<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON AUGUST , 1997.
1933 ACT REGISTRATION NO. 333-14725
1940 ACT REGISTRATION NO. 811-07873
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------
FORM N-1A
<TABLE>
<CAPTION>
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933 [_]
<S> <C>
Pre-Effective Amendment No. [_]
Post-Effective Amendment No. 1 [X]
and/or
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940 [_]
Amendment No. 1 [X]
</TABLE>
(Check appropriate box or boxes)
----------------
NUVEEN FLAGSHIP MUNICIPAL TRUST
(Exact name of Registrant as Specified in Charter)
333 West Wacker Drive, Chicago, 60606
Illinois
(Address of Principal Executive Office) (Zip Code)
Registrant's Telephone Number, including Area Code: (312) 917-7700
Gifford R. Zimmerman, Esq.--Vice With a copy to:
President and Assistant Secretary Thomas S. Harman
333 West Wacker Drive Fried, Frank, Harris, Shriver &
Chicago, Illinois 60606 Jacobson
(Name and Address of Agent for Service) 1001 Pennsylvania Ave., NW
Suite 800
Washington, D.C. 20004
It is proposed that this filing will become effective (check appropriate box):
[X]
Immediately upon filing pursuant [_]on (date) pursuant to paragraph
to paragraph (b) [_](a)(1)
75 days after filing pursuant
to paragraph (a)(2)
[_]
on June 30, 1997 pursuant to para- [_]on (date) pursuant to paragraph
graph (b) (a)(2) of Rule 485.
[_]
60 days after filing pursuant to
paragraph (a)(1)
If appropriate, check the following box:
[_]
This post-effective amendment designates a new effective date for a previ-
ously filed post-effective amendment.
PURSUANT TO RULE 24F-2 OF THE INVESTMENT COMPANY ACT OF 1940, REGISTRANT HAS
REGISTERED AN INDEFINITE NUMBER OF SHARES (DESIGNATED AS CLASS A SHARES, CLASS
B SHARES, CLASS C SHARES AND CLASS R SHARES) OF THE FOLLOWING SERIES: NUVEEN
MUNICIPAL BOND FUND; NUVEEN INSURED MUNICIPAL BOND FUND; NUVEEN FLAGSHIP ALL-
AMERICAN MUNICIPAL BOND FUND; AND AN INDEFINITE NUMBER OF SHARES (DESIGNATED AS
CLASS A SHARES, CLASS C SHARES AND CLASS R SHARES) OF THE FOLLOWING SERIES:
NUVEEN FLAGSHIP INTERMEDIATE MUNICIPAL BOND FUND AND NUVEEN FLAGSHIP LIMITED
TERM MUNICIPAL BOND FUND. A RULE 24F-2 NOTICE FOR THE REGISTRANT'S FISCAL YEAR
ENDED APRIL 30, 1997 WAS FILED ON OR ABOUT JUNE 29, 1997.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
CALCULATION OF REGISTRATION FEE FOR SHARES OF
MUNICIPAL BOND FUND
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PROPOSED PROPOSED
MAXIMUM MAXIMUM AMOUNT OF
TITLE OF SECURITIES AMOUNT BEING OFFERING PRICE AGGREGATE REGISTRATION
BEING REGISTERED REGISTERED PER UNIT OFFERING PRICE FEE*
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares of Common Stock, $.01 par value................... 1,173,300 $9.77 $0 $0
</TABLE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
*Registrant has elected to calculate its filing fee in the manner described in
Rule 24e-2 under the Investment Company Act of 1940. The total amount of secu-
rities redeemed during the previous fiscal year was $63,401,060. The total
amount of redeemed securities used for reduction pursuant to Rule 24f-2(c) was
$51,937,922. The amount of redeemed securities being used for reduction of the
registration fee in this Amendment is $11,463,138.
CALCULATION OF REGISTRATION FEE FOR SHARES OF
INSURED MUNICIPAL BOND FUND
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PROPOSED PROPOSED
MAXIMUM MAXIMUM AMOUNT OF
TITLE OF SECURITIES AMOUNT BEING OFFERING PRICE AGGREGATE REGISTRATION
BEING REGISTERED REGISTERED PER UNIT OFFERING PRICE FEE*
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares of Common Stock, $.01 par value................... 417,646 $11.41 $0 $0
</TABLE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
*Registrant has elected to calculate its filing fee in the manner described in
Rule 24e-2 under the Investment Company Act of 1940. The total amount of secu-
rities redeemed during the previous fiscal year was $17,108,094. The total
amount of redeemed securities used for reduction pursuant to Rule 24f-2(c) was
$12,342,758. The amount of redeemed securities being used for reduction of the
registration fee in this Amendment is $4,765,336.
CALCULATION OF REGISTRATION FEE FOR SHARES OF
INTERMEDIATE MUNICIPAL BOND FUND
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PROPOSED PROPOSED
MAXIMUM MAXIMUM AMOUNT OF
TITLE OF SECURITIES AMOUNT BEING OFFERING PRICE AGGREGATE REGISTRATION
BEING REGISTERED REGISTERED PER UNIT OFFERING PRICE FEE*
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares of Common Stock, $.01 par value................... 447,566 $11.11 $0 $0
</TABLE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
*Registrant has elected to calculate its filing fee in the manner described in
Rule 24e-2 under the Investment Company Act of 1940. The total amount of secu-
rities redeemed during the previous fiscal year was $13,864,964. The total
amount of redeemed securities used for reduction pursuant to Rule 24f-2(c) was
$8,892,503. The amount of redeemed securities being used for reduction of the
registration fee in this Amendment is $4,972,461.
CALCULATION OF REGISTRATION FEE FOR SHARES OF
LIMITED TERM MUNICIPAL BOND FUND
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PROPOSED PROPOSED
MAXIMUM MAXIMUM AMOUNT OF
TITLE OF SECURITIES AMOUNT BEING OFFERING PRICE AGGREGATE REGISTRATION
BEING REGISTERED REGISTERED PER UNIT OFFERING PRICE FEE*
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares of Common Stock, $.01 par value................... 5,210,210 $11.06 $0 $0
</TABLE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
*Registrant has elected to calculate its filing fee in the manner described in
Rule 24e-2 under the Investment Company Act of 1940. The total amount of secu-
rities redeemed during the previous fiscal year was $125,247,208. The total
amount of redeemed securities used for reduction pursuant to Rule 24f-2(c) was
$67,622,281. The amount of redeemed securities being used for reduction of the
registration fee in this Amendment is $57,624,927.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 011
<NAME> MUNICIPAL BOND CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 2692148
<INVESTMENTS-AT-VALUE> 2818580
<RECEIVABLES> 65775
<ASSETS-OTHER> 640
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2884995
<PAYABLE-FOR-SECURITIES> 11310
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22878
<TOTAL-LIABILITIES> 34188
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2719800
<SHARES-COMMON-STOCK> 7688
<SHARES-COMMON-PRIOR> 7235
<ACCUMULATED-NII-CURRENT> 1278
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3297
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 126433
<NET-ASSETS> 2850807
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 42245
<OTHER-INCOME> 0
<EXPENSES-NET> 4040
<NET-INVESTMENT-INCOME> 38205
<REALIZED-GAINS-CURRENT> 340
<APPREC-INCREASE-CURRENT> (15324)
<NET-CHANGE-FROM-OPS> 23221
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 909
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1843
<NUMBER-OF-SHARES-REDEEMED> (1451)
<SHARES-REINVESTED> 64
<NET-CHANGE-IN-ASSETS> (40692)
<ACCUMULATED-NII-PRIOR> 1229
<ACCUMULATED-GAINS-PRIOR> 3173
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3152
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4040
<AVERAGE-NET-ASSETS> 69836
<PER-SHARE-NAV-BEGIN> 9.19
<PER-SHARE-NII> 0.118
<PER-SHARE-GAIN-APPREC> (0.051)
<PER-SHARE-DIVIDEND> (0.117)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.14
<EXPENSE-RATIO> 0.772
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 012
<NAME> MUNICIPAL BOND CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 2692148
<INVESTMENTS-AT-VALUE> 2818580
<RECEIVABLES> 65775
<ASSETS-OTHER> 640
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2884995
<PAYABLE-FOR-SECURITIES> 11310
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22878
<TOTAL-LIABILITIES> 34188
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2719800
<SHARES-COMMON-STOCK> 51
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 1278
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3297
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 126433
<NET-ASSETS> 2850807
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 42245
<OTHER-INCOME> 0
<EXPENSES-NET> 4040
<NET-INVESTMENT-INCOME> 38205
<REALIZED-GAINS-CURRENT> 340
<APPREC-INCREASE-CURRENT> (15324)
<NET-CHANGE-FROM-OPS> 23221
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 51
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (40692)
<ACCUMULATED-NII-PRIOR> 1229
<ACCUMULATED-GAINS-PRIOR> 3173
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3152
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4040
<AVERAGE-NET-ASSETS> 180
<PER-SHARE-NAV-BEGIN> 9.23
<PER-SHARE-NII> 0.092
<PER-SHARE-GAIN-APPREC> (0.071)
<PER-SHARE-DIVIDEND> (0.101)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.15
<EXPENSE-RATIO> 1.525
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 013
<NAME> MUNICIPAL BOND CLASS C
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 2692148
<INVESTMENTS-AT-VALUE> 2818580
<RECEIVABLES> 65775
<ASSETS-OTHER> 640
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2884995
<PAYABLE-FOR-SECURITIES> 11310
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22878
<TOTAL-LIABILITIES> 34188
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2719800
<SHARES-COMMON-STOCK> 587
<SHARES-COMMON-PRIOR> 506
<ACCUMULATED-NII-CURRENT> 1278
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3297
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 126433
<NET-ASSETS> 2850807
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 42245
<OTHER-INCOME> 0
<EXPENSES-NET> 4040
<NET-INVESTMENT-INCOME> 38205
<REALIZED-GAINS-CURRENT> 340
<APPREC-INCREASE-CURRENT> (15324)
<NET-CHANGE-FROM-OPS> 23221
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 58
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 96
<NUMBER-OF-SHARES-REDEEMED> (21)
<SHARES-REINVESTED> 5
<NET-CHANGE-IN-ASSETS> (40692)
<ACCUMULATED-NII-PRIOR> 1229
<ACCUMULATED-GAINS-PRIOR> 3173
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3152
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4040
<AVERAGE-NET-ASSETS> 5030
<PER-SHARE-NAV-BEGIN> 9.19
<PER-SHARE-NII> 0.105
<PER-SHARE-GAIN-APPREC> (0.050)
<PER-SHARE-DIVIDEND> (0.105)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.14
<EXPENSE-RATIO> 1.323
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 014
<NAME> MUNICIPAL BOND CLASS R
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 2692148
<INVESTMENTS-AT-VALUE> 2818580
<RECEIVABLES> 65775
<ASSETS-OTHER> 640
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2884995
<PAYABLE-FOR-SECURITIES> 11310
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22878
<TOTAL-LIABILITIES> 34188
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2719800
<SHARES-COMMON-STOCK> 303396
<SHARES-COMMON-PRIOR> 305510
<ACCUMULATED-NII-CURRENT> 1278
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3297
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 126433
<NET-ASSETS> 2850807
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 42245
<OTHER-INCOME> 0
<EXPENSES-NET> 4040
<NET-INVESTMENT-INCOME> 38205
<REALIZED-GAINS-CURRENT> 340
<APPREC-INCREASE-CURRENT> (15324)
<NET-CHANGE-FROM-OPS> 23221
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 37026
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3694
<NUMBER-OF-SHARES-REDEEMED> (9059)
<SHARES-REINVESTED> 3165
<NET-CHANGE-IN-ASSETS> (40692)
<ACCUMULATED-NII-PRIOR> 1229
<ACCUMULATED-GAINS-PRIOR> 3173
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3152
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4040
<AVERAGE-NET-ASSETS> 2793944
<PER-SHARE-NAV-BEGIN> 9.2
<PER-SHARE-NII> 0.122
<PER-SHARE-GAIN-APPREC> (0.050)
<PER-SHARE-DIVIDEND> (0.122)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.15
<EXPENSE-RATIO> 0.571
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 021
<NAME> NATIONAL INSURED CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 762011
<INVESTMENTS-AT-VALUE> 799938
<RECEIVABLES> 14445
<ASSETS-OTHER> 189
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 814572
<PAYABLE-FOR-SECURITIES> 19041
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5515
<TOTAL-LIABILITIES> 24556
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 753733
<SHARES-COMMON-STOCK> 6497
<SHARES-COMMON-PRIOR> 6211
<ACCUMULATED-NII-CURRENT> 526
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2171)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37928
<NET-ASSETS> 790016
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11835
<OTHER-INCOME> 0
<EXPENSES-NET> 1282
<NET-INVESTMENT-INCOME> 10553
<REALIZED-GAINS-CURRENT> (985)
<APPREC-INCREASE-CURRENT> (6618)
<NET-CHANGE-FROM-OPS> 2950
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 878
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 470
<NUMBER-OF-SHARES-REDEEMED> (234)
<SHARES-REINVESTED> 51
<NET-CHANGE-IN-ASSETS> 11663
<ACCUMULATED-NII-PRIOR> 586
<ACCUMULATED-GAINS-PRIOR> (1180)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 927
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1282
<AVERAGE-NET-ASSETS> 68299
<PER-SHARE-NAV-BEGIN> 10.77
<PER-SHARE-NII> 0.137
<PER-SHARE-GAIN-APPREC> (0.109)
<PER-SHARE-DIVIDEND> (0.138)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.66
<EXPENSE-RATIO> 0.836
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 022
<NAME> NATIONAL INSURED CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 762011
<INVESTMENTS-AT-VALUE> 799938
<RECEIVABLES> 14445
<ASSETS-OTHER> 189
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 814572
<PAYABLE-FOR-SECURITIES> 19041
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5515
<TOTAL-LIABILITIES> 24556
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 753733
<SHARES-COMMON-STOCK> 43
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 526
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2171)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37928
<NET-ASSETS> 790016
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11835
<OTHER-INCOME> 0
<EXPENSES-NET> 1282
<NET-INVESTMENT-INCOME> 10553
<REALIZED-GAINS-CURRENT> (985)
<APPREC-INCREASE-CURRENT> (6618)
<NET-CHANGE-FROM-OPS> 2950
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 46
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 11663
<ACCUMULATED-NII-PRIOR> 586
<ACCUMULATED-GAINS-PRIOR> (1180)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 927
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1282
<AVERAGE-NET-ASSETS> 332
<PER-SHARE-NAV-BEGIN> 10.80
<PER-SHARE-NII> 0.111
<PER-SHARE-GAIN-APPREC> (0.122)
<PER-SHARE-DIVIDEND> (0.119)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.67
<EXPENSE-RATIO> 1.589
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 023
<NAME> NATIONAL INSURED CLASS C
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 762011
<INVESTMENTS-AT-VALUE> 799938
<RECEIVABLES> 14445
<ASSETS-OTHER> 189
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 814572
<PAYABLE-FOR-SECURITIES> 19041
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5515
<TOTAL-LIABILITIES> 24556
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 753733
<SHARES-COMMON-STOCK> 532
<SHARES-COMMON-PRIOR> 508
<ACCUMULATED-NII-CURRENT> 526
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2171)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37928
<NET-ASSETS> 790016
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11835
<OTHER-INCOME> 0
<EXPENSES-NET> 1282
<NET-INVESTMENT-INCOME> 10553
<REALIZED-GAINS-CURRENT> (985)
<APPREC-INCREASE-CURRENT> (6618)
<NET-CHANGE-FROM-OPS> 2950
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 62
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 64
<NUMBER-OF-SHARES-REDEEMED> (45)
<SHARES-REINVESTED> 5
<NET-CHANGE-IN-ASSETS> 11663
<ACCUMULATED-NII-PRIOR> 586
<ACCUMULATED-GAINS-PRIOR> (1180)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 927
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1282
<AVERAGE-NET-ASSETS> 5470
<PER-SHARE-NAV-BEGIN> 10.66
<PER-SHARE-NII> 0.121
<PER-SHARE-GAIN-APPREC> (0.099)
<PER-SHARE-DIVIDEND> (0.122)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.56
<EXPENSE-RATIO> 1.387
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 024
<NAME> NATIONAL INSURED CLASS R
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 762011
<INVESTMENTS-AT-VALUE> 799938
<RECEIVABLES> 14445
<ASSETS-OTHER> 189
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 814572
<PAYABLE-FOR-SECURITIES> 19041
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5515
<TOTAL-LIABILITIES> 24556
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 753733
<SHARES-COMMON-STOCK> 67294
<SHARES-COMMON-PRIOR> 68136
<ACCUMULATED-NII-CURRENT> 526
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2171)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37928
<NET-ASSETS> 790016
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11835
<OTHER-INCOME> 0
<EXPENSES-NET> 1282
<NET-INVESTMENT-INCOME> 10553
<REALIZED-GAINS-CURRENT> (985)
<APPREC-INCREASE-CURRENT> (6618)
<NET-CHANGE-FROM-OPS> 2950
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 9673
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 664
<NUMBER-OF-SHARES-REDEEMED> (2116)
<SHARES-REINVESTED> 600
<NET-CHANGE-IN-ASSETS> 11663
<ACCUMULATED-NII-PRIOR> 586
<ACCUMULATED-GAINS-PRIOR> (1180)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 927
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1282
<AVERAGE-NET-ASSETS> 724603
<PER-SHARE-NAV-BEGIN> 10.72
<PER-SHARE-NII> 0.142
<PER-SHARE-GAIN-APPREC> (0.099)
<PER-SHARE-DIVIDEND> (0.143)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.62
<EXPENSE-RATIO> 0.636
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 031
<NAME> ALL AMERICAN CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 256401
<INVESTMENTS-AT-VALUE> 268826
<RECEIVABLES> 11461
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 280295
<PAYABLE-FOR-SECURITIES> 4841
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3135
<TOTAL-LIABILITIES> 7976
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 258950
<SHARES-COMMON-STOCK> 19890
<SHARES-COMMON-PRIOR> 19974
<ACCUMULATED-NII-CURRENT> 13
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 931
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12425
<NET-ASSETS> 272319
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4329
<OTHER-INCOME> 0
<EXPENSES-NET> 610
<NET-INVESTMENT-INCOME> 3719
<REALIZED-GAINS-CURRENT> (150)
<APPREC-INCREASE-CURRENT> (953)
<NET-CHANGE-FROM-OPS> 2616
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2993
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 668
<NUMBER-OF-SHARES-REDEEMED> (863)
<SHARES-REINVESTED> 88
<NET-CHANGE-IN-ASSETS> 850
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 155
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 327
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 610
<AVERAGE-NET-ASSETS> 218055
<PER-SHARE-NAV-BEGIN> 10.940
<PER-SHARE-NII> .152
<PER-SHARE-GAIN-APPREC> (.042)
<PER-SHARE-DIVIDEND> (0.150)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.900
<EXPENSE-RATIO> .810
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 032
<NAME> ALL AMERICAN CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 256401
<INVESTMENTS-AT-VALUE> 268826
<RECEIVABLES> 11461
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 280295
<PAYABLE-FOR-SECURITIES> 4841
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3135
<TOTAL-LIABILITIES> 7976
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 258950
<SHARES-COMMON-STOCK> 51
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 13
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 931
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12425
<NET-ASSETS> 272319
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4329
<OTHER-INCOME> 0
<EXPENSES-NET> 610
<NET-INVESTMENT-INCOME> 3719
<REALIZED-GAINS-CURRENT> (150)
<APPREC-INCREASE-CURRENT> (953)
<NET-CHANGE-FROM-OPS> 2616
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 65
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 850
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 155
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 327
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 610
<AVERAGE-NET-ASSETS> 298
<PER-SHARE-NAV-BEGIN> 10.980
<PER-SHARE-NII> .123
<PER-SHARE-GAIN-APPREC> (.064)
<PER-SHARE-DIVIDEND> (.129)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.910
<EXPENSE-RATIO> 1.563
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 033
<NAME> ALL AMERICAN CLASS C
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 256401
<INVESTMENTS-AT-VALUE> 268826
<RECEIVABLES> 11461
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 280295
<PAYABLE-FOR-SECURITIES> 4841
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3135
<TOTAL-LIABILITIES> 7976
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 258950
<SHARES-COMMON-STOCK> 5040
<SHARES-COMMON-PRIOR> 4838
<ACCUMULATED-NII-CURRENT> 13
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 931
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12425
<NET-ASSETS> 272319
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4329
<OTHER-INCOME> 0
<EXPENSES-NET> 610
<NET-INVESTMENT-INCOME> 3719
<REALIZED-GAINS-CURRENT> (150)
<APPREC-INCREASE-CURRENT> (953)
<NET-CHANGE-FROM-OPS> 2616
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 665
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 365
<NUMBER-OF-SHARES-REDEEMED> (181)
<SHARES-REINVESTED> 13
<NET-CHANGE-IN-ASSETS> 850
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 155
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 327
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 610
<AVERAGE-NET-ASSETS> 53930
<PER-SHARE-NAV-BEGIN> 10.930
<PER-SHARE-NII> .137
<PER-SHARE-GAIN-APPREC> (0.042)
<PER-SHARE-DIVIDEND> (0.135)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.890
<EXPENSE-RATIO> 1.360
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 034
<NAME> ALL AMERICAN CLASS R
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 256401
<INVESTMENTS-AT-VALUE> 268826
<RECEIVABLES> 11461
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 280295
<PAYABLE-FOR-SECURITIES> 4841
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3135
<TOTAL-LIABILITIES> 7976
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 258950
<SHARES-COMMON-STOCK> 17
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 13
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 931
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12425
<NET-ASSETS> 272319
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4329
<OTHER-INCOME> 0
<EXPENSES-NET> 610
<NET-INVESTMENT-INCOME> 3719
<REALIZED-GAINS-CURRENT> (150)
<APPREC-INCREASE-CURRENT> (953)
<NET-CHANGE-FROM-OPS> 2616
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 850
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 155
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 327
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 610
<AVERAGE-NET-ASSETS> 218055
<PER-SHARE-NAV-BEGIN> 10.990
<PER-SHARE-NII> .149
<PER-SHARE-GAIN-APPREC> (.074)
<PER-SHARE-DIVIDEND> (0.155)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.910
<EXPENSE-RATIO> 0.612
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 051
<NAME> INTERMEDIATE CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 44140
<INVESTMENTS-AT-VALUE> 45518
<RECEIVABLES> 1043
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46536
<PAYABLE-FOR-SECURITIES> 1562
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1086
<TOTAL-LIABILITIES> 2648
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42828
<SHARES-COMMON-STOCK> 3915
<SHARES-COMMON-PRIOR> 4174
<ACCUMULATED-NII-CURRENT> 10
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (301)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1378
<NET-ASSETS> 43915
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 640
<OTHER-INCOME> 0
<EXPENSES-NET> 69
<NET-INVESTMENT-INCOME> 571
<REALIZED-GAINS-CURRENT> 62
<APPREC-INCREASE-CURRENT> (465)
<NET-CHANGE-FROM-OPS> 168
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 522
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 109
<NUMBER-OF-SHARES-REDEEMED> (397)
<SHARES-REINVESTED> 22
<NET-CHANGE-IN-ASSETS> (2470)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (392)
<OVERDISTRIB-NII-PRIOR> (2)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 55
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 115
<AVERAGE-NET-ASSETS> 42646
<PER-SHARE-NAV-BEGIN> 10.56
<PER-SHARE-NII> .133
<PER-SHARE-GAIN-APPREC> (0.095)
<PER-SHARE-DIVIDEND> (.128)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.47
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 052
<NAME> INTERMEDIATE CLASS C
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 44140
<INVESTMENTS-AT-VALUE> 45518
<RECEIVABLES> 1043
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46536
<PAYABLE-FOR-SECURITIES> 1562
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1086
<TOTAL-LIABILITIES> 2648
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42828
<SHARES-COMMON-STOCK> 243
<SHARES-COMMON-PRIOR> 220
<ACCUMULATED-NII-CURRENT> 10
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (301)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1378
<NET-ASSETS> 43915
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 640
<OTHER-INCOME> 0
<EXPENSES-NET> 69
<NET-INVESTMENT-INCOME> 571
<REALIZED-GAINS-CURRENT> 62
<APPREC-INCREASE-CURRENT> (465)
<NET-CHANGE-FROM-OPS> 168
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 21
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26
<NUMBER-OF-SHARES-REDEEMED> (4)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (2470)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (392)
<OVERDISTRIB-NII-PRIOR> (2)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 55
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 115
<AVERAGE-NET-ASSETS> 2435
<PER-SHARE-NAV-BEGIN> 10.56
<PER-SHARE-NII> .119
<PER-SHARE-GAIN-APPREC> (.095)
<PER-SHARE-DIVIDEND> (.114)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.47
<EXPENSE-RATIO> 1.151
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 053
<NAME> INTERMEDIATE CLASS R
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 44140
<INVESTMENTS-AT-VALUE> 45518
<RECEIVABLES> 1043
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 46536
<PAYABLE-FOR-SECURITIES> 1562
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1086
<TOTAL-LIABILITIES> 2648
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42828
<SHARES-COMMON-STOCK> 45
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 10
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (301)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1378
<NET-ASSETS> 43915
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 640
<OTHER-INCOME> 0
<EXPENSES-NET> 69
<NET-INVESTMENT-INCOME> 571
<REALIZED-GAINS-CURRENT> 62
<APPREC-INCREASE-CURRENT> (465)
<NET-CHANGE-FROM-OPS> 168
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 45
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (2470)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (392)
<OVERDISTRIB-NII-PRIOR> (2)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 55
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 115
<AVERAGE-NET-ASSETS> 402
<PER-SHARE-NAV-BEGIN> 10.60
<PER-SHARE-NII> .144
<PER-SHARE-GAIN-APPREC> (.160)
<PER-SHARE-DIVIDEND> (.134)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.45
<EXPENSE-RATIO> 0.40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 041
<NAME> LIMITED TERM CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
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<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 440735
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 042
<NAME> LIMITED TERM CLASS C
<MULTIPLIER> 1000
<S> <C>
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<NUMBER-OF-SHARES-REDEEMED> (270)
<SHARES-REINVESTED> 6
<NET-CHANGE-IN-ASSETS> (31018)
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<PER-SHARE-NAV-BEGIN> 10.7
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<LEGEND>
This schedule contains Summary Financial Information extracted from the Form
N-SAR and the financial statements and is qualified in its entirety by
references to such documents.
</LEGEND>
<SERIES>
<NUMBER> 043
<NAME> LIMITED TERM CLASS R
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> APR-30-1997
<PERIOD-START> FEB-01-1997
<PERIOD-END> APR-30-1997
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<ACCUMULATED-NET-GAINS> (5198)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8801
<NET-ASSETS> 448992
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 6456
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<NET-INVESTMENT-INCOME> 5588
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<APPREC-INCREASE-CURRENT> (4462)
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
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<NET-CHANGE-IN-ASSETS> (31018)
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<GROSS-EXPENSE> 868
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<AVG-DEBT-OUTSTANDING> 0
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</TABLE>
