```

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
    OF REGISTERED MANAGEMENT INVESTMENT COMPANY

  Investment Company Act file number 811-21460

                         Pioneer Series Trust II
               (Exact name of registrant as specified in charter)

                       60 State Street, Boston, MA 02109
              (Address of principal executive offices) (ZIP code)

            Terrence J. Cullen, Pioneer Investment Management, Inc.,
                       60 State Street, Boston, MA 02109
                    (Name and address of agent for service)

Registrant's telephone number, including area code:  (617) 742-7825

Date of fiscal year end:  December 31

Date of reporting period:  March 31, 2017

Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609.  The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.

<PAGE>
ITEM 1. Schedule of Investments.

File the schedules as of the close of the reporting period as set forth in
ss. 210.12-12  12-14 of Regulation S-X [17 CFR 210.12-12  12-14]. The
schedules need not be audited.
```

```

```

```

```

|                 |             |                                                                                                                                                                                                                          | Pioneer AMT-Free Municipal Fund                                                                                                                                         |       |                                                 |
|----------------------|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------------------------------------------------|
|                 |             |                                                                                                                                                                                                                          | Schedule of Investments 3/31/17 (unaudited)                                                                                                                             |       |                                                 |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
| Principal Amount ($) | FloatingRate (b) |                                                                                                                                                                                                                          | Value                                                                                                                                                                   |
|                 |             |                                                                                                                                                                                                                          | MUNICIPAL BONDS - 98.9% (e)                                                                                                                                             |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | Arizona - 2.3%                                                                                                                                                          |       |                                                 |
| 5,680,000            |             |                                                                                                                                                                                                                          | Arizona Department of Transportation State Highway Fund Revenue, 5.0%, 7/1/30                                                                                           | $          | 6,778,682                                            |
| 10,000,000           |             |                                                                                                                                                                                                                          | City of Mesa Arizona Utility System Revenue, 3.25%, 7/1/29                                                                                                              |       | 10,041,600                                           |
| 8,000,000            |             |                                                                                                                                                                                                                          | City of Phoenix Arizona, 5.0%, 7/1/27 (f)                                                                                                                               |       | 9,727,200                                            |
| 1,000,000            |             |                                                                                                                                                                                                                          | Maricopa County Pollution Control Corp., Southern California Ed Co-A, 5.0%, 6/1/35                                                                                      |       | 1,089,170                                            |
| 19,000               |             |                                                                                                                                                                                                                          | The Industrial Development Authority of the County of Pima, Ariz Charter Schools Project-Series C, 6.75%, 7/1/31                                                        | 19,051     |
| 500,000              |             |                                                                                                                                                                                                                          | The Industrial Development Authority of the County of Pima, Paradise Ed Center Project, 6.1%, 6/1/45                                                                    |       | 551,800                                              |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 28,207,503                                           |
|                 |             |                                                                                                                                                                                                                          | California - 9.8%                                                                                                                                                       |       |                                                 |
| 10,000,000           |             |                                                                                                                                                                                                                          | Alameda Corridor Transportation Authority, 10/1/31 (NATL Insured) (c)                                                                                                   | $          | 5,728,000                                            |
| 2,260,000            |             |                                                                                                                                                                                                                          | Anaheim Public Financing Authority, 9/1/22 (AGM Insured) (c)                                                                                                            |       | 1,956,143                                            |
| 12,595,000           |             |                                                                                                                                                                                                                          | Anaheim Public Financing Authority, 9/1/36 (AGM Insured) (c)                                                                                                            |       | 5,379,199                                            |
| 28,600,000           |             |                                                                                                                                                                                                                          | California County California Tobacco Securitization Corp., 6/1/46                                                                                                       |       | 3,774,914                                            |
| 20,000,000           |             |                                                                                                                                                                                                                          | California County Tobacco Securitization Agency, Cap Apprec., Stanislaus-Sub A, 6/1/46 (c)                                                                              |       | 2,893,000                                            |
| 3,115,000            |             |                                                                                                                                                                                                                          | California County Tobacco Securitization Agency, Cap Apprec-Asset-Backed-Gold Country, 6/1/33 (c)                                                                       |       | 1,231,889                                            |
| 6,400,000            |             |                                                                                                                                                                                                                          | California Educational Facilities Authority, Stanford University, Series U6, 5.0%, 5/1/45                                                                               |       | 8,243,072                                            |
| 3,575,000            |             |                                                                                                                                                                                                                          | California Statewide Communities Development Authority, 6.0%, 8/15/42                                                                                                   |       | 4,055,266                                            |
| 4,000,000            |             |                                                                                                                                                                                                                          | California Statewide Communities Development Authority, Insured-Enloe Medical Center, 5.75%, 8/15/38 (CAMTG INS Insured)                                                | 4,261,120  |
| 10,000,000           |             |                                                                                                                                                                                                                          | California Statewide Communities Development Authority, Insured-St Joseph-B, 5.75%, 7/1/47 (FGIC Insured)                                                               | 10,597,500 |
| 5,000,000            |             |                                                                                                                                                                                                                          | City of San Francisco California Public Utilities Commission Water Revenue, 4.0%, 11/1/33                                                                               |       | 5,253,700                                            |
| 7,000,000            |             |                                                                                                                                                                                                                          | City of San Francisco California Public Utilities Commission Water Revenue, 4.0%, 11/1/34                                                                               |       | 7,319,690                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | Coast California Community Clearing District, 5.0%, 8/1/31                                                                                                              |       | 5,990,850                                            |
| 2,100,000            |             |                                                                                                                                                                                                                          | Fresno Joint Powers Financing Authority, Exhibit Hall Expansion Project, 4.75%, 9/1/28 (AMBAC Insured)                                                                  |       | 2,071,713                                            |
| 15,000,000           |             |                                                                                                                                                                                                                          | Golden State Tobacco Securitization Corp., 5.125%, 6/1/47                                                                                                               |       | 14,712,150                                           |
| 3,000,000            |             |                                                                                                                                                                                                                          | Long Beach Bond Finance Authority, 5.5%, 11/15/37                                                                                                                       |       | 3,695,070                                            |
| 10,000,000           |             |                                                                                                                                                                                                                          | Los Angeles County Metropolitan Transportation Authority, 5.0%, 7/1/30                                                                                                  |       | 12,106,800                                           |
| 2,180,000            |             |                                                                                                                                                                                                                          | Pomona Unified School District, 6.55%, 8/1/29 (NATL Insured) (f)                                                                                                        |       | 2,802,368                                            |
| 3,000,000            |             |                                                                                                                                                                                                                          | Rialto Redevelopment Agency, 6.25%, 9/1/37                                                                                                                              |       | 3,205,530                                            |
| 1,500,000            |             |                                                                                                                                                                                                                          | San Jose Evergreen Community College District, 5.0%, 8/1/41 (f)                                                                                                         |       | 1,699,185                                            |
| 1,500,000            |             |                                                                                                                                                                                                                          | Santa Cruz County Redevelopment Agency, 6.625%, 9/1/29 (Pre-Refunded)                                                                                                   |       | 1,696,485                                            |
| 1,405,000            |             |                                                                                                                                                                                                                          | Santa Maria Joint Union High School District, Cap-Aprec. Election 2004, 8/1/27 (NATL Insured) (c)(f)                                                                    |       | 1,019,215                                            |
| 3,750,000            |             |                                                                                                                                                                                                                          | Tobacco Securitization Authority of Southern California, 5.0%, 6/1/37                                                                                                   |       | 3,749,738                                            |
| 1,125,000            |             |                                                                                                                                                                                                                          | Tobacco Securitization Authority of Southern California, 5.125%, 6/1/46                                                                                                 |       | 1,117,339                                            |
| 6,895,000            |             |                                                                                                                                                                                                                          | Yuba Community College District, 3.0%, 8/1/32 (f)                                                                                                                       |       | 6,615,270                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 121,175,206                                          |
|                 |             |                                                                                                                                                                                                                          | Colorado - 0.6%                                                                                                                                                         |       |                                                 |
| 2,500,000            |             |                                                                                                                                                                                                                          | Regional Transportation District, Denver Trans. Partners, 6.0%, 1/15/26                                                                                                 | $          | 2,770,325                                            |
| 1,250,000            |             |                                                                                                                                                                                                                          | Regional Transportation District, Denver Trans. Partners, 6.0%, 1/15/34                                                                                                 |       | 1,384,250                                            |
| 1,000,000            |             |                                                                                                                                                                                                                          | Regional Transportation District, Denver Trans. Partners, 6.0%, 1/15/41                                                                                                 |       | 1,104,470                                            |
| 2,000,000            |             |                                                                                                                                                                                                                          | Regional Transportation District, Denver Trans. Partners, 6.5%, 1/15/30                                                                                                 |       | 2,247,620                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 7,506,665                                            |
|                 |             |                                                                                                                                                                                                                          | Connecticut - 0.2%                                                                                                                                                      |       |                                                 |
| 3,000,000            |             |                                                                                                                                                                                                                          | The Metropolitan District, 3.0%, 3/1/29 (f)                                                                                                                             | $          | 2,964,420                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | Delaware - 0.4%                                                                                                                                                         |       |                                                 |
| 4,975,000            |             |                                                                                                                                                                                                                          | Delaware State Economic Development Authority, Exempt Facility-Indian River Power, 5.375%, 10/1/45                                                                      | $          | 5,160,966                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | District of Columbia - 1.9%                                                                                                                                             |       |                                                 |
| 40,000,000           |             |                                                                                                                                                                                                                          | District of Columbia Tobacco Settlement Financing Corp., 6/15/46 (c)                                                                                                    | $          | 5,302,400                                            |
| 10,000,000           |             |                                                                                                                                                                                                                          | District of Columbia Tobacco Settlement Financing Corp., 6.75%, 5/15/40                                                                                                 |       | 10,208,500                                           |
| 7,950,000            |             |                                                                                                                                                                                                                          | District of Columbia, Deed Tax-Housing Production Tr Fd-Series A, 4.25%, 6/1/37 (NATL Insured)                                                                          |       | 7,956,122                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 23,467,022                                           |
|                 |             |                                                                                                                                                                                                                          | Florida - 4.6%                                                                                                                                                          |       |                                                 |
| 5,500,000            |             |                                                                                                                                                                                                                          | County of Hillsborough Florida Utility Revenue, 3.0%, 8/1/37                                                                                                            | $          | 4,880,535                                            |
| 405,000              |             |                                                                                                                                                                                                                          | County of Madison Florida, First Mortgage-Twin Oaks Project-Series A, 6.0%, 7/1/25 (e)                                                                                  |       | 238,764                                              |
| 5,000,000            |             |                                                                                                                                                                                                                          | County of Miami-Dade Florida Aviation Revenue, 5.5%, 10/1/41 (Pre-Refunded)                                                                                             |       | 5,527,250                                            |
| 3,500,000            |             |                                                                                                                                                                                                                          | County of Orange Florida Water Utility System Revenue, 3.0%, 10/1/32                                                                                                    |       | 3,277,015                                            |
| 5,645,000            |             |                                                                                                                                                                                                                          | County of Orange Florida Water Utility System Revenue, 3.0%, 10/1/34                                                                                                    |       | 5,132,434                                            |
| 3,000,000            |             |                                                                                                                                                                                                                          | Escambia County Health Facilities Authority, Baptist hospital Inc Project-A, 6.0%, 8/15/36                                                                              |       | 3,278,430                                            |
| 1,390,000            |             |                                                                                                                                                                                                                          | Florida Development Finance Corp., Renaissance Charter school-A, 6.0%, 9/15/30                                                                                          |       | 1,434,911                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | Florida's Turnpike Enterprise, Dept Transportation-Series A, 4.0%, 7/1/30                                                                                               |       | 5,303,350                                            |
| 3,400,000            |             |                                                                                                                                                                                                                          | St. Johns County Industrial Development Authority, Presbyterian Retirement-Series A, 6.0%, 8/1/45                                                                       |       | 3,906,124                                            |
| 10,000,000           |             |                                                                                                                                                                                                                          | State of Florida, 3.0%, 6/1/29 (f)                                                                                                                                      |       | 10,003,000                                           |
| 8,000,000            |             |                                                                                                                                                                                                                          | State of Florida, 3.0%, 6/1/30 (f)                                                                                                                                      |       | 7,888,240                                            |
| 5,430,000            |             |                                                                                                                                                                                                                          | State of Florida, 5.0%, 6/1/27 (f)                                                                                                                                      |       | 6,595,767                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 57,465,820                                           |
|                 |             |                                                                                                                                                                                                                          | Georgia - 3.8%                                                                                                                                                          |       |                                                 |
| 5,750,000            |             |                                                                                                                                                                                                                          | Burke County Development Authority, Oglethorpe Power Corp Vogtle-E, 7.0%, 1/1/23                                                                                        | $          | 5,987,475                                            |
| 8,000,000            |             |                                                                                                                                                                                                                          | City of Atlanta Georgia, 4.5%, 12/1/29                                                                                                                                  |       | 9,082,800                                            |
| 2,040,000            |             |                                                                                                                                                                                                                          | County of Fulton Georgia, 3.25%, 7/1/37                                                                                                                                 |       | 1,995,406                                            |
| 2,870,000            |             |                                                                                                                                                                                                                          | County of Fulton Georgia, 3.5%, 7/1/39                                                                                                                                  |       | 2,804,679                                            |
| 4,790,000            |             |                                                                                                                                                                                                                          | County of Fulton Georgia, 4.0%, 7/1/40                                                                                                                                  |       | 5,015,609                                            |
| 10,000,000           |             |                                                                                                                                                                                                                          | Forsyth County Water & Sewerage Authority, 5.0%, 4/1/41                                                                                                             |       | 11,329,500                                           |
| 2,000,000            | 2.00             |                                                                                                                                                                                                                          | Monroe County Development Authority, GA Power Co. Plant-Scherer, Floating Rate Note, 7/1/25                                                                             |       | 2,012,320                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | Municipal Electric Authority of Georgia, 5.0%, 1/1/28                                                                                                                   |       | 5,767,350                                            |
| 2,750,000            |             |                                                                                                                                                                                                                          | Private Colleges & Universities Authority, Emory University-Series A, 5.0%, 10/1/43                                                                                 |       | 3,107,252                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 47,102,391                                           |
|                 |             |                                                                                                                                                                                                                          | Illinois - 2.8%                                                                                                                                                         |       |                                                 |
| 1,000,000            |             |                                                                                                                                                                                                                          | Illinois Finance Authority, 4.0%, 3/1/38                                                                                                                                | $          | 1,010,450                                            |
| 8,540,000            |             |                                                                                                                                                                                                                          | Illinois Finance Authority, 5.0%, 2/15/33                                                                                                                               |       | 8,953,251                                            |
| 1,000,000            |             |                                                                                                                                                                                                                          | Illinois Finance Authority, 5.0%, 2/15/36                                                                                                                               |       | 1,040,260                                            |
| 1,500,000            |             |                                                                                                                                                                                                                          | Illinois Finance Authority, 5.0%, 3/1/30                                                                                                                                |       | 1,706,325                                            |
| 1,000,000            |             |                                                                                                                                                                                                                          | Illinois Finance Authority, American Water Capital Corp. Project, 5.25%, 5/1/40                                                                                         |       | 1,053,090                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | Illinois Finance Authority, Centegra Health System, Series A, 5.0%, 9/1/42                                                                                              |       | 5,152,800                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | Illinois Finance Authority, Roosevelt University Project, 6.5%, 4/1/39                                                                                                  |       | 5,288,250                                            |
| 4,000,000            |             |                                                                                                                                                                                                                          | Illinois Finance Authority, Silver Cross Hospital & Medical Centers, 5.5%, 8/15/30                                                                                  |       | 4,124,440                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | Metropolitan Pier & Exposition Authority, McCormick Pl Convention, 7.0%, 7/1/26 (Pre-Refunded)                                                                      |       | 6,311,300                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 34,640,166                                           |
|                 |             |                                                                                                                                                                                                                          | Indiana - 0.4%                                                                                                                                                          |       |                                                 |
| 2,000,000            |             |                                                                                                                                                                                                                          | Indiana Bond Bank, Special Prog-Hendricks Regional Health-A, 5.5%, 2/1/29 (MORAL OBLIG Insured)                                                                         | $          | 2,145,580                                            |
| 3,000,000            |             |                                                                                                                                                                                                                          | Indiana University, 4.0%, 6/1/42                                                                                                                                        |       | 3,090,570                                            |
| 240,000              |             |                                                                                                                                                                                                                          | Indianapolis Local Public Improvement Bond Bank, 6.0%, 1/10/20                                                                                                          |       | 256,044                                              |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 5,492,194                                            |
|                 |             |                                                                                                                                                                                                                          | Louisiana - 1.6%                                                                                                                                                        |       |                                                 |
| 6,000,000            |             |                                                                                                                                                                                                                          | Jefferson Parish Hospital Service District No. 2, East Jefferson General Hospital, 6.375%, 7/1/41                                                                       | $          | 6,338,820                                            |
| 245,000              |             |                                                                                                                                                                                                                          | Louisiana Local Government Environmental Facilities & Community Development Authority, Capital Projects & Equipment Acquisition, 5.25%, 12/1/18 (AMBAC Insured) | 248,183    |
| 7,250,000            |             |                                                                                                                                                                                                                          | Louisiana Public Facilities Authority, 5.5%, 5/15/47                                                                                                                    |       | 7,276,245                                            |
| 500,000              |             |                                                                                                                                                                                                                          | Louisiana State Citizens Property Insurance Corp., 5.0%, 6/1/24 (AGM Insured)                                                                                           |       | 582,560                                              |
| 400,000              |             |                                                                                                                                                                                                                          | Louisiana State Citizens Property Insurance Corp., 5.0%, 6/1/24 (Pre-Refunded)                                                                                          |       | 466,048                                              |
| 5,160,000            |             |                                                                                                                                                                                                                          | Parish of St. John the Baptist Louisiana, 5.125%, 6/1/37                                                                                                                |       | 5,177,957                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 20,089,813                                           |
|                 |             |                                                                                                                                                                                                                          | Maine - 0.9%                                                                                                                                                            |       |                                                 |
| 4,500,000            |             |                                                                                                                                                                                                                          | Maine Health & Higher Educational Facilities Authority, Maine General Medical Center, 6.75%, 7/1/36                                                                 | $          | 4,881,150                                            |
| 3,040,000            |             |                                                                                                                                                                                                                          | Maine Health & Higher Educational Facilities Authority, Maine General Medical Center, 6.95%, 7/1/41                                                                 |       | 3,319,133                                            |
| 2,745,000            |             |                                                                                                                                                                                                                          | University of Maine, 5.0%, 3/1/25 (AGM Insured)                                                                                                                         |       | 3,259,742                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 11,460,025                                           |
|                 |             |                                                                                                                                                                                                                          | Maryland - 3.0%                                                                                                                                                         |       |                                                 |
| 3,000,000            |             |                                                                                                                                                                                                                          | County of Frederick Maryland, Mount St Mary University, 5.625%, 9/1/38                                                                                                  | $          | 3,000,870                                            |
| 400,000              |             |                                                                                                                                                                                                                          | Maryland Economic Development Corp., 5.0%, Sr Lien-Chesapeake Bay - Series A, 12/1/16 (d)                                                                               |       | 239,456                                              |
| 900,000              |             |                                                                                                                                                                                                                          | Maryland Economic Development Corp., 5.0%, Sr Lien-Chesapeake Bay - Series B, 12/1/16 (d)                                                                               |       | 538,776                                              |
| 2,000,000            |             |                                                                                                                                                                                                                          | Maryland Economic Development Corp., Potomac, 6.2%, 9/1/22                                                                                                              |       | 2,190,120                                            |
| 6,250,000            |             |                                                                                                                                                                                                                          | Maryland Health & Higher Educational Facilities Authority, Ascension Health-Series B, 5.0%, 11/15/51                                                                |       | 6,757,438                                            |
| 6,350,000            |             |                                                                                                                                                                                                                          | State of Maryland, 3.0%, 3/1/30 (f)                                                                                                                                     |       | 6,407,214                                            |
| 5,175,000            |             |                                                                                                                                                                                                                          | Washington Suburban Sanitary Commission, 3.0%, 6/1/35                                                                                                                   |       | 4,957,132                                            |
| 5,180,000            |             |                                                                                                                                                                                                                          | Washington Suburban Sanitary Commission, 3.0%, 6/1/37                                                                                                                   |       | 4,821,699                                            |
| 3,880,000            |             |                                                                                                                                                                                                                          | Washington Suburban Sanitary Commission, 4.0%, 6/1/43                                                                                                                   |       | 4,039,352                                            |
| 3,735,000            |             |                                                                                                                                                                                                                          | Washington Suburban Sanitary Commission, 4.0%, 6/1/44                                                                                                                   |       | 3,886,006                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 36,838,063                                           |
|                 |             |                                                                                                                                                                                                                          | Massachusetts - 17.6%                                                                                                                                                   |       |                                                 |
| 1,095,000            |             |                                                                                                                                                                                                                          | City of Beverly Massachusetts, 4.0%, 10/15/27 (f)                                                                                                                       | $          | 1,221,297                                            |
| 1,095,000            |             |                                                                                                                                                                                                                          | City of Beverly Massachusetts, 4.0%, 10/15/28 (f)                                                                                                                       |       | 1,208,442                                            |
| 5,075,000            |             |                                                                                                                                                                                                                          | City of Cambridge Massachusetts, 3.0%, 2/15/35 (f)                                                                                                                      |       | 4,883,876                                            |
| 2,720,000            |             |                                                                                                                                                                                                                          | City of Cambridge Massachusetts, 4.0%, 2/15/25 (f)                                                                                                                      |       | 3,107,491                                            |
| 1,375,000            |             |                                                                                                                                                                                                                          | City of Cambridge Massachusetts, 4.0%, 2/15/26 (f)                                                                                                                      |       | 1,575,874                                            |
| 6,400,000            | 1.24             |                                                                                                                                                                                                                          | Commonwealth of Massachusetts, Floating Rate Note, 11/1/25 (f)                                                                                                          |       | 6,091,136                                            |
| 1,300,000            |             |                                                                                                                                                                                                                          | Concord & Carlisle Regional School District Massachusetts, 3.0%, 3/15/29 (f)                                                                                        |       | 1,320,306                                            |
| 1,300,000            |             |                                                                                                                                                                                                                          | Concord & Carlisle Regional School District Massachusetts, 3.0%, 3/15/31 (f)                                                                                        |       | 1,306,344                                            |
| 1,300,000            |             |                                                                                                                                                                                                                          | Concord & Carlisle Regional School District Massachusetts, 3.0%, 3/15/33 (f)                                                                                        |       | 1,281,332                                            |
| 12,175,000           |             |                                                                                                                                                                                                                          | Massachusetts Bay Transportation Authority, 7/1/28 (c)                                                                                                                  |       | 8,579,844                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Department of Transportation, 1/1/28 (NATL Insured) (c)                                                                                                   |       | 3,735,750                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, 4.0%, 7/15/36                                                                                                                 |       | 5,348,100                                            |
| 1,500,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, 5.0%, 10/1/35                                                                                                                 |       | 1,703,880                                            |
| 4,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, 5.0%, Boston University-Series X, 10/1/48                                                                                     |       | 4,429,560                                            |
| 10,000,000           |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, 5.25%, 4/1/37                                                                                                                 |       | 11,160,800                                           |
| 835,000              |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, 5.5%, 11/15/36 (Pre-Refunded)                                                                                                 |       | 895,446                                              |
| 2,565,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, 5.5%, 11/15/36 (Pre-Refunded)                                                                                                 |       | 2,750,680                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, 5.5%, 7/1/44                                                                                                                  |       | 5,299,650                                            |
| 655,000              |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Adventcare Project-Series A, 6.25%, 10/15/17                                                                                  |       | 665,513                                              |
| 1,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Babson College, 5.0%, 10/1/21                                                                                                 |       | 1,133,780                                            |
| 1,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Babson College, 5.0%, 10/1/22                                                                                                 |       | 1,121,850                                            |
| 1,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Berkshire Health System-Series G, 5.0%, 10/1/30                                                                               |       | 1,082,510                                            |
| 6,255,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Broad Institute -Series A, 5.375%, 4/1/41                                                                                     |       | 6,993,090                                            |
| 500,000              |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Evergreen Center, Inc., 5.5%, 1/1/35                                                                                          |       | 500,300                                              |
| 1,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Foxborough Regional Charter School-A, 7.0%, 7/1/42                                                                            |       | 1,088,270                                            |
| 4,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Lowell General Hospital-Series G, 5.0%, 7/1/44                                                                                |       | 4,174,040                                            |
| 400,000              |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Milford Regional Medical Center-Series F, 5.625%, 7/15/36                                                                     |       | 440,000                                              |
| 500,000              |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Milford Regional Medical Center-Series F, 5.75%, 7/15/43                                                                      |       | 548,195                                              |
| 2,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Northeastern University, 4.0%, 10/1/35                                                                                        |       | 2,044,600                                            |
| 450,000              |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Northeastern University-Series A, 5.0%, 3/1/39                                                                                |       | 494,325                                              |
| 2,700,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Partners Healthcare Systems, 4.0%, 7/1/45                                                                                     |       | 2,703,645                                            |
| 9,930,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Partners Healthcare Systems, 5.0%, 7/1/31                                                                                     |       | 11,208,885                                           |
| 1,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Tufts Medical Center-Series I, 6.75%, 1/1/36                                                                                  |       | 1,135,810                                            |
| 1,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Tufts University, 4.0%, 8/15/38                                                                                               |       | 1,022,120                                            |
| 1,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, UMass Memorial-Series H, 5.125%, 7/1/26                                                                                       |       | 1,099,680                                            |
| 6,185,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, WGBH Educational Foundation -Series A, 5.75%, 1/1/42 (AMBAC Insured)                                                          | 8,100,680  |
| 1,680,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Wheelock College-Series C, 5.25%, 10/1/29                                                                                     |       | 1,704,108                                            |
| 3,320,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Wheelock College-Series C, 5.25%, 10/1/37                                                                                     |       | 3,363,857                                            |
| 1,585,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Whitehead Inst Biomedical Research, 5.0%, 6/1/25                                                                              |       | 1,787,119                                            |
| 4,200,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Williams College-Series P, 5.0%, 7/1/43                                                                                       |       | 4,754,568                                            |
| 2,500,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Worcester Polytechnic Institute, 4.0%, 9/1/49                                                                                 |       | 2,518,575                                            |
| 1,250,000            |             |                                                                                                                                                                                                                          | Massachusetts Development Finance Agency, Worcester Polytechnic Institute, 5.0%, 9/1/50                                                                                 |       | 1,361,050                                            |
| 3,220,000            |             |                                                                                                                                                                                                                          | Massachusetts Health & Educational Facilities Authority, Boston Medical Center, 5.25%, 7/1/38                                                                       |       | 3,388,277                                            |
| 395,000              |             |                                                                                                                                                                                                                          | Massachusetts Health & Educational Facilities Authority, Boston Medical Center, 5.25%, 7/1/38 (Pre-Refunded)                                                        | 415,643    |
| 2,335,000            |             |                                                                                                                                                                                                                          | Massachusetts Health & Educational Facilities Authority, Mass Eye & Ear Infirmary - Series C, 5.375%, 7/1/35                                                    | 2,486,752  |
| 16,950,000           |             |                                                                                                                                                                                                                          | Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology -Series K, 5.5%, 7/1/32                                              | 22,104,487 |
| 1,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology -Series O, 5.5%, 7/1/36 (Pre-Refunded)                               | 1,056,650  |
| 2,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Health & Educational Facilities Authority, Northeastern University-Series T-2, 4.125%, 10/1/37                                                        | 2,046,460  |
| 1,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Port Authority, 5.0%, 7/1/32                                                                                                                              |       | 1,132,260                                            |
| 3,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Port Authority, 5.0%, 7/1/33                                                                                                                              |       | 3,423,870                                            |
| 1,000,000            |             |                                                                                                                                                                                                                          | Massachusetts Port Authority, 5.0%, 7/1/33                                                                                                                              |       | 1,129,620                                            |
| 7,000,000            |             |                                                                                                                                                                                                                          | Massachusetts School Building Authority, 5.0%, 8/15/29                                                                                                                  |       | 8,061,830                                            |
| 3,975,000            |             |                                                                                                                                                                                                                          | Massachusetts State College Building Authority, 5.0%, 5/1/28 (ST INTERCEPT Insured)                                                                                     |       | 4,579,756                                            |
| 2,420,000            |             |                                                                                                                                                                                                                          | Massachusetts Water Resources Authority, 5.25%, 8/1/36 (AGM Insured)                                                                                                    |       | 3,034,704                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | Town of Braintree Massachusetts, 5.0%, 5/15/25 (f)                                                                                                                      |       | 6,066,300                                            |
| 2,000,000            |             |                                                                                                                                                                                                                          | Town of Chatham Massachusetts, 3.5%, 6/15/37 (f)                                                                                                                        |       | 2,015,500                                            |
| 1,875,000            |             |                                                                                                                                                                                                                          | Town of Lexington Massachusetts, 4.0%, 2/15/21 (f)                                                                                                                      |       | 2,063,512                                            |
| 1,305,000            |             |                                                                                                                                                                                                                          | Town of Nantucket Massachusetts, 2.0%, 12/15/27 (f)                                                                                                                     |       | 1,212,789                                            |
| 1,955,000            |             |                                                                                                                                                                                                                          | Town of Norwood Massachusetts, 2.125%, 7/15/30 (f)                                                                                                                      |       | 1,721,925                                            |
| 1,535,000            |             |                                                                                                                                                                                                                          | Town of Plymouth Massachusetts, 3.375%, 5/1/32 (f)                                                                                                                      |       | 1,548,508                                            |
| 1,265,000            |             |                                                                                                                                                                                                                          | Town of Plymouth Massachusetts, 3.5%, 5/1/35 (f)                                                                                                                        |       | 1,267,277                                            |
| 1,590,000            |             |                                                                                                                                                                                                                          | Town of Reading Massachusetts, 3.0%, 4/15/20 (f)                                                                                                                        |       | 1,671,933                                            |
| 1,385,000            |             |                                                                                                                                                                                                                          | Town of Reading Massachusetts, 3.0%, 4/15/22  (f)                                                                                                             |       | 1,474,554                                            |
| 1,625,000            |             |                                                                                                                                                                                                                          | Town of Reading Massachusetts, 3.0%, 4/15/23 (f)                                                                                                                        |       | 1,745,055                                            |
| 1,000,000            |             |                                                                                                                                                                                                                          | Town of Wellesley Massachusetts, 4.0%, 6/1/41 (f)                                                                                                                       |       | 1,037,370                                            |
| 4,000,000            |             |                                                                                                                                                                                                                          | Town of Wellesley Massachusetts, 4.0%, 6/1/45 (f)                                                                                                                       |       | 4,137,960                                            |
| 4,500,000            |             |                                                                                                                                                                                                                          | Town of Wilmington Massachusetts, 4.0%, 3/15/37 (f)                                                                                                                     |       | 4,632,480                                            |
| 2,500,000            |             |                                                                                                                                                                                                                          | University of Massachusetts Building Authority, 5.0%, 11/1/39                                                                                                           |       | 2,832,575                                            |
| 4,160,000            |             |                                                                                                                                                                                                                          | Woods Hole Marthas Vineyard & Nantucket Steamship Authority, 4.0%, 3/1/28 (ST GTD Insured)                                                                          |       | 4,577,373                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 217,811,798                                          |
|                 |             |                                                                                                                                                                                                                          | Michigan - 0.3%                                                                                                                                                         |       |                                                 |
| 3,050,000            |             |                                                                                                                                                                                                                          | Michigan Public Educational Facilities Authority, Ltd Oblig-David Ellis-West Project, 5.875%, 6/1/37                                                                    | $          | 3,049,664                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | Minnesota - 1.0%                                                                                                                                                        |       |                                                 |
| 3,000,000            |             |                                                                                                                                                                                                                          | City of Rochester Minnesota, 5.0%, 11/15/29                                                                                                                             | $          | 3,675,690                                            |
| 2,400,000            |             |                                                                                                                                                                                                                          | City of Rochester Minnesota, 5.0%, 11/15/36                                                                                                                             |       | 2,950,392                                            |
| 600,000              |             |                                                                                                                                                                                                                          | University of Minnesota, 4.0%, 1/1/20                                                                                                                                   |       | 644,964                                              |
| 1,000,000            |             |                                                                                                                                                                                                                          | University of Minnesota, 4.0%, 1/1/29                                                                                                                                   |       | 1,084,190                                            |
| 860,000              |             |                                                                                                                                                                                                                          | University of Minnesota, 4.0%, 1/1/30                                                                                                                                   |       | 925,240                                              |
| 2,875,000            |             |                                                                                                                                                                                                                          | University of Minnesota, 5.0%, 4/1/33                                                                                                                                   |       | 3,362,658                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 12,643,134                                           |
|                 |             |                                                                                                                                                                                                                          | Mississippi - 1.3%                                                                                                                                                      |       |                                                 |
| 3,200,000            | 0.88             |                                                                                                                                                                                                                          | County of Jackson Mississippi, Floating Rate Note, 6/1/23                                                                                                               | $          | 3,200,000                                            |
| 2,750,000            |             |                                                                                                                                                                                                                          | County of Warren Mississippi, International Paper Co-Series A, 5.8%, 5/1/34                                                                                             |       | 3,044,388                                            |
| 5,700,000            | 0.88             |                                                                                                                                                                                                                          | Mississippi Business Finance Corp., Floating Rate Note, 12/1/30                                                                                                         |       | 5,700,000                                            |
| 4,595,000            | 0.88             |                                                                                                                                                                                                                          | Mississippi Business Finance Corp., Floating Rate Note, 12/1/30                                                                                                         |       | 4,595,000                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 16,539,388                                           |
|                 |             |                                                                                                                                                                                                                          | Missouri - 1.3%                                                                                                                                                         |       |                                                 |
| 2,500,000            |             |                                                                                                                                                                                                                          | Health & Educational Facilities Authority of the State of Missouri, CoxHealth Hospital, Series A, 5.0%, 11/15/35                                                    | $          | 2,761,250                                            |
| 4,000,000            |             |                                                                                                                                                                                                                          | Health & Educational Facilities Authority of the State of Missouri, Mercy Health-Series F, 4.0%, 11/15/45                                                           |       | 4,012,920                                            |
| 2,000,000            |             |                                                                                                                                                                                                                          | Missouri Development Finance Board, City of Independence - Annual Appropriation Sewer System, 5.25%, 11/1/42                                                            | 2,175,940  |
| 75,000               |             |                                                                                                                                                                                                                          | Missouri State Environmental Improvement & Energy Resources Authority, Unrefunded Bal-St Revolving, 5.125%, 1/1/20                                                  | 75,261     |
| 5,500,000            |             |                                                                                                                                                                                                                          | University of Missouri, 5.0%, 11/1/25                                                                                                                                   |       | 6,585,590                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 15,610,961                                           |
|                 |             |                                                                                                                                                                                                                          | New Hampshire - 0.9%                                                                                                                                                    |       |                                                 |
| 1,155,000            |             |                                                                                                                                                                                                                          | New Hampshire Health and Education Facilities Authority Act, 5.0%, 10/1/32                                                                                              | $          | 1,172,383                                            |
| 860,000              |             |                                                                                                                                                                                                                          | New Hampshire Health and Education Facilities Authority Act, 5.0%, 10/1/37                                                                                              |       | 872,513                                              |
| 7,850,000            |             |                                                                                                                                                                                                                          | New Hampshire Health and Education Facilities Authority Act, 6.5%, 1/1/41                                                                                               |       | 8,864,770                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 10,909,666                                           |
|                 |             |                                                                                                                                                                                                                          | New Jersey - 1.6%                                                                                                                                                       |       |                                                 |
| 5,000,000            |             |                                                                                                                                                                                                                          | New Jersey Educational Facilities Authority, 5.0%, 7/1/27                                                                                                               | $          | 6,135,350                                            |
| 3,000,000            |             |                                                                                                                                                                                                                          | New Jersey Educational Facilities Authority, Princeton University-Series B, 5.0%, 7/1/39                                                                                |       | 3,351,240                                            |
| 5,115,000            |             |                                                                                                                                                                                                                          | New Jersey Health Care Facilities Financing Authority, Trinitas Hospital Oblig Grp-Series A, 5.25%, 7/1/30                                                              |       | 5,172,186                                            |
| 2,000,000            |             |                                                                                                                                                                                                                          | New Jersey Transportation Trust Fund Authority, Transportation System-Series A, 5.5%, 6/15/41 (ST APPROP Insured)                                                       | 2,057,180  |
| 1,640,000            |             |                                                                                                                                                                                                                          | Township of Plainsboro New Jersey, 2.0%, 8/1/24 (f)                                                                                                                     |       | 1,620,074                                            |
| 1,850,000            |             |                                                                                                                                                                                                                          | Township of Plainsboro New Jersey, 2.0%, 8/1/25 (f)                                                                                                                     |       | 1,797,368                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 20,133,398                                           |
|                 |             |                                                                                                                                                                                                                          | New York - 3.0%                                                                                                                                                         |       |                                                 |
| 2,500,000            |             |                                                                                                                                                                                                                          | Albany Industrial Development Agency, St Peters Hospital Project-Series A, 5.25%, 11/15/32                                                                              | $          | 2,568,800                                            |
| 3,700,000            |             |                                                                                                                                                                                                                          | New York Counties Tobacco Trust V, 6/1/38 (c)                                                                                                                           |       | 1,042,031                                            |
| 3,250,000            |             |                                                                                                                                                                                                                          | New York State Dormitory Authority, 5.0%, 10/1/45                                                                                                                       |       | 4,243,980                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | New York State Dormitory Authority, 5.0%, 10/1/46                                                                                                                       |       | 6,549,700                                            |
| 5,015,000            |             |                                                                                                                                                                                                                          | New York State Dormitory Authority, 5.0%, 3/15/31                                                                                                                       |       | 5,796,889                                            |
| 5,030,000            |             |                                                                                                                                                                                                                          | New York State Dormitory Authority, Columbia University, 5.0%, 10/1/41                                                                                                  |       | 5,619,164                                            |
| 5,515,000            |             |                                                                                                                                                                                                                          | New York State Dormitory Authority, Insured-FIT Student Housing Corp., 5.25%, 7/1/24 (NATL Insured)                                                                     |       | 6,264,102                                            |
| 1,500,000            |             |                                                                                                                                                                                                                          | Port Authority of New York & New Jersey, Consolidated Ninety-Third Series, 6.125%, 6/1/94                                                                           |       | 1,805,565                                            |
| 2,925,000            |             |                                                                                                                                                                                                                          | White Plains City School District, 2.0%, 5/15/28 (ST AID WITHHLDG Insured) (f)                                                                                          |       | 2,567,770                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 36,458,001                                           |
|                 |             |                                                                                                                                                                                                                          | North Carolina - 2.7%                                                                                                                                                   |       |                                                 |
| 3,000,000            |             |                                                                                                                                                                                                                          | City of Charlotte North Carolina Storm Water Revenue, 4.0%, 12/1/43                                                                                                     | $          | 3,141,120                                            |
| 4,800,000            |             |                                                                                                                                                                                                                          | City of Fayetteville North Carolina Public Works Commission Revenue, 3.0%, 3/1/33                                                                                       |       | 4,554,048                                            |
| 2,000,000            |             |                                                                                                                                                                                                                          | City of Raleigh North Carolina, 5.0%, 9/1/20 (f)                                                                                                                        |       | 2,248,840                                            |
| 6,565,000            |             |                                                                                                                                                                                                                          | City of Raleigh North Carolina, 5.0%, 9/1/28 (f)                                                                                                                        |       | 8,267,961                                            |
| 5,400,000            |             |                                                                                                                                                                                                                          | North Carolina Municipal Power Agency No 1, 5.0%, 1/1/28                                                                                                                |       | 6,375,780                                            |
| 2,500,000            |             |                                                                                                                                                                                                                          | State of North Carolina, 5.0%, 6/1/27 (f)                                                                                                                               |       | 3,062,100                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | State of North Carolina, 5.0%, 6/1/28 (f)                                                                                                                               |       | 6,084,500                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 33,734,349                                           |
|                 |             |                                                                                                                                                                                                                          | North Dakota - 0.4%                                                                                                                                                     |       |                                                 |
| 5,000,000            |             |                                                                                                                                                                                                                          | County of McLean North Dakota, Great River Energy-Series B, 5.15%, 7/1/40                                                                                               | $          | 5,229,150                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | Ohio - 3.7%                                                                                                                                                             |       |                                                 |
| 10,000,000           |             |                                                                                                                                                                                                                          | Buckeye Tobacco Settlement Financing Authority, 5.75%, 6/1/34                                                                                                           | $          | 9,445,000                                            |
| 9,000,000            |             |                                                                                                                                                                                                                          | Buckeye Tobacco Settlement Financing Authority, 6.5%, 6/1/47                                                                                                            |       | 8,962,380                                            |
| 1,500,000            |             |                                                                                                                                                                                                                          | County of Cuyahoga Ohio, Eliza Jennings Sr Care-Series A, 6.0%, 5/15/37                                                                                                 |       | 1,501,710                                            |
| 1,500,000            |             |                                                                                                                                                                                                                          | County of Cuyahoga Ohio, Eliza Jennings Sr Care-Series A, 6.0%, 5/15/42                                                                                                 |       | 1,501,575                                            |
| 800,000              |             |                                                                                                                                                                                                                          | County of Lake Ohio, 6.0%, 8/15/43                                                                                                                                      |       | 840,848                                              |
| 4,200,000            |             |                                                                                                                                                                                                                          | County of Lake Ohio, 6.0%, 8/15/43 (Pre-Refunded)                                                                                                                       |       | 4,481,568                                            |
| 10,000,000           |             |                                                                                                                                                                                                                          | JobsOhio Beverage System, 5.0%, 1/1/38                                                                                                                                  |       | 11,032,000                                           |
| 2,000,000            | 4.25             |                                                                                                                                                                                                                          | Ohio Air Quality Development Authority, Floating Rate Note, 8/1/29                                                                                                      |       | 1,833,480                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | State of Ohio, Common Schools, Series B, 5.0%, 6/15/29 (f)                                                                                                              |       | 5,753,000                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 45,351,561                                           |
|                 |             |                                                                                                                                                                                                                          | Oklahoma - 0.3%                                                                                                                                                         |       |                                                 |
| 3,735,000            |             |                                                                                                                                                                                                                          | McGee Creek Authority, 6.0%, 1/1/23 (NATL Insured)                                                                                                                      | $          | 4,136,512                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | Oregon - 0.9%                                                                                                                                                           |       |                                                 |
| 3,000,000            |             |                                                                                                                                                                                                                          | Deschutes & Jefferson Counties School District No 2J Redmond Oregon, 3.0%, 6/15/32 (SCH BD GTY Insured) (f)                                                         | $          | 2,984,700                                            |
| 2,000,000            |             |                                                                                                                                                                                                                          | Multnomah County School District No 40, 6/15/30 (SCH BD GTY Insured) (c)                                                                                                |       | 1,274,880                                            |
| 2,000,000            |             |                                                                                                                                                                                                                          | Multnomah County School District No 40, 6/15/31 (SCH BD GTY Insured) (c)                                                                                                |       | 1,219,540                                            |
| 1,715,000            |             |                                                                                                                                                                                                                          | Multnomah County School District No 40, 6/15/32 (SCH BD GTY Insured) (c)                                                                                                |       | 996,586                                              |
| 1,500,000            |             |                                                                                                                                                                                                                          | Oregon Health & Science University, 5.0%, 7/1/28                                                                                                                    |       | 1,786,095                                            |
| 2,000,000            |             |                                                                                                                                                                                                                          | Oregon Health & Science University, 5.0%, 7/1/42                                                                                                                    |       | 2,267,480                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 10,529,281                                           |
|                 |             |                                                                                                                                                                                                                          | Pennsylvania - 3.5%                                                                                                                                                     |       |                                                 |
| 1,450,000            | 4.25             |                                                                                                                                                                                                                          | Beaver County Industrial Development Authority, Floating Rate Note, 10/1/47                                                                                             | $          | 1,331,042                                            |
| 4,095,000            |             |                                                                                                                                                                                                                          | Dauphin County General Authority, 5.0%, 6/1/42                                                                                                                          |       | 4,402,862                                            |
| 3,725,000            |             |                                                                                                                                                                                                                          | Delaware County Industrial Development Authority Pennsylvania, 5.125%, 6/1/46                                                                                           |       | 3,347,546                                            |
| 8,430,000            | 0.87             |                                                                                                                                                                                                                          | Geisinger Authority, Floating Rate Note, 8/1/22                                                                                                                         |       | 8,430,000                                            |
| 1,000,000            |             |                                                                                                                                                                                                                          | Pennsylvania Higher Educational Facilities Authority, Edinboro University Foundation, 6.0%, 7/1/43                                                                      |       | 1,146,310                                            |
| 11,500,000           | 1.32             |                                                                                                                                                                                                                          | Pennsylvania Higher Educational Facilities Authority, Foundation Indiana University PA-Series A, Floating Rate Note, 7/1/39 (XLCA Insured)                              | 8,914,800  |
| 4,750,000            |             |                                                                                                                                                                                                                          | Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, 5.0%, 9/1/39                                                                         |       | 5,228,468                                            |
| 1,000,000            |             |                                                                                                                                                                                                                          | Pennsylvania Higher Educational Facilities Authority, University Pptys., Inc., East Stroudsburg, 5.0%, 7/1/42                                                           | 1,031,060  |
| 3,435,000            |             |                                                                                                                                                                                                                          | Pennsylvania Turnpike Commission, 5.3%, 12/1/41                                                                                                                         |       | 3,709,766                                            |
| 3,000,000            |             |                                                                                                                                                                                                                          | Philadelphia Authority for Industrial Development, 4.0%, 9/1/42                                                                                                         |       | 2,990,430                                            |
| 2,500,000            |             |                                                                                                                                                                                                                          | Philadelphia Authority for Industrial Development, Children's Hospital Philadelphia Project Series A, 5.0%, 7/1/42                                                      | 2,842,700  |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 43,374,984                                           |
|                 |             |                                                                                                                                                                                                                          | Puerto Rico - 0.4%                                                                                                                                                      |       |                                                 |
| 7,000,000            |             |                                                                                                                                                                                                                          | Commonwealth of Puerto Rico, 8.0%, 7/1/35 (d) (f)                                                                                                                       | $          | 4,348,750                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | Rhode Island - 0.8%                                                                                                                                                     |       |                                                 |
| 100,000,000          |             |                                                                                                                                                                                                                          | Tobacco Settlement Financing Corp. Rhode Island, 6/1/52 (c)                                                                                                             | $          | 9,936,000                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | South Carolina - 1.4%                                                                                                                                                   |       |                                                 |
| 1,000,000            |             |                                                                                                                                                                                                                          | SCAGO Educational Facilities Corp for Pickens School District, 3.25%, 12/1/28                                                                                           | $          | 990,470                                              |
| 8,265,000            |             |                                                                                                                                                                                                                          | South Carolina State Public Service Authority, Santee Cooper-Series D, 5.0%, 12/1/43                                                                                    |       | 8,627,255                                            |
| 7,675,000            |             |                                                                                                                                                                                                                          | South Carolina Transportation Infrastructure Bank, 3.0%, 10/1/33                                                                                                        |       | 7,007,045                                            |
| 500,000              |             |                                                                                                                                                                                                                          | State of South Carolina, 5.0%, 4/1/20 (f)                                                                                                                               |       | 555,745                                              |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 17,180,515                                           |
|                 |             |                                                                                                                                                                                                                          | South Dakota - 0.0%+                                                                                                                                                    |       |                                                 |
| 65,000               |             |                                                                                                                                                                                                                          | South Dakota Conservancy District, St Revolving Fd-Series A, 5.625%, 8/1/17 (Pre-Refunded)                                                                              | $          | 65,263                                               |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | Texas - 10.9%                                                                                                                                                           |       |                                                 |
| 7,100,000            |             |                                                                                                                                                                                                                          | Central Texas Regional Mobility Authority, 1/1/25 (c)                                                                                                                   | $          | 5,315,557                                            |
| 3,550,000            |             |                                                                                                                                                                                                                          | Central Texas Regional Mobility Authority, 1/1/26 (c)                                                                                                                   |       | 2,549,362                                            |
| 3,000,000            |             |                                                                                                                                                                                                                          | Central Texas Regional Mobility Authority, 1/1/27 (c)                                                                                                                   |       | 2,054,670                                            |
| 2,500,000            |             |                                                                                                                                                                                                                          | Central Texas Regional Mobility Authority, 6.75%, 1/1/41 (Pre-Refunded)                                                                                                 |       | 2,973,750                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | City of Pearland Texas, 4.0%, 3/1/29 (f)                                                                                                                                |       | 5,344,750                                            |
| 11,900,000           |             |                                                                                                                                                                                                                          | Dallas Area Rapid Transit, 5.0%, 12/1/33                                                                                                                                |       | 13,597,535                                           |
| 8,285,000            |             |                                                                                                                                                                                                                          | Dallas Area Rapid Transit, 5.25%, 12/1/29 (AMBAC Insured)                                                                                                               |       | 10,203,309                                           |
| 5,080,000            |             |                                                                                                                                                                                                                          | Eagle Mountain & Saginaw Independent School District, 3.0%, 8/15/29 (PSF-GTD Insured) (f)                                                                           |       | 5,029,454                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | Grapevine-Colleyville Independent School District, 5.0%, 8/15/27 (PSF-GTD Insured) (f)                                                                                  |       | 5,966,550                                            |
| 1,000,000            |             |                                                                                                                                                                                                                          | Harris County Cultural Education Facilities Finance Corp., YMCA Gtr Houston Area-Series, 5.0%, 6/1/28                                                                   |       | 1,087,660                                            |
| 500,000              |             |                                                                                                                                                                                                                          | Harris County Cultural Education Facilities Finance Corp., YMCA Gtr Houston Area-Series, 5.0%, 6/1/33                                                                   |       | 531,270                                              |
| 6,940,000            | 0.96             |                                                                                                                                                                                                                          | Harris County Health Facilities Development Corp., Floating Rate Note, 12/1/41                                                                                          |       | 6,940,000                                            |
| 5,905,000            | 0.96             |                                                                                                                                                                                                                          | Harris County Health Facilities Development Corp., Floating Rate Note, 12/1/41                                                                                          |       | 5,905,000                                            |
| 2,750,000            |             |                                                                                                                                                                                                                          | Houston Higher Education Finance Corp., Rice University Project-Series A, 5.0%, 5/15/35                                                                                 |       | 3,030,362                                            |
| 5,725,000            | 0.85             |                                                                                                                                                                                                                          | Lower Neches Valley Authority Industrial Development Corp., Floating Rate Note, 11/1/38                                                                                 |       | 5,725,000                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | Lubbock-Cooper Independent School District, 4.0%, 2/15/49 (PSF-GTD Insured) (f)                                                                                         |       | 5,109,600                                            |
| 2,000,000            |             |                                                                                                                                                                                                                          | New Hope Cultural Education Facilities Finance Corp., 4.75%, 7/1/51                                                                                                     |       | 2,028,280                                            |
| 4,000,000            |             |                                                                                                                                                                                                                          | North Texas Tollway Authority, 5.0%, 1/1/30                                                                                                                             |       | 4,603,080                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | North Texas Tollway Authority, 5.0%, 1/1/35                                                                                                                             |       | 5,566,000                                            |
| 2,000,000            |             |                                                                                                                                                                                                                          | North Texas Tollway Authority, 5.0%, 1/1/38                                                                                                                             |       | 2,176,700                                            |
| 7,525,000            |             |                                                                                                                                                                                                                          | State of Texas, 5.0%, 4/1/29 (f)                                                                                                                                        |       | 8,749,920                                            |
| 4,000,000            |             |                                                                                                                                                                                                                          | Texas Municipal Gas Acquisition & Supply Corp. III, 5.0%, 12/15/31                                                                                                  |       | 4,262,920                                            |
| 10,410,000           |             |                                                                                                                                                                                                                          | Texas Private Activity Bond Surface Transportation Corp., Sr Lien-LBJ Infrastructure, 7.0%, 6/30/40                                                                     |       | 11,795,675                                           |
| 2,755,000            |             |                                                                                                                                                                                                                          | Texas State Public Finance Authority Charter School Finance Corp., Ed-Cosmos Foundation Inc-Series A, 6.2%, 2/15/40                                                     | 3,122,848  |
| 4,500,000            |             |                                                                                                                                                                                                                          | Texas Transportation Commission State Highway Fund, 5.0%, 4/1/23                                                                                                        |       | 5,309,280                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | The University of Texas System, 5.0%, 8/15/24                                                                                                                           |       | 6,002,600                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 134,981,132                                          |
|                 |             |                                                                                                                                                                                                                          | Utah - 1.1%                                                                                                                                                             |       |                                                 |
| 1,000,000            |             |                                                                                                                                                                                                                          | Salt Lake City Corp Airport Revenue, 5.0%, 7/1/34                                                                                                                       | $          | 1,153,360                                            |
| 410,000              |             |                                                                                                                                                                                                                          | Utah State Charter School Finance Authority, North Davis Preparatory, 5.75%, 7/15/20                                                                                    |       | 431,103                                              |
| 7,000,000            |             |                                                                                                                                                                                                                          | Utah Transit Authority, 3.0%, 12/15/29                                                                                                                                  |       | 6,821,010                                            |
| 4,835,000            |             |                                                                                                                                                                                                                          | Utah Transit Authority, 5.0%, 6/15/31                                                                                                                                   |       | 5,605,941                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 14,011,414                                           |
|                 |             |                                                                                                                                                                                                                          | Vermont - 0.4%                                                                                                                                                          |       |                                                 |
| 4,285,000            |             |                                                                                                                                                                                                                          | University of Vermont & State Agricultural College, 4.0%, 10/1/32                                                                                                   | $          | 4,485,152                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | Virginia - 6.6%                                                                                                                                                         |       |                                                 |
| 1,170,000            |             |                                                                                                                                                                                                                          | City of Manassas Virginia, 2.0%, 7/1/31 (ST AID WITHHLDG Insured) (f)                                                                                                   | $          | 999,133                                              |
| 10,000,000           |             |                                                                                                                                                                                                                          | County of Fairfax Virginia, 4.0%, 10/1/33 (f)                                                                                                                           |       | 10,759,900                                           |
| 10,450,000           |             |                                                                                                                                                                                                                          | County of Fairfax Virginia, 4.0%, 10/1/34 (ST AID WITHHLDG Insured) (f)                                                                                                 |       | 11,118,278                                           |
| 18,490,000           |             |                                                                                                                                                                                                                          | Tobacco Settlement Financing Corp. Virginia, 5.0%, 6/1/47                                                                                                               |       | 16,997,487                                           |
| 12,000,000           |             |                                                                                                                                                                                                                          | University of Virginia, 4.0%, 4/1/45                                                                                                                                    |       | 12,526,320                                           |
| 4,000,000            |             |                                                                                                                                                                                                                          | University of Virginia, 5.0%, 6/1/37                                                                                                                                    |       | 4,570,520                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | University of Virginia, 5.0%, 6/1/43                                                                                                                                    |       | 5,685,600                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | Upper Occoquan Sewage Authority, 4.0%, 7/1/41                                                                                                                           |       | 5,225,050                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | Virginia Public School Authority, 4.0%, 8/1/25 (ST AID WITHHLDG Insured)                                                                                                |       | 5,610,550                                            |
| 7,500,000            |             |                                                                                                                                                                                                                          | Washington County Industrial Development Authority Virginia, Mountain States Health Alliance-Series C, 7.75%, 7/1/38                                                    | 8,122,500  |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 81,615,338                                           |
|                 |             |                                                                                                                                                                                                                          | Washington - 6.4%                                                                                                                                                       |       |                                                 |
| 10,000,000           |             |                                                                                                                                                                                                                          | FYI Properties, Washington St District Project, 5.5%, 6/1/39                                                                                                            | $          | 10,781,100                                           |
| 10,000,000           |             |                                                                                                                                                                                                                          | King County Housing Authority, Birch Creek Apts Project, 5.5%, 5/1/38 (CNTY GTD Insured)                                                                                |       | 10,517,700                                           |
| 3,000,000            |             |                                                                                                                                                                                                                          | King County Public Hospital District No. 1, 5.25%, 12/1/37 (f)                                                                                                          |       | 3,149,460                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | King County School District No 411 Issaquah, 4.0%, 12/1/31 (SCH BD GTY Insured) (f)                                                                                     |       | 5,368,900                                            |
| 3,000,000            |             |                                                                                                                                                                                                                          | King County School District No 411 Issaquah, 4.5%, 12/1/30 (SCH BD GTY Insured) (f)                                                                                     |       | 3,324,870                                            |
| 1,500,000            |             |                                                                                                                                                                                                                          | Public Utility District No. 1 of Franklin County, 5.0%, 9/1/38                                                                                                          |       | 1,644,525                                            |
| 10,390,000           |             |                                                                                                                                                                                                                          | State of Washington, 5.0%, 7/1/30 (f)                                                                                                                                   |       | 12,034,841                                           |
| 5,000,000            |             |                                                                                                                                                                                                                          | State of Washington, 5.0%, 8/1/30 (f)                                                                                                                                   |       | 5,902,300                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | State of Washington, 5.0%, 8/1/36 (f)                                                                                                                                   |       | 5,658,950                                            |
| 6,685,000            |             |                                                                                                                                                                                                                          | University of Washington, 5.0%, 6/1/28                                                                                                                                  |       | 7,888,099                                            |
| 5,600,000            |             |                                                                                                                                                                                                                          | University of Washington, 5.0%, 6/1/37 (Pre-Refunded) (AMBAC Insured)                                                                                                   |       | 5,639,984                                            |
| 5,000,000            |             |                                                                                                                                                                                                                          | Washington Health Care Facilities Authority, Providence Health - Series C, 5.25%, 10/1/33 (AGM Insured)                                                                 |       | 5,277,850                                            |
| 2,400,000            |             |                                                                                                                                                                                                                          | Washington Health Care Facilities Authority, VA Mason Medical-Series A, 6.125%, 8/15/37                                                                                 |       | 2,436,072                                            |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    | $          | 79,624,651                                           |
|                 |             |                                                                                                                                                                                                                          | TOTAL MUNICIPAL BONDS                                                                                                                                                   |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | (Cost $1,196,027,667)                                                                                                                                                   | $          | 1,223,330,316                                        |
| Shares               |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | CLAIM - 0.1%                                                                                                                                                            |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | Commercial Services & Supplies - 0.1%                                                                                                                               |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | Research & Consulting Services - 0.1%                                                                                                                               |       |                                                 |
| 200                  |             |                                                                                                                                                                                                                          | CMS Liquidating Trust *                                                                                                                                                 | $          | 545,000                                              |
|                 |             |                                                                                                                                                                                                                          | TOTAL CLAIM                                                                                                                                                             |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | (Cost $640,000)                                                                                                                                                         | $          | 545,000                                              |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | TOTAL INVESTMENT IN SECURITIES - 98.9%                                                                                                                                  |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | (Cost $1,196,667,667) (a)                                                                                                                                               | $          | 1,223,875,316                                        |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | OTHER ASSETS & LIABILITIES - 1.1%                                                                                                                                   | $          | 13,734,398                                           |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | TOTAL NET ASSETS - 100.0%                                                                                                                                               | $          | 1,237,609,714                                        |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
| +                    |             |                                                                                                                                                                                                                          | Amount rounds to less than 0.1%.                                                                                                                                        |       |                                                 |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
| *                    |             |                                                                                                                                                                                                                          | Non-income producing security.                                                                                                                                          |       |                                                 |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
| (Pre-Refunded)       |             | Pre-Refunded bonds have been collateralized by U.S. Treasury securities which are held inescrow and used to pay principal and interest on the tax-exempt issue and to retire thebonds in full at the earliest refunding date. |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
| (a)                  |             |                                                                                                                                                                                                                          | At March 31, 2017, the net unrealized appreciation on investments based on                                                                                              |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | cost for federal income tax purposes of $1,102,740,266 was as follows:                                                                                                  |       |                                                 |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | Aggregate gross unrealized appreciation for all investments in which                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | there is an excess of value over tax cost                                                                                                                               | $          |        43,651,574 |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | Aggregate gross unrealized depreciation for all investments in which                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | there is an excess of tax cost over value                                                                                                                               |       |       (16,443,925)     |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
|                 |             |                                                                                                                                                                                                                          | Net unrealized appreciation                                                                                                                                             | $          |        27,207,649 |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
| (b)                  |             |                                                                                                                                                                                                                          | Debt obligation with a variable interest rate. Rate shown is rate at period end.                                                                                        |       |                                                 |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
| (c)                  |             |                                                                                                                                                                                                                          | Security issued with a zero coupon. Income is earned through accretion of discount.                                                                                     |       |                                                 |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
| (d)                  |             |                                                                                                                                                                                                                          | Security is in default.                                                                                                                                                 |       |                                                 |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
| (e)                  |             |                                                                                                                                                                                                                          | Consists of Revenue Bonds unless otherwise indicated.                                                                                                                   |       |                                                 |
|                 |             |                                                                                                                                                                                                                          |                                                                                                                                                                    |       |                                                 |
| (f)                  |             |                                                                                                                                                                                                                          | Represents a General Obligation Bond.                                                                                                                                   |       |                                                 |

| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.                                                               |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                     |   |   |   |   |
| Level 1 – quoted prices in active markets for identical securities.                                                                                                                                                |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)  See Notes to Financial Statements — Note 1A. |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)  See Notes to Financial Statements — Note 1A.                            |
|                                                                                                                                                                                                                     |   |   |   |   |
| The following is a summary of the inputs used as of March 31, 2017, in valuing the Fund's investments:                                                                                                                   |

|                                                                                       |   | Level 1 |   |   | Level 2 |   |          | Level 3 |   |   | Total  |   |
|--------------------------------------------------------------------------------------------|--------|---------|--------|--------|---------|--------|---------------|---------|--------|--------|--------|--------|
| Municipal Bonds                                                                            |   | $       | -      |   |    | $      | 1,223,330,316 |    |   | $      | -      |   |   | $ | 1,223,330,316 |   |
| Claim                                                                                      |   |    | -      |   |    |   | 545,000       |    |   |   | -      |   |   |   | 545,000 |   |
| Total                                                                                      |   | $       | -      |   |    | $      | 1,223,875,316 |    |   | $      | -      |   |   | $ | 1,223,875,316 |   |
|                                                                                       |   |    |   |   |    |   |          |    |   |   |   |   |   |   |   |   |
| During the period ended March 31, 2017, there were no transfers between Levels 1, 2 and 3. |   |    |   |   |    |   |          |    |   |   |   |   |   |   |   |   |