```

                                                             OMB APPROVAL
                                                     OMB Number:       3235-0578
                                                     Expires:  January 31, 2016
                                                     Estimated average burden
                                                     hours per response.....
                                                     10.5

                                 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 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, 2014

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 3/31/14 (unaudited)                                                                                                                                                                                                                                                                                        |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     | Shares               | FloatingRate (b) | S&P/Moody'sRatings |                                                                                                                                                                                                                                                                                                                               | Value   |
|                                                                                                                                                                                                                     |                 |             |                   | COMMON STOCKS - 0.1%                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | Commercial Services & Supplies - 0.1%                                                                                                                                                                                                                                                                                          |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | Research & Consulting Services - 0.1%                                                                                                                                                                                                                                                                                          |    |                                                                   |
|                                                                                                                                                                                                                     | 200                  |             |                   | SHELL *                                                                                                                                                                                                                                                                                                                            | $       | 690,400                                                                |
|                                                                                                                                                                                                                     |                 |             |                   | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                           | $       | 690,400                                                                |
|                                                                                                                                                                                                                     |                 |             |                   | TOTAL COMMON STOCKS                                                                                                                                                                                                                                                                                                                |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | (Cost $640,000)                                                                                                                                                                                                                                                                                                                    | $       | 690,400                                                                |
|                                                                                                                                                                                                                     | Principal Amount ($) |             |                   |                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                     |                 |             |                   | MUNICIPAL BONDS - 86.9%                                                                                                                                                                                                                                                                                                            |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | Alabama - 0.2%                                                                                                                                                                                                                                                                                                                     |    |                                                                   |
|                                                                                                                                                                                                                     | 1,500,000            |             | NR/NR                  | Sylacauga Health Care Authority, 6.0%, 8/1/35                                                                                                                                                                                                                                                                                      | $       | 1,454,265                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | Arizona - 2.4%                                                                                                                                                                                                                                                                                                                     |    |                                                                   |
|                                                                                                                                                                                                                     | 5,145,000            |             | AA-/NR                 | Arizona Health Facilities Authority, 5.5%, 1/1/38                                                                                                                                                                                                                                                                                  | $       | 5,451,385                                                              |
|                                                                                                                                                                                                                     | 10,000,000           |             | AA/Aa3                 | City of Phoenix Civic Improvement Corp., 7/1/43                                                                                                                                                                                                                                                                                    |    | 11,910,800                                                             |
|                                                                                                                                                                                                                     | 1,000,000            |             | A/Aa3                  | Maricopa County Pollution Control Corp., 5.0%, 6/1/35                                                                                                                                                                                                                                                                              |    | 1,049,100                                                              |
|                                                                                                                                                                                                                     | 500,000              |             | BB+/NR                 | The Industrial Development Authority of the County of Pima, 6.1%, 6/1/45                                                                                                                                                                                                                                                           |    | 478,500                                                                |
|                                                                                                                                                                                                                     | 19,000               |             | NR/NR                  | The Industrial Development Authority of the County of Pima, 6.75%, 7/1/31                                                                                                                                                                                                                                                          |    | 19,006                                                                 |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 18,908,791                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | California - 9.9%                                                                                                                                                                                                                                                                                                                  |    |                                                                   |
|                                                                                                                                                                                                                     | 10,000,000           |             | AA-/A3                 | Alameda Corridor Transportation Authority, 0.0%, 10/1/31                                                                                                                                                                                                                                                                           | $       | 4,257,100                                                              |
|                                                                                                                                                                                                                     | 410,000              |             | AA/A2                  | Anaheim Public Financing Authority, 0.0%, 9/1/22                                                                                                                                                                                                                                                                                   |    | 308,279                                                                |
|                                                                                                                                                                                                                     | 12,595,000           |             | AA/A2                  | Anaheim Public Financing Authority, 0.0%, 9/1/36                                                                                                                                                                                                                                                                                   |    | 3,643,859                                                              |
|                                                                                                                                                                                                                     | 3,515,000            |             | CCC/NR                 | California County Tobacco Securitization Agency, 0.0%, 6/1/33 (e)                                                                                                                                                                                                                                                                  |    | 799,065                                                                |
|                                                                                                                                                                                                                     | 2,000,000            |             | A/A3                   | California Health Facilities Financing Authority, 5.625%, 7/1/32                                                                                                                                                                                                                                                                   |    | 2,050,920                                                              |
|                                                                                                                                                                                                                     | 4,000,000            |             | BBB/Baa1               | California Municipal Finance Authority, 5.25%, 2/1/37                                                                                                                                                                                                                                                                              |    | 4,028,960                                                              |
|                                                                                                                                                                                                                     | 4,875,000            |             | NR/Baa2                | California Statewide Communities Development Authority, 5.0%, 5/15/30                                                                                                                                                                                                                                                              |    | 4,908,832                                                              |
|                                                                                                                                                                                                                     | 6,455,000            |             | BBB+/Baa2              | California Statewide Communities Development Authority, 5.0%, 8/15/47                                                                                                                                                                                                                                                              |    | 6,450,417                                                              |
|                                                                                                                                                                                                                     | 4,000,000            |             | NR/Baa1                | California Statewide Communities Development Authority, 5.375%, 12/1/37                                                                                                                                                                                                                                                            |    | 4,065,440                                                              |
|                                                                                                                                                                                                                     | 10,000,000           |             | AA-/A1                 | California Statewide Communities Development Authority, 5.75%, 7/1/47                                                                                                                                                                                                                                                              |    | 11,193,000                                                             |
|                                                                                                                                                                                                                     | 4,000,000            |             | A/NR                   | California Statewide Communities Development Authority, 5.75%, 8/15/38                                                                                                                                                                                                                                                             |    | 4,353,480                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | NR/A1                  | Franklin-Mckinley School District, 6.0%, 7/1/16                                                                                                                                                                                                                                                                                    |    | 1,119,290                                                              |
|                                                                                                                                                                                                                     | 2,100,000            |             | BB+/WR                 | Fresno Joint Powers Financing Authority, 4.75%, 9/1/28                                                                                                                                                                                                                                                                             |    | 1,941,576                                                              |
|                                                                                                                                                                                                                     | 15,000,000           |             | B-/B3                  | Golden State Tobacco Securitization Corp., 5.125%, 6/1/47                                                                                                                                                                                                                                                                          |    | 11,060,100                                                             |
|                                                                                                                                                                                                                     | 3,000,000            |             | A-/Baa2                | Long Beach Bond Finance Authority, 5.5%, 11/15/37                                                                                                                                                                                                                                                                                  |    | 3,419,250                                                              |
|                                                                                                                                                                                                                     | 2,180,000            |             | AA-/Baa1               | Pomona Unified School District, 6.55%, 8/1/29                                                                                                                                                                                                                                                                                      |    | 2,700,017                                                              |
|                                                                                                                                                                                                                     | 3,000,000            |             | A-/NR                  | Rialto Redevelopment Agency, 6.25%, 9/1/37                                                                                                                                                                                                                                                                                         |    | 3,139,410                                                              |
|                                                                                                                                                                                                                     | 1,500,000            |             | AA/Aa1                 | San Jose Evergreen Community College District, 5.0%, 8/1/41                                                                                                                                                                                                                                                                        |    | 1,596,585                                                              |
|                                                                                                                                                                                                                     | 1,500,000            |             | A/NR                   | Santa Cruz County Redevelopment Agency, 6.625%, 9/1/29                                                                                                                                                                                                                                                                             |    | 1,707,210                                                              |
|                                                                                                                                                                                                                     | 1,405,000            |             | AA-/Aa3                | Santa Maria Joint Union High School District, 0.0%, 8/1/27                                                                                                                                                                                                                                                                         |    | 755,511                                                                |
|                                                                                                                                                                                                                     | 3,750,000            |             | BB+/B2                 | Tobacco Securitization Authority of Southern California, 5.0%, 6/1/37                                                                                                                                                                                                                                                              |    | 2,846,962                                                              |
|                                                                                                                                                                                                                     | 1,125,000            |             | B+/B2                  | Tobacco Securitization Authority of Southern California, 5.125%, 6/1/46                                                                                                                                                                                                                                                            |    | 829,598                                                                |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 77,174,861                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | Colorado - 3.3%                                                                                                                                                                                                                                                                                                                    |    |                                                                   |
|                                                                                                                                                                                                                     | 2,750,000            | 5.25             | AA-/Aa3                | Colorado Health Facilities Authority, Floating Rate Note, 11/15/35                                                                                                                                                                                                                                                                 | $       | 2,892,395                                                              |
|                                                                                                                                                                                                                     | 12,500,000           |             | A-/Baa2                | Public Authority for Colorado Energy, 6.5%, 11/15/38                                                                                                                                                                                                                                                                               |    | 15,761,251                                                             |
|                                                                                                                                                                                                                     | 2,500,000            |             | NR/Baa3                | Regional Transportation District, 6.0%, 1/15/26                                                                                                                                                                                                                                                                                    |    | 2,733,275                                                              |
|                                                                                                                                                                                                                     | 1,250,000            |             | NR/Baa3                | Regional Transportation District, 6.0%, 1/15/34                                                                                                                                                                                                                                                                                    |    | 1,322,150                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | NR/Baa3                | Regional Transportation District, 6.0%, 1/15/41                                                                                                                                                                                                                                                                                    |    | 1,054,960                                                              |
|                                                                                                                                                                                                                     | 2,000,000            |             | NR/Baa3                | Regional Transportation District, 6.5%, 1/15/30                                                                                                                                                                                                                                                                                    |    | 2,204,160                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 25,968,191                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | Connecticut - 0.3%                                                                                                                                                                                                                                                                                                                 |    |                                                                   |
|                                                                                                                                                                                                                     | 2,470,000            |             | B/NR                   | Mohegan Tribe of Indians of Connecticut, 6.25%, 1/1/31                                                                                                                                                                                                                                                                             | $       | 2,470,519                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | Delaware - 0.7%                                                                                                                                                                                                                                                                                                                    |    |                                                                   |
|                                                                                                                                                                                                                     | 5,000,000            |             | NR/Baa3                | Delaware State Economic Development Authority, 5.375%, 10/1/45                                                                                                                                                                                                                                                                     | $       | 5,053,250                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | District of Columbia - 2.3%                                                                                                                                                                                                                                                                                                        |    |                                                                   |
|                                                                                                                                                                                                                     | 10,000,000           |             | BBB/Baa1               | District of Columbia Tobacco Settlement Financing Corp., 6.75%, 5/15/40                                                                                                                                                                                                                                                            | $       | 9,915,300                                                              |
|                                                                                                                                                                                                                     | 7,950,000            |             | NR/A1                  | District of Columbia, 4.25%, 6/1/37                                                                                                                                                                                                                                                                                                |    | 7,777,485                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 17,692,785                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | Florida - 3.1%                                                                                                                                                                                                                                                                                                                     |    |                                                                   |
|                                                                                                                                                                                                                     | 7,500,000            |             | NR/Baa1                | City of Tallahassee Florida, 6.375%, 12/1/30                                                                                                                                                                                                                                                                                       | $       | 7,525,500                                                              |
|                                                                                                                                                                                                                     | 445,000              |             | NR/NR                  | County of Madison Florida, 6.0%, 7/1/25                                                                                                                                                                                                                                                                                            |    | 383,568                                                                |
|                                                                                                                                                                                                                     | 5,000,000            |             | A/A2                   | County of Miami-Dade Florida Aviation Revenue, 5.5%, 10/1/41                                                                                                                                                                                                                                                                       |    | 5,372,100                                                              |
|                                                                                                                                                                                                                     | 3,000,000            |             | NR/Baa1                | Escambia County Health Facilities Authority, 6.0%, 8/15/36                                                                                                                                                                                                                                                                         |    | 3,198,810                                                              |
|                                                                                                                                                                                                                     | 1,390,000            |             | NR/NR                  | Florida Development Finance Corp., 6.0%, 9/15/30                                                                                                                                                                                                                                                                                   |    | 1,371,388                                                              |
|                                                                                                                                                                                                                     | 765,000              |             | BB/NR                  | Lee County Industrial Development Authority Florida, 4.75%, 6/15/14                                                                                                                                                                                                                                                                |    | 767,570                                                                |
|                                                                                                                                                                                                                     | 2,000,000            |             | BB/NR                  | Lee County Industrial Development Authority Florida, 5.375%, 6/15/37                                                                                                                                                                                                                                                               |    | 1,951,920                                                              |
|                                                                                                                                                                                                                     | 3,400,000            |             | NR/NR                  | St. Johns County Industrial Development Authority, 6.0%, 8/1/45                                                                                                                                                                                                                                                                    |    | 3,576,698                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 24,147,554                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | Georgia - 1.2%                                                                                                                                                                                                                                                                                                                     |    |                                                                   |
|                                                                                                                                                                                                                     | 5,750,000            |             | A/Baa1                 | Burke County Development Authority, 7.0%, 1/1/23                                                                                                                                                                                                                                                                                   | $       | 6,674,888                                                              |
|                                                                                                                                                                                                                     | 2,750,000            |             | AA/Aa2                 | Private Colleges & Universities Authority, 5.0%, 10/1/43                                                                                                                                                                                                                                                                       |    | 2,992,798                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 9,667,686                                                              |
|                                                                                                                                                                                                                     |                 |             |                   | Illinois - 3.2%                                                                                                                                                                                                                                                                                                                    |    |                                                                   |
|                                                                                                                                                                                                                     | 1,000,000            |             | A-/Baa1                | Illinois Finance Authority, 5.25%, 5/1/40                                                                                                                                                                                                                                                                                          | $       | 1,021,870                                                              |
|                                                                                                                                                                                                                     | 4,000,000            |             | BBB-/NR                | Illinois Finance Authority, 5.5%, 8/15/30                                                                                                                                                                                                                                                                                          |    | 4,102,680                                                              |
|                                                                                                                                                                                                                     | 1,600,000            |             | AA/A3                  | Illinois Finance Authority, 6.0%, 8/15/25                                                                                                                                                                                                                                                                                          |    | 1,641,456                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | NR/NR                  | Illinois Finance Authority, 6.125%, 5/15/27                                                                                                                                                                                                                                                                                        |    | 1,011,950                                                              |
|                                                                                                                                                                                                                     | 5,000,000            |             | NR/Baa3                | Illinois Finance Authority, 6.5%, 4/1/39                                                                                                                                                                                                                                                                                           |    | 5,143,900                                                              |
|                                                                                                                                                                                                                     | 20,000,000           |             | AAA/Baa1               | Metropolitan Pier & Exposition Authority, 0.0%, 6/15/39                                                                                                                                                                                                                                                                        |    | 5,157,200                                                              |
|                                                                                                                                                                                                                     | 5,000,000            |             | AA+/#Aaa               | Metropolitan Pier & Exposition Authority, 7.0%, 7/1/26 (Pre-Refunded)                                                                                                                                                                                                                                                          |    | 6,701,600                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 24,780,656                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | Indiana - 2.2%                                                                                                                                                                                                                                                                                                                     |    |                                                                   |
|                                                                                                                                                                                                                     | 2,000,000            |             | AA/Aa2                 | Indiana Bond Bank, 5.5%, 2/1/29                                                                                                                                                                                                                                                                                                    | $       | 2,233,060                                                              |
|                                                                                                                                                                                                                     | 2,000,000            |             | BB-/B1                 | Indiana Finance Authority, 6.0%, 12/1/26                                                                                                                                                                                                                                                                                           |    | 2,063,120                                                              |
|                                                                                                                                                                                                                     | 5,000,000            |             | AA-/Aa3                | Indiana Health & Educational Facilities Financing Authority, 4.75%, 2/15/34                                                                                                                                                                                                                                                    |    | 5,039,800                                                              |
|                                                                                                                                                                                                                     | 7,000,000            |             | AA-/Aa3                | Indiana Health & Educational Facilities Financing Authority, 5.0%, 2/15/39                                                                                                                                                                                                                                                     |    | 7,080,640                                                              |
|                                                                                                                                                                                                                     | 440,000              |             | A/Aa1                  | Indianapolis Local Public Improvement Bond Bank, 6.0%, 1/10/20                                                                                                                                                                                                                                                                     |    | 495,801                                                                |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 16,912,421                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | Louisiana - 2.3%                                                                                                                                                                                                                                                                                                                   |    |                                                                   |
|                                                                                                                                                                                                                     | 6,000,000            |             | BB+/Ba1                | Jefferson Parish Hospital Service District No. 2, 6.375%, 7/1/41                                                                                                                                                                                                                                                                   | $       | 6,409,500                                                              |
|                                                                                                                                                                                                                     | 615,000              |             | BBB+/Baa1              | Louisiana Local Government Environmental Facilities & Community Development Authority, 5.25%, 12/1/18                                                                                                                                                                                                                          | 618,032 |
|                                                                                                                                                                                                                     | 10,000,000           |             | NR/Baa1                | Louisiana Public Facilities Authority, 5.5%, 5/15/47                                                                                                                                                                                                                                                                               |    | 10,149,900                                                             |
|                                                                                                                                                                                                                     | 400,000              |             | A-/A3                  | Louisiana State Citizens Property Insurance Corp., 5.0%, 6/1/24                                                                                                                                                                                                                                                                    |    | 439,524                                                                |
|                                                                                                                                                                                                                     | 500,000              |             | AA/A2                  | Louisiana State Citizens Property Insurance Corp., 5.0%, 6/1/24                                                                                                                                                                                                                                                                    |    | 554,475                                                                |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 18,171,431                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | Maine - 1.1%                                                                                                                                                                                                                                                                                                                       |    |                                                                   |
|                                                                                                                                                                                                                     | 4,500,000            |             | NR/Ba1                 | Maine Health & Higher Educational Facilities Authority, 6.75%, 7/1/36                                                                                                                                                                                                                                                          | $       | 4,854,375                                                              |
|                                                                                                                                                                                                                     | 3,040,000            |             | NR/Ba1                 | Maine Health & Higher Educational Facilities Authority, 6.95%, 7/1/41                                                                                                                                                                                                                                                          |    | 3,293,870                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 8,148,245                                                              |
|                                                                                                                                                                                                                     |                 |             |                   | Maryland - 2.2%                                                                                                                                                                                                                                                                                                                    |    |                                                                   |
|                                                                                                                                                                                                                     | 3,000,000            |             | BB+/Ba2                | County of Frederick Maryland, 5.625%, 9/1/38                                                                                                                                                                                                                                                                                       | $       | 2,724,840                                                              |
|                                                                                                                                                                                                                     | 900,000              |             | NR/NR                  | Maryland Economic Development Corp., 5.0%, 12/1/16                                                                                                                                                                                                                                                                                 |    | 449,739                                                                |
|                                                                                                                                                                                                                     | 400,000              |             | NR/NR                  | Maryland Economic Development Corp., 5.0%, 12/1/16                                                                                                                                                                                                                                                                                 |    | 199,884                                                                |
|                                                                                                                                                                                                                     | 1,000,000            |             | NR/NR                  | Maryland Economic Development Corp., 5.0%, 12/1/31                                                                                                                                                                                                                                                                                 |    | 499,710                                                                |
|                                                                                                                                                                                                                     | 2,000,000            |             | A/A2                   | Maryland Economic Development Corp., 6.2%, 9/1/22                                                                                                                                                                                                                                                                                  |    | 2,341,560                                                              |
|                                                                                                                                                                                                                     | 6,250,000            |             | AA+/Aa2                | Maryland Health & Higher Educational Facilities Authority, 5.0%, 11/15/51                                                                                                                                                                                                                                                      |    | 6,486,188                                                              |
|                                                                                                                                                                                                                     | 4,400,000            |             | NR/Baa3                | Maryland Health & Higher Educational Facilities Authority, 5.75%, 7/1/38                                                                                                                                                                                                                                                       |    | 4,337,300                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 17,039,221                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | Massachusetts - 13.1%                                                                                                                                                                                                                                                                                                              |    |                                                                   |
|                                                                                                                                                                                                                     | 2,000,000            |             | NR/A2                  | Massachusetts Development Finance Agency, 4.0%, 10/1/35                                                                                                                                                                                                                                                                            | $       | 1,921,800                                                              |
|                                                                                                                                                                                                                     | 2,500,000            |             | A+/Aa3                 | Massachusetts Development Finance Agency, 4.0%, 9/1/49                                                                                                                                                                                                                                                                             |    | 2,255,425                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | A-/A3                  | Massachusetts Development Finance Agency, 5.0%, 10/1/21                                                                                                                                                                                                                                                                            |    | 1,159,070                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | A-/A3                  | Massachusetts Development Finance Agency, 5.0%, 10/1/22                                                                                                                                                                                                                                                                            |    | 1,142,810                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | A-/A3                  | Massachusetts Development Finance Agency, 5.0%, 10/1/30                                                                                                                                                                                                                                                                            |    | 1,048,390                                                              |
|                                                                                                                                                                                                                     | 4,000,000            |             | A/A1                   | Massachusetts Development Finance Agency, 5.0%, 10/1/48                                                                                                                                                                                                                                                                            |    | 4,204,760                                                              |
|                                                                                                                                                                                                                     | 450,000              |             | NR/A2                  | Massachusetts Development Finance Agency, 5.0%, 3/1/39                                                                                                                                                                                                                                                                             |    | 478,562                                                                |
|                                                                                                                                                                                                                     | 1,585,000            |             | AA+/Aa1                | Massachusetts Development Finance Agency, 5.0%, 6/1/25                                                                                                                                                                                                                                                                             |    | 1,800,782                                                              |
|                                                                                                                                                                                                                     | 4,200,000            |             | AA+/Aa1                | Massachusetts Development Finance Agency, 5.0%, 7/1/43                                                                                                                                                                                                                                                                             |    | 4,589,760                                                              |
|                                                                                                                                                                                                                     | 4,000,000            |             | BBB+/NR                | Massachusetts Development Finance Agency, 5.0%, 7/1/44                                                                                                                                                                                                                                                                             |    | 3,896,240                                                              |
|                                                                                                                                                                                                                     | 1,250,000            |             | A+/A1                  | Massachusetts Development Finance Agency, 5.0%, 9/1/50                                                                                                                                                                                                                                                                             |    | 1,304,025                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | BBB+/Ba1               | Massachusetts Development Finance Agency, 5.125%, 7/1/26                                                                                                                                                                                                                                                                           |    | 1,026,720                                                              |
|                                                                                                                                                                                                                     | 125,000              |             | NR/Baa2                | Massachusetts Development Finance Agency, 5.15%, 10/1/14                                                                                                                                                                                                                                                                           |    | 126,505                                                                |
|                                                                                                                                                                                                                     | 1,680,000            |             | BBB/NR                 | Massachusetts Development Finance Agency, 5.25%, 10/1/29                                                                                                                                                                                                                                                                           |    | 1,715,482                                                              |
|                                                                                                                                                                                                                     | 3,320,000            |             | BBB/NR                 | Massachusetts Development Finance Agency, 5.25%, 10/1/37                                                                                                                                                                                                                                                                           |    | 3,350,577                                                              |
|                                                                                                                                                                                                                     | 1,980,000            |             | AA-/A1                 | Massachusetts Development Finance Agency, 5.375%, 4/1/41                                                                                                                                                                                                                                                                           |    | 2,116,125                                                              |
|                                                                                                                                                                                                                     | 500,000              |             | BBB-/NR                | Massachusetts Development Finance Agency, 5.5%, 1/1/35                                                                                                                                                                                                                                                                             |    | 488,470                                                                |
|                                                                                                                                                                                                                     | 1,100,000            |             | NR/Baa2                | Massachusetts Development Finance Agency, 5.625%, 10/1/24                                                                                                                                                                                                                                                                          |    | 1,108,976                                                              |
|                                                                                                                                                                                                                     | 400,000              |             | BBB-/Baa3              | Massachusetts Development Finance Agency, 5.625%, 7/15/36                                                                                                                                                                                                                                                                          |    | 415,348                                                                |
|                                                                                                                                                                                                                     | 1,000,000            |             | NR/Baa2                | Massachusetts Development Finance Agency, 5.7%, 10/1/34                                                                                                                                                                                                                                                                            |    | 1,005,280                                                              |
|                                                                                                                                                                                                                     | 6,185,000            |             | A/NR                   | Massachusetts Development Finance Agency, 5.75%, 1/1/42                                                                                                                                                                                                                                                                            |    | 7,197,670                                                              |
|                                                                                                                                                                                                                     | 500,000              |             | BBB-/Baa3              | Massachusetts Development Finance Agency, 5.75%, 7/15/43                                                                                                                                                                                                                                                                           |    | 521,885                                                                |
|                                                                                                                                                                                                                     | 2,400,000            |             | NR/NR                  | Massachusetts Development Finance Agency, 6.25%, 10/15/17                                                                                                                                                                                                                                                                          |    | 2,591,304                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | BBB/NR                 | Massachusetts Development Finance Agency, 6.75%, 1/1/36                                                                                                                                                                                                                                                                            |    | 1,149,080                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | BBB/NR                 | Massachusetts Development Finance Agency, 7.0%, 7/1/42                                                                                                                                                                                                                                                                             |    | 1,103,300                                                              |
|                                                                                                                                                                                                                     | 2,000,000            |             | NR/A2                  | Massachusetts Health & Educational Facilities Authority, 4.125%, 10/1/37                                                                                                                                                                                                                                                       |    | 1,917,120                                                              |
|                                                                                                                                                                                                                     | 4,500,000            |             | BB/NR                  | Massachusetts Health & Educational Facilities Authority, 4.625%, 8/15/28                                                                                                                                                                                                                                                       |    | 4,099,545                                                              |
|                                                                                                                                                                                                                     | 3,750,000            |             | BBB+/Baa1              | Massachusetts Health & Educational Facilities Authority, 5.25%, 7/1/38                                                                                                                                                                                                                                                         |    | 3,813,900                                                              |
|                                                                                                                                                                                                                     | 2,335,000            |             | BBB-/Baa3              | Massachusetts Health & Educational Facilities Authority, 5.375%, 7/1/35                                                                                                                                                                                                                                                        |    | 2,397,695                                                              |
|                                                                                                                                                                                                                     | 12,000,000           |             | AAA/Aaa                | Massachusetts Health & Educational Facilities Authority, 5.5%, 7/1/32                                                                                                                                                                                                                                                          |    | 15,519,960                                                             |
|                                                                                                                                                                                                                     | 1,000,000            |             | AA-/Aa3                | Massachusetts Port Authority, 5.0%, 7/1/32                                                                                                                                                                                                                                                                                         |    | 1,094,620                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | AA-/Aa3                | Massachusetts Port Authority, 5.0%, 7/1/33                                                                                                                                                                                                                                                                                         |    | 1,090,160                                                              |
|                                                                                                                                                                                                                     | 7,000,000            |             | AA+/Aa2                | Massachusetts School Building Authority, 5.0%, 8/15/29                                                                                                                                                                                                                                                                             |    | 7,907,760                                                              |
|                                                                                                                                                                                                                     | 3,975,000            |             | AA/Aa2                 | Massachusetts State College Building Authority, 5.0%, 5/1/28                                                                                                                                                                                                                                                                       |    | 4,519,376                                                              |
|                                                                                                                                                                                                                     | 2,420,000            |             | AA+/Aa1                | Massachusetts Water Resources Authority, 5.25%, 8/1/36                                                                                                                                                                                                                                                                             |    | 2,879,824                                                              |
|                                                                                                                                                                                                                     | 2,000,000            |             | AAA/NR                 | Town of Chatham Massachusetts, 3.5%, 6/15/37                                                                                                                                                                                                                                                                                       |    | 1,863,720                                                              |
|                                                                                                                                                                                                                     | 4,500,000            |             | AA+/NR                 | Town of Wilmington Massachusetts, 4.0%, 3/15/37                                                                                                                                                                                                                                                                                    |    | 4,453,245                                                              |
|                                                                                                                                                                                                                     | 2,500,000            |             | AA-/Aa2                | University of Massachusetts Building Authority, 5.0%, 11/1/39                                                                                                                                                                                                                                                                      |    | 2,706,475                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 101,981,746                                                            |
|                                                                                                                                                                                                                     |                 |             |                   | Michigan - 1.5%                                                                                                                                                                                                                                                                                                                    |    |                                                                   |
|                                                                                                                                                                                                                     | 1,500,000            |             | BB-/NR                 | John Tolfree Health System Corp., 6.0%, 9/15/23                                                                                                                                                                                                                                                                                    | $       | 1,489,815                                                              |
|                                                                                                                                                                                                                     | 3,235,000            |             | NR/NR                  | Michigan Public Educational Facilities Authority, 5.875%, 6/1/37                                                                                                                                                                                                                                                                   |    | 3,049,537                                                              |
|                                                                                                                                                                                                                     | 2,000,000            |             | NR/NR                  | Michigan State Hospital Finance Authority, 5.25%, 11/15/25                                                                                                                                                                                                                                                                         |    | 1,930,720                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | NR/NR                  | Michigan State Hospital Finance Authority, 5.5%, 11/15/35                                                                                                                                                                                                                                                                          |    | 908,340                                                                |
|                                                                                                                                                                                                                     | 4,850,000            |             | AA-/Aa2                | Wayne State University, 4.0%, 11/15/44                                                                                                                                                                                                                                                                                             |    | 4,267,321                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 11,645,733                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | Mississippi - 0.4%                                                                                                                                                                                                                                                                                                                 |    |                                                                   |
|                                                                                                                                                                                                                     | 2,750,000            |             | BBB/Baa3               | County of Warren Mississippi, 5.8%, 5/1/34                                                                                                                                                                                                                                                                                         | $       | 2,920,252                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | Missouri - 0.9%                                                                                                                                                                                                                                                                                                                    |    |                                                                   |
|                                                                                                                                                                                                                     | 5,795,000            |             | AA-/Aa3                | Health & Educational Facilities Authority of the State of Missouri, 4.0%, 11/15/42                                                                                                                                                                                                                                             | $       | 5,151,639                                                              |
|                                                                                                                                                                                                                     | 2,000,000            |             | A/NR                   | Missouri Development Finance Board, 5.25%, 11/1/42                                                                                                                                                                                                                                                                                 |    | 2,114,060                                                              |
|                                                                                                                                                                                                                     | 75,000               |             | NR/Aaa                 | Missouri State Environmental Improvement & Energy Resources Authority, 5.125%, 1/1/20                                                                                                                                                                                                                                          | 75,301  |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 7,341,000                                                              |
|                                                                                                                                                                                                                     |                 |             |                   | New Hampshire - 1.3%                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     | 1,500,000            |             | NR/A2                  | New Hampshire Health and Education Facilities Authority Act, 4.0%, 10/1/33                                                                                                                                                                                                                                                         | $       | 1,399,620                                                              |
|                                                                                                                                                                                                                     | 5,000,000            |             | A-/NR                  | New Hampshire Health and Education Facilities Authority Act, 5.0%, 10/1/32                                                                                                                                                                                                                                                         |    | 5,132,200                                                              |
|                                                                                                                                                                                                                     | 3,750,000            |             | A-/NR                  | New Hampshire Health and Education Facilities Authority Act, 5.0%, 10/1/37                                                                                                                                                                                                                                                         |    | 3,818,588                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 10,350,408                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | New Jersey - 1.5%                                                                                                                                                                                                                                                                                                                  |    |                                                                   |
|                                                                                                                                                                                                                     | 475,000              |             | NR/NR                  | New Jersey Economic Development Authority, 5.3%, 11/1/26                                                                                                                                                                                                                                                                           | $       | 407,436                                                                |
|                                                                                                                                                                                                                     | 450,000              |             | NR/NR                  | New Jersey Economic Development Authority, 5.375%, 11/1/36                                                                                                                                                                                                                                                                         |    | 345,046                                                                |
|                                                                                                                                                                                                                     | 3,000,000            |             | AAA/Aaa                | New Jersey Educational Facilities Authority, 5.0%, 7/1/39                                                                                                                                                                                                                                                                          |    | 3,310,050                                                              |
|                                                                                                                                                                                                                     | 5,115,000            |             | BBB-/Baa3              | New Jersey Health Care Facilities Financing Authority, 5.25%, 7/1/30                                                                                                                                                                                                                                                               |    | 5,172,390                                                              |
|                                                                                                                                                                                                                     | 2,000,000            |             | A+/A1                  | New Jersey Transportation Trust Fund Authority, 5.5%, 6/15/41                                                                                                                                                                                                                                                                      |    | 2,178,240                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 11,413,162                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | New Mexico - 0.1%                                                                                                                                                                                                                                                                                                                  |    |                                                                   |
|                                                                                                                                                                                                                     | 1,000,000            |             | A/NR                   | County of Dona Ana New Mexico, 5.25%, 12/1/25                                                                                                                                                                                                                                                                                      | $       | 1,009,070                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | New York - 2.8%                                                                                                                                                                                                                                                                                                                    |    |                                                                   |
|                                                                                                                                                                                                                     | 2,500,000            |             | A/A3                   | Albany Industrial Development Agency, 5.25%, 11/15/32                                                                                                                                                                                                                                                                              | $       | 2,608,575                                                              |
|                                                                                                                                                                                                                     | 6,000,000            |             | AAA/Aaa                | New York State Dormitory Authority, 5.0%, 10/1/41                                                                                                                                                                                                                                                                                  |    | 6,515,700                                                              |
|                                                                                                                                                                                                                     | 5,515,000            |             | AA-/Baa1               | New York State Dormitory Authority, 5.25%, 7/1/24                                                                                                                                                                                                                                                                                  |    | 6,124,077                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | BBB-/Baa3              | Port Authority of New York & New Jersey, 6.0%, 12/1/36                                                                                                                                                                                                                                                                         |    | 1,095,140                                                              |
|                                                                                                                                                                                                                     | 3,400,000            |             | BBB-/Baa3              | Port Authority of New York & New Jersey, 6.0%, 12/1/42                                                                                                                                                                                                                                                                         |    | 3,717,288                                                              |
|                                                                                                                                                                                                                     | 1,500,000            |             | AA-/Aa3                | Port Authority of New York & New Jersey, 6.125%, 6/1/94                                                                                                                                                                                                                                                                        |    | 1,715,460                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 21,776,240                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | North Carolina - 0.8%                                                                                                                                                                                                                                                                                                              |    |                                                                   |
|                                                                                                                                                                                                                     | 2,250,000            |             | A+/A1                  | North Carolina Medical Care Commission, 4.0%, 11/1/46                                                                                                                                                                                                                                                                              | $       | 2,004,300                                                              |
|                                                                                                                                                                                                                     | 5,000,000            |             | A+/A1                  | North Carolina Medical Care Commission, 4.0%, 12/1/45                                                                                                                                                                                                                                                                              |    | 4,433,600                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 6,437,900                                                              |
|                                                                                                                                                                                                                     |                 |             |                   | North Dakota - 0.7%                                                                                                                                                                                                                                                                                                                |    |                                                                   |
|                                                                                                                                                                                                                     | 5,000,000            |             | A-/Baa1                | County of McLean North Dakota, 5.15%, 7/1/40                                                                                                                                                                                                                                                                                       | $       | 5,142,100                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | Ohio - 4.7%                                                                                                                                                                                                                                                                                                                        |    |                                                                   |
|                                                                                                                                                                                                                     | 10,000,000           |             | B-/B3                  | Buckeye Tobacco Settlement Financing Authority, 5.75%, 6/1/34                                                                                                                                                                                                                                                                      | $       | 8,026,800                                                              |
|                                                                                                                                                                                                                     | 6,000,000            |             | B-/B3                  | Buckeye Tobacco Settlement Financing Authority, 6.5%, 6/1/47                                                                                                                                                                                                                                                                       |    | 5,216,820                                                              |
|                                                                                                                                                                                                                     | 2,000,000            |             | AAA/Aaa                | City of Cincinnati Ohio Water System Revenue, 5.0%, 12/1/36                                                                                                                                                                                                                                                                        |    | 2,166,520                                                              |
|                                                                                                                                                                                                                     | 2,250,000            |             | AAA/Aaa                | City of Cincinnati Ohio Water System Revenue, 5.0%, 12/1/37                                                                                                                                                                                                                                                                        |    | 2,435,782                                                              |
|                                                                                                                                                                                                                     | 1,500,000            |             | NR/NR                  | County of Cuyahoga Ohio, 6.0%, 5/15/37                                                                                                                                                                                                                                                                                             |    | 1,501,140                                                              |
|                                                                                                                                                                                                                     | 1,500,000            |             | NR/NR                  | County of Cuyahoga Ohio, 6.0%, 5/15/42                                                                                                                                                                                                                                                                                             |    | 1,489,800                                                              |
|                                                                                                                                                                                                                     | 5,000,000            |             | NR/A3                  | County of Lake Ohio, 6.0%, 8/15/43                                                                                                                                                                                                                                                                                                 |    | 5,296,400                                                              |
|                                                                                                                                                                                                                     | 10,000,000           |             | AA/A2                  | JobsOhio Beverage System, 5.0%, 1/1/38                                                                                                                                                                                                                                                                                             |    | 10,520,200                                                             |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 36,653,462                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | Oklahoma - 0.7%                                                                                                                                                                                                                                                                                                                    |    |                                                                   |
|                                                                                                                                                                                                                     | 5,165,000            |             | AA-/Baa1               | McGee Creek Authority, 6.0%, 1/1/23                                                                                                                                                                                                                                                                                                | $       | 5,800,140                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | Oregon - 0.8%                                                                                                                                                                                                                                                                                                                      |    |                                                                   |
|                                                                                                                                                                                                                     | 3,000,000            |             | NR/Aa1                 | Deschutes & Jefferson Counties School District No 2J Redmond Oregon, 3.0%, 6/15/32                                                                                                                                                                                                                                             | $       | 2,675,790                                                              |
|                                                                                                                                                                                                                     | 2,000,000            |             | AA+/NR                 | Multnomah County School District No 40, 0.0%, 6/15/30                                                                                                                                                                                                                                                                              |    | 973,920                                                                |
|                                                                                                                                                                                                                     | 2,000,000            |             | AA+/NR                 | Multnomah County School District No 40, 0.0%, 6/15/31                                                                                                                                                                                                                                                                              |    | 891,460                                                                |
|                                                                                                                                                                                                                     | 1,715,000            |             | AA+/NR                 | Multnomah County School District No 40, 0.0%, 6/15/32                                                                                                                                                                                                                                                                              |    | 720,334                                                                |
|                                                                                                                                                                                                                     | 1,000,000            |             | A+/A1                  | Oregon Health & Science University, 4.0%, 7/1/31                                                                                                                                                                                                                                                                               |    | 1,013,300                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 6,274,804                                                              |
|                                                                                                                                                                                                                     |                 |             |                   | Pennsylvania - 4.0%                                                                                                                                                                                                                                                                                                                |    |                                                                   |
|                                                                                                                                                                                                                     | 1,500,000            |             | NR/WR                  | Allentown Area Hospital Authority, 6.0%, 11/15/16 (Pre-Refunded)                                                                                                                                                                                                                                                                   | $       | 1,584,285                                                              |
|                                                                                                                                                                                                                     | 5,000,000            |             | AA-/Baa1               | Lehigh County Industrial Development Authority, 4.75%, 2/15/27                                                                                                                                                                                                                                                                     |    | 5,034,700                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | BBB/NR                 | Montgomery County Industrial Development Authority Pennsylvania, 5.0%, 12/1/24                                                                                                                                                                                                                                                     |    | 1,020,920                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | BBB/NR                 | Montgomery County Industrial Development Authority Pennsylvania, 5.0%, 12/1/30                                                                                                                                                                                                                                                     |    | 1,006,250                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | BBB-/Baa3              | Pennsylvania Higher Educational Facilities Authority, 5.0%, 7/1/42                                                                                                                                                                                                                                                                 |    | 940,910                                                                |
|                                                                                                                                                                                                                     | 1,000,000            |             | BB+/Baa3               | Pennsylvania Higher Educational Facilities Authority, 6.0%, 7/1/43                                                                                                                                                                                                                                                                 |    | 1,008,690                                                              |
|                                                                                                                                                                                                                     | 11,500,000           | 0.82             | BBB+/NR                | Pennsylvania Higher Educational Facilities Authority, Floating Rate Note, 7/1/39                                                                                                                                                                                                                                                   |    | 8,043,905                                                              |
|                                                                                                                                                                                                                     | 5,000,000            |             | A-/A3                  | Pennsylvania Turnpike Commission, 5.3%, 12/1/41                                                                                                                                                                                                                                                                                    |    | 5,263,900                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | BB-/NR                 | Philadelphia Authority for Industrial Development, 6.75%, 6/15/43 (144A)                                                                                                                                                                                                                                                           |    | 1,005,890                                                              |
|                                                                                                                                                                                                                     | 2,000,000            |             | AA/Aa2                 | Philadelphia Hospitals & Higher Education Facilities Authority, 4.5%, 7/1/37                                                                                                                                                                                                                                                   |    | 2,023,400                                                              |
|                                                                                                                                                                                                                     | 5,000,000            |             | BB+/Ba2                | Philadelphia Hospitals & Higher Education Facilities Authority, 5.0%, 7/1/34                                                                                                                                                                                                                                                   |    | 4,318,000                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 31,250,850                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | Rhode Island - 0.7%                                                                                                                                                                                                                                                                                                                |    |                                                                   |
|                                                                                                                                                                                                                     | 5,200,000            |             | BB/Ba1                 | Tobacco Settlement Financing Corp. Rhode Island, 6.25%, 6/1/42                                                                                                                                                                                                                                                                     | $       | 5,083,624                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | South Carolina - 1.2%                                                                                                                                                                                                                                                                                                              |    |                                                                   |
|                                                                                                                                                                                                                     | 8,265,000            |             | AA-/A1                 | South Carolina State Public Service Authority, 5.0%, 12/1/43                                                                                                                                                                                                                                                                       | $       | 8,567,168                                                              |
|                                                                                                                                                                                                                     | 500,000              |             | AA+/Aaa                | State of South Carolina, 5.0%, 4/1/20                                                                                                                                                                                                                                                                                              |    | 593,825                                                                |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 9,160,993                                                              |
|                                                                                                                                                                                                                     |                 |             |                   | South Dakota - 0.0%                                                                                                                                                                                                                                                                                                                |    |                                                                   |
|                                                                                                                                                                                                                     | 65,000               |             | NR/Aaa                 | South Dakota Conservancy District, 5.625%, 8/1/17 (Pre-Refunded)                                                                                                                                                                                                                                                                   | $       | 65,289                                                                 |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | Texas - 6.9%                                                                                                                                                                                                                                                                                                                       |    |                                                                   |
|                                                                                                                                                                                                                     | 7,100,000            |             | BBB-/Baa2              | Central Texas Regional Mobility Authority, 0.0%, 1/1/25                                                                                                                                                                                                                                                                            | $       | 4,140,507                                                              |
|                                                                                                                                                                                                                     | 3,000,000            |             | BBB-/Baa2              | Central Texas Regional Mobility Authority, 0.0%, 1/1/26                                                                                                                                                                                                                                                                            |    | 1,629,960                                                              |
|                                                                                                                                                                                                                     | 3,000,000            |             | BBB-/Baa2              | Central Texas Regional Mobility Authority, 0.0%, 1/1/27                                                                                                                                                                                                                                                                            |    | 1,537,890                                                              |
|                                                                                                                                                                                                                     | 2,500,000            |             | BB+/Baa3               | Central Texas Regional Mobility Authority, 6.75%, 1/1/41                                                                                                                                                                                                                                                                           |    | 2,770,425                                                              |
|                                                                                                                                                                                                                     | 8,285,000            |             | AA+/Aa2                | Dallas Area Rapid Transit, 5.25%, 12/1/29                                                                                                                                                                                                                                                                                          |    | 10,044,071                                                             |
|                                                                                                                                                                                                                     | 10,000,000           |             | BBB+/A3                | Dallas County Utility & Reclamation District, 5.375%, 2/15/29                                                                                                                                                                                                                                                                  |    | 10,751,500                                                             |
|                                                                                                                                                                                                                     | 580,000              |             | AA-/NR                 | Eagle Mountain & Saginaw Independent School District, 3.375%, 8/15/32                                                                                                                                                                                                                                                          |    | 531,373                                                                |
|                                                                                                                                                                                                                     | 1,000,000            |             | NR/Baa3                | Harris County Cultural Education Facilities Finance Corp., 5.0%, 6/1/28                                                                                                                                                                                                                                                            |    | 1,025,820                                                              |
|                                                                                                                                                                                                                     | 500,000              |             | NR/Baa3                | Harris County Cultural Education Facilities Finance Corp., 5.0%, 6/1/33                                                                                                                                                                                                                                                            |    | 500,695                                                                |
|                                                                                                                                                                                                                     | 390,000              |             | AAA/Aaa                | Houston Higher Education Finance Corp., 5.0%, 5/15/40                                                                                                                                                                                                                                                                              |    | 430,618                                                                |
|                                                                                                                                                                                                                     | 2,000,000            |             | A-/A2                  | North Texas Tollway Authority, 5.0%, 1/1/38                                                                                                                                                                                                                                                                                        |    | 2,084,620                                                              |
|                                                                                                                                                                                                                     | 4,000,000            |             | BBB/A3                 | Texas Municipal Gas Acquisition & Supply Corp. III, 5.0%, 12/15/31                                                                                                                                                                                                                                                             |    | 4,061,800                                                              |
|                                                                                                                                                                                                                     | 10,410,000           |             | NR/Baa3                | Texas Private Activity Bond Surface Transportation Corp., 7.0%, 6/30/40                                                                                                                                                                                                                                                            |    | 11,805,877                                                             |
|                                                                                                                                                                                                                     | 2,255,000            |             | BBB/NR                 | Texas State Public Finance Authority Charter School Finance Corp., 6.2%, 2/15/40                                                                                                                                                                                                                                                   |    | 2,453,192                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 53,768,348                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | Utah - 0.1%                                                                                                                                                                                                                                                                                                                        |    |                                                                   |
|                                                                                                                                                                                                                     | 500,000              |             | BBB-/NR                | Utah State Charter School Finance Authority, 5.75%, 7/15/20                                                                                                                                                                                                                                                                        | $       | 533,020                                                                |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | Vermont - 0.2%                                                                                                                                                                                                                                                                                                                     |    |                                                                   |
|                                                                                                                                                                                                                     | 1,295,000            |             | BBB-/Baa               | Vermont Educational & Health Buildings Financing Agency, 5.0%, 7/1/24                                                                                                                                                                                                                                                          | $       | 1,295,130                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | Virginia - 4.0%                                                                                                                                                                                                                                                                                                                    |    |                                                                   |
|                                                                                                                                                                                                                     | 13,990,000           |             | B-/B3                  | Tobacco Settlement Financing Corp. Virginia, 5.0%, 6/1/47                                                                                                                                                                                                                                                                          | $       | 9,693,111                                                              |
|                                                                                                                                                                                                                     | 4,000,000            |             | AAA/Aaa                | University of Virginia, 5.0%, 6/1/37                                                                                                                                                                                                                                                                                               |    | 4,463,520                                                              |
|                                                                                                                                                                                                                     | 5,000,000            |             | AAA/Aaa                | University of Virginia, 5.0%, 6/1/43                                                                                                                                                                                                                                                                                               |    | 5,521,650                                                              |
|                                                                                                                                                                                                                     | 3,650,000            |             | AAA/Aaa                | Virginia Housing Development Authority, 3.125%, 1/1/37                                                                                                                                                                                                                                                                             |    | 3,054,831                                                              |
|                                                                                                                                                                                                                     | 7,500,000            |             | BBB+/Baa1              | Washington County Industrial Development Authority Virginia, 7.75%, 7/1/38                                                                                                                                                                                                                                                         |    | 8,621,100                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 31,354,212                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | Washington - 5.5%                                                                                                                                                                                                                                                                                                                  |    |                                                                   |
|                                                                                                                                                                                                                     | 10,000,000           |             | AA/NR                  | FYI Properties, 5.5%, 6/1/39                                                                                                                                                                                                                                                                                                       | $       | 10,722,300                                                             |
|                                                                                                                                                                                                                     | 10,000,000           |             | AAA/NR                 | King County Housing Authority, 5.5%, 5/1/38                                                                                                                                                                                                                                                                                        |    | 10,596,400                                                             |
|                                                                                                                                                                                                                     | 3,000,000            |             | A/A2                   | King County Public Hospital District No. 1, 5.25%, 12/1/37                                                                                                                                                                                                                                                                         |    | 3,114,450                                                              |
|                                                                                                                                                                                                                     | 1,500,000            |             | A/A1                   | Public Utility District No. 1 of Franklin County, 5.0%, 9/1/38                                                                                                                                                                                                                                                                     |    | 1,561,680                                                              |
|                                                                                                                                                                                                                     | 5,600,000            |             | AA+/Aaa                | University of Washington, 5.0%, 6/1/37                                                                                                                                                                                                                                                                                             |    | 6,003,816                                                              |
|                                                                                                                                                                                                                     | 1,000,000            |             | AA/Aa2                 | Washington Health Care Facilities Authority, 4.25%, 10/1/37                                                                                                                                                                                                                                                                        |    | 954,190                                                                |
|                                                                                                                                                                                                                     | 5,000,000            |             | AA/Aa2                 | Washington Health Care Facilities Authority, 5.25%, 10/1/33                                                                                                                                                                                                                                                                        |    | 5,483,450                                                              |
|                                                                                                                                                                                                                     | 2,400,000            |             | BBB/Baa2               | Washington Health Care Facilities Authority, 6.125%, 8/15/37                                                                                                                                                                                                                                                                       |    | 2,496,240                                                              |
|                                                                                                                                                                                                                     | 1,635,000            |             | NR/NR                  | Washington State Housing Finance Commission, 5.25%, 1/1/17                                                                                                                                                                                                                                                                         |    | 1,627,430                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 42,559,956                                                             |
|                                                                                                                                                                                                                     |                 |             |                   | Wisconsin - 0.6%                                                                                                                                                                                                                                                                                                                   |    |                                                                   |
|                                                                                                                                                                                                                     | 1,430,000            |             | NR/A1                  | Adams-Friendship Area School District, 6.5%, 4/1/16                                                                                                                                                                                                                                                                                | $       | 1,589,731                                                              |
|                                                                                                                                                                                                                     | 3,000,000            |             | A+/NR                  | Wisconsin Health & Educational Facilities Authority, 5.125%, 8/15/35                                                                                                                                                                                                                                                           |    | 3,117,870                                                              |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               | $       | 4,707,601                                                              |
|                                                                                                                                                                                                                     |                 |             |                   | TOTAL MUNICIPAL BONDS                                                                                                                                                                                                                                                                                                              |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | (Cost $652,627,194)                                                                                                                                                                                                                                                                                                                | $       | 676,114,916                                                            |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | TOTAL INVESTMENT IN SECURITIES - 87.0%                                                                                                                                                                                                                                                                                             |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | (Cost $653,267,194) (a)                                                                                                                                                                                                                                                                                                            | $       | 676,805,316                                                            |
|                                                                                                                                                                                                                     |                 |             |                   | OTHER ASSETS & LIABILITIES - 13.0%                                                                                                                                                                                                                                                                                             | $       | 100,746,356                                                            |
|                                                                                                                                                                                                                     |                 |             |                   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                          | $       | 777,551,672                                                            |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     | *                    |             |                   | Non-income producing security.                                                                                                                                                                                                                                                                                                     |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     | NR                   |             |                   | Not rated by either S&P or Moody's.                                                                                                                                                                                                                                                                                            |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     | WR                   |             |                   | Withdrawn rating.                                                                                                                                                                                                                                                                                                                  |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     | (144A)               |             |                   | Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At March 31, 2014, the value of these securities amounted to $1,005,890 or 0.1% of total net assets. |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     | (a)                  |             |                   | At  March 31, 2014, the net unrealized depreciation on investments based on                                                                                                                                                                                                                                              |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | cost for federal income tax purposes of $655,227,695 was as follows:                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                          | $       |           47,874,881 |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                          |    |          (24,336,759)     |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   | Net unrealized depreciation                                                                                                                                                                                                                                                                                                        | $       |           23,538,122 |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     | (b)                  |             |                   | Debt obligation with a variable interest rate. Rate shown is rate at end of period.                                                                                                                                                                                                                                                |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     | (c)                  |             |                   | Security is issued with a zero coupon. Income is earned through accretion of discount.                                                                                                                                                                                                                                             |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     | (e)                  |             |                   | Security is in default and is non-income producing.                                                                                                                                                                                                                                                                                |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
| 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.                            |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                                                                                       |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.                                                                                                                        |                 |             |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |
| The following is a summary of the inputs used as of March 31, 2014, in valuing the Fund's investments:                                                                                                                   |                 |             |
|                                                                                                                                                                                                                     |                 |             |                   |                                                                                                                                                                                                                                                                                                                               |    |                                                                   |

|                                                                                     |   | Level 1 |   |   | Level 2 |   |        | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------|--------|---------|--------|--------|---------|--------|-------------|---------|--------|--------|--------|--------|
| Common Stock                                                                             |   | $       | -      |   |    | $      | 690,400     |    |   | $      | -      |   |   | $ | 690,400 |   |
| Municipal Bonds                                                                          |   |    | -      |   |    |   | 676,114,916 |    |   |   | -      |   |   |   | 676,114,916 |   |
| Total                                                                                    |   | $       | -      |   |    | $      | 676,805,316 |    |   | $      | -      |   |   | $ | 676,805,316 |   |
|                                                                                     |   |    |   |   |    |   |        |    |   |   |   |   |   |   |   |   |
| During the year ended March 31, 2014, there were no transfers between Levels 1, 2 and 3. |   |    |   |   |    |   |        |    |   |   |   |   |   |