Principal
Amount ($) Value ($)
TAX EXEMPT OBLIGATIONS - 121.4%
Alabama - 1.3%
1,500,000 Camden Alabama Industrial Development Board, 6.125%, 1,612,995
1,000,000 Huntsville-Redstone Village Special Care Facilities 971,300
2,000,000 Huntsville-Redstone Village Special Care Facilities 1,904,620
4,488,915
Arizona - 5.6%
5,000,000 Apache County Industrial Development Authority, 5.85 5,002,000
5,000,000 Apache County Industrial Development Authority, 5.87 5,002,100
7,000,000(a)Downtown Phoenix Hotel Corp., RIB, 6.176%, 7/1/40 (1 7,553,560
1,000,000 Pima County Industrial Development Authority, 7.25%, 1,085,170
500,000 Yavapai County Industrial Development Authority, 6.0 529,095
19,171,925
California - 10.7%
7,270,000 California State General Obligation, 5.25%, 2/1/28 7,620,123
5,000,000 California Statewide Communities Development Authori 5,014,300
5,150,000 + Golden State Tobacco Securitization Corp., 7.8%, 6/1 6,178,970
7,000,000 + Golden State Tobacco Securitization Corp., 7.875%, 6 8,423,310
2,000,000 San Diego Unified School District, 5.0%, 7/1/25 2,064,500
2,500,000 University of California Revenue, 5.0%, 5/15/25 2,583,450
5,000,000 Valley Health System Hospital Revenue, 6.5%, 5/15/25 5,013,800
36,898,453
Connecticut - 1.5%
5,000,000 Mohegan Tribe Indians Gaming Authority, 6.25%, 1/1/3 5,251,300
Delaware - 0.4%
765,000 Sussex County Delaware Revenue, 5.9%, 1/1/26 771,311
600,000 Sussex County Delaware Revenue, 6.0%, 1/1/35 607,866
1,379,177
District of Columbia - 3.5%
5,000,000 District of Columbia Tobacco Settlement Financing Co 5,773,300
6,000,000 District of Columbia Tobacco Settlement Financing Co 6,411,780
12,185,080
Florida - 3.0%
2,000,000 Beacon Lakes Community Development, 6.9%, 5/1/35 2,150,840
1,000,000 St. Johns County Industrial Development Authority Re 986,260
2,000,000 St. Johns County Industrial Development Authority Re 1,985,620
5,000,000 Tallahassee Health Facilities Revenue, 6.375%, 12/1/ 5,219,150
10,341,870
Guam - 1.4%
5,000,000 Northern Mariana Islands, 5.0%, 10/1/22 4,947,300
Georgia - 2.7%
4,240,000(a)Atlanta Georgia Water & Waste Revenue, RIB, 6.271%, 4,604,470
2,400,000 Fulton County Residential Care Facilities Revenue, 5 2,311,968
2,600,000 Fulton County Residential Care Facilities Revenue, 5 2,499,900
9,416,338
Idaho - 1.5%
5,000,000 Power County Industrial Development Corp., 6.45%, 8/ 5,249,950
Illinois - 5.7%
1,000,000 Centerpoint Intermodal Center, 8.0%, 6/15/23 (144A) 1,007,640
2,000,000 Chicago Illinois O'Hare International Airport Revenu 2,056,640
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/27 1,037,360
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/39 1,032,220
1,500,000 Illinois Health Facilities Authority Revenue, 6.9%, 1,635,900
16,880,00(b)Metropolitan Pier & Exposition Authority Dedicated S 11,132,866
1,800,000 Southwestern Illinois Development Authority Revenue, 1,801,116
19,703,742
Indiana - 1.6%
1,000,000 Indiana State Development Finance Authority Revenue, 1,020,370
4,300,000 Indiana State Development Finance Authority Revenue, 4,405,006
5,425,376
Massachusetts - 10.5%
4,000,000 Massachusetts Bay Transportation Authority, 5.0%, 7/ 4,315,520
1,335,000 Massachusetts Health & Educational Facilities Author 1,369,123
7,050,000 Massachusetts Health & Educational Facilities Author 7,319,733
3,500,000 Massachusetts Health & Educational Facilities Author 3,741,115
5,000,000 Massachusetts Health & Educational Facilities Author 5,363,100
9,810,000(a)Massachusetts State Development Finance Agency, RIB, 10,755,684
3,055,000 Massachusetts State Housing Finance Agency, 5.25%, 1 3,086,864
35,951,139
Michigan - 2.5%
950,000 Doctor Charles Drew Academy, 5.7%, 11/1/36 958,075
1,500,000 John Tolfree Health System Corp., 6.0%, 9/15/23 1,521,570
2,000,000 Michigan State Hospital Finance Authority Revenue, 5 1,950,060
4,010,000 Michigan State Hospital Finance Authority Revenue, 6 4,011,083
7,720,000 Wayne Charter County Special Airport Facilities Reve 0
8,440,788
Minnesota - 0.5%
1,675,000 Duluth Economic Development Authority Health Care Fa 1,827,978
Mississippi - 0.9%
3,000,000 Mississippi Business Finance Corp. Pollution Control 3,028,980
Montana - 0.5%
1,600,000 Two Rivers Authority, Inc. Correctional Facility Imp 1,633,072
Nevada - 2.2%
1,000,000 Clark County Industrial Development Revenue, 5.45%, 1,030,470
4,600,000 Clark County Industrial Development Revenue, 5.5%, 1 4,472,304
2,000,000 Nevada State Department of Business & Industry, 7.25 2,029,960
7,532,734
New Hampshire - 0.9%
3,000,000 Manchester School Facilities Revenue, 5.125%, 6/1/28 3,121,620
New Jersey - 10.1%
2,000,000 New Jersey Economic Development Authority Revenue, 6 2,057,240
13,350,000 New Jersey Economic Development Authority Revenue, 6 13,732,077
1,000,000 New Jersey Economic Development Authority Revenue, 6 1,026,690
6,150,000 New Jersey Economic Development Authority Revenue, 7 6,493,293
10,000,00 + Tobacco Settlement Financing Corp., 6.75%, 6/1/39 11,457,800
34,767,100
New Mexico - 0.4%
1,350,000 + Santa Fe Educational Facilities Revenue, 5.75%, 10/1 1,501,646
New York - 10.8%
2,000,000 New York City Industrial Development Agency, 5.375%, 2,048,680
12,990,000 New York City Industrial Development Agency, 6.9%, 8 13,014,551
5,000,000 New York City Trust Cultural Resources Revenue, 5.12 5,189,850
7,040,000(a)New York State Dormitory Authority Revenue, RIB, 6.4 8,355,565
2,000,000 Suffolk County Industrial Development Agency, 7.25%, 2,086,400
6,000,000 Triborough Bridge & Tunnel Authority Revenue, 5.25%, 6,314,160
37,009,206
North Carolina - 2.6%
4,030,000 Charlotte North Carolina Special Facilities Revenue, 4,016,379
4,600,000 Charlotte North Carolina Special Facilities Revenue, 4,856,726
8,873,105
Oklahoma - 6.2%
3,000,000 + Oklahoma Development Finance Authority Revenue, 5.62 3,132,660
8,000,000 + Oklahoma Development Finance Authority Revenue, 5.62 8,353,760
4,100,000 Tulsa Municipal Airport Revenue, 5.65%, 12/1/35 4,115,949
1,225,000 Tulsa Municipal Airport Revenue, 6.25%, 6/1/20 1,225,576
4,350,000 Tulsa Municipal Airport Revenue, 7.35%, 12/1/11 4,357,178
21,185,123
Pennsylvania - 6.6%
3,000,000 Allegheny County Hospital Development Authority Reve 2,812,950
1,550,000 Allegheny County Hospital Development Authority Reve 1,549,938
12,300,00 + Allegheny County Hospital Development Authority Reve 14,530,236
1,000,000 Columbia County Hospital Authority Health Care Reven 898,480
1,000,000 Hazleton Health Services Authority Hospital Revenue, 986,890
1,280,000 Langhorne Manor Borough Higher Education & Health Au 1,298,304
500,000 Pennsylvania Higher Educational Facilities Authority 513,545
22,590,343
Rhode Island - 1.3%
4,000,000 Central Falls Detention Facilities Revenue, 7.25%, 7 4,429,240
South Carolina - 1.9%
5,185,000 + South Carolina Jobs Economic Development Authority R 5,844,999
665,000 + South Carolina Jobs Economic Development Authority R 747,945
6,592,944
Tennessee - 3.7%
7,000,000 Johnson City Health & Educational Facilities Board H 7,981,610
4,480,000 Knox County Health Educational & Housing Facilities 4,553,158
12,534,768
Texas - 10.7%
1,345,000 Bexar County Housing Finance Corp., 8.0%, 12/1/36 1,416,164
1,000,000 Dallas-Fort Worth International Airport Revenue, 6.0 1,000,440
5,000,000 Dallas-Fort Worth International Airport Revenue, 6.1 5,004,050
4,000,000 Decatur Hospital Authority Revenue, 7.0%, 9/1/25 4,318,640
1,000,000 + Georgetown Health Facilities Development Corp., 6.25 1,065,620
2,000,000 Gulf Coast Industrial Development Authority Revenue, 2,106,080
3,750,000 Houston Airport System Special Facilities Revenue, 5 3,778,200
5,340,000 Lubbock Health Facilities Development Corp., 6.625%, 5,556,857
2,450,000(a)Northside Independent School District, RIB, 6.683%, 2,721,019
500,000 Sabine River Authority Pollution Control Revenue, 6. 526,080
7,040,000(a)Texas State, RIB, 6.153%, 4/1/30 (144A) 7,762,234
1,365,000 Willacy County Local Government Corp. Revenue, 6.0%, 1,370,296
36,625,680
Utah - 0.2%
800,000 Spanish Fork City Charter School Revenue, 5.55%, 11/ 805,816
Vermont - 0.5%
1,500,000 Vermont Educational & Health Buildings Financing Age 1,634,205
Virginia - 1.5%
1,000,000 Peninsula Ports Authority, 6.0%, 4/1/33 1,045,070
4,000,000 + Pocahontas Parkway Association of Virginia Toll Road 4,149,680
5,194,750
Washington - 7.3%
4,710,000 Spokane Public Facilities District Hotel/Motel Tax & 5,101,118
7,025,000 Tobacco Settlement Authority Revenue, 6.625%, 6/1/32 7,548,081
14,315,000 Washington State General Obligation, 0.0%, 6/1/22 7,259,852
5,000,000 Washington State Housing Finance Committee Nonprofit 5,092,650
25,001,701
Wisconsin - 0.7%
2,400,000 Aztalan Wisconsin Exempt Facilities Revenue, 7.5%, 5 2,375,592
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $376,484,330) 417,116,956
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