Principal
Amount Value
TAX EXEMPT OBLIGATIONS - 126.9% of Net Assets
Alabama - 1.4%
1,000,000 Huntsville-Redstone Village Special Care
Facilities Financing Auth., 5.5%, 1/1/28 830,960
4,500,000 Huntsville-Redstone Village Special Care Facilities
Financing Auth., 5.5%, 1/1/43 3,453,840
4,284,800
Arizona - 2.1%
5,000,000 Apache County Ind. Dev. Auth., 5.85%, 3/1/28 5,000,400
960,000 Pima County Ind. Dev. Auth., 7.25%, 7/1/31 964,762
500,000 Yavapai County Ind. Dev. Auth., 6.0%, 8/1/33 504,220
6,469,382
California - 8.1%
7,885,000 (a) California State University Rev., RIB,
10.627%, 11/1/39 (144A) 8,225,790
602,382 (b) California Statewide Communities Dev. Auth.
Environmental Facilities Rev., 9.0%, 12/1/38 58,732
1,000,000 California Statewide Communities Dev.
Auth. Rev., 7.25%, 10/1/38 1,016,150
5,150,000 + Golden State Tobacco Securitization
Corp., 7.8%, 6/1/42 6,147,709
7,000,000 + Golden State Tobacco Securitization
Corp., 7.875%, 6/1/42 8,370,180
1,000,000 University of California Rev., 5.0%, 5/15/25 1,063,540
655,000 (b) Valley Health System Hosp. Rev., 6.5%, 5/15/25 484,831
25,366,932
Connecticut - 5.1%
10,335,000 (a) Connecticut Health & Edl. Facilities Auth. Rev.,
RIB, 11.149%, 7/1/42 (144A) 11,853,935
5,000,000 Mohegan Tribe Indians Gaming Auth., 6.25%, 1/1/31 4,111,150
15,965,085
District of Columbia - 3.4%
5,000,000 District of Columbia Tobacco Settlement
Financing Corp., 6.5%, 5/15/33 4,793,350
6,000,000 District of Columbia Tobacco Settlement
Financing Corp., 6.75%, 5/15/40 5,930,880
10,724,230
Florida - 4.8%
1,700,000 Beacon Lakes Community Dev., 6.9%, 5/1/35 1,681,861
1,000,000 Hillsborough County Ind. Dev. Auth. Rev.,
8.0%, 8/15/32 1,143,830
2,390,000 Liberty County Subordinate Rev., 8.25%, 7/1/28 2,307,641
2,500,000 Miami-Dade County Aviation Rev., 5.5%, 10/1/41 2,563,125
1,000,000 St. Johns County Ind. Dev. Auth. Rev., 5.25%, 1/1/ 835,650
2,000,000 St. Johns County Ind. Dev. Auth. Rev., 5.375%, 1/1 1,539,980
5,000,000 Tallahassee Health Facilities Rev., 6.375%, 12/1/3 5,008,650
15,080,737
Georgia - 2.6%
4,240,000 (a) Atlanta Georgia Water & Waste Rev., RIB,
10.628%, 11/1/43 (144A) 4,321,790
500,000 Clayton County Dev. Auth. Rev., 9.0%, 6/1/35 523,945
2,400,000 Fulton County Residential Care
Facilities Rev., 5.0%, 7/1/27 1,728,000
1,100,000 Fulton County Residential Care
Facilities Rev., 5.125%, 7/1/42 689,150
1,000,000 Rockdale County Dev. Auth. Rev., 6.125%, 1/1/34 939,850
8,202,735
Idaho - 1.6%
5,000,000 Power County Ind. Dev. Corp., 6.45%, 8/1/32 5,030,000
Illinois - 13.5%
2,000,000 (c) Centerpoint Intermodal Center, 7.5%, 6/15/23 (144A 2,025,440
12,000,000 Chicago O'Hare Intl. Airport Special Facility Rev. ,
Ref. Bonds, 5.5%, 12/1/30 8,898,720
1,000,000 Illinois Fin. Auth. Rev., 6.0%, 11/15/27 779,460
3,865,000 Illinois Fin. Auth. Rev., 6.0%, 8/15/38 3,898,394
2,000,000 Illinois Fin. Auth. Rev., 6.0%, 8/15/39 2,188,140
4,000,000 Illinois Fin. Auth. Rev., 6.0%, 11/15/39 2,790,840
2,500,000 Illinois Fin. Auth. Rev., 6.5%, 4/1/39 2,622,475
4,000,000 Illinois Fin. Auth. Rev., 8.25%, 5/15/45 3,963,000
1,500,000 (b) Illinois Health Facilities Auth. Rev., 6.9%, 11/15 571,800
16,880,000 (d) Metropolitan Pier & Exposition Auth. Dedicated
State Tax Rev., 0.0%, 6/15/22 13,036,086
1,685,000 Southwestern Illinois Dev. Auth. Rev., 5.625%, 11/ 1,231,516
42,005,871
Indiana - 3.7%
5,000,000 Indiana Health & Edl. Facility Financing Auth.
Hosp. Rev., 5.0%, 2/15/39 4,724,300
4,300,000 Indiana State Dev. Fin. Auth. Rev., 5.75%, 10/1/11 4,379,034
2,570,000 Vigo County Hosp. Auth. Rev., 5.8%, 9/1/47 (144A) 2,352,193
11,455,527
Louisiana - 2.0%
1,500,000 Louisiana Local Government Environmental
Facilities Rev., 6.75%, 11/1/32 1,551,390
5,000,000 Louisiana Public Facilities Auth. Rev., 5.5%, 5/15 4,681,300
6,232,690
Massachusetts - 6.3%
5,000,000 Massachusetts Dev. Fin. Agency Rev., 5.75%, 1/1/42 5,573,700
2,360,000 Massachusetts Dev. Fin. Agency Rev., 7.1%, 7/1/32 2,161,359
1,000,000 Massachusetts Edl. Financing Auth. Rev., 6.0%, 1/1 1,063,530
3,500,000 Massachusetts Health & Edl. Facilities
Auth. Rev., 6.25%, 7/1/22 3,551,835
2,500,000 Massachusetts Health & Edl. Facilities
Auth. Rev., 6.5%, 1/15/38 2,264,175
5,000,000 Massachusetts Health & Edl. Facilities
Auth. Rev., 6.75%, 10/1/33 4,990,650
19,605,249
Michigan - 3.4%
935,000 Doctor Charles Drew Academy, 5.7%, 11/1/36 580,747
1,340,000 Flint Michigan Hosp. Building Auth. Rev., 5.25%, 7 1,318,238
1,500,000 John Tolfree Health System Corp., 6.0%, 9/15/23 1,275,015
2,000,000 Michigan State Hosp. Fin. Auth. Rev., 5.5%, 8/15/2 1,919,960
5,830,000 Michigan Tobacco Settlement Fin. Auth., 6.0%, 6/1/ 4,207,686
1,450,000 Star Intl. Academy Certs. of Participation, 6.125% 1,390,347
7,720,000 (e)(g)Wayne Charter Escrow, 0.0%, 12/1/15 0
10,691,993
Minnesota - 0.9%
1,675,000 Duluth Econ. Dev. Auth. Health
Care Facilities Rev., 7.25%, 6/15/32 1,713,659
1,000,000 Minneapolis & Saint Paul Housing & ReDev.
Auth. Rev., 5.25%, 8/15/35 1,016,370
2,730,029
Mississippi - 1.0%
3,000,000 Mississippi Business Fin. Corp. Pollution
Control Rev., 5.9%, 5/1/22 2,996,400
Montana - 0.1%
1,600,000 (b) Two Rivers Auth., Inc. Correctional Facility
Improvement Rev., 7.375%, 11/1/27 224,096
Nebraska - 0.2%
2,000,000 Grand Island Solid Waste Disposal Facilities Rev., 603,080
Nevada - 0.0%
2,000,000 (b) Nevada State Dept. of Business & Industry, 7.25%, 10,000
New Jersey - 11.9%
2,000,000 New Jersey Econ. Dev. Auth. Rev., 6.25%, 9/15/19 1,963,240
13,350,000 New Jersey Econ. Dev. Auth. Rev., 6.25%, 9/15/29 12,713,205
6,150,000 (c) New Jersey Econ. Dev. Auth. Rev., 7.0%, 11/15/30 6,160,701
10,370,000 New Jersey Transportation Trust Fund Auth., 0.0%, 4,374,377
10,000,000 + Tobacco Settlement Financing Corp., 6.75%, 6/1/39 11,725,800
36,937,323
New Mexico - 1.2%
1,500,000 Otero County New Mexico Project Rev., 6.0%, 4/1/23 1,274,220
2,960,000 Otero County New Mexico Project Rev., 6.0%, 4/1/28 2,399,169
3,673,389
New York - 8.4%
2,500,000 Albany New York Ind. Dev. Agency Civic Facilities
Rev., 5.25%, 11/15/27 2,477,375
3,000,000 Dutchess County Ind. Dev. Agency Rev., 7.5%, 3/1/2 2,992,560
2,000,000 Hempstead Local Dev. Corp. Rev. Bonds, 5.75%, 7/1/ 2,103,840
2,250,000 Nassau County New York Ind. Dev. Agency Rev., 6.7% 2,238,030
990,000 New York City Ind. Dev. Agency, 6.9%, 8/1/24 880,595
2,000,000 New York City Ind. Dev. Agency, 7.625%, 12/1/32 2,021,880
1,000,000 New York State Dormitory Auth. Rev., 6.125%, 12/1/ 1,008,010
7,040,000 (a) New York State Dormitory Auth. Rev., RIB, 12.596%, 9,414,522
3,000,000 Suffolk County Ind. Dev. Agency, 7.25%, 1/1/30 3,001,680
26,138,492
North Carolina - 3.2%
4,935,000 Charlotte Special Facilities Rev., 5.6%, 7/1/27 4,241,830
5,740,000 Charlotte Special Facilities Rev., 7.75%, 2/1/28 5,757,048
9,998,878
Oklahoma - 1.8%
1,225,000 Tulsa Municipal Airport Rev., 6.25%, 6/1/20 1,144,236
4,350,000 Tulsa Municipal Airport Rev., 7.35%, 12/1/11 4,350,043
5,494,279
Pennsylvania - 7.6%
3,000,000 Allegheny County Hosp. Dev. Auth. Rev., 5.0%, 11/1 2,360,010
1,550,000 Allegheny County Hosp. Dev. Auth. Rev., 5.125%, 5/ 1,423,009
12,300,000 + Allegheny County Hosp. Dev. Auth. Rev., 9.25%, 11/ 12,865,062
1,000,000 Columbia County Hosp. Auth. Health Care Rev., 5.9% 861,360
755,000 Hazleton Health Services Auth. Hosp. Rev., 5.625%, 738,284
1,280,000 Langhorne Manor Borough Higher Ed. &
Health Auth. Rev., 7.35%, 7/1/22 657,459
5,000,000 Pennsylvania Econ. Dev. Financing Auth. Solid
Waste Disposal Rev., 6.0%, 6/1/31 4,396,000
500,000 Pennsylvania Higher Edl. Facilities Auth. Rev., 5. 500,935
23,802,119
Rhode Island - 1.7%
6,000,000 Central Falls Detention Facilities Rev., 7.25%, 7/ 5,167,500
South Carolina - 1.4%
3,185,000 + South Carolina Jobs Econ. Dev. Auth. Rev.,
6.375%, 8/1/34 3,692,848
665,000 + South Carolina Jobs Econ. Dev. Auth. Rev.,
6.375%, 8/1/34 775,343
4,468,191
Tennessee - 4.8%
7,000,000 + Johnson City Health & Edl. Facilities
Board Hosp. Rev., 7.5%, 7/1/33 7,924,840
2,480,000 Knox County Health, Edl. & Housing
FacilitiesBoard Hosp. Rev., 6.375%, 4/15/22 2,665,702
4,600,000 Sullivan County Health, Edl. & Housing,
Facilities Board Hosp. Rev. , 5.25%, 9/1/36 4,273,354
14,863,896
Texas - 14.5%
1,345,000 Bexar County Housing Fin. Corp., 8.0%, 12/1/36 1,016,000
1,000,000 Dallas-Fort Worth Intl. Airport Rev., 6.0%, 11/1/1 937,980
4,000,000 Decatur Hosp. Auth. Rev., 7.0%, 9/1/25 4,019,320
769,709 (b) Gulf Coast Ind. Dev. Auth. Rev., 7.0%, 12/1/36 75,047
3,750,000 Houston Airport System Special Facilities
Rev., 5.7%, 7/15/29 3,261,862
5,340,000 Lubbock Health Facilities Dev. Corp., 6.625%, 7/1/ 4,983,074
10,000,000 North Texas Tollway Auth. Rev., 5.75%, 1/1/33 10,548,400
2,810,000 (a) Northside Independent School District, RIB, 10.983 3,118,960
2,000,000 Tarrant County Cultural Ed. Facilities Fin. Corp., 1,983,760
1,000,000 Tarrant County Cultural Ed. Facilities Fin. Corp., 1,031,870
1,500,000 Tarrant County Cultural Ed. Facilities Fin. Corp., 1,556,280
7,040,000 (a) Texas State, RIB, 11.832%, 4/1/30 (144A) 8,126,483
5,130,000 Willacy County Local Government Corp. Rev., 6.875% 4,557,697
45,216,733
Utah - 0.2%
800,000 Spanish Fork City Charter School Rev., 5.55%, 11/1 687,520
Vermont - 0.5%
1,500,000 Vermont Edl. & Health Buildings Financing
Agency Rev., 6.0%, 10/1/28 1,558,035
Virginia - 0.3%
1,000,000 Peninsula Ports Auth., 6.0%, 4/1/33 1,028,010
Washington - 9.1%
4,710,000 Spokane Public Facilities District Hotel/Motel Tax & Sales,
5.75%, 12/1/27 4,922,798
7,025,000 Tobacco Settlement Auth. Rev., 6.625%, 6/1/32 6,964,163
14,315,000 Washington State General Obligation, 0.0%, 6/1/22 9,096,180
3,795,000 Washington State Health Care Facilities Auth. Rev. 3,932,569
5,000,000 Washington State Housing Fin. Committee
Nonprofit Rev., 5.625%, 1/1/27 3,559,700
28,475,410
Wisconsin - 0.1%
2,320,000 (b)(f)Aztalan Wisconsin Exempt Facilities Rev., 7.5%, 5/ 301,600
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $383,443,093) 395,490,211
MUNICIPAL COLLATERALIZED
DEBT OBLIGATION - 2.4% of Net Assets
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