angeles Intl Airport)5.00%, 5/15/22–5/15/23 24,415 29,738,362

Sacramento CA Fin Auth(Sacramento CA Lease)Series B5.40%, 11/01/20 1,000 1,151,330

Sacramento CA Mun Util DistNPFGC Series G6.50%, 9/01/13 285 300,282

San Francisco City/Cnty CA ArptCommn(San Francisco CA Intl Airport)Series 2009 E5.25%, 5/01/22–5/01/23 10,380 12,330,821Series 2011C5.00%, 5/01/22 5,795 6,765,894



NPFGC-RE Series 2006 32F5.25%, 5/01/18 $ 3,700 $ 4,470,562

Vernon CA Elec SysSeries A5.25%, 8/01/14 12,160 12,881,331

406,052,574

Colorado–2.2%Broomfield CO COP

5.00%, 12/01/16–12/01/20 13,710 16,276,165Colorado DOT

NPFGC Series B5.50%, 6/15/13–6/15/14 8,300 8,951,260

Colorado Met Wstwtr Reclaim DistSeries 2012A5.00%, 4/01/23 3,435 4,328,856

Denver CO City & Cnty Arpt(Denver Intl Airport)5.50%, 11/15/19 2,140 2,634,490Series 2010 A5.00%, 11/15/21–11/15/23 19,630 23,292,425Series 2011B4.00%, 11/15/14 6,640 7,061,905Series A-15.00%, 11/15/12 23,625 23,752,3395.25%, 11/15/13 11,305 11,894,330

Mun Subdist No CO Wtr ConservDistAMBAC Series 2007 J5.00%, 12/01/13 7,295 7,657,051

PV Wtr & San Met Dist COSeries 06Zero Coupon, 12/15/17(a)(b) 13,168 4,608,800

Regional Trnsp Dist CO(Denver Transit Partners)5.00%, 1/15/21 2,800 3,240,7205.25%, 1/15/24–7/15/24 7,745 8,905,665

Todd Creek Farms Met Dist #1 CO4.75%, 12/01/09(a)(b) 1,852 1,203,894

123,807,900

Connecticut–0.1%Univ of Connecticut Student Fee

NPFGC-RE Series A5.25%, 11/15/17 3,065 3,111,128

District of Columbia–0.8%District of Columbia GO

AGM Series C5.00%, 6/01/14 (Pre-refunded/ETM) 5,790 6,237,509

District of Columbia Wtr & Swr AuthAGM6.00%, 10/01/16 1,635 1,972,889

Metro Washington Arpt Auth VA5.00%, 10/01/20 11,905 14,739,700Series 2008A5.50%, 10/01/14 4,140 4,541,580


Series 2010B5.00%, 10/01/13 $ 3,325 $ 3,476,653Series A5.50%, 10/01/12–10/01/18 11,910 13,334,842NPFGC Series 2005 A5.25%, 10/01/15 1,715 1,946,919

46,250,092

Florida–6.7%Broward Cnty FL Arpt Sys

(Fort Lauderdale Hollywood IntlArpt Fl)Series 2012Q5.00%, 10/01/23 5,000 6,025,750

Broward Cnty FL Sch Brd COPNPFGC-RE Series A5.00%, 7/01/13–7/01/14 7,190 7,557,649

Citizens Ppty Ins Corp. FLSeries 2012 A-15.00%, 6/01/19–6/01/21 23,785 27,907,796NPFGC Series A5.00%, 3/01/14–3/01/16 103,595 114,539,007

Collier Cnty FL Sch Brd COPAGM5.00%, 2/15/16 5,000 5,632,050


Durbin Crossing CDD FLSeries 15.25%, 11/01/15(a)(b) 1,150 858,567

Florida Brd of Ed GO9.125%, 6/01/14 (Pre-refunded/ETM) 150 167,511

Florida Brd of Ed GO(Florida GO)9.125%, 6/01/14 185 195,915Series A5.00%, 1/01/13–1/01/16 19,745 20,466,341Series B5.00%, 6/01/13 5,000 5,158,800

Florida Brd of Ed LotteryNPFGC Series 2002C5.00%, 1/01/17 (Pre-refunded/ETM) 3,740 3,821,121

Florida Dept Envrn Protn FL ForeverNPFGC-RE Series A5.00%, 7/01/18 (Pre-refunded/ETM) 3,500 3,659,040

Florida Dept Envrn Protn FL Forever(Florida Documentary StampTax)Series 2012A5.00%, 7/01/22 10,225 12,602,312AMBAC5.00%, 7/01/15 4,825 5,386,534AMBAC Series A5.00%, 7/01/13–7/01/14 12,095 12,798,599

Schedule of Investments—Diversified Municipal Portfolio 11


NPFGC Series B5.00%, 7/01/15 $ 6,095 $ 6,804,336

Florida GOSeries 2009 B5.00%, 7/01/17 3,245 3,879,884

Florida Hurricane Catastr Fd FinCorp.Series 2008A5.00%, 7/01/13 20,000 20,693,800

Heritage Plantation CDD FLSeries B5.10%, 11/01/13(a)(b) 3,545 1,063,500

Jacksonville FL Elec AuthSeries 2009 G5.00%, 10/01/19 2,695 3,301,052Series 2009B5.00%, 10/01/15 5,780 6,163,156Series 2011-235.00%, 10/01/13 30,790 32,241,748

Lake Ashton II CDD FLSeries B4.875%, 11/01/10(a)(b) 885 575,2505.00%, 11/01/11(a)(b) 6,810 2,247,300

Lee Cnty FL Port Auth Arpt(Southwest Florida Intl Airport)Series 2011A5.50%, 10/01/23–10/01/24 13,095 15,050,1965.625%, 10/01/25 2,550 2,932,628

Live Oak CDD FLSeries 20107.36%, 11/01/20 1,650 1,799,160

Miami Beach FL Hlth Fac Auth(Mt. Sinai Medical Center FL)6.75%, 11/15/24 6,990 7,725,278

Miami-Dade Cnty FL SD GONPFGC5.00%, 2/15/13 3,325 3,380,960NPFGC Series 19975.00%, 2/15/15 2,455 2,698,659

Midtown Miami CDD FLSeries 04A6.00%, 5/01/24 3,535 3,578,728

Orange Cnty FL Sales TaxNPFGC-RE Series A5.00%, 1/01/13 (Pre-refunded/ETM) 5,520 5,584,584

Overoaks CDD FLSeries 2010A-16.125%, 5/01/35(a) 240 256,764Series 2010A-26.125%, 5/01/35(a) 535 468,574Series 2010B5.125%, 5/01/17(a) 1,225 1,152,235Series 4B5.125%, 5/01/09(a)(c)(d) 510 0


Parkway Center CDD FLSeries B5.625%, 5/01/14 $ 3,205 $ 2,960,074

Sarasota Cnty FL Util SysNPFGC-RE Series C5.25%, 10/01/21 (Pre-refunded/ETM) 2,000 2,000,000

Sarasota County FL Sch Brd COPSeries 2010 B5.00%, 7/01/18 2,350 2,748,795

Sunrise FL Util SysAMBAC5.50%, 10/01/13 (Pre-refunded/ETM) 2,445 2,571,651

Tampa Bay Reg Wtr Supply Auth FLSeries 2011A5.00%, 10/01/23 2,050 2,519,840

Tampa FL Occuptl License TaxNPFGC-RE Series A5.375%, 10/01/17 (Pre-refunded/ETM) 3,415 3,415,0005.375%, 10/01/18 (Pre-refunded/ETM) 4,695 4,695,000

Tampa FL Wtr & Swr Sys5.00%, 10/01/26 3,895 4,702,901

Villages of Westport CDD FLSeries 05A5.125%, 5/01/15 865 775,697

Waterset North CDD FLSeries B6.55%, 11/01/15 6,830 5,793,752

380,731,404

Georgia–3.2%Atlanta GA Arpt

(Hartsfield Jackson Atlanta IntlArpt)Series 2010C5.00%, 1/01/18–1/01/19 9,260 11,117,2325.25%, 1/01/20 6,500 8,021,5205.50%, 1/01/21 7,500 9,382,2755.75%, 1/01/22–1/01/23 20,000 25,254,560Series 2101C5.875%, 1/01/24 2,925 3,706,121

Atlanta GA Arpt PFC(Hartsfield Jackson Atlanta IntlArpt)Series 2010B5.00%, 1/01/20–1/01/22 22,650 26,931,661

Gainesville GA Redev Auth(Gainesville GA GO)AGC Series 2009B5.00%, 11/15/13 1,550 1,615,829

Georgia Mun Elec AuthSeries 2010 B5.00%, 1/01/16–1/01/20 43,550 51,941,497



AGM Series A5.25%, 1/01/14 $ 4,230 $ 4,478,386NPFGC Series A5.25%, 1/01/14 3,625 3,833,1845.25%, 11/01/21 (Pre-refunded/ETM) 3,000 3,011,850

Main Street Nat Gas, Inc.(JP Morgan Chase)Series 2006A5.00%, 3/15/18 1,960 2,225,286Series A5.00%, 3/15/16–3/15/17 14,900 16,555,979

Main Street Nat Gas, Inc.(Merrill Lynch & Co., Inc.)Series B5.00%, 3/15/13 4,470 4,529,093

Metro Atlanta Rapid Transit Auth GANPFGC-RE Series A5.00%, 7/01/13 9,820 10,156,139

182,760,612

Guam–0.1%Guam GO

Series 2009A5.75%, 11/15/14 2,530 2,542,852

Guam Wtrworks AuthSeries 055.00%, 7/01/13 1,345 1,370,004

3,912,856

Hawaii–0.5%Honolulu HI Wstwtr Sys

Series 2009 A5.00%, 7/01/21–7/01/22 6,900 8,209,536Series 2010A5.00%, 7/01/24 16,500 19,630,380

27,839,916

Illinois–3.9%Bolingbrook IL Sales Tax

5.75%, 1/01/15 2,180 1,725,601Chicago IL GO

Series 2004A5.00%, 1/01/23 (Pre-refunded/ETM) 5,555 5,878,3015.00%, 1/01/23 2,605 2,726,185

Chicago IL Pub Bldg CommAMBAC5.25%, 3/01/21 (Pre-refunded/ETM) 4,000 4,081,960

Chicago IL Recovery Zone(BP PLC)6.125%, 12/01/18 6,965 7,328,921

Chicago IL Sales TaxAGM5.00%, 1/01/16 5,000 5,613,950


Chicago IL Tax Increment(Kingsbury Redev Proj)Series A6.57%, 2/15/13 $ 475 $ 475,285

Chicago IL Transit Auth Fed HwyGrant(Chicago Il Fed Hwy Grant)AMBAC Series 20045.25%, 6/01/13 2,520 2,590,535

Chicago IL Wstwtr TrnsmnNPFGC Series B5.25%, 1/01/15 4,225 4,661,316

Cortland IL Spl Tax(Sheaffer Sys Proj Assmt)5.50%, 3/01/17(a)(b) 5,078 2,996,528

Du Page Cnty IL GO5.60%, 1/01/21 8,655 10,446,585

Illinois Civic Ctr Spl TaxAMBAC6.25%, 12/15/20 3,135 3,576,565

Illinois Dev Fin Auth(Adventist Health Sys/Sunbelt)NPFGC Series B2.84%, 1/01/19(e) 5,730 5,980,687

Illinois Finance Auth(Northwestern Univ)1.75%, 12/01/34 2,365 2,412,087

Illinois Finance Auth(The Admiral at The Lake)6.00%, 5/15/17 5,975 5,987,846

Illinois GO5.00%, 1/01/13 1,510 1,526,534Series 2006 A5.00%, 6/01/15 4,875 5,372,201Series 20105.00%, 1/01/17–1/01/19 43,205 49,400,336AGM5.00%, 9/01/14 (Pre-refunded/ETM) 5,550 6,043,339AGM Series A5.25%, 10/01/13 7,785 8,166,543AMBAC5.00%, 4/01/14–11/01/14 7,230 7,711,682AMBAC Series B5.00%, 3/01/13–3/01/14 16,355 16,968,388NPFGC5.25%, 10/01/21 (Pre-refunded/ETM) 1,740 1,740,000NPFGC Series B5.00%, 3/01/15 (Pre-refunded/ETM) 5,000 5,329,900

Matteson IL GO8.00%, 12/01/29(f) 19,775 15,286,273

Metro Pier & Expo Auth IL Spl Tax5.00%, 12/15/20–12/15/26 17,100 20,804,537



Regional Trnsp Auth IL Sales TaxNPFGC Series A5.00%, 7/01/16 $ 5,285 $ 6,039,011NPFGC-RE Series B5.50%, 6/01/17 1,025 1,223,174NPFGC-RE Series C7.75%, 6/01/20 1,005 1,247,406

Will & Kendall Cnty CSD #202 ILGONPFGC-RE5.00%, 1/01/14–1/01/16 8,705 9,524,965

222,866,641

Indiana–0.4%Indiana Finance Auth

(Indiana SRF)5.00%, 2/01/26 3,550 4,278,531

Indianapolis IN Gas UtilAGC Series A5.00%, 8/15/30 7,670 7,968,746

Indianapolis IN Loc Bond BankSeries B6.00%, 1/10/13 1,200 1,218,672

Jasper Cnty IN PCR(No. Indiana Pub Serv Co.)NPFGC5.60%, 11/01/16 6,400 7,233,472

20,699,421

Kansas–0.5%Wyandotte Cnty/Kansas City KS Uni

Govt(Wyandotte Cnty/Kansas City KSSales Tax)Series 2010BZero Coupon, 6/01/21 26,125 18,475,861

Wyandotte Cnty/Kansas City KS UniGovt(Wyandotte Cnty/Kansas City KSUtil Sys)AMBAC Series 20045.65%, 9/01/13–9/01/14 12,200 12,888,507

31,364,368

Kentucky–0.2%Kentucky Asset Liability Comm

(Kentucky Fed Hwy Grant)NPFGC5.00%, 9/01/16 5,000 5,836,450

Kentucky Prop & Bldg Comm(Kentucky Lease Prop & Bldg)NPFGC-RE5.00%, 3/01/13–3/01/14 7,970 8,243,334

14,079,784


5.60%, 11/01/21(a)(b)(c) 4,025 0


De Soto Parish LA PCR(International Paper Co.)Series A-25.00%, 10/01/12 $ 4,700 $ 4,700,000

Ernest Morial New Orleans ExhibHall LAAMBAC Series A5.25%, 7/15/20 (Pre-refunded/ETM) 3,450 3,585,447

Lakeshore Vlgs Master CDD LA5.25%, 7/01/17(a)(b) 9,814 3,925,600

Louisiana Agric Fin Auth(Louisiana Agric Fin Auth Lease)5.25%, 9/15/17 21,805 23,586,904

Louisiana Citizens Ppty Ins Corp.AMBAC Series B5.25%, 6/01/14 1,770 1,907,352

Louisiana Gas & Fuels TaxSeries 2012A-15.00%, 5/01/26 6,770 8,339,692

Louisiana GOAGM Series 2006C5.00%, 5/01/14 6,585 7,065,244AMBAC Series A5.00%, 10/15/12 11,965 11,984,264

Louisiana Loc Govt Envrn Fac &CDA(Lctcs Fac Corp. Proj)5.00%, 10/01/21–10/01/25 16,135 18,979,593

Louisiana St Office Facs Corp.(Louisiana Lease St Off Bldg)5.00%, 3/01/13–3/01/17 11,785 13,002,706Series 20095.00%, 3/01/18 2,005 2,369,529

Morehouse Parish LA PCR(International Paper Co.)Series A5.25%, 11/15/13 7,340 7,695,550

New Orleans LA GONPFGC5.25%, 12/01/20 5,845 6,456,095

Orange Grove CDD LA5.30%, 11/01/21(a)(b) 1,695 537,315

Terrebonne Parish LA WtrwksAMBAC Series A5.25%, 11/01/23 2,000 2,081,060

116,216,351

Massachusetts–1.2%Massachusetts GO

AGM Series 2006C2.288%, 11/01/19(e) 1,815 1,881,701NPFGC Series D5.50%, 11/01/12 17,790 17,863,651



Massachusetts Hlth & Ed Facs Auth(Caregroup, Inc.)Series E25.00%, 7/01/14–7/01/17 $ 19,480 $ 21,276,069

Massachusetts Hlth & Ed Facs Auth(Harvard Univ)Series N6.25%, 4/01/20 2,820 3,799,386

Massachusetts Wtr Poll AbatmntSeries B5.25%, 8/01/14 40 42,365

Univ of Massachusetts Bldg Auth(Univ of Massachusetts Lease)AMBAC5.00%, 11/01/18 18,795 21,196,249

66,059,421


Series 2012A5.00%, 7/01/19–7/01/20 20,980 23,801,730

Michigan Bldg Auth(Michigan Lease Fac Prog)Series 2009 I5.00%, 10/15/12–10/15/15 25,200 26,925,338NPFGC Series 20045.375%, 10/01/13 1,900 1,989,433

Michigan Finance Auth(Michigan Unemployment)Series 2012A5.00%, 7/01/16 93,985 109,349,668

Michigan Pub Pwr Agy(Belle River Proj)NPFGC5.25%, 1/01/14 3,380 3,576,716

Michigan Trunk Line Spl Tax5.00%, 11/01/19–11/01/20 10,000 12,387,800Series 20095.00%, 11/01/23 1,510 1,797,670AGM Series B5.00%, 9/01/13 2,055 2,144,166NPFGC-RE5.00%, 11/01/12 4,130 4,145,4465.25%, 11/01/13 5,000 5,265,000

Wayne Cnty MI Arpt Auth(Detroit Metro Wayne Cnty Arpt)Series 2010C5.00%, 12/01/17 5,000 5,882,200

Wayne State Univ MISeries 2009 A5.00%, 11/15/21–11/15/23 14,100 16,260,369

213,525,536


Minnesota–0.2%Minneapolis-St Paul MN Metro Arpt

Commn(Minneapolis-St Paul MN IntlArpt)Series B5.00%, 1/01/14 $ 2,210 $ 2,330,357

Minnesota Mun Pwr Agy Elec4.50%, 10/01/12 2,395 2,395,000

Southern MN Muni Pwr AgyAMBAC Series A5.25%, 1/01/16 6,820 7,813,674

12,539,031

Missouri–0.3%Jackson Cnty MO Pub Bldg Corp.

5.00%, 12/01/25 1,955 2,097,324Kansas City MO Mun Assist Corp.

NPFGC-RE5.00%, 4/15/13 7,215 7,379,069

Springfield MO Pub Util5.00%, 12/01/18–12/01/19 7,190 8,728,318

18,204,711

Nevada–3.5%Clark Cnty NV Airport PFC

(McCarran Airport)Series 20085.25%, 7/01/17 16,695 19,335,481Series A5.00%, 7/01/13–7/01/14 8,280 8,646,501

Clark Cnty NV Arpt(McCarran Airport)AGM Series 2009 C5.00%, 7/01/24 9,175 10,486,108

Clark Cnty NV GOAGM Series B5.00%, 6/01/13 5,370 5,535,074AMBAC5.00%, 11/01/15 (Pre-refunded/ETM) 1,085 1,237,5185.00%, 11/01/16 16,010 18,597,376AMBAC Series A6.50%, 6/01/17 1,760 2,169,886

Clark Cnty NV Motor Vehicle FuelTax5.00%, 7/01/19 8,190 9,893,520AMBAC5.00%, 7/01/14–7/01/16 26,400 28,948,542

Clark Cnty NV SD GOSeries 2008 A5.00%, 6/15/21 5,000 5,815,850AGM Series C5.00%, 6/15/19 22,380 25,252,4735.25%, 6/15/13 8,800 9,099,288NPFGC Series C5.00%, 6/15/13 5,595 5,775,495



NPFGC-RE Series A5.00%, 6/15/17 $ 27,880 $ 31,209,9875.25%, 6/15/14 5,505 5,947,052

Henderson NV LID # T-16(Henderson NV LID # T-16 Falls)4.75%, 3/01/13(a) 970 965,383

Nevada GOSeries 2008C5.00%, 6/01/15 4,555 5,096,134Series 2009 B5.00%, 5/01/14 1,790 1,917,609

195,929,277

New Hampshire–0.1%Manchester NH Arpt

(Manchester-Boston RegionalArpt)Series 2012A5.00%, 1/01/22 6,510 7,582,653

New Jersey–4.0%Garden St Presv Trust NJ

AGM Series 05A5.80%, 11/01/17 (Pre-refunded/ETM) 2,325 2,708,648

New Jersey COP(New Jersey Cop EquipPurchase)Series A5.00%, 6/15/13 2,365 2,430,794

New Jersey COP(New Jersey COP EquipPurchase)Series A5.00%, 6/15/14 5,000 5,330,100

New Jersey EDANPFGC Series G5.00%, 9/01/15 (Pre-refunded/ETM) 3,705 3,865,760

New Jersey EDA(New Jersey Lease Sch Fac)Series W5.00%, 3/01/15 2,325 2,558,290NPFGC Series G5.00%, 9/01/13 20,445 21,301,237

New Jersey EDA(New Jersey Trnst Pj Lease)5.00%, 5/01/15–5/01/16 55,310 62,277,960

New Jersey Trnsp Trust Fd AuthSeries 2005B5.25%, 12/15/13 (Pre-refunded/ETM) 255 270,297

New Jersey Trnsp Trust Fd Auth(New Jersey Trnsp Fed HwyGrant)NPFGC-RE Series A5.00%, 6/15/13–6/15/14 11,520 12,135,568


New Jersey Trnsp Trust Fd Auth(New Jersey Trnsp Trust Fund)AGM Series C5.75%, 12/15/12 $ 5,000 $ 5,054,600AMBAC Series A5.50%, 12/15/13 7,415 7,852,411NPFGC Series 2005B5.25%, 12/15/13 6,125 6,467,265NPFGC Series A5.25%, 12/15/12–12/15/13 29,185 30,343,743NPFGC Series B5.25%, 12/15/14 14,605 16,117,494NPFGC-RE Series B5.25%, 12/15/13 5,000 5,279,400

New Jersey Turnpike Auth(New Jersey Turnpike)AGM Series 2005D-35.00%, 1/01/26 14,770 18,656,873

Tobacco Settlement Fin Corp. NJ6.25%, 6/01/43 (Pre-refunded/ETM) 22,020 22,902,562

225,553,002

New York–12.8%Metropolitan Trnsp Auth NY

5.00%, 11/15/22–11/15/26 32,790 39,570,479Series 2012D5.00%, 11/15/16 18,660 21,728,450

New York NY GO5.00%, 8/01/16–8/01/17 10,795 12,747,0625.25%, 8/01/16 17,165 20,137,978Series 2002C5.50%, 8/01/14 (Pre-refunded/ETM) 90 91,5505.50%, 8/01/14 4,690 4,769,027Series 2009 C5.00%, 8/01/17–8/01/22 18,190 21,977,184Series 2010B5.00%, 8/01/19 12,145 15,018,021Series B5.00%, 9/01/15 10,000 11,305,100Series C5.00%, 1/01/15–1/01/16 15,370 17,336,370Series D5.00%, 2/01/15 8,800 9,728,224Series E5.00%, 8/01/14–8/01/16 36,490 39,921,108Series I5.875%, 3/15/13 35 35,142Series J5.00%, 3/01/17 2,355 2,603,853

New York NY Trnsl Fin Auth5.25%, 2/01/20 (Pre-refunded/ETM) 1,975 2,007,726Series 2002A5.00%, 11/01/22–11/01/25 34,430 42,529,631



Series 2003E5.25%, 2/01/21 (Pre-refunded/ETM) $ 2,710 $ 2,754,9055.25%, 2/01/22 (Pre-refunded/ETM) 4,595 4,671,139Series 2011C5.00%, 11/01/19–11/01/25 23,420 28,993,881Series 2012A5.00%, 8/01/25 12,345 15,286,073Series 2012B5.00%, 11/01/23–11/01/26 45,535 56,549,411NPFGC Series 2003E5.25%, 2/01/21–2/01/22 140 142,134

New York St Dormitory Auth(New York St Lease Cuny)Series 2008B5.00%, 7/01/15–7/01/16 33,770 38,423,366Series A5.75%, 7/01/13 360 374,440

New York St Dormitory Auth(New York St Lease Mental Hlth)NPFGC Series 1998D5.25%, 2/15/13 115 115,403

New York St Dormitory Auth(New York St Lease SvcContract)Series 2009 A5.00%, 7/01/19–7/01/24 25,150 29,574,422

New York St Dormitory Auth(New York St Pers Income Tax)Series 2009 G5.00%, 3/15/19–3/15/21 13,865 17,033,596Series 2011E5.00%, 8/15/21 3,880 4,926,009Series 2012A5.00%, 12/15/22 38,755 49,310,312Series 2012B5.00%, 3/15/21–3/15/22 54,775 68,994,038

New York St Dormitory Auth(New York Univ)NPFGC Series A6.00%, 7/01/18 2,865 3,615,200

New York St Dormitory Auth(Orange Regl Med Ctr)6.00%, 12/01/13–12/01/16 14,030 15,269,144

New York St Thruway AuthAGM Series 2005A5.00%, 3/15/18 (Pre-refunded/ETM) 3,650 4,054,201NPFGC Series A5.00%, 4/01/21 (Pre-refunded/ETM) 4,700 4,803,353

New York St Thruway Auth(New York St Lease ThruwaySvc Contract)5.00%, 4/01/17 37,425 44,150,647


Series 20095.00%, 4/01/18 $ 10,000 $ 12,067,900

New York St Thruway Auth(New York St Pers Income Tax)AGM Series 2005A5.00%, 3/15/18 4,210 4,674,026

New York St Thruway Auth(New York St Thruway Auth DedTax)NPFGC-RE Series B5.00%, 4/01/13–4/01/16 50,925 57,069,068

724,359,573

North Carolina–3.1%North Carolina Eastern Mun Pwr

AgySeries 2009 B5.00%, 1/01/17 1,020 1,181,741Series 2012B5.00%, 1/01/21 13,215 16,113,050Series A5.00%, 1/01/14–1/01/15 9,510 10,197,7836.00%, 1/01/26 (Pre-refunded/ETM) 1,720 2,357,243

North Carolina Infra Fin Corp. COPSeries A5.00%, 2/01/13 4,295 4,362,947AGM Series A5.00%, 2/01/13–2/01/15 20,000 21,225,400

North Carolina Mun Pwr Agy #15.25%, 1/01/14 15,545 16,469,7725.50%, 1/01/13 (Pre-refunded/ETM) 1,210 1,225,4765.50%, 1/01/13 (Pre-refunded/ETM) 1,455 1,473,973Series A5.25%, 1/01/15–1/01/17 64,050 72,395,4025.50%, 1/01/13 2,640 2,673,238Series C5.25%, 1/01/14–1/01/17 18,155 20,224,723AMBAC Series A5.25%, 1/01/15 5,490 5,556,868

175,457,616

Ohio–3.8%Cincinnati OH Wtr

Series A5.00%, 12/01/15 5,780 6,586,830

Cleveland OH Arpt SysAMBAC Series 2006 A5.00%, 1/01/23 3,145 3,393,7695.25%, 1/01/20 2,315 2,697,670

Columbiana Cnty Port Auth OH(Liberty Waste Trnsp LLC)Series A7.00%, 8/01/21(a) 3,650 2,579,455



Cuyahoga Cnty OH Econ Dev(Cuyahoga Cnty OH Lease)Series 2010G5.00%, 12/01/19–12/01/24 $ 93,725 $ 110,506,440

Ohio GOSeries 2011A5.00%, 8/01/20–8/01/21 57,430 71,882,648

Ohio Wtr Dev Auth(Cleveland Electric Illum)Series 2008C7.25%, 11/01/32 7,005 7,044,018

Univ of Cincinnati OH5.00%, 6/01/20–6/01/21 6,795 8,310,574

Univ of Toledo OH5.00%, 6/01/21 2,610 3,106,370

216,107,774

Oklahoma–0.1%Mcgee Creek Auth OK Wtr

NPFGC6.00%, 1/01/23 3,980 4,642,829

Oregon–0.6%Oregon Dept of Admin Svc COP

Series 2009 D5.00%, 11/01/21–11/01/23 18,535 21,982,149

Port of Portland OR(Portland Intl Arpt)Series 2010 20C5.00%, 7/01/23 1,405 1,608,290

Portland OR Swr SysNPFGC Series A5.00%, 6/15/13 5,090 5,260,413

Washington Cnty OR SD #48-J GOAGM5.00%, 6/01/13 4,600 4,746,096

33,596,948

Pennsylvania–5.2%Allegheny Cnty PA Arpt Auth

(Pittsburgh Intl Airport)NPFGC5.00%, 1/01/18 1,585 1,788,546

Allegheny Cnty PA GONPFGC Series C-545.375%, 11/01/18 (Pre-refunded/ETM) 3,400 3,413,736

Allegheny Cnty PA Hosp Dev Auth(Upmc Health Sys)Series 2008A5.00%, 9/01/14 46,500 50,465,520Series B5.00%, 6/15/18 8,200 8,786,054

Allegheny Cnty PA Redev Auth(Pittsburgh Mills Spl Tax)5.10%, 7/01/14 225 229,383

Central Bucks PA SD GO5.00%, 5/15/16 (Pre-refunded/ETM) 2,045 2,376,004


NPFGC-RE5.00%, 5/15/16 $ 2,955 $ 3,395,384

Pennsylvania Pub Sch Bldg Auth(Philadelphia PA SD Lease)AGM Series A5.00%, 6/01/14 5,410 5,760,893

Pennsylvania Turnpike Comm5.00%, 6/01/15 4,260 4,687,363Series 2009 B5.00%, 6/01/16-6/01/20 50,085 58,113,151

Philadelphia PA Arpt(Philadelphia Intl Airport)5.00%, 6/15/21 6,225 7,242,352Series 2010D5.00%, 6/15/19–6/15/21 28,140 32,235,1975.25%, 6/15/22–6/15/23 20,485 23,348,987Series 2011A5.00%, 6/15/16–6/15/19 12,650 14,539,264

Philadelphia PA IDA(Univ of Pennsylvania)Series 20070.75%, 4/26/14(g) 7,300 7,230,358

Philadelphia PA Parking Auth(Philadelphia Airport Parking)5.00%, 9/01/14–9/01/20 38,650 44,158,675Series 20095.125%, 9/01/22 9,080 10,374,626

Southeastern PA Trnsp Auth5.00%, 3/01/23–3/01/24 12,245 14,351,804

292,497,297


5.00%, 7/01/21 23,840 25,808,946Series 2010ZZ5.00%, 7/01/17 5,835 6,502,9325.25%, 7/01/18 2,205 2,476,039

Puerto Rico Govt Dev BankSeries B5.00%, 12/01/13 3,540 3,679,511

Puerto Rico Infra Fin AuthSeries 2011C3.00%, 12/15/26 7,415 7,505,686

Puerto Rico Pub Bldgs Auth(Puerto Rico GO) Series M5.50%, 7/01/13 15,205 15,715,584AMBAC Series 2003H5.50%, 7/01/16 5,415 5,937,114

Puerto Rico Sales Tax Fin Corp.5.50%, 8/01/21 36,000 41,734,440Series 2009A5.375%, 8/01/20 (Pre-refunded/ETM) 10,315 13,317,5935.375%, 8/01/20 39,685 46,262,3925.50%, 8/01/23 5,040 5,802,401

174,742,638



Rhode Island–0.4%Rhode Island Depositors Corp.

Series A6.375%, 8/01/22 (Pre-refunded/ETM) $ 5,780 $ 8,082,347AGM Series A5.50%, 8/01/20 (Pre-refunded/ETM) 1,500 1,907,9705.75%, 8/01/19 (Pre-refunded/ETM) 4,940 6,112,558

Rhode Island Higher Ed Svgs Tr(Rhode Island DOT Fed HwyGrant)AGC Series 2009A5.25%, 6/15/17 7,955 9,438,926

25,541,801

South Carolina–0.4%Greenville Cnty SD SC Lease

5.00%, 12/01/13–12/01/15 14,850 16,352,753Newberry Inv IN Children SC

(Newberry Cnty SC SD Lease)5.25%, 12/01/23–12/01/25 2,315 2,461,384

South Carolina Pub Svc AuthSeries 2002D5.25%, 1/01/14 (Pre-refunded/ETM) 445 450,4785.25%, 1/01/14 (Pre-refunded/ETM) 410 415,047AGM5.25%, 1/01/14 (Pre-refunded/ETM) 1,225 1,240,080

20,919,742

Tennessee–0.1%Memphis Shelby Cnty Arpt Auth TN

(Memphis Intl Airport)Series 2010 B5.00%, 7/01/16–7/01/17 3,590 4,058,583

Tennessee Energy Acq Corp. Gas(Goldman Sachs Group, Inc.)Series A5.25%, 9/01/21 2,115 2,377,239

6,435,822

Texas–9.6%Austin TX Utils Sys

AGM5.00%, 11/15/13 3,035 3,194,580

Bell Cnty TX Hlth Fac Dev Corp.6.50%, 7/01/19 (Pre-refunded/ETM) 1,000 1,258,240

Camino Real Regl Mob Auth TX5.00%, 2/15/14–2/15/21 60,940 65,964,773Series 20085.00%, 8/15/21 205 205,000


Clear Creek TX ISD GOSeries A5.00%, 2/15/16 $ 1,280 $ 1,470,656

Conroe TX ISD GO5.00%, 2/15/16 6,260 6,948,600

Dallas Fort Worth TX Intl Arpt5.00%, 11/01/14 2,500 2,730,600Series 2009A5.00%, 11/01/15 6,415 7,147,272Series 2012F5.00%, 11/01/21–11/01/25 17,850 20,193,961AMBAC Series 2003 A5.50%, 11/01/14 2,000 2,103,560

Dallas TX GO5.00%, 2/15/13 2,190 2,228,741

Dallas TX ISD GO5.00%, 2/15/22 5,065 6,283,031

Garland TX GOSeries 20105.00%, 2/15/24 3,800 4,554,148

Harris Cnty TX Fld Ctl Dist GOSeries A5.25%, 10/01/20 (Pre-refunded/ETM) 1,920 2,099,5585.25%, 10/01/22 (Pre-refunded/ETM) 4,795 5,243,4285.25%, 10/01/23 (Pre-refunded/ETM) 5,255 5,746,448

Harris Cnty TX GO5.25%, 10/01/24 (Pre-refunded/ETM) 3,660 4,009,9695.25%, 10/01/24 10,340 11,289,626Series 2010 A5.00%, 10/01/23–10/01/25 17,570 21,419,076

Houston TX Arpt SysSeries 2009 A5.00%, 7/01/21 2,090 2,417,545

Houston TX Wtr & Swr SysAMBAC Series B5.75%, 12/01/16 (Pre-refunded/ETM) 3,000 3,026,4605.75%, 12/01/17 (Pre-refunded/ETM) 2,000 2,017,640

Lower Colorado River Auth TX5.00%, 5/15/22–5/15/24 50,085 59,023,960Series 1999 A5.875%, 5/15/16 2,325 2,333,998

North Texas Tollway Auth TXSeries 2008H5.00%, 1/01/42 (Pre-refunded/ETM) 5,000 5,058,500

North Texas Tollway Auth TX(Texas St Hwy Fund Third Tier)Series 2011D5.00%, 9/01/24 5,000 6,028,3505.25%, 9/01/25–9/01/26 35,870 43,690,663



Plano TX GO5.00%, 9/01/13 $ 5,045 $ 5,265,315

Retama TX Dev Corp.8.75%, 12/15/13 (Pre-refunded/ETM) 2,045 2,245,5338.75%, 12/15/14 (Pre-refunded/ETM) 3,860 4,543,6458.75%, 12/15/15 (Pre-refunded/ETM) 1,200 1,505,136

SA Energy Acq Pub Fac Corp. Gas(Goldman Sachs Group, Inc.)5.25%, 8/01/15 1,880 2,054,727

San Antonio TX Elec & Gas5.00%, 2/01/20–2/01/23 61,590 75,043,8155.375%, 2/01/13 5,000 5,085,250

San Antonio TX WtrSeries 2011A3.00%, 5/15/13 1,150 1,169,9075.00%, 5/15/23–5/15/26 21,200 25,753,609

Spring TX ISD GO5.00%, 8/15/20–8/15/21 8,365 10,438,830

Tarrant Cnty TX Cult Ed Fac FinCorp.(Buckingham Senior Living)5.25%, 11/15/16 1,160 1,230,296

Texas A & M UnivSeries 2009 D5.00%, 5/15/18 2,000 2,443,200

Texas GO5.00%, 10/01/22–10/01/25 47,335 59,139,649

Texas Mun Pwr AgyNPFGCZero Coupon, 9/01/13 2,345 2,322,300

Texas PFA(Texas Lease Bldg & Procur)AMBAC5.00%, 2/01/15 5,000 5,405,000

Texas Trnsp Comm(Central Texas Turnpike)Series 20092.75%, 8/15/42 8,270 8,322,763

Texas Trnsp Comm(Texas St Hwy Fund First Tier)5.00%, 4/01/14–4/01/16 14,985 16,861,789Series 20075.00%, 4/01/24 8,380 9,769,236

Univ of TexasSeries D5.00%, 8/15/14 5,850 6,353,392

542,641,775


7.125%, 6/01/15 (Pre-refunded/ETM) 1,584 1,677,361


Washington–7.5%Central Puget Sound WA RTA

AMBAC Series A5.00%, 11/01/18 (Pre-refunded/ETM) $ 1,015 $ 1,136,567

Chelan Cnty WA PUD #1Series 2011A5.00%, 7/01/20 3,110 3,692,752Series 2011B5.00%, 7/01/21 5,000 5,950,2505.25%, 7/01/22 3,565 4,265,629

Cowlitz Cnty WA Spl Swr(Cowlitz Cnty WA Special Swr)NPFGC-RE5.50%, 11/01/19 1,435 1,640,793

Energy Northwest WA(Bonneville Power Admin)Series 2007C5.00%, 7/01/17 2,625 3,142,650Series 2012A5.00%, 7/01/18–7/01/21 92,520 114,177,661Series A5.00%, 7/01/14 7,380 7,974,9025.50%, 7/01/13 3,840 3,990,413Series C5.00%, 7/01/14–7/01/16 21,300 23,468,635Series D5.00%, 7/01/13 5,060 5,239,428AMBAC Series A5.00%, 7/01/18 5,040 5,641,222NPFGC Series A5.25%, 7/01/13 6,545 6,789,194

Grant Cnty WA PUD #2Series 2011A5.00%, 1/01/20–1/01/23 13,725 16,689,962

King Cnty WA SD #001 GOSeries A5.00%, 12/01/12–12/01/13 53,690 54,865,912

King Cnty WA SwrSeries 2011B5.00%, 1/01/23 4,415 5,386,962

Port of Seattle WA5.00%, 6/01/22 1,995 2,369,781Series 2010C5.00%, 2/01/17 2,590 2,976,635

Seattle WA Mun Light & PwrAGM5.00%, 8/01/13 10,060 10,454,050

Tacoma WA Elec SysAGM5.00%, 1/01/15 20,945 22,912,364

Washington Fed Hwy Grant5.00%, 9/01/21 19,110 23,927,249

Washington St GOSeries 2003A5.00%, 7/01/13 (Pre-refunded/ETM) 55 56,950



Series A5.00%, 7/01/13 $ 10,330 $ 10,697,025Series C5.00%, 7/01/14 27,730 29,975,575AGM5.00%, 7/01/15 5,405 6,082,895AGM Series 2007A5.00%, 7/01/14 6,260 6,766,935AGM Series B5.00%, 7/01/13 5,785 5,990,541AGM Series D5.00%, 1/01/14 2,655 2,809,176AMBAC5.00%, 1/01/13–1/01/14 26,335 27,044,342AMBAC Series C5.00%, 1/01/16 7,770 8,885,694NPFGC Series 2003R5.00%, 7/01/13 2,025 2,096,948

427,099,092

Wisconsin–1.1%Wisconsin GO

Series 2004A5.00%, 5/01/13 (Pre-refunded/ETM) 4,015 4,124,8105.00%, 5/01/13 8,555 8,791,460NPFGC Series 15.25%, 5/01/13 4,545 4,677,214NPFGC Series B5.00%, 5/01/13 4,750 4,881,005NPFGC-RE Series 35.25%, 5/01/13 5,500 5,659,995

Wisconsin Trnsp AuthSeries 2005B5.00%, 7/01/13 (Pre-refunded/ETM) 3,260 3,375,600

Wisconsin Trnsp Auth(Wisconsin Trnsp Auth Spl Tax)Series 2005B5.00%, 7/01/13 1,010 1,045,966Series 2012-25.00%, 7/01/23 3,420 4,303,489AGM Series A5.25%, 7/01/14–7/01/16 12,610 14,497,658NPFGC-RE5.00%, 7/01/16 6,885 7,988,321NPFGC-RE Series I5.00%, 7/01/17 2,000 2,388,220

61,733,738

Total Long-Term Municipal Bonds(cost $4,902,626,827) 5,240,526,180


Short-Term Municipal Notes–1.1%

California–0.0%Sacramento Cnty CA Santn Dist

Fing Auth(Sacramento Regl Cnty SantnDist CA)0.20%, 12/01/36(h) $ 2,075 $ 2,075,000

Connecticut–0.0%Connecticut Hlth & Ed Fac Auth

(Yale Univ)Series 2001V-10.16%, 7/01/36(h) 1,000 1,000,000


(Chevron USA, Inc.)Series 2009 C0.20%, 12/01/30(h) 18,720 18,720,000Series 2009 F0.20%, 12/01/30(h) 2,900 2,900,000Series 2010C0.19%, 12/01/30(h) 2,500 2,500,000Series 2010L0.20%, 11/01/35(h) 9,900 9,900,000

34,020,000

New York–0.3%New York NY Trnsl Fin Auth

0.20%, 11/01/22(h) 15,870 15,870,000

Texas–0.2%Harris Cnty TX Cult Ed Fac Fin

Corp.(Texas Medical Center)Series 2010B-10.20%, 9/01/31(h) 8,170 8,170,000

Total Short-Term Municipal Notes(cost $61,135,000) 61,135,000

Total Municipal Obligations(cost $4,963,761,827) 5,301,661,180




7.375%, 5/15/14 6,380 6,983,873Bear Stearns Cos. LLC (The)


2.125%, 7/15/14 12,993 13,257,603Citigroup, Inc.

2.65%, 3/02/15 8,048 8,243,784Goldman Sachs Group, Inc. (The)

5.15%, 1/15/14 5,430 5,701,5225.25%, 10/15/13 20,300 21,186,785



JPMorgan Chase & Co.1.875%, 3/20/15 $ 1,875 $ 1,912,9862.05%, 1/24/14 8,878 9,034,954

Merrill Lynch & Co., Inc.5.45%, 2/05/13 15,236 15,468,806

83,510,688


2.15%, 1/09/15 27,608 28,413,1325.90%, 5/13/14 1,678 1,814,985

30,228,117

113,738,805

Industrial–2.2%

Capital Goods–0.3%Caterpillar Financial Services Corp.

1.10%, 5/29/15 3,027 3,063,760Caterpillar, Inc.

0.95%, 6/26/15 13,617 13,750,310

16,814,070

Communications-Telecommunications–0.5%Cellco Partnership/Verizon Wireless

Capital LLC5.55%, 2/01/14 4,726 5,027,0517.375%, 11/15/13 2,463 2,646,678

Verizon Communications, Inc.1.95%, 3/28/14 20,918 21,394,7845.25%, 4/15/13 1,676 1,719,481

30,787,994


6.50%, 11/15/13 13,819 14,710,436Ford Motor Credit Co. LLC

7.00%, 4/15/15 12,630 14,145,600

28,856,036

Consumer Non-Cyclical–0.1%Watson Pharmaceuticals, Inc.

1.875%, 10/01/17 2,797 2,784,162


1.55%, 5/30/14 3,543 3,563,2836.125%, 3/01/14 23,316 24,856,465

International Business MachinesCorp.0.55%, 2/06/15 14,866 14,904,741

43,324,489

122,566,751


Utility–0.0%

Electric–0.0%Exelon Generation Co. LLC

5.35%, 1/15/14 $ 1,266 $ 1,334,522


GOVERNMENTS-TREASURIES–0.7%

U.S. Treasury–0.7%U.S. Treasury Notes

0.375%, 6/30/13(cost $41,292,293) 41,325 41,386,327



0.01%, 10/01/12(cost $28,137,265) 28,137 28,137,265

Total Investments—99.0%(cost $5,267,380,997) 5,608,824,850


Net Assets—100.0% $ 5,667,469,192

(a) Illiquid security.(b) Security is in default and is non-income producing.(c) Fair valued by the Adviser.(d) Non-income producing security.(e) Variable rate coupon, rate shown as of September 30, 2012.(f) Indicates a security that has a zero coupon that remains in

effect until a predetermined date at which time the statedcoupon rate becomes effective until final maturity.

(g) Floating Rate Security. Stated interest rate was in effect atSeptember 30, 2012.

(h) Variable Rate Demand Notes are instruments whose interestrates change on a specific date (such as coupon date or interestpayment date) or whose interest rates vary with changes in adesignated base rate (such as the prime interest rate). Thisinstrument is payable on demand and is secured by letters ofcredit or other credit support agreements from major banks.


Glossary:AGC—Assured Guaranty CorporationAGM—Assured Guaranty MunicipalAMBAC—Ambac Assurance CorporationCDA—Community Development AuthorityCDD—Community Development DistrictCOP—Certificate of ParticipationCSD—Central/Community School District


DOT—Department of TransportationEDA—Economic Development AgencyETM—Escrowed to MaturityFGIC—Financial Guaranty Insurance CompanyGO—General ObligationIDA—Industrial Development Authority/AgencyISD—Independent School DistrictLID—Local Improvement DistrictMFHR—Multi-Family Housing RevenueNPFGC—National Public Finance Guarantee CorporationNPFGC-RE—National Public Finance Guarantee CorporationReinsuring FGICPCR—Pollution Control Revenue BondPFA—Public Finance AuthorityPFC—Passenger Facility ChargePUD—Public Utility DistrictRTA—Regional Transportation AuthoritySD—School DistrictSRF—State Revolving FundUSD—Unified School District



California Municipal PortfolioSeptember 30, 2012




California–85.4%Bay Area Infra Fin Auth

NPFGC-RE5.00%, 8/01/17 $ 20,130 $ 20,197,033

Bay Area Toll Auth CA5.00%, 4/01/16–4/01/22 39,845 46,554,9515.00%, 4/01/25(a) 12,235 15,003,046Series 2006 F5.00%, 4/01/20 5,250 6,000,540

California Dept Wtr Res Cen Vy5.00%, 12/01/16 (Pre-refunded/ETM) 380 418,441Series AM5.00%, 12/01/14(a) 3,000 3,227,430FGIC5.25%, 12/01/18 (Pre-refunded/ETM) 65 67,185NPFGC5.00%, 12/01/16 (Pre-refunded/ETM) 60 66,070

California Dept Wtr Res Pwr5.00%, 5/01/17–5/01/18 24,600 30,004,778Series 2010L5.00%, 5/01/15–5/01/20 14,690 17,953,111AGM5.00%, 5/01/17 21,050 25,131,174

California DOT Fed Hwy GrantNPFGC-RE Series A5.00%, 2/01/13–2/01/14 24,215 25,092,190

California Econ Recovery(California Econ Rec Spl Tax)5.25%, 7/01/13 10,800 11,202,948Series A5.00%, 7/01/18–7/01/20 33,030 40,437,9455.25%, 7/01/14 2,820 3,061,110NPFGC5.00%, 7/01/15 4,460 4,819,521NPFGC Series A5.25%, 7/01/13 8,420 8,734,150

California GONPFGC5.00%, 8/01/24 50 50,103

California Infra & Eco Dev Bk(Broad Collection)Series 2011A5.00%, 6/01/21 20,615 25,845,438

Schedule of Investments—California Municipal Portfolio 23


California Infra & Eco Dev Bk(Workers Comp Spl Assmt)AMBAC5.00%, 10/01/15 $ 1,070 $ 1,115,839

California Mun Fin Auth(UTS BioEnergy LLC)Series 2011A-23.95%, 12/01/15(a) 3,635 3,706,355

California Pub Wks Brd(CA Lease Dept Corr St Prisons)AMBAC Series A5.00%, 12/01/19 2,630 2,916,539

California Pub Wks Brd(CA Lease State Univ Sys)NPFGC-RE5.00%, 10/01/14 3,740 4,045,521

California Pub Wks Brd(Univ of California Lease)5.00%, 4/01/21–12/01/23 12,370 14,805,230Series 2009E5.00%, 4/01/23 1,950 2,300,727NPFGC-RE5.00%, 6/01/15–9/01/16 4,605 5,228,663

California Spl Dist Assn Fin Corp.COPAGM Series Z5.50%, 8/01/17 (Pre-refunded/ETM) 440 487,828

California State Univ5.00%, 11/01/24 1,490 1,751,286Series 2011A5.25%, 11/01/26 5,500 6,651,865Series 2012A5.00%, 11/01/26 10,930 13,199,177AMBAC Series B5.00%, 11/01/14 3,575 3,909,441NPFGC-RE Series A5.00%, 11/01/24 (Pre-refunded/ETM) 1,570 1,613,583


California Statewide CDA(Jewish Home St Ins)4.50%, 11/15/13 530 531,362

California Statewide CDA(Kaiser Permanente)Series 2002C5.00%, 11/01/29 2,630 3,062,346Series E-1-REMK5.00%, 4/01/44 1,000 1,164,390

California Statewide CDA(Odd Fellows Home)Series 2012A5.00%, 4/01/20–4/01/22(a) 2,000 2,349,230


California Statewide CDA(Redlands Cmnty Hospital)RADIAN Series A5.00%, 4/01/13 $ 1,295 $ 1,318,025

California Statewide CDA(Southern CA Edison Coompany)XLCA Series B4.10%, 4/01/28 14,055 14,306,725

Chaffey CCD CA GONPFGC Series B5.00%, 6/01/25 1,440 1,554,494

Coati-Rohnert Pk USD CA GONPFGC-RE5.00%, 8/01/20 2,020 2,245,311

Contra Costa Cnty CA Wtr Dist(Contra Costa CA Wtr Dist)Series 2012Q5.00%, 10/01/20 5,315 6,670,591

Gilroy CA USD GONPFGC-RE5.25%, 8/01/20 1,900 1,970,243

Golden St Tobacco Sec CA5.625%, 6/01/38 (Pre-refunded/ETM) 16,765 17,364,3496.25%, 6/01/33 (Pre-refunded/ETM) 15,295 15,899,7646.75%, 6/01/39 (Pre-refunded/ETM) 12,355 12,888,489Series B5.50%, 6/01/43 (Pre-refunded/ETM) 10,240 10,597,683

Golden St Tobacco Sec CA(California Tobacco Sec/st App)AMBAC Series A5.00%, 6/01/20 10,970 10,988,649

Grossmont-Cuyamaca CCD CA GOAGC5.25%, 8/01/17 1,150 1,382,783

Industry CA GO5.00%, 7/01/17 3,655 4,293,638

Inland Valley CA Dev Agy5.25%, 4/01/13 (Pre-refunded/ETM) 2,890 2,960,7765.50%, 4/01/14 (Pre-refunded/ETM) 1,320 1,420,624

Lincoln CA CFD #2003-15.35%, 9/01/16 (Pre-refunded/ETM) 705 750,3465.90%, 9/01/24 (Pre-refunded/ETM) 1,100 1,176,252

Loma Linda CA Hosp(Loma Linda Univ Med Ctr)Series A5.00%, 12/01/13 1,145 1,188,636

Long Beach CA Bond Fin Auth(Long Beach CA Lease Aquarium)5.00%, 11/01/23 4,025 4,758,717



Long Beach CA Bond Fin Auth(Long Beach CA Lease PubSafety)AMBAC5.25%, 11/01/19–11/01/22 $ 3,765 $ 3,773,992

Long Beach CA HarborSeries 2010A5.00%, 5/15/22–5/15/25 16,895 20,402,282Series B5.00%, 5/15/21 6,500 8,005,335

Long Beach CA USD GO5.00%, 8/01/15–8/01/16 7,850 9,009,742Series 2008A5.00%, 8/01/18 9,845 12,062,586Series A5.00%, 8/01/25 1,000 1,175,930

Los Angeles CA Dept Arpts(Los Angeles Intl Airport)Series 2010A5.00%, 5/15/23–5/15/25 25,915 31,178,328Series A5.00%, 5/15/13 4,000 4,113,7205.25%, 5/15/23–5/15/24 15,955 19,195,5855.50%, 5/15/14–5/15/17 14,790 17,007,170

Los Angeles CA Dept W&P WtrSeries 2012C5.00%, 7/01/23 1,540 1,947,145

Los Angeles CA GONPFGC Series A5.00%, 9/01/16 (Pre-refunded/ETM) 3,240 3,381,199

Los Angeles CA Harbor Dept5.00%, 8/01/23 2,500 3,079,075

Los Angeles CA USD GOAMBAC Series 2004G5.00%, 7/01/13 3,260 3,375,828FGIC Series A-15.00%, 7/01/20–7/01/22 13,485 15,012,799NPFGC Series A-25.00%, 7/01/20 11,000 12,261,040

Los Angeles CA Wstwtr SysSeries 2012C5.00%, 6/01/23–6/01/25 11,335 14,146,898

Los Angeles Cnty CA Met Trnsp Auth(Los Angeles Cnty CA MTA SalesTax)5.00%, 7/01/21 2,000 2,403,000

Los Angeles Cnty CA Pub Wks(Los Angeles Cnty CA MasterLease)NPFGC-RE Series A5.00%, 9/01/13 5,265 5,467,755

M-S-R Pub Pwr Agy CANPFGC5.00%, 7/01/13 3,715 3,839,044


Mammoth CA USD GONPFGCZero Coupon,8/01/21–8/01/22 $ 2,100 $ 1,539,856

Met Wtr Dist Southern CA Wtr5.75%, 8/10/18 7,600 9,089,068Series A5.75%, 7/01/21 (Pre-refunded/ETM) 1,615 1,949,0305.75%, 7/01/21 2,045 2,549,522NPFGC Series B-35.00%, 10/01/18 (Pre-refunded/ETM) 3,410 3,728,460

Monrovia CA Redev Agy(Monrovia CA Ctrl Redev ProjArea #1)12.00%, 6/01/12 2,830 2,726,111

Northern CA Pwr Agy(Northern CA Power Agy Hydro#1)Series 2012A5.00%, 7/01/25–7/01/27 3,980 4,772,770

Oakland CA USD GONPFGC5.00%, 8/01/13 1,335 1,376,972

Orange Cnty CA Pub Fin Auth(Orange Cnty CA Lease)NPFGC5.00%, 7/01/13 16,480 17,020,214

Orange Cnty CA Santn COP5.00%, 2/01/18–2/01/19 9,155 11,222,236Series 2009A5.00%, 2/01/20 1,890 2,290,415

Pittsburg CA Redev Agy9.60%, 6/01/16 (Pre-refunded/ETM) 1,000 1,316,010

Port of Oakland CASeries 2012P5.00%, 5/01/22–5/01/25(a) 15,720 18,257,687NPFGC Series 2007C5.00%, 11/01/18 1,900 2,186,767

Rancho Santiago CA CCD GOAGM5.00%, 9/01/25 (Pre-refunded/ETM) 2,275 2,579,691

Sacramento CA Fin Auth(Sacramento CA Lease)Series B5.40%, 11/01/20 2,000 2,302,660

Sacramento CA Mun Util DistSeries 2012Y5.00%, 8/15/25 4,555 5,558,512

Sacramento CA USD GOSeries 20115.00%, 7/01/24 4,945 5,704,651



Sacramento Cnty CA Santn Dist FingAuth(Sacramento Regl Cnty Santn DistCA)AMBAC5.50%, 12/01/21 $ 1,175 $ 1,527,947

San Diego CA Pub Fac Fin Auth(San Diego CA Swr)5.00%, 5/15/21 14,905 18,231,647Series 2009 B5.00%, 5/15/18 20,615 25,170,709

San Diego CA Pub Fac Fin Auth(San Diego CA Wtr)Series 2012A5.00%, 8/01/26 1,905 2,368,334

San Diego Cnty CA COPAMBAC5.00%, 2/01/15 2,000 2,171,980

San Diego Cnty CA Wtr AuthAGM Series 2008A5.00%, 5/01/19 2,795 3,341,339

San Diego Cnty CA Wtr Auth COPAGM Series 2008A5.00%, 5/01/24 4,860 5,554,105

San Francisco City/Cnty CA ArptCommn(San Francisco CA Intl Airport)5.00%, 5/01/15–5/01/25 17,690 19,903,8725.25%, 5/01/18 4,655 5,500,860Series 2009C-25.00%, 5/01/16 11,520 13,157,338Series 2011C5.00%, 5/01/21 3,900 4,608,864AGC Series 2008-34E5.00%, 5/01/16 1,345 1,515,385

San Francisco City/Cnty CA Pub UtilWtrSeries 2009A5.00%, 11/01/28 2,000 2,356,540Series 2011A5.00%, 11/01/25 11,320 13,800,552NPFGC5.25%, 10/01/14 5,245 5,363,117

San Ramon Vly USD CA GOAGM5.25%, 8/01/20 (Pre-refunded/ETM) 1,000 1,090,160

Santa Fe Springs CA CDA(Santa Fe Springs CA Tax Alloc)NPFGC5.375%, 9/01/17 560 560,700

South Placer CA Wstwtr AuthSeries 2011C5.00%, 11/01/19–11/01/20 5,430 6,593,656

Southern CA Pub Pwr Auth(Los Angeles CA Dept W&p Pwr)5.00%, 7/01/22 4,000 4,888,960


Series 2010-15.00%, 7/01/25 $ 8,235 $ 9,734,758

Univ of CaliforniaSeries 2007J5.00%, 5/15/16 (Pre-refunded/ETM) 395 446,7135.00%, 5/15/16 5,935 6,691,950Series 2009 Q5.25%, 5/15/22 3,510 4,103,646Series 2010U5.00%, 5/15/24 4,215 5,061,288Series 2012G5.00%, 5/15/25 10,000 12,297,900

965,960,934

Arizona–0.0%Pima Cnty AZ IDA

(Horizon Learning Ctr)4.45%, 6/01/14 210 211,058

Colorado–0.2%Denver CO City & Cnty Arpt

(Denver Intl Airport)5.75%, 11/15/20 1,700 2,134,809Series D7.75%, 11/15/13 175 182,072

2,316,881

Florida–3.7%Broward Cnty FL Sch Brd COP

5.00%, 7/01/18 2,000 2,346,540Citizens Ppty Ins Corp. FL

Series 2009A16.00%, 6/01/16 13,125 15,256,762


Florida Hurricane Catastr Fd FinCorp.Series 2010A5.00%, 7/01/15–7/01/16 17,080 19,462,936

Lake Ashton II CDD FLSeries B4.875%, 11/01/10(b)(c) 320 208,000


Miami-Dade Cnty FL Aviation(Miami-Dade Intl Airport)Series 2009A5.75%, 10/01/21 1,055 1,264,038

New River CDD FL1.00%, 5/01/18–5/01/38(b) 1,080 486,000Series 2010A15.75%, 5/01/38(b) 245 179,465Series 2010B15.00%, 5/01/15(b) 235 220,075Series B5.00%, 5/01/13(b)(d) 405 4



Sterling Hill CDD FLSeries B5.50%, 11/01/10(b)(e) $ 155 $ 93,000

42,377,968

Guam–0.1%Guam Wtrworks Auth

5.50%, 7/01/16 1,500 1,599,240


6.00%, 1/01/26 4,450 2,836,074Illinois GO

5.00%, 8/01/18 5,000 5,815,150

8,651,224


5.60%, 11/01/13(b)(c)(f) 3,200 0

Massachusetts–0.5%Massachusetts GO

Series 2011A5.00%, 4/01/25 4,830 5,876,806

Nevada–0.0%Henderson NV LID # T-16

(Henderson NV LID # T-16 Falls)4.75%, 3/01/13(b) 315 313,501

North Carolina–0.6%North Carolina Eastern Mun Pwr Agy

Series 2009 SER B5.00%, 1/01/16 2,375 2,684,819Series C5.30%, 1/01/15 3,580 3,624,499

6,309,318

Ohio–1.1%American Mun Pwr OH

(Goldman Sachs Group, Inc.)Series 2008A5.00%, 2/01/13 10,350 10,491,898

Columbiana Cnty Port Auth OH(Liberty Waste Trnsp LLC)Series A7.00%, 8/01/21(b) 2,210 1,561,807

12,053,705


5.00%, 7/01/22 10,190 10,855,305Series 2007TT5.00%, 7/01/21 3,850 4,107,180Series 2007V V5.50%, 7/01/20 3,065 3,468,630

Puerto Rico GOSeries 2007A5.50%, 7/01/18 2,650 2,922,049Series 2012A5.00%, 7/01/20 1,850 1,966,975


NPFGC Series 2001A5.50%, 7/01/19 $ 6,965 $ 7,676,266

Puerto Rico Govt Dev BankNPFGC Series 20094.75%, 12/01/15 5,535 5,624,224

Puerto Rico Pub Bldgs Auth(Puerto Rico GO)5.75%, 7/01/15 2,570 2,785,109

Puerto Rico Sales Tax Fin Corp.5.00%, 8/01/24 4,300 4,782,331Series C5.00%, 8/01/22 2,565 3,101,701

47,289,770

Texas–1.2%Dallas Fort Worth TX Intl Arpt

Series 2009A5.00%, 11/01/21 1,180 1,323,854

Houston TX Arpt SysSeries 2011A5.00%, 7/01/19 10,290 12,128,823

13,452,677


7.125%, 6/01/15 (Pre-refunded/ETM) 537 568,651




Banking–1.4%American Express Credit Corp.


2.125%, 7/15/14 1,543 1,574,4232.15%, 3/23/15 2,000 2,050,680

JPMorgan Chase & Co.1.875%, 3/20/15 6,345 6,473,544

16,147,912

Industrial–1.0%


6.50%, 11/15/13 2,445 2,602,722Ford Motor Credit Co. LLC

7.00%, 4/15/15 2,475 2,772,000

5,374,722




6.125%, 3/01/14 $ 5,273 $ 5,621,382

10,996,104




0.01%, 10/01/12(cost $21,851,166) 21,851 21,851,166



Net Assets—100.0% $ 1,131,364,883

(a) When-Issued or delayed delivery security.(b) Illiquid security.(c) Security is in default and is non-income producing.(d) Non-income producing security.(e) Defaulted.(f) Fair valued by the Adviser.


Glossary:AGC—Assured Guaranty CorporationAGM—Assured Guaranty MunicipalAMBAC—Ambac Assurance CorporationCCD—Community College DistrictCDA—Community Development AuthorityCDD—Community Development DistrictCFD—Community Facilities DistrictCOP—Certificate of ParticipationDOT—Department of TransportationETM—Escrowed to MaturityFGIC—Financial Guaranty Insurance CompanyGO—General ObligationIDA—Industrial Development Authority/AgencyLID—Local Improvement DistrictNPFGC—National Public Finance Guarantee CorporationNPFGC-RE—National Public Finance Guarantee CorporationReinsuring FGICRADIAN—Radian Asset Assurance Inc.USD—Unified School DistrictXLCA—XL Capital Assurance Inc.



New York Municipal PortfolioSeptember 30, 2012




New York–74.9%Albany Cnty NY Arpt Auth

AGM Series 2010A5.00%, 12/15/16–12/15/22 $ 13,090 $ 15,197,008

Albany Cnty NY GONPFGC-RE5.00%, 10/01/12 205 205,000

Erie Cnty NY Fiscal Stability Auth(Erie Cnty NY Sales Tax)Series 2011C5.00%, 12/01/23 5,925 7,244,971

Erie Cnty NY IDAAGM5.00%, 5/01/14 (Pre-refunded/ETM) 1,120 1,203,1605.75%, 5/01/24 (Pre-refunded/ETM) 1,520 1,650,796

Erie Cnty NY IDA(Buffalo NY SD)5.00%, 5/01/22 5,800 6,962,668AGM Series A5.00%, 5/01/16 1,210 1,390,278

Long Island Pwr Auth NYSeries 2010A5.00%, 5/01/15 6,450 7,136,280NPFGC Series F5.00%, 5/01/13–5/01/16 34,690 37,973,453

Metropolitan Trnsp Auth NYSeries 2010D5.25%, 11/15/24 10,755 12,819,422Series 2010G5.00%, 11/15/21 9,305 11,185,8205.25%, 11/15/22–11/15/26 33,880 40,577,365Series 2011C5.00%, 11/15/24 2,890 3,447,076Series 2011D5.00%, 11/15/22–11/15/25 11,775 14,169,466Series B5.00%, 11/15/16–11/15/17 6,645 7,728,121AMBAC Series A5.50%, 11/15/18 (Pre-refunded/ETM) 5,325 5,358,068AMBAC Series B5.00%, 7/01/20 (Pre-refunded/ETM) 535 536,578



Metropolitan Trnsp Auth NY(Metro Trnsp Auth NY Ded Tax)AGM Series 2002A5.25%, 11/15/12 $ 7,425 $ 7,468,585NPFGC Series A5.25%, 11/15/13 2,660 2,806,965NPFGC-RE Series A5.25%, 11/15/15–11/15/16 13,115 15,342,453

Nassau Cnty NY GO5.00%, 4/01/21–4/01/22 5,915 7,043,957Series 2012A5.00%, 4/01/14–4/01/15 11,075 11,977,817NPFGC-RE Series A6.00%, 7/01/13 1,000 1,038,890

Nassau Cnty NY Interim Fin Auth(Nassau Cnty NY Sales Tax)AMBAC5.375%, 11/15/15–11/15/16 1,100 1,103,811AMBAC Series B5.00%, 11/15/14 3,595 3,775,325AMBAC Series H5.25%, 11/15/13 1,745 1,842,231

New York NY GO5.00%, 8/01/13–10/01/24 26,945 30,354,1125.25%, 9/01/14–9/01/16 17,910 20,363,418Series 1993E5.00%, 8/01/23 6,855 8,399,500Series 2002C5.50%, 8/01/13(Pre-refunded/ETM) 150 152,5835.50%, 8/01/13–8/01/14 14,675 14,924,6455.50%, 8/01/14(Pre-refunded/ETM) 130 132,239Series 2003A5.25%, 8/01/17(Pre-refunded/ETM) 715 744,4795.25%, 8/01/17 4,990 5,192,744Series 2011A5.00%, 8/01/26 14,275 17,148,415Series 2012I5.00%, 8/01/16 12,545 14,599,495Series C5.00%, 1/01/16 4,410 5,029,4295.50%, 9/15/19(Pre-refunded/ETM) 1,000 1,050,180Series E5.00%, 8/01/16 5,500 6,400,735Series I5.00%, 8/01/14 2,700 2,925,936AGM5.25%, 8/01/14 1,750 1,904,403NPFGC5.00%, 8/01/16 2,350 2,552,523NPFGC-RE5.00%, 8/01/13 2,750 2,858,873


New York NY Hlth & Hosp Corp.Series 2008A5.00%, 2/15/14 $ 10,215 $ 10,846,083

New York NY IDA(Magen David Yeshivah)ACA4.99%, 6/15/13(a) 1,180 1,085,600

New York NY Mun Wtr Fin Auth5.00%, 6/15/19–6/15/26 49,525 58,334,059Series FF5.00%, 6/15/25 24,730 29,745,244

New York NY Tfa Bldg AidSeries 2011 S-1A5.00%, 7/15/25 4,420 5,313,415

New York NY Trnsl Fin Auth5.00%, 11/01/12–2/01/24 39,300 43,832,0015.25%, 8/01/14 1,300 1,415,9875.25%, 2/01/20(Pre-refunded/ETM) 6,310 6,414,557Series 2003E5.25%, 2/01/21(Pre-refunded/ETM) 1,965 1,997,560Series 2004C5.25%, 2/01/13 710 721,8365.25%, 2/01/13(Pre-refunded/ETM) 4,300 4,370,5205.25%, 2/01/21(Pre-refunded/ETM) 3,630 3,868,927Series 2006A5.00%, 8/01/13(Pre-refunded/ETM) 18,175 18,886,9155.00%, 8/01/13 25 25,992Series 2011A-15.00%, 11/01/23 15,315 18,968,087Series 2012B5.00%, 11/01/24 8,705 10,888,301Series 2012E-15.00%, 2/01/25 1,540 1,894,493NPFGC5.25%, 2/01/20 115 116,891NPFGC Series 2003E5.25%, 2/01/21 35 35,539NPFGC-RE5.00%, 11/01/13 18,405 19,347,3365.50%, 11/01/13 540 542,176

New York NY Trst for Cult Res(Lincoln Center Performing Arts)5.75%, 12/01/16 22,830 27,013,141

New York NY Trst for Cult Res(Whitney Museum of AmericanArt)5.00%, 7/01/21 4,745 5,662,683

New York St Dormitory AuthNPFGC5.20%, 2/15/16(Pre-refunded/ETM) 1,000 1,129,810

Schedule of Investments—New York Municipal Portfolio 29


New York St Dormitory Auth(Brookdale Hospital Med Ctr)NPFGC5.20%, 2/15/14 $ 1,140 $ 1,143,602

New York St Dormitory Auth(Ithaca College)5.00%, 7/01/17 12,195 13,414,378

New York St Dormitory Auth(Montefiore Medical Center)5.00%, 8/01/14 1,000 1,069,610

New York St Dormitory Auth(Mount Sinai Hospital)Series 2010A5.00%, 7/01/18 1,360 1,567,563

New York St Dormitory Auth(Mt Sinai School of Medicine)5.00%, 7/01/19 4,390 5,168,435

New York St Dormitory Auth(New York NY Lease Mun HlthFac Proj)Series 20105.00%, 1/15/13 1,500 1,520,115

New York St Dormitory Auth(New York St Lease Mental Hlth)5.00%, 2/15/15–2/15/16 26,330 29,657,313AGM5.00%, 2/15/16 3,830 4,374,243NPFGC5.00%, 8/15/17 480 480,538NPFGC Series 1998D5.25%, 2/15/13 110 110,385

New York St Dormitory Auth(New York St Lease SecuredHosp)4.00%, 2/15/13–8/15/15 9,160 9,580,260

New York St Dormitory Auth(New York St Lease Svc Contract)Series 2009 A5.00%, 7/01/22 6,050 7,147,772

New York St Dormitory Auth(New York St Pers Income Tax)5.00%, 3/15/16–2/15/19 53,745 63,904,682Series 2008 A5.00%, 3/15/20 4,750 5,702,232Series 2009 D5.00%, 6/15/18–6/15/20 9,230 11,341,707Series 2012A5.00%, 12/15/21–12/15/23 11,575 14,677,590Series 2012B5.00%, 3/15/22 3,850 4,855,119Series G5.00%, 3/15/17–3/15/18 15,885 19,109,319AGM5.00%, 3/15/13 2,525 2,579,363AMBAC5.00%, 3/15/15 1,760 1,955,360


NPFGC-RE5.50%, 3/15/14 $ 4,750 $ 4,858,775

New York St Dormitory Auth(New York Univ)NPFGC Series A6.00%, 7/01/18 1,000 1,261,850

New York St Dormitory Auth(State Univ of New York)Series 2011A5.00%, 7/01/24 3,125 3,803,625

New York St Dormitory Auth(Winthrop So Nassau Univ Hlth)AMBAC Series A5.25%, 7/01/18 1,000 1,001,960AMBACSeries B5.25%, 7/01/19 1,325 1,327,398

New York St Dormitory Auth(Wyckoff Heights Medical Ctr)NPFGC5.20%, 2/15/16 5,820 5,839,846

New York St Energy Res & Dev Auth(New York St Elec and Gas Corp.)NPFGC Series 2010C0.595%, 4/01/34(a)(b)(c) 17,725 16,388,872

New York St Envrn Fac Corp.(New York NY Mun Wtr Fin Auth)5.00%, 6/15/14–6/15/25 25,030 26,845,110Series 2009 A5.25%, 6/15/24 7,300 8,991,483

New York St Envrn Fac Corp.(New York St Pers Income Tax)NPFGC-RE5.00%, 12/15/23 1,060 1,152,750

New York St Liberty Dev Corp.(National Sports Museum Proj)6.125%, 2/15/19(a)(d) 1,980 20

New York St Loc Gov Asst Corp.5.00%, 4/01/18-4/01/20 22,670 27,300,717AGM0.135%, 4/01/17(a)(b)(c) 7,675 7,110,1285.00%, 4/01/13 4,230 4,330,082

New York St Mortgage Agy SFMR(New York St Mortgage Agy)4.50%, 4/01/23 275 273,628

New York St Pwr AuthNPFGC5.00%, 11/15/16 6,180 7,259,213

New York St Thruway AuthAGM Series 2005A5.00%, 3/15/18(Pre-refunded/ETM) 895 994,112

New York St Thruway Auth(New York St Pers Income Tax)5.00%, 3/15/14-3/15/16 10,950 12,477,007Series 2010A5.00%, 3/15/25 5,425 6,611,230



AGM5.00%, 3/15/14–3/15/15 $ 8,840 $ 9,665,727AGM Series 2005A5.00%, 3/15/18 1,035 1,149,078AMBAC5.00%, 3/15/15 10,170 11,298,870

New York St Thruway Auth(New York St Thruway Auth DedTax)5.00%, 4/01/17 21,620 25,505,330Series 2012A5.00%, 4/01/25 18,980 23,274,035AGM Series 5B5.00%, 4/01/14 30,960 33,123,175AMBAC5.25%, 4/01/14 3,190 3,424,274NPFGC5.00%, 4/01/24 1,060 1,162,5445.25%, 4/01/13–4/01/14 11,175 11,670,788NPFGC-RE Series B5.00%, 4/01/13–4/01/16 27,135 28,935,348

New York St Thruway Auth(New York St Thruway Gen TollRoad)Series 2012I5.00%, 1/01/25 5,155 6,151,616AMBAC5.00%, 1/01/13–1/01/14 12,285 12,753,707

New York St UDC(New York St Lease Svc Contract)5.00%, 1/01/19 3,525 4,197,253

New York St UDC(New York St Pers Income Tax)5.00%, 3/15/16 2,045 2,354,061AMBAC5.00%, 12/15/20 6,265 7,045,870

Niagara Falls NY Bridge CommFGIC6.30%, 10/01/12(Pre-refunded/ETM) 4,670 4,670,000

Port Authority of NY & NJ3.00%, 10/01/14 7,705 8,078,924NPFGC-RE5.00%, 12/01/19 15,290 16,571,455XLCA5.00%, 10/01/19 3,700 4,119,210XLCA Series CONS 143rd5.00%, 10/01/17 6,370 7,167,970

Schenectady Cnty NY Cap Res(Ellis Hospital)1.75%, 2/15/18 2,800 2,835,952

Suffolk Cnty NY EDA(Catholic Hlth Svcs of Long Island)5.00%, 7/01/16–7/01/17 2,900 3,310,670


Tobacco Settlement Fin Corp. NY(New York St Lease TobaccoAsset Sec)5.00%, 6/01/14 $ 12,365 $ 13,303,503

Tompkins Cnty NY IDA(Ithaca College)5.00%, 7/01/16 2,665 2,943,652

Triborough Brdg & Tunl Auth NY5.00%, 11/15/15–11/15/19 40,235 47,146,7835.25%, 11/15/12–11/15/13 14,455 14,954,6615.50%, 1/01/17 (Pre-refunded/ETM) 9,370 10,313,372Series 2011A5.00%, 1/01/27 7,000 8,520,050Series 2012B5.00%, 11/15/19–11/15/23 27,980 35,231,918NPFGC5.125%, 1/01/18(Pre-refunded/ETM) 8,165 8,186,5565.25%, 11/15/15 3,145 3,599,012

Troy Res Corp.(Rensselaer Polytechnic Institute)5.00%, 9/01/16-9/01/21 7,490 8,637,219Series 2010B5.00%, 9/01/17–9/01/18 9,100 10,711,535

Ulster Cnty NY IDA(Kingston Regl Sr Lvg Corp.)5.25%, 9/15/16 975 841,357

Yonkers NY GOSeries 2011A5.00%, 10/01/14–10/01/16 4,555 4,982,069NPFGC5.00%, 8/01/14 5,275 5,581,952

1,374,983,314

Alabama–0.7%Alabama Pub Sch & Clg Auth

Series B5.00%, 5/01/18 11,055 13,401,203

Arizona–0.0%Pima Cnty AZ IDA

(Horizon Learning Ctr)4.45%, 6/01/14 285 286,436

California–2.3%California Econ Recovery

(California Econ Rec Spl Tax)Series 2009A5.25%, 7/01/21 5,000 6,165,850Series A5.00%, 7/01/18–7/01/20 27,975 34,244,227

San Francisco City/Cnty CA ArptCommn(San Francisco CA Intl Airport)Series 2009 E5.00%, 5/01/21 1,280 1,506,061

41,916,138



Colorado–0.1%Denver CO City & Cnty Arpt

(Denver Intl Airport)Series D7.75%, 11/15/13 $ 340 $ 353,739

Todd Creek Farms Met Dist #1 CO5.60%, 12/01/14(a) 2,765 1,520,750

1,874,489

District of Columbia–0.4%Metro Washington Arpt Auth VA

5.00%, 10/01/19-10/01/21 5,795 6,892,007


Series 2009A16.00%, 6/01/16 32,725 38,040,195Series 2010A5.00%, 6/01/16 7,230 8,147,342


Durbin Crossing CDD FLSeries 15.25%, 11/01/15(a)(d) 2,415 1,802,991

Florida Brd of Ed LotterySeries 2010C5.00%, 7/01/18 16,355 19,764,200

Florida Hurricane Catastr Fd FinCorp.Series 2010A5.00%, 7/01/15 13,660 15,194,428

Heritage Plantation CDD FLSeries B5.10%, 11/01/13(a)(d) 955 286,500

Lee Cnty FL Port Auth Arpt(Southwest Florida Intl Airport)AGM Series 2010A5.00%, 10/01/16-10/01/17 4,805 5,374,382



Miami-Dade Cnty FL Aviation(Miami-Dade Intl Airport)5.75%, 10/01/20 1,595 1,955,582

Midtown Miami CDD FLSeries 04A6.00%, 5/01/24 1,165 1,179,411

Overoaks CDD FLSeries 2010A-16.125%, 5/01/35(a) 85 90,937Series 2010A-26.125%, 5/01/35(a) 200 175,168Series 2010B5.125%, 5/01/17(a) 455 427,973Series 4B5.125%, 5/01/09(a)(e)(f) 185 0


Parkway Center CDD FLSeries B5.625%, 5/01/14 $ 1,485 $ 1,371,516

Polk Cnty FL SD Sales TaxAGM5.00%, 10/01/16 2,665 3,026,427

Sterling Hill CDD FLSeries B5.50%, 11/01/10(a)(g) 160 96,000

101,276,789

Georgia–0.4%Main Street Nat Gas, Inc.

(JP Morgan Chase)Series A5.00%, 3/15/17 6,975 7,861,592

Guam–0.1%Guam COP

Series 2010A6.00%, 12/01/20 1,625 1,732,673


5.75%, 1/01/15 1,090 862,800Cortland IL Spl Tax

(Sheaffer Sys Proj Assmt)5.50%, 3/01/17(a)(d) 1,307 771,261

Cortland IL SSA #105.125%, 3/01/14(a)(g) 2,545 1,196,176

Illinois Finance Auth(Park Place of Elmhurst)6.25%, 8/15/15 1,620 1,615,237

Illinois Finance Auth(The Admiral at The Lake)6.00%, 5/15/17 3,960 3,968,514

Illinois GO5.00%, 8/01/15 15,000 16,619,700

25,033,688

Indiana–0.7%Indiana Bond Bank Gas

(JP Morgan Chase)5.25%, 10/15/18–10/15/21 10,745 12,663,334

Louisiana–0.1%Isabella Lakes CDD LA

6.00%, 8/01/22(a)(d) 1,515 454,500Juban Parc LA CDD

(Juban Parc CDD LA)5.15%, 10/01/14(a)(d) 1,155 386,879

Whispering Springs CDD LA5.20%, 10/01/21(a)(d) 1,500 382,500

1,223,879


Series 2012A5.00%, 7/01/22 2,985 3,357,080



Nevada–0.5%Clark Cnty NV Arpt

(McCarran Airport) AGMSeries C 20095.00%, 7/01/23 $ 7,400 $ 8,516,586

New Jersey–0.1%New Jersey Trnsp Trust Fd Auth

(New Jersey Trnsp Trust Fund)Series 2011A5.00%, 6/15/21 2,195 2,663,676

North Carolina–0.3%North Carolina Eastern Mun Pwr Agy

5.00%, 1/01/15 1,475 1,613,9015.375%, 1/01/17 2,285 2,313,814

North Carolina Mun Pwr Agy #1Series A5.25%, 1/01/17 2,290 2,681,956

6,609,671

Ohio–0.3%Columbiana Cnty Port Auth OH

(Liberty Waste Trnsp LLC)Series A7.00%, 8/01/21(a) 1,230 869,241

Ohio Air Quality Dev Auth(Cleveland Electric Illum)7.25%, 11/01/32 4,905 4,932,321

5,801,562

Pennsylvania–1.1%Philadelphia PA Parking Auth

(Philadelphia Airport Parking)5.00%, 9/01/16–9/01/21 14,925 16,998,8655.25%, 9/01/23 2,175 2,484,394

19,483,259


5.50%, 7/01/18–7/01/19 11,470 12,995,979Series 2010AAA5.25%, 7/01/21 8,575 9,426,069Series 2010ZZ5.25%, 7/01/22 7,900 8,546,141NPFGC5.50%, 7/01/16 3,695 4,120,960

Puerto Rico GO5.00%, 7/01/13 4,980 5,132,5875.25%, 7/01/14 1,305 1,377,088

Puerto Rico Govt Dev Bank5.00%, 12/01/12–12/01/14 9,390 9,512,828Series B5.00%, 12/01/13 4,410 4,583,798NPFGC Series 20094.75%, 12/01/15 7,460 7,580,255


Puerto Rico Hwy & Trnsp Auth(Puerto Rico Hwy & Trnsp Spl Tax)AMBAC Series 2007N2.784%, 7/01/28(c) $ 1,090 $ 871,967

Puerto Rico Pub Bldgs Auth(Puerto Rico GO)5.75%, 7/01/15 4,245 4,600,307

Puerto Rico Sales Tax Fin Corp.5.50%, 8/01/22 23,245 26,714,781

95,462,760

Tennessee–1.1%Tennessee Energy Acq Corp. Gas

(Goldman Sachs Group, Inc.)Series A5.25%, 9/01/21 17,375 19,529,326

Texas–0.0%Tarrant Cnty TX Cult Ed Fac Fin

Corp.(Buckingham Senior Living)5.25%, 11/15/16 10 10,606


7.125%, 6/01/15(Pre-refunded/ETM) 805 852,447

Washington–0.7%Port of Seattle WA

5.00%, 2/01/21 11,010 12,922,767




Banking–0.1%Capital One Financial Corp.

2.15%, 3/23/15 1,500 1,538,010


1.625%, 7/02/15 4,304 4,379,281

5,917,291

Industrial–0.4%

Consumer Cyclical-Automotive–0.3%Ford Motor Credit Co. LLC

7.00%, 4/15/15 4,040 4,524,800


6.125%, 3/01/14 2,173 2,316,568

6,841,368





Time Deposit – 1.7%State Street Time Deposit

0.01%, 10/01/12(cost $32,055,317) $ 32,055 $ 32,055,317



Net Assets—100.0% $ 1,836,172,251

(a) Illiquid security.(b) An auction rate security whose interest rate resets at each

auction date. Auctions are typically held every week or month.The rate shown is as of September 30, 2012 and the aggregatemarket value of these securities amounted to $23,499,000 or1.28% of net assets.

(c) Variable rate coupon, rate shown as of September 30, 2012.(d) Security is in default and is non-income producing.(e) Non-income producing security.(f) Fair valued by the Adviser.(g) Defaulted.


Glossary:ACA—ACA Financial Guaranty CorporationAGM—Assured Guaranty MunicipalAMBAC—Ambac Assurance CorporationCDA—Community Development AuthorityCDD—Community Development DistrictCOP—Certificate of ParticipationEDA—Economic Development AgencyETM—Escrowed to MaturityFGIC—Financial Guaranty Insurance CompanyGO—General ObligationIDA—Industrial Development Authority/AgencyNPFGC—National Public Finance Guarantee CorporationNPFGC-RE—National Public Finance Guarantee CorporationReinsuring FGICSD—School DistrictSFMR—Single Family Mortgage RevenueSSA—Special Services AreaUDC—Urban Development CorporationXLCA—XL Capital Assurance Inc.



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