1,800,000 Southwestern Illinois Development Authority Revenue1,160,406
25,628,000
Indiana - 4.5%
5,000,000 Indiana Health & Educational Facility Financing Aut4,203,300
1,000,000 Indiana State Development Finance Authority Revenue 921,790
4,300,000 Indiana State Development Finance Authority Revenue4,134,235
2,500,000 (b) Rockport Pollution Control Revenue, 6.25%, 6/1/25 2,614,025
11,873,350
Louisiana - 2.0%
1,500,000 Louisiana Local Government Environmental Facilities1,247,670
5,000,000 Louisiana Public Facilities Authority Revenue, 5.5%4,027,400
5,275,070
Massachusetts - 4.5%
2,385,000 Massachusetts Development Finance Agency Revenue, 71,855,387
1,000,000 Massachusetts Educational Financing Authority Reven1,011,520
3,500,000 Massachusetts Health & Educational Facilities Autho3,276,105
2,500,000 Massachusetts Health & Educational Facilities Autho1,805,700
5,000,000 Massachusetts Health & Educational Facilities Autho3,854,300
11,803,012
Michigan - 3.5%
950,000 Doctor Charles Drew Academy, 5.7%, 11/1/36 517,949
1,525,000 Flint Michigan Hospital Building Authority Revenue,1,297,058
1,500,000 John Tolfree Health System Corp., 6.0%, 9/15/23 1,177,215
2,000,000 Michigan State Hospital Finance Authority Revenue, 1,384,240
5,830,000 Michigan Tobacco Settlement Finance Authority, 6.0%3,517,530
1,470,000 Star International Academy Certificates of Particip1,126,814
9,020,806
Minnesota - 0.6%
1,675,000 Duluth Economic Development Authority Health Care F1,512,391
Mississippi - 1.0%
3,000,000 Mississippi Business Finance Corp. Pollution Contro2,726,640
Montana - 0.1%
1,600,000 (c) Two Rivers Authority, Inc. Correctional Facility Im 312,304
Nebraska - 0.5%
2,000,000 Grand Island Solid Waste Disposal Facilities Revenu1,362,080
Nevada - 0.0%
2,000,000 (c) Nevada State Department of Business & Industry, 7.2 100,000
New Jersey - 12.2%
2,000,000 New Jersey Economic Development Authority Revenue, 1,541,220
13,350,000 New Jersey Economic Development Authority Revenue, 9,143,415
1,000,000 New Jersey Economic Development Authority Revenue, 737,560
6,150,000 (b) New Jersey Economic Development Authority Revenue, 4,583,964
10,370,000 New Jersey Transportation Trust Fund Authority, 0.03,759,229
10,000,000 + Tobacco Settlement Financing Corp., 6.75%, 6/1/39 12,043,800
31,809,188
New Mexico - 1.3%
1,500,000 Otero County New Mexico Project Revenue, 6.0%, 4/1/1,184,700
2,960,000 Otero County New Mexico Project Revenue, 6.0%, 4/1/2,206,473
3,391,173
New York - 8.6%
2,500,000 Albany New York Industrial Development Agency Civic2,130,150
3,000,000 Dutchess County Industrial Development Agency Reven2,799,420
1,000,000 Nassau County New York Industrial Development Agenc 766,510
2,000,000 New York City Industrial Development Agency, 5.375%1,794,860
990,000 New York City Industrial Development Agency, 6.9%, 398,831
7,040,000 (a) New York State Dormitory Authority Revenue, RIB, 128,727,277
2,000,000 Suffolk County Industrial Development Agency, 7.25%1,678,580
4,000,000 Triborough Bridge & Tunnel Authority Revenue, 5.25%4,070,280
22,365,908
North Carolina - 2.8%
4,530,000 Charlotte North Carolina Special Facilities Revenue2,753,470
5,740,000 Charlotte North Carolina Special Facilities Revenue4,477,257
7,230,727
Oklahoma - 3.7%
4,500,000 + Oklahoma Development Finance Authority Revenue, 5.64,553,955
1,225,000 Tulsa Municipal Airport Revenue, 6.25%, 6/1/20 893,209
4,350,000 Tulsa Municipal Airport Revenue, 7.35%, 12/1/11 4,113,795
9,560,959
Pennsylvania - 8.9%
3,000,000 Allegheny County Hospital Development Authority Rev1,910,310
1,550,000 Allegheny County Hospital Development Authority Rev1,323,948
12,300,000 + Allegheny County Hospital Development Authority Rev13,894,080
1,000,000 Columbia County Hospital Authority Health Care Reve 715,510
845,000 Hazleton Health Services Authority Hospital Revenue 727,106
1,280,000 Langhorne Manor Borough Higher Education & Health A 921,485
5,000,000 Pennsylvania Economic Development Financing Authority
Solid Waste Disposal Revenue, 6.0%, 6/1/31 3,212,400
500,000 Pennsylvania Higher Educational Facilities Authorit 446,115
23,150,954
Rhode Island - 1.6%
6,000,000 Central Falls Detention Facilities Revenue, 7.25%, 4,171,200
South Carolina - 2.6%
5,185,000 + South Carolina Jobs Economic Development Authority 5,955,284
665,000 + South Carolina Jobs Economic Development Authority 771,500
6,726,784
Tennessee - 5.2%
7,000,000 + Johnson City Health & Educational Facilities Board 7,974,610
2,480,000 Knox County Health, Educational & Housing Facilities Board
Hospital Revenue,
6.375%, 4/15/22 2,525,012
4,600,000 Sullivan County Health, Educational & Housing Facilities Board
Hospital Revenue,
5.25%, 9/1/36 3,132,508
13,632,130
Texas - 14.4%
1,345,000 Bexar County Housing Finance Corp., 8.0%, 12/1/36 992,179
1,000,000 Dallas-Fort Worth International Airport Revenue, 6. 480,750
4,000,000 Decatur Hospital Authority Revenue, 7.0%, 9/1/25 3,466,200
2,000,000 Gulf Coast Industrial Development Authority Revenue 878,600
3,750,000 Houston Airport System Special Facilities Revenue, 2,370,750
5,340,000 Lubbock Health Facilities Development Corp.,6.625% 4,025,826
10,000,000 North Texas Tollway Authority Revenue, 5.75%,1/1/3 9,650,600
2,810,000 (a)Northside Independent School District, RIB, 10.778% 2,936,057
500,000 Sabine River Authority Pollution Control Revenue, 6 222,545
7,040,000 (a) Texas State, RIB, 11.59%, 4/1/30 (144A) 7,596,442
1,075,000 Willacy County Local Government Corp. Revenue,6.0% 1,062,154
5,250,000 Willacy County Local Government Corp. Revenue, 6. 3,968,685
37,650,788
Utah - 0.2%
800,000 Spanish Fork City Charter School Revenue, 5.55%, 11 616,776
Vermont - 0.6%
1,500,000 Vermont Educational & Health Buildings Financing Ag1,555,665
Virginia - 0.4%
1,000,000 Peninsula Ports Authority, 6.0%, 4/1/33 970,420
Washington - 8.6%
4,710,000 Spokane Public Facilities District Hotel/Motel Tax 4,924,022
7,025,000 Tobacco Settlement Authority Revenue, 6.625%, 6/1/35,947,716
14,315,000 Washington State General Obligation, 0.0%, 6/1/22 7,987,770
5,000,000 Washington State Housing Finance Committee Nonprofi3,609,700
22,469,208
Wisconsin - 0.0%
2,320,000 Aztalan Wisconsin Exempt Facilities Revenue, 7.5%, 121,800
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $370,184,198) 340,832,757
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 2.7% of Net Assets
10,000,000(b)(Non-Profit Preferred Funding Trust I,12.0%, 9/15/376,970,800
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $10,000,000) 6,970,800
Shares COMMON STOCK - 0.7% of Net Assets
248,558 (f) Delta Air Lines, Inc. 1,722,507
TOTAL COMMON STOCK
(Cost $6,612,756) 1,722,507
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