Principal
Amount ($) Value ($)
TAX EXEMPT OBLIGATIONS - 129.0% of Net Assets
Alabama - 1.3%
1,500,000 Camden Alabama Industrial Development Board, 6.125%, 1,462,860
1,000,000 Huntsville-Redstone Village Special Care Facilities F 847,610
2,000,000 Huntsville-Redstone Village Special Care Facilities F 1,583,660
3,894,130
Arizona - 2.1%
5,000,000 Apache County Industrial Development Authority, 5.85% 4,775,550
980,000 Pima County Industrial Development Authority, 7.25%, 1,004,304
500,000 Yavapai County Industrial Development Authority, 6.0% 496,800
6,276,654
California - 5.9%
5,150,000 + Golden State Tobacco Securitization Corp., 7.8%, 6/1/ 6,110,114
7,000,000 + Golden State Tobacco Securitization Corp., 7.875%, 6/ 8,327,130
2,500,000 University of California Revenue, 5.0%, 5/15/25 2,530,575
655,000 Valley Health System Hospital Revenue, 6.5%, 5/15/25 480,639
17,448,458
Connecticut - 5.1%
10,335,00(a) Lehman Municipal Trust Receipts, RIB, 8.573%, 7/1/42 10,636,369
5,000,000 Mohegan Tribe Indians Gaming Authority, 6.25%, 1/1/31 4,531,500
15,167,869
Delaware - 0.4%
765,000 Sussex County Delaware Revenue, 5.9%, 1/1/26 691,682
600,000 Sussex County Delaware Revenue, 6.0%, 1/1/35 524,928
1,216,610
District of Columbia - 3.6%
5,000,000 District of Columbia Tobacco Settlement Financing Cor 4,714,350
6,000,000 District of Columbia Tobacco Settlement Financing Cor 5,937,180
10,651,530
Florida - 6.4%
2,000,000 Beacon Lakes Community Development, 6.9%, 5/1/35 1,888,320
7,000,000(a) Lehman Municipal Trust Receipts, RIB, 8.16%, 11/1/39 7,190,470
2,500,000 Liberty County Subordinate Revenue, 8.25%, 7/1/28 2,461,375
1,000,000 St. Johns County Industrial Development Authority Rev 839,080
2,000,000 St. Johns County Industrial Development Authority Rev 1,550,880
5,000,000 Tallahassee Health Facilities Revenue, 6.375%, 12/1/3 5,033,250
18,963,375
Georgia - 6.6%
4,240,000(a) Atlanta Georgia Water & Waste Revenue, RIB, 8.049%, 1 3,967,877
2,400,000 Fulton County Residential Care Facilities Revenue, 5. 1,957,080
2,600,000 Fulton County Residential Care Facilities Revenue, 5. 1,980,342
7,500,000 Main Street Natural Gas Project Revenue, 6.25%, 7/15/ 6,775,350
4,500,000 Main Street Natural Gas Project Revenue, 6.375%, 7/15 4,102,290
1,000,000 Rockdale County Development Authority Revenue, 6.125% 954,780
19,737,719
Guam - 1.5%
5,000,000 Northern Mariana Islands, 5.0%, 10/1/22 4,370,800
Idaho - 1.6%
5,000,000 Power County Industrial Development Corp., 6.45%, 8/1 4,904,400
Illinois - 5.6%
1,000,000 Centerpoint Intermodal Center, 8.0%, 6/15/23 (144A) 913,550
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/27 910,630
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/39 871,350
1,500,000 Illinois Health Facilities Authority Revenue, 6.9%, 1 1,137,150
16,880,00(b) Metropolitan Pier & Exposition Authority Dedicated St 11,387,923
1,800,000 Southwestern Illinois Development Authority Revenue, 1,584,828
16,805,431
Indiana - 3.3%
5,000,000 Indiana Health & Educational Facility Financing Autho 4,437,050
1,000,000 Indiana State Development Finance Authority Revenue, 939,340
4,300,000 Indiana State Development Finance Authority Revenue, 4,332,981
9,709,371
Louisiana - 2.0%
1,500,000 Louisiana Local Government Environmental Facilities R 1,456,140
5,000,000 Louisiana Public Facilities Authority Revenue, 5.5%, 4,665,250
6,121,390
Massachusetts - 6.1%
7,050,000 Massachusetts Health & Educational Facilities Authori 7,152,295
3,500,000 Massachusetts Health & Educational Facilities Authori 3,520,300
2,500,000 Massachusetts Health & Education Facilities Authority 2,362,625
5,000,000 Massachusetts Health & Educational Facilities Authori 4,990,350
18,025,570
Michigan - 3.2%
950,000 Doctor Charles Drew Academy, 5.7%, 11/1/36 639,084
1,700,000 Flint Michigan Hospital Building Authority Revenue, 5 1,586,457
1,500,000 John Tolfree Health System Corp., 6.0%, 9/15/23 1,445,085
2,000,000 Michigan State Hospital Finance Authority Revenue, 5. 1,806,260
4,010,000 Michigan State Hospital Finance Authority Revenue, 6. 4,010,000
9,486,886
Minnesota - 2.3%
1,675,000 Duluth Economic Development Authority Health Care Fac 1,739,069
1,500,000 North Oaks Senior Housing Revenue, 6.0%, 10/1/33 1,384,905
2,000,000 North Oaks Senior Housing Revenue, 6.125%, 10/1/39 1,856,760
2,000,000 North Oaks Senior Housing Revenue, 6.5%, 10/1/47 1,955,400
6,936,134
Mississippi - 1.0%
3,000,000 Mississippi Business Finance Corp. Pollution Control 2,885,040
Montana - 0.4%
1,600,000 Two Rivers Authority, Inc. Correctional Facility Impr 1,146,592
Nebraska - 0.7%
2,000,000 Grand Island Solid Waste Disposal Facilities Revenue, 1,988,800
Nevada - 1.5%
4,600,000 Clark County Industrial Development Revenue, 5.5%, 10 3,915,198
2,000,000 Nevada State Department of Business & Industry, 7.25% 575,760
4,490,958
New Jersey - 9.5%
2,000,000 New Jersey Economic Development Authority Revenue, 6. 1,575,460
13,350,000 New Jersey Economic Development Authority Revenue, 6. 9,564,340
1,000,000 New Jersey Economic Development Authority Revenue, 6. 763,580
6,150,000 New Jersey Economic Development Authority Revenue, 7. 4,804,749
10,000,00 + Tobacco Settlement Financing Corp., 6.75%, 6/1/39 11,619,800
28,327,929
New Mexico - 1.4%
1,500,000 Otero County New Mexico Project Revenue, 6.0%, 4/1/23 1,389,540
2,960,000 Otero County New Mexico Project Revenue, 6.0%, 4/1/28 2,628,776
4,018,316
New York - 9.5%
2,500,000 Albany New York Industrial Development Agency Civic F 2,380,400
2,000,000 Nassau County New York Industrial Development Agency 1,972,860
2,000,000 New York City Industrial Development Agency, 5.375%, 1,837,640
12,990,000 New York City Industrial Development Agency, 6.9%, 8/ 5,849,657
7,040,000(a) New York State Dormitory Authority Revenue, RIB, 9.97 7,920,986
2,000,000 Suffolk County Industrial Development Agency, 7.25%, 2,035,660
6,000,000 Triborough Bridge & Tunnel Authority Revenue, 5.25%, 6,115,920
28,113,123
North Carolina - 2.2%
4,030,000 Charlotte North Carolina Special Facilities Revenue, 2,697,642
4,600,000 Charlotte North Carolina Special Facilities Revenue, 3,952,596
6,650,238
Oklahoma - 7.0%
3,000,000 + Oklahoma Development Finance Authority Revenue, 5.625 3,139,260
8,000,000 + Oklahoma Development Finance Authority Revenue, 5.625 8,371,360
4,100,000 Tulsa Municipal Airport Revenue, 5.65%, 12/1/35 4,051,005
1,225,000 Tulsa Municipal Airport Revenue, 6.25%, 6/1/20 965,276
4,350,000 Tulsa Municipal Airport Revenue, 7.35%, 12/1/11 4,119,059
20,645,960
Pennsylvania - 7.3%
3,000,000 Allegheny County Hospital Development Authority Reven 2,382,180
1,550,000 Allegheny County Hospital Development Authority Reven 1,459,278
12,300,00 + Allegheny County Hospital Development Authority Reven 14,361,357
1,000,000 Columbia County Hospital Authority Health Care Revenu 832,560
925,000 Hazleton Health Services Authority Hospital Revenue, 870,221
1,280,000 Langhorne Manor Borough Higher Education & Health Aut 1,233,587
500,000 Pennsylvania Higher Educational Facilities Authority 477,795
21,616,978
Rhode Island - 1.3%
4,000,000 Central Falls Detention Facilities Revenue, 7.25%, 7/ 4,009,600
South Carolina - 2.3%
5,185,000 + South Carolina Jobs Economic Development Authority Re 5,926,196
665,000 + South Carolina Jobs Economic Development Authority Re 757,428
6,683,624
Tennessee - 3.7%
7,000,000 + Johnson City Health & Educational Facilities Board Ho 8,296,400
2,480,000 Knox County Health Educational & Housing Facilities B 2,579,051
10,875,451
Texas - 14.6%
1,345,000 Bexar County Housing Finance Corp., 8.0%, 12/1/36 1,335,814
1,000,000 Dallas-Fort Worth International Airport Revenue, 6.0% 510,460
4,000,000 Decatur Hospital Authority Revenue, 7.0%, 9/1/25 4,023,200
1,000,000 + Georgetown Health Facilities Development Corp., 6.25% 1,057,990
2,000,000 Gulf Coast Industrial Development Authority Revenue, 1,746,240
3,750,000 Houston Airport System Special Facilities Revenue, 5. 2,459,400
5,340,000 Lubbock Health Facilities Development Corp., 6.625%, 5,087,258
10,000,000 North Texas Tollway Authority Revenue, 5.75%, 1/1/33 9,718,500
2,450,000(a) Northside Independent School District, RIB, 9.169%, 6 2,491,944
500,000 Sabine River Authority Pollution Control Revenue, 6.1 402,770
7,040,000(a) Texas State, RIB, 9.134%, 4/1/30 (144A) 7,305,830
735,000 (c) Willacy County Local Government Corp. Revenue, 6.0%, 751,420
1,500,000 Willacy County Local Government Corp. Revenue, 6.0%, 1,484,160
5,250,000 Willacy County Local Government Corp. Revenue, 6.875% 4,948,493
43,323,479
Utah - 0.2%
800,000 Spanish Fork City Charter School Revenue, 5.55%, 11/1 703,128
Vermont - 0.5%
1,500,000 Vermont Educational & Health Buildings Financing Agen 1,549,740
Virginia - 0.3%
1,000,000 Peninsula Ports Authority, 6.0%, 4/1/33 938,850
Washington - 7.9%
4,710,000 Spokane Public Facilities District Hotel/Motel Tax & 5,023,121
7,025,000 Tobacco Settlement Authority Revenue, 6.625%, 6/1/32 6,871,995
14,315,000 Washington State General Obligation, 0.0%, 6/1/22 7,065,455
5,000,000 Washington State Housing Finance Committee Nonprofit 4,529,850
23,490,421
Wisconsin - 0.7%
2,400,000 Aztalan Wisconsin Exempt Facilities Revenue, 7.5%, 5/ 2,005,752
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $385,918,633) 383,180,306
|