Principal
Amount ($) Value ($)
TAX EXEMPT OBLIGATIONS - 126.5% of Net Assets
Alabama - 1.4%
1,000,000 Huntsville-Redstone Village Special Care Facilities 828,530
4,500,000 Huntsville-Redstone Village Special Care Facilities 3,329,190
4,157,720
Arizona - 2.1%
5,000,000 Apache County Industrial Development Authority, 5.854,984,750
970,000 Pima County Industrial Development Authority, 7.25%, 938,756
500,000 Yavapai County Industrial Development Authority, 6.0 501,090
6,424,596
California - 8.3%
7,885,000 (a) California State University Revenue, RIB, 10.72%, 117,897,222
602,382 (b) California Statewide Communities Development Authority
Environmental Facilities Revenue,
9.0%, 12/1/38 118,970
1,000,000 California Statewide Communities Development Authori1,009,130
5,150,000 + Golden State Tobacco Securitization Corp., 7.8%, 6/ 6,208,428
7,000,000 + Golden State Tobacco Securitization Corp., 7.875%, 68,454,880
1,000,000 University of California Revenue, 5.0%, 5/15/25 1,057,060
655,000 (b) Valley Health System Hospital Revenue, 6.5%, 5/15/25 360,578
25,106,268
Connecticut - 5.2%
10,335,000 (a) Connecticut Health & Educational Facilities Authorit11,682,167
5,000,000 Mohegan Tribe Indians Gaming Authority, 6.25%, 1/1/34,004,950
15,687,117
District of Columbia - 3.6%
5,000,000 District of Columbia Tobacco Settlement Financing Co4,940,300
6,000,000 District of Columbia Tobacco Settlement Financing Co6,011,760
10,952,060
Florida - 5.4%
1,700,000 Beacon Lakes Community Development, 6.9%, 5/1/35 1,610,614
2,000,000 Brevard County Health Facilities Authority Revenue, 1,783,280
1,000,000 Hillsborough County Industrial Development Authority1,107,060
2,445,000 Liberty County Subordinate Revenue, 8.25%, 7/1/28 2,090,402
2,500,000 Miami-Dade County Aviation Revenue, 5.5%, 10/1/41 2,477,550
1,000,000 St. Johns County Industrial Development Authority Re 773,480
2,000,000 St. Johns County Industrial Development Authority Re1,412,860
5,000,000 Tallahassee Health Facilities Revenue, 6.375%, 12/1/5,015,400
16,270,646
Georgia - 2.6%
4,240,000 (a) Atlanta Georgia Water & Waste Revenue, RIB, 10.72%, 4,122,298
500,000 Clayton County Development Authority Revenue, 9.0%, 502,065
2,400,000 Fulton County Residential Care Facilities Revenue, 51,772,808
1,100,000 Fulton County Residential Care Facilities Revenue, 5 723,415
1,000,000 Rockdale County Development Authority Revenue, 6.125 805,920
7,926,506
Idaho - 1.7%
5,000,000 Power County Industrial Development Corp., 6.45%, 8/4,988,200
Illinois - 11.3%
2,000,000 (c) Centerpoint Intermodal Center, 7.5%, 6/15/23 (144A) 1,995,900
12,000,000 Chicago O'Hare International Airport Special Facilit8,160,960
1,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/27 838,330
2,000,000 Illinois Finance Authority Revenue, 6.0%, 8/15/39 2,190,020
4,000,000 Illinois Finance Authority Revenue, 6.0%, 11/15/39 3,034,760
2,500,000 Illinois Finance Authority Revenue, 6.5%, 4/1/39 2,578,975
1,500,000 (b) Illinois Health Facilities Authority Revenue, 6.9%, 661,620
16,880,000 (d) Metropolitan Pier & Exposition Authority Dedicated S13,383,139
1,745,000 Southwestern Illinois Development Authority Revenue,1,227,224
34,070,928
Indiana - 4.0%
5,000,000 Indiana Health & Educational Facility Financing Auth4,505,850
1,000,000 Indiana State Development Finance Authority Revenue, 979,980
4,300,000 Indiana State Development Finance Authority Revenue,4,398,384
2,570,000 Vigo County Hospital Authority Revenue, 5.8%, 9/1/472,093,933
11,978,147
Louisiana - 2.0%
1,500,000 Louisiana Local Government Environmental Facilities 1,546,830
5,000,000 Louisiana Public Facilities Authority Revenue, 5.5%,4,541,700
6,088,530
Massachusetts - 6.1%
5,000,000 Massachusetts Development Finance Agency Revenue, 5.5,296,350
2,385,000 Massachusetts Development Finance Agency Revenue, 7.1,858,750
1,000,000 Massachusetts Educational Financing Authority Revenu1,064,540
3,500,000 Massachusetts Health & Educational Facilities Author3,520,055
2,500,000 Massachusetts Health & Educational Facilities Author2,193,375
5,000,000 Massachusetts Health & Educational Facilities Author4,528,150
18,461,220
Michigan - 3.7%
935,000 Doctor Charles Drew Academy, 5.7%, 11/1/36 563,468
1,525,000 Flint Michigan Hospital Building Authority Revenue, 1,418,921
1,500,000 John Tolfree Health System Corp., 6.0%, 9/15/23 1,345,200
2,000,000 Michigan State Hospital Finance Authority Revenue, 51,725,960
5,830,000 Michigan Tobacco Settlement Finance Authority, 6.0%,4,627,271
1,470,000 Star International Academy Certificates of Participa1,293,747
10,974,567
Minnesota - 0.6%
1,675,000 Duluth Economic Development Authority Health Care Fa1,700,996
Mississippi - 1.0%
3,000,000 Mississippi Business Finance Corp. Pollution Control2,999,670
Montana - 0.1%
1,600,000 (b) Two Rivers Authority, Inc. Correctional Facility Imp 246,528
Nebraska - 0.3%
2,000,000 Grand Island Solid Waste Disposal Facilities Revenue1,001,520
Nevada - 0.0%
2,000,000 (b) Nevada State Department of Business & Industry, 7.25 80,000
New Jersey - 12.0%
2,000,000 New Jersey Economic Development Authority Revenue, 61,872,080
13,350,000 New Jersey Economic Development Authority Revenue, 611,660,290
1,000,000 New Jersey Economic Development Authority Revenue, 6 911,760
6,150,000 (c) New Jersey Economic Development Authority Revenue, 75,864,947
10,370,000 New Jersey Transportation Trust Fund Authority, 0.0%4,106,001
10,000,000 + Tobacco Settlement Financing Corp., 6.75%, 6/1/39 11,836,200
36,251,278
New Mexico - 1.2%
1,500,000 Otero County New Mexico Project Revenue, 6.0%, 4/1/21,231,740
2,960,000 Otero County New Mexico Project Revenue, 6.0%, 4/1/22,311,938
3,543,678
New York - 8.5%
2,500,000 Albany New York Industrial Development Agency Civic 2,415,675
3,000,000 Dutchess County Industrial Development Agency Revenu2,949,000
2,000,000 Hempstead Local Development Corp. Revenue Bonds, 5.71,997,080
2,450,000 Nassau County New York Industrial Development Agency2,192,627
990,000 New York City Industrial Development Agency, 6.9%, 8 796,821
7,040,000 (a) New York State Dormitory Authority Revenue, RIB, 12.9,125,530
2,000,000 Suffolk County Industrial Development Agency, 7.25%,1,849,740
4,000,000 Triborough Bridge & Tunnel Authority Revenue, 5.25%,4,141,400
25,467,873
North Carolina - 2.8%
4,790,000 Charlotte North Carolina Special Facilities Revenue,3,376,950
5,740,000 Charlotte North Carolina Special Facilities Revenue,4,933,932
8,310,882
Oklahoma - 1.8%
1,225,000 Tulsa Municipal Airport Revenue, 6.25%, 6/1/20 1,038,433
4,350,000 Tulsa Municipal Airport Revenue, 7.35%, 12/1/11 4,302,585
5,341,018
Pennsylvania - 7.9%
3,000,000 Allegheny County Hospital Development Authority Reve2,270,040
1,550,000 Allegheny County Hospital Development Authority Reve1,391,637
12,300,000 + Allegheny County Hospital Development Authority Reve13,414,995
1,000,000 Columbia County Hospital Authority Health Care Reven 837,820
845,000 Hazleton Health Services Authority Hospital Revenue, 771,713
1,280,000 Langhorne Manor Borough Higher Education & Health Au 640,000
5,000,000 Pennsylvania Economic Development Financing Authority
Solid Waste Disposal Revenue,
6.0%, 6/1/31 4,085,200
500,000 Pennsylvania Higher Educational Facilities Authority 473,100
23,884,505
Rhode Island - 1.7%
6,000,000 Central Falls Detention Facilities Revenue, 7.25%, 75,124,780
South Carolina - 2.3%
5,185,000 + South Carolina Jobs Economic Development Authority R6,075,316
665,000 + South Carolina Jobs Economic Development Authority R 782,186
6,857,502
Tennessee - 4.9%
7,000,000 + Johnson City Health & Educational Facilities Board H7,911,610
2,480,000 Knox County Health, Educational & Housing Facilities Board
Hospital Revenue,
6.375%, 4/15/22 2,633,636
4,600,000 Sullivan County Health, Educational & Housing Facilities Board
Hospital Revenue,
5.25%, 9/1/36 4,061,064
14,606,310
Texas - 13.5%
1,345,000 Bexar County Housing Finance Corp., 8.0%, 12/1/36 1,007,580
1,000,000 Dallas-Fort Worth International Airport Revenue, 6.0 902,540
4,000,000 Decatur Hospital Authority Revenue, 7.0%, 9/1/25 3,936,440
769,709 (b) Gulf Coast Industrial Development Authority Revenue, 152,018
3,750,000 Houston Airport System Special Facilities Revenue, 53,035,175
5,340,000 Lubbock Health Facilities Development Corp., 6.625%,4,707,797
10,000,000 North Texas Tollway Authority Revenue, 5.75%, 1/1/3310,242,100
2,810,000 (a) Northside Independent School District, RIB, 11.15%, 3,097,182
500,000 Sabine River Authority Pollution Control Revenue, 6. 313,605
7,040,000 (a) Texas State, RIB, 12.03%, 4/1/30 (144A) 8,028,557
630,000 Willacy County Local Government Corp. Revenue, 6.0%, 628,740
5,130,000 Willacy County Local Government Corp. Revenue, 6.8754,442,529
40,494,263
Utah - 0.2%
800,000 Spanish Fork City Charter School Revenue, 5.55%, 11/ 663,624
Vermont - 0.5%
1,500,000 Vermont Educational & Health Buildings Financing Age1,552,170
Virginia - 0.3%
1,000,000 Peninsula Ports Authority, 6.0%, 4/1/33 1,015,350
Washington - 9.4%
4,710,000 Spokane Public Facilities District Hotel/Motel Tax &4,916,816
7,025,000 Tobacco Settlement Authority Revenue, 6.625%, 6/1/327,035,608
14,315,000 Washington State General Obligation, 0.0%, 6/1/22 8,590,145
3,795,000 Washington State Health Care Facilities Authority Re3,871,355
5,000,000 Washington State Housing Finance Committee Nonprofit3,807,050
28,220,974
Wisconsin - 0.1%
2,320,000 (b)(Aztalan Wisconsin Exempt Facilities Revenue, 7.5%, 5 321,320
TOTAL TAX-EXEMPT OBLIGATIONS
(Cost $376,396,780) 380,770,746
MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 2.5% of Net Assets
10,000,000 (c)(Non-Profit Preferred Funding Trust I,12.0%, 9/15/37 7,652,200
TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION
(Cost $10,000,000) 7,652,200
Shares COMMON STOCK - 1.0% of Net Assets
249,158 (f) Delta Air Lines, Inc. 3,047,203
TOTAL COMMON STOCK
(Cost $6,612,756) 3,047,203
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