The Commerce Funds

The Semi-Annual Report to Shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1) is filed herewith.

At The Commerce Funds, we’re committed to providing sound investment choices to

help you realize your most important financial goals, no matter where life takes you.

We offer a full range of mutual funds managed by Commerce Investment Advisors, Inc.,

a specific investment goal—we make it easy for you to invest with confidence not

are building a nest egg for retirement, planning for your child’s education, or saving

In general, greater returns are associated with greater risks and increased risks create the potential for greater losses.

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements

about the factors that may affect the performance of the Funds in the future. These statements are based on Fund

management’s predictions and expectations concerning certain future events and their expected impact on the Funds,

such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates,

the impact of developing world events, and other factors that may influence the future performance of the Funds.

The Commerce Investment Advisors, Inc. (the “Adviser” or “Commerce”) believes these forward-looking statements

to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments

The information in this semi-annual report is as of April 30, 2012 and is unaudited. To view more recent information about each Commerce Fund’s performance and portfolio or to obtain a prospectus, please visit our website at www.commercefunds.com. This report is not authorized for distribution to prospective shareholders unless accompanied or preceded by a prospectus, which contains more complete information about the Commerce Funds’ investment policies, management and expenses. Investors should read the prospectus carefully before investing.

You may also receive Commerce Funds information by calling toll free 1-800-995-6365 or by writing to P.O. Box 219525, Kansas City, Missouri, 64121-9525, or you may contact your investment professional. The Commerce Funds publish performance and portfolio information for each Commerce Fund at the end of every calendar quarter. Investors should read the prospectus carefully before investing or sending money.

The following is performance information for the Commerce Funds for various time periods. The returns represent past performance. Past performance is no guarantee of future results. The Funds’ investment returns and principal values will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Because the Funds are not subject to a sales charge, such a charge is not applied to their Total Returns. In addition to the Adviser’s decisions regarding issuer/industry investment selection and allocation, other factors may affect Fund performance. These factors include, but are not limited to, Fund operating fees and expenses, portfolio turnover, and subscription and redemption cash flows affecting the Funds. Please visit our website at www.commercefunds.com to obtain the most recent month-end returns.

Returns reflect any fee waivers or expense reductions. Absent these waivers and reductions, returns would have been lower. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.



Shares		Description	Value
	Common Stocks – 99.8%
	Commercial Services – 1.8%
	25,900	Moody’s Corp.		$ 1,060,605
	28,500	Thomson Reuters Corp.		849,870

				1,910,475

	*Communications – 2.6%**
	28,600	Crown Castle International Corp.		1,619,046
	21,600	SBA Communications Corp. Class A		1,160,784

				2,779,830

	Consumer Durables – 0.5%
	22,300	Leggett & Platt, Inc.		485,471

	Consumer Non-Durables – 7.7%
	7,200	Coach, Inc.		526,752
	7,300	Colgate-Palmolive Co.		722,262
	8,400	PepsiCo, Inc.		554,400
	32,400	Philip Morris International, Inc.		2,900,124
	7,600	Ralph Lauren Corp.		1,309,252
	29,100	The Coca-Cola Co.		2,220,912

				8,233,702

	Consumer Services – 8.1%
	32,400	DIRECTV Class A*		1,596,348
	26,600	eBay, Inc.*		1,091,930
	12,400	Expedia, Inc.		528,612
	33,100	Las Vegas Sands Corp.		1,836,719
	16,300	McDonald’s Corp.		1,588,435
	24,700	Starbucks Corp.		1,417,286
	11,400	Viacom, Inc. Class B		528,846

				8,588,176

	Distribution Services – 0.9%
	11,000	McKesson Corp.		1,005,510

	Electronic Technology – 15.5%
	22,000	Agilent Technologies, Inc.		927,960
	14,300	Apple, Inc.*		8,354,632
	71,300	Cadence Design Systems, Inc.*		832,071
	66,700	Dell, Inc.*		1,091,879
	6,700	F5 Networks, Inc.*		897,331
	49,600	Intel Corp.		1,408,640
	9,900	Lockheed Martin Corp.		896,346
	20,000	QUALCOMM, Inc.		1,276,800
	24,000	Texas Instruments, Inc.		766,560

				16,452,219

	Energy Minerals – 7.3%
	15,700	Alpha Natural Resources, Inc.*		253,241
	16,000	Chevron Corp.		1,704,960
	50,400	Exxon Mobil Corp.		4,351,536
	16,400	Occidental Petroleum Corp.		1,496,008

				7,805,745

	Finance – 4.4%
	20,000	American Express Co.		1,204,200
	64,800	Hertz Global Holdings, Inc.*		998,568



Shares		Description	Value
	Common Stocks – (continued)
	Finance – (continued)
	7,300	Simon Property Group, Inc.		$ 1,135,880
	13,000	T. Rowe Price Group, Inc.		820,495
	37,000	The Charles Schwab Corp.		529,100

				4,688,243

	*Health Services – 0.3%**
	26,800	Allscripts Healthcare Solutions, Inc.		296,944

	Health Technology – 8.4%
	31,500	Abbott Laboratories		1,954,890
	17,400	Allergan, Inc.		1,670,400
	14,600	C. R. Bard, Inc.		1,444,816
	37,100	Gilead Sciences, Inc.*		1,929,571
	5,500	Johnson & Johnson		357,995
	22,500	Medtronic, Inc.		859,500
	13,300	Stryker Corp.		725,781

				8,942,953

	Industrial Services – 1.7%
	36,900	McDermott International, Inc.*		416,970
	19,000	Schlumberger Ltd.		1,408,660

				1,825,630

	Non-Energy Minerals – 2.7%
	7,700	Cliffs Natural Resources, Inc.		479,402
	22,300	Freeport-McMoRan Copper & Gold, Inc.		854,090
	27,288	Southern Copper Corp.		897,229
	47,300	Steel Dynamics, Inc.		604,021

				2,834,742

	Process Industries – 3.2%
	39,600	International Paper Co.		1,319,076
	35,500	Packaging Corp. of America		1,036,245
	18,400	W.R. Grace & Co.*		1,096,824

				3,452,145

	Producer Manufacturing – 9.3%
	5,300	Cummins, Inc.		613,899
	14,400	Eaton Corp.		693,792
	13,600	Gardner Denver, Inc.		885,904
	89,200	General Electric Co.		1,746,536
	23,100	Lincoln Electric Holdings, Inc.		1,132,131
	81,100	Masco Corp.		1,068,898
	34,800	United Technologies Corp.		2,841,072
	13,600	WABCO Holdings, Inc.*		857,208

				9,839,440

	Retail Trade – 5.2%
	4,100	AutoZone, Inc.*		1,624,256
	11,000	Dollar Tree, Inc.*		1,118,260
	64,700	Lowe’s Cos., Inc.		2,036,109
	12,700	Target Corp.		735,838

				5,514,463



Shares		Description	Value
	Common Stocks – (continued)
	Technology Services – 18.2%
	22,900	Adobe Systems, Inc.*		$ 768,524
	7,800	Alliance Data Systems Corp.*		1,002,222
	24,000	Autodesk, Inc.*		944,880
	29,000	BMC Software, Inc.*		1,196,540
	5,400	Google, Inc. Class A*		3,268,242
	25,600	International Business Machines Corp.		5,301,248
	103,800	Microsoft Corp.		3,323,676
	74,400	Oracle Corp.		2,186,616
	15,200	Rovi Corp.*		434,720
	22,500	VeriSign, Inc.		924,975

				19,351,643

	Transportation – 2.0%
	13,300	Union Pacific Corp.		1,495,452
	7,500	United Parcel Service, Inc. Class B		586,050

				2,081,502

	TOTAL INVESTMENTS – 99.8%
	(Cost $85,099,199)			$106,088,833

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%			183,716

	NET ASSETS – 100.0%			$106,272,549

	The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
	* Non-income producing security.

PORTFOLIO COMPOSITION


	AS OF 4/30/2012			AS OF 10/31/2011

Technology Services		18.2	%		18.5	%
Electronic Technology		15.5			14.9
Producer Manufacturing		9.3			7.4
Health Technology		8.4			9.1
Consumer Services		8.1			7.6
Consumer Non-Durables		7.7			10.3
Energy Minerals		7.3			10.9
Retail Trade		5.2			5.9
Finance		4.4			2.4
Process Industries		3.2			2.8
Non-Energy Minerals		2.7			2.3
Communications		2.6			1.1
Transportation		2.0			1.9
Commercial Services		1.8			0.9
Industrial Services		1.7			2.6
Distribution Services		0.9			0.0
Consumer Durables		0.5			0.9
Health Services		0.3			0.0

TOTAL INVESTMENTS		99.8	%		99.5	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

The Fund is actively managed and, as such, its composition may differ over time.



Shares		Description	Value
	Common Stocks – 98.4%
	Communications – 5.9%
	80,500	AT&T, Inc.		$ 2,649,255
	63,000	Verizon Communications, Inc.		2,543,940

				5,193,195

	Consumer Non-Durables – 11.7%
	56,500	Altria Group, Inc.		1,819,865
	65,000	ConAgra Foods, Inc.		1,678,300
	32,500	H.J. Heinz Co.		1,732,575
	26,000	PepsiCo, Inc.		1,716,000
	25,000	Procter & Gamble Co.		1,591,000
	41,500	Reynolds American, Inc.		1,694,445

				10,232,185

	Consumer Services – 1.9%
	33,000	Darden Restaurants, Inc.		1,652,640

	Distribution Services – 4.0%
	28,000	Genuine Parts Co.		1,813,840
	57,000	SYSCO Corp.		1,647,300

				3,461,140

	Electronic Technology – 7.9%
	61,500	Intel Corp.		1,746,600
	19,000	Lockheed Martin Corp.		1,720,260
	46,500	Microchip Technology, Inc.		1,643,310
	28,000	Northrop Grumman Corp.		1,771,840

				6,882,010

	Energy Minerals – 10.0%
	39,500	Chevron Corp.		4,209,120
	50,000	ConocoPhillips		3,581,500
	11,000	Occidental Petroleum Corp.		1,003,420

				8,794,040

	Finance – 19.4%
	37,500	AFLAC, Inc.		1,689,000
	36,000	Bank of Hawaii Corp.		1,760,040
	9,500	BlackRock, Inc.		1,820,010
	29,500	Cullen/Frost Bankers, Inc.		1,739,320
	43,500	HCP, Inc.		1,803,075
	58,000	JPMorgan Chase & Co.		2,492,840
	89,000	Kimco Realty Corp.		1,727,490
	20,000	M&T Bank Corp.		1,725,400
	66,500	Wells Fargo & Co.		2,223,095

				16,980,270

	Health Services – 1.8%
	63,500	Lincare Holdings, Inc.		1,549,400

	Health Technology – 10.2%
	28,500	Abbott Laboratories		1,768,710
	26,000	Johnson & Johnson		1,692,340
	68,500	Merck & Co., Inc.		2,687,940
	122,500	Pfizer, Inc.		2,808,925

				8,957,915



Shares		Description	Value
	Common Stocks – (continued)
	Industrial Services – 1.9%
	49,500	Waste Management, Inc.		$ 1,692,900

	Process Industries – 1.9%
	51,500	Sonoco Products Co.		1,706,195

	Producer Manufacturing – 5.8%
	35,000	Eaton Corp.		1,686,300
	33,000	Emerson Electric Co.		1,733,820
	86,000	General Electric Co.		1,683,880

				5,104,000

	Retail Trade – 2.5%
	41,500	The Home Depot, Inc.		2,149,285

	Technology Services – 3.4%
	40,000	Microsoft Corp.		1,280,800
	53,500	Paychex, Inc.		1,657,430

				2,938,230

	Utilities – 10.1%
	34,000	Dominion Resources, Inc.		1,774,460
	44,000	Exelon Corp.		1,716,440
	28,500	NextEra Energy, Inc.		1,833,975
	61,500	PPL Corp.		1,682,025
	39,000	The Southern Co.		1,791,660

				8,798,560

	TOTAL COMMON STOCKS
	(Cost $77,818,860)			$86,091,965


	Exchange Traded Fund – 0.8%
	10,000	iShares Russell 1000 Value Index Fund
	(Cost $696,996)			$ 693,900


Principal Amount	Interest Rate			Maturity Date	Value
Short-term Investment^(a) – 0.8%
Repurchase Agreement – 0.8%
State Street Bank & Trust Co.
$ 693,000		0.010	%	05/01/12	$	693,000
Maturity Value: $693,000
(Cost $693,000)

TOTAL INVESTMENTS – 100.0%
(Cost $79,208,856)					$	87,478,865

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.0)%						(40,548)

NET ASSETS – 100.0%					$	87,438,317


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Repurchase agreement was entered into on April 30, 2012. This agreement was fully collateralized by $695,000 U.S. Treasury Bond, 3.125%, due 11/15/41 with a market value of $708,222.

PORTFOLIO COMPOSITION


	AS OF 4/30/12			AS OF 10/31/11

Finance		19.4	%		13.7	%
Consumer Non-Durables		11.7			10.7
Health Technology		10.2			6.8
Utilities		10.1			7.7
Energy Minerals		10.0			9.4
Electronic Technology		7.9			6.4
Communications		5.9			3.4
Producer Manufacturing		5.8			5.2
Distribution Services		4.0			3.2
Technology Services		3.4			3.1
Retail Trade		2.5			1.6
Process Industries		1.9			3.3
Industrial Services		1.9			1.6
Consumer Services		1.9			1.5
Health Services		1.8			1.7
Exchange Traded Fund		0.8			3.1
Short-term Investment		0.8			4.1

TOTAL INVESTMENTS		100.0	%		86.5	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of exchange traded funds held by the Fund are not reflected in the table above. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such, its composition may differ over time.



Shares		Description	Value
	Common Stocks – 96.0%
	Commercial Services – 5.2%
	15,200	FTI Consulting, Inc.*		$ 552,368
	19,900	Moody’s Corp.		814,905
	8,800	The Brink’s Co.		223,520
	16,600	The McGraw-Hill Cos., Inc.		816,222
	16,600	VistaPrint NV*		619,014

				3,026,029

	*Communications – 1.9%**
	14,900	SBA Communications Corp. Class A		800,726
	13,500	TW Telecom, Inc.		294,030

				1,094,756

	Consumer Durables – 2.1%
	26,600	Electronic Arts, Inc.*		409,108
	13,500	Tupperware Brands Corp.		840,915

				1,250,023

	Consumer Non-Durables – 3.7%
	6,300	Coach, Inc.		460,908
	15,700	Dr Pepper Snapple Group, Inc.		637,106
	9,300	H.J. Heinz Co.		495,783
	8,200	The Clorox Co.		574,820

				2,168,617

	Consumer Services – 8.4%
	900	Chipotle Mexican Grill, Inc.*		372,735
	24,600	DISH Network Corp. Class A		786,462
	11,200	Expedia, Inc.		477,456
	26,300	Marriott International, Inc. Class A		1,028,067
	800	Priceline.com, Inc.*		608,656
	9,800	Scripps Networks Interactive, Inc. Class A		492,156
	8,300	Wynn Resorts Ltd.		1,107,220

				4,872,752

	Distribution Services – 1.0%
	8,900	Genuine Parts Co.		576,542

	Electronic Technology – 12.2%
	15,200	Altera Corp.		540,664
	59,600	Cadence Design Systems, Inc.*		695,532
	840	Comverse Technology, Inc.*		5,418
	18,400	Harris Corp.		837,936
	32,400	JDS Uniphase Corp.*		393,660
	23,800	Juniper Networks, Inc.*		510,034
	28,500	Linear Technology Corp.		932,235
	75,000	LSI Corp.*		603,000
	33,600	NVIDIA Corp.*		436,800
	6,800	TransDigm Group, Inc.*		857,616
	18,000	Xilinx, Inc.		654,840
	17,000	Zebra Technologies Corp. Class A*		659,430

				7,127,165

	Energy Minerals – 3.1%
	19,500	Arch Coal, Inc.		190,320
	8,700	Cimarex Energy Co.		601,257



Shares		Description	Value
	Common Stocks – (continued)
	Energy Minerals – (continued)
	3,500	Continental Resources, Inc.*		$ 312,375
	10,700	SM Energy Co.		707,377

				1,811,329

	Finance – 6.8%
	7,100	Federal Realty Investment Trust		714,686
	46,600	Hertz Global Holdings, Inc.*		718,106
	3,800	IntercontinentalExchange, Inc.*		505,552
	10,300	Rayonier, Inc.		467,105
	17,100	T. Rowe Price Group, Inc.		1,079,267
	26,400	TD Ameritrade Holding Corp.		496,056

				3,980,772

	*Health Services – 3.3%**
	12,160	Cerner Corp.		986,054
	10,300	Laboratory Corporation of America Holdings		905,267

				1,891,321

	Health Technology – 7.2%
	10,000	Alexion Pharmaceuticals, Inc.*		903,200
	5,940	Allergan, Inc.		570,240
	10,180	C. R. Bard, Inc.		1,007,413
	14,100	DENTSPLY International, Inc.		578,946
	16,400	Hill-Rom Holdings, Inc.		532,180
	9,000	Varian Medical Systems, Inc.*		570,780

				4,162,759

	Industrial Services – 3.1%
	7,100	Core Laboratories NV		972,558
	9,100	FMC Technologies, Inc.*		427,700
	14,000	Superior Energy Services, Inc.*		376,880

				1,777,138

	Non-Energy Minerals – 1.5%
	14,100	Cliffs Natural Resources, Inc.		877,866

	Process Industries – 7.5%
	9,700	Celanese Corp. Series A		470,062
	22,000	Crown Holdings, Inc.*		813,560
	18,500	International Paper Co.		616,235
	15,800	Packaging Corp. of America		461,202
	9,400	PPG Industries, Inc.		989,256
	14,536	Sigma-Aldrich Corp.		1,030,602

				4,380,917

	Producer Manufacturing – 8.1%
	9,000	Avery Dennison Corp.		287,820
	5,700	Dover Corp.		357,162
	9,800	Graco, Inc.		522,438
	4,900	Joy Global, Inc.		346,773
	10,500	Lincoln Electric Holdings, Inc.		514,605
	58,400	Masco Corp.		769,712
	9,550	Parker Hannifin Corp.		837,439
	4,800	Roper Industries, Inc.		489,120
	8,300	The Toro Co.		593,118

				4,718,187



Shares		Description	Value
	Common Stocks – (continued)
	Retail Trade – 6.9%
	2,500	AutoZone, Inc.*		$ 990,400
	6,900	Bed Bath & Beyond, Inc.*		485,691
	19,900	Chico’s FAS, Inc.		305,664
	7,460	Nordstrom, Inc.		416,716
	10,900	PetSmart, Inc.		635,034
	15,100	Urban Outfitters, Inc.*		437,296
	19,200	Williams-Sonoma, Inc.		742,848

				4,013,649

	Technology Services – 12.1%
	19,300	Akamai Technologies, Inc.*		629,180
	5,300	Alliance Data Systems Corp.*		680,997
	12,100	Autodesk, Inc.*		476,377
	20,600	BMC Software, Inc.*		849,956
	14,100	MICROS Systems, Inc.*		801,303
	23,800	Nuance Communications, Inc.*		581,672
	13,100	Red Hat, Inc.*		780,891
	16,200	Rovi Corp.*		463,320
	9,200	Teradata Corp.*		641,976
	16,700	VeriSign, Inc.		686,537
	24,400	Western Union Co.		448,472

				7,040,681

	*Transportation – 0.8%**
	6,600	Kirby Corp.		438,042

	Utilities – 1.1%
	32,100	CenterPoint Energy, Inc.		648,741

	TOTAL COMMON STOCKS
	(Cost $43,931,741)			$55,857,286


	Exchange Traded Fund – 3.3%
	30,400	iShares Russell Midcap Growth Index Fund
	(Cost $1,693,777)			$ 1,910,640


Principal Amount		Interest Rate	Maturity Date	Value
	Short-term Investment^(a) – 0.9%
	Repurchase Agreement – 0.9%
	State Street Bank & Trust Co.
	$555,000	0.010%	05/01/12		$ 555,000
	Maturity Value: $555,000
	(Cost $555,000)

	TOTAL INVESTMENTS – 100.2%
	(Cost $46,180,518)				$58,322,926

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%				(118,423)

	NET ASSETS – 100.0%				$58,204,503



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Repurchase agreement was entered into on April 30, 2012. This agreement was fully collateralized by $560,000 U.S. Treasury Bond, 3.125%, due 11/15/41 with a market value of $570,654.
*		Non-income producing security.

PORTFOLIO COMPOSITION


	AS OF 4/30/12			AS OF 10/31/11

Electronic Technology		12.2	%		12.5	%
Technology Services		12.1			10.7
Consumer Services		8.4			7.4
Producer Manufacturing		8.1			7.0
Process Industries		7.5			6.9
Health Technology		7.2			8.3
Retail Trade		6.9			6.0
Finance		6.8			7.8
Commercial Services		5.2			3.8
Consumer Non-Durables		3.7			5.7
Exchange Traded Fund		3.3			0.6
Health Services		3.3			3.1
Energy Minerals		3.1			6.2
Industrial Services		3.1			3.1
Consumer Durables		2.1			4.4
Communications		1.9			2.0
Non-Energy Minerals		1.5			1.5
Utilities		1.1			1.3
Distribution Services		1.0			0.0
Transportation		0.8			1.1
Short-term Investment		0.9			0.0

TOTAL INVESTMENTS		100.2	%		99.4	%

The Fund is actively managed and, as such, its composition may differ over time.


Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – 12.0%
Auto – 4.8%
Ally Master Owner Trust Series 2011-3, Class A2
$ 6,535,000		1.810	%	05/15/16	$	6,632,029
American Credit Acceptance Receivables Trust Series 2011-1, Class A1^(a)
680,638		2.420		07/15/13		680,683
American Credit Acceptance Receivables Trust Series 2012-1, Class A1^(a)
760,318		1.960		01/15/14		760,373
AmeriCredit Automobile Receivables Trust Series 2011-5, Class A2
4,800,000		1.190		08/08/15		4,817,605
Exeter Automobile Receivables Trust Series 2012-1A, Class A^(a)
2,830,522		2.020		08/15/16		2,831,787
Ford Credit Auto Lease Trust Series 2011-B, Class A2
4,000,000		0.820		01/15/14		4,004,514
Ford Credit Floorplan Master Owner Trust Series 2011-2, Class A1
2,700,000		1.320		09/15/15		2,716,972
Ford Credit Floorplan Master Owner Trust Series 2012-2, Class A
3,000,000		1.920		01/15/19		3,033,138
Prestige Auto Receivables Trust Series 2012-1A, Class A2^(a)
4,000,000		1.230		12/15/15		4,002,025
SMART Trust Series 2011-2USA, Class A2A^(a)
5,686,646		1.220		11/14/13		5,696,149

						35,175,275

Commercial – 0.2%
Small Business Administration Series 2006-P10B, Class 1
1,627,555		5.681		08/10/16		1,779,258

Credit Card – 0.5%
Citibank Credit Card Issuance Trust Series 2004, Class A8
3,600,000		4.900		12/12/16		3,986,265

Home Equity – 3.8%
Ameriquest Mortgage Securities, Inc. Series 2004-FR1W, Class A6^(b)
2,000,000		5.440		05/25/34		1,941,832
Carrington Mortgage Loan Trust Series 2006-NC5, Class A1^(b)
77,554		0.289		01/25/37		77,373
Chase Funding Mortgage Loan Asset-Backed Certificates Series 2002-3, Class 1A5
3,185,194		5.407		06/25/32		3,114,550
Countrywide Asset-Backed Certificates Series 2004-BC5, Class M2^(b)
4,384,481		0.799		10/25/34		4,143,335
Countrywide Asset-Backed Certificates Series 2005-SD2, Class M2^(a)(b)
5,730,000		0.969		08/25/35		4,219,801
Countrywide Asset-Backed Certificates Series 2007-QH1, Class A1^(a)(b)
1,166,512		0.439		02/25/37		723,377
Equifirst Mortgage Loan Trust Series 2003-2, Class 2A2
911,755		3.750		09/25/33		868,460


Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Home Equity – (continued)
Equity One ABS, Inc. Series 2004-2, Class AF5
$ 450,000		5.199	%	07/25/34	$	458,849
Lehman XS Trust Series 2005-1, Class 1A4^(b)
729,951		0.579		07/25/35		625,984
Renaissance Home Equity Loan Trust Series 2005-3, Class AF3
592,443		4.814		11/25/35		530,127
Renaissance Home Equity Loan Trust Series 2005-3, Class AF4
1,125,000		5.140		11/25/35		818,894
Residential Asset Mortgage Products, Inc. Series 2003-RZ3, Class A6
1,778,761		3.900		03/25/33		1,752,608
Residential Asset Mortgage Products, Inc. Series 2003-RZ4, Class A6
3,935,084		5.490		10/25/33		3,502,795
Residential Funding Mortgage Securities II, Inc. Series 2000-HI2, Class AI5
590,435		8.350		03/25/25		573,346
Residential Funding Mortgage Securities II, Inc. Series 2000-HI4, Class AI7
642,995		7.980		09/25/30		625,415
SACO I Trust Series 2005-7 Class A^(b)
161,078		0.799		09/25/35		156,201
Soundview Home Equity Loan Trust Series 2006-EQ1, Class A2^(b)
71,766		0.349		10/25/36		71,128
Southern Pacific Secured Asset Corp. Series 1998-2, Class A7
3,700,710		6.740		07/25/29		1,944,875
Structured Asset Securities Corp. Series 2005-9XS, Class 1A3A
1,950,897		5.250		06/25/35		1,740,610
Terwin Mortgage Trust Series 2005-16HE, Class AF2
366,434		4.534		09/25/36		339,212
Wells Fargo Home Equity Trust Series 2004-2, Class AI5^(b)
115,669		4.890		10/25/34		116,000

						28,344,772

Manufactured Housing – 1.6%
Conseco Financial Corp. Series 1993-4, Class A5
946,928		7.050		01/15/19		956,994
Conseco Financial Corp. Series 1995-5, Class M1^(b)
364,118		7.650		09/15/26		372,713
Conseco Financial Corp. Series 1996-4, Class A7^(b)
668,701		7.900		06/15/27		710,151
Conseco Financial Corp. Series 1996-6, Class A6
118,376		7.950		09/15/27		122,162
Conseco Financial Corp. Series 1997-3, Class A6
63,569		7.320		03/15/28		69,860
Conseco Financial Corp. Series 1998-3, Class A5
3,375,570		6.220		03/01/30		3,675,092
Conseco Financial Corp. Series 1998-3, Class A6^(b)
421,618		6.760		03/01/30		460,871
Lehman Manufactured Housing Contract Series 2001-B, Class A3
349,313		4.350		04/15/40		357,422
Mid-State Trust Series 11, Class A1
349,223		4.864		07/15/38		355,155


Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – (continued)
Manufactured Housing – (continued)
Newcastle Investment Trust Series 2011-MH1, Class A^(a)
$ 2,975,920		2.450	%	12/10/33	$	3,005,801
Oakwood Mortgage Investors, Inc. Series 1996- C, Class A6
667,308		7.650		04/15/27		665,972
Origen Manufactured Housing Series 2005- B, Class A3
847,045		5.605		05/15/22		886,720

						11,638,913

Other^(a) – 0.4%
New York City Tax Lien Series 2011-AA, Class A
3,047,050		1.990		12/10/24		3,046,745

Student Loans – 0.7%
Northstar Education Finance, Inc. Series 2005- 1, Class A5^(b)
1,896,000		1.216		10/30/45		1,796,422
SLM Student Loan Trust Series 2011-A, Class A2^(a)
2,900,000		4.370		04/17/28		3,028,060

						4,824,482

TOTAL ASSET-BACKED SECURITIES
(Cost $86,899,830)					$	88,795,710


Municipal Bond Obligations – 11.6%
Alabama – 0.2%
Montgomery Alabama Taxable GO Warrants Series 2005 (AGM)
$ 1,295,000		4.790	%	04/01/15	$	1,433,889

California – 2.5%
Anaheim California Public Financing Authority Revenue Bonds Build America Bonds
4,000,000		5.685		10/01/40		4,593,440
Hillsborough School District GO Bonds Capital Appreciation Election 2002 C^(c)
10,590,000		0.000		09/01/42		1,439,075
11,420,000		0.000		09/01/43		1,431,383
Industry California Sales Tax Revenue Bonds Taxable Series 2005 (NATL-RE)
3,045,000		5.000		01/01/13		3,088,056
Napa Valley Unified School District GO Bonds (Build America Bonds-Taxable) Series B
3,000,000		6.507		08/01/43		3,690,060
Santa Clara County CA Fremont Union High School District GO Bonds Capital Appreciation Election of 2008 Series B^(c)
11,005,000		0.000		08/01/37		2,353,860
12,290,000		0.000		08/01/39		2,228,177

						18,824,051

District of Columbia – 0.8%
Metropolitan Washington D.C. Airport Authority System Revenue Bonds Series B
5,000,000		5.250		10/01/25		5,818,250

Florida – 0.3%
Inland Protection Financing Corp. Florida Revenue Bonds Build America Bonds Series 2010
2,000,000		4.700		07/01/19		2,257,420


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Idaho – 0.6%
Idaho Housing & Finance Association Economic Development Revenue Bonds Taxable (Facilities Project) Series 2011
$ 4,100,000		7.000	%	01/01/31	$	4,683,471

Illinois – 0.3%
Will County Community Consolidated School District No. 30-C Troy Township Taxable GO Series 2007 (AGM)
1,100,000		5.650		10/01/18		1,289,519
Will County Forest Preservation District GO Bonds Build America Bonds Direct Payment Series 2009
1,000,000		5.700		12/15/27		1,190,820

						2,480,339

Indiana – 1.0%
Indiana Bond Bank Revenue Bonds Taxable School Severance Funding Series 2006-11 (XLCA)
2,190,000		5.650		07/15/13		2,325,298
Indianapolis Multi-School Building Corp. Revenue Bonds (Refunding First Mortgage)
5,000,000		3.000		01/15/26		4,867,950

						7,193,248

Iowa – 0.3%
Iowa Student Loan Liquidity Corp. Revenue Bonds Series A-1 (AMT)
2,000,000		3.500		12/01/15		2,093,880

Maryland – 0.2%
Baltimore County Maryland GO Bonds Build America Bonds Consolidated Public Improvement Series B
1,000,000		5.000		11/01/23		1,131,190

Michigan – 0.2%
Utica Community Schools GO Bonds (Taxable-Qualified School Construction-Direct Payment)
1,500,000		5.875		05/01/22		1,691,655

Missouri – 1.8%
Curators University of Missouri System Facilities Revenue Bonds Build America Bonds
2,500,000		5.792		11/01/41		3,293,675
Missouri Joint Municipal Electric Utility Commission Power Project Revenue Bonds Build America Bonds Series 2009
2,000,000		5.078		01/01/17		2,217,100
Missouri Joint Municipal Electric Utility Commission Power Project Revenue Bonds Taxable Series B
1,570,000		4.693		01/01/16		1,704,596
Missouri State Highways & Transit Commission State Road Revenue Bonds Build America Bonds Series 2010
2,800,000		4.820		05/01/23		3,302,992
New Liberty Hospital District Revenue Bonds Build America Bonds Series B
1,345,000		5.704		12/01/19		1,558,236
St. Louis Package Revenue Bonds Series 2006 B (NATL-RE)
1,560,000		5.020		12/15/12		1,586,567

						13,663,166


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Nevada – 0.4%
Clark County Nevada Sales & Excise Tax Revenue Bonds Build America Bonds Series C
$ 2,525,000		5.100	%	07/01/21	$	2,809,542

New Jersey – 0.1%
New Jersey Economic Development Authority Revenue Bonds Taxable Designated Industry Series 2004-A
1,000,000		5.200		03/01/14		1,068,320

New York – 1.1%
New York GO Build America Bonds Series 2010
2,000,000		4.908		06/01/21		2,309,840
1,055,000		5.008		06/01/22		1,234,034
New York State Housing Finance Agency Personal Income Tax Revenue Bonds Taxable Economic Development & Housing Series B
3,925,000		5.220		09/15/15		4,410,797

						7,954,671

Ohio – 0.7%
Ohio State GO Build America Bonds Series 2010
2,500,000		3.000		11/01/18		2,667,275
Ohio State GO Build America Bonds Taxable Conservation Project Direct Payment Series C
1,960,000		4.471		03/01/19		2,264,898

						4,932,173

Pennsylvania – 0.5%
State Public School Building Authority Revenue Bonds (Qualified School Construction Bonds)
3,000,000		6.495		09/15/28		3,675,960

Rhode Island – 0.4%
Providence Rhode Island GO Bonds Refunding Taxable Series B (AGM)
710,000		4.960		07/15/14		757,371
Rhode Island Convention Center Authority Revenue Bonds Taxable Civic Center Series A (AGM)
2,155,000		5.810		05/15/16		2,470,708

						3,228,079

South Carolina – 0.2%
South Carolina State Public Service Authority Revenue Bonds Santee Cooper Taxable Series B
1,150,000		7.308		01/01/14		1,273,843

TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $74,609,231)					$	86,213,147


Mortgage-Backed Obligations – 24.9%
Collateralized Mortgage Obligations – 22.6%
Adjustable Rate Mortgage Trust Series 2004-5, Class 3A1^(b)
$ 3,292,389		2.744	%	04/25/35	$	2,979,460
Banc of America Alternative Loan Trust Series 2004-1, Class 1A1
3,831,968		6.000		02/25/34		4,033,828


Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Banc of America Alternative Loan Trust Series 2005-10, Class 6A1
$ 2,440,814		5.500	%	11/25/20	$	2,402,098
Banc of America Alternative Loan Trust Series 2006-3, Class 6A1
500,479		6.000		04/25/36		499,532
BCAP LLC Trust Series 2006-RR1, Class PE
5,000,000		5.000		11/25/36		4,926,735
Bear Stearns Alt-A Trust Series 2005-9, Class 25A1^(b)
3,182,928		5.312		11/25/35		2,355,462
Bear Stearns Asset Backed Securities Trust Series 2003-AC7, Class A2
951,512		5.750		01/25/34		985,787
Chase Mortgage Finance Corp. Series 2003-S13, Class A1
917,113		5.500		11/25/33		961,356
Citicorp Mortgage Securities, Inc. Series 2004-2, Class A6
2,207,000		5.000		03/25/34		2,184,628
Citicorp Mortgage Securities, Inc. Series 2006-4, Class 3A1
183,244		5.500		08/25/21		179,703
Citigroup Mortgage Loan Trust, Inc. Series 2004-NCM2, Class 1CB2
1,941,338		6.750		08/25/34		2,068,163
Citigroup Mortgage Loan Trust, Inc. Series 2005- 10, Class 1A5A^(b)
1,651,881		5.479		12/25/35		974,111
Citigroup Mortgage Loan Trust, Inc. Series 2007- AR5, Class 1A3A^(b)
770,280		5.521		04/25/37		490,700
Citigroup Mortgage Loan Trust, Inc. Series 2009-3, Class 2A1^(a)
2,344,098		5.750		09/25/21		2,361,665
Citimortgage Alternative Loan Trust Series 2006-A3, Class 2A1
465,269		5.500		07/25/36		440,578
Countrywide Alternative Loan Trust Series 2004-18CB, Class 3A1
933,116		5.250		09/25/19		951,837
Countrywide Alternative Loan Trust Series 2005-5R, Class A2
613,401		4.750		12/25/18		617,387
Countrywide Alternative Loan Trust Series 2005-J1, Class 3A1
277,545		6.500		08/25/32		275,843
Countrywide Alternative Loan Trust Series 2007-J2, Class 2A1
752,701		6.000		07/25/37		591,143
Countrywide Home Loans Trust Series 2003- J6, Class 1A1
1,937,473		5.500		08/25/33		2,018,876
Countrywide Home Loans Trust Series 2004- J1, Class 2A4
979,010		4.750		01/25/19		1,002,488
Countrywide Home Loans Trust Series 2005- 27, Class 2A1
2,870,791		5.500		12/25/35		2,584,895
Countrywide Home Loans Trust Series 2005- 6, Class 2A1
714,422		5.500		04/25/35		667,522
CS First Boston Mortgage Securities Corp. Series 2003-19, Class 1A4
949,254		5.250		07/25/33		973,598
CS First Boston Mortgage Securities Corp. Series 2005-5, Class 2A9
9,000,000		5.500		07/25/35		8,909,019


Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
FHLMC REMIC PAC Series 1579, Class PM
$ 345,721		6.700	%	09/15/23	$	393,498
FHLMC REMIC PAC Series 2103, Class TE
276,656		6.000		12/15/28		288,906
FHLMC REMIC PAC Series 2110, Class PG
1,413,163		6.000		01/15/29		1,533,791
FHLMC REMIC PAC Series 2640, Class DR
6,529		4.000		08/15/17		6,528
FHLMC REMIC PAC Series 2716, Class DT
59,843		5.000		02/15/30		59,945
FHLMC REMIC PAC Series 2760, Class EC
732,014		4.500		04/15/17		732,733
FHLMC REMIC Series 2391, Class Z
3,612,101		6.000		12/15/31		4,006,094
FHLMC REMIC Series 2508, Class OY
828,913		4.500		10/15/17		873,638
FHLMC REMIC Series 2603, Class C
2,149,798		5.500		04/15/23		2,378,382
FHLMC REMIC Series 2677, Class BC
761,740		4.000		09/15/18		805,518
FHLMC REMIC Series 2840, Class JL
330,474		4.500		06/15/23		333,565
FHLMC REMIC Series 2866, Class DH
1,961,086		4.000		09/15/34		2,078,506
FHLMC REMIC Series 2890, Class KB
3,115,000		4.500		02/15/19		3,212,061
FHLMC REMIC TAC Series 2658, Class A
421,709		4.500		08/15/18		429,512
First Horizon Alternative Mortgage Securities Series 2004-FA2, Class 1A1
1,311,525		6.000		01/25/35		1,255,910
First Horizon Alternative Mortgage Securities Series 2006-RE1, Class A1
4,286,422		5.500		05/25/35		3,645,958
FNMA REMIC FNIC PAC Series 2001-45, Class WG
575,743		6.500		09/25/31		663,026
FNMA REMIC PAC Series 2003-1, Class PG
336,232		5.500		09/25/31		339,627
FNMA REMIC PAC Series 2003-117, Class KB
3,000,000		6.000		12/25/33		3,630,231
FNMA REMIC PAC Series 2003-14, Class AP
261,141		4.000		03/25/33		278,575
FNMA REMIC PAC Series 2004-53, Class NC
2,447,933		5.500		07/25/24		2,625,476
FNMA REMIC Series 2002-73, Class OE
2,524,700		5.000		11/25/17		2,759,024
FNMA REMIC Series 2002-82, Class XE
2,167,657		5.000		12/25/17		2,323,981
FNMA REMIC Series 2003-83, Class PG
508,316		5.000		06/25/23		548,618
FNMA REMIC Series 2003-84, Class PG
538,763		5.000		03/25/32		565,753
FNMA Series 2003-W6, Class 2A32
294,769		6.500		09/25/42		337,651
GNMA Series 1998-12, Class EB
568,713		6.500		05/20/28		576,533


Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Impac CMB Trust Series 2003-2F, Class A^(b)
$ 1,916,711		5.730	%	01/25/33	$	1,941,093
Impac CMB Trust Series 2004-4, Class 1A1^(b)
3,123,940		0.879		09/25/34		2,502,447
Impac CMB Trust Series 2004-4, Class 2A2
4,675,679		4.836		09/25/34		4,548,164
Impac Secured Assets Corp. Series 2004-2, Class A6
1,121,990		4.935		08/25/34		1,095,040
JPMorgan Alternative Loan Trust Series 2006-S1, Class 1A16
2,656,659		6.000		03/25/36		1,888,563
JPMorgan Mortgage Trust Series 2005-S3, Class 1A20
3,273,087		5.500		01/25/36		3,223,739
JPMorgan Mortgage Trust Series 2007-A2, Class 4A2^(b)
973,457		5.719		04/25/37		812,901
Master Alternative Loans Trust Series 2004-4, Class 1A1
531,031		5.500		05/25/34		554,815
Master Alternative Loans Trust Series 2004-4, Class 8A1
2,254,698		6.500		05/25/34		2,341,646
Master Asset Securitization Trust Series 2003-10, Class 3A1
383,968		5.500		11/25/33		400,821
Master Asset Securitization Trust Series 2003-7, Class 1A1
839,731		5.500		09/25/33		873,707
Master Asset Securitization Trust Series 2004-3, Class 5A1
76,488		6.250		01/25/32		77,603
Merrill Lynch Mortgage Investors Trust Series 2005-A8, Class A1C1^(b)
319,361		5.250		08/25/36		323,734
Morgan Stanley Capital I Series 2011-C3, Class A1
5,479,002		2.178		07/15/49		5,612,011
Morgan Stanley Dean Witter Capital I Series 2003-HYB1, Class A3^(b)
735,282		1.946		03/25/33		639,771
Morgan Stanley Mortgage Loan Trust Series 2005-7, Class 2A1^(b)
3,435,093		5.588		11/25/35		2,997,198
Morgan Stanley Mortgage Loan Trust Series 2007-12, Class 3A22
3,263,052		6.000		08/25/37		2,803,862
PHHMC Mortgage Pass-Through Certificates Series 2008-CIM1, Class 11A1^(b)
2,654,808		2.491		05/25/38		2,109,773
RBSGC Mortgage Pass-Through Certificates Series 2007-B, Class 2A1^(b)
3,292,703		5.868		11/25/21		3,073,903
RBSGC Mortgage Pass-Through Certificates Series 2007-B, Class 3A1^(b)
222,426		5.263		07/25/35		221,183
Residential Accredit Loans, Inc. Series 2003-QS7, Class A2
2,230,359		4.750		04/25/33		2,252,466
Residential Accredit Loans, Inc. Series 2004-QS2, Class CB
4,097,895		5.750		02/25/34		4,106,169
Residential Accredit Loans, Inc. Series 2005-QS11, Class A2^(b)
616,774		0.739		07/25/35		467,712
Residential Asset Mortgage Products, Inc. Series 2004-SL4, Class A2
1,118,157		6.000		07/25/32		1,117,795


Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Residential Asset Securitization Trust Series 2004-A6, Class A1
$ 2,328,011		5.000	%	08/25/19	$	2,347,384
Residential Funding Mortgage Securities Corp. Series 2003-RM2, Class AIII
577,514		6.000		05/25/33		606,156
Residential Funding Mortgage Securities I, Inc. Series 2005-S7, Class A5
866,377		5.500		11/25/35		796,844
Residential Funding Mortgage Securities I, Inc. Series 2005-S9, Class A5
2,071,389		5.750		12/25/35		1,932,626
Residential Funding Mortgage Securities I, Inc. Series 2006-S12, Class 1A1
1,595,664		5.500		12/25/21		1,658,166
Sequoia Mortgage Trust Series 2004-10, Class A1A^(b)
963,762		0.550		11/20/34		870,349
Structured Adjustable Rate Mortgage Loan Trust Series 2004-14, Class 1A^(b)
1,984,514		2.848		10/25/34		1,624,706
Structured Adjustable Rate Mortgage Loan Trust Series 2004-4, Class 3A4^(b)
650,243		2.807		04/25/34		559,303
Structured Asset Securities Corp. Series 2003-20, Class 1A1
2,417,017		5.500		07/25/33		2,514,766
Structured Asset Securities Corp. Series 2003-31A, Class 2A7^(b)
1,183,864		2.776		10/25/33		1,133,442
Structured Asset Securities Corp. Series 2003-34A, Class 3A3^(b)
1,736,570		2.734		11/25/33		1,633,557
Structured Asset Securities Corp. Series 2003-34A, Class 6A^(b)
956,475		2.698		11/25/33		898,336
Structured Asset Securities Corp. Series 2004-11XS, Class 1A4B
2,883,057		5.710		06/25/34		2,905,758
Structured Asset Securities Corp. Series 2005-6, Class 5A2
398,788		5.000		05/25/35		398,854
Structured Asset Securities Corp. Series 2005-6, Class 5A4
418,021		5.000		05/25/35		406,840
UBS-Citigroup Commercial Mortgage Trust Series 2011-C1, Class A1
5,990,327		1.524		01/10/45		6,035,081
Washington Mutual Alternative Mortgage Pass-Through Certificates Series 2005-4, Class 4A1
1,780,137		5.500		06/25/20		1,775,986
Wells Fargo Mortgage Backed Securities Trust Series 2005-1, Class 3A1
326,147		5.250		01/25/20		337,665
Wells Fargo Mortgage Backed Securities Trust Series 2005-AR15, Class 1A2^(b)
1,111,781		5.037		09/25/35		976,559
Wells Fargo Mortgage Backed Securities Trust Series 2006-12, Class A5
500,000		6.000		10/25/36		80,773


Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Wells Fargo Mortgage Backed Securities Trust Series 2007-2, Class 3A5
$ 983,459		5.250	%	03/25/37	$	952,383
WF-RBS Commercial Mortgage Trust Series 2011-C2, Class A1^(a)
3,192,412		2.501		02/15/44		3,257,901
WF-RBS Commercial Mortgage Trust Series 2011-C4, Class A1^(a)
4,732,551		1.607		06/15/44		4,758,968

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $151,269,130)					$	167,567,973

Commercial Mortgage Obligations – 0.3%
GNMA Series 2003-16, Class B
$ 1,736,859		4.490	%	08/16/25	$	1,785,887
GNMA Series 2003-38, Class JC^(b)
91,577		7.651		08/16/42		99,944

TOTAL COMMERCIAL MORTGAGE OBLIGATIONS
(Cost $1,782,461)					$	1,885,831

Mortgage-Backed Pass-Through Obligations – 2.0%
FHLMC
$ 15,043		6.000	%	12/01/13	$	16,602
32,835		8.500		02/01/19		36,711
74,690		8.500		03/01/21		84,581
517,698		7.000		05/01/26		614,436
35,013		7.000		10/01/30		41,618
73,174		7.500		12/01/30		89,242
144,943		7.500		01/01/31		177,047
267,278		7.000		08/01/31		315,366
3,449,725		5.000		05/01/33		3,845,567
553,788		2.479	^(b)	05/01/34		582,215
940,158		5.231	^(b)	01/01/36		1,007,221
FNMA
27,448		6.000		12/01/13		28,616
9,278		6.500		07/01/14		10,455
38,679		9.000		11/01/21		43,798
77,599		9.000		02/01/25		90,617
16,245		6.500		03/01/26		18,693
25,914		8.000		07/01/28		29,573
104,611		6.500		10/01/28		120,375
67,872		2.330	^(b)	12/01/28		68,658
76,742		6.000		07/01/29		86,026
74,706		7.500		09/01/29		90,936
69,828		7.000		03/01/31		83,140
27,976		7.500		03/01/31		34,145
140,368		7.000		11/01/31		166,316
201,275		7.000		01/01/32		238,481
751,944		6.000		12/01/32		844,556
103,374		5.216	^(b)	02/01/33		109,856
982,671		5.000		07/01/33		1,068,712
527,560		2.530	^(b)	10/01/34		560,147
1,234,527		5.092	^(b)	02/01/35		1,324,916


Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Mortgage-Backed Pass-Through Obligations – (continued)
GNMA
$ 164,226		8.000	%	02/15/22	$	194,748
76,983		7.500		08/20/25		92,140
332,076		7.500		07/20/26		398,743
350,702		6.500		04/15/31		408,122
291,021		6.500		05/15/31		338,670
1,420,076		5.500		04/15/33		1,596,892

TOTAL MORTGAGE-BACKED PASS-THROUGH OBLIGATIONS
(Cost $13,376,349)					$	14,857,937

TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $166,427,940)					$	184,311,741


Corporate Obligations – 32.8%
Aerospace/Defense – 0.8%
Goodrich Corp.
$ 1,000,000		4.875	%	03/01/20	$	1,152,125
Lockheed Martin Corp.
1,972,000		6.150		09/01/36		2,430,188
United Technologies Corp.
2,000,000		5.700		04/15/40		2,412,486

						5,994,799

Auto Manufacturers^(a) – 0.4%
Daimler Finance NA LLC
3,000,000		2.300		01/09/15		3,061,428

Beverages – 0.6%
Anheuser-Busch Cos., Inc.
1,500,000		5.600		03/01/17		1,769,168
PepsiCo, Inc.
2,500,000		4.500		01/15/20		2,852,857

						4,622,025

Cable TV – 0.5%
Comcast Corp.
1,500,000		5.700		07/01/19		1,786,327
1,250,000		6.400		05/15/38		1,515,908

						3,302,235

Chemicals – 0.4%
E.I. du Pont de Nemours and Co.
1,000,000		3.250		01/15/15		1,069,804
Sigma-Aldrich Corp.
2,000,000		3.375		11/01/20		2,107,304

						3,177,108

Commercial Banks – 3.0%
Bank of Montreal^(a)
2,000,000		1.950		01/30/17		2,041,398
Barclays Bank PLC
2,000,000		2.750		02/23/15		2,016,782
2,000,000		5.125		01/08/20		2,106,166


Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Commercial Banks – (continued)
Commonwealth Bank of Australia^(a)
$ 3,400,000		2.250	%	03/16/17	$	3,439,056
Credit Suisse New York
1,500,000		5.000		05/15/13		1,556,881
3,000,000		5.400		01/14/20		3,092,082
KeyBank NA
2,540,000		5.800		07/01/14		2,755,354
Wachovia Bank NA
2,000,000		5.000		08/15/15		2,181,162
Wells Fargo Bank NA
3,125,000		4.750		02/09/15		3,363,150

						22,552,031

Communications Equipment – 0.4%
Cisco Systems, Inc.
2,500,000		4.450		01/15/20		2,874,388

Computers – 0.3%
Hewlett-Packard Co.
2,000,000		2.125		09/13/15		2,019,260

Consumer Services – 0.3%
eBay, Inc.
2,000,000		1.625		10/15/15		2,047,220

Diversified Manufacturing – 0.9%
GE Capital Trust I^(b)
3,525,000		6.375		11/15/67		3,604,312
Ingersoll-Rand Global Holding Co. Ltd.
1,000,000		9.500		04/15/14		1,149,343
Parker-Hannifin Corp.
2,000,000		3.500		09/15/22		2,105,814

						6,859,469

Electric – 2.6%
Columbus Southern Power Co.
2,870,000		5.850		10/01/35		3,399,690
Duke Energy Corp.
1,525,000		5.300		10/01/15		1,745,575
Exelon Generation Co. LLC
1,470,000		5.350		01/15/14		1,568,153
PacifiCorp
2,400,000		5.650		07/15/18		2,891,090
2,000,000		3.850		06/15/21		2,187,264
900,000		6.100		08/01/36		1,148,921
San Diego Gas & Electric Co.
1,585,000		5.300		11/15/15		1,819,355
Southern California Edison Co.
3,000,000		5.500		03/15/40		3,699,966
The Connecticut Light & Power Co.
415,000		5.650		05/01/18		493,431

						18,953,445


Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Financial – 9.6%
AXA Equitable Life Insurance Co.^(a)
$ 6,220,000		7.700	%	12/01/15	$	7,173,010
Bank of America Corp.
2,000,000		3.700		09/01/15		2,013,768
1,270,000		5.750		12/01/17		1,346,784
2,000,000		5.700		01/24/22		2,099,540
Bank One Corp.
1,000,000		8.530		03/01/19		1,250,244
BlackRock, Inc.
5,000,000		4.250		05/24/21		5,507,045
Blackstone Holdings Finance Co. LLC^(a)
3,000,000		5.875		03/15/21		3,142,062
Citigroup, Inc.
2,750,000		6.010		01/15/15		2,975,907
General Electric Capital Corp.
2,000,000		5.625		05/01/18		2,318,048
Hyundai Capital America^(a)
3,250,000		3.750		04/06/16		3,350,393
Jefferies Group, Inc.
1,600,000		3.875		11/09/15		1,568,000
JPMorgan Chase & Co.
2,000,000		4.350		08/15/21		2,094,048
Merrill Lynch & Co., Inc.
2,250,000		6.400		08/28/17		2,432,284
1,270,000		6.875		04/25/18		1,415,214
Metropolitan Life Insurance Co.^(a)
6,770,000		7.700		11/01/15		7,717,225
Morgan Stanley & Co.
2,600,000		6.625		04/01/18		2,717,634
National Rural Utilities Cooperative Finance Corp.
1,550,000		5.450		04/10/17		1,811,976
PNC Financial Services Group, Inc.^(b)
2,500,000		6.750		07/29/49		2,620,425
Royal Bank of Canada
3,390,000		2.625		12/15/15		3,557,005
Scottrade Financial Services, Inc.^(a)
3,300,000		6.125		07/11/21		3,304,231
SunTrust Capital VIII
2,670,000		6.100		12/15/36		2,655,315
TD Ameritrade Holding Corp.
2,750,000		4.150		12/01/14		2,937,030
The Bank of New York Mellon Corp.
2,000,000		2.400		01/17/17		2,070,048
The Toronto-Dominion Bank
3,000,000		2.500		07/14/16		3,116,463

						71,193,699

Food – 0.2%
Kraft Foods, Inc.
1,000,000		6.875		02/01/38		1,294,247


Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Health Care Equipment & Supplies – 0.4%
Baxter International, Inc.
$ 2,650,000		5.375	%	06/01/18	$	3,165,936

Health Technology – 0.3%
Becton, Dickinson & Co.
2,000,000		3.250		11/12/20		2,109,008

Industrial – 0.5%
Joy Global, Inc.
1,800,000		5.125		10/15/21		1,985,580
Receipts on Corporate Securities Trust NSC-1998-1
1,757,446		6.375		05/15/17		1,842,735

						3,828,315

Insurance – 1.8%
Aegon NV
2,650,000		4.625		12/01/15		2,817,408
American International Group, Inc.
1,000,000		3.650		01/15/14		1,021,481
2,000,000		4.875		09/15/16		2,132,834
1,000,000		5.450		05/18/17		1,084,058
Genworth Financial, Inc.
2,000,000		7.625		09/24/21		1,974,796
Reinsurance Group of America, Inc.
2,000,000		6.450		11/15/19		2,274,860
2,100,000		5.000		06/01/21		2,224,837

						13,530,274

Metals & Mining – 0.6%
Rio Tinto Finance USA Ltd.
3,000,000		5.200		11/02/40		3,341,061
Teck Resources Ltd.
1,000,000		3.150		01/15/17		1,038,048

						4,379,109

Multimedia – 0.5%
CBS Corp.
2,600,000		8.200		05/15/14		2,953,072
The McGraw-Hill Companies, Inc.
1,000,000		5.375		11/15/12		1,024,452

						3,977,524

Oil & Gas – 2.7%
Apache Corp.
1,360,000		7.375		08/15/47		1,898,890
BG Energy Capital PLC^(a)
3,000,000		2.875		10/15/16		3,142,422
BP Capital Markets PLC
3,500,000		1.700		12/05/14		3,552,363
3,530,000		3.875		03/10/15		3,780,831
Phillips 66^(a)
1,000,000		2.950		05/01/17		1,026,122
Tosco Corp.
2,095,000		8.125		02/15/30		3,040,849


Principal Amount	Interest Rate			Maturity Date	Value
Corporate Obligations – (continued)
Oil & Gas – (continued)
Valero Energy Corp.
$ 2,980,000		6.125	%	06/15/17	$	3,486,198

						19,927,675

Pharmaceuticals^(a) – 0.4%
Express Scripts Holding Co.
3,025,000		3.500		11/15/16		3,196,321

Real Estate – 1.6%
Hospitality Properties Trust
1,240,000		6.300		06/15/16		1,363,940
Kimco Realty Corp.
2,000,000		4.300		02/01/18		2,090,890
ProLogis LP
2,000,000		6.125		12/01/16		2,248,028
Simon Property Group LP
1,000,000		6.750		05/15/14		1,091,844
2,000,000		4.200		02/01/15		2,145,852
Ventas Realty LP / Ventas Capital Corp.
3,000,000		4.750		06/01/21		3,092,898

						12,033,452

Retail – 0.2%
Wal-Mart Stores, Inc.
1,250,000		6.200		04/15/38		1,635,885

Sovereign Agency – 0.3%
Resolution Funding Corp.
1,500,000		8.125		10/15/19		2,141,900

Telecommunications – 0.7%
AT&T, Inc.
2,320,000		2.500		08/15/15		2,422,296
Telefonica Emisiones SAU
2,635,000		3.729		04/27/15		2,555,410

						4,977,706

Utilities – 1.2%
GTE Corp.
5,310,000		6.840		04/15/18		6,549,890
Pacific Gas & Electric Co.
2,000,000		6.350		02/15/38		2,575,938

						9,125,828

Yankee – 1.6%
BHP Billiton Finance USA Ltd.
750,000		6.750		11/01/13		817,198
955,000		5.250		12/15/15		1,093,378
Canadian National Railway Co.
1,190,000		6.200		06/01/36		1,522,976
UBS AG
7,335,000		7.375		06/15/17		8,213,755

						11,647,307

TOTAL CORPORATE OBLIGATIONS
(Cost $222,167,674)					$	243,627,594


Principal Amount	Interest Rate			Maturity Date	Value
U.S. Government Agency Obligations – 14.2%
FFCB
$ 5,000,000		2.625	%	04/17/14	$	5,221,410
6,135,000		4.500		05/06/14		6,643,610
2,860,000		5.190		04/22/21		3,562,645
FHLB
5,000,000		1.750		08/22/12		5,024,650
5,000,000		4.500		09/16/13		5,288,610
7,000,000		3.625		10/18/13		7,337,876
2,050,000		5.625		06/13/16		2,347,972
2,650,000		7.125		02/15/30		4,002,724
FHLMC
5,000,000		1.625		04/15/13		5,065,815
6,750,000		1.000		07/30/14		6,843,616
3,000,000		0.625		12/29/14		3,012,594
2,860,000		2.875		02/09/15		3,047,464
5,000,000		1.375		08/24/15		5,013,060
2,500,000		5.000		02/16/17		2,968,003
6,500,000		5.500		08/23/17		7,950,793
3,000,000		4.875		06/13/18		3,621,834
FNMA
5,000,000		1.750		02/22/13		5,059,380
3,000,000		1.750		05/07/13		3,044,067
4,500,000		5.000		02/13/17		5,332,284
3,000,000		5.000		05/11/17		3,574,317
6,000,000		5.375		06/12/17		7,278,150
Tennessee Valley Authority
2,326,954		4.929		01/15/21		2,667,364
1,370,955		5.131		01/15/21		1,571,115

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $100,962,827)					$	105,479,353


U.S. Treasury Obligations – 1.2%
United States Treasury Bonds
$ 3,000,000		3.500	%	02/15/39	$	3,256,875
United States Treasury Notes
5,000,000		2.750		11/30/16		5,453,125

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $7,399,837)					$	8,710,000


Shares	Description			Rate	Value
Investment Company – 0.7%
Vanguard Long-Term Investment Grade Fund Admiral Shares
506,527				4.620%	$	5,272,949
(Cost $3,961,043)


Principal Amount	Interest Rate			Maturity Date	Value
Short-term Investments^(d) – 2.4%
Repurchase Agreement – 2.4%
State Street Bank & Trust Co.
$17,464,000		0.010	%	05/01/12	$	17,464,000
Maturity Value: $17,464,005
(Cost $17,464,000)

TOTAL INVESTMENTS – 99.8%
(Cost $679,892,382)					$	739,874,494

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%						1,852,348

NET ASSETS – 100.0%					$	741,726,842


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $78,967,003, which represents approximately 10.6% of net assets as of April 30, 2012.
(b)		Variable rate security. The interest rate shown reflects the rate as of April 30, 2012.
(c)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(d)		Repurchase agreement was entered into on April 30, 2012. This agreement was fully collateralized by $17,485,000 U.S. Treasury Bond, 3.125%, due 11/15/41 with a market value of $17,817,652.



Investment Abbreviations:
AGM		—Insured by Assured Guaranty Municipal Corp.
AMT		—Alternative Minimum Tax
CMB		—Collateralized Mortgage-Backed Obligation
FFCB		—Federal Farm Credit Bank
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNIC		—Financial Network Investment Corporation
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
GO		—General Obligation
NATL-RE		—Insured by National Reinsurance Corp.
PAC		—Planned Amortization Class
REMIC		—Real Estate Mortgage Investment Conduit
TAC		—Targeted Amortization Class
XLCA		—Insured by XL Capital Assurance, Inc.

PORTFOLIO COMPOSITION


	AS OF 4/30/12			AS OF 10/31/11

Corporate Obligations		32.8	%		29.7	%
Collateralized Mortgage Obligations		22.6			24.1
U.S.Government Agency Obligations		14.2			14.4
Asset-Backed Securities		12.0			10.5
Municipal Bond Obligations		11.6			12.0
Mortgage-Backed Pass-Through Obligations		2.0			2.3
U.S. Treasury Obligations		1.2			2.1
Investment Companies		0.7			0.7
Commercial Mortgage Obligations		0.3			0.7
Government Guarantee Obligations		0.0			0.4
Short-term Investment		2.4			2.5

TOTAL INVESTMENTS		99.8	%		99.4	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of investment companies held by the Fund are not reflected in the table above. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such its composition may differ over time.


Principal Amount	Interest Rate			Maturity Date	Value
Asset-Backed Securities – 2.3%
Commercial — 0.5%
Small Business Administration Series 2006-P10B, Class 1
$ 651,022		5.681	%	08/10/16	$	711,703

Home Equity^(a)— 1.8%
Argent Securities, Inc. Series 2004-W5, Class AV3B
778,639		0.689		04/25/34		625,220
Bear Stearns Asset Backed Securities Trust Series 2004-SD4, Class A1
1,258,523		1.139		08/25/44		1,196,374
Lehman XS Trust Series 2005-7N, Class 1A1A
299,257		0.509		12/25/35		203,827
Terwin Mortgage Trust Series 2004-7HE, Class A3^(b)
295,461		0.939		07/25/34		248,361

						2,273,782

TOTAL ASSET-BACKED SECURITIES
(Cost $2,604,033)					$	2,985,485


Mortgage-Backed Obligations – 26.6%
Collateralized Mortgage Obligations – 23.9%
ABN Amro Mortgage Corp. Series 2003-11, Class A9
$ 81,581		6.000	%	10/25/33	$	83,187
Adjustable Rate Mortgage Trust Series 2004-5, Class 3A1^(a)
471,909		2.744		04/25/35		427,056
American Home Mortgage Investment Trust Series 2004-3, Class 6A4^(c)
299,968		5.010		10/25/34		300,431
Banc of America Alternative Loan Trust Series 2004-1, Class 1A1
417,883		6.000		02/25/34		439,896
Banc of America Mortgage Securities, Inc. Series 2003-J, Class 2A1^(a)
742,403		2.839		11/25/33		713,082
Bank of America Funding Corp. Series 2004-A, Class 1A3^(a)
64,890		5.442		09/20/34		65,867
Bear Stearns Adjustable Rate Mortgage Trust Series 2004-9, Class 24A1^(a)
341,438		5.256		11/25/34		334,975
Chase Mortgage Finance Corp. Series 2003-S13, Class A1
356,080		5.500		11/25/33		373,258
Citicorp Mortgage Securities, Inc. Series 2004-5, Class 2A3
89,936		4.750		08/25/34		93,332
Citigroup Mortgage Loan Trust, Inc. Series 2004- HYB3, Class 1A^(a)
234,444		2.800		09/25/34		230,382
Countrywide Alternative Loan Trust Series 2003-21T1, Class A2
339,706		5.250		12/25/33		340,982
Countrywide Alternative Loan Trust Series 2004-29CB, Class A7
377,344		5.375		01/25/35		376,185


Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Countrywide Alternative Loan Trust Series 2005-5R, Class A2
$ 367,461		4.750	%	12/25/18	$	369,848
Countrywide Home Loans Trust Series 2003-J6, Class 1A1
94,783		5.500		08/25/33		98,766
Countrywide Home Loans, Inc. Series 2002-35, Class 3A1
267,575		5.000		02/25/18		272,972
Countrywide Home Loans, Inc. Series 2003-HYB3, Class 7A1^(a)
364,463		2.771		11/19/33		354,616
FHLMC REMIC PAC Series 023, Class PK
328,464		6.000		11/25/23		349,352
FHLMC REMIC PAC Series 041, Class F
52,487		10.000		05/15/20		57,912
FHLMC REMIC PAC Series 159, Class H
24,560		4.500		09/15/21		25,862
FHLMC REMIC PAC Series 2022, Class PE
73,872		6.500		01/15/28		84,356
FHLMC REMIC PAC Series 2109, Class PE
196,525		6.000		12/15/28		213,304
FHLMC REMIC PAC Series 2345, Class PQ
26,242		6.500		08/15/16		27,247
FHLMC REMIC PAC Series 2522, Class PE
83,903		5.500		03/15/22		84,906
FHLMC REMIC PAC Series 2524, Class PD
96,936		5.500		12/15/31		98,785
FHLMC REMIC PAC Series 2760, Class EC
180,744		4.500		04/15/17		180,922
FHLMC REMIC PAC Series 2836, Class PX
432,933		4.000		05/15/18		446,051
FHLMC REMIC PAC Series 3028, Class MC
258,127		5.000		06/15/29		258,834
FHLMC REMIC PAC Series 3059, Class CD
945,000		5.000		04/15/31		962,671
FHLMC REMIC PAC Series 3117, Class PC
263,367		5.000		06/15/31		267,726
FHLMC REMIC PAC Series 3841, Class ED
761,246		3.000		07/15/38		776,753
FHLMC REMIC Series 2642, Class DA
173,354		5.000		05/15/22		176,579
FHLMC REMIC Series 2664, Class MA
26,664		5.000		04/15/30		26,659
FHLMC REMIC Series 2830, Class DA
208,983		5.000		07/15/19		211,374
FHLMC REMIC Series 2972, Class CA
295,734		4.500		05/15/20		308,713
FHLMC REMIC Series 3131, Class BA
117,707		5.500		11/15/24		122,068
FHLMC REMIC Series 3146, Class GA
131,891		5.500		11/15/24		137,051


Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
FHLMC REMIC Series 3634, Class BJ
$ 402,212		3.000	%	08/15/27	$	411,358
FHLMC REMIC Series 3816, Class HA
1,347,197		3.500		11/15/25		1,438,189
FNMA REMIC PAC Series 1992, Class 89 Principal-Only Stripped Security^(d)
27,123		0.000		06/25/22		24,560
FNMA REMIC PAC Series 1992-129, Class L
156,855		6.000		07/25/22		175,752
FNMA REMIC PAC Series 1993-132, Class A Principal-Only Stripped Security^(d)
1,893		0.000		10/25/22		1,886
FNMA REMIC PAC Series 1998-36, Class J
53,493		6.000		07/18/28		56,463
FNMA REMIC PAC Series 2001-71, Class MB
148,912		6.000		12/25/16		159,429
FNMA REMIC PAC Series 2003-117, Class KB
556,000		6.000		12/25/33		672,803
FNMA REMIC PAC Series 2003-14, Class AP
351,114		4.000		03/25/33		374,555
FNMA REMIC Series 1991-137, Class H
68,509		7.000		10/25/21		78,260
FNMA REMIC Series 1993-182, Class FA^(a)
25,991		1.350		09/25/23		26,526
FNMA REMIC Series 2003-33, Class LD
605,757		4.250		09/25/22		616,660
FNMA REMIC Series 2004-8, Class GC
376,447		4.500		04/25/29		378,556
FNMA REMIC Series 2009-65, Class JA
1,072,200		4.500		06/25/35		1,088,833
FNMA REMIC Series 2009-83, Class A
1,323,423		4.500		08/25/35		1,349,974
FNMA Series 2003-W17, Class 1A6
30,710		5.310		08/25/33		31,556
GNMA Series 1998-12, Class EB
142,178		6.500		05/20/28		144,133
GNMA Series 2001-53, Class F^(a)
21,136		0.590		10/20/31		21,167
GSR Mortgage Loan Trust Series 2003-6F, Class A1
250,216		3.000		09/25/32		246,961
GSR Mortgage Loan Trust Series 2004-6F, Class 5A1
656,578		5.500		03/25/19		688,371
GSR Mortgage Loan Trust Series 2005-AR3, Class 2A1^(a)
584,546		0.679		05/25/35		452,892
GSR Mortgage Loan Trust Series 2006-AR1, Class 2A4^(a)
1,070,000		2.691		01/25/36		706,045
Impac CMB Trust Series 2003-2F, Class A^(a)
1,186,535		5.730		01/25/33		1,201,629
Impac CMB Trust Series 2003-8, Class 2A1^(a)
398,794		1.139		10/25/33		354,365


Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Impac CMB Trust Series 2004-7, Class 1A1^(a)
$ 213,522		0.979	%	11/25/34	$	180,807
Impac CMB Trust Series 2005-2, Class 2A2^(a)
441,948		0.639		04/25/35		377,310
Impac Secured Assets Corp. Series 2006-1, Class 2A1^(a)
1,708,699		0.589		05/25/36		1,566,516
Indymac Index Mortgage Loan Trust Series 2004-AR6, Class 6A1^(a)
366,465		2.968		10/25/34		331,751
Master Adjustable Rate Mortgages Trust Series 2004-13, Class 2A1^(a)
606,851		2.634		04/21/34		596,504
Master Asset Securitization Trust Series 2004-3, Class 5A1
36,373		6.250		01/25/32		36,903
MortgageIT Trust Series 2005-1, Class 1A1^(a)
2,354,843		0.559		02/25/35		1,927,599
Residential Accredit Loans, Inc. Series 2003-QS4, Class A4^(a)
1,332,328		0.669		03/25/33		1,254,982
Residential Accredit Loans, Inc. Series 2004-QA4, Class NB21^(a)
84,490		3.374		09/25/34		78,749
Residential Accredit Loans, Inc. Series 2004-QS5, Class A5
312,531		4.750		04/25/34		314,370
Residential Funding Mortgage Securities Corp. Series 2003-RM2, Class AII
100,930		5.000		05/25/18		104,257
Securitized Asset Sales, Inc. Series 1993-7, Class TA6
22,452		6.250		12/25/23		23,372
Sequoia Mortgage Trust Series 10, Class 1A^(a)
172,581		1.040		10/20/27		160,508
Sequoia Mortgage Trust Series 2003-2, Class A1^(a)
307,447		0.900		06/20/33		272,047
Structured Asset Securities Corp. Series 2003-20, Class 1A1
631,720		5.500		07/25/33		657,268
Structured Asset Securities Corp. Series 2003-31A, Class 2A7^(a)
1,073,970		2.776		10/25/33		1,028,228
Vendee Mortgage Trust Series 1996-2, Class 1Z
205,943		6.750		06/15/26		242,240
Washington Mutual MSC Mortgage Pass-Through Series 2003- MS8, Class 2A1
596,538		5.000		05/25/18		610,956
Wells Fargo Alternative Loan Trust Series 2003-1, Class 2A1
512,937		5.750		09/25/18		532,335

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $29,391,364)					$	30,689,585

Commercial Mortgage Obligations – 0.5%
GNMA Series 2004-20, Class C
$ 22,160		4.430	%	04/16/34	$	22,152


Principal Amount	Interest Rate			Maturity Date	Value
Mortgage-Backed Obligations – (continued)
Commercial Mortgage Obligations – (continued)
GNMA Series 2009-65, Class AF
$ 639,515		4.000	%	07/20/39	$	688,186

TOTAL COMMERCIAL MORTGAGE OBLIGATIONS
(Cost $693,383)					$	710,338

Mortgage-Backed Pass-Through Obligations – 2.2%
FHLMC
$ 76,976		5.500	%	08/01/17	$	83,658
164,546		5.500		09/01/21		179,034
64,230		6.000		10/01/23		71,087
210,321		5.000		05/01/27		226,798
FNMA
10,171		6.500		09/01/13		10,500
87,750		10.500		11/01/15		93,457
56,854		6.000		07/01/16		62,267
304,956		5.500		05/01/19		333,625
304,795		5.500		06/01/20		333,449
1,657		3.195	^(a)	08/01/23		1,749
2,935		9.000		07/01/24		2,945
8,032		2.330	^(a)	12/01/28		8,125
42,536		7.000		11/01/31		50,399
471,791		6.000		07/01/33		530,296
517,918		2.513	^(a)	02/01/34		550,106
245,998		2.530	^(a)	10/01/34		261,193
GNMA
6,924		8.000		07/15/17		7,017
363		2.000	^(a)	11/20/24		376
762		3.000	^(a)	12/20/24		797
13,686		2.375	^(a)	04/20/26		14,196
12,082		1.625	^(a)	08/20/26		12,510
14,835		2.375	^(a)	01/20/28		15,403

TOTAL MORTGAGE-BACKED PASS-THROUGH OBLIGATIONS
(Cost $2,707,539)					$	2,848,987

TOTAL MORTGAGE-BACKED OBLIGATIONS
(Cost $32,792,286)					$	34,248,910


Government Guarantee Obligations – 2.6%
Ally Financial, Inc.^(e)
$1,000,000		2.200	%	12/19/12	$	1,012,559
Keybank National Association^(e)
400,000		3.200		06/15/12		401,442
U.S. Bancorp^(e)
1,000,000		1.800		05/15/12		1,000,581
U.S. Central Credit Union^(f)
900,000		1.900		10/19/12		907,018

TOTAL GOVERNMENT GUARANTEE OBLIGATIONS
(Cost $3,295,764)					$	3,321,600


Principal Amount	Interest Rate			Maturity Date	Value
U.S. Government Agency Obligations – 54.0%
FFCB
$1,000,000		3.875	%	10/07/13	$	1,050,852
2,600,000		2.625		04/17/14		2,715,133
1,170,000		3.000		09/22/14		1,241,217
150,000		4.700		08/10/15		169,265
250,000		7.000		09/01/15		303,334
500,000		6.125		12/29/15		597,278
FHLB
1,000,000		3.500		03/08/13		1,027,666
1,500,000		5.125		08/14/13		1,593,969
1,000,000		3.625		10/18/13		1,048,268
1,300,000		1.375		05/28/14		1,329,293
1,560,000		5.250		06/18/14		1,722,580
1,000,000		5.250		09/12/14		1,111,638
2,500,000		5.000		12/21/15		2,888,652
1,000,000		4.000		03/04/16		1,013,118
FHLMC
1,575,000		2.125		09/21/12		1,587,150
1,500,000		4.625		10/25/12		1,532,401
1,800,000		1.625		04/15/13		1,823,693
1,500,000		4.000		06/12/13		1,562,325
2,000,000		4.500		07/15/13		2,102,728
1,560,000		2.500		01/07/14		1,618,349
1,600,000		2.500		04/23/14		1,669,398
790,000		5.000		07/15/14		870,241
1,000,000		4.500		01/15/15		1,108,031
1,200,000		2.875		02/09/15		1,278,656
2,600,000		1.750		09/10/15		2,695,607
1,300,000		5.300		12/01/15		1,505,280
1,250,000		2.500		05/27/16		1,334,338
FNMA
2,000,000		3.625		02/12/13		2,052,524
1,500,000		4.375		03/15/13		1,554,007
1,600,000		2.500		05/15/14		1,671,925
1,500,000		0.875		08/28/14		1,516,161
2,000,000		3.000		09/16/14		2,124,834
1,250,000		4.625		10/15/14		1,378,513
2,000,000		2.625		11/20/14		2,112,426
1,800,000		5.000		04/15/15		2,036,596
2,450,000		2.375		07/28/15		2,590,003
1,000,000		4.375		10/15/15		1,126,808
1,350,000		2.125		10/21/15		1,414,342
2,000,000		1.625		10/26/15		2,065,956
1,800,000		5.000		03/15/16		2,089,930
1,250,000		2.250		06/06/16		1,252,331
1,500,000		1.250		09/28/16		1,517,817
1,000,000		2.125		12/13/16		1,022,759
500,000		2.000	^(c)	03/22/27		501,890
2,000,000		1.125		04/27/17		2,008,502
Tennessee Valley Authority
900,000		6.790		05/23/12		903,362

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $67,271,271)					$	69,441,146


Principal Amount	Interest Rate			Maturity Date	Value
U.S. Treasury Obligations – 9.0%
United States Treasury Notes
$1,800,000		1.375	%	09/15/12	$	1,808,226
2,400,000		1.375		11/15/12		2,415,468
1,200,000		1.750		04/15/13		1,217,626
1,200,000		1.750		03/31/14		1,234,077
1,700,000		2.375		10/31/14		1,785,665
1,200,000		2.250		01/31/15		1,261,406
1,800,000		2.125		05/31/15		1,893,938

TOTAL U.S. TREASURY OBLIGATIONS
(Cost $11,305,679)					$	11,616,406


Short-term Investment^(g) – 7.2%
Repurchase Agreement – 7.2%
State Street Bank & Trust Co.
$9,288,000		0.010	%	05/01/12	$	9,288,000
Maturity Value: $9,288,003
(Cost $9,288,000)

TOTAL INVESTMENTS – 101.7%
(Cost $126,557,033)					$	130,901,547

LIABILITIES IN EXCESS OF OTHER ASSETS – (1.7)%						(2,246,178)

NET ASSETS – 100.0%					$	128,655,369


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Variable rate security. The interest rate shown reflects the rate as of April 30, 2012.
(b)		Exempt from registration under Rule 144A of the Securities Act of 1933. Under procedures approved by the Board of Trustees, such securities have been determined to be liquid by the Investment Adviser and may be resold, normally to qualified institutional buyers in transactions exempt from registration. Total market value of Rule 144A securities amounted to $248,361, which represents approximately 0.2% of net assets as of April 30, 2012.
(c)		Step-up Bond. Coupon rate increases in increments to maturity. Rate disclosed is as of April 30, 2012. Maturity date disclosed is the ultimate maturity.
(d)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)		Guaranteed under the Federal Deposit Insurance Corporation’s (“FDIC”) Temporary Liquidity Guarantee Program and is backed by the full faith and credit of the United States. Total market value of these securities amounts to $2,414,582, which represents approximately 1.9% of net assets as of April 30, 2012. The expiration date of the FDIC’s guarantee is the earlier of the maturity date of the debt or December 31, 2012.
(f)		Guaranteed by the National Credit Union Administration (“NCUA”) until maturity. Total market value of this security amounts to $907,018, which represents approximately 0.7% of net assets as of April 30, 2012.
(g)		Repurchase agreement was entered into on April 30, 2012. This agreement was fully collateralized by $9,300,000 U.S. Treasury Bond, 3.125%, due 11/15/41 with a market value of $9,476,933.




Investment Abbreviations:
CMB		—Collateralized Mortgage-Backed Obligations
FFCB		—Federal Farm Credit Bank
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
MSC		—Mortgage Securities Corp.
PAC		—Planned Amortization Class
REMIC		—Real Estate Mortgage Investment Conduit

PORTFOLIO COMPOSITION


	AS OF 4/30/12			AS OF 10/31/11

U.S. Government Agency Obligations		54.0	%		53.5	%
Collateralized Mortgage Obligations		23.9			20.9
U.S. Treasury Obligations		9.0			12.4
Government Guarantee Obligations		2.6			4.0
Asset-Backed Securities		2.3			2.4
Mortgage-Backed Pass-Through Obligations		2.2			2.6
Commercial Mortgage Obligations		0.5			1.1
Short-term Investment		7.2			2.6

TOTAL INVESTMENTS		101.7	%		99.5	%

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

The Fund is actively managed and, as such, its composition may differ over time.


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – 94.1%
Alabama – 0.5%
Birmingham AL Special Care Facilities Financing Authority Revenue Bonds (Children’s Hospital) Series B (AMBAC) (A/A2)
$1,005,000		5.000	%	06/01/16	$	1,053,099
Cullman AL GO Bonds (Warrants) Series 2007 (AGM) (AA-/Aa3)
65,000		4.500		07/01/23		68,733

						1,121,832

Alaska – 0.5%
Alaska Industrial Development & Export Authority Revenue Bonds (Refunding-Greater Fairbanks) Series C (A/NR)
1,050,000		4.500		04/01/18		1,126,472

Arizona – 11.2%
Arizona Health Facilities Authority Healthcare & Education Facilities Revenue Bonds (Kirksville College) (A-/NR)
700,000		4.700		01/01/21		760,403
750,000		4.750		01/01/22		808,830
1,000,000		5.000		01/01/25		1,079,750
Arizona School Facilities Board Certificates of Participation (A+/A1)
2,810,000		5.125		09/01/21		3,184,601
Arizona State University Energy Management LLC Revenue Bonds (Tempe Campus II) Series 2009 (AA-/A1)
2,000,000		5.000		07/01/14		2,156,720
Glendale AZ Industrial Development Authority Revenue Bonds (Midwestern University) (A-/NR)
1,500,000		5.000		05/15/30		1,603,230
Glendale AZ Industrial Development Authority Revenue Bonds (Refunding-Midwestern University) (A-/NR)
1,200,000		5.250		05/15/19		1,382,364
Maricopa County AZ Industrial Development Authority Health Facilities Revenue Bonds (Catholic Healthcare West) Series A (A/A2)
1,095,000		5.250		07/01/32		1,172,428
Pinal County AZ Electric District No. 3 Revenue Bonds (Refunding) (A/NR)
1,165,000		5.000		07/01/19		1,354,848
Pinal County AZ Unified School District No.1 Florence GO Bonds (School Improvement Project of 2006) Series C (A/NR)
860,000		5.000		07/01/17		980,907
335,000		5.000		07/01/18		385,012
350,000		5.000		07/01/19		398,594
1,100,000		5.125		07/01/22		1,229,239
Queen Creek AZ Excise Tax & State Shared Revenue Bonds (NATL-RE) (A+/Baa2)
1,070,000		5.000		08/01/27		1,132,563
Rio Nuevo Multipurpose Facilities District Excise Tax Revenue Bonds (Sub Lien) Series 2008 (Assured Guaranty) (AA-/Aa3)
3,475,000		5.750		07/15/18		4,179,487


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Arizona – (continued)
Yuma County AZ Library District GO Bonds Series 2007 (XLCA) (A+/Aa3)
$1,000,000		5.000	%	07/01/19	$	1,125,470
500,000		5.000		07/01/20		556,825
1,000,000		5.000		07/01/21		1,107,030

						24,598,301

Arkansas – 0.2%
Arkansas State Development Finance Authority Economic Development Revenue Bonds (Taxable) (ADFA-GTD) (A/NR)
535,000		5.480		09/01/17		570,064

California – 6.3%
Bonita Unified School District Taxable GO Bonds Election of 2008 Series B-1 (AA-/NR)
1,000,000		5.560		08/01/25		1,095,390
Burbank CA Unified School District GO Bonds Capital Appreciation Election of 1997 Series C (NATL-RE) (FGIC) (AA-/WR)^(a)
1,500,000		0.000		07/01/27		798,750
Fresno CA Unified School District GO Election of 2001 Series G (NR/Aa3)^(a)
1,000,000		0.000		08/01/24		558,450
Pajaro Valley CA Unified School District GO Bonds Capital Appreciation Election of 2002 Series B (AGM) (AA-/Aa2)^(a)
3,855,000		0.000		08/01/26		1,980,699
Port Oakland CA Revenue Bonds Series C (NATL-RE) (A-/A3)
600,000		5.000		11/01/16		675,900
Poway Unified School District GO Bonds Election of 2008 Improvement Series 2009- 07-1- A (AA-/Aa2)^(a)
1,355,000		0.000		08/01/25		763,339
Sacramento County CA Airport System Revenue Bonds (A/A2)
1,000,000		5.000		07/01/27		1,109,390
San Juan CA Unified School District GO Bonds (Capital Appreciation) Series 2001 (AGM) (AA-/Aa2)^(a)
2,000,000		0.000		08/01/24		1,202,260
San Marcos CA Unified School District GO Bonds (Capital Appreciation) Series 2011 (AA-/Aa2)^(a)
5,045,000		0.000		08/01/25		2,798,260
San Mateo CA Unified High School District GO Bonds (Capital Appreciation) Series C (NATL-RE) (FGIC) (AA/Aa1)^(a)
880,000		0.000		09/01/23		578,987
Santa Clara County CA East Side Union High School District GO Bonds (Refunding) Series B (NATL-RE) (A/Baa2)
800,000		5.250		02/01/23		947,280
Whittier CA Union High School District GO Bonds (Refunding- Capital Appreciation Bonds) Series 2009 (AA-/NR)^(a)
5,020,000		0.000		08/01/34		1,294,006

						13,802,711


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Colorado – 1.5%
Colorado Educational & Cultural Facilities Authority Revenue Bonds (Charter School-High Point Academy) (A/NR)
$1,000,000		4.500	%	03/01/20	$	1,062,980
Colorado Educational & Cultural Facilities Authority Revenue Bonds (Pinnacle Charter High School) (NR/NR)
1,000,000		5.000		12/01/29		1,020,180
Colorado Housing & Finance Authority Revenue Bonds (Single Family Mortgage) Class I Series A (FHA) (AAA/Aaa)
405,000		4.350		11/01/19		426,708
425,000		4.600		11/01/20		450,534
Westminster CO Certificates of Participation (Refunding) (NATL-RE) (AA-/Baa2)
250,000		4.500		12/01/23		265,262

						3,225,664

District of Columbia – 0.6%
District of Columbia Revenue Bonds (Deed Tax) Series B (NR/A1)
1,165,000		5.000		06/01/25		1,263,955

Florida – 9.4%
Brevard County FL Health Facilities Authority Revenue Bonds (Health First, Inc. Project) Series 2005 (A-/A3)
875,000		5.000		04/01/18		963,559
Gulf Breeze FL Revenue Bonds (Local Government Loan) Series J (A+/Aa3)
1,000,000		4.500		12/01/20		1,150,200
Gulf Breeze FL Revenue Bonds (Local Government Loan) Series L (A+/Aa3)^(b)
1,500,000		3.100		12/01/20		1,499,970
Jupiter County FL (Community Center Project) GO Bonds Series 2001 (AAA/Aa1)
50,000		5.500		07/01/21		63,573
Lake County FL School Board Certificates of Participation Series A (AMBAC) (A/WR)
1,500,000		5.000		06/01/24		1,568,640
Miami-Dade County FL Aviation Revenue Bonds (Miami International Airport) Series A (A-/A2)
1,000,000		5.000		10/01/22		1,138,110
1,000,000		5.250		10/01/23		1,149,300
1,000,000		5.500		10/01/25		1,149,320
Miami-Dade County FL Educational Facilities Authority Revenue Bonds (Refunding-University of Miami) Series B (AMBAC) (A-/A3)
685,000		5.250		04/01/21		811,780
Miami-Dade County FL Expressway Authority Toll Systems Revenue Bonds Series B (NATL-RE) (FGIC) (A/A3)
1,000,000		5.250		07/01/14		1,094,690
Miami-Dade County FL GO Bonds (Refunding- Seaport) Series C (AA-/Aa2)
4,000,000		4.500		10/01/19		4,599,360


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Florida – (continued)
Miami-Dade County FL Special Obligation Revenue Bonds (Capital Asset Acquisition) Series A (AGM) (AA-/Aa3)
$1,805,000		4.000	%	04/01/18	$	1,974,706
1,260,000		4.000		04/01/19		1,375,076
Orange County FL Tourist Development Tax Revenue Bonds (Refunding) Series A (NATL-RE) (A+/A1)
1,125,000		5.000		10/01/17		1,304,145
Osceola County FL School Board Certificates of Participation Series A (NATL-RE) (FGIC) (A/Aa3)
465,000		5.000		06/01/15		499,019
Port St. Lucie FL Lease Revenue Bonds (Taxable-Wyndcrest Project) Series A (A/Aa3)
200,000		6.090		09/01/20		230,724

						20,572,172

Georgia – 0.3%
Brunswick GA Water & Sewer Revenue Bonds (Refunding & Improvement) Series 1992 (ETM) (NATL-RE) (BBB/Baa2)
90,000		6.100		10/01/19		111,794
Cherokee County GA Water & Sewer Authority Revenue Bonds (Refunding & Improvement) Series 1993 (NATL-RE) (BBB/Aa2)
55,000		5.500		08/01/23		68,589
Gainesville & Hall County Hospital Authority Revenue Bonds (Northeast Georgia Healthcare System) Series B (A+/NR)
500,000		4.000		02/15/20		538,060

						718,443

Illinois – 13.7%
Chicago IL Public Building Commission Revenue Bonds (Refunding-Chicago School Reform) Series B (NATL-RE) (FGIC) (BBB/Aa3)
1,000,000		5.250		12/01/18		1,193,920
Chicago IL Public Building Commission Revenue Bonds (Refunding-Chicago Trasit Authority) Series 2006 (AMBAC) (A/A1)
350,000		5.250		03/01/33		380,254
Cook & Du Page Counties IL High School District No. 210 GO Bonds Series 2006 (NATL-RE) (NR/Aa2)
1,000,000		5.000		01/01/26		1,100,170
Cook County IL Community High School District No. 234 Taxable GO Bonds (Ridgewood Build America Bonds - Direct Payment to Issuer) Series B (Assured Guaranty) (AA-/Aa3)
300,000		6.400		12/01/28		338,502
Cook County IL School District No. 144 Prairie Hills GO Bonds (Capital Appreciation-Refunding) Series C (AGM) (NR/Aa3)^(a)
2,320,000		0.000		12/01/22		1,525,980
2,080,000		0.000		12/01/25		1,145,810


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Illinois – (continued)
DeKalb County IL Community Unit School District No. 424 GO Bonds (Capital Appreciation) Series 2001 (AMBAC) (NR/A1)^(a)
$1,000,000		0.000	%	01/01/18	$	858,180
DeKalb County IL Community Unit School District No. 428 GO Bonds (Capital Appreciation-School Building) (AA-/Aa2)^(a)
1,500,000		0.000		01/01/20		1,156,815
DeKalb, Kane & Lasalle Counties Community College District No. 523 GO Bonds Series A (AA/NR)
455,000		4.625		02/01/21		511,106
400,000		5.000		02/01/23		455,832
Illinois Finance Authority Revenue Bonds (Columbia College) (NATL-RE) (BBB+/Baa2)
2,000,000		5.250		12/01/22		2,176,960
Illinois Finance Authority Revenue Bonds (Poetry Foundation Project) (A+/A1)
470,000		4.850		01/01/26		509,334
490,000		4.900		01/01/27		527,872
1,625,000		5.000		01/01/30		1,743,430
Illinois Finance Authority Revenue Bonds (Refunding-Columbia College) Series 2011 (BBB+/NR)
300,000		5.000		12/01/17		342,171
405,000		4.000		12/01/18		439,328
420,000		4.250		12/01/19		458,615
440,000		4.500		12/01/20		485,030
Illinois Finance Authority Revenue Bonds (Refunding-Swedish Covenant) Series A (BBB+/NR)
1,210,000		5.500		08/15/24		1,356,930
Illinois Finance Authority Revenue Bonds (The Carle Foundation) Series A (A+/NR)
1,000,000		5.375		08/15/26		1,096,750
Illinois Housing Development Authority Revenue Bonds Homeowner Mortgage Series C-1 (AA/Aa3)
215,000		3.700		02/01/13		217,298
Illinois State GO Bonds (A+/A2)
1,000,000		4.000		04/01/19		1,073,960
Illinois State GO Bonds (First Series) (NATL-RE) (A+/A2)
2,000,000		5.500		08/01/17		2,288,880
Illinois State GO Bonds Series A (A+/A2)
2,000,000		5.000		03/01/17		2,121,600
1,000,000		5.000		03/01/28		1,046,920
Macon & De Witt Counties IL Community Unit School District No. 001 GO Bonds (NATL-RE) (FGIC) (NR/WR)
435,000		6.150		12/01/12		446,127
Northern Illinois Municipal Power Agency Revenue Bonds (Prairie State Project) Series A (NATL-RE) (NR/A2)
1,000,000		5.000		01/01/20		1,117,730
Peoria County IL Community Unit School District No. 309 GO Bonds (Capital Appreciation-Brimfield School District) Series A (Assured Guaranty) (AA-/NR)^(a)
540,000		0.000		04/01/18		468,429


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Illinois – (continued)
University of Illinois Board of Trustees Certificates of Participation Series A (AA-/Aa2)
$1,000,000		5.000	%	10/01/20	$	1,091,870
Will County IL Community Unit School District No. 201 Crete- Monee GO Bonds (Capital Appreciation) Series 2004 (NATL-RE) (FGIC) (A+/WR)^(a)
3,000,000		0.000		11/01/19		2,433,870

						30,109,673

Indiana – 4.1%
Allen County IN War Memorial Revenue Bonds (Refunding- Coliseum Additions Building Corp.) Series A (NR/Aa3)
600,000		5.000		05/01/16		681,126
615,000		5.000		11/01/16		704,181
Evansville IN Redevelopment Authority Revenue Bonds (Build America Bonds-Taxable) Series B (A/Aa3)
250,000		4.930		02/01/17		271,870
675,000		6.050		02/01/23		746,833
Evansville IN Redevelopment Authority Revenue Bonds Lease Rent Tax Allocation (Build America Bonds-Taxable) Series B (A/Aa3)
3,000,000		6.860		02/01/29		3,338,640
Indiana Bond Bank Revenue Bonds (Special Project-Hendricks Regional Health) Series A (AA/NR)
390,000		5.000		02/01/13		401,774
120,000		5.000		08/01/14		129,816
Indiana Health & Educational Facilities Financing Authority Revenue Bonds (Refunding-University of Indianapolis Educational Facilities) (A-/NR)
1,090,000		5.000		10/01/15		1,191,632
Indiana State Finance Authority Revenue Bonds (Educational
Facilities for University of Indianapolis) Series 2011 (A-/NR)
1,000,000		5.000		10/01/31		1,085,100
Indiana State University Revenue Bonds (Build America Bonds) (NR/A1)
530,000		5.310		04/01/25		578,172

						9,129,144

Iowa – 0.0%
Iowa Finance Authority Revenue Bonds (Single Family Mortgage) Series A (GNMA/FNMA) (AA+/Aaa)
105,000		4.300		07/01/16		106,104

Kansas – 0.4%
Junction City KS GO Bonds (Refunding) Series A (A-/NR)
710,000		5.000		09/01/18		845,291

Kentucky – 1.5%
Ashland KY Medical Center Revenue Bonds (Ashland Hospital
Corp.) Series B (A+/A1)
1,000,000		5.000		02/01/23		1,105,220
Kentucky Economic Development Finance Authority Medical Center Revenue Bonds (Ashland Hospital Corp. Kings) Series C (A+/A1)
1,900,000		6.000		02/01/33		2,147,228

						3,252,448


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Louisiana – 6.1%
Louisiana Local Government Environmental Facilities Community Development Authority Revenue Bonds (Woman’s Hospital Foundation) Series A (BBB+/A3)
$ 5,000,000		5.500	%	10/01/25	$	5,695,650
Louisiana Public Facilities Authority Revenue Bonds (Loyola University) Series 2011 (A+/A2)
3,715,000		5.250		10/01/27		4,184,725
Louisiana Public Facilities Authority Revenue Bonds Nineteenth Judicial District Court Series 2007 (NATL-RE) (FGIC) (BBB/A2)
1,000,000		5.000		06/01/16		1,141,770
Tangipahoa Parish LA Hospital Service District No. 1 Revenue Bonds (Refunding-North Oaks Medical Center Project) Series A (BBB+/NR)
1,100,000		5.375		02/01/18		1,131,779
1,245,000		5.000		02/01/30		1,263,662

						13,417,586

Maine – 1.0%
Maine State Health & Higher Educational Facilities Authority Revenue Bonds Series A (NR/A1)
1,000,000		5.000		07/01/24		1,125,000
Maine State Housing Authority Mortgage Revenue Bonds Series A-2 (AA+/Aa1)
1,000,000		3.600		11/15/26		1,002,400

						2,127,400

Massachusetts – 3.8%
Massachusetts Educational Financing Authority Education Loan Revenue Bonds (Issue I) Series A (AA/NR)
1,750,000		5.100		01/01/25		1,939,140
Massachusetts State Devlopment Finance Agency Revenue Bonds (Refunding UMass Memorial Medical Center, Inc.) Series H (A-/Baa1)
3,200,000		5.000		07/01/21		3,640,480
Massachusetts State Health & Educational Facilities Authority Revenue Bonds (UMass Memorial Health Care, Inc.) Series G (A-/Baa1)
960,000		5.000		07/01/20		1,090,589
1,415,000		5.000		07/01/21		1,591,195
Massachusetts State Water Resources Authority Revenue Bonds Series A (ETM) (Go of Authority) (AA+/Aa1)
60,000		6.500		07/15/19		73,154

						8,334,558

Michigan – 2.4%
Grand Valley MI State University Revenue Bonds (A+/NR)
1,500,000		5.300		12/01/24		1,693,050
Grand Valley MI State University Revenue Bonds Series 1998 (NATL-RE) (FGIC) (A+/WR)
1,080,000		5.500		02/01/18		1,189,922
Ingham County MI GO Bonds Series 1998 (AGM) (AA+/Aa3)
135,000		5.125		11/01/12		138,249


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Michigan – (continued)
Michigan State Housing Development Authority Rental Housing Revenue Bonds Series B (Go of Authority) (AA/NR)
$ 690,000		4.500	%	10/01/19	$	727,764
Michigan State Housing Development Authority Revenue Bonds (Taxable) Series B2 (Go of Authority) (AA/NR)
100,000		0.882		10/01/12		99,996
95,000		1.199		04/01/13		95,059
90,000		1.521		04/01/14		90,306
150,000		1.670		10/01/14		150,636
135,000		1.836		04/01/15		136,133
Michigan State Housing Development Authority Single Family Home Ownership Revenue Bonds (Non AMT) Series A (Go of Authority) (AA+/NR)
1,000,000		4.750		12/01/25		1,066,240

						5,387,355

Minnesota – 2.2%
Minnesota State Housing Finance Agency Revenue Bonds (Residential Housing) Series C (Go of Authority GNMA/FNMA/FHLMC) (AA+/Aa1)
3,000,000		3.625		07/01/25		3,032,880
Minnesota State Housing Finance Agency Revenue Bonds (Residential) Series A (AA+/Aa1)
565,000		3.800		07/01/17		590,854
St. Paul MN Housing & Redevelopment Authority Health Care Revenue Bonds (Allina Health System) Series A-2 (AA-/A1)
1,000,000		5.000		11/15/19		1,175,940

						4,799,674

Missouri – 1.3%
Joplin Industrial Development Authority Health Facilities Revenue Bonds (Freeman Health Systems ) Series 2011 (BBB+/NR)
1,490,000		4.250		02/15/21		1,562,310
Kansas City MO Special Obligation Revenue Bonds (Capital Appreciation) Series E (AA-/A1)^(a)
110,000		0.000		02/01/14		105,607
125,000		0.000		02/01/15		116,381
305,000		0.000		02/01/17		264,569
Raytown MO Sewer Revenue Bonds (NR/NR)
275,000		4.625		07/01/24		279,482
St. Louis County MO Industrial Development Authority Health Facilities Revenue Bonds (Refunding-Ranken Jordan Project) (NR/NR)
500,000		5.000		11/15/17		518,435

						2,846,784

Montana – 0.2%
Montana State Board Housing Revenue Bonds (Single Family Mortgage) Series A-2 (AMT) (AA+/Aa1)
170,000		4.350		06/01/16		174,143
180,000		4.350		12/01/16		184,387

						358,530


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Nebraska – 0.4%
Douglas County NE Hospital Authority No. 002 Revenue Bonds (Refunding) (Health Facilities-Children’s Hospital) (NR/A2)
$ 500,000		6.000	%	08/15/22	$	570,660
Nebraska Investment Finance Authority Revenue Bonds Series F (GNMA/FNMA/FHLMC) (AMT) (AA+/NR)
110,000		4.300		09/01/14		113,088
95,000		4.350		03/01/15		97,075
60,000		4.350		09/01/15		61,548

						842,371

Nevada – 0.5%
Las Vegas NV Convention & Visitors Authority Revenue Bonds (AMBAC) (A+/A1)
1,020,000		5.000		07/01/28		1,071,163
Nye County NV School District GO Bonds (Refunding) Series A (PSF-GTD) (NR/Aaa)
100,000		4.375		05/01/25		103,648

						1,174,811

New Hampshire – 0.3%
New Hampshire State Housing Finance Authority Single Family Mortgage Revenue Bonds (Non AMT) (NR/Aa3)
660,000		5.300		07/01/28		703,732

New Jersey – 2.6%
New Jersey State Higher Education Assistance Authority Student Loan Revenue Bonds (Refunding) Series 1A (AA/Aa2)
2,000,000		4.750		12/01/23		2,191,580
New Jersey State Housing & Mortgage Finance Agency Revenue Bonds Single Family Home Mortgage Series A (NR/Aa1)
1,000,000		2.500		04/01/16		1,016,070
New Jersey State Transportation Trust Fund Authority Revenue Bonds (Capital Appreciation) Transportation System Series C (AMBAC) (A+/A1)^(a)
2,465,000		0.000		12/15/26		1,277,092
Passaic County NJ GO Bonds (Refunding-Taxable Pension) Series 2003 (AGM) (NR/Aa3)
100,000		5.750		02/15/21		111,124
Perth Amboy NJ GO Bonds (Refunding) Series 2011 (A-/NR)
1,065,000		2.500		02/01/17		1,084,606

						5,680,472

New York – 0.2%
Metropolitan Transportation Authority NY Revenue Bonds Series 2008C (A/A2)
150,000		5.500		11/15/18		172,699
New York State Dormitory Authority Revenue Bonds (Consolidated City University System) Series A (AA-/Aa3)
185,000		5.750		07/01/13		190,678

						363,377


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
North Dakota – 0.7%
North Dakota State Housing Finance Agency Revenue Bonds (Home Mortgage Finance Program) Series A (NR/Aa1)
$ 285,000		4.100	%	07/01/19	$	298,349
North Dakota State Housing Finance Agency Revenue Bonds (Housing Finance Project) Series B (AMT) (NR/Aa1)
550,000		4.400		07/01/16		575,905
635,000		4.450		07/01/17		656,857

						1,531,111

Ohio – 2.5%
Akron OH Certificates of Participation (Parking Facilities Project) Series A (AMBAC) (A+/WR)
1,250,000		5.000		12/01/16		1,364,362
Cleveland OH Certificates of Participation (Refunding-Cleveland Stadium Project) Series A (A/A2)
2,200,000		5.000		11/15/16		2,457,334
Ohio State Higher Educational Facility Commission Revenue Bonds (Xavier University) Series C (A-/A3)
430,000		4.250		05/01/14		452,369
1,000,000		5.000		05/01/18		1,148,570

						5,422,635

Oklahoma – 2.7%
McClain County OK Economic Development Authority Educational Facilities Lease Revenue Bonds (Blanchard Public Schools Project) (A-/NR)
1,000,000		4.000		09/01/13		1,047,890
1,000,000		4.850		09/01/18		1,193,490
1,000,000		5.000		09/01/19		1,202,000
Oklahoma County OK Finance Authority Educational Facilities Lease Revenue Bonds (Jones Public School Project) (A-/NR)
2,000,000		5.000		09/01/18		2,275,820
Tulsa OK Industrial Authority Student Housing Revenue Bonds (University of Tulsa) Series 2006 (NR/A2)
150,000		5.250		10/01/26		160,323

						5,879,523

Oregon – 0.4%
Oregon State Housing & Community Services Department Housing Revenue Bonds Single Family Mortgage Program Series A (FHLMC) (NR/Aa3)
590,000		5.000		07/01/17		660,682
Oregon State Housing & Community Services Department Revenue Bonds (Single Family Mortgage) Series E (AMT) (NR/Aa2)
325,000		5.050		07/01/17		338,907

						999,589

Pennsylvania – 6.3%
Delaware County PA Authority University Revenue Bonds (Neumann University) (BBB/NR)
785,000		3.000		10/01/14		807,121
1,025,000		5.000		10/01/19		1,137,279
1,250,000		5.250		10/01/31		1,322,175


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Pennsylvania – (continued)
Lancaster County PA GO Bonds Series C (AGM) (Refunding) (NR/Aa3)
$ 3,235,000		5.000	%	11/01/18	$	3,849,359
Pennsylvania State Higher Education Facilities Authority Revenue Bonds (University of Scranton) Series 2008 (A/NR)
1,140,000		4.500		05/01/14		1,208,343
Pennsylvania State Housing Finance Agency Single Family Mortgage Revenue Bonds Series 113 (AA+/Aa2)
795,000		4.000		10/01/18		877,616
Philadelphia PA Airport Revenue Bonds (Refunding) Series B (AMT) (A+/A2)
1,040,000		5.000		06/15/17		1,168,908
1,445,000		5.000		06/15/18		1,646,924
Philadelphia PA Authority for Industrial Development Revenue Bonds (Mathematics Science & Technology Charter School) (BBB+/NR)
425,000		5.000		08/01/20		456,425
St. Mary’s PA Area Water Authority Revenue Bonds (BBB+/NR)
1,350,000		4.750		02/01/25		1,429,690

						13,903,840

Puerto Rico – 0.0%
Puerto Rico Electric Power Authority Revenue Bonds (Refunding) (NATL-RE) (BBB+/Baa1)
10,000		5.000		07/01/20		11,222

Rhode Island – 1.9%
Rhode Island Housing & Mortgage Finance Corp. Revenue Bonds (Multi Family Development) Series 1 (NR/Aa2)
260,000		5.125		10/01/30		268,780
Rhode Island Housing & Mortgage Finance Corp. Revenue Bonds (Multi Family Funding) Series A (NR/Aaa)
500,000		5.250		04/01/35		522,340
Rhode Island Sate & Providence Plantations Lease Certificate of Participation Energy Conservation Series A (AA-/Aa3)
750,000		3.000		04/01/15		781,267
Rhode Island State Health & Educational Building Corp. Public Schools Revenue Bonds (Financing Project) Series A (AMBAC) (NR/A3)
1,460,000		5.000		05/15/23		1,504,544
Rhode Island State Housing & Mortgage Finance Corp. Revenue Bonds (Home Funding) Series 4 (NR/Aa2)
440,000		3.500		04/01/22		453,605
Rhode Island State Student Loan Authority Revenue Bonds Series 3 (AMBAC) (AMT) (NR/A3)
180,000		5.700		12/01/12		180,562
205,000		5.800		12/01/14		205,443
Rhode Island State Student Loan Authority Revenue Bonds Series 3 (AMBAC) (AMT) (NR/WR)
190,000		5.750		12/01/13		190,418

						4,106,959


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
South Carolina – 1.4%
Fort Mill SC School Facilities Corp. Revenue Bonds (Installment Purchase Revenue) Series 2006 (NR/Aa3)
$ 550,000		5.250	%	12/01/22	$	606,012
Greenville County SC Public Facilities Corp. Certificates of Participation (Refunding- University Center Project) (AMBAC) (AA+/Aa1)
700,000		5.000		04/01/16		785,505
Kershaw County SC Public School Foundation Installment Power Revenue Bonds (School District Project) (AGC) (AA-/Aa3)
1,000,000		5.000		12/01/22		1,112,980
Scago Educational Facilities Corp. for Beaufort School District SC Installment Revenue Bonds (AGM) (AA-/Aa2)
175,000		5.500		12/01/15		199,489
Scago Educational Facilities Corp. for Sumter County School District 17 SC Revenue Bonds (AGM) (AA-/Aa3)
255,000		5.500		12/01/15		289,731

						2,993,717

Tennessee – 0.1%
Tennessee Housing Development Agency Revenue Bonds (Homeownership Program) (AMT) (AA+/Aa1)
220,000		4.250		01/01/14		224,488

Texas – 0.7%
Canyon TX Regional Water Authority Contract Revenue Bonds (Refunding-Mid Cities Project) (AMBAC) (A/NR)
220,000		5.000		08/01/22		237,767
Cash Special Utility District TX Revenue Bonds (Refunding & Improvement) (NATL-RE) (A/Baa2)
500,000		5.250		09/01/22		530,190
Dallas Fort Worth TX International Airport Revenue Bonds (Refunding & Improvement) Series A (AMT) (NATL-RE) (FGIC) (A+/A1)
40,000		5.750		11/01/15		40,158
Houston County TX GO Bonds (Certificates of Obligation) (A/NR)
235,000		5.000		02/15/20		263,618
Lower Colorado River Authority Revenue Bonds (Prerefunded- Refunding) (NR/A1e)^(c)
5,000		5.625		05/15/19		6,472
Texas State Department of Housing & Community Affairs Single Family Mortgage Revenue Bonds (Refunding) Series G (AMT) (FHA/VA Mortgages) (AA+/Aa1)
85,000		4.600		09/01/19		87,184
Weslaco TX Independent School District GO Bonds (Maintenance Tax Notes) Series A (NR/A1)
300,000		4.500		02/15/16		331,692

						1,497,081

Utah – 0.1%
Utah Housing Corporation Single Family Mortgage Revenue Bonds (Refunding) Series A (AAA/Aaa)
320,000		3.850		07/01/16		320,266


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Vermont – 0.5%
Vermont Economic Development Authority Revenue Bonds (Central Vermont Public Service Corp.-Recovery Zone Facility) (NR/Baa1)
$ 1,000,000		5.000	%	12/15/20	$	1,142,680

Virginia – 0.5%
Richmond VA Metropolitan Authority Expressway Revenue Bonds (Prerefunded-Refunding) (ETM) Series 1998 (BBB/NR)
530,000		5.250		07/15/17		613,989
Richmond VA Metropolitan Authority Expressway Revenue Bonds (Unrefunded-Refunding) Series 1998 (BBB/NR)
470,000		5.250		07/15/17		532,849

						1,146,838

Washington – 2.7%
Everett WA Public Facilities District Sales Tax & Interlocal Revenue Bonds Series A (A-/NR)
1,000,000		5.000		12/01/24		1,067,550
Puyallup WA Combined Utility Revenue Bonds Series A (AA/NR)
160,000		4.000		11/01/15		175,114
Washington State Health Care Facilities Authority Revenue Bonds (Catholic Health Initiatives) Series D (AA/Aa2)
500,000		6.000		10/01/23		608,015
Washington State Health Care Facilities Authority Revenue Bonds (Overlake Hospital Medical Center) (A-/A3)
2,000,000		4.375		07/01/18		2,179,420
1,750,000		5.250		07/01/25		1,904,752

						5,934,851

West Virginia – 0.5%
West Virginia State Hospital Finance Authority Revenue Bonds (Refunding & Improvement-Charleston) Series A (NR/A3)
1,000,000		5.500		09/01/28		1,041,330

Wisconsin – 0.8%
Milwaukee County WI Airport Revenue Bonds (Refunding) Series B (AMT) (NATL-RE) (NR/A1)
115,000		5.000		12/01/14		124,530
350,000		5.000		12/01/15		387,223
Plymouth WI Combined Utility Revenue Bonds (XLCA) (NR/A2)
100,000		4.375		05/01/12		100,000
Wisconsin State Health & Educational Facilities Authority Revenue Bonds (Children’s Hospital of Wisconsin) (AA-/Aa3)
1,000,000		5.000		08/15/21		1,139,500

						1,751,253

Wyoming – 1.1%
Wyoming Community Development Authority Homeownership Mortgage Revenue Bonds Series A (NR/Aa2)
540,000		1.625		12/01/14		543,408
500,000		2.125		06/01/16		508,235
450,000		2.250		12/01/16		458,262


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Wyoming – (continued)
Wyoming Community Development Authority Housing Revenue Bonds Series 8 (AMT) (AA+/Aa1)
$ 165,000		4.250	%	06/01/14	$	169,524
280,000		4.250		12/01/14		289,458
385,000		4.300		12/01/15		394,872

						2,363,759

TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $192,049,988)					$	206,750,066


Shares	Description			Rate	Value
Investment Company – 2.6%
T. Rowe Price Tax-Free High Yield Fund (NR/NR)
493,274				4.601%	$	5,647,982
(Cost $5,500,000)


Principal Amount	Interest Rate			Maturity Date	Value
Short-term Investment^(d) – 3.7%
Repurchase Agreement – 3.7%
State Street Bank & Trust Co.
$8,200,000		0.010	%	05/01/12	$	8,200,000
Maturity Value: $8,200,002
(Cost $8,200,000)

TOTAL INVESTMENTS – 100.4%
(Cost $205,749,988)					$	220,598,048

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4)%						(871,127)

NET ASSETS – 100.0%					$	219,726,921


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(b)		Variable rate security. The interest rate shown reflects the rate as of April 30, 2012.
(c)		Prerefunded security. Maturity date disclosed is prerefunding date.
(d)		Repurchase agreement was entered into on April 30, 2012. This agreement was fully collateralized by $8,210,000 U.S. Treasury Bond, 3.125%, due 11/15/41 with a market value of $8,366,195.
Security ratings disclosed, if any, are issued by Standard & Poor’s Ratings Services/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.




Investment Abbreviations:
ADFA-GTD		—Guaranteed by Arkansas Development Finance Authority
AGC		—Insured by Assured Guaranty Corp.
AGM		—Insured by Assured Guaranty Municipal Corp.
AMBAC		—Insured by American Municipal Bond Assurance Corp.
AMT		—Alternative Minimum Tax
ETM		—Escrow to Maturity
FGIC		—Insured by Financial Guaranty Insurance Co.
FHA		—Insured by Federal Housing Administration
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
GO		—General Obligation
NATL-RE		—Insured by National Reinsurance Corp.
NR		—Not Rated
PSF-GTD		—Guaranteed by Permanent School Fund
VA		—Veterans Administration
WR		—Withdrawn Rating
XLCA		—Insured by XL Capital Assurance, Inc.

PORTFOLIO COMPOSITION


	AS OF 4/30/12			AS OF 10/31/11

General Obligations		21.8	%		21.4	%
Hospital		16.6			15.7
Education		14.5			15.2
General		11.7			11.7
Lease		10.4			10.9
Single Family Housing		6.9			7.1
Transportation		5.5			8.5
Investment Companies		2.6			—
Student		2.1			2.4
Power		1.7			0.8
Water/Sewer		1.2			1.3
Multi Family Housing		0.7			0.8
Crossover		0.5			0.6
Prerefunded/Escrow to Maturity		0.4			0.1
Short-term Investments		3.7			2.4

TOTAL INVESTMENTS		100.4	%		98.9	%

The percentage shown for each Sector Allocation reflects the value of investments in that category as a percentage of net assets. Underlying investment categories of Investment Companies held by the Fund are not reflected in the table above. Consequently, the Fund’s overall investment category allocations may differ from the percentages contained in the table above.

The Fund is actively managed and, as such its composition may differ over time.


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – 95.1%
Arizona – 2.4%
Arizona Healthcare & Education Facilities Authority Revenue Bonds (Kirksville College) (A-/NR)
$1,000,000		5.000	%	01/01/25	$	1,079,750
Arizona School Facilities Board Certificates of Participation (A+/A1)
3,000,000		5.250		09/01/23		3,384,420
Pinal City Arizona Unified School District No. 1 Florence School Improvement Project of 2006 GO Bonds Series C (A/NR)
1,155,000		5.125		07/01/23		1,287,952
1,215,000		5.150		07/01/24		1,346,475

						7,098,597

California – 1.9%
Burbank CA Unified School District GO Bonds Capital Appreciation Election of 1997 Series C (NATL-RE) (FGIC) (AA-/WR)^(a)
2,000,000		0.000		07/01/27		1,065,000
Sacramento County CA Airport System Revenue Bonds (A/A2)
2,000,000		5.000		07/01/27		2,218,780
San Juan CA Unified School District GO Bonds (Capital Appreciation) Series 2001 (AGM) (AA-/Aa2)^(a)
2,000,000		0.000		08/01/24		1,202,260
Washington CA Unified School District GO Bonds Capital Appreciation Election of 2004 (Yolo County) Series A (NATL-RE) (FGIC) (A+/WR)^(a)
2,400,000		0.000		08/01/29		947,952

						5,433,992

Colorado – 0.2%
Colorado Housing & Finance Authority Revenue Bonds (Single Family Mortgage) Class I Series A (FHA) (AAA/Aaa)
610,000		4.350		11/01/19		642,696

Florida – 0.4%
Gulf Breeze FL Revenue Bonds (Local Government Loan) Series J (A+/Aa3)
1,000,000		4.500		12/01/20		1,150,200

Idaho – 0.2%
Idaho Housing & Finance Association Revenue Bonds (Single Family Mortgage) Series B Class I (NR/Aa2)
450,000		5.250		07/01/29		479,223

Illinois – 2.1%
Grundy Kendall & Will Counties IL Community School District No. 201 GO Bonds (Refunding) Series A (AA/NR)
1,500,000		5.250		10/15/27		1,692,825
Illinois Finance Authority Revenue Bonds (Poetry Foundation Project) (A+/A1)
1,000,000		5.300		01/01/40		1,056,600
Illinois Finance Authority Revenue Bonds (Refunding-Resurrection Health) (BBB+/Baa1)
1,000,000		5.250		05/15/15		1,100,150


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Illinois – (continued)
Illinois Finance Authority Revenue Bonds (Refunding-Swedish Covenant) Series A (BBB+/NR)
$1,000,000		5.500	%	08/15/24	$	1,121,430
Will County IL Community Unit School District No. 201 Crete- Monee GO Bonds (Capital Appreciation) Series 2004 (NATL-RE) (FGIC) (A+/WR)^(a)
1,500,000		0.000		11/01/19		1,216,935

						6,187,940

Indiana – 1.0%
Evansville IN Redevelopment Authority Revenue Bonds Lease Rent Tax Allocation (Build America Bonds-Taxable) Series B (A/Aa3)
2,000,000		6.860		02/01/29		2,225,760
Indiana Bond Bank Revenue Bonds (Special Program-Hendricks Regional Health) Series A (AA/NR)
500,000		5.500		02/01/29		560,540

						2,786,300

Iowa – 0.6%
Iowa Finance Authority Revenue Bonds (Single Family Mortgage) Series E (GNMA/FNMA) (Go of Authority) (AA+/Aaa)
400,000		5.000		07/01/23		401,060
Waterloo Community School District Infrastructure Sales & Services Tax Revenue Bonds (Refunding) Series A (A/NR)
1,245,000		5.250		01/01/30		1,338,599

						1,739,659

Kentucky – 0.1%
Kentucky Housing Corp. Revenue Bonds Series A (FHA) (AAA/Aaa)
370,000		5.750		07/01/39		385,425

Louisiana – 3.3%
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Refunding-Independence Stadium Project) (A/NR)
1,525,000		5.000		03/01/21		1,671,522
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Woman’s Hospital Foundation) Series A (BBB+/A3)
7,000,000		5.500		10/01/25		7,973,910

						9,645,432

Michigan – 0.4%
River Rouge MI School District GO Bonds (Refunding) (NATL-RE) (FGIC) (AA-/Aa2)
1,000,000		5.000		05/01/19		1,016,630

Missouri – 79.0%
Arnold MO Certificates of Participation (A+/NR)
200,000		3.000		11/01/17		209,826
230,000		3.000		11/01/18		240,226
210,000		3.000		11/01/19		217,663


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Arnold MO Certificates of Participation (A+/NR) – (continued)
$ 225,000		3.625	%	11/01/22	$	234,322
470,000		3.700		11/01/23		488,156
225,000		3.800		11/01/24		233,933
480,000		3.875		11/01/25		496,584
250,000		4.000		11/01/26		259,710
Belton MO Certificates of Participation (A/NR)
500,000		5.125		03/01/25		537,835
500,000		5.250		03/01/29		534,855
Belton MO School District No. 124 Direct Deposit Program GO Bonds (Refunding) Series A (AA+/Aa1)
150,000		4.000		03/01/17		157,904
Belton MO School District No. 124 Direct Deposit Program GO Bonds (Refunding) Series B (AA+/Aa1)
150,000		4.000		03/01/21		165,900
Bi-State Development Agency MO Metro District Revenue Bonds (Refunding-St. Clair County Metrolink Project) (AGM) (AA-/Aa3)
2,000,000		5.250		07/01/20		2,361,600
Boone County MO Hospital Revenue Bonds (NR/A3)
2,350,000		5.750		08/01/28		2,623,211
Branson MO Reorganized School District No. R-4 GO Bonds (AGM) (AA-/Aa3)
1,000,000		5.000		03/01/18		1,089,550
1,250,000		5.000		03/01/19		1,356,162
Branson MO Reorganized School District No. R-4 GO Bonds School District Direct Deposit Program (AMBAC) (A+/WR)
300,000		5.500		03/01/14		324,273
Branson MO Reorganized School District No. R-4 GO Bonds Series 2012 (A+/NR)
2,000,000		4.000		03/01/27		2,090,960
3,000,000		4.500		03/01/29		3,252,720
Camdenton MO Reorganized School District No. RIII GO Bonds (Refunding & Improvement) (AGM) (AA-/Aa3)
500,000		5.250		03/01/17		592,375
1,000,000		5.250		03/01/21		1,090,620
Campbell MO Reorganized School District No. 2 Direct Deposit Program GO Bonds (Refunding) (AA+/NR)
215,000		1.600		03/01/13		215,174
215,000		1.900		03/01/14		215,174
220,000		2.250		03/01/15		220,202
Cape Girardeau County MO Industrial Development Authority Health Care Facilities Revenue Bonds (St. Francis Medical Center) Series A (A+/NR)
400,000		5.250		06/01/12		401,284
1,000,000		5.250		06/01/13		1,038,940
1,550,000		5.500		06/01/16		1,612,108
Cass County MO Reorganized School District No. R-2 Raymore-Peculiar Direct Deposit Program GO Bonds (AA+/NR)
1,000,000		5.000		03/01/18		1,146,990


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Clay County MO Public School District No. 53 Liberty School Building Direct Deposit Program GO Bonds (AA+/NR)
$1,280,000		5.000	%	03/01/25	$	1,475,750
Clay County MO Reorganized School District No. R-1 Kearney School Building Direct Deposit Program GO Bonds Series B (AA+/Aa1)
695,000		5.000		03/01/21		756,431
650,000		5.000		03/01/22		705,016
Clayton MO Special Obligation Revenue Bonds (Build America Bonds) Series B (AA+/NR)
810,000		5.200		12/01/23		916,474
Clinton MO Certificates of Participation (Refunding & Improvement) (NR/NR)
400,000		5.000		12/01/12		407,880
Cole County MO Certificates of Participation (Jail Project) (NR/Aa3)
660,000		4.300		12/01/19		703,204
1,000,000		4.500		12/01/20		1,068,380
400,000		4.500		12/01/22		424,532
Columbia MO School District Certificates of Participation (School District Administration Building Project) Series A (NR/Aa2)
1,045,000		4.840		10/01/36		1,066,673
Des Peres MO Certificates of Participation (Refunding) (AA+/NR)
390,000		3.000		08/01/14		403,560
Fenton MO Certificates of Participation (Refunding) (AA-/NR)
565,000		2.000		01/01/13		569,345
Florissant MO Certificates of Participation (ETM) (NATL-RE) (FGIC) (NR/A1)
560,000		5.000		08/01/12		566,608
Florissant MO Certificates of Participation (NATL-RE) (FGIC) (NR/A1)^(b)
1,435,000		5.000		08/01/12		1,451,933
Fort Zumwalt MO School District Direct Deposit Program GO Bonds Series A (AA+/Aa1)
1,080,000		5.000		03/01/19		1,252,865
Fort Zumwalt MO School District GO Bonds Direct Deposit Program (Refunding) Series A (AA+/Aa1)
700,000		5.000		03/01/17		779,324
935,000		5.000		03/01/18		1,038,729
945,000		5.000		03/01/19		1,040,917
Franklin County MO Public Water Supply District No. 3 Certificates of Participation (NR/NR)
610,000		5.875		12/01/30		611,494
1,300,000		6.250		12/01/35		1,302,392
Franklin County MO Public Water Supply District No. 3 Certificates of Participation (Refunding) Series C (NATL-RE) (FGIC) (NR/WR)
395,000		5.000		12/01/15		401,723
Gladstone MO Certificates of Participation Series A (XLCA) (NR/A1)
475,000		5.000		06/01/23		511,385


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Grain Valley MO Certificates of Participation (Refunding) (NR/NR)
$ 200,000		5.000	%	09/01/20	$	217,724
Greene County MO Certificates of Participation (Refunding-Law Enforcement) (NR/A3)
425,000		2.500		07/01/15		437,801
Greene County MO Special Obligation Revenue Bonds (Refunding) (NR/A3)
450,000		2.000		03/01/13		454,144
280,000		2.500		03/01/15		287,406
Greenwood MO GO Build America Bonds Taxable Series B (A-/NR)
500,000		5.625		03/01/25		537,415
Hannibal MO Industrial Development Authority Health Facilities Revenue Bonds (Refunding-Hannibal Regional Hospital) (BBB+/NR)
650,000		3.500		09/01/12		655,726
Hickman Mills MO School District No. C-1 Direct Deposit Program GO Bonds (AGM) (AA+/Aa3)
2,300,000		5.000		03/01/19		2,381,650
Higginsville MO Sewage Systems Revenue Bonds (Build America Bonds-Taxable Direct Payment to Issuer) (A-/NR)
500,000		5.924		10/01/30		530,675
I-470 & 350 Transportation Development District MO Sales Tax Revenue Bonds (Refunding & Improvement) (Radian) (NR/WR)
395,000		4.600		06/01/29		398,030
Independence MO School District (Direct Deposit Program) Series A (AA+/NR)
2,000,000		5.250		03/01/30		2,367,080
Jackson County MO Consolidated School District Direct Deposit Program GO Bonds (AA+/NR)
2,365,000		5.000		03/01/25		2,664,575
Jackson County MO Consolidated School District No. 2 Direct Deposit Program GO Bonds (NATL-RE) (AA+/Baa2)
1,250,000		5.000		03/01/22		1,401,225
Jackson County MO Public Building Corp. Leasehold Revenue Bonds (Capital Improvements Project) Series B (NR/Aa3)
530,000		4.500		12/01/19		572,713
555,000		4.500		12/01/20		594,522
Jackson County MO Public Building Corp. Leasehold Revenue Bonds Series A (NATL-RE) (NR/Aa3)
500,000		5.000		12/01/20		553,285
Jackson County MO School District No. C-1 Hickman School Building Direct Deposit Program GO Bonds (AA+/NR)
500,000		5.000		03/01/24		568,255
Jackson County MO Special Obligation Revenue Bonds (Harry S. Truman Sports Complex) (AMBAC) (A+/Aa3)
1,360,000		5.000		12/01/22		1,482,794


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Jackson County MO Special Obligation Revenue Bonds (Truman Medical Control Project) Series B (NR/Aa3)
$ 900,000		3.500	%	12/01/18	$	967,275
920,000		3.850		12/01/20		994,649
500,000		4.350		12/01/23		541,945
820,000		4.500		12/01/24		883,452
Jackson County MO Special Obligation Revenue Bonds Series A (NATL-RE) (NR/Aa3)
890,000		5.500		12/01/12		915,320
Jefferson County MO Consolidated Public Water Supply District No. C-1 Revenue Bonds (AMBAC) (NR/WR)
1,000,000		5.250		12/01/15		1,021,660
Jefferson County MO Consolidated Public Water Supply District No. C-1 Waterworks Revenue Bonds (Refunding) (A+/NR)
290,000		4.000		12/01/20		315,824
435,000		4.000		12/01/21		470,887
425,000		4.000		12/01/22		458,452
Jefferson County MO Library District Lease Certificates of Participation (Refunding) Series A (A+/NR)
455,000		5.000		03/01/29		474,574
Jefferson County MO Library District Lease Certificates of Participation (Refunding) Series B (A+/NR)
1,270,000		5.000		03/01/29		1,314,221
Joplin MO Industrial Development Authority Health Facilities Revenue Bonds (Freeman Health System Project) (BBB+/NR)
555,000		5.500		02/15/14		587,640
2,570,000		5.500		02/15/29		2,697,652
1,000,000		5.500		02/15/31		1,069,570
1,500,000		5.750		02/15/35		1,562,085
Kansas City MO GO Bonds (Refunding & Improvement) Series A (AA/Aa2)
5,425,000		4.500		02/01/24		6,378,552
Kansas City MO Industrial Development Authority Revenue Bonds (Refunding & Dowtown Redevelopment District) Series A (AA-/A1)
2,130,000		5.500		09/01/29		2,392,459
Kansas City MO Land Clearance Revenue Bonds (Refunding & Improvement) Series E (XCLA) (AA-/A1)
1,000,000		5.000		12/01/15		1,119,240
Kansas City MO Metropolitan Community Leasehold Jr. College Revenue Bonds (Refunding & Improvement) (NATL-RE) (FGIC) (NR/Aa2)
1,075,000		5.000		07/01/17		1,215,062
Kansas City MO Special Obligation (Prerefunded-Refunding Kansas City MO Project) Series B (ETM) (NR/A1e)
55,000		3.000		01/01/15		58,660
Kansas City MO Special Obligation (Unrefunded-Refunding Kansas City MO Project) Series B (AA-/A1)
445,000		3.000		01/01/15		463,766
Kansas City MO Special Obligation Revenue Bonds (Arena Project) (Refunding & Improvement) Series C (AA-/A1)
1,575,000		5.500		04/01/23		1,842,545


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Kansas City MO Special Obligation Revenue Bonds (Arena Project) (Refunding & Improvement) Series D (AA-/A1)
$ 245,000		6.431	%	04/01/18	$	252,845
Kansas City MO Special Obligation Revenue Bonds (Capital Appreciation) Series E (AA-/A1)^(a)
4,465,000		0.000		02/01/18		3,716,443
Kansas City MO Special Obligation Tax Allocation (East Village Project) Series A (AA-/A1)
500,000		5.000		04/15/31		540,470
Kirkwood MO Certificates of Participation (Build America Bonds- Taxable Direct Payment) (NR/Aa2)
500,000		6.050		09/01/30		541,075
Kirkwood MO School District Educational Facilities Authority Leasehold Revenue Bonds for Kirkwood School District R-7 Project Series B (NATL-RE) (NR/Aa2)
750,000		5.000		02/15/19		803,430
Ladue MO School District GO Bonds (Refunding & Improvement) (AAA/NR)
500,000		5.000		03/01/20		578,165
545,000		5.000		03/01/22		625,284
500,000		5.000		03/01/23		571,415
Lee’s Summit MO Water & Sewer Revenue Bonds (Refunding) (AMBAC) (NR/Aa2)
1,000,000		5.250		07/01/12		1,003,580
Lee’s Summit MO Water & Sewer Revenue Bonds Combination Series A (AMBAC) (NR/Aa2)
480,000		5.000		07/01/20		481,579
Mehlville MO School District No. R-9 Certificates of Participation (AGM) (AA-/Aa3)
1,620,000		4.750		03/01/16		1,718,480
850,000		4.750		03/01/17		899,444
Metropolitan St. Louis MO Sewer District Wastewater System Revenue Bonds Series B (AAA/Aa1)
1,560,000		5.000		05/01/19		1,928,269
Missouri Development Finance Board Cultural Facilities Revenue Bonds (Nelson Gallery Foundation) Series A (AA-/NR)
1,000,000		5.000		12/01/20		1,228,300
Missouri School Board Association Lease Certificates of Participation for Liberty Public School District No. 53 (AGM) (AA-/Aa3)
830,000		5.250		03/01/21		945,727
700,000		5.250		03/01/22		794,850
Missouri State Board of Public Buildings Special Obligation Revenue Bonds Series A (AA+/Aa1)
1,000,000		5.000		10/15/20		1,062,820
Missouri State Development Finance Board Infrastructure Facilities Revenue Bonds (Independence-Events Center) Series F (A-/NR)
1,000,000		6.125		04/01/29		1,035,140


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri State Development Finance Board Infrastructure Facilities Revenue Bonds (Water System) (Refunding) Series E (A-/NR)
$ 700,000		4.000	%	11/01/13	$	728,413
Missouri State Development Finance Board Infrastructure Facilities Tax Allocation (Eastland Center Project) Series A (A-/NR)
150,000		4.500		04/01/22		157,887
Missouri State Development Finance Board Infrastructure Facilities Tax Allocation (Independence-Centerpoint Project) (A-/NR)
935,000		4.750		04/01/28		971,026
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Control Revenue Bonds (Prerefunded-State Revolving Funds Program) Series B (Go of Authority) (NR/NR)^(b)
705,000		5.000		01/01/13		727,250
715,000		5.125		01/01/13		738,152
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Control Revenue Bonds (State Revolving Funds Program) Series A (NR/Aaa)
400,000		5.500		01/01/23		482,460
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Control Revenue Bonds (State Revolving Funds Program) Series B (NR/Aaa)
1,115,000		5.000		07/01/17		1,307,772
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Control Revenue Bonds (Unrefunded Balance-State Revolving Funds Program) Series A (NR/Aaa)
420,000		5.200		07/01/12		421,667
Missouri State Environmental Improvement & Energy Resources Authority Water Pollution Control Revenue Bonds (Unrefunded Balance-State Revolving Funds Program) Series B (Go of Authority) (NR/Aaa)
415,000		5.125		01/01/18		425,549
20,000		5.000		01/01/22		20,416
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (A.T. Still University of Health Sciences) Series 2011 (A-/NR)
510,000		3.000		10/01/17		534,959
525,000		4.000		10/01/18		574,959
545,000		4.000		10/01/19		589,625
400,000		3.500		10/01/21		407,720
1,850,000		5.250		10/01/41		1,953,970
Missouri State Health & Educational Facilities Authority Educational Facilities Revenue Bonds (Ranken Technical College) Series A (A-/A3)
1,000,000		5.125		11/01/31		1,051,070
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (St. Luke’s Episcopal-Presbyterian Hospitals) Series 2011 (A/NR)
670,000		3.000		12/01/14		704,894


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri State Health & Educational Facilities Authority Health Facilities Revenue Bonds (St. Lukes Episcopal) Series 2011 (A/NR)
$2,270,000		5.000	%	12/01/25	$	2,508,032
Missouri State Health & Educational Facilities Authority Revenue Bonds (Barnes-Jewish, Inc.) Series A (AA/Aa2)
3,035,000		5.250		05/15/14		3,187,691
Missouri State Health & Educational Facilities Authority Revenue Bonds (BJC Health System) Series 2003 (AA/Aa2)
2,180,000		5.250		05/15/17		2,290,308
Missouri State Health & Educational Facilities Authority Revenue Bonds (BJC Health System) Series A (AA/Aa2)
1,225,000		5.000		05/15/18		1,378,884
Missouri State Health & Educational Facilities Authority Revenue Bonds (Children’s Mercy Hospital) (A+/NR)
1,000,000		5.000		05/15/23		1,096,710
Missouri State Health & Educational Facilities Authority Revenue Bonds (Cox Health System) (NR/A2)
2,350,000		5.125		11/15/23		2,571,276
Missouri State Health & Educational Facilities Authority Revenue Bonds (Lake Regional Health System Project) (BBB+/NR)
510,000		5.000		02/15/14		533,542
Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding & Improvement-Webster University Project) Series 2011 (NR/A2)
2,000,000		5.000		04/01/22		2,288,820
2,000,000		5.000		04/01/25		2,229,520
Missouri State Health & Educational Facilities Authority Revenue Bonds (Refunding-Lake Regional Health System) (BBB+/NR)
2,000,000		5.000		02/15/19		2,197,380
Missouri State Health & Educational Facilities Authority Revenue Bonds (SSM Health Care) Series B (AA-/NR)
1,000,000		4.500		06/01/25		1,084,460
Missouri State Health & Educational Facilities Authority Revenue Bonds (St. Lukes Health System) Series A (AGM) (AA-/Aa3)
2,000,000		5.000		11/15/14		2,168,160
1,000,000		5.000		11/15/19		1,166,950
Missouri State Health & Educational Facilities Authority Revenue Bonds (Washington University) Series A (AAA/Aaa)
1,050,000		5.000		02/15/17		1,178,877
1,545,000		5.000		02/15/20		1,718,720
Missouri State Highways & Transit Commission Road Revenue Bonds (Second Lien) (AAA/Aa1)
1,165,000		5.250		05/01/18		1,398,699
Missouri State Housing Development Commission Multi Family Housing Revenue Bonds (Courthouse Apartments LLC) Series 2009-1 (FHA) (AA/NR)
610,000		5.250		07/01/42		641,793


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Missouri State Housing Development Commission Multi Family Housing Revenue Bonds (Samantha Heights Apartments Project) Series 2 (FHA) (AA/NR)
$ 500,000		4.375	%	07/01/30	$	508,090
3,420,000		4.750		07/01/42		3,497,805
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Special Homeownership Loan Program Market Bonds) Series E-1 (FHLMC) (AA+/NR)
890,000		3.950		05/01/21		917,385
1,050,000		3.950		11/01/21		1,082,308
Missouri State Housing Development Commission Single Family Mortgage Revenue Bonds (Special Homeownership Loan Program) (Non-AMT) Series E-4 (GNMA/FNMA/FHLMC) (AA+/NR)
1,045,000		0.650		11/01/13		1,046,557
345,000		1.000		05/01/14		345,611
250,000		1.500		05/01/15		251,243
315,000		3.600		11/01/23		324,781
490,000		3.750		05/01/24		504,729
400,000		3.800		05/01/25		412,404
Monarch-Chesterfield MO Levee District Special Tax (A-/NR)
3,425,000		4.000		03/01/19		3,720,577
Monarch-Chesterfield MO Levee District Special Tax (NATL-RE) (BBB/Baa2)
525,000		5.450		03/01/14		526,722
Neosho MO Reorganized School District No. R-5 GO Bonds (Building-Direct Deposit Program) (AGM) (AA+/Aa3)
1,430,000		5.250		03/01/21		1,610,523
Nixa MO Electric System Revenue Bonds (XLCA) (NR/WR)^(b)
1,000,000		4.750		04/01/13		1,040,740
North Kansas City MO Hospital Revenue Bonds (North Kansas City Hospital) Series A (AGM) (AA-/Aa3)
1,000,000		5.000		11/15/18		1,030,960
1,000,000		5.000		11/15/19		1,027,620
North Kansas City MO Levee District (Improvement) Series 2011 (A-/NR)
275,000		3.000		04/01/18		281,900
280,000		3.000		04/01/19		284,374
265,000		3.250		04/01/20		270,266
275,000		4.000		04/01/21		290,812
315,000		4.000		04/01/22		329,909
385,000		4.500		04/01/27		402,186
405,000		4.500		04/01/28		421,330
425,000		4.625		04/01/29		443,496
445,000		4.750		04/01/30		466,333
North Kansas City MO School District No. 74 Direct Deposit Program GO Bonds (AA+/Aa1)
3,000,000		5.500		03/01/28		3,540,960
Northwest Missouri State University Revenue Bonds (Housing System) (NATL-RE) (NR/A3)
2,875,000		5.000		06/01/20		2,956,794


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
O’Fallon MO Certificates of Participation (NATL-RE) (NR/Aa3)
$2,130,000		5.250	%	11/01/17	$	2,438,381
1,000,000		5.250		11/01/18		1,160,010
2,000,000		5.250		11/01/19		2,345,420
O’Fallon MO GO Refunding Bonds Series 2005 (AMBAC) (NR/Aa2)
1,815,000		5.000		03/01/14		1,967,224
O’Fallon MO Special Obligation Revenue Bonds Series 2012 (AA-/NR)
1,135,000		4.000		11/01/22		1,236,004
OTC Public Building Corp. MO Leasehold Revenue Bonds (Refunding-Ozarks Technical Community College) (AGM) (AA-/NR)
1,500,000		5.000		03/01/19		1,816,710
Ozark MO Reorganized School District No. R-6 GO Bonds (Direct Deposit Program) (AGM) (AA+/Aa3)
440,000		5.000		03/01/22		496,769
Parkville MO GO Notes (Brush Creek Drain Area Neighborhood Temporary Notes) Series A (SP-1+/NR)
2,210,000		2.000		08/01/12		2,211,856
Platte County MO GO Bonds for Parkville Neighborhood Improvement Series B (NATL-RE) (NR/Aa2)
2,720,000		5.000		02/01/22		2,932,976
Platte County MO Industrial Development Authority Transportation Revenue Bonds (Refunding & Improvement-Zona Rosa Retail Project) (AA-/NR)
435,000		5.000		12/01/18		502,799
850,000		5.000		12/01/20		970,912
Raytown MO Annual Appropriation- Supported Tax Revenue Bonds (Live Redevelopment Plan Project 1) (A+/NR)
150,000		5.000		12/01/12		152,474
Raytown MO Sewer Revenue Bonds (NR/NR)
100,000		4.625		07/01/24		101,630
100,000		4.700		07/01/27		101,464
Republic MO Special Obligation Revenue Bonds (A/NR)
380,000		2.000		05/01/14		382,972
175,000		2.500		05/01/15		178,350
150,000		2.650		05/01/16		154,484
330,000		2.500		08/01/16		337,626
125,000		3.000		05/01/17		130,188
345,000		3.000		08/01/17		359,462
150,000		3.150		05/01/18		156,246
360,000		3.000		08/01/18		371,603
150,000		3.300		05/01/19		156,557
250,000		3.500		05/01/20		260,015
300,000		3.750		05/01/21		312,762
325,000		3.875		05/01/22		338,322
Ritenour MO School District Direct Deposit Program GO Bonds (AA+/NR)
1,740,000		4.500		03/01/17		1,963,921


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
Riverside MO Tax Increment Revenue Tax Allocation (L-385 Levee Project) (A/NR)
$ 1,000,000		5.250	%	05/01/20	$	1,047,310
Riverside-Quindaro MO Bend Levee District Project Revenue Bonds Series L (Radian) (BBB/NR)
450,000		5.500		03/01/14		467,968
500,000		5.500		03/01/15		525,575
Springfield MO Public Building Corp. Leasehold Revenue Bonds (Taxable Improvement-Branson National Airport) (NR/Aa2)
540,000		6.750		03/01/28		602,635
575,000		6.850		03/01/29		641,821
Springfield MO Public Utility Revenue Certificates of Participation (Lease Purchase for Various Projects) Series A (NATL-RE) (AA/A1)
1,000,000		5.000		12/01/18		1,088,610
Springfield MO Special Obligation Revenue Bonds (College Station Garage Project) Series A (NR/Aa3)
190,000		4.500		11/01/18		213,758
530,000		4.500		11/01/19		589,280
610,000		4.500		11/01/20		669,310
645,000		4.750		11/01/21		710,713
685,000		4.750		11/01/22		750,760
Springfield MO Special Obligation Revenue Bonds (Heers Garage Project) Series B (NR/Aa3)
385,000		4.750		11/01/21		424,224
405,000		4.750		11/01/22		443,880
St. Charles County MO Community College GO Bonds (Refunding) (NATL-RE) (NR/Aa1)
2,585,000		5.000		02/15/17		3,040,270
St. Charles County MO Public Water Supply District No. 2 Certificates of Participation (AA/NR)
2,115,000		4.000		12/01/20		2,214,765
100,000		5.200		12/01/31		105,702
St. Charles County MO Public Water Supply District No. 2 Certificates of Participation Series B (Refunding) (NATL-RE) (NR/Baa2)
530,000		5.000		12/01/12		541,215
St. Charles County MO Water Supply District No. 2 Certificates of Participation (AA/NR)
650,000		5.375		12/01/36		683,260
St. Charles MO Certificates of Participation Build America Bonds Series B (NR/Aa3)
1,250,000		5.650		02/01/30		1,338,225
St. Charles MO Certificates of Partipation Series 2012 (NR/A1e)
1,000,000		3.000		05/01/22		1,015,170
St. Charles MO Certificates of Participation Series B (NR/A1)^(b)
1,000,000		5.500		05/01/13		1,052,420
St. Charles MO Community College Educational Facilities Authority Leasehold Revenue Bonds (NR/Aa2)
100,000		5.250		06/01/19		105,741
735,000		5.200		06/01/24		774,462


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Missouri – (continued)
St. Louis County MO Industrial Development Authority Health Facilities Revenue Bonds (Refunding-Ranken Jordan Project) (NR/NR)
$ 490,000		5.000	%	11/15/15	$	511,408
515,000		5.000		11/15/16		539,416
St. Louis County MO Parkway School District No. C-2 GO Bonds (Refunding & Improvement) (AAA/NR)
400,000		3.250		03/01/19		444,712
St. Louis MO Airport Revenue Bonds (Refunding-Lambert International Airport) Series B (AMT) (AGM) (AA-/Aa3)
2,000,000		5.000		07/01/24		2,092,320
St. Louis MO Junior College District Building Corp. Leasehold Revenue Bonds (AA/NR)
100,000		4.000		04/01/16		109,421
St. Louis MO Municipal Finance Corp. Leasehold Revenue Bonds (Refunding-Civil Courts Building) (A/NR)
1,255,000		3.000		08/01/14		1,297,783
1,345,000		4.000		08/01/14		1,420,441
St. Louis MO Parking Revenue Bonds (Taxable) Series B (NATL-RE) (BBB/Baa2)
100,000		5.140		12/15/14		106,775
St. Louis MO Special Administrative Board Transitional School District GO Bonds (Direct Deposit Program) (AA+/NR)
4,250,000		5.000		04/01/21		4,898,507
Taney County MO Certificates of Participation (NATL-RE) (NR/A1)
1,095,000		4.500		04/01/17		1,179,906
Valley Park MO School District Educational Facilities Authority Leasehold Revenue Bonds (Refunding) (AA-/NR)
300,000		2.750		03/01/17		311,706
345,000		3.000		03/01/18		361,557
360,000		3.000		03/01/19		373,464
385,000		3.150		03/01/21		396,585
700,000		3.300		03/01/23		719,061
Warrensburg MO Certificates of Participation (Refunding & Improvement) (A/NR)
225,000		3.000		09/01/12		226,393
West Plains R-VII School District MO Lease Certificates of Participation Howell County (Refunding-GTD Performance) Series A (A-/NR)
405,000		2.700		04/15/16		407,766
470,000		3.250		04/15/18		473,196
Willard MO Certificates of Participation (Parks & Recreation Project) Series B (A/NR)
625,000		6.625		06/01/28		744,581

						231,613,933

Nevada – 0.9%
Las Vegas NV Convention & Visitors Authority Revenue Bonds (Refunding) Series E (AGM) (AA-/Aa3)
2,505,000		5.400		07/01/33		2,759,834


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Pennsylvania – 0.7%
Delaware County Authority University Revenue Bonds for Neumann University (BBB/NR)
$1,000,000		5.000	%	10/01/25	$	1,054,710
St. Mary’s PA Area Water Authority Revenue Bonds (BBB+/NR)
1,000,000		4.750		02/01/25		1,059,030

						2,113,740

Puerto Rico – 1.0%
Puerto Rico Electric Power Authority Revenue Bonds (Refunding) (NATL-RE) (BBB+/Baa1)
555,000		5.000		07/01/22		617,110
Puerto Rico Public Buildings Authority Revenue Bonds (Unrefunded Balance-Government Facilities) Series l (BBB/Baa1)
2,320,000		5.250		07/01/33		2,355,775

						2,972,885

Washington – 0.9%
Washington State Health Care Facilities Authority Revenue Bonds (Overlake Hospital Medical Center) (A-/A3)
2,500,000		5.250		07/01/25		2,721,075

TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $261,351,608)					$	278,747,561


Shares	Description			Rate	Value
Investment Company – 2.5%
T. Rowe Price Tax-Free High Yield Fund (NR/NR)
627,803				4.601%	$	7,188,341
(Cost $7,000,000)


Principal Amount	Interest Rate			Maturity Date	Value
Short-term Investment^(c) – 3.2%
Repurchase Agreement – 3.2%
State Street Bank & Trust Co.
$9,492,000		0.010	%	05/01/12	$	9,492,000
Maturity Value: $9,492,003
(Cost $9,492,000)

TOTAL INVESTMENTS – 100.8%
(Cost $277,843,608)					$	295,427,902

LIABILITIES IN EXCESS OF OTHER ASSETS – (0.8)%						(2,408,765)

NET ASSETS – 100.0%					$	293,019,137



The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(b)		Prerefunded security. Maturity date disclosed is prerefunding date.
(c)		Repurchase agreement was entered into on April 30, 2012. This agreement was fully collateralized by $9,505,000 U.S. Treasury Bond, 3.125% due 11/15/41 with a market value of $9,685,833.
Security ratings disclosed, if any, are issued by Standard & Poor’s Ratings Services/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.



Investment Abbreviations:
AGM		—Insuredby Assured Guaranty Municipal Corp.
AMBAC		—Insuredby American Municipal Bond Assurance Corp.
AMT		—AlternativeMinimum Tax
ETM		—Escrowto Maturity
FGIC		—Insuredby Financial Guaranty Insurance Co.
FHA		—Insuredby Federal Housing Administration
FHLMC		—FederalHome Loan Mortgage Corp.
FNMA		—FederalNational Mortgage Association
GNMA		—GovernmentNational Mortgage Association
GO		—GeneralObligation
GTD		—Guaranteed
NATL-RE		—Insuredby National Reinsurance Corp.
NR		—Not Rated
Radian		—Insuredby Radian Asset Assurance
WR		—WithdrawnRating
XLCA		—Insuredby XL Capital Assurance, Inc.

PORTFOLIO COMPOSITION


	AS OF 4/30/12			AS OF 10/31/11

General Obligations		23.9	%		23.4	%
Lease		21.3			23.4
Hospital		17.6			18.2
General		12.4			10.6
Education		6.7			6.1
Water/Sewer		3.9			4.9
Transportation		3.3			5.5
Investment Companies		2.5			—
Single Family Housing		2.3			2.1
Multi Family Housing		1.6			1.7
Prerefunded/Escrow to Maturity		1.5			1.1
Crossover		0.4			0.4
Power		0.2			0.6
Short-term Investments		3.2			0.9

TOTAL INVESTMENTS		100.8	%		98.9	%

The Fund is actively managed and, as such its composition may differ over time.


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – 93.5%
Arizona – 0.5%
Arizona Healthcare & Education Facilities Authority Revenue Bonds (Kirksville College) (A-/NR)
$ 450,000		5.000	%	01/01/25	$	485,888

California – 2.1%
Burbank CA Unified School District GO Bonds Capital Appreciation Election of 1997 Series C (NATL-RE) (FGIC) (AA-/WR)^(a)
670,000		0.000		07/01/27		356,775
Sacramento County CA Airport System Revenue Bonds (A/A2)
500,000		5.000		07/01/27		554,695
San Marcos Unified School District GO Bonds (Capital Appreciation) (AA-/Aa2)^(a)
2,275,000		0.000		08/01/24		1,341,590

						2,253,060

Illinois – 1.3%
Illinois Finance Authority Revenue Bonds (Poetry Foundation Project) (A+/A1)
900,000		5.300		01/01/40		950,940
Will County IL Community Unit School District No. 201 Crete- Monee GO Bonds (Capital Appreciation) Series 2004 (NATL-RE) (FGIC) (A+/WR)^(a)
500,000		0.000		11/01/19		405,645

						1,356,585

Indiana – 2.0%
Evansville IN Redevelopment Authority Revenue Bonds Lease Rent Tax Allocation (Build America Bonds-Taxable) Series B (A/Aa3)
1,000,000		6.860		02/01/29		1,112,880
Indiana State Finance Authority Revenue Bonds (Educational Facilities for Indiana Historical Society, Inc.) (NR/A3)
1,000,000		5.000		07/01/35		1,051,210

						2,164,090

Iowa – 0.2%
Iowa Finance Authority Single Family Mortgage Revenue Bonds Series E (GNMA/FNMA) (Go of Authority) (AA+/Aaa)
205,000		5.000		07/01/23		205,543

Kansas – 76.2%
Allen County KS Public Building Community Revenue Bonds (Allen County Hospital Project) Series 2012 (A/NR)
1,090,000		5.000		12/01/27		1,192,089
1,140,000		5.000		12/01/28		1,238,530
1,195,000		5.000		12/01/29		1,290,779
Augusta KS Electric Systems Revenue Bonds (AMBAC) (NR/WR)^(b)
1,000,000		4.750		08/01/12		1,011,060
Burlington KS Pollution Control Revenue Bonds (Refunding Gas & Electric) (NATL-RE) (BBB+/A3)
190,000		4.850		06/01/31		198,561


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Butler County KS Unified School District No. 490 GO Bonds (Refunding-School Building) Series A (AA-/NR)
$ 500,000		5.000	%	09/01/18	$	615,095
Chisholm Creek Utility Authority KS Water and Wastewater Facilities Revenue Bonds (Refunding) (AMBAC) (NR/WR)
1,000,000		5.250		09/01/24		1,158,730
City of Abilene KS Public Building Commission Revenue Bonds Series 2011 (A+/NR)
1,095,000		4.150		12/01/27		1,139,030
City of Abilene KS Public Building Commission Revenue Bonds Series 2012 (A+/NR)
1,750,000		5.025		12/01/35		1,856,855
Cowley County KS Unified School District No. 470 Arkansas City GO Bonds (Refunding) (A/NR)
940,000		4.000		09/01/17		1,068,658
235,000		4.000		09/01/18		264,587
Dodge City KS Unified School District No. 443 Ford County Certificates of Participation (Lease Purchase Agreement) (NR/A2)
1,015,000		2.000		12/01/13		1,027,160
Douglas County KS GO Bonds (Refunding Sales Tax) Series A (AMBAC) (NR/Aa2)
1,000,000		5.000		08/01/12		1,011,450
Harvey County KS School District No. 373 GO Bonds (Refunding & Improvement) (AGM) (AA-/Aa3)
495,000		5.000		09/01/15		550,851
Johnson County KS GO Bonds (Internal Improvement) Series A (AAA/Aaa)
1,000,000		5.000		09/01/21		1,015,180
Johnson County KS Public Building Commission Lease Purchase Revenue Bonds (Refunding) Series C (AAA/Aaa)
750,000		4.000		09/01/18		865,710
500,000		4.000		09/01/20		578,010
Johnson County KS Unified School District No. 229 GO Bonds Series A (AA/Aaa)
945,000		4.000		10/01/23		1,064,854
Johnson County KS Unified School District No. 231 GO Bonds (Refunding) (A+/NR)
1,000,000		5.000		10/01/24		1,171,820
1,185,000		5.000		10/01/25		1,374,849
Johnson County KS Unified School District No. 231 GO Bonds (Refunding & Improvement) Series A (FGIC) (A+/WR)
500,000		6.000		10/01/16		600,420
1,770,000		5.000		10/01/18		1,914,379
Johnson County KS Unified School District No. 231 GO Bonds (Refunding & Improvement) Series B (AMBAC) (A+/NR)
925,000		5.000		10/01/22		1,033,299
975,000		5.000		10/01/23		1,085,672
Johnson County KS Unified School District No. 232 GO Bonds (Refunding & Improvement) (NR/Aa3)
200,000		5.000		03/01/15		220,300


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Johnson County KS Water District No. 001 Revenue Bonds (Refunding) (ADFA-GTD) (AAA/Aaa)
$ 275,000		5.000	%	12/01/19	$	279,887
Junction City KS GO Bonds (Refunding Water & Sewer System) Series B (A-/NR)
825,000		5.500		09/01/36		925,972
Junction City KS GO Bonds (Refunding) Series A (A-/NR)
600,000		5.000		09/01/33		657,060
600,000		5.000		09/01/34		653,124
Kansas State Development Finance Authority Health Facilities Revenue Bonds (Hays Medical Center, Inc.) Series Q (NR/A2)
750,000		5.000		05/15/35		793,688
Kansas State Development Finance Authority Hospital Revenue Bonds (Adventist Health) (AA-/Aa3)
1,000,000		5.500		11/15/23		1,174,070
Kansas State Development Finance Authority Hospital Revenue Bonds (Adventist Health) Series D (AA-/Aa3)
800,000		5.000		11/15/24		884,880
Kansas State Development Finance Authority Lease Revenue Bonds (Juvenile Justice Authority) Series D (NATL-RE) (AA/Baa2)
1,270,000		5.250		05/01/13		1,274,623
Kansas State Development Finance Authority Revenue Bonds (Athletic Facilities) Series A-1 (A-/A1)
500,000		4.875		07/01/27		526,780
1,425,000		5.250		07/01/31		1,513,336
Kansas State Development Finance Authority Revenue Bonds (Athletic Facilities) Series C (A/Aa3)
1,375,000		4.750		06/01/25		1,467,331
Kansas State Development Finance Authority Revenue Bonds (Board of Regents University Housing) Series A (NATL-RE) (A/Aa3)
1,150,000		5.000		04/01/24		1,239,286
Kansas State Development Finance Authority Revenue Bonds (Department of Commerce) Series K (AA/Aa3)
2,000,000		3.500		06/01/23		2,097,760
Kansas State Development Finance Authority Revenue Bonds (Health Facilities) Series F (NR/A2)
1,000,000		5.000		11/15/26		1,086,150
Kansas State Development Finance Authority Revenue Bonds (Juvenile Justice Authority) Series D (NATL-RE) (AA/Baa2)
400,000		5.000		05/01/12		400,000
Kansas State Development Finance Authority Revenue Bonds (Kansas Project) Series M-1 (AA/Aa2)
500,000		5.000		11/01/16		584,565
2,000,000		5.000		11/01/27		2,255,240
Kansas State Development Finance Authority Revenue Bonds (Kansas State Projects) Series J (Unrefunded Balance) (AMBAC) (AA/WR)
1,600,000		5.000		08/01/17		1,678,720


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Kansas State Development Finance Authority Revenue Bonds (Kansas State Projects) Series K (NATL-RE) (AA/Aa2)
$1,000,000		5.250	%	11/01/22	$	1,145,330
Kansas State Development Finance Authority Revenue Bonds (Public Water Supply Revolving Loan-DW) (AAA/Aaa)^(b)
1,500,000		6.000		04/01/13		1,579,575
Kansas State Development Finance Authority Revenue Bonds (Refunding-Wichita State University Housing System-P) (AMBAC) (A+/WR)
600,000		5.000		06/01/13		602,034
630,000		5.000		06/01/14		631,770
Kansas State Development Finance Authority Revenue Bonds (Sisters of Charity of Leavenworth) Series A (AA/Aa3)
1,750,000		5.250		01/01/25		2,022,825
Kansas State Development Finance Authority Revenue Bonds (Transportation Revolving Fund Trust) (AA+/Aa1)
1,105,000		5.000		10/01/21		1,233,512
Kansas State Development Finance Authority Revenue Bonds (University of Kansas Athletic Facilities Refunding) Series K (A/Aa3)
1,015,000		5.000		06/01/17		1,097,834
Kansas State Development Finance Authority Revenue Bonds (Water Pollution Control Revolving Fund II) (AAA/Aaa)
280,000		5.500		05/01/17		342,306
Lawrence KS Hospital Revenue Bonds (Refunding Lawrence Memorial Hospital) (NR/A1)
1,000,000		5.375		07/01/14		1,047,270
455,000		5.375		07/01/15		476,667
Leavenworth County KS Unified School District No. 453 GO Bonds (Refunding & Improvement) Series A (AGM) (NR/Aa3)
1,455,000		5.250		03/01/23		1,694,857
Leavenworth County KS Unified School District No. 458 GO Bonds (Refunding & Improvement) Series A (NR/Aa3)
1,100,000		5.250		09/01/27		1,263,240
315,000		5.250		09/01/29		355,770
Leavenworth County KS Unified School District No. 464 Tonganoxie GO Bonds (Improvement) Series A (NATL-RE) (BBB/Baa2)
150,000		5.000		09/01/20		164,160
Lyons KS Public Building Commission Revenue Bonds (A/NR)
315,000		5.000		10/01/23		358,177
Miami County Unified School District No. 416 Louisburg, KS GO Bonds (Refunding & Improvement) (NATL-RE) (BBB/Baa2)
1,650,000		5.000		09/01/17		1,869,582
Olathe KS Health Facilities Revenue Bonds (Medical Center Project) Series 2008 (A+/NR)
1,195,000		5.125		09/01/21		1,327,203
Reno County KS Unified School District No. 308 Hutchinson GO Bonds Series A (NATL-RE) (NR/Aa3)
500,000		4.500		09/01/22		547,485


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Reno County KS Unified School District No. 308 Hutchinson GO Bonds Series A (NR/Aa3)
$ 400,000		5.500	%	09/01/15	$	458,480
Scott County KS Unified School District No. 466 GO Bonds (Refunding) (FGIC) (BBB/WR)^(b)
680,000		5.250		09/01/12		691,200
Sedgwick County KS Public Building Commission Revenue Bonds (Technical Education Complex Project) Series 2008-1 (NR/Aaa)
1,000,000		5.250		08/01/26		1,168,740
Sedgwick County Unified School District No. 261 (Refunding & School Improvement) (AGM) (AA-/NR)
1,500,000		5.000		11/01/32		1,607,700
Sedwick & Shawnee County KS Single Family Mortgage Revenue Bonds (Mortgage Backed Securities Program) (AMT) Series B-3 (FHLMC/FNMA/GNMA) (NR/Aaa)
770,000		5.250		12/01/38		795,279
Shawnee County KS Certificates of Participation Health Agency Parks & Recreation Projects (NR/A1)
200,000		3.750		09/01/18		213,456
Shawnee County KS GO Bonds (Refunding & Improvement) (NR/Aa2)
360,000		3.000		09/01/12		363,337
Topeka KS GO Bonds (Refunding) Series B (NR/Aa2)
1,360,000		2.500		08/15/19		1,393,266
Topeka KS Public Building Commission Revenue Bonds (Refunding 10th & Jackson Project) Series A (NATL-RE) (AA/Baa2)
535,000		5.000		06/01/16		620,065
1,000,000		5.000		06/01/23		1,197,520
Topeka KS Public Building Commission Revenue Bonds (Refunding Department of Social and Rehabilitation Project) Series B (NATL-RE) (AA/Baa2)
300,000		5.000		06/01/23		359,256
475,000		5.000		06/01/24		564,884
Topeka KS Sales Tax Revenue Bonds (Refunding Boulevard Bridge) Series 2011 (NR/Aa3)
2,560,000		3.000		12/15/16		2,762,854
Wichita KS Water & Sewer Utility Revenue Bonds Series 2003 (FGIC) (BBB/Aa2)^(b)
1,000,000		5.000		10/01/13		1,066,720
Wyandotte County Kansas City KS Unified Government Utility System Revenue Bonds Series A (BHAC) (AA+/Aa1)
1,000,000		5.000		09/01/24		1,158,030
Wyandotte County KS School District No. 204 GO Bonds Bonner Springs (Refunding & Improvement) Series A (FGIC) (NR/A1)
1,595,000		5.000		09/01/21		1,722,568
Wyandotte County KS School District No. 500 GO Bonds (Refunding) (AA-/Aa2)
1,405,000		4.000		09/01/20		1,664,503


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
Kansas – (continued)
Wyandotte County KS Unified School District No. 202 GO Bonds (Refunding) Series A (AMBAC) (A+/WR)
$1,000,000		5.250	%	09/01/17	$	1,198,680
Wyandotte County KS Unified School District No. 500 GO Bonds (Refunding) (AGM) (AA-/Aa2)
160,000		5.000		09/01/12		162,520

						80,969,055

Louisiana – 2.2%
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue Bonds (Woman’s Hospital Foundation) Series A (BBB+/A3)
2,000,000		5.500		10/01/25		2,278,260

Massachusetts – 0.4%
Massachusetts Educational Financing Authority Education Loan Revenue Bonds (Issue I) Series A (AA/NR)
425,000		5.300		01/01/30		466,710

Pennsylvania – 0.6%
Delaware County Authority University Revenue Bonds for Neumann University (BBB/NR)
605,000		5.000		10/01/25		638,100

Puerto Rico – 6.7%
Puerto Rico Commonwealth GO Bonds (Refunding & Public Improvement) Series A (NATL-RE) (BBB/Baa1)
475,000		5.500		07/01/16		530,171
Puerto Rico Commonwealth Highway & Transportation Authority Highway Revenue Bonds (Refunding) Series X (AGM) (AA-/Aa3)
425,000		5.500		07/01/15		469,370
Puerto Rico Commonwealth Highway & Transportation Authority Highway Revenue Bonds Series Y (BBB+/A3)
500,000		6.250		07/01/13		528,120
Puerto Rico Commonwealth Highway & Transportation Authority Revenue Bonds (Unrefunded Balance) Series G (FGIC) (BBB/Baa1)^(b)
345,000		5.250		07/01/13		364,737
Puerto Rico Electric Power Authority Revenue Bonds (Refunding) Series ZZ (BBB+/Baa1)
1,275,000		5.000		07/01/21		1,413,516
Puerto Rico Electric Power Authority Revenue Bonds Series AAA (BBB+/Baa1)
1,000,000		5.250		07/01/21		1,126,280
Puerto Rico Electric Power Authority Revenue Bonds Series XX (BBB+/Baa1)
1,625,000		5.250		07/01/40		1,676,009
Puerto Rico Public Buildings Authority Revenue Bonds (Unrefunded Balance-Government Facilities) Series l (BBB/Baa1)
1,000,000		5.250		07/01/33		1,015,420

						7,123,623


Principal Amount	Interest Rate			Maturity Date	Value
Municipal Bond Obligations – (continued)
South Carolina – 0.5%
Kershaw County SC Public School Foundation Installment Power Revenue Bonds (School District Project) (AGC) (AA-/Aa3)
$ 500,000		5.000	%	12/01/28	$	542,910

Washington – 0.8%
Washington State Health Care Facilities Authority Revenue Bonds (Overlake Hospital Medical Center) (A-/A3)
750,000		5.250		07/01/25		816,322

TOTAL MUNICIPAL BOND OBLIGATIONS
(Cost $92,991,856)					$	99,300,146


Shares	Description			Rate	Value
Investment Company – 2.5%
T. Rowe Price Tax-Free High Yield Fund (NR/NR)
233,184				4.601%	$	2,669,955
(Cost $2,600,000)


Principal Amount	Interest Rate			Maturity Date	Value
Short-term Investment^(c) – 3.2%
Repurchase Agreement – 3.2%
State Street Bank & Trust Co.
$3,428,000		0.010	%	05/01/12	$	3,428,000
Maturity Value: $3,428,001
(Cost $3,428,000)

TOTAL INVESTMENTS – 99.2%
(Cost $99,019,856)					$	105,398,101

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%						887,504

NET ASSETS – 100.0%					$	106,285,605


The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(b)		Prerefunded security. Maturity date disclosed is prerefunding date.
(c)		Repurchase agreement was entered into on April 30, 2012. This agreement was fully collateralized by $3,435,000 U.S. Treasury Bond, 3.125%, due 11/15/41 with a market value of $3,500,351.
Security ratings disclosed, if any, are issued by Standard & Poor’s Ratings Services/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.



Investment Abbreviations:
ADFA-GTD		—Guaranteedby Arkansas Development Finance Authority
AGC		—Insuredby Assured Guaranty Corp.
AGM		—Insuredby Assured Guaranty Municipal Corp.
AMBAC		—Insuredby American Municipal Bond Assurance Corp.
AMT		—AlternativeMinimum Tax
BHAC		—BerkshireHathaway Assurance Corp.
FGIC		—Insuredby Financial Guaranty Insurance Co.
FHLMC		—FederalHome Loan Mortgage Corp.
FNMA		—FederalNational Mortgage Association
GNMA		—GovernmentNational Mortgage Association
GO		—GeneralObligation
NATL-RE		—Insuredby National Reinsurance Corp.
NR		—NotRated
WR		—WithdrawnRating

PORTFOLIO COMPOSITION


	AS OF 4/30/12			AS OF 10/31/11

General Obligations		32.1	%		34.4	%
Hospital		14.7			11.5
Lease		13.6			12.2
Education		8.4			12.7
General		7.0			7.2
Transportation		5.2			5.6
Prerefunded/Escrow to Maturity		4.4			4.3
Power		4.0			4.1
Investment Companies		2.5			—
Water/Sewer		1.7			2.8
Crossover		1.0			1.0
Single Family Housing		0.9			1.1
Student		0.4			0.4
Short-term Investments		3.2			1.2

TOTAL INVESTMENTS		99.2	%		98.5	%

The Fund is actively managed and, as such its composition may differ over time.

The Commerce Funds (the “Trust”) are a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, management investment company. The Trust consists of eight portfolios (individually, a “Fund” and collectively, the “Funds”): Growth Fund, Value Fund, MidCap Growth Fund, Bond Fund, Short-Term Government Fund, National Tax-Free Intermediate Bond Fund, Missouri Tax-Free Intermediate Bond Fund and Kansas Tax-Free Intermediate Bond Fund. Each of the Funds offers one class of shares (the “Shares”). Each Fund is registered as a diversified open-end management investment company, other than the Missouri Tax-Free Intermediate Bond Fund and the Kansas Tax-Free Intermediate Bond Fund, which are registered as non-diversified under the 1940 Act.

The Funds have entered into an Advisory Agreement with Commerce Investment Advisors, Inc. (the “Adviser” or “Commerce”), a subsidiary of Commerce Bank (“Commerce Bank”).

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that may affect the amounts and disclosures in the financial statements. Actual results could differ from those estimates and assumptions.

A. Investment Valuation — The Funds’ valuation policy is to value investments at fair value.

Equity securities and investment companies traded on a United States (“U.S.”) securities exchange or the NASDAQ system are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If no sale occurs, such securities and investment companies are valued at the last bid price. Debt securities for which market quotations are readily available are valued on the basis of quotations furnished by an independent pricing service or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which considers yield or price with respect to comparable bonds, quotations from bond dealers or by reference to other securities that are considered comparable in such characteristics as rating, interest rate and maturity date, to determine current value. Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price. Investments in investment companies (other than those that are exchange traded) are valued at the net asset value per share (“NAV”) of the investment company on the valuation date. Short-term debt obligations that mature in sixty days or less and that do not exhibit signs of credit deterioration are valued at amortized cost, which approximates fair value.

If quotations are not readily available, or if the Adviser believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under valuation procedures approved by the trustees.

B. Investment Income and Investments — Investment income is comprised of interest income and dividend income. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date. Investment transactions are reflected on trade date with realized gains and losses on sales calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations.

C. Expenses — Expenses incurred by the Trust that do not specifically relate to an individual Fund of the Trust are allocated to the Funds based on each Fund’s relative average net assets and are accrued daily.

D. Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Funds are not required to make any provisions for the payment of federal income tax. Distributions to

shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Net capital losses are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as from net investment income, net realized gain or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

E. Repurchase Agreements — The Funds may enter into repurchase agreements. Repurchase agreements involve the purchase of securities subject to the seller’s agreement to repurchase the securities at a mutually agreed upon date and price. During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Funds, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. If the seller defaults or becomes insolvent, realization of the collateral by the Funds may be delayed or limited and there may be a decline in the value of the collateral during the period while the Funds seek to assert their rights. The underlying securities for all repurchase agreements are held in safekeeping at the Funds’ custodian.

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, prepayment speeds and credit risk), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including the Adviser’s assumptions in determining fair value measurement).

The levels used for classifying investments are not necessarily an indication of the risk associated with investing in those investments.

The following is a summary of the Funds’ investments categorized in the fair value hierarchy as of April 30, 2012:

A. Advisory Agreement — Pursuant to the terms of the Advisory Agreement, the Adviser is responsible for managing the investments and making investment decisions for each of the Funds. For these services and for assuming related expenses, the Adviser is entitled to a fee, accrued daily and payable monthly, at the contractual annual rate of the corresponding Fund’s average daily net assets. The contractual annual rate is 0.75% for the Growth and MidCap Growth Funds, 0.30% for the Value Fund and 0.50% for the Bond, Short-Term Government, National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds, respectively.

B. Administration Agreements — Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman, Sachs & Co. (“Goldman Sachs”), and Commerce, serve as Co-Administrators of the Trust pursuant to a Co-Administration Agreement. Under the Co-Administration Agreement, GSAM and Commerce administer the Trust’s business affairs. As compensation for the services rendered under the Co-Administration Agreement, GSAM and Commerce are entitled to a fee, accrued daily and payable monthly, at the contractual annual rate of the corresponding Fund’s average daily net assets. Pursuant to the Co-Administration Agreement, the Funds will pay an aggregate administrative fee at the annual rate of 0.15%, allocated as follows: (1) for each Fund, Commerce is entitled to receive 0.12% of each Fund’s average daily net assets; and (2) for each Fund, GSAM is entitled to receive 0.03% of each Fund’s average daily net assets.

C. Other Agreements — The Adviser has contractually agreed to waive fees and/or reimburse expenses (excluding interest, taxes and extraordinary expenses exclusive of any custody expense reductions for all Funds (other than the MidCap Growth

Fund)) to the extent that such expenses exceeded, on an annualized basis, 1.13%, 0.70%, 0.88%, 0.68%, 0.70%, 0.70% and 0.70% of the average net assets of the Growth, Value, Bond, Short-Term Government, National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds, respectively. In addition, the Funds are not obligated to reimburse the Adviser for prior fiscal year expense reimbursements, if any. Such expense reimbursements, if any, are accrued daily and paid monthly and are disclosed in the Statements of Operations for the six months ended April 30, 2012.

Pursuant to a Shareholder Administrative Services Plan adopted by its Board of Trustees, the Funds may enter into agreements with service organizations, such as banks and financial institutions, which include affiliates of the Adviser (“Service Organizations”), under which they will render shareholder administration support services. For these services, the Service Organizations are entitled to receive fees from each Fund at an annual rate of up to 0.25% of the average daily net asset value of Fund shares beneficially owned by clients of such Service Organizations. For the six months ended April 30, 2012, Commerce Bank received $229,800 in shareowner servicing fees.

D. Deferred Compensation Plan — Certain Trustees participate in a Deferred Compensation Plan, as amended and restated (the “Plan”), which allows eligible non-affiliated Trustees as described in the Plan to defer the receipt of all or a portion of the Trustees’ fees payable. Under the Plan, such Trustees have deferred fees treated as if they had been invested by The Commerce Funds in the shares of one or more Funds of the Trust. All amounts payable to the Trustees under the Plan are determined based on the performance of such Funds and are accrued monthly.

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended April 30, 2012, were as follows:

As of the Funds’ most recent fiscal year ended, October 31, 2011, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

As of April 30, 2012, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, and differences in the tax treatment of market discount accretion and premium amortization.

Commerce and GSAM have reviewed the Funds’ tax positions for all open tax years (the current and prior three fiscal years) and have concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

Market and Credit Risks — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). Additionally, the Funds may also be exposed to credit risk in the event that an issuer fails to perform or that an institution or entity with which the Funds have unsettled or open transaction defaults.

Portfolio Concentrations — As a result of the Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds’ ability to invest a large percentage of their assets in obligations of issuers within certain states, they are subject to possible concentration risks associated with economic, political or legal developments or industrial or regional matters specifically affecting such states.

Under normal market conditions, the Missouri Tax-Free Intermediate Bond Fund and the Kansas Tax-Free Intermediate Bond Fund invest at least 80% of their assets plus any borrowings for investment purposes (measured at the time of purchase) in Missouri and Kansas municipal securities, respectively, the income from which, in the opinion of bond counsel, is exempt from regular federal income tax, federal alternative minimum taxes and Missouri and Kansas state taxes, respectively. Alternatively, at least 80% of a Fund’s distributed income must be exempt from such taxes. For each of the Missouri and Kansas Tax-Free Funds, the actual payment of principal and interest on Missouri and Kansas municipal securities is dependent on the Missouri General Assembly and the Kansas legislature, respectively, allotting money each fiscal year for these payments.

The investments of the Growth and MidCap Growth Funds may be concentrated in securities of technology companies. At times, securities of technology companies may experience significant price fluctuations. The MidCap Growth Fund concentrates in mid-cap stocks. Investing in mid-sized companies may be riskier than investing in larger, more established companies.

The Bond and Short-Term Government Funds may invest 80% and 100%, respectively, of their total assets in mortgage and asset-related securities and the Bond Fund may invest 80% of its total assets in asset-backed securities. Mortgage-backed securities, especially collateralized mortgage-backed securities, may be subject to risks that include price volatility, liquidity, and enhanced sensitivity to interest rates. As a result, mortgage-backed securities may be more difficult to value and liquidate, if necessary. Mortgage-backed securities are also subject to prepayment risk, which may result in a decreased rate of return and a decline in the value of the securities. Asset-backed securities are dependent upon payment of the underlying consumer loans or receivables by individuals, and the certificate holder frequently has no recourse against the entity that originated the loans or receivables. Asset-backed securities have a greater risk of default during periods of economic downturn than other securities. Also, asset-backed securities may be less liquid than other securities and therefore more difficult to value and liquidate, if necessary.

Under the Trust’s organizational documents, its trustees, officers, employees and agents are indemnified, to the extent permitted by the Act, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, in their experience, Commerce and GSAM believe the risk of loss under these arrangements to be remote.

New Accounting Pronouncement — In May 2011, Accounting Standards Update 2011-04 (ASU 2011-04), Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in GAAP and IFRSs, was issued and is effective for interim and annual periods beginning after December 15, 2011. ASU 2011-04 amends Financial Accounting Standards Board (FASB) Topic 820, Fair Value Measurement. The amendments are the result of the work by the FASB and the International Accounting Standards Board to develop common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP. Commerce and GSAM are currently evaluating the application of ASU 2011-04 and its impact, if any, on the Funds’ financial statements.

Approval of Advisory Agreement — The Trustees oversee the management of the Trust, and review the investment performance and expenses of the Funds at regularly scheduled meetings held during the Funds’ fiscal year. In addition, the Trustees determine annually whether to reapprove and continue the Trust’s investment advisory agreement (“Advisory

Agreement”) with the Adviser (also referred to as “Commerce”) for the Funds.

The Advisory Agreement for the Funds was most recently approved by the Trustees, including all of the Trustees who are not parties to the Advisory Agreement or “interested persons” (as such term is defined in the 1940 Act) of any party thereto (the “non-interested Trustees”), on November 15, 2011 (the “Annual Contract Meeting”).

Prior to the Annual Contract Meeting, the Board of Trustees received written materials provided by the Adviser relating to the Trustees’ consideration of the Advisory Agreement. At the Annual Contract Meeting, the Trustees also received and considered the Adviser’s oral presentations and discussed the information that had been provided. In connection with their deliberations, the Trustees were advised by their independent legal counsel regarding their responsibilities under applicable law and met separately in executive session with independent counsel without members of management present.

In evaluating the Advisory Agreement, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Adviser and its services and personnel. Both in meetings specifically dedicated to the review of the Advisory Agreement and meetings held during the year, the Trustees reviewed materials relating to the Adviser’s investment management services. Specifically, the Trustees reviewed, among other things, information relating to: (i) the terms of the Advisory Agreement; (ii) the Funds’ investment performance over different time periods in comparison to the investment performance of mutual fund peer categories selected by Lipper Inc. (“Lipper”), a third-party provider of mutual fund data; (iii) the contractual investment advisory fees, the actual investment advisory fees (after expense reimbursements) and the total expenses borne by the Funds in comparison to those borne by mutual fund peer groups selected by Lipper; (iv) the Adviser’s staffing for the Funds and the experience of the portfolio managers; (v) the scope and depth of the Adviser’s resources and their ability to attract and retain portfolio management investment talent; (vi) the fees paid by the Funds to the Adviser and its affiliates for services, and the expenses incurred by them in connection with the provision of those services, the profitability of the Advisory Agreement to the Adviser, and a comparison of the Adviser’s profitability with that of other publicly reported profitability information of other advisers; (vii) the fall out benefits received by the Adviser and its affiliates from their relationships with the Funds; (viii) information about fees charged to institutional accounts for which an affiliate of the Adviser, Commerce Trust Company (“CTC”) was performing services similar to those performed for the Funds; and (ix) potential economies of scale.

In connection with their approval of the Advisory Agreement for each of the Funds, the Trustees gave weight to various factors, but did not identify any single factor as controlling their decision. As part of their review, the Trustees considered the following factors:

Nature, quality and extent of services – The Trustees reviewed the nature, quality and extent of services of the Adviser to the Funds, taking into account the investment objectives and strategies of each Fund and knowledge gained from meetings with management. The Trustees also considered the available resources and key investment personnel of the Adviser and their experience and length of service to the Funds. The Trustees also discussed the Adviser’s reports to the Board, compliance record and effectiveness of oversight over the Funds’ other service providers, communications and support services to

shareholders, service as the Funds’ co-administrator, adherence to investment policies, execution of portfolio transactions and selection of broker dealers and other similar factors.

The Trustees determined that the Adviser had supported the Funds and provided a seasoned and experienced portfolio management and compliance staff. Moreover, they considered that the Adviser had a highly disciplined money management and research and analytic process and was able to attract and retain high quality personnel. The Trustees also considered that the Adviser had provided clear, concise reports to the Board and updated the Trustees frequently on issues of current interest. They concluded that the Adviser had an excellent compliance record and had provided strong oversight over the other service providers to the Funds. They also noted the efforts by the Adviser over the past year to negotiate with the Funds’ service providers to reduce expenses of the Funds. Finally, the Trustees considered that the Adviser and its affiliates had other client relationships with most of the Funds’ shareholders and provided them with other services through these relationships. The Trustees concluded that the Funds would therefore benefit from the Adviser’s continued service to them.

Performance of the Funds – The Trustees considered both the short-term and long-term performance of the Funds. They reviewed and discussed the Lipper information presented, which compared each Fund’s performance with that of its benchmark and with performance of comparable funds and peer groups identified by Lipper. The Trustees determined that the Fixed Income Funds were generally competitive with their Lipper peers, with all Fixed Income Funds being in the first quartile of their Lipper peers for the one-year and three-year periods, other than the Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond Funds, which were above the midpoint of their Lipper periods for the three-year period. The Trustees also considered performance versus the Funds’ benchmarks, noting that while the Bond Fund outperformed its benchmark for the three- and five-year time periods, the Kansas Tax-Free Intermediate Bond and National Tax-Free Intermediate Bond Funds had more mixed performance versus their respective benchmarks and the Missouri Tax-Free Intermediate Bond and Short-Term Government Funds had under performed their benchmarks for most periods. The Trustees considered, however, that the Missouri and Kansas Tax-Free Intermediate Bond Funds tracked benchmarks that were not necessarily reflective of their concentrated state holdings.

The Trustees also considered the Equity Funds’ performance. They considered that the Value Fund had out performed its Lipper peer for the one- and three-year periods as a result of the Adviser’s focus over the past year on implementing strategies to improve performance. The Trustees also considered that the Growth Fund was below the midpoint of its Lipper peer for the one-year and three-year period while the MidCap Growth Fund was below the midpoint of its Lipper peer for the one-year period but above the midpoint for the three-year period. The Trustees also considered the Funds’ performance versus their benchmarks, noting that the Growth and MidCap Growth Funds had under performed their benchmarks for all periods (except for the three-year period for the MidCap Growth Fund), while the Value Fund had outperformed its benchmark for most periods. The Trustees also reviewed information prepared by Lipper that compared each Fund’s three-year performance with its expenses.

The Trustees concluded that while past performance is not necessarily indicative of future performance, the Value Fund’s performance had improved as a result of the changes implemented by the Adviser and the Fixed Income Funds’ performance generally remained strong as compared to their Lipper peer group. While the Growth and MidCap Growth Funds’ performance had generally declined during the prior year in comparison to their Lipper peers and benchmarks, the Trustees noted that the Adviser had taken certain actions to remediate the under performance. The Trustees concluded that Fund shareholders were generally receiving value for the services provided by the Adviser.

Costs of Services and Profits Realized by the Adviser – The Board considered the fees and expenses of the Funds and the Lipper information provided comparing the Funds’ fees to Lipper peers. The Trustees considered this information in light of the Adviser’s cost of providing advisory services as well as its profitability. It was noted that the Adviser’s costs had increased in the past year and that profitability had slightly increased; it was also noted that the Adviser’s cost allocation methodology had remained consistent. The Trustees discussed that the Adviser appeared to have a rigorous and consistent program in place to control Fund expenses and had instituted requests for proposals and negotiated fees aggressively with other service providers when appropriate. The Trustees considered the Adviser’s profitability in light of the profitability of other investment advisers’ publicly-reported profitability margins and concluded that it was within the range of reasonability.

The Trustees also reviewed information provided on the Funds’ advisory fees compared to advisory fees charged by the Adviser’s affiliates to similar institutional accounts managed by Commerce personnel. These accounts were not managed by the Adviser but by its affiliate, but some of the same investment personnel provided these advisory services. In some cases, the fees charged were lower than the fees charged to the Funds and in other cases the fees were about the same. The Trustees noted that the Adviser provides significant additional services for the Funds that its affiliate does not provide to non-mutual fund clients, including administrative services, oversight of the Funds’ other service providers, Trustee support, regulatory compliance, risk management monitoring and numerous other services, and that in servicing the Funds, the Adviser assumes many legal risks that its affiliate does not assume in servicing many of its similar clients.

Economies of Scale – The Trustees determined after review of the financial reports that the Funds had not achieved sufficient size and scale to institute breakpoints. In addition, the Trustees considered that the Adviser was managing its operations in a manner that was as efficient as possible under the circumstances, with a view to keeping shareholder expense ratios as low as possible. The Trustees also considered that Commerce was proposing to institute breakpoints on and/or otherwise reduce certain of the Funds’ advisory fees in 2012.

Fall-Out Benefits – One of the principal benefits to the Adviser of its relationship with the Funds is its receipt of soft dollars and its contract as a Co-Administrator of the Funds. The Trustees considered that they receive regular, extensive quarterly reports on the Adviser’s soft dollar program and that its program is in compliance with Section 28(e) of the Securities Exchange Act of 1934. They also considered that the Adviser had a system in place to test for best execution, which is reviewed with the Board on at least an annual basis.

With respect to the Co-Administration Agreement, the Trustees noted that they reviewed the agreement annually using substantially the same review framework as the Advisory Agreement. The Trustees believed that Commerce was providing satisfactory services to shareholders under that agreement for reasonable rates.

The Trustees discussed at length the information that had been submitted to them in connection with the reapproval of the Advisory Agreement. The Trustees determined that the Lipper comparative information had been helpful in assessing both Fund performance and the Funds’ fees and costs. The Trustees considered the small size of the complex, its shareholder base and distribution model and Commerce’s relationship with and services to the shareholders. They also considered that assets had not grown significantly over the past year. They concluded that Commerce generally had provided value to shareholders at a reasonable price. After deliberation, the Trustees concluded at the Annual Contract Meeting with respect to all of the Funds, that the fees paid by the Funds were reasonable in light of the services provided by the Adviser, Fund performance, the Adviser’s costs and the Funds’ current and reasonably foreseeable asset levels. For these reasons, the Board determined that the Advisory Agreement should be reapproved and continued.

Subsequent events after the balance sheet date have been evaluated through the date the financial statements were issued and Commerce and GSAM have concluded that there is no impact requiring adjustment or disclosure in the financial statements other than below.

Effective July 1, 2012, the following Funds implemented contractual advisory fee breakpoints at the rates below:

As a shareholder of the Funds you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees; shareholder servicing fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2011 through April 30, 2012.

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds 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.

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 exchange fees, but shareholders of other funds may incur such costs. 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.

The Fund is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Investments in technology companies, which may produce or use products or services that prove commercially unsuccessful or become obsolete, may be subject to greater price volatility than securities of companies in other sectors.

The Fund invests in small- and mid-capitalization securities. Generally, smaller and mid-sized companies are more vulnerable to adverse developments because of more limited product lines, markets or financial resources. As a result, the securities of smaller and mid-sized companies involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic trading and price movements. Investments in technology companies, which may produce or use products or services that prove commercially unsuccessful or become obsolete, may be subject to greater price volatility than securities of companies in other sectors.

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The guarantee on U.S. government securities applies only to the underlying securities of the Fund if held to maturity and not to the value of the Fund’s shares. Mortgage-backed securities, especially collateralized mortgage-backed securities, may be subject to risks that include price volatility, liquidity and enhanced sensitivity to interest rates. Asset-backed securities may be less liquid than other securities and therefore more difficult to value and liquidate, if necessary.

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. Investments in municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation or legislative changes. The Fund’s investments may subject shareholders to the federal alternative minimum tax and state income taxes.

diversified fund that holds more investments. Investments in municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation or legislative changes. In addition, the Fund’s investments may subject shareholders to federal alternative minimum tax. The investment income from this Fund may be subject to state income taxes.

Investments in fixed income securities are subject to the risks associated with debt securities including credit and interest rate risk. The Fund invests its assets predominately in Kansas bonds. The actual payment of principal and interest on these bonds is dependent on the Kansas legislature allotting money each fiscal year for these payments. The Fund is non-diversified. Due to the smaller number of bonds generally held in the portfolio, the Fund may be subject to greater risks than a more diversified fund. A change in the value of any single holding may affect the overall value more than it would affect a diversified fund that holds more investments. Investments in municipal securities can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation or legislative changes. In addition, the Fund’s investments may subject shareholders to federal alternative minimum tax. The investment income from this Fund may be subject to state income taxes.

policies, management, expenses, and other information. For more complete information about

The Commerce Funds, a prospectus may be obtained by calling 1-800-995-6365. An investor

The Commerce Funds are advised by Commerce Investment Advisors, Inc., a subsidiary of

Commerce Bank, which receives a fee for its services.The Commerce Funds are distributed

The Commerce Funds file their complete schedule of portfolio holdings with the Securities

and Exchange Commission (the “SEC”) for the first and third quarters of each fiscal year on

Form N-Q.The Funds’ Form N-Q is available on the SEC’s website at http://www.sec.gov. You

may also review and obtain copies at the SEC’s Public Reference Room in Washington, D.C.

Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that The Commerce Funds use to determine

how to vote proxies relating to portfolio securities and information regarding how the Funds

voted proxies relating to portfolio securities during the most recent 12-month period ended

June 30 is available (i) without change, upon request by calling 1-800-995-6365 and (ii) on the

(a) The Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

There has been no material change to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

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.

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.


PERFORMANCE REVIEW
November 1, 2011 - April 30, 2012	Fund Total Return^(a)			Index Total Return			Index
Equity Funds:
Growth		15.07	%		14.13	%	Russell 1000® Growth^(b)
Value		10.25			11.62		Russell 1000® Value^(c)
Mid Cap Growth		11.06			12.26		Russell Midcap® Growth^(d)
Fixed Income Funds:
Bond		3.30			2.44		Barclays U.S. Aggregate Bond^(e)
Short-Term Government		1.22			0.62		Citigroup 1-5 Year Treasury/Government Sponsored^(f)
National Tax-Free Intermediate Bond		6.64			4.86		Barclays 3-15 Year Blend^(g)
Missouri Tax-Free Intermediate Bond		4.67			4.86		Barclays 3-15 Year Blend^(g)
Kansas Tax-Free Intermediate Bond		4.85			4.86		Barclays 3-15 Year Blend^(g)


STANDARDIZED TOTAL RETURNS^(h)
For the period ended 03/31/2012	One Year			Five Years			Ten Years			Since Inception			Inception Date
Equity Funds:
Growth		7.66	%		3.04	%		3.32	%		7.18	%		12/12/94
Value		10.30			0.19			3.56			4.71			3/3/97
Mid Cap Growth		0.72			3.35			5.84			7.52			12/12/94
Fixed Income Funds:
Bond		7.35			7.37			5.90			6.59			12/12/94
Short-Term Government		2.66			4.29			3.69			4.94			12/12/94
National Tax-Free Intermediate Bond		13.30			5.65			5.06			5.11			2/21/95
Missouri Tax-Free Intermediate Bond		9.52			4.84			4.54			4.76			2/21/95
Kansas Tax-Free Intermediate Bond		10.21			4.98			4.62			4.69			12/26/00


Performance Summaries			2

Schedules of Investments

Growth			3

Value			5

MidCap Growth			7

Bond			9

Short-Term Government			18

National Tax-Free Intermediate Bond			22

Missouri Tax-Free Intermediate Bond			30

Kansas Tax-Free Intermediate Bond			38

Statements of Assets and Liabilities			42

Statements of Operations			44

Statements of Changes in Net Assets			46

Financial Highlights			50

Notes to Financial Statements			58

Other Information			70


EXPENSE RATIOS⁽ⁱ⁾
	Net Expense Ratio (Current)			Gross Expense Ratio (Before Reimbursement)
Equity Funds:
Growth		1.13	%		1.16	%
Value		0.70			0.74
Mid Cap Growth		1.19			1.19
Fixed Income Funds:
Bond		0.81			0.81
Short-Term Government		0.68			0.83
National Tax-Free Intermediate Bond		0.70			0.78
Missouri Tax-Free Intermediate Bond		0.70			0.79
Kansas Tax-Free Intermediate Bond		0.70			0.86


The accompanying notes are an integral part of these financial statements.		3


	Growth Fund			Value Fund			MidCap Growth Fund
Assets:
Investments at value (cost $85,099,199, $79,208,856, $46,180,518, $679,892,382, $126,557,033, $205,749,988, $277,843,608 and $99,019,856, respectively)	$	106,088,833		$	87,478,865		$	58,322,926
Cash		290,019			342			838
Receivables:
Fund shares sold		70,892			93,174			12,171
Interest and dividends		62,831			125,295			32,393
Reimbursement from adviser		2,107			—			—
Total Assets		106,514,682			87,697,676			58,368,328


Liabilities:
Payables:
Investments purchased		—			—			—
Dividends and distributions		—			—			—
Fund shares redeemed		34,461			137,979			42,136
Advisory fees		65,042			22,483			35,564
Deferred trustee fees		46,474			28,829			19,956
Administrative fees		13,008			10,701			7,113
Accrued expenses		83,148			59,367			59,056
Total Liabilities		242,133			259,359			163,825


Net Assets:
Paid-in capital		87,066,788			88,605,706			43,935,002
Undistributed (distributions in excess of) net investment income		230,052			136,164			39,671
Accumulated net realized gain (loss)		(2,013,925	)		(9,573,562	)		2,087,422
Net unrealized gain		20,989,634			8,270,009			12,142,408
Net Assets	$	106,272,549		$	87,438,317		$	58,204,503


Shares Outstanding/Net Asset Value:
Total shares outstanding, no par value (unlimited number of shares authorized):		3,629,930			3,796,127			1,697,752
Net asset value (net assets/shares outstanding)	$	29.28		$	23.03		$	34.28


Bond Fund			Short-Term Government Fund			National Tax-Free Intermediate Bond Fund		Missouri Tax-Free Intermediate Bond Fund			Kansas Tax-Free Intermediate Bond Fund


$	739,874,494		$	130,901,547		$	220,598,048	$	295,427,902		$	105,398,101
	758			737			883		834			796

	1,002,277			57,086			183,486		643,833			53,300
	6,410,317			633,211			2,207,883		3,276,527			1,186,466
	—			14,635			10,816		17,173			11,158
	747,287,846			131,607,216			223,001,116		299,366,269			106,649,821




	1,670,870			2,507,189			2,500,000		5,307,261			—
	2,011,078			161,760			535,011		662,051			234,063
	1,037,656			108,681			14,610		96,133			2,903
	303,971			52,636			89,394		119,089			43,246
	146,524			40,868			42,063		45,538			18,292
	91,191			15,791			26,818		35,726			12,974
	299,714			64,922			66,299		81,334			52,738
	5,561,004			2,951,847			3,274,195		6,347,132			364,216



	687,127,022			137,274,242			201,900,483		274,517,791			99,316,019
	(2,816,649	)		(1,559,611	)		206,076		(42,724	)		(43,088	)
	(2,565,643	)		(11,403,776	)		2,772,302		959,776			634,429
	59,982,112			4,344,514			14,848,060		17,584,294			6,378,245
$	741,726,842		$	128,655,369		$	219,726,921	$	293,019,137		$	106,285,605



	35,963,504			7,093,237			10,838,291		14,515,704			5,355,799
$	20.62		$	18.14		$	20.27	$	20.19		$	19.84


	Growth Fund						Value Fund
	For the Six Months Ended April 30, 2012 (Unaudited)			For the Fiscal Year Ended October 31, 2011			For the Six Months Ended April 30, 2012 (Unaudited)			For the Fiscal Year Ended October 31, 2011
From Operations:
Net investment income (loss)	$	252,153		$	587,272		$	1,212,912		$	1,245,176
Net realized gain		2,341,507			5,761,452			540,640			8,796,497
Net change in unrealized gain (loss)		11,478,108			(1,509,994	)		6,697,036			(2,801,984	)
Net increase in net assets resulting from operations		14,071,768			4,838,730			8,450,588			7,239,689


Distributions to Shareholders:
From net investment income		(424,930	)		(599,906	)		(1,175,922	)		(1,167,927	)
From net realized gains		—			—			—			—
Total distributions to shareholders		(424,930	)		(599,906	)		(1,175,922	)		(1,167,927	)


From Share Transactions:
Proceeds from sales of shares		5,322,388			19,330,753			24,090,873			32,649,942
Reinvestment of distributions		194,252			243,853			259,821			228,594
Cost of shares redeemed		(9,746,658	)		(46,524,739	)		(15,212,369	)		(17,856,591	)
Net increase (decrease) in net assets resulting from share transactions		(4,230,018	)		(26,950,133	)		9,138,325			15,021,945
TOTAL INCREASE (DECREASE)		9,416,820			(22,711,309	)		16,412,991			21,093,707


Net Assets:
Beginning of period		96,855,729			119,567,038			71,025,326			49,931,619
End of period	$	106,272,549		$	96,855,729		$	87,438,317		$	71,025,326
Undistributed (distributions in excess of) net investment income (loss)	$	230,052		$	402,829		$	136,164		$	99,174


MidCap Growth Fund						Bond Fund
For the Six Months Ended April 30, 2012 (Unaudited)			For the Fiscal Year Ended October 31, 2011			For the Six Months Ended April 30, 2012 (Unaudited)			For the Fiscal Year Ended October 31, 2011

$	53,682		$	(110,648	)	$	14,876,486		$	29,042,962
	2,092,940			4,859,446			2,098,128			2,699,879
	3,669,796			(1,960,569	)		7,407,684			(457,788	)
	5,816,418			2,788,229			24,382,298			31,285,053



	—			—			(15,709,746	)		(29,689,773	)
	(3,152,974	)		—			—			—
	(3,152,974	)		—			(15,709,746	)		(29,689,773	)



	3,738,244			14,973,903			84,875,456			183,758,213
	1,246,008			—			3,500,132			6,124,097
	(5,706,782	)		(14,878,726	)		(80,582,563	)		(114,911,103	)
	(722,530	)		95,177			7,793,025			74,971,207
	1,940,914			2,883,406			16,465,577			76,566,487



	56,263,589			53,380,183			725,261,265			648,694,778
$	58,204,503		$	56,263,589		$	741,726,842		$	725,261,265
$	39,671		$	(14,011	)	$	(2,816,649	)	$	(1,983,389	)


	Short-Term Government Fund						National Tax-Free Intermediate Bond Fund
	For the Six Months Ended April 30, 2012 (Unaudited)			For the Fiscal Year Ended October 31, 2011			For the Six Months Ended April 30, 2012 (Unaudited)			For the Fiscal Year Ended October 31, 2011
From Operations:
Net investment income	$	1,106,687		$	2,636,101		$	3,509,688		$	6,789,116
Net realized gain		237,178			57,583			2,772,115			1,045,634
Net change in unrealized gain (loss)		209,129			(1,412,087	)		7,401,544			61,415
Net increase in net assets resulting from operations		1,552,994			1,281,597			13,683,347			7,896,165


Distributions to Shareholders:
From net investment income		(1,633,498	)		(3,618,802	)		(3,483,052	)		(6,753,520	)
From net realized gains		—			—			(1,041,206	)		(2,394,933	)
Total distributions to shareholders		(1,633,498	)		(3,618,802	)		(4,524,258	)		(9,148,453	)


From Share Transactions:
Proceeds from sales of shares		19,759,261			44,666,035			35,763,782			42,031,800
Reinvestment of distributions		564,719			1,127,531			381,492			654,816
Cost of shares redeemed		(21,098,241	)		(46,968,512	)		(20,455,117	)		(38,454,002	)
Net increase (decrease) in net assets resulting from share transactions		(774,261	)		(1,174,946	)		15,690,157			4,232,614
TOTAL INCREASE (DECREASE)		(854,765	)		(3,512,151	)		24,849,246			2,980,326


Net Assets:
Beginning of period		129,510,134			133,022,285			194,877,675			191,897,349
End of period	$	128,655,369		$	129,510,134		$	219,726,921		$	194,877,675
Undistributed (distributions in excess of) net investment income	$	(1,559,611	)	$	(1,032,800	)	$	206,076		$	179,440


Missouri Tax-Free Intermediate Bond Fund						Kansas Tax-Free Intermediate Bond Fund
For the Six Months Ended April 30, 2012 (Unaudited)			For the Fiscal Year Ended October 31, 2011			For the Six Months Ended April 30, 2012 (Unaudited)			For the Fiscal Year Ended October 31, 2011

$	4,688,957		$	9,244,760		$	1,682,895		$	3,099,582
	960,134			1,105,512			634,615			214,979
	7,116,972			(791,875	)		2,561,460			474,269
	12,766,063			9,558,397			4,878,970			3,788,830



	(4,676,856	)		(9,211,723	)		(1,674,678	)		(3,087,707	)
	(1,102,611	)		(521,922	)		(213,992	)		(653,556	)
	(5,779,467	)		(9,733,645	)		(1,888,670	)		(3,741,263	)



	38,183,459			57,327,275			15,599,285			26,598,454
	909,218			1,259,859			290,261			548,763
	(19,728,366	)		(57,541,656	)		(10,934,529	)		(12,921,425	)
	19,364,311			1,045,478			4,955,017			14,225,792
	26,350,907			870,230			7,945,317			14,273,359



	266,668,230			265,798,000			98,340,288			84,066,929
$	293,019,137		$	266,668,230		$	106,285,605		$	98,340,288
$	(42,724	)	$	(54,825	)	$	(43,088	)	$	(51,305	)


			Income (loss) from investment operations									Distributions to shareholders
Year	Net asset value, beginning of period		Net investment income^(a)			Net realized and unrealized gain (loss)			Total from investment operations			From net investment income			From net realized gains			Total distributions
GROWTH FUND
For the Six Months Ended April 30, (Unaudited)
2012	$	25.56	$	0.07		$	3.76		$	3.83		$	(0.11	)	$	—		$	(0.11	)
For the Fiscal Years Ended October 31,
2011		24.73		0.13	^(d)		0.82			0.95			(0.12	)		—			(0.12	)
2010		21.24		0.19	^(e)		3.41			3.60			(0.11	)		—			(0.11	)
2009^(f)		18.44		0.10			2.75			2.85			(0.05	)		—			(0.05	)
2008		29.11		0.05			(10.39	)		(10.34	)		(0.04	)		(0.29	)		(0.33	)
2007		25.56		0.04			3.55			3.59			(0.04	)		—			(0.04	)

VALUE FUND
For the Six Months Ended April 30, (Unaudited)
2012	$	21.18	$	0.32		$	1.84		$	2.16		$	(0.31	)	$	—		$	(0.31	)
For the Fiscal Years Ended October 31,
2011		18.91		0.48			2.24			2.72			(0.45	)		—			(0.45	)
2010		16.81		0.22			2.10			2.32			(0.22	)		—			(0.22	)
2009^(f)		16.31		0.30			0.50			0.80			(0.30	)		—			(0.30	)
2008		29.02		0.39			(9.84	)		(9.45	)		(0.39	)		(2.87	)		(3.26	)
2007		29.53		0.36			1.90			2.26			(0.36	)		(2.41	)		(2.77	)



Net asset value, end of period	Total return^(b)			Net assets at end of period (in 000s)		Ratio of net expenses to average net assets			Ratio of total expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover rate


$29.28		15.07	%	$	106,273		1.13	%^(c)		1.18	%^(c)		0.51	%^(c)		16	%

25.56		3.84			96,856		1.13			1.19			0.50	^(d)		43
24.73		16.98			119,567		1.13			1.24			0.82	^(e)		46
21.24		15.55			110,522		1.13			1.20			0.52			39
18.44		(35.82	)		111,319		1.11			1.11			0.18			43
29.11		14.04			223,441		1.13			1.14			0.15			70



$23.03		10.25	%	$	87,438		0.70	%^(c)		0.71	%^(c)		2.90	%^(c)		19	%

21.18		14.51			71,025		0.86			0.90			2.32			116
18.91		13.88			49,932		1.20			1.26			1.24			47
16.81		5.19			63,622		1.20			1.22			1.98			61
16.31		(36.04	)		64,726		1.14			1.14			1.74			45
29.02		8.11			141,455		1.13			1.13			1.25			55


	Income Distribution		Capital Gains Distribution
Fund	Declared	Paid	Declared	Paid
Value	Quarterly	Quarterly	Annually	Annually
Growth and MidCap Growth	Annually	Annually	Annually	Annually
Bond, Short-Term Government, National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond	Daily	Monthly	Annually	Annually


GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	106,088,833	$	—	$	—

VALUE
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	86,785,865	$	—	$	—
Short-term Investment		—		693,000		—
Total	$	86,785,865	$	693,000	$	—

MIDCAP GROWTH
Investment Type	Level 1		Level 2		Level 3
Assets
Common Stock and/or Other Equity Investments	$	57,767,926	$	—	$	—
Short-term Investment		—		555,000		—
Total	$	57,767,926	$	555,000	$	—

BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Asset-Backed Securities	$	—	$	88,795,710	$	—
Municipal Bond Obligations		—		86,213,147		—
Mortgage-Backed Obligations		—		184,311,741		—
Corporate Obligations		—		243,627,594		—
U.S. Treasury and/or Other U.S. Government Agencies		8,710,000		105,479,353		—
Investment Company		5,272,949		—		—
Short-term Investment		—		17,464,000		—
Total	$	13,982,949	$	725,891,545	$	—

SHORT-TERM GOVERNMENT
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Asset-Backed Securities	$	—	$	2,985,485	$	—
Mortgage-Backed Obligations		—		34,248,910		—
Government Guarantee Obligations		—		3,321,600		—
U.S. Treasury and/or Other U.S. Government Agencies		11,616,406		69,441,146		—
Short-term Investment		—		9,288,000		—
Total	$	11,616,406	$	119,285,141	$	—



NATIONAL TAX-FREE INTERMEDIATE BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	206,750,066	$	—
Common Stock and/or Other Equity Investments		5,647,982		—		—
Short-term Investment		—		8,200,000		—
Total	$	5,647,982	$	214,950,066	$	—

MISSOURI TAX-FREE INTERMEDIATE BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	278,747,561	$	—
Common Stock and/or Other Equity Investments		7,188,341		—		—
Short-term Investment		—		9,492,000		—
Total	$	7,188,341	$	288,239,561	$	—

KANSAS TAX-FREE INTERMEDIATE BOND
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Bond Obligations	$	—	$	99,300,146	$	—
Common Stock and/or Other Equity Investments		2,669,955		—		—
Short-term Investment		—		3,428,000		—
Total	$	2,669,955	$	102,728,146	$	—


4. AGREEMENTS AND OTHER AFFILIATED TRANSACTIONS (continued)


Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Growth	$	—	$	15,514,618	$	—	$	19,568,819
Value		—		36,261,972		—		15,258,649
MidCap Growth		—		9,103,023		—		12,985,437
Bond		2,996,118		77,010,897		22,966,178		48,679,657
Short-Term Government		12,512,814		4,956,859		16,825,713		4,622,773
National Tax-Free Intermediate Bond		—		35,377,927		—		26,678,072
Missouri Tax-Free Intermediate Bond		—		32,671,669		—		22,576,310
Kansas Tax-Free Intermediate Bond		—		12,601,564		—		11,911,729


	Growth			Value			MidCap Growth			Bond
Capital loss carryovers:⁽¹⁾
Expiring 2012	$	—		$	—		$	—		$	(546,585	)
Expiring 2013		—			—			—			(540,238	)
Expiring 2014		—			—			—			(3,576,948	)
Expiring 2017		(4,097,268	)		(8,007,346	)		—			—
Expiring 2018		—			(1,335,495	)		—			—
Total capital loss carryovers	$	(4,097,268	)	$	(9,342,841	)	$	—		$	(4,663,771	)
Timing differences (distributions payable, deferred compensation)	$	(21,915	)	$	(20,093	)	$	(14,011	)	$	(2,042,453	)

	Short-Term Government			National Tax-Free Intermediate Bond			Missouri Tax-Free Intermediate Bond			Kansas Tax-Free Intermediate Bond
Capital loss carryovers:⁽¹⁾
Expiring 2012	$	(3,771,248	)	$	—		$	—		$	—
Expiring 2013		(2,538,488	)		—			—			—
Expiring 2014		(2,653,199	)		—			—			—
Expiring 2015		(1,094,544	)		—			—			—
Expiring 2016		(347,228	)		—			—			—
Expiring 2017		(400,692	)		—			—			—
Expiring 2018		(460,436	)		—			—			—
Expiring 2019		(375,119	)		—			—			—
Total capital loss carryovers	$	(11,640,954	)	$	—		$	—		$	—
Timing differences (distributions payable, deferred compensation)	$	(221,108	)	$	(580,465	)	$	(690,500	)	$	(244,925	)


	Contractual Advisory Fees
Fund	First $100 million			Next $100 million			Over $200 million
Growth and MidCap Growth		0.65	%		0.50	%		0.40	%
Short-Term Government, National Tax-Free Intermediate Bond, Missouri Tax-Free Intermediate Bond and Kansas Tax-Free Intermediate Bond		0.50	%		0.35	%		0.25	%

	First $400 million			Next $300 million			Over $700 million
Bond		0.50	%		0.35	%		0.25	%


	Growth Fund
	For the Six Months Ended April 30, 2012 (Unaudited)						For the Fiscal Year Ended October 31, 2011
	Shares			Dollars			Shares			Dollars
Shares sold		194,625		$	5,322,388			738,204		$	19,330,753
Reinvestment of distributions		7,627			194,252			9,336			243,853
Shares redeemed		(362,278	)		(9,746,658	)		(1,792,684	)		(46,524,739	)
Net Decrease		(160,026	)	$	(4,230,018	)		(1,045,144	)	$	(26,950,133	)


	Value Fund
	For the Six Months Ended April 30, 2012 (Unaudited)						For the Fiscal Year Ended October 31, 2011
	Shares			Dollars			Shares			Dollars
Shares sold		1,110,324		$	24,090,873			1,559,757		$	32,649,942
Reinvestment of distributions		11,612			259,821			11,275			228,594
Shares redeemed		(679,407	)		(15,212,369	)		(857,671	)		(17,856,591	)
Net Increase		442,529		$	9,138,325			713,361		$	15,021,945


	MidCap Growth Fund
	For the Six Months Ended April 30, 2012 (Unaudited)						For the Fiscal Year Ended October 31, 2011
	Shares			Dollars			Shares			Dollars
Shares sold		117,046		$	3,738,244			442,467		$	14,973,903
Reinvestment of distributions		40,811			1,246,008			—			—
Shares redeemed		(176,509	)		(5,706,782	)		(434,743	)		(14,878,726	)
Net Increase (Decrease)		(18,652	)	$	(722,530	)		7,724		$	95,177


	Beginning Account Value 11/1/11		Ending Account Value 4/30/12			Expenses Paid for the 6 months ended 4/30/12*		Beginning Account Value 11/1/11		Ending Account Value 4/30/12			Expenses Paid for the 6 months ended 4/30/12*		Beginning Account Value 11/1/11		Ending Account Value 4/30/12			Expenses Paid for the 6 months ended 4/30/12*		Beginning Account Value 11/1/11		Ending Account Value 4/30/12			Expenses Paid for the 6 months ended 4/30/12*
Fund	Growth Fund							Value Fund							MidCap Growth Fund							Bond Fund
Shares
Actual	$	1,000.00	$	1,150.70		$	6.04	$	1,000.00	$	1,102.50		$	3.66	$	1,000.00	$	1,110.60		$	6.40	$	1,000.00	$	1,033.00		$	4.04
Hypothetical 5% return		1,000.00		1,019.24	⁺		5.67		1,000.00		1,021.38	⁺		3.52		1,000.00		1,018.80	⁺		6.12		1,000.00		1,020.89	⁺		4.02
	Short-Term Government Fund							National Tax-Free Intermediate Bond Fund							Missouri Tax-Free Intermediate Bond Fund							Kansas Tax-Free Intermediate Bond Fund
Shares
Actual	$	1,000.00	$	1,012.20		$	3.40	$	1,000.00	$	1,066.40		$	3.60	$	1,000.00	$	1,046.70		$	3.56	$	1,000.00	$	1,048.50		$	3.57
Hypothetical 5% return		1,000.00		1,021.48	⁺		3.42		1,000.00		1,021.38	⁺		3.52		1,000.00		1,021.38	⁺		3.52		1,000.00		1,021.38	⁺		3.52


(a)(1)	Not applicable for the reporting period.

(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.

(a)(3)	Not applicable.

(b)(1)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.