```

                                                             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 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:  September 30, 2015

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 9/30/15 (unaudited)                                                                                                             |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       | Principal Amount ($) | FloatingRate (b)  |                                                                                                                                                                                                                            | Value                                                                                                                                                   |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | MUNICIPAL BONDS - 98.5% (e)                                                                                                                             |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Arizona - 2.3%                                                                                                                                          |       |                                                                                            |
|                                                                                                                                                       | 5,145,000            |                   |                                                                                                                                                                                                                            | Arizona Health Facilities Authority, Banner Health-Series D, 5.5%, 1/1/38                                                                               | $          | 5,525,421                                                                                       |
|                                                                                                                                                       | 10,000,000           |                   |                                                                                                                                                                                                                            | City of Mesa Arizona, 3.25%, 7/1/29                                                                                                                     |       | 10,033,300                                                                                      |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | City of Phoenix Arizona, 4.0%, 7/1/21 (f)                                                                                                               |       | 5,682,150                                                                                       |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Maricopa County Pollution Control Corp., Southern California Ed Co-A, 5.0%, 6/1/35                                                                      |       | 1,121,260                                                                                       |
|                                                                                                                                                       | 19,000               |                   |                                                                                                                                                                                                                            | The Industrial Development Authority of the County of Pima, Ariz Charter Schools Project-Series C, 6.75%, 7/1/31                                        | 19,052     |
|                                                                                                                                                       | 500,000              |                   |                                                                                                                                                                                                                            | The Industrial Development Authority of the County of Pima, Paradise Ed Center Project, 6.1%, 6/1/45                                                    |       | 519,715                                                                                         |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 22,900,898                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | California - 9.4%                                                                                                                                       |       |                                                                                            |
|                                                                                                                                                       | 10,000,000           |                   |                                                                                                                                                                                                                            | Alameda Corridor Transportation Authority, 10/1/31 (d)                                                                                                  | $          | 5,223,200                                                                                       |
|                                                                                                                                                       | 2,260,000            |                   |                                                                                                                                                                                                                            | Anaheim Public Financing Authority, 9/1/22 (d)                                                                                                          |       | 1,903,892                                                                                       |
|                                                                                                                                                       | 12,595,000           |                   |                                                                                                                                                                                                                            | Anaheim Public Financing Authority, 9/1/36 (d)                                                                                                          |       | 5,246,951                                                                                       |
|                                                                                                                                                       | 20,000,000           |                   |                                                                                                                                                                                                                            | California County Tobacco Securitization Agency, Cap Apprec., Stanislaus-Sub A, 6/1/46 (d)                                                              |       | 2,078,600                                                                                       |
|                                                                                                                                                       | 3,235,000            |                   |                                                                                                                                                                                                                            | California County Tobacco Securitization Agency, Cap Apprec-Asset-Backed-Gold Country, 6/1/33 (c) (d)                                                   | 902,824    |
|                                                                                                                                                       | 6,400,000            |                   |                                                                                                                                                                                                                            | California Educational Facilities Authority, Stanford University, Series U6, 5.0%, 5/1/45                                                               |       | 8,415,808                                                                                       |
|                                                                                                                                                       | 2,345,000            |                   |                                                                                                                                                                                                                            | California Municipal Finance Authority, 5.25%, 2/1/37                                                                                                   |       | 2,421,916                                                                                       |
|                                                                                                                                                       | 1,655,000            |                   |                                                                                                                                                                                                                            | California Municipal Finance Authority, 5.25%, 2/1/37 (Pre-Refunded)                                                                                    |       | 1,762,178                                                                                       |
|                                                                                                                                                       | 4,875,000            |                   |                                                                                                                                                                                                                            | California Statewide Communities Development Authority, CHF Irvine LLC-UCI East, 5.0%, 5/15/30                                                          |       | 4,982,835                                                                                       |
|                                                                                                                                                       | 4,000,000            |                   |                                                                                                                                                                                                                            | California Statewide Communities Development Authority, Insured-Enloe Medical Center, 5.75%, 8/15/38                                                    | 4,396,920  |
|                                                                                                                                                       | 10,000,000           |                   |                                                                                                                                                                                                                            | California Statewide Communities Development Authority, Insured-St Joseph-B, 5.75%, 7/1/47                                                              |       | 11,066,000                                                                                      |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | City of San Francisco California Public Utilities Commission Water Revenue, 4.0%, 11/1/33                                                               |       | 5,293,950                                                                                       |
|                                                                                                                                                       | 7,000,000            |                   |                                                                                                                                                                                                                            | City of San Francisco California Public Utilities Commission Water Revenue, 4.0%, 11/1/34                                                               |       | 7,376,180                                                                                       |
|                                                                                                                                                       | 270,000              |                   |                                                                                                                                                                                                                            | Franklin-Mckinley School District, 6.0%, 7/1/16 (f)                                                                                                     |       | 281,478                                                                                         |
|                                                                                                                                                       | 2,100,000            |                   |                                                                                                                                                                                                                            | Fresno Joint Powers Financing Authority, Exhibit Hall Expansion Project, 4.75%, 9/1/28                                                                  |       | 2,099,958                                                                                       |
|                                                                                                                                                       | 15,000,000           |                   |                                                                                                                                                                                                                            | Golden State Tobacco Securitization Corp., 5.125%, 6/1/47                                                                                               |       | 12,364,500                                                                                      |
|                                                                                                                                                       | 3,000,000            |                   |                                                                                                                                                                                                                            | Long Beach Bond Finance Authority, 5.5%, 11/15/37                                                                                                       |       | 3,601,980                                                                                       |
|                                                                                                                                                       | 2,180,000            |                   |                                                                                                                                                                                                                            | Pomona Unified School District, 6.55%, 8/1/29 (f)                                                                                                       |       | 2,812,723                                                                                       |
|                                                                                                                                                       | 3,000,000            |                   |                                                                                                                                                                                                                            | Rialto Redevelopment Agency, 6.25%, 9/1/37                                                                                                              |       | 3,327,570                                                                                       |
|                                                                                                                                                       | 1,500,000            |                   |                                                                                                                                                                                                                            | San Jose Evergreen Community College District, 5.0%, 8/1/41 (f)                                                                                         |       | 1,695,000                                                                                       |
|                                                                                                                                                       | 1,500,000            |                   |                                                                                                                                                                                                                            | Santa Cruz County Redevelopment Agency, 6.625%, 9/1/29                                                                                                  |       | 1,756,110                                                                                       |
|                                                                                                                                                       | 1,405,000            |                   |                                                                                                                                                                                                                            | Santa Maria Joint Union High School District, Cap-Aprec. Election 2004,, 8/1/27 (d) (f)                                                                 |       | 930,349                                                                                         |
|                                                                                                                                                       | 3,750,000            |                   |                                                                                                                                                                                                                            | Tobacco Securitization Authority of Southern California, 5.0%, 6/1/37                                                                                   |       | 3,285,525                                                                                       |
|                                                                                                                                                       | 1,125,000            |                   |                                                                                                                                                                                                                            | Tobacco Securitization Authority of Southern California, 5.125%, 6/1/46                                                                                 |       | 959,141                                                                                         |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 94,185,588                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Colorado - 1.0%                                                                                                                                         |       |                                                                                            |
|                                                                                                                                                       | 2,750,000            | 5.25                   |                                                                                                                                                                                                                            | Colorado Health Facilities Authority, Adventist Health/Sunbelt-D, Floating Rate Note, 11/15/35                                                          | $          | 2,900,288                                                                                       |
|                                                                                                                                                       | 2,500,000            |                   |                                                                                                                                                                                                                            | Regional Transportation District, Denver Trans. Partners, 6.0%, 1/15/26                                                                                 |       | 2,826,450                                                                                       |
|                                                                                                                                                       | 1,250,000            |                   |                                                                                                                                                                                                                            | Regional Transportation District, Denver Trans. Partners, 6.0%, 1/15/34                                                                                 |       | 1,410,788                                                                                       |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Regional Transportation District, Denver Trans. Partners, 6.0%, 1/15/41                                                                                 |       | 1,126,730                                                                                       |
|                                                                                                                                                       | 2,000,000            |                   |                                                                                                                                                                                                                            | Regional Transportation District, Denver Trans. Partners, 6.5%, 1/15/30                                                                                 |       | 2,323,720                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 10,587,976                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Connecticut - 1.1%                                                                                                                                      |       |                                                                                            |
|                                                                                                                                                       | 2,470,000            |                   |                                                                                                                                                                                                                            | Mohegan Tribe of Indians of Connecticut, Public Import-Priority Distribution, 6.25%, 1/1/31                                                             | $          | 2,469,778                                                                                       |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | State of Connecticut, 4.0%, 9/1/30 (f)                                                                                                                  |       | 5,308,150                                                                                       |
|                                                                                                                                                       | 3,000,000            |                   |                                                                                                                                                                                                                            | The Metropolitan District, 3.0%, 3/1/29 (f)                                                                                                             |       | 2,957,700                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 10,735,628                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Delaware - 0.5%                                                                                                                                         |       |                                                                                            |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | Delaware State Economic Development Authority, Exempt Facility-Indian River Power, 5.375%, 10/1/45                                                      | $          | 5,196,100                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | District of Columbia - 1.8%                                                                                                                             |       |                                                                                            |
|                                                                                                                                                       | 10,000,000           |                   |                                                                                                                                                                                                                            | District of Columbia Tobacco Settlement Financing Corp., 6.75%, 5/15/40                                                                                 | $          | 9,999,700                                                                                       |
|                                                                                                                                                       | 7,950,000            |                   |                                                                                                                                                                                                                            | District of Columbia, Deed Tax-Housing Production Tr Fd-Series A, 4.25%, 6/1/37                                                                         |       | 8,019,801                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 18,019,501                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Florida - 3.7%                                                                                                                                          |       |                                                                                            |
|                                                                                                                                                       | 445,000              |                   |                                                                                                                                                                                                                            | County of Madison Florida, First Mortgage-Twin Oaks Project-Series A, 6.0%, 7/1/25                                                                      | $          | 287,514                                                                                         |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | County of Miami-Dade Florida Aviation Revenue, 5.5%, 10/1/41                                                                                            |       | 5,629,400                                                                                       |
|                                                                                                                                                       | 3,000,000            |                   |                                                                                                                                                                                                                            | Escambia County Health Facilities Authority, Baptist hospital Inc Project-A, 6.0%, 8/15/36                                                              |       | 3,396,510                                                                                       |
|                                                                                                                                                       | 1,390,000            |                   |                                                                                                                                                                                                                            | Florida Development Finance Corp., Renaissance Charter school-A, 6.0%, 9/15/30                                                                          |       | 1,451,577                                                                                       |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | Florida's Turnpike Enterprise, Dept Transportation-Series A, 4.0%, 7/1/30                                                                               |       | 5,338,500                                                                                       |
|                                                                                                                                                       | 3,400,000            |                   |                                                                                                                                                                                                                            | St. Johns County Industrial Development Authority, Presbyterian Retirement-Series A, 6.0%, 8/1/45                                                       |       | 3,779,746                                                                                       |
|                                                                                                                                                       | 10,000,000           |                   |                                                                                                                                                                                                                            | State of Florida, 3.0%, 6/1/29 (f)                                                                                                                      |       | 9,933,100                                                                                       |
|                                                                                                                                                       | 8,000,000            |                   |                                                                                                                                                                                                                            | State of Florida, 3.0%, 6/1/30 (f)                                                                                                                      |       | 7,846,400                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 37,662,747                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Georgia - 2.9%                                                                                                                                          |       |                                                                                            |
|                                                                                                                                                       | 5,750,000            |                   |                                                                                                                                                                                                                            | Burke County Development Authority, Oglethorpe Power Corp Vogtle-E, 7.0%, 1/1/23                                                                        | $          | 6,465,588                                                                                       |
|                                                                                                                                                       | 10,000,000           |                   |                                                                                                                                                                                                                            | Forsyth County Water & Sewerage Authority, 5.0%, 4/1/41                                                                                             |       | 11,562,500                                                                                      |
|                                                                                                                                                       | 2,000,000            | 2.00                   |                                                                                                                                                                                                                            | Monroe County Development Authority, GA Power Co. Plant-Scherer, Floating Rate Note, 7/1/25                                                             |       | 2,027,760                                                                                       |
|                                                                                                                                                       | 2,750,000            |                   |                                                                                                                                                                                                                            | Private Colleges & Universities Authority, Emory University-Series A, 5.0%, 10/1/43                                                                 |       | 3,080,550                                                                                       |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | State of Georgia, 4.0%, 10/1/22 (f)                                                                                                                     |       | 5,762,450                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 28,898,848                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Illinois - 3.3%                                                                                                                                         |       |                                                                                            |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Illinois Finance Authority, American Water Capital Corp. Project, 5.25%, 5/1/40                                                                         | $          | 1,057,880                                                                                       |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | Illinois Finance Authority, Centegra Health System, Series A, 5.0%, 9/1/42                                                                              |       | 5,272,000                                                                                       |
|                                                                                                                                                       | 650,000              |                   |                                                                                                                                                                                                                            | Illinois Finance Authority, Christian Homes, Inc., 6.125%, 5/15/27                                                                                      |       | 650,910                                                                                         |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | Illinois Finance Authority, Roosevelt University Project, 6.5%, 4/1/39                                                                                  |       | 5,431,150                                                                                       |
|                                                                                                                                                       | 4,000,000            |                   |                                                                                                                                                                                                                            | Illinois Finance Authority, Silver Cross Hospital & Medical Centers, 5.5%, 8/15/30                                                                  |       | 4,237,080                                                                                       |
|                                                                                                                                                       | 20,000,000           |                   |                                                                                                                                                                                                                            | Metropolitan Pier & Exposition Authority, Cap Apprec-McCormick-A, 6/15/39 (d)                                                                       |       | 6,303,400                                                                                       |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | Metropolitan Pier & Exposition Authority, McCormick Pl Convention, 7.0%, 7/1/26 (Pre-Refunded)                                                      |       | 6,550,050                                                                                       |
|                                                                                                                                                       | 3,000,000            |                   |                                                                                                                                                                                                                            | Railsplitter Tobacco Settlement Authority, 6.0%, 6/1/28                                                                                                 |       | 3,542,850                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 33,045,320                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Indiana - 2.0%                                                                                                                                          |       |                                                                                            |
|                                                                                                                                                       | 2,000,000            |                   |                                                                                                                                                                                                                            | Indiana Bond Bank, Special Prog-Hendricks Regional Health-A, 5.5%, 2/1/29                                                                               | $          | 2,226,420                                                                                       |
|                                                                                                                                                       | 2,000,000            |                   |                                                                                                                                                                                                                            | Indiana Finance Authority, Import-U.S. Steel Corp., 6.0%, 12/1/26                                                                                       |       | 2,037,460                                                                                       |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | Indiana Health & Educational Facilities Financing Authority, Clarian Health Oblig-Series A, 4.75%, 2/15/34                                          | 5,085,450  |
|                                                                                                                                                       | 7,000,000            |                   |                                                                                                                                                                                                                            | Indiana Health & Educational Facilities Financing Authority, Clarian Health Oblig-Series A, 5.0%, 2/15/39                                           | 7,126,210  |
|                                                                                                                                                       | 3,000,000            |                   |                                                                                                                                                                                                                            | Indiana University, 4.0%, 6/1/42                                                                                                                        |       | 3,097,140                                                                                       |
|                                                                                                                                                       | 380,000              |                   |                                                                                                                                                                                                                            | Indianapolis Local Public Improvement Bond Bank, 6.0%, 1/10/20                                                                                          |       | 412,893                                                                                         |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 19,985,573                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Louisiana - 1.9%                                                                                                                                        |       |                                                                                            |
|                                                                                                                                                       | 6,000,000            |                   |                                                                                                                                                                                                                            | Jefferson Parish Hospital Service District No. 2, East Jefferson General Hospital, 6.375%, 7/1/41                                                       | $          | 6,796,500                                                                                       |
|                                                                                                                                                       | 385,000              |                   |                                                                                                                                                                                                                            | Louisiana Local Government Environmental Facilities & Community Development Authority, Capital Projects & Equipment Acquisition, 5.25%, 12/1/18 | 396,177    |
|                                                                                                                                                       | 7,250,000            |                   |                                                                                                                                                                                                                            | Louisiana Public Facilities Authority, 5.5%, 5/15/47                                                                                                    |       | 7,615,762                                                                                       |
|                                                                                                                                                       | 2,750,000            |                   |                                                                                                                                                                                                                            | Louisiana Public Facilities Authority, 5.5%, 5/15/47 (Pre-Refunded)                                                                                     |       | 2,962,850                                                                                       |
|                                                                                                                                                       | 500,000              |                   |                                                                                                                                                                                                                            | Louisiana State Citizens Property Insurance Corp., 5.0%, 6/1/24                                                                                         |       | 586,050                                                                                         |
|                                                                                                                                                       | 400,000              |                   |                                                                                                                                                                                                                            | Louisiana State Citizens Property Insurance Corp., 5.0%, 6/1/24                                                                                         |       | 462,996                                                                                         |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 18,820,335                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Maine - 1.2%                                                                                                                                            |       |                                                                                            |
|                                                                                                                                                       | 4,500,000            |                   |                                                                                                                                                                                                                            | Maine Health & Higher Educational Facilities Authority, Maine General Medical Center, 6.75%, 7/1/36                                                 | $          | 5,107,725                                                                                       |
|                                                                                                                                                       | 3,040,000            |                   |                                                                                                                                                                                                                            | Maine Health & Higher Educational Facilities Authority, Maine General Medical Center, 6.95%, 7/1/41                                                 |       | 3,479,067                                                                                       |
|                                                                                                                                                       | 2,745,000            |                   |                                                                                                                                                                                                                            | University of Maine, 5.0%, 3/1/25                                                                                                                       |       | 3,353,457                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 11,940,249                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Maryland - 4.4%                                                                                                                                         |       |                                                                                            |
|                                                                                                                                                       | 3,000,000            |                   |                                                                                                                                                                                                                            | County of Frederick Maryland, Mount St Mary University, 5.625%, 9/1/38                                                                                  | $          | 3,014,370                                                                                       |
|                                                                                                                                                       | 400,000              |                   |                                                                                                                                                                                                                            | Maryland Economic Development Corp., 5.0%, Sr Lien-Chesapeake Bay - Series A, 12/1/16 (c)                                                               |       | 231,956                                                                                         |
|                                                                                                                                                       | 900,000              |                   |                                                                                                                                                                                                                            | Maryland Economic Development Corp., 5.0%, Sr Lien-Chesapeake Bay - Series B, 12/1/16 (c)                                                               |       | 521,901                                                                                         |
|                                                                                                                                                       | 2,000,000            |                   |                                                                                                                                                                                                                            | Maryland Economic Development Corp., Potomac, 6.2%, 9/1/22                                                                                              |       | 2,316,380                                                                                       |
|                                                                                                                                                       | 6,250,000            |                   |                                                                                                                                                                                                                            | Maryland Health & Higher Educational Facilities Authority, Ascension Health-Series B, 5.0%, 11/15/51                                                |       | 6,889,312                                                                                       |
|                                                                                                                                                       | 7,350,000            |                   |                                                                                                                                                                                                                            | State of Maryland, 3.0%, 3/1/30 (f)                                                                                                                     |       | 7,420,780                                                                                       |
|                                                                                                                                                       | 3,500,000            |                   |                                                                                                                                                                                                                            | State of Maryland, 4.5%, 8/1/19 (f)                                                                                                                     |       | 3,957,205                                                                                       |
|                                                                                                                                                       | 10,000,000           |                   |                                                                                                                                                                                                                            | State of Maryland, 5.0%, 3/1/21 (f)                                                                                                                     |       | 11,876,800                                                                                      |
|                                                                                                                                                       | 3,880,000            |                   |                                                                                                                                                                                                                            | Washington Suburban Sanitary Commission, 4.0%, 6/1/43 (f)                                                                                               |       | 4,020,883                                                                                       |
|                                                                                                                                                       | 3,735,000            |                   |                                                                                                                                                                                                                            | Washington Suburban Sanitary Commission, 4.0%, 6/1/44 (f)                                                                                               |       | 3,867,817                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 44,117,404                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Massachusetts - 17.0%                                                                                                                                   |       |                                                                                            |
|                                                                                                                                                       | 5,075,000            |                   |                                                                                                                                                                                                                            | City of Cambridge Massachusetts, 3.0%, 2/15/35 (f)                                                                                                      | $          | 4,922,040                                                                                       |
|                                                                                                                                                       | 6,400,000            | 0.75                   |                                                                                                                                                                                                                            | Commonwealth of Massachusetts, Floating Rate Note, 11/1/25                                                                                              |       | 6,218,880                                                                                       |
|                                                                                                                                                       | 1,300,000            |                   |                                                                                                                                                                                                                            | Concord & Carlisle Regional School District Massachusetts, 3.0%, 3/15/29 (f)                                                                        |       | 1,313,013                                                                                       |
|                                                                                                                                                       | 1,300,000            |                   |                                                                                                                                                                                                                            | Concord & Carlisle Regional School District Massachusetts, 3.0%, 3/15/31 (f)                                                                        |       | 1,285,700                                                                                       |
|                                                                                                                                                       | 1,300,000            |                   |                                                                                                                                                                                                                            | Concord & Carlisle Regional School District Massachusetts, 3.0%, 3/15/32 (f)                                                                        |       | 1,279,044                                                                                       |
|                                                                                                                                                       | 1,300,000            |                   |                                                                                                                                                                                                                            | Concord & Carlisle Regional School District Massachusetts, 3.0%, 3/15/33 (f)                                                                        |       | 1,267,188                                                                                       |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts Department of Transportation, 1/1/28 (d)                                                                                                  |       | 3,530,700                                                                                       |
|                                                                                                                                                       | 3,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, 3.5%, Roxbury Latin School, 7/1/44                                                                            |       | 2,783,520                                                                                       |
|                                                                                                                                                       | 4,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, 5.0%, Boston University-Series X, 10/1/48                                                                     |       | 4,433,120                                                                                       |
|                                                                                                                                                       | 1,275,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Adventcare Project-Series A, 6.25%, 10/15/17                                                                  |       | 1,343,098                                                                                       |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Babson College, 5.0%, 10/1/21                                                                                 |       | 1,171,990                                                                                       |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Babson College, 5.0%, 10/1/22                                                                                 |       | 1,159,540                                                                                       |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Berkshire Health System-Series G, 5.0%, 10/1/30                                                               |       | 1,097,030                                                                                       |
|                                                                                                                                                       | 1,980,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Broad Institute -Series A, 5.375%, 4/1/41                                                                     |       | 2,202,572                                                                                       |
|                                                                                                                                                       | 500,000              |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Evergreen Center, Inc., 5.5%, 1/1/35                                                                          |       | 500,325                                                                                         |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Foxborough Regional Charter School-A, 7.0%, 7/1/42                                                            |       | 1,128,600                                                                                       |
|                                                                                                                                                       | 4,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Lowell General Hospital-Series G, 5.0%, 7/1/44                                                                |       | 4,215,040                                                                                       |
|                                                                                                                                                       | 400,000              |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Milford Regional Medical Center-Series F, 5.625%, 7/15/36                                                     | 435,852    |
|                                                                                                                                                       | 500,000              |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Milford Regional Medical Center-Series F, 5.75%, 7/15/43                                                      | 545,460    |
|                                                                                                                                                       | 2,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Northeastern University, 4.0%, 10/1/35                                                                        |       | 2,047,880                                                                                       |
|                                                                                                                                                       | 450,000              |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Northeastern University-Series A, 5.0%, 3/1/39                                                                |       | 502,322                                                                                         |
|                                                                                                                                                       | 2,700,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Partners Healthcare Systems, 4.0%, 7/1/45                                                                     |       | 2,736,936                                                                                       |
|                                                                                                                                                       | 9,930,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Partners Healthcare Systems, 5.0%, 7/1/31                                                                     |       | 11,516,119                                                                                      |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Tufts Medical Center-Series I, 6.75%, 1/1/36                                                                  |       | 1,175,610                                                                                       |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Tufts University, 4.0%, 8/15/38                                                                               |       | 1,021,270                                                                                       |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, UMass Memorial-Series H, 5.125%, 7/1/26                                                                       |       | 1,102,030                                                                                       |
|                                                                                                                                                       | 6,185,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, WGBH Educational Foundation -Series A, 5.75%, 1/1/42                                                          |       | 7,454,719                                                                                       |
|                                                                                                                                                       | 1,680,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Wheelock College-Series C, 5.25%, 10/1/29                                                                     |       | 1,781,136                                                                                       |
|                                                                                                                                                       | 3,320,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Wheelock College-Series C, 5.25%, 10/1/37                                                                     |       | 3,509,472                                                                                       |
|                                                                                                                                                       | 1,585,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Whitehead Inst Biomedical Research, 5.0%, 6/1/25                                                              |       | 1,853,372                                                                                       |
|                                                                                                                                                       | 4,200,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Williams College-Series P, 5.0%, 7/1/43                                                                       |       | 4,739,826                                                                                       |
|                                                                                                                                                       | 2,500,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Worcester Polytechnic Institute, 4.0%, 9/1/49                                                                 |       | 2,525,325                                                                                       |
|                                                                                                                                                       | 1,250,000            |                   |                                                                                                                                                                                                                            | Massachusetts Development Finance Agency, Worcester Polytechnic Institute, 5.0%, 9/1/50                                                                 |       | 1,368,325                                                                                       |
|                                                                                                                                                       | 3,355,000            |                   |                                                                                                                                                                                                                            | Massachusetts Health & Educational Facilities Authority, Boston Medical Center, 5.25%, 7/1/38                                                       |       | 3,510,303                                                                                       |
|                                                                                                                                                       | 395,000              |                   |                                                                                                                                                                                                                            | Massachusetts Health & Educational Facilities Authority, Boston Medical Center, 5.25%, 7/1/38 (Pre-Refunded)                                        | 442,412    |
|                                                                                                                                                       | 4,500,000            |                   |                                                                                                                                                                                                                            | Massachusetts Health & Educational Facilities Authority, Emerson Hospital-Series E, 4.625%, 8/15/28                                                 |       | 4,515,525                                                                                       |
|                                                                                                                                                       | 3,400,000            |                   |                                                                                                                                                                                                                            | Massachusetts Health & Educational Facilities Authority, Harvard University-Series A, 5.5%, 11/15/36                                                |       | 3,872,532                                                                                       |
|                                                                                                                                                       | 2,335,000            |                   |                                                                                                                                                                                                                            | Massachusetts Health & Educational Facilities Authority, Mass Eye & Ear Infirmary - Series C, 5.375%, 7/1/35                                    | 2,528,221  |
|                                                                                                                                                       | 12,000,000           |                   |                                                                                                                                                                                                                            | Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology -Series K, 5.5%, 7/1/32                              | 16,221,717 |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology -Series O, 5.5%, 7/1/36 (Pre-Refunded)               | 1,128,870  |
|                                                                                                                                                       | 2,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts Health & Educational Facilities Authority, Northeastern University-Series T-2, 4.125%, 10/1/37                                        | 2,053,260  |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts Port Authority, 5.0%, 7/1/32                                                                                                              |       | 1,143,060                                                                                       |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts Port Authority, 5.0%, 7/1/33                                                                                                              |       | 1,139,740                                                                                       |
|                                                                                                                                                       | 7,000,000            |                   |                                                                                                                                                                                                                            | Massachusetts School Building Authority, 5.0%, 8/15/29                                                                                                  |       | 8,271,060                                                                                       |
|                                                                                                                                                       | 3,975,000            |                   |                                                                                                                                                                                                                            | Massachusetts State College Building Authority, 5.0%, 5/1/28                                                                                            |       | 4,614,220                                                                                       |
|                                                                                                                                                       | 2,420,000            |                   |                                                                                                                                                                                                                            | Massachusetts Water Resources Authority, 5.25%, 8/1/36                                                                                                  |       | 3,118,291                                                                                       |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | Town of Braintree Massachusetts, 5.0%, 5/15/25 (f)                                                                                                      |       | 6,190,800                                                                                       |
|                                                                                                                                                       | 2,000,000            |                   |                                                                                                                                                                                                                            | Town of Chatham Massachusetts, 3.5%, 6/15/37 (f)                                                                                                        |       | 2,012,940                                                                                       |
|                                                                                                                                                       | 1,875,000            |                   |                                                                                                                                                                                                                            | Town of Lexington Massachusetts, 4.0%, 2/15/21 (f)                                                                                                      |       | 2,128,125                                                                                       |
|                                                                                                                                                       | 1,535,000            |                   |                                                                                                                                                                                                                            | Town of Plymouth Massachusetts, 3.375%, 5/1/32 (f)                                                                                                      |       | 1,555,722                                                                                       |
|                                                                                                                                                       | 1,265,000            |                   |                                                                                                                                                                                                                            | Town of Plymouth Massachusetts, 3.5%, 5/1/35 (f)                                                                                                        |       | 1,280,926                                                                                       |
|                                                                                                                                                       | 1,590,000            |                   |                                                                                                                                                                                                                            | Town of Reading Massachusetts, 3.0%, 4/15/20 (f)                                                                                                        |       | 1,711,508                                                                                       |
|                                                                                                                                                       | 1,385,000            |                   |                                                                                                                                                                                                                            | Town of Reading Massachusetts, 3.0%, 4/15/22 (f)                                                                                                        |       | 1,498,695                                                                                       |
|                                                                                                                                                       | 1,625,000            |                   |                                                                                                                                                                                                                            | Town of Reading Massachusetts, 3.0%, 4/15/23 (f)                                                                                                        |       | 1,759,030                                                                                       |
|                                                                                                                                                       | 4,000,000            |                   |                                                                                                                                                                                                                            | Town of Wellesley Massachusetts, 4.0%, 6/1/45 (f)                                                                                                       |       | 4,159,400                                                                                       |
|                                                                                                                                                       | 4,500,000            |                   |                                                                                                                                                                                                                            | Town of Wilmington Massachusetts, 4.0%, 3/15/37 (f)                                                                                                     |       | 4,636,890                                                                                       |
|                                                                                                                                                       | 2,500,000            |                   |                                                                                                                                                                                                                            | University of Massachusetts Building Authority, 5.0%, 11/1/39                                                                                           |       | 2,796,675                                                                                       |
|                                                                                                                                                       | 4,160,000            |                   |                                                                                                                                                                                                                            | Woods Hole Marthas Vineyard & Nantucket Steamship Authority, 4.0%, 3/1/28                                                                           |       | 4,610,778                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 171,067,754                                                                                     |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Michigan - 0.4%                                                                                                                                         |       |                                                                                            |
|                                                                                                                                                       | 1,265,000            |                   |                                                                                                                                                                                                                            | John Tolfree Health System Corp., 6.0%, 9/15/23                                                                                                         | $          | 1,265,974                                                                                       |
|                                                                                                                                                       | 3,125,000            |                   |                                                                                                                                                                                                                            | Michigan Public Educational Facilities Authority, Ltd Oblig-David Ellis-West Project, 5.875%, 6/1/37                                                    |       | 3,128,625                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 4,394,599                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Minnesota - 0.3%                                                                                                                                        |       |                                                                                            |
|                                                                                                                                                       | 600,000              |                   |                                                                                                                                                                                                                            | University of Minnesota, 4.0%, 1/1/20                                                                                                                   | $          | 670,500                                                                                         |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | University of Minnesota, 4.0%, 1/1/29                                                                                                                   |       | 1,086,310                                                                                       |
|                                                                                                                                                       | 860,000              |                   |                                                                                                                                                                                                                            | University of Minnesota, 4.0%, 1/1/30                                                                                                                   |       | 926,994                                                                                         |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 2,683,804                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Mississippi - 0.3%                                                                                                                                      |       |                                                                                            |
|                                                                                                                                                       | 2,750,000            |                   |                                                                                                                                                                                                                            | County of Warren Mississippi, International Paper Co-Series A, 5.8%, 5/1/34                                                                             | $          | 3,055,140                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Missouri - 1.6%                                                                                                                                         |       |                                                                                            |
|                                                                                                                                                       | 2,500,000            |                   |                                                                                                                                                                                                                            | Health & Educational Facilities Authority of the State of Missouri, CoxHealth Hospital, Series A, 5.0%, 11/15/35                                    | $          | 2,785,700                                                                                       |
|                                                                                                                                                       | 4,000,000            |                   |                                                                                                                                                                                                                            | Health & Educational Facilities Authority of the State of Missouri, Mercy Health-Series F, 4.0%, 11/15/45                                           | 4,024,200  |
|                                                                                                                                                       | 2,000,000            |                   |                                                                                                                                                                                                                            | Missouri Development Finance Board, City of Indepenence - Annual Appropriation Sewer System, 5.25%, 11/1/42                                             | 2,204,600  |
|                                                                                                                                                       | 75,000               |                   |                                                                                                                                                                                                                            | Missouri State Environmental Improvement & Energy Resources Authority, Unrefunded Bal-St Revolving, 5.125%, 1/1/20                                  | 75,311     |
|                                                                                                                                                       | 5,500,000            |                   |                                                                                                                                                                                                                            | University of Missouri, 5.0%, 11/1/25                                                                                                                   |       | 6,813,785                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 15,903,596                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Nebraska - 0.3%                                                                                                                                         |       |                                                                                            |
|                                                                                                                                                       | 2,880,000            |                   |                                                                                                                                                                                                                            | Omaha School District, 3.125%, 12/15/33 (f)                                                                                                             | $          | 2,774,563                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | New Hampshire - 0.9%                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | New Hampshire Health and Education Facilities Authority Act, Southern NH Medical Center-Series A, 5.0%, 10/1/32                                         | $          | 5,294,050                                                                                       |
|                                                                                                                                                       | 3,750,000            |                   |                                                                                                                                                                                                                            | New Hampshire Health and Education Facilities Authority Act, Southern NH Medical Center-Series A, 5.0%, 10/1/37                                         | 3,963,712  |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 9,257,762                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | New Jersey - 1.1%                                                                                                                                       |       |                                                                                            |
|                                                                                                                                                       | 475,000              |                   |                                                                                                                                                                                                                            | New Jersey Economic Development Authority, First Mortgage-Seashore Gardens Project, 5.3%, 11/1/26                                                       | $          | 425,234                                                                                         |
|                                                                                                                                                       | 3,000,000            |                   |                                                                                                                                                                                                                            | New Jersey Educational Facilities Authority, Princeton University-Series B, 5.0%, 7/1/39                                                                |       | 3,361,860                                                                                       |
|                                                                                                                                                       | 5,115,000            |                   |                                                                                                                                                                                                                            | New Jersey Health Care Facilities Financing Authority, Trinitas Hospital Oblig Grp-Series A, 5.25%, 7/1/30                                              | 5,359,037  |
|                                                                                                                                                       | 2,000,000            |                   |                                                                                                                                                                                                                            | New Jersey Transportation Trust Fund Authority, Transportation System-Series A, 5.5%, 6/15/41                                                           |       | 2,086,260                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 11,232,391                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | New York - 2.5%                                                                                                                                         |       |                                                                                            |
|                                                                                                                                                       | 2,500,000            |                   |                                                                                                                                                                                                                            | Albany Industrial Development Agency, St Peters Hospital Project-Series A, 5.25%, 11/15/32                                                              | $          | 2,742,300                                                                                       |
|                                                                                                                                                       | 10,000,000           |                   |                                                                                                                                                                                                                            | New York Counties Tobacco Trust V, 6/1/38 (d)                                                                                                           |       | 2,275,000                                                                                       |
|                                                                                                                                                       | 5,015,000            |                   |                                                                                                                                                                                                                            | New York State Dormitory Authority, 5.0%, 3/15/31                                                                                                       |       | 5,858,072                                                                                       |
|                                                                                                                                                       | 5,030,000            |                   |                                                                                                                                                                                                                            | New York State Dormitory Authority, Columbia University, 5.0%, 10/1/41                                                                                  |       | 5,767,398                                                                                       |
|                                                                                                                                                       | 5,515,000            |                   |                                                                                                                                                                                                                            | New York State Dormitory Authority, Insured-FIT Student Housing Corp., 5.25%, 7/1/24                                                                    |       | 6,381,020                                                                                       |
|                                                                                                                                                       | 1,500,000            |                   |                                                                                                                                                                                                                            | Port Authority of New York & New Jersey, Consolidated Ninety-Third Series, 6.125%, 6/1/94                                                           |       | 1,836,165                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 24,859,955                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | North Carolina - 0.5%                                                                                                                                   |       |                                                                                            |
|                                                                                                                                                       | 3,000,000            |                   |                                                                                                                                                                                                                            | City of Charlotte North Carolina Storm Water Revenue, 4.0%, 12/1/43                                                                                     | $          | 3,143,070                                                                                       |
|                                                                                                                                                       | 2,000,000            |                   |                                                                                                                                                                                                                            | City of Raleigh North Carolina, 5.0%, 9/1/20                                                                                                            |       | 2,355,660                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 5,498,730                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | North Dakota - 0.5%                                                                                                                                     |       |                                                                                            |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | County of McLean North Dakota, Great River Energy-Series B, 5.15%, 7/1/40                                                                               | $          | 5,271,550                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Ohio - 3.9%                                                                                                                                             |       |                                                                                            |
|                                                                                                                                                       | 10,000,000           |                   |                                                                                                                                                                                                                            | Buckeye Tobacco Settlement Financing Authority, 5.75%, 6/1/34                                                                                           | $          | 8,267,900                                                                                       |
|                                                                                                                                                       | 6,000,000            |                   |                                                                                                                                                                                                                            | Buckeye Tobacco Settlement Financing Authority, 6.5%, 6/1/47                                                                                            |       | 5,375,880                                                                                       |
|                                                                                                                                                       | 1,500,000            |                   |                                                                                                                                                                                                                            | County of Cuyahoga Ohio, Eliza Jennings Sr Care-Series A, 6.0%, 5/15/37                                                                                 |       | 1,528,890                                                                                       |
|                                                                                                                                                       | 1,500,000            |                   |                                                                                                                                                                                                                            | County of Cuyahoga Ohio, Eliza Jennings Sr Care-Series A, 6.0%, 5/15/42                                                                                 |       | 1,527,720                                                                                       |
|                                                                                                                                                       | 800,000              |                   |                                                                                                                                                                                                                            | County of Lake Ohio, 6.0%, 8/15/43                                                                                                                      |       | 883,752                                                                                         |
|                                                                                                                                                       | 4,200,000            |                   |                                                                                                                                                                                                                            | County of Lake Ohio, 6.0%, 8/15/43 (Pre-Refunded)                                                                                                       |       | 4,814,964                                                                                       |
|                                                                                                                                                       | 10,000,000           |                   |                                                                                                                                                                                                                            | JobsOhio Beverage System, 5.0%, 1/1/38                                                                                                                  |       | 11,081,300                                                                                      |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | State of Ohio, Common Schools, Series B, 5.0%, 6/15/29 (f)                                                                                              |       | 5,871,700                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 39,352,106                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Oklahoma - 0.5%                                                                                                                                         |       |                                                                                            |
|                                                                                                                                                       | 4,715,000            |                   |                                                                                                                                                                                                                            | McGee Creek Authority, 6.0%, 1/1/23                                                                                                                     | $          | 5,183,341                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Oregon - 0.7%                                                                                                                                           |       |                                                                                            |
|                                                                                                                                                       | 3,000,000            |                   |                                                                                                                                                                                                                            | Deschutes & Jefferson Counties School District No 2J Redmond Oregon, 3.0%, 6/15/32 (f)                                                              | $          | 2,958,540                                                                                       |
|                                                                                                                                                       | 2,000,000            |                   |                                                                                                                                                                                                                            | Multnomah County School District No 40, 6/15/30 (d) (f)                                                                                                 |       | 1,171,460                                                                                       |
|                                                                                                                                                       | 2,000,000            |                   |                                                                                                                                                                                                                            | Multnomah County School District No 40, 6/15/31 (d) (f)                                                                                                 |       | 1,124,680                                                                                       |
|                                                                                                                                                       | 1,715,000            |                   |                                                                                                                                                                                                                            | Multnomah County School District No 40, 6/15/32 (d) (f)                                                                                                 |       | 920,063                                                                                         |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Oregon Health & Science University, 4.0%, 7/1/31                                                                                                    |       | 1,048,200                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 7,222,943                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Pennsylvania - 3.8%                                                                                                                                     |       |                                                                                            |
|                                                                                                                                                       | 835,000              |                   |                                                                                                                                                                                                                            | Allentown Area Hospital Authority, Sacred Heart Hospital, 6.0%, 11/15/16 (Pre-Refunded)                                                                 | $          | 842,440                                                                                         |
|                                                                                                                                                       | 5,250,000            | 3.50                   |                                                                                                                                                                                                                            | Beaver County Industrial Development Authority, FirstEnergy Nuclear-Series B, Floating Rate Note, 12/1/35                                               | 5,282,918  |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | Lehigh County Industrial Development Authority, PPL Electric Utilities Corp Project, 4.75%, 2/15/27                                                     |       | 5,006,150                                                                                       |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Montgomery County Industrial Development Authority Pennsylvania, Foulkeways At Gwynedd Project-Series A, 5.0%, 12/1/24                                  | 1,012,740  |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Montgomery County Industrial Development Authority Pennsylvania, Foulkeways At Gwynedd Project-Series A, 5.0%, 12/1/30                                  | 1,020,390  |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Pennsylvania Higher Educational Facilities Authority, Edinboro University Foundation, 6.0%, 7/1/43                                                      |       | 1,065,220                                                                                       |
|                                                                                                                                                       | 11,500,000           | 0.83                   |                                                                                                                                                                                                                            | Pennsylvania Higher Educational Facilities Authority, Foundation Indiana University PA-Series A, Floating Rate Note, 7/1/39                             | 9,056,135  |
|                                                                                                                                                       | 4,750,000            |                   |                                                                                                                                                                                                                            | Pennsylvania Higher Educational Facilities Authority, Thomas Jefferson University, 5.0%, 9/1/39                                                         |       | 5,269,128                                                                                       |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Pennsylvania Higher Educational Facilities Authority, University Pptys., Inc., East Stroudsburg, 5.0%, 7/1/42                                           | 1,023,260  |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | Pennsylvania Turnpike Commission, 5.3%, 12/1/41                                                                                                         |       | 5,571,500                                                                                       |
|                                                                                                                                                       | 2,500,000            |                   |                                                                                                                                                                                                                            | Philadelphia Authority for Industrial Development, Children's Hospital Philadelphia Project Series A, 5.0%, 7/1/42                                      | 2,794,475  |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 37,944,356                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | South Carolina - 1.6%                                                                                                                                   |       |                                                                                            |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | County of Florence South Carolina, 4.0%, 6/1/20 (f)                                                                                                     | $          | 5,604,400                                                                                       |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | SCAGO Educational Facilities Corp for Pickens School District, 3.25%, 12/1/28                                                                           |       | 993,250                                                                                         |
|                                                                                                                                                       | 8,265,000            |                   |                                                                                                                                                                                                                            | South Carolina State Public Service Authority, Santee Cooper-Series D, 5.0%, 12/1/43                                                                    |       | 8,980,997                                                                                       |
|                                                                                                                                                       | 500,000              |                   |                                                                                                                                                                                                                            | State of South Carolina, 5.0%, 4/1/20 (f)                                                                                                               |       | 583,700                                                                                         |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 16,162,347                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | South Dakota - 0.0% †                                                                                                                             |       |                                                                                            |
|                                                                                                                                                       | 65,000               |                   |                                                                                                                                                                                                                            | South Dakota Conservancy District, St Revolving Fd-Series A, 5.625%, 8/1/17 (Pre-Refunded)                                                              | $          | 65,298                                                                                          |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Texas - 12.7%                                                                                                                                           |       |                                                                                            |
|                                                                                                                                                       | 7,100,000            |                   |                                                                                                                                                                                                                            | Central Texas Regional Mobility Authority, 1/1/25 (d)                                                                                                   | $          | 4,952,960                                                                                       |
|                                                                                                                                                       | 3,550,000            |                   |                                                                                                                                                                                                                            | Central Texas Regional Mobility Authority, 1/1/26 (d)                                                                                                   |       | 2,346,302                                                                                       |
|                                                                                                                                                       | 3,000,000            |                   |                                                                                                                                                                                                                            | Central Texas Regional Mobility Authority, 1/1/27 (d)                                                                                                   |       | 1,891,740                                                                                       |
|                                                                                                                                                       | 2,500,000            |                   |                                                                                                                                                                                                                            | Central Texas Regional Mobility Authority, 6.75%, 1/1/41                                                                                                |       | 2,992,625                                                                                       |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | City of Pearland Texas, 4.0%, 3/1/29 (f)                                                                                                                |       | 5,299,500                                                                                       |
|                                                                                                                                                       | 11,900,000           |                   |                                                                                                                                                                                                                            | Dallas Area Rapid Transit, 5.0%, 12/1/33                                                                                                                |       | 13,836,487                                                                                      |
|                                                                                                                                                       | 8,285,000            |                   |                                                                                                                                                                                                                            | Dallas Area Rapid Transit, 5.25%, 12/1/29                                                                                                               |       | 10,533,715                                                                                      |
|                                                                                                                                                       | 10,000,000           |                   |                                                                                                                                                                                                                            | Dallas County Utility & Reclamation District, 5.375%, 2/15/29                                                                                       |       | 10,476,400                                                                                      |
|                                                                                                                                                       | 5,080,000            |                   |                                                                                                                                                                                                                            | Eagle Mountain & Saginaw Independent School District, 3.0%, 8/15/29 (f)                                                                             |       | 5,035,194                                                                                       |
|                                                                                                                                                       | 1,000,000            |                   |                                                                                                                                                                                                                            | Harris County Cultural Education Facilities Finance Corp., YMCA Gtr Houston Area-Series, 5.0%, 6/1/28                                                   | 1,099,140  |
|                                                                                                                                                       | 500,000              |                   |                                                                                                                                                                                                                            | Harris County Cultural Education Facilities Finance Corp., YMCA Gtr Houston Area-Series, 5.0%, 6/1/33                                                   | 536,470    |
|                                                                                                                                                       | 2,750,000            |                   |                                                                                                                                                                                                                            | Houston Higher Education Finance Corp., Rice University Project-Series A, 5.0%, 5/15/35                                                                 |       | 3,153,232                                                                                       |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | Lubbock-Cooper Independent School District, 4.0%, 2/15/49 (f)                                                                                           |       | 5,124,200                                                                                       |
|                                                                                                                                                       | 4,000,000            |                   |                                                                                                                                                                                                                            | North Texas Tollway Authority, 5.0%, 1/1/30                                                                                                             |       | 4,534,800                                                                                       |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | North Texas Tollway Authority, 5.0%, 1/1/35                                                                                                             |       | 5,534,000                                                                                       |
|                                                                                                                                                       | 2,000,000            |                   |                                                                                                                                                                                                                            | North Texas Tollway Authority, 5.0%, 1/1/38                                                                                                             |       | 2,181,140                                                                                       |
|                                                                                                                                                       | 7,525,000            |                   |                                                                                                                                                                                                                            | State of Texas, 5.0%, 4/1/29 (f)                                                                                                                        |       | 8,894,776                                                                                       |
|                                                                                                                                                       | 4,000,000            |                   |                                                                                                                                                                                                                            | Texas Municipal Gas Acquisition & Supply Corp. III, 5.0%, 12/15/31                                                                                  |       | 4,339,320                                                                                       |
|                                                                                                                                                       | 10,410,000           |                   |                                                                                                                                                                                                                            | Texas Private Activity Bond Surface Transportation Corp., Sr Lien-LBJ Infrastructure, 7.0%, 6/30/40                                                     |       | 12,371,973                                                                                      |
|                                                                                                                                                       | 2,755,000            |                   |                                                                                                                                                                                                                            | Texas State Public Finance Authority Charter School Finance Corp., Ed-Cosmos Foundation Inc-Series A, 6.2%, 2/15/40                                     | 3,330,244  |
|                                                                                                                                                       | 4,500,000            |                   |                                                                                                                                                                                                                            | Texas Transportation Commission State Highway Fund, 5.0%, 4/1/23                                                                                        |       | 5,474,790                                                                                       |
|                                                                                                                                                       | 6,100,000            |                   |                                                                                                                                                                                                                            | The University of Texas System, 5.0%, 8/15/20                                                                                                           |       | 7,172,014                                                                                       |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | The University of Texas System, 5.0%, 8/15/24                                                                                                           |       | 6,205,050                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 127,316,072                                                                                     |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Utah - 0.6%                                                                                                                                             |       |                                                                                            |
|                                                                                                                                                       | 500,000              |                   |                                                                                                                                                                                                                            | Utah State Charter School Finance Authority, North Davis Preparatory, 5.75%, 7/15/20                                                                    | $          | 543,000                                                                                         |
|                                                                                                                                                       | 4,835,000            |                   |                                                                                                                                                                                                                            | Utah Transit Authority, 5.0%, 6/15/31                                                                                                                   |       | 5,765,302                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 6,308,302                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Virginia - 6.2%                                                                                                                                         |       |                                                                                            |
|                                                                                                                                                       | 10,450,000           |                   |                                                                                                                                                                                                                            | County of Fairfax Virginia, 4.0%, 10/1/34 (f)                                                                                                           | $          | 11,183,904                                                                                      |
|                                                                                                                                                       | 14,990,000           |                   |                                                                                                                                                                                                                            | Tobacco Settlement Financing Corp. Virginia, 5.0%, 6/1/47                                                                                               |       | 10,931,907                                                                                      |
|                                                                                                                                                       | 10,000,000           |                   |                                                                                                                                                                                                                            | University of Virginia, 4.0%, 4/1/45                                                                                                                    |       | 10,434,100                                                                                      |
|                                                                                                                                                       | 4,000,000            |                   |                                                                                                                                                                                                                            | University of Virginia, 5.0%, 6/1/37                                                                                                                    |       | 4,624,320                                                                                       |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | University of Virginia, 5.0%, 6/1/43                                                                                                                    |       | 5,669,400                                                                                       |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | Upper Occoquan Sewage Authority, 4.0%, 7/1/41                                                                                                           |       | 5,225,900                                                                                       |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | Virginia Public School Authority, 4.0%, 8/1/25                                                                                                          |       | 5,723,000                                                                                       |
|                                                                                                                                                       | 7,500,000            |                   |                                                                                                                                                                                                                            | Washington County Industrial Development Authority Virginia, Mountain States Health Alliance-Series C, 7.75%, 7/1/38                                    | 8,583,150  |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 62,375,681                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Washington - 7.1%                                                                                                                                       |       |                                                                                            |
|                                                                                                                                                       | 10,000,000           |                   |                                                                                                                                                                                                                            | FYI Properties, Washington St District Project, 5.5%, 6/1/39                                                                                            | $          | 11,235,300                                                                                      |
|                                                                                                                                                       | 10,000,000           |                   |                                                                                                                                                                                                                            | King County Housing Authority, Birch Creek Apts Project, 5.5%, 5/1/38                                                                                   |       | 10,933,700                                                                                      |
|                                                                                                                                                       | 3,000,000            |                   |                                                                                                                                                                                                                            | King County Public Hospital District No. 1, 5.25%, 12/1/37 (f)                                                                                          |       | 3,232,320                                                                                       |
|                                                                                                                                                       | 3,000,000            |                   |                                                                                                                                                                                                                            | King County School District No 411 Issaquah, 4.5%, 12/1/30 (f)                                                                                          |       | 3,363,060                                                                                       |
|                                                                                                                                                       | 1,500,000            |                   |                                                                                                                                                                                                                            | Public Utility District No. 1 of Franklin County, 5.0%, 9/1/38                                                                                          |       | 1,675,290                                                                                       |
|                                                                                                                                                       | 10,390,000           |                   |                                                                                                                                                                                                                            | State of Washington, 5.0%, 7/1/30 (f)                                                                                                                   |       | 12,250,745                                                                                      |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | State of Washington, 5.0%, 8/1/36 (f)                                                                                                                   |       | 5,686,050                                                                                       |
|                                                                                                                                                       | 6,685,000            |                   |                                                                                                                                                                                                                            | University of Washington, 5.0%, 6/1/28                                                                                                                  |       | 8,115,590                                                                                       |
|                                                                                                                                                       | 5,600,000            |                   |                                                                                                                                                                                                                            | University of Washington, 5.0%, 6/1/37 (Pre-Refunded)                                                                                                   |       | 6,013,000                                                                                       |
|                                                                                                                                                       | 5,000,000            |                   |                                                                                                                                                                                                                            | Washington Health Care Facilities Authority, Providence Health - Series C, 5.25%, 10/1/33                                                               |       | 5,506,950                                                                                       |
|                                                                                                                                                       | 2,400,000            |                   |                                                                                                                                                                                                                            | Washington Health Care Facilities Authority, VA Mason Medical-Series A, 6.125%, 8/15/37                                                                 |       | 2,585,376                                                                                       |
|                                                                                                                                                       | 1,140,000            |                   |                                                                                                                                                                                                                            | Washington State Housing Finance Commission, Skyline At First Hill Project-Series A, 5.25%, 1/1/17                                                      |       | 1,152,301                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 71,749,682                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Wisconsin - 0.5%                                                                                                                                        |       |                                                                                            |
|                                                                                                                                                       | 1,430,000            |                   |                                                                                                                                                                                                                            | Adams-Friendship Area School District, 6.5%, 4/1/16 (f)                                                                                                 | $          | 1,472,914                                                                                       |
|                                                                                                                                                       | 3,000,000            |                   |                                                                                                                                                                                                                            | Wisconsin Health & Educational Facilities Authority, Ministry Health Care, Inc. - Series B 5.125%, 8/15/35                                          | 3,305,610  |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    | $          | 4,778,524                                                                                       |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | TOTAL MUNICIPAL BONDS                                                                                                                                   |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | (Cost $947,939,593)                                                                                                                                     | $          | 990,554,663                                                                                     |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       | Shares               |                   |                                                                                                                                                                                                                            | CLAIM - 0.1%                                                                                                                                            |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Commercial Services & Supplies - 0.1%                                                                                                               |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Research & Consulting Services - 0.1%                                                                                                               |       |                                                                                            |
|                                                                                                                                                       | 200                  |                   |                                                                                                                                                                                                                            | CMS Liquidating Trust                                                                                                                                   | $          | 578,000                                                                                         |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | TOTAL CLAIM                                                                                                                                             |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | (Cost $640,000)                                                                                                                                         | $          | 578,000                                                                                         |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | TOTAL INVESTMENT IN SECURITIES - 98.6%                                                                                                                  |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | (Cost $948,579,593) (a)                                                                                                                                 | $          | 991,132,663                                                                                     |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | OTHER ASSETS & LIABILITIES - 1.4%                                                                                                                   | $          | 14,503,331                                                                                      |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | TOTAL NET ASSETS - 100.0%                                                                                                                               | $          | 1,005,635,994                                                                                   |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       | (Pre-Refunded)       |                   | Pre-refunded bonds have been collateralized by U.S. Treasury securities which are held in escrow and used to pay principal and interest on the tax-exempt issue and to retire the bonds in full at the earliest refunding date. |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       | †              |                   |                                                                                                                                                                                                                            | Amount rounds to less than 0.1%.                                                                                                                        |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       | (a)                  |                   |                                                                                                                                                                                                                            | At September 30, 2015, the net unrealized appreciation on investments based on                                                                          |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | cost for federal income tax purposes of $948,495,913 was as follows:                                                                                    |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Aggregate gross unrealized appreciation for all investments in which                                                                                    |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | there is an excess of value over tax cost                                                                                                               | $          |              46,714,014        |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Aggregate gross unrealized depreciation for all investments in which                                                                                    |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | there is an excess of tax cost over value                                                                                                               |       |               (4,077,264) |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            | Net unrealized appreciation                                                                                                                             | $          |              42,636,750        |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       | (b)                  |                   |                                                                                                                                                                                                                            | Debt obligation with a variable interest rate. Rate shown is rate at end of period.                                                                     |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       | (c)                  |                   |                                                                                                                                                                                                                            | Security is in default and is non-income producing.                                                                                                     |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       | (d)                  |                   |                                                                                                                                                                                                                            | Security is issued with a zero coupon. Income is earned through accretion of discount.                                                                  |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       | (e)                  |                   |                                                                                                                                                                                                                            | Consists of Revenue Bonds unless otherwise indicated.                                                                                                   |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
|                                                                                                                                                       | (f)                  |                   |                                                                                                                                                                                                                            | Represents a General Obligation Bond.                                                                                                                   |       |                                                                                            |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below. |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
| Level 1 – quoted prices in active markets for identical securities.                                                                                  |                 |                   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)                            |                 |                   |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |
| 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 September 30, 2015, in valuing the Fund's investments:                                                 |                 |                   |
|                                                                                                                                                       |                 |                   |                                                                                                                                                                                                                            |                                                                                                                                                    |       |                                                                                            |

|   |   |   |   |                                                                                           |   | Level 1                                                                                                                                                       | Level 2                                                                                                                         | Level 3                                                                                                                                                                         | Total                                                                                                                           |
|--------|--------|--------|--------|------------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |   | Municipal Bonds                                                                                |   |  $                       -            |  $           990,554,663                                            |  $                          -            |  $           990,554,663                                            |
|   |   |   |   | Claim                                                                                          |   |                           - |                     578,000 |                              - |                     578,000 |
|   |   |   |   | Total                                                                                          |   |  $                       -            |  $           991,132,663                                            |  $                          -            |  $           991,132,663                                            |
|   |   |   |   |                                                                                           |   |                                                                                                                                                          |                                                                                                                            |                                                                                                                                                                            |                                                                                                                            |
|   |   |   |   | During the period ended September 30, 2015, there were no transfers between Levels 1, 2 and 3. |   |                                                                                                                                                          |                                                                                                                            |                                                                                                                                                                            |                                                                                                                            |