Edgar Filing: MARKET VECTORS ETF TRUST

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-10325

MARKET VECTORS ETF TRUST

(Exact name of registrant as specified in its charter)

666 Third Avenue, New York, NY		10017
(Address of principal executive offices)		(Zip Code)

John J. Crimmins

Treasurer & Chief Financial Officer

Market Vectors ETF Trust

666 Third Avenue

New York, NY 10017

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212) 293-2000

Date of fiscal year end:	April 30
Date of reporting period:	July 31, 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 the 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 the Secretary, Securities and Exchange Commission, 100 F Street, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. Schedule of Investments.

CEF MUNICIPAL INCOME ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

Number of Shares			Value
CLOSED-END FUNDS: 99.8%
	36,727	Alliance Bernstein National Municipal Income Fund, Inc.	$	492,509
	18,075	BlackRock Investment Quality Municipal Trust, Inc.		268,414
	19,800	BlackRock Long-Term Municipal Advantage Trust		216,414
	56,719	BlackRock Muni Intermediate Duration Fund, Inc.		783,289
	31,728	BlackRock MuniAssets Fund, Inc.		436,895
	12,211	BlackRock Municipal 2018 Term Trust		189,881
	17,791	BlackRock Municipal 2020 Term Trust		280,386
	9,595	BlackRock Municipal Bond Trust		145,172
	12,681	BlackRock Municipal Income Investment Quality Trust		179,690
	35,043	BlackRock Municipal Income Quality Trust		481,140
	47,017	BlackRock Municipal Income Trust		648,835
	24,487	BlackRock Municipal Income Trust II		348,205
	100,960	BlackRock Municipal Target Term Trust		2,099,968
	38,432	BlackRock MuniEnhanced Fund, Inc.		433,513
	14,783	BlackRock MuniHoldings Fund II, Inc.		214,058
	14,700	BlackRock MuniHoldings Fund, Inc.		238,434
	49,355	BlackRock MuniHoldings Investment Quality Fund		697,880
	29,668	BlackRock MuniHoldings Quality Fund II, Inc.		389,541
	18,482	BlackRock MuniHoldings Quality Fund, Inc.		244,147
	19,236	BlackRock MuniVest Fund II, Inc.		289,502
	57,626	BlackRock MuniVest Fund, Inc.		550,328
	48,569	BlackRock MuniYield Fund, Inc.		678,995
	14,216	BlackRock MuniYield Investment Fund		208,549
	29,784	BlackRock MuniYield Quality Fund II, Inc.		375,874
	69,854	BlackRock MuniYield Quality Fund III, Inc.		980,750
	31,438	BlackRock MuniYield Quality Fund, Inc.		488,547
	35,615	Deutsche Municipal Income Trust		453,735
	27,506	Dreyfus Municipal Bond Infrastructure Fund, Inc.		325,396
	18,820	Dreyfus Municipal Income, Inc.		169,380
	63,485	Dreyfus Strategic Municipal Bond Fund, Inc.		493,278
	80,511	Dreyfus Strategic Municipals, Inc.		651,334
	99,224	Eaton Vance Municipal Bond Fund		1,221,447
	13,297	Eaton Vance Municipal Bond Fund II		166,213
	15,937	Eaton Vance Municipal Income 2028 Term Trust		275,391
	17,833	Eaton Vance Municipal Income Trust		225,409
	19,475	Eaton Vance National Municipal Opportunities Trust		397,290
	58,748	Invesco Advantage Municipal Income Trust II		650,340
	63,059	Invesco Municipal Income Opportunities Trust		421,234
	98,579	Invesco Municipal Opportunity Trust		1,242,095
	81,387	Invesco Municipal Trust		994,549
	77,829	Invesco Quality Municipal Income Trust		929,278
	72,137	Invesco Trust for Investment Grade Municipals		924,075
	50,243	Invesco Value Municipal Income Trust		765,201
	28,614	MainStay Defined Term Municipal Opportunities Fund		501,031
	46,727	MFS High Income Municipal Trust		216,813
	59,893	MFS Municipal Income Trust		383,315
	19,290	Neuberger Berman Intermediate Municipal Fund, Inc.		288,000
	106,288	Nuveen AMT-Free Municipal Income Fund		1,379,618
	12,038	Nuveen AMT-Free Municipal Value Fund		196,581
	51,864	Nuveen Dividend Advantage Municipal Fund		713,130
	43,811	Nuveen Dividend Advantage Municipal Fund 2		596,268
	53,835	Nuveen Dividend Advantage Municipal Fund 3		739,693
	39,737	Nuveen Dividend Advantage Municipal Income Fund		552,742
	19,295	Nuveen Enhanced Municipal Value Fund		286,338
	126,715	Nuveen Insured Municipal Opportunity Fund, Inc.		1,789,216
	62,432	Nuveen Insured Quality Municipal Fund, Inc.		805,373
	60,963	Nuveen Intermediate Duration Municipal Term Fund		749,845
	17,149	Nuveen Intermediate Duration Quality Municipal Term Fund		211,447
	43,205	Nuveen Investment Quality Municipal Fund, Inc.		640,298
	58,602	Nuveen Municipal Advantage Fund, Inc.		775,890
	44,637	Nuveen Municipal High Income Opportunity Fund		595,904
	68,044	Nuveen Municipal Market Opportunity Fund, Inc.		892,737
	208,304	Nuveen Municipal Value Fund, Inc.		2,028,881
	87,960	Nuveen Performance Plus Municipal Fund, Inc.		1,243,754
	29,343	Nuveen Premier Municipal Income Fund, Inc.		388,208
	103,772	Nuveen Premium Income Municipal Fund 2, Inc.		1,414,412
	55,381	Nuveen Premium Income Municipal Fund 4, Inc.		733,798
	94,674	Nuveen Premium Income Municipal Fund, Inc.		1,256,324
	78,936	Nuveen Quality Income Municipal Fund, Inc.		1,068,004
	52,371	Nuveen Select Quality Municipal Fund, Inc.		703,343
	19,016	Nuveen Select Tax-Free Income 2 Portfolio		248,349
	13,851	Nuveen Select Tax-Free Income 3 Portfolio		190,036
	17,740	Nuveen Select Tax-Free Income Portfolio		240,022
	17,899	PIMCO Municipal Income Fund		251,123
	46,889	PIMCO Municipal Income Fund II		555,635
	24,706	PIMCO Municipal Income Fund III		270,037
	17,102	Pioneer Municipal High Income Advantage Trust		212,578
	18,290	Pioneer Municipal High Income Trust		222,589
	83,406	Putnam Managed Municipal Income Trust		592,183
	59,324	Putnam Municipal Opportunities Trust		705,362
	44,236	Western Asset Managed Municipals Fund, Inc.		623,728
	9,269	Western Asset Municipal Defined Opportunity Trust, Inc.		215,319
	22,626	Western Asset Municipal High Income Fund, Inc.		163,360
	14,058	Western Asset Municipal Partners Fund, Inc.		217,758
Total Closed-End Funds (Cost: $51,129,177)				48,525,603
MONEY MARKET FUND: 0.0% (Cost: $4,986)
	4,986	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		4,986
Total Investments: 99.8% (Cost: $51,134,163)				48,530,589
Other assets less liabilities: 0.2%				112,899
NET ASSETS: 100.0%			$	48,643,488

Summary of Investments by Sector (unaudited)	% of Investments			Value
Financial		100.0	%	$	48,525,603
Money Market Fund		0.0			4,986
		100.0	%	$	48,530,589

The summary of inputs used to value the Fund’s investments as of July 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Closed-End Funds	$	48,525,603	$	—	$	—	$	48,525,603
Money Market Fund		4,986		—		—		4,986
Total	$	48,530,589	$	—	$	—	$	48,530,589

There were no transfers between levels during the period ended July 31, 2015.

See Notes to Schedules of Investments

HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 98.7%
Alabama: 1.6%
		Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB)
$	995,000	6.45%, 07/24/15 (c)	$	997,816
	2,250,000	6.45%, 07/27/15 (c)		2,258,640
		Alabama State University, General Tuition and Fee (RB) (XLCA)
	1,540,000	4.63%, 08/01/16 (c)		1,394,193
	270,000	5.00%, 08/01/16 (c)		273,245
	580,000	5.25%, 08/01/16 (c)		587,801
	665,000	Birmingham-Baptist Medical Centers Special Care Facilities Financing Authority (RB) 5.00%, 11/15/15 (c)		671,051
	30,000	Butler County, Alabama Public Education Cooperative District, Series A (RB) (XLCA) 4.63%, 07/01/17 (c)		32,112
		County of Jefferson, Alabama Sewer Revenue, Series D (RB)
	4,070,000	6.00%, 10/01/23 (c)		4,549,161
	10,750,000	6.50%, 10/01/23 (c)		12,359,490
	1,145,000	Huntsville-Redstone Village Special Care Facilities Financing Authority (RB) 5.50%, 01/01/17 (c)		1,151,229
	100,000	Montgomery Medical Clinic Board (RB) 5.25%, 03/01/16 (c)		100,810
				24,375,548
Alaska: 0.6%
		Northern Tobacco Securitization Corp., Series A (RB)
	25,000	4.63%, 07/10/15 (c)		25,095
	4,670,000	5.00%, 07/10/15 (c)		3,955,070
	7,245,000	5.00%, 07/13/15 (c)		5,503,230
				9,483,395
Arizona: 3.0%
	1,235,000	Apache County Industrial Development Authority, Series A (RB) 4.50%, 03/01/22 (c)		1,326,427
		Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB)
	950,000	4.00%, 02/01/17		985,549
	200,000	5.00%, 02/01/20		222,814
	350,000	5.00%, 02/01/21		392,711
	2,165,000	5.00%, 02/01/22 (c)		2,324,734
	730,000	5.00%, 02/01/22 (c)		775,209
	1,310,000	5.00%, 02/01/22 (c)		1,370,496
		Arizona Health Facilities Authority, The Beatitudes Campus Project (RB)
	410,000	5.10%, 10/01/16 (c)		415,346
	2,210,000	5.20%, 10/01/16 (c)		2,150,330
		Downtown Phoenix Hotel Corp., Series A (RB) (FGIC)
	5,150,000	5.00%, 01/01/16 (c)		5,156,540
	2,750,000	5.00%, 01/01/16 (c)		2,756,792
		Industrial Development Authority of Phoenix (RB)
	350,000	3.00%, 07/01/20		327,551
	675,000	5.00%, 07/01/25 (c)		633,224
	500,000	Industrial Development Authority of Phoenix, Basis Schools, Inc. Project, Series A (RB) 5.00%, 07/01/25 (c)		490,090
		Industrial Development Authority of Phoenix, Great Hearts Academies Project, Series A (RB)
	750,000	3.75%, 07/01/24		747,172
	640,000	5.00%, 07/01/24 (c)		649,158
	1,000,000	5.00%, 07/01/24 (c)		1,040,040
	295,000	Industrial Development Authority of the County of Pima (RB) 6.00%, 07/01/20 (c)		293,699
	35,000	Mohave County Industrial Development Authority, Correctional Facilities Contract Revenue (RB) 7.50%, 05/01/19		39,445
	400,000	Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/24		405,144
		Pima County, Arizona Industrial Development Authority, Charter School Projects, Series A (RB)
	5,490,000	5.50%, 07/01/17 (c)		5,353,628
	1,720,000	5.63%, 07/01/17 (c)		1,603,728
	1,400,000	Pima County, Arizona Industrial Development Authority, Tucson Electric Power Company Project, Series A (RB) 5.25%, 10/01/20 (c)		1,540,238
		Salt Verde Financial Corp. (RB)
	4,835,000	5.00%, 12/01/32		5,351,523
	5,215,000	5.00%, 12/01/37		5,751,102
	30,000	5.25%, 12/01/23		34,627
	20,000	5.25%, 12/01/24		23,176
	115,000	5.25%, 12/01/25		133,493
	50,000	5.25%, 12/01/27		57,934
	260,000	5.50%, 12/01/29		308,142
	1,000,000	Tempe, Arizona Industrial Development Authority, Friendship Village of Tempe, Series A (RB) 6.25%, 12/01/21 (c)		1,072,550
	1,000,000	The Industrial Development Authority of the County of Pima, Edkey Charter Schools Project (RB) 6.00%, 07/01/20 (c)		955,830
				44,688,442
Arkansas: 0.0%
	35,000	County of Howard, Arkansas (RB) (AGO) 4.50%, 06/01/17 (c)		35,524
California: 9.0%
		Alameda Corridor Transportation Authority, Sub Lien, Series A (RB) (AMBAC)
	70,000	1.57%, 10/01/17 ^		67,118
	200,000	5.40%, 10/01/17 (c)		215,992
		California County Tobacco Securitization Agency (RB)
	100,000	5.00%, 07/24/15 (c)		97,225
	105,000	5.25%, 07/13/15 (c)		77,830
	30,000	5.88%, 07/27/15 (c)		29,999
		California County Tobacco Securitization Agency, Golden Gate Tobacco Funding Corp., Series A (RB)
	4,115,000	5.00%, 06/01/17 (c)		3,095,509
	15,000	5.00%, 06/01/17 (c)		12,172
		California County Tobacco Securitization Agency, Series A (RB)
	1,000,000	5.45%, 12/01/18 (c)		962,430
	1,945,000	5.60%, 12/01/18 (c)		1,773,412
	2,500,000	5.70%, 12/01/18 (c)		2,181,375
	44,500,000	California County Tobacco Securitization Agency, Series D (RB) 11.80%, 06/01/16 (c) ^		445,890
		California County Tobacco Securitization Agency, Sonoma County Securitization Corp. (RB)
	500,000	5.13%, 07/24/15 (c)		409,540
	2,000,000	5.25%, 07/27/15 (c)		1,612,420
	80,000	California Health Facilities Financing Authority, Series A (RB) 4.25%, 11/15/22 (c)		82,266
	1,000,000	California Municipal Finance Authority Revenue, Eisenhower Medical Center, Series A (RB) 5.75%, 07/01/20 (c)		1,090,690
		California Municipal Finance Authority, California Baptist University (RB)
	500,000	5.50%, 11/01/25 (c)		502,285
	1,000,000	6.13%, 11/01/23 (c)		1,086,370
	60,000	California Municipal Finance Authority, Community Hospitals of Central California Obligated Group (RB) 5.50%, 02/01/19 (c)		67,366
		California Municipal Finance Authority, Rocketship Education, Series A (RB)
	850,000	6.00%, 06/01/22 (c)		908,369
	930,000	7.00%, 06/01/22 (c)		1,039,266
	1,500,000	California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB) 6.00%, 07/01/22 (c)		1,562,610
	1,000,000	California Municipal Finance Authority, Series A (RB) 5.63%, 03/01/25 (c)		971,210
	110,000	California Statewide Communities Development Authority, Childrens Hospitals (RB) 5.00%, 08/15/17 (c)		114,716
	1,005,000	California Statewide Communities Development Authority, GNMA Collateralized-740 S. Olive St. Apartments, Series L (RB) 4.90%, 07/20/19 (c)		1,042,265
	75,000	California Statewide Communities Development Authority, Lancer Plaza Project (RB) 5.63%, 11/01/23 (c)		77,820
		California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB)
	5,160,000	5.25%, 12/01/24 (c)		5,415,575
	2,750,000	5.25%, 12/01/24 (c)		2,920,500
	4,170,000	5.50%, 12/01/24 (c)		4,422,410
	1,000,000	California Statewide Communities Development Authority, The Terraces at San Joaquin Gardens Project, Series A (RB) 6.00%, 10/01/22 (c)		1,060,690
	40,000	California Statewide Community Development Authority, Daughters of Charity Health System (RB) 5.25%, 07/24/15 (c)		34,235
		California Statewide Community Development Authority, Daughters of Charity Health System, Series A (RB)
	1,845,000	5.00%, 07/24/15 (c)		1,468,066
	2,410,000	5.25%, 07/24/15 (c)		2,049,175
	3,210,000	5.25%, 07/24/15 (c)		2,692,901
		California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series A (RB)
	900,000	6.00%, 07/27/15 (c)		894,987
	10,000,000	7.10%, 06/01/16 (c) ^		1,052,400
	3,175,000	California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB) 6.00%, 07/27/15 (c)		3,157,315
	104,500,000	California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series D (RB) 12.31%, 06/01/16 (c) ^		915,420
	120,000	Cathedral City, California Public Financing Authority (AMBAC) (TA) 4.50%, 08/01/17 (c)		120,178
	750,000	City of Irvine, District No. 15-2 (SA) 5.00%, 09/02/25 (c)		799,417
	125,000	City of Long Beach, California Marina System Revenue (RB) 5.00%, 05/15/25 (c)		132,738
	1,000,000	City of Rocklin, Community Facilities District No. 10 (ST) 5.00%, 09/01/25 (c)		1,051,690
	200,000	City of Roseville, Westpark Community Facility District No. 1 (ST) 5.00%, 09/01/25 (c)		211,182
		Foothill Transportation Corridor Agency, Tall Road Revenue, Series A (RB)
	1,000,000	5.75%, 01/15/24 (c)		1,151,410
	2,500,000	6.00%, 01/15/24 (c)		2,903,850
	310,000	Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-1 (RB) 5.00%, 07/15/17 (c) (p)		328,318
		Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-2 (RB)
	280,000	5.00%, 07/15/19 (c) (p)		305,805
	1,000,000	6.00%, 01/15/24 (c)		1,159,190
	7,225,000	Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-3 (RB) 5.50%, 07/15/22 (c) (p)		8,132,532
	1,000,000	Foothill Transportation Corridor Agency, Tall Road Revenue, Series C (RB) 6.50%, 01/15/24 (c)		1,172,940
	26,920,000	Golden State Tobacco Securitization Corp. (RB) 7.92%, 06/01/17 (c) ^		2,141,217
		Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-1 (RB)
	5,640,000	4.50%, 06/01/17 (c)		5,351,570
	3,495,000	5.00%, 06/01/17 (c)		2,916,962
	6,450,000	5.13%, 06/01/17 (c)		5,008,747
	7,220,000	5.75%, 06/01/17 (c)		6,130,502
	2,000,000	Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-2 (RB) 5.30%, 06/01/22 (c)		1,622,300
	5,180,000	Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series A (RB) 4.63%, 06/01/17 (c)		5,080,026
	69,500,000	Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series E (RB) 11.09%, 06/01/17 (c) ^		622,720
	655,000	Inland Empire Tobacco Securitization Authority, Series B (RB) 5.75%, 06/01/21 (c)		655,583
	25,000,000	Inland Empire Tobacco Securitization Authority, Series C-1 (RB) 7.63%, 06/01/17 (c) ^		4,891,750
	500,000	Lake Elsinore Public Financing Authority (ST) 5.00%, 09/01/25 (c)		528,770
	50,000	Lincoln Public Financing Authority, Twelve Bridges, Series B (SA) 6.00%, 09/02/21 (c)		58,113
	165,000	Palomar Pomerado Health Certificates (CP) 6.00%, 11/01/20 (c)		174,687
	120,000	Patterson Public Financing Authority, Community Facilities District No. 2001-1, Series A (ST) 4.00%, 09/01/21		127,531
	1,000,000	Perris Union High School District (ST) 5.00%, 03/01/25 (c)		1,077,200
	750,000	Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/25 (c)		806,497
	1,000,000	River Islands Public Financing Authority, Community Facilities District No. 2003-1, Series A-1 (ST) 5.50%, 09/01/22 (c)		1,024,340
	3,600,000	San Buenaventura, California Community Memorial Health System (RB) 7.50%, 12/01/21 (c)		4,373,676
	20,000	San Francisco City & County Redevelopment Agency (TA) 6.25%, 02/01/21 (c)		24,006
		San Joaquin Hills Transportation Corridor Agency (RB)
	1,750,000	5.00%, 01/15/25 (c)		1,845,602
	4,460,000	5.00%, 01/15/25 (c)		4,643,841
	500,000	5.00%, 01/15/25 (c)		548,475
	3,300,000	5.00%, 01/15/25 (c)		3,549,315
	555,000	San Jose Redevelopment Agency, Series B (TA) (XLCA) 4.25%, 08/01/17 (c)		559,740
	275,000	San Jose Redevelopment Agency, Series D (AMBAC) (TA) 5.00%, 08/01/17 (c)		295,477
	10,000,000	Silicon Valley, California Tobacco Securitization Authority, Series A (RB) 7.40%, 06/01/17 (c) ^		2,247,100
	44,500,000	Silicon Valley, California Tobacco Securitization Authority, Series D (RB) 11.32%, 06/01/17 (c) ^		415,185
	1,000,000	Thousand Oaks, California Community Facilities Special Tax, District No. 1994-1 (ST) 5.38%, 09/01/22 (c)		1,048,140
		Tobacco Securitization Authority of Northern California, Series A-1 (RB)
	40,000	5.38%, 07/10/15 (c)		33,154
	5,010,000	5.50%, 07/13/15 (c)		4,031,797
		Tobacco Securitization Authority of Southern California, Series A-1 (RB)
	3,175,000	5.00%, 07/10/15 (c)		2,662,364
	5,760,000	5.13%, 07/13/15 (c)		4,684,666
	750,000	Val Verde Unified School District (ST) 5.00%, 03/01/25 (c)		806,670
	1,160,000	Vernon City, California, Electric System Revenue, Series A (RB) 5.13%, 08/01/19 (c)		1,271,395
	1,365,000	Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21		1,366,884
				135,705,071
Colorado: 1.7%
		City and County of Denver, Special Facilities Airport Revenue, United Air Lines Project, Series A (RB)
	1,650,000	5.25%, 10/01/17 (c)		1,707,981
	2,000,000	5.75%, 10/01/17 (c)		2,099,340
	1,500,000	City of Lakewood, Colorado Plaza Metropolitan District No. 1 (TA) 5.00%, 12/01/22 (c)		1,507,200
	35,000	Colorado Health Facilities Authority, Covenant Retirement Communities, Inc. (RB) 5.25%, 12/01/15 (c)		35,560
	350,000	Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series A (RB) 5.00%, 12/01/22 (c)		378,700
	1,670,000	Colorado Health Facilities Authority, Covenant Retirement Communities, Inc., Series B (RB) 4.00%, 12/01/22 (c)		1,688,971
	1,700,000	Colorado Health Facilities Authority, Health & Residential, Volunteers of America Care Facilities (RB) 5.30%, 07/24/15 (c)		1,615,153
	950,000	Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) 5.20%, 07/24/15 (c)		950,541
		Colorado Health Facilities Authority, Senior Residences Project (RB)
	1,000,000	6.75%, 06/01/22 (c)		961,080
	1,500,000	7.00%, 06/01/22 (c)		1,421,580
		Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project (RB)
	2,060,000	5.00%, 06/01/22 (c)		2,148,065
	300,000	5.25%, 06/01/16 (c)		308,403
		Denver Convention Center Hotel Authority, Convention Center Hotel (RB) (XLCA)
	25,000	5.00%, 11/01/16 (c)		25,514
	2,000,000	5.25%, 11/01/16 (c)		2,093,180
	25,000	Denver Health and Hospital Authority, Series A (RB) 4.75%, 12/01/16 (c)		25,869
		E-470 Public Highway Authority, Series A (RB)
	20,000	4.29%, 09/01/41 ^		6,647
	9,000,000	5.38%, 09/01/40 ^		3,127,950
	5,145,000	E-470 Public Highway Authority, Series B (RB) (NATL) 5.82%, 09/01/26 (c) ^		1,827,967
	25,000	E-470 Public Highway Authority, Series C (RB) 5.25%, 09/01/20 (c)		28,294
		Eaton Area Park and Recreation District (GO)
	250,000	5.25%, 12/01/22 (c)		258,418
	310,000	5.50%, 12/01/22 (c)		327,552
	250,000	5.50%, 12/01/22 (c)		264,633
	2,500,000	Salida Hospital District (RB) 5.25%, 10/01/16 (c)		2,511,500
				25,320,098
Connecticut: 0.6%
	1,330,000	Connecticut State Resources Recovery Authority, American Refunding Fuel Comp. Project, Series A (RB) 6.45%, 07/24/15 (c)		1,331,037
		Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA)
	705,000	7.00%, 04/01/20 (c)		788,232
	1,500,000	7.88%, 04/01/20 (c)		1,752,885
	2,000,000	Mohegan Tribal Finance Authority (RB) 7.00%, 02/01/23 (c)		1,809,980
		Town of Hamden, Connecticut, Series A (RB)
	490,000	7.63%, 01/01/20 (c)		514,216
	2,000,000	7.75%, 01/01/20 (c)		2,077,240
				8,273,590
Delaware: 0.2%
	2,525,000	Delaware Economic Development Authority, Indian River Power, LLC Project (RB) 5.38%, 10/01/20 (c)		2,732,807
District of Columbia: 1.6%
		District of Columbia Provident Group-Howard Properties, LLC (RB)
	3,175,000	5.00%, 10/01/22 (c)		3,023,013
	305,000	5.00%, 10/01/22 (c)		296,674
	2,065,000	5.00%, 10/01/22 (c)		2,064,855
	19,000	District of Columbia Tobacco Settlement Financing Corp. (RB) 6.50%, 05/15/33		23,011
		District of Columbia, The Howard University Issue, Series A (RB)
	1,770,000	6.25%, 04/01/21 (c)		1,903,830
	2,560,000	6.50%, 04/01/21 (c)		2,710,758
	2,485,000	6.50%, 04/01/21 (c)		2,665,187
	1,595,000	Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series B (RB) 2.46%, 10/01/28 (c) ^		1,679,088
		Metropolitan Washington Airports Authority, Dulles Toll Road, Second Senior Lien, Series A (RB)
	9,855,000	5.00%, 04/01/22 (c)		10,203,867
	270,000	5.03%, 10/01/37 ^		90,599
				24,660,882
Florida: 5.4%
	1,490,000	Alachua County, Florida Health Facilities Authority, Oak Hammock at the University of Florida Project, Series A (RB) 8.00%, 10/01/22 (c)		1,841,029
		Alachua County, Florida Health Facilities Authority, Terraces at Bonita Springs Project, Series A (RB)
	1,530,000	8.00%, 11/15/21 (c)		1,827,264
	1,000,000	8.13%, 11/15/21 (c)		1,177,090
	2,000,000	Callaway, Florida Capital Improvement Revenue, Special Capital Extension Project (RB) (ACA) 5.25%, 08/01/17 (c)		2,000,540
		Capital Trust Agency, Inc. (RB)
	500,000	6.50%, 12/01/22 (c)		468,655
	485,000	6.75%, 12/01/22 (c)		450,109
	615,000	6.75%, 12/01/22 (c)		559,023
	2,000,000	7.75%, 01/01/21 (c)		1,878,300
	1,000,000	Capital Trust Agency, Inc., Tuscan Senior Living Community Project, Series A (RB) 7.00%, 04/01/22 (c)		978,370
		County of Alachua, Florida Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB)
	350,000	5.63%, 11/15/17 (c)		364,021
	1,640,000	5.88%, 11/15/17 (c)		1,664,387
	1,660,000	County of Alachua, Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB) 5.88%, 11/15/17 (c)		1,674,060
	55,000	County of Brevard, Florida (RB) 6.75%, 11/01/19 (c)		59,988
		County of Miami-Dade, Florida Seaport Department, Series A (RB)
	120,000	5.00%, 10/01/23 (c)		135,209
	40,000	5.38%, 10/01/23 (c)		45,279
	175,000	6.00%, 10/01/23 (c)		206,750
	2,850,000	County of Miami-Dade, Florida Seaport Department, Series B (RB) 6.00%, 10/01/23 (c)		3,309,876
	70,000	Escambia County Health Facilities Authority, Baptist Hospital, Inc. Project, Series A (RB) 6.00%, 08/15/20 (c)		81,005
		Florida Development Finance Corp. (RB)
	1,000,000	7.00%, 06/01/22 (c)		1,010,460
	1,000,000	7.00%, 06/01/22 (c)		1,015,460
		Florida Development Finance Corp., Miami Arts Charter School Project, Series A (RB)
	360,000	5.63%, 06/15/24 (c)		358,772
	450,000	5.88%, 06/15/24 (c)		451,040
	695,000	6.00%, 06/15/24 (c)		680,933
		Florida Development Finance Corp., Renaissance Charter School, Inc. Projects, Series A (RB)
	1,000,000	5.75%, 06/15/24 (c)		992,380
	2,850,000	7.63%, 06/15/21 (c)		3,357,129
		Halifax Hospital Medical Center (RB)
	45,000	5.00%, 06/01/16 (c)		45,879
	35,000	5.25%, 06/01/16 (c)		35,922
	2,590,000	Lake County, Florida Industrial Development, Crane’s View Lodge Project, Series A (RB) 7.13%, 11/01/17 (c)		2,296,941
	130,000	Lee County, Florida Industrial Development Authority Health Care Facilities, Shell Point/Alliance Obligation Group (RB) 5.00%, 05/15/17 (c)		135,174
		Lee County, Florida Industrial Development Authority, Industrial Development, Community Charter Schools, LLC Projects, Series A (RB)
	2,400,000	5.25%, 06/15/17 (c)		2,437,224
	3,500,000	5.38%, 06/15/17 (c)		3,545,150
	2,825,000	5.75%, 06/15/22 (c)		2,913,507
		Martin County, Florida Health Facilities Authority (RB)
	100,000	5.13%, 11/15/21 (c)		107,333
	800,000	5.50%, 11/15/21 (c)		889,432
	2,000,000	5.50%, 11/15/21 (c)		2,171,900
		Miami Beach Health Facilities Authority, Mount Sinai Medical Center (RB)
	1,950,000	4.25%, 11/15/19 (c)		1,932,157
	1,050,000	5.00%, 11/15/24 (c)		1,103,214
	4,910,000	5.00%, 11/15/24 (c)		5,193,454
		Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
	500,000	5.00%, 10/01/25 (c)		532,765
	500,000	5.00%, 10/01/25 (c)		535,330
	915,000	Midtown Miami Community Development District, Infrastructure Project, Series B (SA) 4.25%, 05/01/23 (c)		964,309
		Midtown Miami Community Development District, Parking Garage Project, Series A (SA)
	2,755,000	4.25%, 05/01/23 (c)		2,903,467
	1,485,000	5.00%, 05/01/23 (c)		1,548,751
		Orange County, Florida Health Facilities Authority, Orlando Lutheran Towers, Inc. (RB)
	2,750,000	5.50%, 07/01/17 (c)		2,768,590
	1,200,000	5.50%, 07/01/17 (c)		1,211,148
	1,100,000	5.70%, 07/27/15 (c)		1,101,551
	500,000	Orange County, Florida Industrial Development Authority, VitAG Florida LLC Project (RB) 8.00%, 07/01/24 (c)		504,045
		Orlando, Florida Aviation Authority, JetBlue Airways Corp. Project (RB)
	2,440,000	5.00%, 05/15/23 (c)		2,482,285
	1,500,000	5.00%, 05/15/23 (c)		1,585,965
	2,000,000	Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB) 7.50%, 06/01/22 (c)		2,284,360
	500,000	Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series C (RB) 6.00%, 06/01/21		538,270
	150,000	Pinellas County Educational Facilities Authority, Eckerd College Project (RB) (ACA) 4.75%, 10/01/16 (c)		152,799
		Sarasota County, Florida Health Facilities Authority (RB)
	2,555,000	5.75%, 07/01/17 (c)		2,554,770
	1,785,000	5.75%, 07/01/17 (c)		1,797,673
	3,595,000	Stuart, Florida Capital Trust Agency, Stuart Lodge Project, Series B (RB) 7.38%, 01/01/18 (c)		3,510,338
	420,000	Sumter County, Florida Village Community Development District No. 8, Phase II (SA) 6.13%, 05/01/20 (c)		485,184
	910,000	Sumter County, Florida Village Community Development District No. 9, Special Assessment Revenue (SA) 5.50%, 05/01/22 (c)		1,038,883
	2,945,000	Tavares, Florida Osprey Lodge at Lakeview Crest, Series A (RB) 8.75%, 07/01/16 (c)		2,750,041
	1,315,000	Town of Davie, Florida Nova Southeastern University Project, Series A (RB) 6.00%, 04/01/23 (c)		1,503,663
				82,148,603
Georgia: 0.9%
	15,000	Albany-Dougherty Inner City Authority, Series A (RB) (XLCA) 4.50%, 07/27/15 (c)		14,553
		DeKalb County, Georgia Hospital Authority, DeKalb Medical Center, Inc. Project (RB)
	200,000	6.00%, 09/01/20 (c)		221,090
	2,100,000	6.13%, 09/01/20 (c)		2,284,884
	100,000	Gainesville, Georgia Redevelopment Authority (RB) 5.13%, 03/01/17 (c)		100,153
	600,000	Greene County Development Authority, Glen-I, LLC Project, Series A (RB) 7.25%, 01/01/25 (c)		602,016
		Private Colleges & Universities Authority, The Savannah College of Art & Design Project (RB)
	5,000,000	4.13%, 04/01/24 (c)		4,901,000
	5,000,000	5.00%, 04/01/24 (c)		5,294,950
				13,418,646
Guam: 1.4%
	1,000,000	A. B. Won Pat International Airport Authority, Series C (RB) 5.00%, 10/01/21		1,134,580
	60,000	Government of Guam, Series A (GO) 5.00%, 11/15/17 (c)		62,492
	1,450,000	Guam Government Department of Education, John F. Kennedy Project, Series A (CP) 6.88%, 12/01/20 (c)		1,597,363
	2,250,000	Guam Government General Obligation, Series A (GO) 6.75%, 11/15/19 (c)		2,637,045
	1,200,000	Guam Government Limited Obligation, Series A (RB) 5.63%, 12/01/19 (c)		1,350,852
		Guam Government Waterworks Authority (RB)
	355,000	5.50%, 07/01/20 (c)		394,682
	3,465,000	5.50%, 07/01/23 (c)		3,902,907
	185,000	5.63%, 07/01/20 (c)		205,300
		Guam Power Authority, Series A (RB)
	1,495,000	5.00%, 10/01/22 (c)		1,610,145
	250,000	5.50%, 10/01/20 (c)		276,465
		Territory of Guam, Series A (GO)
	1,160,000	5.25%, 11/15/17 (c)		1,210,216
	5,170,000	7.00%, 11/15/19 (c)		6,086,848
				20,468,895
Hawaii: 0.1%
	2,050,000	Kuakini, Hawaii Health System, Special Purpose Revenue, Series A (RB) 6.30%, 07/24/15 (c)		2,058,241
Illinois: 4.9%
		Chicago Board of Education, Series A (GO)
	2,500,000	5.00%, 12/01/22 (c)		2,110,050
	55,000	5.25%, 12/01/16		57,246
	75,000	5.50%, 12/01/19		79,025
	500,000	Chicago Board of Education, Series C (GO) 5.00%, 12/01/18 (c)		494,680
		Chicago Board of Education, Series F (GO)
	1,000,000	5.00%, 12/01/18		1,000,540
	1,500,000	5.00%, 12/01/19		1,498,170
	1,000,000	5.00%, 12/01/20		989,360
	400,000	Chicago O’Hare International Airport (RB) 5.50%, 01/01/23 (c)		462,004
		Chicago, Illinois, Series A (GO)
	1,000,000	5.00%, 01/01/24 (c)		920,610
	2,750,000	5.25%, 01/01/24 (c)		2,711,610
	950,000	City of Chicago, Illinois Neighborhood Alive 21 Program, Series B (GO) 5.25%, 01/01/25 (c)		925,870
		City of Chicago, Series A (GO)
	440,000	4.63%, 01/01/21 (c)		391,723
	300,000	5.00%, 01/01/18 (c)		307,773
	450,000	5.00%, 01/01/20 (c)		446,648
	300,000	5.00%, 01/01/21 (c)		271,026
	500,000	5.00%, 01/01/22 (c)		469,535
	250,000	5.00%, 01/01/24 (c)		231,003
	1,000,000	5.38%, 01/01/25 (c)		981,700
	200,000	City of Chicago, Series A-2 (GO) (AMBAC) 5.50%, 01/01/18		210,222
	465,000	City of Harvey, Illinois, Series A (GO) 5.50%, 12/01/17 (c)		370,726
	2,000,000	Cook County, Illinois Recovery Zone Facility, Navistar International Corp. Project (RB) 6.50%, 10/15/20 (c)		2,114,040
	3,600,000	Harvey, Illinois, Series A (GO) 5.63%, 12/01/17 (c)		2,733,732
		Illinois Finance Authority (RB)
	560,000	6.13%, 05/15/19 (c)		632,503
	15,000	6.13%, 05/15/19 (c)		17,775
		Illinois Finance Authority, Centegra Health System, Series A (RB)
	535,000	4.63%, 09/01/24 (c)		535,177
	2,000,000	5.00%, 09/01/24 (c)		2,069,220
	20,000	Illinois Finance Authority, Elmhurst Memorial Healthcare, Series A (RB) 5.63%, 01/01/18 (c)		21,445
		Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)
	2,025,000	4.75%, 05/15/23 (c)		2,010,440
	4,800,000	5.13%, 05/15/23 (c)		4,853,328
	1,500,000	5.25%, 05/15/23 (c)		1,523,805
	425,000	Illinois Finance Authority, Friendship Village of Schaumberg, Series A (RB) 5.63%, 07/24/15 (c)		424,962
		Illinois Finance Authority, Greenfields of Geneva Project, Series A (RB)
	1,000,000	8.13%, 02/15/20 (c)		1,053,250
	3,000,000	8.25%, 02/15/20 (c)		3,159,870
		Illinois Finance Authority, Illinois Institute of Technology, Series A (RB)
	1,000,000	5.00%, 04/01/16 (c)		952,890
	3,000,000	5.00%, 04/01/16 (c)		2,942,370
	500,000	Illinois Finance Authority, Lutheran Home and Obligated Group (RB) 5.50%, 05/15/22 (c)		534,310
	1,000,000	Illinois Finance Authority, Lutheran Home and Services Group (RB) 5.75%, 05/15/22 (c)		1,035,610
	25,000	Illinois Finance Authority, Montgomery Place Project, Series A (RB) 5.75%, 05/15/17 (c)		25,199
	2,175,000	Illinois Finance Authority, Navistar International Corp. Project (RB) 6.50%, 10/15/20 (c)		2,299,018
	1,000,000	Illinois Finance Authority, Norwegian American Hospital Inc. (RB) 7.75%, 09/15/20 (c)		1,148,910
		Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB)
	300,000	8.00%, 07/14/15 (c)		167,223
	610,000	8.00%, 05/15/20 (c)		334,725
	1,625,000	8.13%, 05/15/20 (c)		987,041
	720,000	Illinois Finance Authority, Peace Village (RB) 5.25%, 08/15/23		749,527
		Illinois Finance Authority, Roosevelt University Project (RB)
	1,000,000	6.25%, 10/01/19 (c)		1,070,270
	2,000,000	6.50%, 10/01/19 (c)		2,128,880
		Illinois Finance Authority, Silver Cross Hospital and Medical Center, Series C (RB)
	500,000	5.00%, 08/15/25 (c)		530,355
	1,125,000	5.00%, 08/15/25 (c)		1,173,679
		Illinois Finance Authority, Swedish Covenant Hospital, Series A (RB)
	655,000	5.75%, 02/15/20 (c)		725,747
	2,070,000	6.00%, 02/15/20 (c)		2,277,642
		Illinois Finance Authority, The Admiral At The Lake Project, Series A (RB)
	7,000,000	8.00%, 05/15/20 (c)		7,961,450
	1,565,000	8.00%, 05/15/20 (c)		1,785,696
	150,000	Illinois Finance Authority, The Admiral At The Lake Project, Series B (RB) 7.38%, 07/14/15 (c)		150,312
	230,000	Illinois Finance Authority, The Admiral At The Lake Project, Series D-1 (RB) 7.00%, 07/14/15 (c)		230,437
		Illinois Railsplitter Tobacco Settlement Authority (RB)
	1,030,000	5.00%, 06/01/18		1,127,129
	500,000	5.00%, 06/01/19		558,440
	350,000	5.25%, 06/01/20		400,645
	45,000	5.25%, 06/01/21		51,981
	200,000	5.38%, 06/01/21		232,380
	1,635,000	5.50%, 06/01/21 (c)		1,886,725
	100,000	Illinois Sports Facilities Authority (RB) (AMBAC) 4.69%, 06/15/26 ^		61,216
		Metropolitan Pier and Exposition Authority, Dedicated State Tax Revenue (RB)
	30,000	1.22%, 06/15/17 ^		29,070
	670,000	1.47%, 06/15/18 ^		641,773
	4,000,000	Southwestern Illinois Development Authority, United States Steel Corp. Project (RB) 5.75%, 08/01/22 (c)		4,064,280
	100,000	Village of Hillside, Illinois (TA) 7.00%, 01/01/18 (c)		108,015
				74,452,013
Indiana: 3.2%
		Carmel, Indiana, The Barrington of Carmel Project, Series A (RB)
	1,500,000	7.13%, 11/15/22 (c)		1,661,460
	2,000,000	7.13%, 11/15/22 (c)		2,208,920
	55,000	City of Anderson, Indiana Economic Development, Anderson University Project (RB) 4.75%, 07/24/15 (c)		55,017
		City of Anderson, Indiana, Anderson University Project (RB)
	175,000	5.00%, 04/01/17 (c)		165,536
	525,000	5.00%, 04/01/17 (c)		513,093
	795,000	5.00%, 04/01/17 (c)		800,470
	1,000,000	City of Rockport, Indiana, Series A (RB) 7.00%, 02/01/22 (c)		1,036,800
	1,900,000	Indiana Finance Authority, Environmental Improvement Revenue, United States Steel Corp. Project (RB) 6.00%, 12/01/19		2,104,972
		Indiana Finance Authority, I-69 Section 5 Project (RB)
	5,265,000	5.00%, 09/01/24 (c)		5,479,022
	1,250,000	5.25%, 09/01/24 (c)		1,360,912
		Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB)
	1,475,000	5.13%, 08/15/20 (c)		1,625,317
	1,315,000	5.50%, 08/15/20 (c)		1,420,792
	2,500,000	5.50%, 08/15/20 (c)		2,733,475
		Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series A (RB)
	1,600,000	5.00%, 07/01/23 (c)		1,661,280
	3,000,000	5.00%, 07/01/23 (c)		3,092,700
	6,400,000	5.25%, 07/01/23 (c)		6,716,096
		Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB)
	5,200,000	5.00%, 06/01/22 (c)		5,472,584
	2,570,000	5.00%, 06/01/22 (c)		2,723,557
		Indiana Finance Authority, United States Steel Corp. Project (RB)
	1,040,000	5.75%, 08/01/22 (c)		1,056,713
	350,000	6.00%, 06/01/20 (c)		376,429
	20,000	Indianapolis Airport Authority, Federal Express Corp. Project (RB) 5.10%, 01/15/17		21,118
		Vigo County, Indiana Hospital Authority, Union Hospital, Inc. (RB)
	2,000,000	5.70%, 09/01/17 (c)		2,077,400
	3,000,000	5.75%, 09/01/17 (c)		3,108,150
	1,160,000	5.80%, 09/01/17 (c)		1,201,795
				48,673,608
Iowa: 2.6%
	3,000,000	City of Coralville, Iowa, Series D (CP) 5.25%, 06/01/16 (c)		3,006,480
	5,705,000	Iowa Finance Authority, Alcoa, Inc. Project (RB) 4.75%, 08/01/22 (c)		5,796,508
		Iowa Finance Authority, Iowa Fertilizer Comp. Project (RB)
	4,340,000	5.00%, 12/01/19		4,586,338
	2,700,000	5.50%, 12/01/18 (c)		2,850,471
	3,715,000	Iowa Finance Authority, Iowa Fertilizer Company Project (RB) 5.25%, 12/01/23 (c)		4,040,768
		Iowa Finance Authority, Senior Living (RB)
	163,200	2.00%, 03/14/16 (c)		816
	870,000	2.70%, 11/15/24 (c)		457,063
	1,500,000	Iowa Higher Education Loan Authority (RB) 5.00%, 10/01/25 (c)		1,474,260
		Iowa Higher Education Loan Authority, Upper Iowa University Project (RB)
	20,000	4.00%, 09/01/23 (c)		19,463
	2,065,000	5.00%, 09/01/23 (c)		1,977,237
	2,750,000	5.00%, 09/01/23 (c)		2,521,365
	620,000	5.75%, 09/01/20 (c)		655,638
	1,345,000	6.00%, 09/01/20 (c)		1,415,612
		Iowa Tobacco Settlement Authority, Series C (RB)
	3,000,000	5.38%, 07/27/15 (c)		2,639,850
	7,290,000	5.50%, 07/27/15 (c)		6,386,040
	10,000,000	Iowa Tobacco Settlement Authority, Series D (RB) 7.15%, 07/27/15 (c) ^		1,064,900
	160,000	Tobacco Settlement Authority, Series C (RB) 5.63%, 07/27/15 (c)		140,678
				39,033,487
Kansas: 1.2%
	2,255,000	Arkansas City Public Building Commission (RB) 6.25%, 09/01/19 (c)		2,266,906
		Manhattan, Kansas Health Care Facility Revenue, Meadowlark Hills Retirement Community, Series A (RB)
	2,000,000	5.00%, 05/15/17 (c)		1,987,060
	1,000,000	5.00%, 05/15/17 (c)		1,002,790
		Overland Park, Kansas Development Corp. (RB) (AMBAC)
	8,550,000	5.13%, 01/01/17 (c)		8,582,319
	100,000	5.13%, 01/01/17 (c)		100,648
	1,000,000	5.25%, 01/01/17 (c)		1,009,520
	2,550,000	Overland Park, Kansas, Prairiefire At Lionsgate Project (RB) 6.00%, 12/15/22 (c)		2,443,767
				17,393,010
Kentucky: 1.2%
	2,750,000	County of Ohio, Kentucky Pollution Control, Big Rivers Electric Corp. Project, Series A (RB) 6.00%, 07/15/20 (c)		2,838,687
		Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)
	2,000,000	5.38%, 11/15/22 (c)		2,050,020
	1,000,000	5.50%, 11/15/22 (c)		1,015,480
		Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series A (RB)
	490,000	5.75%, 06/01/20 (c)		555,234
	2,100,000	6.00%, 06/01/20 (c)		2,388,267
	1,325,000	6.38%, 06/01/20 (c)		1,505,187
	2,000,000	Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series B (RB) 6.38%, 06/01/20 (c)		2,271,980
		Kentucky Public Transportation Infrastructure Authority, Downtown Cross Project, Series A (RB)
	1,375,000	5.00%, 07/01/17		1,469,091
	3,885,000	5.75%, 07/01/23 (c)		4,322,257
				18,416,203
Louisiana: 2.9%
		City of New Orleans, Louisiana (RB)
	200,000	5.00%, 06/01/21		230,558
	1,850,000	5.00%, 06/01/24 (c)		2,041,253
	500,000	5.00%, 12/01/24 (c)		538,160
	1,135,000	5.00%, 12/01/24 (c)		1,241,020
		Jefferson Parish Hospital Service District No. 2 (RB)
	245,000	6.25%, 07/01/21 (c)		287,792
	895,000	6.38%, 07/01/21 (c)		1,017,875
	1,000,000	Juban Crossing Economic Development District, Series C (RB) 7.00%, 03/15/25 (c)		1,001,800
	4,250,000	Lakeshore Village Master Community Development District (SA) 5.25%, 07/01/17 (d) *§		1,487,500
	500,000	Louisiana Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project (RB) 6.75%, 11/01/17 (c)		549,760
	1,000,000	Louisiana Local Government Environmental Facilities and Community Development Authority, St. James Place of Baton Rouge Project, Series A (RB) 6.25%, 11/15/25 (c)		991,820
	1,165,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A (RB) 6.50%, 08/01/20 (c)		1,378,696
	2,300,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A-1 (RB) 6.50%, 11/01/20 (c)		2,727,892
	2,000,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Westlake Chemical Corp. Project, Series A-2 (RB) 6.50%, 11/01/20 (c)		2,372,080
	575,000	Louisiana Public Facilities Authority, Black & Gold Facilities Project, Series A (RB) (CIFG) 4.50%, 07/01/16 (c)		498,686
	1,450,000	Louisiana Public Facilities Authority, Lake Charles Memorial Hospital Project (RB) 6.38%, 12/01/19 (c)		1,575,338
	2,500,000	Louisiana Public Facilities Authority, Louisiana Pellets, Inc. Project (RB) 7.75%, 07/01/24 (c)		2,441,625
	2,000,000	Louisiana Public Facilities Authority, Louisiana Pellets, Inc. Project, Series A (RB) 8.38%, 07/01/24 (c)		2,050,840
	15,000	Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB) 6.38%, 05/15/21 (c)		17,476
		Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series A (RB)
	1,525,000	5.25%, 05/15/17 (c)		1,580,937
	1,050,000	5.38%, 05/15/17 (c)		1,087,821
	3,250,000	Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23		3,357,022
	2,025,000	Parish of St. Charles, Valero Project (RB) 4.00%, 06/01/22 (p)		2,187,243
	2,910,000	Saint John, Louisiana Marathon Oil Corp. Project, Series A (RB) 5.13%, 06/01/17 (c)		3,041,968
		Tobacco Settlement Financing Corp. (RB)
	2,750,000	5.00%, 05/15/20		3,114,677
	2,160,000	5.00%, 05/15/23		2,476,958
	4,000,000	5.25%, 05/15/23 (c)		4,314,480
				43,611,277
Maine: 0.5%
	2,000,000	Maine Health & Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue (RB) 5.00%, 07/01/23 (c)		2,114,880
		Maine Health and Higher Educational Facilities Authority, General Medical Center Issue (RB)
	1,165,000	6.00%, 07/01/21 (c)		1,304,625
	2,220,000	6.75%, 07/01/21 (c)		2,464,267
	50,000	6.95%, 07/01/21 (c)		56,014
	55,000	7.50%, 07/01/21 (c)		65,447
	2,000,000	Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB) 6.88%, 07/27/15 (c)		2,007,700
				8,012,933
Maryland: 1.6%
	1,000,000	Anne Arundel County Consolidated Special Taxing District (ST) 5.25%, 07/01/24 (c)		1,013,500
	2,445,000	Baltimore, Maryland, Convention Center Hotel Revenue, Series A (RB) (XLCA) 5.25%, 09/01/16 (c)		2,484,658
		City of Baltimore, Maryland (RB) (XLCA)
	105,000	4.60%, 09/01/16 (c)		104,320
	45,000	5.00%, 09/01/16 (c)		45,708
	25,000	5.25%, 09/01/16 (c)		25,661
		County of Howard, Maryland (RB)
	60,000	5.25%, 04/01/17 (c)		56,939
	2,990,000	5.25%, 04/01/17 (c)		2,909,300
	2,000,000	5.25%, 04/01/17 (c)		2,005,000
	2,900,000	Frederick County, Maryland Urbana Community Development Authority, Series B (ST) 5.50%, 07/01/20 (c)		3,015,913
	2,000,000	Maryland Economic Development Corp., Chesapeake Bay Conference Center Project, Series A (RB) 5.00%, 12/01/16 (c) (d)		1,120,000
	4,265,000	Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB) 5.75%, 09/01/20 (c)		4,519,279
	545,000	Maryland Health & Higher Educational Facilities Authority, Washington County Hospital Issue (RB) 5.75%, 01/01/18 (c)		604,579
		Maryland Health and Higher Educational Facilities Authority (RB)
	1,000,000	5.00%, 07/01/19		1,120,550
	20,000	5.75%, 01/01/18 (c)		22,186
	1,815,000	Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) 4.00%, 07/01/25 (c)		1,810,898
	3,000,000	Maryland Health and Higher Educational Facilities Authority, Western Maryland Health System (RB) 5.00%, 07/01/24		3,504,090
	45,000	Mayor and City Council of Baltimore, Convention Center Hotel, Series A (RB) (XLCA) 5.25%, 09/01/16 (c)		46,431
				24,409,012
Massachusetts: 0.7%
	675,000	Massachusetts Development Finance Agency, Covanta Energy Project, Series B (RB) 4.88%, 11/01/17 (c)		683,012
		Massachusetts Development Finance Agency, Emerson College (RB)
	500,000	5.00%, 01/01/25 (c)		522,490
	500,000	5.00%, 01/01/25 (c)		520,925
	500,000	5.00%, 01/01/25 (c)		525,635
	280,000	Massachusetts Development Finance Agency, Orchard Cove (RB) 5.25%, 07/24/15 (c)		282,078
	100,000	Massachusetts Development Finance Agency, Series A (RB) 5.50%, 01/01/20 (c)		111,378
	1,110,000	Massachusetts Development Finance Agency, Series C (RB) 5.25%, 11/01/17 (c)		1,133,632
		Massachusetts Development Finance Agency, Series D (RB)
	500,000	4.00%, 07/01/25 (c)		478,935
	3,325,000	5.00%, 07/01/25 (c)		3,508,274
		Massachusetts Development Finance Agency, Series H (RB)
	50,000	5.00%, 07/01/16		51,536
	50,000	5.00%, 07/01/17		53,109
	100,000	5.13%, 07/01/21 (c)		108,821
	320,000	5.50%, 07/01/21 (c)		348,701
	465,000	Massachusetts Health & Educational Facilities Authority, Jordan Hospital Issue, Series D (RB) 5.38%, 07/24/15 (c)		466,167
		Massachusetts Health & Educational Facilities Authority, Series D (RB)
	70,000	5.00%, 07/24/15 (c)		70,202
	2,000,000	5.50%, 07/24/15 (c)		2,000,800
		Massachusetts Health & Educational Facilities Authority, Series G (RB)
	140,000	5.00%, 07/01/20 (c)		154,563
	25,000	5.00%, 07/01/20 (c)		27,685
		Massachusetts Health & Educational Facilities Authority, Suffolk University Issue, Series A (RB)
	20,000	6.00%, 07/01/19 (c)		22,845
	75,000	6.25%, 07/01/19 (c)		86,094
		Massachusetts Health and Educational Facilities Authority (RB)
	45,000	5.00%, 07/01/18 (c)		47,383
	5,000	5.00%, 07/01/18 (c)		5,571
				11,209,836
Michigan: 2.3%
	25,000	City of Detroit, Michigan Sewage Disposal System Revenue (RB) 5.00%, 07/01/22		28,147
		City of Detroit, Michigan Sewage Disposal System Revenue, Series A (RB)
	265,000	5.00%, 07/01/20		296,050
	165,000	5.00%, 07/01/21		185,488
	750,000	5.50%, 07/01/17 (c)		795,487
	25,000	City of Detroit, Michigan Water Supply System Revenue (RB) 5.00%, 07/01/21 (c)		26,022
		City of Detroit, Michigan Water Supply System Revenue, Series A (RB)
	25,000	5.00%, 07/01/21 (c)		26,142
	65,000	5.25%, 07/01/21 (c)		68,500
	25,000	5.25%, 07/01/21 (c)		27,176
	50,000	City of Detroit, Michigan Water Supply System Revenue, Series C (RB) 4.50%, 07/01/21 (c)		51,969
	990,000	City of Flint Hospital Building Authority, Hurley Medical Center (RB) 7.38%, 07/01/20 (c)		1,122,363
	2,000,000	City of Flint Hospital Building Authority, Hurley Medical Center, Series B (RB) 4.75%, 07/01/23 (c)		1,853,840
	310,000	Detroit Local Development Finance Authority, Series A (TA) 5.50%, 07/24/15 (c)		300,638
		Kent Hospital Finance Authority, Metropolitan Hospital Project, Series A (RB)
	2,510,000	5.25%, 07/24/15 (c)		2,516,501
	1,000,000	5.75%, 07/24/15 (c)		1,002,990
	1,450,000	6.00%, 07/24/15 (c)		1,454,422
	1,500,000	Kentwood, Michigan Economic Development Corp., Holland Home Obligated Group (RB) 5.63%, 05/15/22 (c)		1,555,830
		Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)
	520,000	5.00%, 07/01/24 (c)		548,252
	100,000	5.00%, 07/01/24 (c)		106,194
	650,000	5.00%, 07/01/24 (c)		698,275
	500,000	Michigan Finance Authority, Series C (RB) 5.00%, 07/01/22 (c)		512,290
	1,000,000	Michigan Finance Authority, Thomas M Cooley Law School Project (RB) 6.75%, 07/01/24 (c)		1,054,610
	250,000	Michigan Finance Authority, Water Supply System, Series D-4 (RB) 5.00%, 07/01/17		267,450
	1,000,000	Michigan Municipal Bond Authority, Series C (RB) (AMBAC) 4.75%, 05/01/17 (c)		995,480
	2,400,000	Michigan Solid Waste Disposal, Genesee Power Station Project (RB) 7.50%, 07/24/15 (c)		2,363,304
	1,500,000	Michigan Strategic Fund, Series A (TA) 4.12%, 07/01/18 (c) (p)		1,518,600
		Michigan Tobacco Settlement Finance Authority, Series A (RB)
	2,140,000	5.13%, 06/01/17 (c)		1,927,198
	1,175,000	6.00%, 06/01/17 (c)		977,988
	5,625,000	6.00%, 06/01/17 (c)		4,897,912
	6,000,000	6.88%, 06/01/18 (c)		5,824,320
	100,000,000	Michigan Tobacco Settlement Finance Authority, Series B (RB) 11.24%, 06/01/17 (c) ^		1,886,000
				34,889,438
Minnesota: 0.9%
		City of Blaine, Minnesota, Crest View Senior Communities Project (RB)
	500,000	5.75%, 07/01/25 (c)		495,875
	500,000	6.13%, 07/01/25 (c)		496,910
	2,100,000	City of Victoria, Minnesota Private School Facility, Holy Family Catholic High School Project (RB) 5.00%, 09/01/22 (c)		2,089,437
	750,000	Rice County Educational Facility, St. Mary’s School Project (RB) 5.00%, 08/01/22		772,117
	3,500,000	Saint Paul Housing & Redevelopment Authority, Episcopal Homes Project (RB) 5.00%, 05/01/23 (c)		3,531,045
		Saint Paul, Minnesota Housing & Redevelopment Authority, Carondelet Village Project, Series A (RB)
	500,000	6.00%, 08/01/17 (c)		506,335
	500,000	6.00%, 08/01/17 (c)		507,840
		Wayzata, Minnesota Folkestone Senior Living Community, Series A (RB)
	2,200,000	5.75%, 05/01/19 (c)		2,364,692
	2,500,000	6.00%, 05/01/19 (c)		2,701,350
				13,465,601
Mississippi: 0.0%
	280,000	Mississippi Development Bank, Series A (RB) (XLCA) 5.00%, 03/01/16 (c)		282,957
		Mississippi Hospital Equipment and Facilities Authority, Series A (RB)
	120,000	5.00%, 08/15/17 (c)		125,700
	75,000	5.00%, 08/15/17 (c)		79,172
	80,000	Parkway East Public Improvement District (AGO) (SA) 4.63%, 05/01/16 (c)		81,169
				568,998
Missouri: 0.5%
	1,000,000	Citizens Memorial Hospital District of Polk County, Missouri Hospital (RB) 5.00%, 08/01/19 (c)		1,012,600
	30,000	City of Nevada, Missouri (RB) (ACA) 4.30%, 07/24/15 (c)		24,683
		Kansas City, Missouri Industrial Development Authority, Missouri Health Care Facilities First Mortgage, Series A (RB)
	2,170,000	6.25%, 07/27/15 (c)		2,176,358
	2,500,000	6.50%, 07/27/15 (c)		2,486,175
		St. Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB)
	485,000	5.00%, 07/27/15 (c)		488,953
	1,150,000	5.25%, 07/27/15 (c)		1,132,554
	570,000	5.35%, 07/27/15 (c)		545,553
				7,866,876
Nebraska: 0.0%
	20,000	Public Power Generation Agency, Whelan Energy Center Unit 2, Series A (RB) (AMBAC) 5.00%, 01/01/17 (c)		20,635
Nevada: 0.2%
		City of North Las Vegas (GO)
	735,000	5.00%, 06/01/21 (c)		638,619
	1,000,000	5.00%, 06/01/21 (c)		887,350
		State of Nevada Department of Business and Industry (RB)
	1,000,000	5.00%, 12/15/25 (c)		977,450
	1,000,000	5.13%, 12/15/25 (c)		967,800
				3,471,219
New Jersey: 5.8%
	1,055,000	Burlington, Vermont Bridge Commission, Burlington County, New Jersey, The Evergreens Project (RB) 5.63%, 01/01/18 (c)		1,083,084
		Camden County, New Jersey Improvement Authority, Series A (RB)
	1,000,000	5.00%, 02/15/24 (c)		1,072,390
	1,000,000	5.00%, 02/15/24 (c)		1,063,470
	2,500,000	5.00%, 02/15/24 (c)		2,708,225
	1,000,000	5.00%, 02/15/24 (c)		1,110,230
	1,000,000	5.00%, 02/15/24 (c)		1,090,500
		Casino Reinvestment Development Authority (RB)
	7,000,000	5.25%, 11/01/24 (c)		7,258,790
	2,500,000	5.25%, 11/01/24 (c)		2,621,000
	235,000	City of Atlantic City, New Jersey, Series A (GO) 5.50%, 02/15/18		213,958
	3,745,000	Gloucester County, New Jersey Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24		4,185,187
		New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
	100,000	4.00%, 06/15/19		105,826
	495,000	4.25%, 06/15/22 (c)		506,222
	1,150,000	5.00%, 06/15/17		1,215,515
	200,000	5.00%, 06/15/19		218,984
	135,000	5.00%, 06/15/22 (c)		144,277
	840,000	5.00%, 06/15/22 (c)		924,840
	175,000	5.00%, 06/15/22 (c)		190,657
	50,000	5.00%, 06/15/22		55,373
	500,000	5.00%, 06/15/22 (c)		536,230
		New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
	3,220,000	4.88%, 09/15/19		3,370,438
	2,150,000	5.25%, 08/20/22 (c)		2,338,017
	2,215,000	5.50%, 07/24/15 (c)		2,221,756
	60,000	5.50%, 06/20/23 (c)		66,038
	585,000	5.63%, 03/05/24 (c)		660,360
	2,935,000	5.75%, 09/15/22 (c)		3,251,951
	8,120,000	New Jersey Economic Development Authority, Gloucester Marine Project A (RB) 6.63%, 01/01/16 (c)		8,166,203
	15,000	New Jersey Economic Development Authority, Kapkowski Road Landfill Reclamation Improvement District Project (SA) 5.75%, 04/01/31		17,086
		New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB)
	1,350,000	5.13%, 01/01/24 (c)		1,444,527
	1,900,000	5.38%, 01/01/24 (c)		2,035,812
	2,000,000	New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System (RB) 6.63%, 07/01/18 (c)		2,227,980
		New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB)
	100,000	5.00%, 07/01/21		107,495
	170,000	6.00%, 07/01/21 (c)		189,042
	2,050,000	6.25%, 07/01/21 (c)		2,238,579
		New Jersey Tobacco Settlement Financing Corp., Series A (RB)
	12,985,000	5.00%, 06/01/17 (c)		9,740,048
	7,200,000	5.00%, 06/01/17 (c)		6,049,728
	5,400,000	Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23		5,870,394
		Tobacco Settlement Financing Corp., Senior Series 1A (RB)
	3,535,000	4.50%, 06/01/17 (c)		3,540,302
	25,000	5.00%, 06/01/17 (c)		26,390
	1,245,000	Tobacco Settlement Financing Corp., Senior Series A-1 (RB) 4.75%, 06/01/17 (c)		928,969
	500,000	Tobacco Settlement Financing Corp., Series 1A (RB) 5.00%, 06/01/17		534,890
	6,800,000	Tobacco Settlement Financing Corp., Series A (RB) 4.63%, 06/01/17 (c)		6,522,492
				87,853,255
New Mexico: 0.6%
	1,060,000	County of Otero, New Mexico Jail Project (RB) 5.75%, 10/01/16 (c)		1,065,321
	910,000	Farmington, New Mexico Pollution Control, San Juan Project, Series F (RB) 6.25%, 06/01/20 (c)		1,021,821
	2,850,000	Otero County, New Mexico Jail Project Revenue (RB) 6.00%, 10/01/16 (c)		2,857,011
	3,750,000	Otero County, New Mexico Jail Project Revenue (RB) 6.00%, 10/01/16 (c)		3,617,700
	1,000,000	Winrock Town Center Tax Increment Development District No. 1 (TA) 5.75%, 05/01/20 (c)		1,003,610
				9,565,463
New York: 9.4%
		Brooklyn Arena Local Development Corp. (RB)
	75,000	4.44%, 07/15/33 ^		32,386
	90,000	4.62%, 07/15/32 ^		40,860
	10,000	6.00%, 01/15/20 (c)		11,587
	1,625,000	6.25%, 01/15/20 (c)		1,873,885
	8,470,000	6.38%, 01/15/20 (c)		9,811,394
		Build NYC Resource Corp. (RB)
	5,000,000	5.00%, 11/01/24 (c)		5,081,000
	1,000,000	5.50%, 11/01/24 (c)		1,053,190
		Build NYC Resource Corp., Pratt Paper, Inc. Project (RB)
	225,000	3.75%, 01/01/20		233,134
	1,050,000	4.50%, 01/01/25		1,123,069
	600,000	5.00%, 01/01/25 (c)		636,954
	2,400,000	5.25%, 11/01/24 (c)		2,538,384
	2,810,000	Chautauqua County, New York Industrial Development, NRG Dunkirk Power Project (RB) 5.88%, 02/01/20 (c)		3,114,548
	15,000	Dutchess County Industrial Development Agency, Series A-1 (RB) 4.50%, 08/01/17 (c)		15,367
	2,525,000	Dutchess County Industrial Development Agency, Series A-2 (RB) 4.50%, 08/01/17 (c)		2,419,051
	1,465,000	Erie County, New York Industrial Development Agency, Orchard Park CCRC, Inc. Project, Series A (RB) 6.00%, 11/15/16 (c)		1,480,968
		Erie County, New York Tobacco Asset Securitization Corp., Series A (RB)
	80,000	5.00%, 07/24/15 (c)		75,925
	225,000	5.00%, 07/27/15 (c)		201,929
	500,000	Jefferson County Industrial Development Agency (RB) 5.25%, 01/01/24		496,290
	1,655,000	Long Island Power Authority, Series C (RB) (CIFG) 5.25%, 09/01/29		2,003,063
	30,000	Nassau County Local Economic Assistance Corp., Winthrop University Hospital Project (RB) 4.25%, 07/01/22 (c)		30,285
		Nassau County Local Economic Assistance Corp., Winthrop-University Hospital Association Project (RB)
	915,000	5.00%, 07/01/22 (c)		976,525
	1,000,000	5.00%, 07/01/22 (c)		1,094,490
		Nassau County Tobacco Settlement Corp., Series A (RB)
	5,290,000	5.00%, 06/01/16 (c)		4,603,570
	2,335,000	5.13%, 06/01/16 (c)		1,952,667
	5,000,000	Nassau County Tobacco Settlement Corp., Series A-2 (RB) 5.25%, 06/01/16 (c)		4,928,850
		New Rochelle Industrial Development Agency (RB)
	1,000,000	5.25%, 01/01/16 (c)		1,000,700
	310,000	5.50%, 01/01/16 (c)		312,545
	35,000	New York City Industrial Development Agency (RB) 5.75%, 07/27/15 (c)		26,579
		New York City Industrial Development Agency, British Airways Plc Project (RB)
	4,530,000	5.25%, 07/27/15 (c)		4,552,605
	2,750,000	7.63%, 07/27/15 (c)		2,763,722
	2,000,000	New York City Industrial Development Agency, Bronx Parking Development Company, LLC Project (RB) 5.88%, 10/01/17 (c) (d)		585,000
	2,000,000	New York City Industrial Development Agency, Civic Facility, Vaughn College of Aeronautics & Technology Project, Series A (RB) 5.00%, 12/01/16 (c)		2,059,020
		New York City Industrial Development Agency, Civic Facility, Vaughn College of Aeronautics & Technology Project, Series B (RB)
	1,000,000	5.00%, 12/01/16 (c)		1,026,220
	380,000	5.25%, 12/01/16 (c)		391,035
		New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC)
	1,970,000	4.75%, 01/01/17 (c)		1,981,899
	815,000	5.00%, 01/01/17 (c)		833,174
	1,000,000	5.00%, 01/01/17 (c)		1,032,050
	2,000,000	New York City Industrial Development Agency, Transportation Infrastructure Properties, LLC, Series A (RB) 5.00%, 07/01/22 (c)		2,135,740
		New York City Industrial Development Agency, Yankee Stadium Project (RB) (FGIC)
	1,500,000	4.50%, 09/01/16 (c)		1,511,055
	800,000	5.00%, 09/01/16 (c)		818,272
	45,000	New York Counties Tobacco Trust II (RB) 5.63%, 07/27/15 (c)		45,313
		New York Counties Tobacco Trust IV, Series A (RB)
	360,000	5.00%, 07/09/15 (c)		311,400
	115,000	5.00%, 07/13/15 (c)		97,431
		New York Dormitory Authority, Pace University, Series A (RB)
	1,020,000	4.00%, 05/01/22		1,067,185
	140,000	5.00%, 05/01/23 (c)		153,625
	115,000	5.00%, 05/01/23		126,846
		New York Dormitory Authority, Yeshiva University (RB)
	1,555,000	4.00%, 09/01/19 (c)		1,577,159
	100,000	5.00%, 09/01/17		106,016
	2,070,000	5.00%, 09/01/19 (c)		2,185,237
	100,000	5.00%, 09/01/19 (c)		101,023
	75,000	New York Dormitory Authority, Yeshiva University, Series A (RB) 5.00%, 11/01/21 (c)		74,462
	2,500,000	New York Liberty Development Corp. (RB) 5.15%, 11/15/24 (c)		2,591,250
		New York Liberty Development Corp., 3 World Trade Center Project (RB)
	13,500,000	5.00%, 11/15/24 (c)		13,608,675
	1,000,000	5.38%, 11/15/24 (c)		1,048,680
	1,000,000	7.25%, 11/15/24 (c)		1,181,610
	2,000,000	New York Liberty Development Corp., 7 World Trade Center Project (RB) 5.00%, 03/15/22 (c)		2,115,100
		New York State Dormitory Authority (RB) (FHA)
	25,000	4.75%, 02/15/17 (c)		26,114
	1,000,000	5.00%, 06/01/25 (c)		1,017,020
	2,870,000	New York State Dormitory Authority, Orange Regional Medical Center (RB) 6.13%, 12/01/18 (c)		3,165,782
	365,000	New York State Dormitory Authority, Pace University, Series A (RB) 5.00%, 05/01/19		397,500
		New York State Dormitory Authority, Yeshiva University (RB)
	40,000	3.50%, 09/01/16		40,718
	100,000	5.00%, 09/01/19 (c)		102,887
	2,250,000	New York State Environmental Facilities Corp. (RB) 3.75%, 12/02/19 (p)		2,247,075
	2,125,000	Niagara Area Development Corp., Covanta Energy Project, Series A (RB) 5.25%, 11/01/17 (c)		2,174,810
		Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project (RB)
	5,965,000	4.50%, 07/01/22 (c)		5,772,569
	3,140,000	5.00%, 07/01/22 (c)		3,206,003
		Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project, Series A (RB)
	1,000,000	4.63%, 07/01/19 (c)		1,057,170
	200,000	5.00%, 07/01/19		217,642
	1,250,000	5.13%, 07/01/19 (c)		1,340,025
	20,000	Oyster Bay, New York Public Improvement (GO) 3.50%, 08/15/17 (c)		20,219
		Port Authority of New York and New Jersey, JFK International Air Terminal LLC Project, Series 8 (RB)
	265,000	5.00%, 12/01/20		301,021
	110,000	6.00%, 12/01/20 (c)		127,806
	30,000	Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB) 5.00%, 07/01/18		33,119
		Suffolk Tobacco Asset Securitization Corp. (RB)
	65,000	5.38%, 06/01/18 (c)		63,961
	10,000	6.00%, 06/01/18 (c)		8,835
	5,500,000	6.63%, 06/01/22 (c)		5,419,370
	1,000,000	Syracuse Industrial Development Agency (RB) (XLCA) 5.00%, 01/01/17 (c)		1,013,360
	705,000	Town of Oyster Bay, New York (GO) 3.25%, 08/15/17 (c)		710,929
	50,000	Town of Oyster Bay, New York Public Improvement (GO) 3.00%, 08/15/17 (c)		50,501
	1,100,000	Tsasc, Inc., New York City Tobacco Settlement, Series 0 (RB) 5.00%, 06/01/16 (c)		1,118,678
		Tsasc, Inc., New York City Tobacco Settlement, Series 1 (RB)
	5,570,000	5.00%, 06/01/16 (c)		5,057,226
	5,720,000	5.13%, 06/01/16 (c)		4,940,536
	950,000	Ulster County Industrial Development Agency (RB) 6.00%, 09/15/17 (c)		936,168
	790,000	Westchester County Healthcare Corp. (RB) 6.13%, 11/01/20 (c)		901,414
		Westchester County Local Development Corp. (RB)
	550,000	5.00%, 05/01/24 (c)		593,137
	1,290,000	5.50%, 05/01/24 (c)		1,428,430
		Westchester, New York Tobacco Asset Securitization Corp. (RB)
	5,115,000	5.13%, 07/27/15 (c)		4,856,488
	1,500,000	5.13%, 07/27/15 (c)		1,499,985
				143,096,497
North Carolina: 0.5%
	3,000,000	Gaston County, North Carolina Industrial Facilities & Pollution Control Financing Authority (RB) 5.75%, 08/01/15 (c)		2,978,850
		North Carolina Department of Transportation, I-77 Hot Lanes Project (RB)
	250,000	5.00%, 06/30/25 (c)		264,810
	1,000,000	5.00%, 06/30/25 (c)		1,031,490
		North Carolina Medical Care Commission, Lutheran Services for the Aging, Series A (RB)
	245,000	4.75%, 03/01/22 (c)		249,699
	1,330,000	5.00%, 03/01/22 (c)		1,341,066
	820,000	5.00%, 03/01/22 (c)		836,064
	1,395,000	North Carolina Medical Care Commission, Retirement Facilities, Galloway Ridge Project (RB) 6.00%, 01/01/20 (c)		1,514,830
				8,216,809
North Dakota: 0.1%
		City of Grand Forks, North Dakota, Altru Health System Obligated Group (RB)
	25,000	4.00%, 12/01/21 (c)		25,306
	640,000	5.00%, 12/01/21 (c)		671,757
				697,063
Ohio: 6.4%
	102,650,000	Buckeye, Ohio Tobacco Settlement Financing Authority (RB) 11.95%, 06/01/17 (c) ^		996,731
		Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-2 (RB)
	12,110,000	5.13%, 06/01/17 (c)		10,042,823
	2,170,000	5.38%, 06/01/17 (c)		1,826,294
	7,800,000	5.75%, 06/01/17 (c)		6,189,300
	20,045,000	5.88%, 06/01/17 (c)		16,096,335
	13,505,000	5.88%, 06/01/17 (c)		11,129,065
	4,965,000	6.00%, 06/01/17 (c)		4,022,146
	310,000	6.50%, 06/01/17 (c)		267,629
	540,000	Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-3 (RB) 6.25%, 06/01/22 (c)		454,799
	75,500,000	Buckeye, Ohio Tobacco Settlement Financing Authority, Series B (RB) 8.91%, 06/01/17 (c) ^		3,796,895
	90,000	City of Cleveland, Airport System Revenue, Series A (RB) (AMBAC) 5.00%, 01/01/17 (c)		94,248
	650,000	City of Cleveland, Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.70%, 07/24/15 (c)		654,524
		City of Cleveland, Ohio Airport System Revenue, Series A (RB)
	250,000	5.00%, 01/01/22 (c)		278,165
	40,000	5.25%, 01/01/19		44,496
	635,000	Cleveland, Ohio Airport System Revenue (RB) 5.00%, 01/01/22 (c)		700,322
	2,000,000	County of Franklin, First Community Village Obligated Group (RB) 5.63%, 07/01/20 (c)		1,879,020
		County of Hamilton, Ohio (RB)
	65,000	5.00%, 06/01/20		74,629
	4,000,000	5.25%, 06/01/22 (c)		4,551,360
	1,500,000	5.25%, 06/01/22 (c)		1,714,710
	5,750,000	County of Hamilton, Ohio The Christ Hospital Project (RB) 5.00%, 06/01/22 (c)		6,111,215
		County of Lucas, Ohio Lutheran Homes Society, Inc. Obligated Group Project (RB)
	2,300,000	6.63%, 11/01/20 (c)		2,489,980
	500,000	7.00%, 11/01/20 (c)		545,060
	2,000,000	County of Muskingum, Ohio, Genesis HealthCare System Obligated Group Project (RB) 5.00%, 02/15/23 (c)		2,086,580
	2,920,000	Lorain County, Ohio Port Authority, United States Steel Corp. Project (RB) 6.75%, 12/01/20 (c)		3,233,462
	3,000,000	Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Obligated Group Project (RB) 5.00%, 02/15/23 (c)		3,069,840
	1,000,000	Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB) 6.75%, 02/01/22 (c)		1,030,620
	1,000,000	Ohio Air Quality Development Authority, FirstEnergy Generation Project, Series A (RB) 3.75%, 12/03/18 (p)		1,029,310
	615,000	Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series E (RB) 5.63%, 10/01/19		687,035
	35,000	Ohio Air Quality Development Authority, Series A (RB) 5.70%, 08/01/20		39,108
	1,100,000	Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.38%, 07/24/15 (c)		1,104,763
	2,750,000	Ohio State Solid Waste Disposal, USG Corp. Project (RB) 5.60%, 07/27/15 (c)		2,755,582
	125,000	Ohio State Water Development Authority, FirstEnergy Nuclear Generation Project, Series B (RB) 4.00%, 06/03/19 (p)		129,119
		Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB)
	250,000	5.00%, 12/01/24 (c)		251,278
	245,000	5.00%, 12/01/24 (c)		248,631
	70,000	5.50%, 12/01/24 (c)		72,842
	3,400,000	5.75%, 12/01/22 (c)		3,631,778
	2,850,000	6.00%, 12/01/22 (c)		3,069,763
	1,000,000	State of Ohio, Portsmouth Bypass Project (RB) 5.00%, 06/30/25 (c)		1,067,570
	40,000	Toledo-Lucas County Port Authority (SA) 5.38%, 07/27/15 (c)		40,214
				97,507,241
Oklahoma: 0.4%
	2,010,254	Kingfisher, Oklahoma Hospital Authority (RB) 6.50%, 07/27/15 (c)		2,016,285
	1,000,000	Oklahoma Development Finance Authority, Great Plains Regional Medical Center Project (RB) 5.13%, 12/01/17 (c)		994,150
		Oklahoma Development Finance Authority, Inverness Village Community (RB)
	275,000	5.25%, 01/01/19 (c)		277,629
	1,000,000	6.00%, 01/01/22 (c)		1,036,990
	1,000,000	Tulsa Airports Improvement Trust (RB) 5.00%, 06/01/25 (p)		1,083,890
				5,408,944
Oregon: 0.1%
	400,000	Hospital Facilities Authority of Multnomah County, Series A (RB) 5.00%, 10/01/19		437,404
		Oregon State Facilities Authority, Concordia University Project, Series A (RB)
	650,000	6.13%, 09/01/20 (c)		694,668
	750,000	6.38%, 09/01/20 (c)		802,590
				1,934,662
Pennsylvania: 4.8%
		Allegheny County, Pennsylvania Industrial Development Authority, United States Steel Corp. Project (RB)
	1,345,000	5.75%, 08/01/22 (c)		1,366,614
	200,000	6.50%, 05/01/17		212,814
	250,000	6.75%, 11/01/19 (c)		279,228
	1,000,000	6.75%, 12/01/21 (c)		1,146,200
	1,000,000	6.88%, 11/01/19 (c)		1,115,540
		Allentown Neighborhood Improvement Zone Development Authority (RB)
	1,815,000	5.00%, 05/01/22 (c)		1,878,870
	150,000	5.00%, 05/01/22 (c)		157,239
	3,980,000	5.00%, 05/01/22 (c)		4,080,336
	5,490,000	Beaver County, Pennsylvania Industrial Development Authority, Pollution Control, Series B (RB) 3.50%, 06/01/20 (p)		5,531,065
	400,000	Cumberland County, Pennsylvania Municipal Authority (RB) 5.25%, 01/01/22 (c)		416,064
	8,890,000	Delaware County, Pennsylvania Authority, Series A (RB) 5.00%, 12/15/16 (c)		9,055,887
		Delaware River Port Authority (RB)
	2,445,000	5.00%, 01/01/23 (c)		2,731,358
	2,715,000	5.00%, 01/01/23 (c)		3,052,013
	6,300,000	Harrisburg, Philadelphia University Revenue, Series B (RB) 6.00%, 09/01/17 (c) (d)		4,999,302
	1,500,000	Lancaster County Hospital Authority, Brethren Village Project, Series A (RB) 6.50%, 07/01/17 (c)		1,547,475
	1,250,000	Lehigh County, Pennsylvania General Purpose Authority, Bibles Fellowship Church Homes, Inc. Project (RB) 5.25%, 07/01/22 (c)		1,262,912
	80,000	Lycoming County Authority, Susquehanna Health System Project, Series A (RB) 5.50%, 07/01/19 (c)		88,092
		Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB)
	250,000	5.00%, 01/01/25 (c)		251,105
	250,000	5.25%, 01/01/25 (c)		245,933
	940,000	5.38%, 01/01/25 (c)		932,659
	1,250,000	Moon Industrial Development Authority, Baptist Homes Society (RB) 6.00%, 07/01/25 (c)		1,223,575
	85,000	Pennsylvania Economic Development Financing Authority, Colver Project, Series F (RB) (AMBAC) 4.63%, 12/01/15 (c)		85,960
		Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB)
	1,190,000	4.13%, 06/30/26 (c)		1,142,436
	450,000	5.00%, 12/31/24		514,148
	3,380,000	5.00%, 06/30/26 (c)		3,559,985
	1,135,000	5.00%, 06/30/26 (c)		1,266,354
	1,000,000	5.00%, 06/30/26 (c)		1,066,660
	500,000	5.00%, 06/30/26 (c)		522,210
	1,000,000	5.00%, 06/30/26		1,119,540
	1,800,000	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, USG Corp. Project (RB) 6.00%, 07/27/15 (c)		1,802,826
	2,170,000	Pennsylvania Higher Educational Facilities Authority (RB) 6.00%, 07/01/20 (c)		2,276,699
		Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB)
	350,000	5.88%, 06/15/22		373,226
	1,000,000	7.25%, 06/15/24 (c)		1,130,340
		Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, Inc. Project, Series A (RB)
	500,000	6.38%, 06/01/25 (c)		489,880
	500,000	6.50%, 06/01/25 (c)		489,315
	500,000	6.63%, 06/01/25 (c)		488,975
	2,130,000	Philadelphia Authority for Industrial Development. Esperanza Charter School Project (RB) 8.20%, 01/01/23 (c)		2,298,483
		Philadelphia Gas Works Co. (RB) (AMBAC)
	345,000	5.00%, 10/01/17 (c)		363,947
	135,000	5.00%, 10/01/17 (c)		142,970
	150,000	5.00%, 10/01/17		163,098
		Philadelphia Hospitals & Higher Education Facilities Authority, Temple University Health System Obligated Group, Series A (RB)
	880,000	5.00%, 07/01/17 (c)		884,242
	2,055,000	5.50%, 07/01/17 (c)		2,102,203
	1,455,000	5.63%, 07/01/22 (c)		1,541,427
	4,175,000	5.63%, 07/01/22 (c)		4,375,233
		Susquehanna Area Regional Airport Authority (RB)
	650,000	5.00%, 01/01/23 (c)		709,761
	1,500,000	5.00%, 01/01/23		1,671,225
				72,155,424
Puerto Rico: 2.7%
	450,000	Children’s Trust Fund (RB) 5.63%, 07/27/15 (c)		451,544
	25,000	Commonwealth of Puerto Rico, Public Improvement (GO) 5.25%, 07/01/18		17,188
		Commonwealth of Puerto Rico, Public Improvement, Series A (GO)
	65,000	4.00%, 07/01/20		41,031
	420,000	4.50%, 07/01/22 (c)		260,404
	110,000	4.75%, 07/01/22 (c)		67,513
	110,000	5.00%, 07/27/15 (c)		70,401
	160,000	5.00%, 07/27/15 (c)		100,400
	20,000	5.00%, 07/01/16 (c)		12,975
	125,000	5.00%, 07/01/17 (c)		81,069
	140,000	5.00%, 07/01/18 (c)		91,000
	275,000	5.00%, 07/01/22		178,406
	330,000	5.13%, 07/27/15 (c)		205,425
	20,000	5.25%, 07/27/15 (c)		13,025
	250,000	5.25%, 07/27/15 (c)		163,125
	85,000	5.25%, 07/01/16 (c)		55,356
	90,000	5.25%, 07/01/16		69,404
	70,000	5.25%, 07/01/18 (c)		44,626
	100,000	5.25%, 07/01/22 (c)		64,625
	100,000	5.50%, 07/01/16		88,072
	220,000	5.50%, 07/01/17		158,675
	650,000	5.50%, 07/01/18		442,000
	65,000	5.50%, 07/01/18 (c)		41,031
	100,000	5.50%, 07/01/19		65,625
	450,000	6.50%, 07/01/21 (c)		292,500
	5,960,000	8.00%, 07/01/20 (c)		4,127,300
		Commonwealth of Puerto Rico, Public Improvement, Series B (GO)
	45,000	5.00%, 07/01/16 (c)		27,675
	840,000	5.75%, 07/01/19 (c)		527,100
	30,000	Commonwealth of Puerto Rico, Public Improvement, Series C (GO) 6.00%, 07/01/19 (c)		19,050
		Commonwealth of Puerto Rico, Public Improvement, Series D (GO)
	100,000	4.25%, 07/01/16 (c)		64,125
	50,000	4.50%, 07/01/16 (c)		32,063
	10,000	5.00%, 07/01/16 (c)		6,538
		Commonwealth of Puerto Rico, Public Improvement, Series E (GO)
	270,000	5.38%, 07/01/21 (c)		169,763
	355,000	5.50%, 07/01/21 (c)		223,650
	85,000	5.63%, 07/01/16 (c)		53,869
		Puerto Rico Commonwealth Aqueduct & Sewer Authority, Series A (RB)
	30,000	5.25%, 07/01/22 (c)		21,675
	2,455,000	6.00%, 07/01/22 (c)		1,730,800
		Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
	1,040,000	5.00%, 07/01/22 (c)		725,400
	1,740,000	5.25%, 07/01/22 (c)		1,196,267
	700,000	5.75%, 07/01/22 (c)		493,500
	1,765,000	6.00%, 07/01/18 (c)		1,244,340
	13,000,000	Puerto Rico Commonwealth Children’s Trust Tobacco Settlement Asset-Backed Bond, Series A (RB) 7.05%, 07/27/15 (c) ^		1,049,100
	1,000,000	Puerto Rico Commonwealth Highways and Transportation Authority, Series N (RB) 5.50%, 07/01/23		402,500
	3,000,000	Puerto Rico Commonwealth Infrastructure Financing Authority, Series B (RB) 5.00%, 07/01/16 (c)		754,500
		Puerto Rico Commonwealth Public Improvement, Series A (GO)
	100,000	5.75%, 07/01/21 (c)		62,750
	305,000	6.00%, 07/01/21 (c)		193,675
	655,000	Puerto Rico Commonwealth Public Improvement, Series A (GO) 5.00%, 07/01/22 (c)		399,550
	460,000	Puerto Rico Commonwealth, Government Development, Series B (RB) 5.00%, 12/01/15		220,846
		Puerto Rico Convention Center District Authority, Series A (RB) (FGIC)
	115,000	4.13%, 07/01/16 (c)		76,788
	235,000	4.25%, 07/01/16 (c)		155,126
	25,000	4.50%, 07/01/16 (c)		18,563
	220,000	4.75%, 07/01/16 (c)		147,440
	65,000	5.00%, 07/01/16 (c)		43,726
	200,000	5.00%, 07/01/16 (c)		133,530
	285,000	5.00%, 07/01/16 (c)		189,562
	500,000	5.00%, 07/01/16 (c)		331,310
		Puerto Rico Electric Power Authority, Series A (RB)
	890,000	4.80%, 07/01/22 (c)		522,875
	350,000	7.00%, 07/01/23 (c)		205,625
		Puerto Rico Electric Power Authority, Series AAA (RB)
	120,000	5.25%, 07/01/20 (c)		141,000
	325,000	5.25%, 07/01/20 (c)		191,750
		Puerto Rico Electric Power Authority, Series CCC (RB)
	25,000	4.80%, 07/01/20 (c)		14,688
	40,000	5.00%, 07/27/15 (c)		23,500
	125,000	5.00%, 07/01/20 (c)		73,438
		Puerto Rico Electric Power Authority, Series DDD (RB)
	165,000	5.00%, 07/01/20 (c)		96,938
	975,000	5.00%, 07/01/20 (c)		575,250
	525,000	5.00%, 07/01/20		309,750
		Puerto Rico Electric Power Authority, Series TT (RB)
	100,000	4.20%, 07/01/17 (c)		59,000
	1,060,000	5.00%, 07/01/17 (c)		622,751
	375,000	5.00%, 07/01/17		221,258
	260,000	5.00%, 07/01/17 (c)		153,400
	60,000	Puerto Rico Electric Power Authority, Series VV (RB) 5.50%, 07/01/18 (c)		35,250
		Puerto Rico Electric Power Authority, Series WW (RB)
	85,000	5.38%, 07/01/18 (c)		49,938
	45,000	5.50%, 07/01/18 (c)		26,550
		Puerto Rico Electric Power Authority, Series ZZ (RB)
	500,000	4.00%, 07/01/16		295,000
	190,000	4.25%, 07/01/20		112,100
	500,000	5.00%, 07/01/16		295,000
	25,000	5.00%, 07/01/17		14,751
	385,000	5.00%, 07/01/18		227,150
	675,000	5.25%, 07/01/20 (c)		396,563
	50,000	5.25%, 07/01/20		29,500
	25,000	5.25%, 07/01/20 (c)		14,688
	290,000	Puerto Rico Government Development, Series B (RB) 5.00%, 12/01/16		116,073
		Puerto Rico Highways and Transportation Authority (RB)
	890,000	5.00%, 07/27/15 (c)		358,225
	340,000	5.00%, 01/01/16 (c)		136,850
	390,000	5.25%, 07/27/15 (c)		287,032
	845,000	5.75%, 07/27/15 (c)		587,351
	175,000	Puerto Rico Highways and Transportation Authority, Series G (RB) 5.00%, 07/27/15 (c)		70,438
		Puerto Rico Highways and Transportation Authority, Series I (RB) (FGIC)
	200,000	5.00%, 07/27/15 (c)		128,502
	50,000	5.00%, 07/27/15 (c)		32,625
	280,000	5.00%, 07/27/15 (c)		185,500
	185,000	Puerto Rico Highways and Transportation Authority, Series J (RB) (FGIC) 5.00%, 07/27/15 (c)		132,504
		Puerto Rico Highways and Transportation Authority, Series K (RB)
	50,000	5.00%, 07/27/15 (c)		21,626
	400,000	5.00%, 07/27/15 (c)		161,000
	155,000	5.00%, 07/27/15 (c)		69,876
	500,000	5.00%, 07/27/15 (c)		255,275
	115,000	5.00%, 07/27/15 (c)		55,281
	2,720.000	Puerto Rico Highways and Transportation Authority, Series M (RB) 5.00%, 07/01/17 (c)		1,094,802
		Puerto Rico Highways and Transportation Authority, Series N (RB)
	385,000	5.50%, 07/01/21		158,813
	1,055,000	5.50%, 07/01/22		424,638
	2,000,000	5.50%, 07/01/24		805,000
	1,500,000	5.50%, 07/01/25		603,750
	1,500,000	5.50%, 07/01/26		603,750
	50,000	21.06%, 07/01/20 ^		17,384
		Puerto Rico Infrastructure Financing Authority (RB) (FGIC)
	125,000	4.00%, 07/01/18		82,530
	345,000	4.00%, 12/15/21		187,163
	100,000	4.63%, 12/15/21 (c)		51,250
	290,000	5.00%, 07/27/15 (c)		72,938
	55,000	5.00%, 07/01/16 (c)		16,090
	1,065,000	5.00%, 07/01/16 (c)		351,525
	265,000	5.00%, 07/01/16 (c)		84,153
	100,000	5.00%, 12/15/21 (c)		50,250
	1,000,000	5.00%, 12/15/21 (c)		542,500
	860,000	5.25%, 12/15/21 (c)		423,550
	100,000	5.50%, 07/01/19		64,105
		Puerto Rico Public Buildings Authority (RB) (COMWLTH GTD)
	250,000	5.00%, 07/01/17 (c)		139,375
	110,000	5.00%, 07/01/20		69,438
	1,500,000	5.50%, 07/01/17 (c) (p)		1,493,865
	180,000	5.63%, 07/01/19 (c)		102,600
	40,000	7.00%, 07/27/15 (c)		26,150
		Puerto Rico Public Buildings Authority, Series D (RB) (COMWLTH GTD)
	325,000	5.25%, 07/23/15 (c)		182,000
	35,000	5.25%, 07/23/15 (c)		20,478
		Puerto Rico Public Buildings Authority, Series I (RB) (COMWLTH GTD)
	705,000	5.00%, 07/27/15 (c)		393,038
	1,570,000	5.25%, 07/27/15 (c)		887,050
		Puerto Rico Public Buildings Authority, Series N (RB) (COMWLTH GTD)
	1,485,000	5.00%, 07/01/17 (c)		831,600
	25,000	5.50%, 07/01/17 (c)		17,880
		Puerto Rico Public Buildings Authority, Series P (RB) (COMWLTH GTD)
	35,000	6.00%, 07/01/19 (c)		22,531
	20,000	6.00%, 07/01/19		13,523
	1,165,000	6.75%, 07/01/19 (c)		699,000
	745,000	Puerto Rico Public Buildings Authority, Series Q (RB) (COMWLTH GTD) 5.50%, 07/27/15 (c)		423,719
		Puerto Rico Public Buildings Authority, Series S (RB) (COMWLTH GTD)
	170,000	5.50%, 07/01/16 (c)		103,148
	505,000	5.75%, 07/01/16 (c)		311,262
	1,655,000	6.00%, 07/01/21 (c)		968,175
	200,000	Puerto Rico Public Buildings Authority, Series U (RB) (COMWLTH GTD) 5.25%, 07/01/22 (c)		111,500
	1,865,000	Puerto Rico Public Financing Corp., Series B (RB) 5.50%, 08/01/21 (c) (d)		247,113
		Puerto Rico Sales Tax Financing Corp. (RB)
	730,000	5.25%, 08/01/21 (c)		284,700
	125,000	5.25%, 08/01/21 (c)		75,938
	190,000	5.50%, 08/01/19 (c)		74,100
	500,000	5.50%, 02/01/20 (c)		195,000
	855,000	6.00%, 08/01/19 (c)		337,725
	265,000	6.00%, 08/01/20 (c)		104,675
		Puerto Rico Sales Tax Financing Corp., Sales Tax Revenue, Series C (RB)
	1,520,000	5.00%, 08/01/21 (c)		904,400
	150,000	5.25%, 08/01/20 (c)		58,500
	680,000	7.89%, 08/01/34 ^		132,682
		Puerto Rico Sales Tax Financing Corp., Series A (RB)
	150,000	5.00%, 08/01/19 (c)		58,500
	100,000	8.69%, 08/01/35 ^		10,686
	50,000	8.70%, 08/01/34 ^		5,838
		University of Puerto Rico, Series P (RB)
	90,000	5.00%, 06/01/16 (c)		44,333
	785,000	5.00%, 06/01/16 (c)		398,226
	500,000	5.00%, 06/01/16 (c)		246,330
				40,852,641
Rhode Island: 0.4%
	3,000,000	Rhode Island Health And Educational Building Corp., Tockwotton Home (RB) 8.38%, 01/01/21 (c)		3,389,400
		Tobacco Settlement Financing Corp. (RB)
	2,000,000	4.50%, 06/01/25 (c)		1,932,960
	1,000,000	5.00%, 06/01/25 (c)		1,009,980
	200,000	6.46%, 06/01/17 (c) ^		18,406
	30,000	Tobacco Settlement Financing Corp., Series A (RB) 5.00%, 06/01/23		33,842
				6,384,588
South Carolina: 1.4%
	75,000	South Carolina Jobs Economic Development Authority, Series A (RB) 5.00%, 08/01/23 (c)		81,744
		South Carolina Jobs-Economic Development Authority, First Mortgage Health Care Facilities, The Lutheran Homes of South Carolina, Inc. (RB)
	3,450,000	5.50%, 05/01/17 (c)		3,520,138
	3,100,000	5.63%, 05/01/17 (c)		3,118,290
	9,685,000	South Carolina Jobs-Economic Development Authority, Hospital Improvement, Hampton Regional Medical Center Project (RB) 5.25%, 11/01/16 (c)		8,850,831
	600,000	South Carolina Jobs-Economic Development Authority, Palmetto Health (RB) 5.38%, 08/01/19 (c)		668,964
	4,370,000	South Carolina Jobs-Economic Development Authority, Palmetto Health, Series A (RB) 5.25%, 08/01/23 (c)		4,847,510
				21,087,477
South Dakota: 0.4%
		Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB)
	5,175,000	5.00%, 11/15/16 (c)		5,189,852
	1,250,000	5.00%, 11/15/16 (c)		1,274,112
				6,463,964
Tennessee: 1.2%
		Chattanooga-Hamilton County, Tennessee Hospital Authority, Series A (RB)
	500,000	5.00%, 10/01/24 (c)		530,900
	5,000,000	5.00%, 10/01/24 (c)		5,270,050
	975,000	5.00%, 10/01/24 (c)		1,052,961
	110,000	County of Claiborne, Tennessee (GO) 4.13%, 04/01/20 (c)		117,657
		Johnson City Health & Educational Facilities Board (RB)
	100,000	5.38%, 07/01/20 (c)		111,578
	185,000	5.50%, 07/01/16 (c)		191,236
	180,000	5.63%, 07/01/20 (c)		200,444
		Shelby County, Tennessee Health, Educational and Housing Facility Board, The Village at Germantown (RB)
	2,000,000	5.25%, 12/01/22 (c)		2,030,200
	2,500,000	5.38%, 12/01/22 (c)		2,547,500
		Shelby County, Tennessee Health, Educational and Housing Facility Board, Trezevant Manor Project, Series A (RB)
	1,150,000	5.38%, 09/01/23 (c)		1,149,896
	3,000,000	5.50%, 09/01/23 (c)		2,999,820
	1,000,000	5.63%, 09/01/16 (c)		1,026,720
	990,000	Sullivan County Health Educational & Housing Facilities Board (RB) 5.00%, 09/01/16 (c)		1,037,362
	395,000	Sullivan County, Tennessee Health, Educational and Housing Facilities Board, Series C (RB) 5.25%, 09/01/16 (c)		410,476
	70,000	Tennessee Energy Acquisition Corp. (RB) 5.63%, 09/01/26		81,456
				18,758,256
Texas: 8.3%
	5,000	Beaumont, Texas Independent School District (GO) (AGO) 5.00%, 02/15/17 (c)		5,245
	2,500,000	Brazoria County, Texas Health Facilities Development Corp. (RB) 5.25%, 07/01/22 (c)		2,528,725
	10,000	Central Texas Regional Mobility Authority, Senior Lien (RB) 6.00%, 01/01/21 (c)		11,704
		Central Texas Regional Mobility Authority, Senior Lien, Series A (RB)
	1,205,000	5.00%, 01/01/23 (c)		1,284,711
	1,260,000	5.00%, 01/01/23 (c)		1,368,612
		Central Texas Regional Mobility Authority, Subordinated Lien (RB)
	350,000	5.00%, 01/01/23 (c)		368,333
	400,000	5.00%, 01/01/23 (c)		427,784
	2,255,000	6.25%, 01/01/21 (c)		2,632,825
		City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB)
	7,885,000	4.75%, 07/01/24		8,384,751
	1,150,000	5.00%, 07/01/24 (c)		1,200,335
		City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-1 (RB)
	1,000,000	5.00%, 07/15/25 (c)		1,030,800
	2,500,000	5.00%, 07/15/25 (c)		2,601,300
	1,000,000	City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-2 (RB) 5.00%, 07/15/20		1,075,060
	2,900,000	City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series C (RB) 5.00%, 07/15/20		3,063,502
	580,000	Grand Parkway Transportation Corp. (RB) 5.50%, 10/01/23 (c)		634,514
		Gregg County Health Facilities Development Corp., Series C (RB)
	95,000	5.00%, 07/01/22 (c)		85,659
	3,100,000	5.00%, 07/01/22 (c)		2,977,767
	2,500,000	Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c)		2,604,800
	1,000,000	Harris County, Texas Cultural Education Facilities, Brazos Presbyterian Homes, Inc. Project, Series A (RB) 5.13%, 01/01/23 (c)		985,180
	2,050,000	Houston, Texas Airport System Special Facilities Revenue, Continental Airlines, Inc. Terminal Improvement Projects (RB) 6.50%, 07/15/21 (c)		2,383,391
	340,000	IAH Public Facility Corp. (RB) 6.13%, 07/24/15 (c)		119,000
	675,000	La Vernia Higher Education Finance Corp., Meridian World School, Series A (RB) 5.50%, 08/15/24 (c)		672,037
		Love Field Airport Modernization Corp., Southwest Airline Co. (RB)
	250,000	5.00%, 11/01/18		276,135
	865,000	5.00%, 11/01/22 (c)		951,941
	280,000	5.00%, 11/01/22		321,880
	1,035,000	5.25%, 11/01/20 (c)		1,119,415
	2,900,000	Matagorda County, Texas Navigation District No. 1 (RB) 4.00%, 06/03/23 (c)		2,909,541
		New Hope Cultural Education Facilities Corp., Series A (RB)
	1,500,000	5.00%, 04/01/24 (c)		1,528,395
	500,000	5.00%, 07/01/25 (c)		512,945
	650,000	North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/24 (c)		713,004
	4,500,000	North Texas Tollway Authority, Series A (RB) 5.00%, 01/01/25 (c)		4,979,835
	2,930,000	North Texas Tollway Authority, Series F (RB) 5.75%, 01/01/18 (c)		3,276,326
	150,000	Port Freeport, Texas (RB) 4.95%, 05/15/17 (c)		159,380
	2,000,000	Port of Bay City Authority of Matagorda County, Texas, Hoechst Celanese Corp. Project (RB) 6.50%, 07/27/15 (c)		2,003,320
	2,060,000	Red River Authority of Texas, Celanese Project, Series B (RB) 6.70%, 07/27/15 (c)		2,070,691
	1,000,000	Red River Health Facilities Development Corp., Eden Home, Inc. Project (RB) 7.25%, 12/01/21 (c)		952,750
	2,715,000	Sam Rayburn Municipal Power Agency, Power Supply System (RB) 5.00%, 10/01/21		3,131,752
		San Antonio, Texas Convention Hotel Finance Corp. (RB) (AMBAC)
	50,000	4.75%, 07/27/15 (c)		50,056
	500,000	5.00%, 07/27/15 (c)		501,160
	9,900,000	Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB) 8.00%, 07/01/22 (c)		10,714,770
	215,000	Tarrant County Cultural Education Facilities Finance Corp., Series C-1 (RB) 7.50%, 07/27/15 (c)		213,916
	1,050,000	Tarrant County, Texas Cultural Education Facilities Finance Corp., Stayton at Museum Way Project, Series A (RB) 8.00%, 11/15/19 (c)		1,052,047
		Texas Municipal Gas Acquisition & Supply Corp. I (RB)
	95,000	5.25%, 12/15/24		110,059
	40,000	5.25%, 12/15/25		46,188
	495,000	5.25%, 12/15/26		570,087
		Texas Municipal Gas Acquisition & Supply Corp. III (RB)
	1,540,000	5.00%, 12/15/22 (c)		1,665,849
	60,000	5.00%, 12/15/22 (c)		64,623
	125,000	5.00%, 12/15/22 (c)		134,465
	2,600,000	5.00%, 12/15/22 (c)		2,824,666
	2,240,000	5.00%, 12/15/22 (c)		2,527,549
	1,570,000	5.00%, 12/15/22 (c)		1,743,108
	1,000,000	5.00%, 12/15/22 (c)		1,102,010
		Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply, Senior Lien Series A (RB)
	25,000	5.00%, 12/15/16		26,244
	95,000	5.25%, 12/15/18		104,660
	45,000	5.25%, 12/15/22		51,834
	100,000	5.25%, 12/15/23		115,725
	450,000	5.63%, 12/15/17		476,379
	510,000	Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/22 (c)		570,828
		Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply (RB)
	5,000	5.00%, 12/15/18		5,547
	500,000	5.00%, 12/15/21		575,615
	1,615,000	5.00%, 12/15/22		1,853,293
	11,660,000	Texas Municipal Gas Acquisition and Supply Corp., Senior Lien, Series D (RB) 6.25%, 12/15/26		14,023,948
	1,750,000	Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group, LLC Project, Senior Lien (RB) 7.00%, 06/30/20 (c)		2,088,012
		Texas Transportation Commission, Central Texas Turnpike System, Series C (RB)
	5,000,000	5.00%, 08/15/24 (c)		5,360,050
	4,000,000	5.00%, 08/15/24 (c)		4,322,600
	500,000	5.00%, 08/15/24 (c)		544,290
		Town of Westlake, Texas (SA)
	1,000,000	6.13%, 09/01/25 (c)		964,190
	1,000,000	6.25%, 09/01/25 (c)		960,860
	1,000,000	6.38%, 09/01/25 (c)		958,730
		Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series A (RB)
	705,000	6.00%, 01/01/21 (c)		755,513
	2,950,000	7.00%, 01/01/21 (c)		3,213,169
	2,480,000	7.13%, 01/01/21 (c)		2,666,074
		Tyler Health Facilities Development Corp. (RB)
	80,000	5.25%, 11/01/17 (c)		82,082
	850,000	5.25%, 11/01/17 (c)		883,396
	450,000	5.38%, 11/01/17 (c)		462,416
				125,739,353
Vermont: 0.1%
	1,100,000	Vermont Economic Development Authority, Wake Robin Corp. Project (RB) 5.40%, 05/01/22 (c)		1,121,670
Virgin Islands: 1.2%
		Virgin Islands Public Finance Authority, Series A (RB)
	1,450,000	5.00%, 10/01/20		1,591,288
	440,000	5.00%, 10/01/20 (c)		482,830
	4,650,000	5.00%, 10/01/22 (c)		5,034,276
	1,000,000	6.75%, 10/01/19 (c)		1,145,220
	25,000	Virgin Islands Public Finance Authority, Series A-1 (RB) 5.00%, 10/01/19 (c)		26,968
		Virgin Islands Public Finance Authority, Series B (RB)
	170,000	5.00%, 10/01/19 (c)		187,342
	1,000,000	5.00%, 10/01/19		1,104,490
	1,260,000	5.25%, 10/01/20 (c)		1,394,429
		Virgin Islands Public Finance Authority, Series C (RB)
	250,000	5.00%, 10/01/19 (c)		275,555
	4,250,000	5.00%, 10/01/24 (c)		4,523,997
		Virgin Islands Water and Power Authority, Series B (RB)
	1,070,000	5.00%, 07/01/17 (c)		1,079,812
	1,125,000	5.00%, 07/01/17 (c)		1,136,756
				17,982,963
Virginia: 2.9%
		Albemarle County, Virginia Economic Development Authority, Series A (RB)
	640,000	4.63%, 01/01/23 (c)		621,696
	1,500,000	5.00%, 01/01/23 (c)		1,532,505
		Bristol Industrial Development Authority, Series B (RB)
	1,750,000	5.00%, 11/01/24 (c)		1,739,307
	250,000	6.35%, 11/01/24 (c)		247,998
		Cherry Hill Community Development Authority (SA)
	200,000	5.15%, 03/01/25 (c)		200,592
	500,000	5.40%, 03/01/25 (c)		506,690
	650,000	Chesterfield Economic Development Authority, Brandermill Woods Project (RB) 4.13%, 01/01/22 (c)		657,462
	2,750,000	City of Chesapeake, Virginia Chesapeake Expressway Toll Road Revenue (RB) 5.00%, 07/15/22 (c)		2,910,105
	1,000,000	County of Botetourt, Virginia Industrial Development Authority (RB) 6.00%, 07/01/24 (c)		995,850
		Fairfax County, Virginia Economic Development Authority, Series A (RB)
	430,000	4.00%, 12/01/22		439,469
	1,000,000	5.00%, 12/01/23 (c)		1,016,270
	2,000,000	5.00%, 12/01/23 (c)		2,025,680
	1,520,000	5.13%, 10/01/17 (c)		1,574,629
		Fairfax County, Virginia Mosaic District Community Development Authority, Series A (SA)
	1,450,000	6.63%, 03/01/21 (c)		1,644,575
	1,000,000	6.88%, 03/01/21 (c)		1,142,830
		Hanover County, Virginia Economic Development Authority, Series A (RB)
	570,000	4.00%, 07/01/22		572,747
	1,500,000	5.00%, 07/01/22 (c)		1,506,015
	1,500,000	5.00%, 07/01/22 (c)		1,509,510
	1,000,000	Peninsula Ports Authority, Residential Care Facility Revenue, Series C (RB) 5.40%, 12/01/16 (c)		951,350
		Route 460 Funding Corp., Series A (RB)
	5,000,000	5.00%, 07/01/23 (c)		5,294,150
	2,750,000	5.13%, 07/01/23 (c)		2,950,117
	355,000	Stafford County Economic Development Authority (RB) 5.25%, 06/15/16 (c)		364,021
	6,400,000	Tobacco Settlement Financing Corp., Senior Series B-1 (RB) 5.00%, 06/01/17 (c)		4,425,088
	1,000,000	Virginia College Building Authority, Marymount University Project, Series A (RB) 5.00%, 07/01/25 (c)		980,180
	300,000	Virginia College Building Authority, Marymount University Project, Series B (RB) 5.25%, 07/01/25 (c)		310,770
		Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB)
	2,045,000	5.50%, 07/01/22 (c)		2,215,594
	3,000,000	6.00%, 07/01/22 (c)		3,424,830
	2,750,000	Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB) 5.00%, 01/01/22 (c)		2,862,915
				44,622,945
Washington: 1.3%
	1,000,000	Greater Wenatchee Regional Events Center Public Facilities, Series A (RB) 5.50%, 09/01/22 (c)		1,044,570
		King County Public Hospital District No. 4, Snoqualmie Valley Hospital, Series A (GO)
	1,000,000	5.00%, 12/01/25 (c)		973,080
	500,000	5.75%, 12/01/25 (c)		487,540
	500,000	6.00%, 12/01/25 (c)		485,675
	250,000	6.25%, 12/01/25 (c)		243,350
	2,900,000	Port of Seattle Industrial Development Corp., Delta Air Lines, Inc. Project (RB) 5.00%, 04/01/23 (c)		3,017,624
	100,000	Washington Health Care Facilities Authority, Central Washington Health Services (RB) 7.00%, 07/01/19 (c)		121,678
	3,000,000	Washington State Housing Finance Commission, Mirabella Project, Series A (RB) 6.75%, 10/01/22 (c)		3,168,270
		Washington State Housing Finance Commission, Skyline at First Hill Project, Series A (RB)
	1,100,000	5.25%, 01/01/17		1,109,284
	5,800,000	5.63%, 01/01/17 (c)		5,438,602
	2,850,000	5.63%, 01/01/17 (c)		2,859,547
				18,949,220
West Virginia: 0.9%
	1,250,000	County of Pleasants, West Virginia (RB) 5.25%, 10/15/17 (c)		1,291,212
	5,275,000	Philippi, West Virginia, The Philippi Municipal Building Commission, Series A (RB) 7.75%, 10/01/22 (c) (d)		4,221,635
	2,000,000	West Virginia Hospital Finance Authority, Highland Hospital Obligated Group (RB) 9.13%, 10/01/21 (c)		2,174,980
		West Virginia Hospital Finance Authority, Thomas Health System, Inc. (RB)
	2,000,000	6.50%, 10/01/18 (c)		2,059,360
	1,500,000	6.50%, 10/01/18 (c)		1,582,710
	2,005,000	6.75%, 10/01/18 (c)		2,077,100
				13,406,997
Wisconsin: 1.0%
	2,160,000	New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series B (RB) 5.00%, 07/01/22		2,309,083
	500,000	Public Finance Authority, National Gypsum Comp. (RB) 5.25%, 11/01/24 (c)		505,430
	1,000,000	Public Finance Authority, Rose Villa Project, Series A (RB) 5.00%, 11/15/24		1,044,290
	2,500,000	Public Finance Authority, Roseman University of Health Sciences Project (RB) 5.88%, 04/01/25 (c)		2,426,400
	2,980,000	Public Finance Authority, Transportation Infrastructure Properties, LLC Obligated Group, Series G (RB) 5.00%, 07/01/22 (c)		3,067,463
	1,750,000	Wisconsin Health & Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series B (RB) 5.13%, 08/15/16 (c)		1,803,725
	1,000,000	Wisconsin Health and Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Series A (RB) 5.13%, 02/01/23 (c)		1,038,710
	450,000	Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB) 5.25%, 08/15/16 (c)		463,964
	2,500,000	Wisconsin Public Finance Authority, Continuing Care Retirement Community, The Glenridge on Palmer Ranch, Inc. Project, Series A (RB) 8.25%, 06/01/21 (c)		2,878,775
				15,537,840
Total Municipal Bonds (Cost: $1,487,051,359)				1,496,207,160

	Number of Shares
MONEY MARKET FUND: 0.4% (Cost: $6,229,416)
6,229,416		Dreyfus Tax Exempt Cash Management Fund - Class B Shares		6,229,416
Total Investments: 99.1% (Cost: $1,493,280,775)				1,502,436,576
Other assets less liabilities: 0.9%				13,909,169
NET ASSETS: 100.0%			$	1,516,345,745

ACA	Credit Agricole SA
AGO	Assured Guaranty Ltd.
AMBAC	American Municipal Bond Assurance Corp.
CIFG	CDC Ixis Financial Guaranty
COMWLTH GTD	Commonwealth Guaranteed
CP	Certificate of Participation
FGIC	Financial Guaranty Insurance Co.
FHA	Federal Housing Association
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SA	Special Assessment
ST	Special Tax
TA	Tax Allocation
XLCA	Syncora Guarantee, Inc.

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
*	Non-income producing
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date
§	Illiquid Security — the aggregate value of illiquid securities is $1,487,500 which represents 0.1% of net assets.

Summary of Investments By Sector (unaudited)	% of Investments		Value
Education	8.5	%	$	127,575,079
Health Care	29.2			439,380,283
Housing	0.2			2,595,859
Industrial Revenue	35.7			536,070,756
Leasing	1.6			23,461,668
Local	1.7			26,225,519
Power	2.0			29,339,717
Solid Waste/Resource Recovery	0.5			7,930,546
Special Tax	6.8			101,655,142
State	1.2			18,527,585
Transportation	9.9			148,285,232
Water & Sewer	2.3			35,159,774
Money Market Fund	0.4			6,229,416
	100.0	%	$	1,502,436,576

The summary of inputs used to value the Fund’s investments as of July 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	1,496,207,160	$	—	$	1,496,207,160
Money Market Fund		6,229,416		—		—		6,229,416
Total	$	6,229,416	$	1,496,207,160	$	—	$	1,502,436,576

*	See Schedule of Investments for security type and geographic sector breakouts.

There were no transfers between levels during the period ended July 31, 2015.

See Notes to Schedules of Investments

INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 98.7%
Alabama: 0.7%
		Alabama Federal Aid Highway Finance Authority (RB)
$	100,000	5.00%, 09/01/21	$	117,447
	100,000	5.00%, 09/01/22 (c)		114,300
		Alabama Public School & College Authority, Series B (RB)
	500,000	5.00%, 07/01/24 (c)		591,785
	2,785,000	5.00%, 07/01/24 (c)		3,315,682
	1,500,000	5.00%, 07/01/24 (c)		1,807,005
	350,000	Alabama Public School and College Authority, Series B (RB) 5.00%, 03/01/21		411,765
	35,000	Birmingham Airport Authority (RB) (AGM) 5.25%, 07/01/20 (c)		39,040
	95,000	Birmingham Water Works Board, Series A (RB) 5.00%, 01/01/21 (c)		108,589
	50,000	City of Huntsville, Alabama, Series A (GO) 5.00%, 09/01/21 (c)		57,274
	640,000	Shelby County, Alabama Board of Education (RB) 4.25%, 02/01/21 (c)		677,216
	900,000	State of Alabama, Series A (GO) 5.00%, 08/01/23		1,096,209
				8,336,312
Alaska: 0.0%
	70,000	Alaska Housing Finance Corp. (RB) 5.00%, 12/01/20 (c)		81,203
	300,000	City of Valdez, Alaska BP Pipelines, Inc. Project, Series B (RB) 5.00%, 01/01/21		339,966
				421,169
Arizona: 2.3%
	1,990,000	Apache County Industrial Development Authority, Series A (RB) 4.50%, 03/01/22 (c)		2,137,320
	320,000	Arizona Board of Regents, University of Arizona Projects, Series C (CP) 5.00%, 06/01/22 (c)		355,866
		Arizona Department of Transportation State Highway Fund Revenue, Series A (RB)
	1,000,000	4.00%, 07/01/22 (c)		1,058,730
	1,275,000	5.00%, 07/01/22 (c)		1,464,656
	310,000	5.25%, 07/01/21 (c)		363,022
	1,310,000	Arizona Sports & Tourism Authority, Series A (RB) 5.00%, 07/01/22 (c)		1,409,599
	215,000	Arizona Sports and Tourism Authority, Series A (RB) 5.00%, 07/01/22 (c)		227,719
	500,000	Arizona State Certificates of Participation, Department of Administration, Series B (CP) (AGM) 5.00%, 04/01/20 (c)		569,695
	500,000	Arizona State Transportation Board, Maricopa County Regional Area Road Fund (RB) 5.00%, 07/01/20 (c)		584,265
		Arizona State Transportation Board, Subordinated Highway Revenue, Series A (RB)
	680,000	5.00%, 07/01/21 (c)		795,566
	1,200,000	5.00%, 07/01/21 (c)		1,402,476
	2,000,000	5.00%, 07/01/22 (c)		2,331,820
	60,000	Arizona Water Infrastructure Finance Authority, Series A (RB) 5.00%, 10/01/22 (c)		72,121
		City of Mesa, Arizona (RB)
	1,165,000	3.25%, 07/01/24 (c)		1,143,331
	740,000	3.25%, 07/01/24 (c)		731,816
	625,000	4.00%, 07/01/24 (c)		682,194
		City of Phoenix Civic Improvement Corp. (RB)
	1,250,000	4.00%, 07/01/24 (c)		1,356,187
	950,000	5.00%, 07/01/21 (c)		1,117,247
	1,020,000	5.00%, 07/01/24 (c)		1,225,142
	100,000	5.00%, 07/01/24 (c)		117,404
		City of Phoenix, Arizona (GO)
	260,000	4.00%, 07/01/22		294,276
	1,500,000	4.00%, 07/01/24 (c)		1,692,660
	1,045,000	City of Phoenix, Series A (GO) 4.00%, 07/01/22 (c)		1,141,056
	5,000	Regional Transportation Authority of Pima County, Arizona (RB) 5.00%, 06/01/21 (c)		5,791
		Salt River Project Agricultural Improvement and Power District, Series A (RB)
	300,000	5.00%, 12/01/21 (c)		356,130
	1,000,000	5.00%, 12/01/21 (c)		1,177,960
	660,000	5.00%, 12/01/21 (c)		779,170
	1,000,000	5.00%, 12/01/21 (c)		1,161,830
	275,000	5.00%, 06/01/22 (c)		316,192
				26,071,241
Arkansas: 0.8%
	770,000	City of Little Rock, Arkansas Sewer Revenue (RB) 4.70%, 04/01/25 (c)		879,694
	220,000	City of Rogers, Arkansas (RB) 4.00%, 11/01/21 (c)		233,224
		State of Arkansas, Federal Highway Grant Anticipation (GO)
	2,685,000	4.00%, 10/01/23 (c)		3,029,002
	125,000	5.00%, 10/01/23		152,351
	3,425,000	5.00%, 10/01/24 (c)		4,162,368
				8,456,639
California: 14.7%
	265,000	Alameda Corridor Transportation Authority, Senior Lien (RB) 5.00%, 10/01/21		313,519
		Alameda County, California Joint Powers Authority, Series A (RB)
	25,000	5.25%, 12/01/23 (c)		29,970
	1,880,000	5.25%, 12/01/23 (c)		2,277,225
	50,000	Bay Area Toll Authority, Series F-1 (RB) 5.00%, 04/01/22 (c)		58,996
	2,270,000	Bay Area Water Supply and Conservation Agency, Series A (RB) 5.00%, 04/01/23 (c)		2,640,782
		California Health Facilities Financing Authority, Series A (RB)
	100,000	5.00%, 11/15/22 (c)		110,370
	1,175,000	5.00%, 03/01/23 (c)		1,377,370
	25,000	5.00%, 07/01/23 (c)		29,576
	1,000,000	5.00%, 10/01/24 (c)		1,162,520
	105,000	5.25%, 03/01/21 (c)		123,210
	150,000	California Infrastructure and Economic Development Bank (RB) 5.00%, 02/01/23 (c)		173,471
		California State Department of Veterans Affairs, Series A (RB)
	595,000	3.50%, 06/01/21 (c)		626,380
	100,000	3.88%, 06/01/21 (c)		104,803
		California State Public Works Board, Series A (RB)
	55,000	4.00%, 03/01/23 (c)		58,931
	100,000	5.00%, 10/01/21 (c)		115,102
	500,000	5.00%, 04/01/22 (c)		579,175
	350,000	5.00%, 03/01/23 (c)		408,965
	150,000	5.00%, 03/01/23		180,537
	75,000	5.00%, 09/01/24 (c)		89,329
	50,000	5.00%, 09/01/24 (c)		59,154
	500,000	5.00%, 09/01/24 (c)		602,695
	20,000	California State Public Works Board, Series A-1 (RB) 5.13%, 03/01/20 (c)		23,020
		California State Public Works Board, Series B (RB)
	1,000,000	5.00%, 10/01/24 (c)		1,184,540
	650,000	5.00%, 10/01/24		795,931
		California State Public Works Board, Series C (RB)
	210,000	4.00%, 06/01/22 (c)		223,396
	60,000	5.00%, 06/01/21		71,077
	75,000	5.25%, 10/01/24 (c)		89,948
	675,000	5.25%, 10/01/24 (c)		826,038
		California State Public Works Board, Series D (RB)
	165,000	5.00%, 12/01/21 (c)		190,021
	225,000	5.00%, 09/01/24 (c)		271,213
	50,000	5.25%, 12/01/21 (c)		59,539
		California State Public Works Board, Series E (RB)
	1,000,000	5.00%, 06/01/23 (c)		1,164,230
	1,500,000	5.00%, 06/01/23 (c)		1,734,885
	350,000	5.00%, 06/01/23 (c)		414,537
	50,000	5.00%, 06/01/23 (c)		58,597
		California State Public Works Board, Series G (RB)
	50,000	5.00%, 12/01/21		60,216
	505,000	5.00%, 12/01/21 (c)		608,177
	1,370,000	5.00%, 12/01/21 (c)		1,649,905
	1,250,000	5.00%, 11/01/22 (c)		1,421,987
	125,000	5.00%, 11/01/22 (c)		149,223
	1,655,000	5.00%, 09/01/23 (c)		1,932,014
		California State Public Works Board, Series I (RB)
	150,000	4.00%, 11/01/23 (c)		165,362
	90,000	5.00%, 11/01/23 (c)		107,991
	1,750,000	5.00%, 11/01/23		2,123,205
	1,195,000	California State University, Systemwide, Series A (RB) 4.00%, 11/01/22 (c)		1,272,998
		California State, Various Purpose (GO)
	515,000	3.50%, 02/01/22 (c)		541,255
	1,000,000	4.00%, 09/01/21		1,134,000
	250,000	4.00%, 10/01/21		283,780
	1,090,000	5.00%, 04/01/18 (c)		1,200,035
	4,115,000	5.00%, 04/01/18 (c)		4,516,747
	1,250,000	5.00%, 09/01/18 (c)		1,395,650
	965,000	5.00%, 09/01/18 (c)		1,075,579
	1,840,000	5.00%, 09/01/21		2,192,397
	850,000	5.00%, 10/01/21		1,014,356
	500,000	5.00%, 10/01/21		596,680
	200,000	5.00%, 11/01/21		238,906
	100,000	5.00%, 02/01/22 (c)		117,109
	500,000	5.00%, 04/01/22 (c)		589,955
	1,000,000	5.00%, 09/01/22 (c)		1,188,210
	855,000	5.00%, 10/01/22		1,028,360
	925,000	5.00%, 10/01/22		1,112,553
	770,000	5.00%, 12/01/22		928,343
	1,400,000	5.00%, 09/01/23 (c)		1,646,554
	755,000	5.00%, 09/01/23 (c)		906,853
	1,475,000	5.00%, 09/01/23		1,792,287
	2,150,000	5.00%, 09/01/23 (c)		2,603,607
	830,000	5.25%, 09/01/22		1,011,338
	500,000	California Statewide Communities Development Authority, Series B (RB) 5.00%, 07/01/24 (c)		566,350
		Chabot-Las Positas Community College District (GO)
	500,000	5.00%, 08/01/23 (c)		573,625
	250,000	5.00%, 08/01/23 (c)		298,803
	250,000	City and County of San Francisco, Series A (GO) 4.00%, 06/15/22 (c)		271,203
	550,000	City and County of San Francisco, Series R1 (GO) 5.00%, 12/15/21 (c)		651,332
		City of Los Angeles Department of Water and Power, Series A (RB)
	1,000,000	5.00%, 07/01/21 (c)		1,173,600
	500,000	5.00%, 01/01/23 (c)		584,015
	400,000	City of Los Angeles Department of Water and Power, Series B (RB) 5.00%, 07/01/23 (c)		471,320
	175,000	City of Los Angeles, California Department of Airports (RB) 5.00%, 05/15/22		207,995
	600,000	City of Los Angeles, California Wastewater System Revenue, Series A (RB) 5.00%, 06/01/23 (c)		710,166
	1,750,000	City of Los Angeles, California, Series B (GO) 5.00%, 09/01/21		2,091,862
	1,525,000	City of San Francisco, Public Utilities Commission Water Revenue (RB) 5.50%, 11/01/20 (c)		1,818,471
	500,000	City of Torrance, Memorial Medical Center, Series A (RB) 4.75%, 09/01/20 (c)		539,410
	470,000	Contra Costa Community College District (GO) 4.00%, 08/01/22 (c)		492,179
	60,000	County of San Diego, California (CP) 5.00%, 10/15/24 (c)		70,261
	255,000	County of Santa Clara, California, Series B (GO) 3.00%, 08/01/22 (c)		245,246
		East Bay Municipal Utility District Water System Revenue, Series A (RB)
	70,000	5.00%, 06/01/20 (c)		81,178
	1,000,000	5.00%, 06/01/24 (c)		1,185,480
		East Bay Municipal Utility District Water System Revenue, Series B (RB)
	900,000	5.00%, 06/01/27		1,132,191
	1,750,000	5.00%, 06/01/29		2,207,065
	675,000	Fontana Unified School District, San Bernardino County (GO) 3.00%, 08/01/22 (c)		664,983
		Golden State Tobacco Securitization Corp. (RB)
	525,000	5.00%, 06/01/23 (c)		593,796
	300,000	5.00%, 06/01/23 (c)		340,872
	80,000	Golden State Tobacco Securitization Corp., Series A (RB) 5.00%, 06/01/22		94,672
		Huntington Beach Union High School District (GO)
	50,000	5.00%, 08/01/23 (c)		58,843
	535,000	5.00%, 08/01/23 (c)		645,504
		Los Angeles Community College District (GO)
	1,000,000	4.00%, 08/01/24 (c)		1,089,800
	2,100,000	5.00%, 08/01/24 (c)		2,463,069
	1,500,000	5.00%, 08/01/24 (c)		1,769,790
	1,555,000	5.00%, 08/01/24 (c)		1,875,952
	1,160,000	Los Angeles Department of Water & Power, Series B (RB) 5.00%, 01/01/24 (c)		1,352,769
	880,000	Los Angeles Unified School District, Series A (GO) 2.00%, 07/01/22		885,667
	20,000	Los Angeles, California Department of Airports (RB) 5.00%, 05/15/20 (c)		23,336
	600,000	Los Angeles, California Unified School District (GO) 5.00%, 07/01/24 (c)		718,548
		Los Angeles, California Unified School District, Series A (CP)
	320,000	5.00%, 10/01/21		376,144
	750,000	5.00%, 10/01/22		887,767
		Los Angeles, California Unified School District, Series C (GO)
	1,320,000	5.00%, 07/01/24		1,618,597
	550,000	5.00%, 07/01/24 (c)		652,399
	500,000	5.00%, 07/01/24 (c)		582,305
	2,400,000	5.00%, 07/01/24 (c)		2,828,064
	1,100,000	5.00%, 07/01/24 (c)		1,288,606
	25,000	Los Angeles, California Wastewater System Revenue (RB) 5.00%, 06/01/23		30,425
	340,000	Metropolitan Water District of Southern California, Series C (RB) 5.00%, 10/01/21 (c)		402,682
		Metropolitan Water District of Southern California, Series G (RB)
	100,000	5.00%, 07/01/22 (c)		118,056
	50,000	5.00%, 07/01/22 (c)		58,192
		Modesto Irrigation District Electric System (RB)
	300,000	5.00%, 10/01/20 (c)		346,737
	50,000	5.00%, 07/01/21 (c)		58,104
	1,720,000	Ohlone Community College District (GO) 5.00%, 08/01/22 (c)		2,008,564
	500,000	Orange County, California Sanitation District, Wastewater Refunding, Series A (RB) 5.00%, 02/01/22		599,265
	1,260,000	Rancho Cucamonga Redevelopment Agency Successor Agency (AGM) (TA) 5.00%, 09/01/22		1,496,225
	175,000	Rancho Santiago Community College District (GO) 5.00%, 09/01/23 (c)		209,769
		Regents of the University of California Medical Center Pooled Revenue (RB)
	360,000	5.25%, 05/15/23 (c)		425,660
	2,250,000	5.25%, 05/15/23 (c)		2,684,812
	50,000	Riverside County, California Asset Leasing Corp. (RB) 4.00%, 06/01/22 (c)		52,308
		Riverside County, California Transportation Commission (RB)
	490,000	5.25%, 06/01/23 (c)		582,884
	15,000	5.25%, 06/01/23 (c)		18,056
		Sacramento County, California Sanitation Districts Financing Authority (RB)
	20,000	5.00%, 12/01/21 (c)		23,637
	1,650,000	5.00%, 12/01/21 (c)		1,959,804
	100,000	5.00%, 06/01/24 (c)		119,767
	250,000	5.00%, 06/01/24 (c)		292,720
	750,000	San Bernardino, California Community College District, Series A (GO) 5.00%, 08/01/23		907,357
	500,000	San Bernardino, California Unified School District (GO) (AGM) 5.00%, 08/01/23 (c)		570,950
		San Diego, California Community College District (GO)
	825,000	5.00%, 08/01/21 (c)		968,104
	240,000	5.00%, 08/01/22 (c)		282,972
	1,500,000	San Diego, California Regional Airport Authority (RB) 5.00%, 07/01/20 (c)		1,686,090
		San Diego, California Water Authority, Series A (RB)
	500,000	4.50%, 05/01/21 (c)		551,165
	450,000	4.50%, 05/01/21 (c)		500,369
	500,000	5.00%, 05/01/21 (c)		587,150
	310,000	5.00%, 11/01/22 (c)		353,958
	430,000	San Dieguito Union High School District (GO) 4.00%, 08/01/23 (c)		455,323
	455,000	San Francisco Bay Area Rapid Transit District (RB) 5.00%, 07/01/22 (c)		531,749
	710,000	San Francisco City and County International Airport (RB) 5.00%, 05/01/22 (c)		842,166
	1,215,000	San Francisco City and County Unified School District, Series B (GO) 4.00%, 06/15/22 (c)		1,309,345
		San Francisco Public Utilities Commission Water Revenue, Sub-Series A (RB)
	1,250,000	5.00%, 11/01/21 (c)		1,476,125
	1,000,000	5.00%, 11/01/21 (c)		1,191,270
	345,000	San Francisco, California Bay Area Toll Authority, Series F (RB) 5.00%, 04/01/22 (c)		401,477
	1,000,000	San Joaquin County Transportation Authority, Series A (RB) 5.00%, 03/01/21 (c)		1,147,760
	600,000	San Jose Financing Authority Lease, Series A (RB) 5.00%, 06/01/23 (c)		697,158
	950,000	San Ramon Valley Unified School District (GO) 5.00%, 08/01/22 (c)		1,115,395
	385,000	Santa Clara County, California Financing Authority, Series A (RB) 4.00%, 02/01/22 (c)		426,938
	775,000	Southern California Public Power Authority (RB) 5.00%, 07/01/20 (c)		890,142
	500,000	Southern California Public Power Authority, Windy Point Project (RB) 5.00%, 07/01/20 (c)		581,175
		State of California (GO)
	300,000	3.00%, 02/01/22 (c)		317,796
	700,000	3.00%, 12/01/22		744,989
	500,000	3.25%, 04/01/23 (c)		510,890
	310,000	3.38%, 09/01/22 (c)		312,424
	1,085,000	3.50%, 09/01/22 (c)		1,098,573
	855,000	4.00%, 09/01/22 (c)		941,731
	500,000	4.00%, 05/01/23		567,900
	700,000	5.00%, 09/01/18 (c)		778,869
	190,000	5.00%, 09/01/18 (c)		210,497
	265,000	5.00%, 12/01/21		316,853
	140,000	5.00%, 02/01/22 (c)		163,124
	1,085,000	5.00%, 02/01/22 (c)		1,287,233
	500,000	5.00%, 02/01/22		597,235
	250,000	5.00%, 09/01/22 (c)		299,775
	765,000	5.00%, 10/01/22		920,111
	1,900,000	5.00%, 04/01/23 (c)		2,233,374
	250,000	5.00%, 09/01/23 (c)		302,745
	695,000	5.00%, 09/01/23 (c)		822,956
	1,500,000	5.00%, 10/01/23		1,824,450
	250,000	5.00%, 11/01/23 (c)		296,880
	1,425,000	5.00%, 12/01/23 (c)		1,728,083
	1,000,000	5.00%, 12/01/23 (c)		1,205,090
	210,000	5.00%, 12/01/23 (c)		243,403
	200,000	5.00%, 12/01/23 (c)		239,678
	1,000,000	5.00%, 12/01/23 (c)		1,189,240
	2,350,000	5.00%, 12/01/23 (c)		2,737,045
	1,780,000	5.00%, 05/01/24		2,174,217
	3,750,000	5.00%, 10/01/24 (c)		4,435,350
	1,000,000	5.00%, 10/01/24 (c)		1,211,620
	1,750,000	5.00%, 10/01/24 (c)		2,120,335
	660,000	5.00%, 03/01/25 (c)		799,055
	50,000	5.25%, 09/01/21 (c)		60,039
	375,000	State of California, Department of Water Resources Power Supply Revenue (RB) 5.00%, 05/01/20 (c)		441,206
	2,320,000	State of California, Department of Water Resources, Series AS (RB) 5.00%, 12/01/24 (c)		2,773,978
		University of California (RB)
	65,000	3.25%, 05/15/21 (c)		70,335
	125,000	5.00%, 05/15/22 (c)		149,443
	225,000	5.00%, 05/15/23		273,571
	425,000	5.00%, 05/15/23 (c)		496,064
	1,205,000	5.00%, 05/15/23 (c)		1,425,105
	645,000	5.00%, 05/15/24 (c)		761,880
	500,000	5.00%, 05/15/25 (c)		604,440
	455,000	University of California, Series AF (RB) 5.00%, 05/15/23 (c)		545,245
	2,500,000	University of California, Series AK (RB) 5.00%, 05/15/23 (p)		3,021,650
	1,900,000	University of California, Series G (RB) 5.00%, 05/15/22 (c)		2,241,088
	60,000	Ventura County Public Financing Authority (RB) 5.00%, 11/01/22 (c)		68,635
				165,543,924
Colorado: 0.6%
		Adams 12 Five Star Schools (GO) (SAW)
	1,300,000	4.00%, 12/15/22 (c)		1,464,788
	25,000	4.00%, 12/15/22		28,425
	375,000	Board of Governors of Colorado State University System (RB) 5.00%, 03/01/29		458,573
		Colorado City and County School District No. 1, Series C (GO) (SAW)
	900,000	5.00%, 12/01/21		1,071,945
	375,000	5.00%, 12/01/23		455,396
		Colorado Higher Education, Series A (CP)
	1,500,000	5.00%, 11/01/23		1,809,840
	25,000	5.00%, 11/01/24		30,426
	490,000	Denver, Colorado Airport System Revenue, Series B (RB) 5.00%, 11/15/22 (c)		562,598
	25,000	Denver, Colorado City & County School District No. 1, Series A (GO) (SAW) 4.00%, 12/01/21 (c)		26,967
	40,000	Denver, Colorado City & County School District No. 1, Series B (GO) (SAW) 5.00%, 12/01/22 (c)		47,357
	165,000	Joint School District No. 28J in Adams and Arapahoe Counties (GO) 5.00%, 12/01/23 (c)		198,680
		Regional Transportation District (RB)
	175,000	5.00%, 11/01/22 (c)		211,523
	50,000	5.00%, 11/01/27		60,809
	500,000	University of Colorado Enterprise System, Series A (RB) 4.00%, 06/01/22		565,850
				6,993,177
Connecticut: 3.3%
		Connecticut State Health and Educational Facility Authority, Series A (RB)
	1,000,000	5.00%, 07/01/21 (c)		1,129,410
	1,245,000	5.00%, 07/01/24 (c)		1,414,332
	125,000	5.00%, 07/01/24 (c)		145,256
		Connecticut State, Special Tax Revenue, Transportation Infrastructure Purposes, Series A (RB)
	440,000	5.00%, 01/01/23 (c)		515,882
	1,000,000	5.00%, 10/01/23 (c)		1,153,860
		State of Connecticut (GO)
	500,000	4.00%, 09/01/24 (c)		540,685
	620,000	5.00%, 11/01/21 (c)		710,160
	1,000,000	5.00%, 04/15/22 (c)		1,139,960
	2,500,000	5.00%, 04/15/22 (c)		2,861,425
	795,000	5.00%, 10/15/22 (c)		930,229
	1,215,000	5.00%, 07/15/23 (c)		1,417,370
	2,500,000	5.00%, 08/15/23 (c)		2,948,050
	55,000	5.00%, 10/15/23 (c)		64,817
	1,360,000	5.00%, 12/15/23		1,618,454
	2,500,000	5.00%, 03/01/24 (c)		2,922,750
	125,000	5.00%, 03/01/24 (c)		142,554
	2,020,000	5.00%, 11/15/24 (c)		2,366,390
	290,000	5.00%, 06/15/25 (c)		332,778
	1,000,000	5.00%, 06/15/25		1,198,880
	440,000	State of Connecticut (RB)
		5.00%, 10/01/23 (c)		505,287
	1,650,000	State of Connecticut, Series A (GO) 5.00%, 10/15/23 (c)		1,924,609
		State of Connecticut, Series B (GO)
	5,000	5.00%, 05/15/21 (c)		5,820
	405,000	5.00%, 04/15/22 (c)		471,926
	2,500,000	5.00%, 03/01/23 (c)		2,906,225
	960,000	State of Connecticut, Series D (GO) 5.00%, 11/01/21 (c)		1,123,805
		State of Connecticut, Series E (GO)
	1,000,000	5.00%, 09/15/22 (c)		1,168,310
	225,000	5.00%, 08/15/23 (c)		264,609
	480,000	State of Connecticut, Series G (GO) 5.00%, 10/15/22 (c)		564,077
	1,000,000	University of Connecticut (RB) 5.00%, 08/15/23 (c)		1,167,350
		University of Connecticut, Series A (RB)
	65,000	5.00%, 02/15/21 (c)		73,412
	500,000	5.00%, 02/15/23 (c)		586,785
	2,000,000	5.00%, 02/15/25 (c)		2,343,800
				36,659,257
Delaware: 0.3%
		State of Delaware (GO)
	325,000	5.00%, 07/01/20 (c)		377,263
	100,000	5.00%, 03/01/22		120,299
	750,000	5.00%, 07/01/23		919,290
	500,000	5.00%, 08/01/23 (c)		610,655
	1,000,000	5.00%, 07/01/24 (c)		1,210,010
				3,237,517
District of Columbia: 0.4%
	25,000	District of Columbia, Income Tax Secured Revenue, Series A (RB) 5.00%, 06/01/20 (c)		28,891
		District of Columbia, Income Tax Secured Revenue, Series C (RB)
	60,000	5.00%, 12/01/21		71,503
	395,000	5.00%, 12/01/22 (c)		462,126
	100,000	5.00%, 12/01/22 (c)		114,826
	1,250,000	District of Columbia, Income Tax Secured Revenue, Series G (RB) 5.00%, 12/01/21 (c)		1,441,137
	250,000	District of Columbia, Provident Group-Howard Properties, LLC Issue (RB) 5.00%, 10/01/22 (c)		249,983
		District of Columbia, Series A (GO)
	200,000	5.00%, 06/01/23		241,152
	1,000,000	5.00%, 06/01/23 (c)		1,171,160
	50,000	District of Columbia, Water and Sewer Authority (RB) 5.00%, 10/01/22		59,440
	90,000	Metropolitan Washington Airports Authority, Series A (RB) 5.00%, 10/01/20 (c)		104,214
				3,944,432
Florida: 4.1%
	25,000	Broward County, Florida Water and Sewer Utility Revenue, Series B (RB) 5.00%, 10/01/22 (c)		29,903
	1,000,000	Citizens Property Insurance Corp., Series A (RB) 5.00%, 06/01/21		1,158,720
	1,185,000	City of Jacksonville, Better Jacksonville Sales Tax, Series A (RB) 5.00%, 10/01/25		1,445,653
		City of Jacksonville, Florida (RB)
	120,000	5.00%, 10/01/22		141,521
	390,000	5.00%, 10/01/22 (c)		452,677
	50,000	5.00%, 10/01/22 (c)		58,535
		City of Jacksonville, Florida, Series A (RB)
	500,000	5.00%, 10/01/22 (c)		570,860
	1,225,000	5.00%, 10/01/22 (c)		1,384,201
		City of Jacksonville, Florida, Series C (RB)
	250,000	5.00%, 10/01/22 (c)		289,115
	100,000	5.00%, 10/01/22 (c)		116,640
	1,740,000	5.00%, 10/01/22 (c)		2,047,023
		City of Orlando, Florida, Series A (RB)
	750,000	5.25%, 05/01/24 (c)		875,700
	2,420,000	5.25%, 05/01/24 (c)		2,849,986
	330,000	City of Tampa, Florida Water & Wastewater System Revenue (RB) 5.00%, 10/01/21 (c)		387,899
	1,400,000	County of Miami-Dade, Building Better Communities Program, Series B (GO) 4.00%, 07/01/24 (c)		1,435,854
		County of Miami-Dade, Florida Aviation Revenue (RB)
	70,000	4.00%, 10/01/22 (c)		77,176
	25,000	5.50%, 10/01/20 (c)		29,359
	25,000	County of Miami-Dade, Florida Transit System Sales Surtax Revenue (RB) 3.38%, 07/01/22 (c)		25,238
		County of Miami-Dade, Florida, Series A (RB)
	65,000	5.00%, 10/01/22 (c)		73,581
	1,440,000	5.00%, 10/01/22		1,683,734
		County of Orange, Florida Sales Tax Revenue (RB)
	265,000	5.00%, 01/01/21		311,627
	155,000	5.00%, 01/01/22		184,363
	50,000	5.00%, 01/01/22 (c)		56,440
	75,000	5.00%, 01/01/24		90,970
	50,000	County of Palm Beach (RB) 5.00%, 06/01/22 (c)		59,240
	500,000	County of Palm Beach, Florida (RB) 5.00%, 06/01/22 (c)		595,200
	50,000	Florida Department of Management Services (CP) 5.00%, 08/01/25		60,693
	500,000	Florida State Board of Education, Public Education Capital Outlay, Series A (GO) 4.75%, 06/01/20 (c)		568,180
		Florida State Board of Education, Public Education Capital Outlay, Series C (GO)
	1,170,000	3.00%, 06/01/21 (c)		1,226,090
	1,000,000	4.00%, 06/01/21 (c)		1,081,340
	570,000	4.00%, 06/01/22 (c)		610,726
	500,000	Florida State Board of Education, Public Education Capital Outlay, Series D (GO) 5.00%, 06/01/21 (c)		587,145
	750,000	Florida State Board of Education, Public Education Capital Outlay, Series E (GO) 5.00%, 06/01/21 (c)		872,610
		Florida State Department of Transportation, Full Faith and Credit Right-of-Way, Series A (GO)
	1,000,000	5.00%, 07/01/21 (c)		1,183,420
	1,300,000	5.00%, 07/01/21 (c)		1,542,463
	100,000	Florida State, Right-of-Way Acquisition and Bridge Construction, Series B (GO) 5.00%, 07/01/21 (c)		117,728
	700,000	Jacksonville, Florida Transportation Refunding, Series A (RB) 5.00%, 10/01/22 (c)		811,503
	350,000	Jacksonville, Florida Transportation Refunding, Series B (RB) 5.00%, 10/01/22		416,077
	1,500,000	Jacksonville, Florida, Series B (RB) 5.00%, 10/01/21		1,766,025
	250,000	Jacksonville, Florida, Series B-1 (RB) 5.00%, 10/01/21		294,338
	95,000	JEA Electric System Revenue, Series A (RB) 5.00%, 10/01/23 (c)		111,274
		JEA Water and Sewer System Revenue, Series A (RB)
	250,000	5.00%, 04/01/21 (c)		284,743
	65,000	5.00%, 10/01/22 (c)		77,604
	800,000	Lee County, Florida School Board, Series B (CP) 5.00%, 08/01/21		935,312
	350,000	Miami Beach Health Facilities Authority, Mount Sinai Medical Center of Florida (RB) 4.00%, 11/15/22 (c)		365,033
		Miami-Dade County, Florida School Board Foundation, Inc., Series A (CP)
	305,000	4.00%, 08/01/22 (c)		323,706
	200,000	4.00%, 08/01/22 (c)		213,044
		Miami-Dade County, Florida Seaport General Obligation, Series C (GO)
	1,365,000	5.00%, 10/01/21 (c)		1,596,722
	500,000	5.00%, 10/01/21 (c)		586,140
		Miami-Dade County, Florida Subordinate Special Obligation, Series A (RB)
	500,000	5.00%, 10/01/22 (c)		559,505
	1,565,000	5.00%, 10/01/22 (c)		1,802,129
		Orange County Expressway Authority (RB) (AGM)
	250,000	3.00%, 07/01/22 (c)		257,238
	1,550,000	5.00%, 07/01/22 (c)		1,817,933
	200,000	Orange County Health Facilities Authority (RB) 5.13%, 10/01/19 (c)		224,712
		Orlando Utilities Commission (RB)
	200,000	5.00%, 10/01/22		238,782
	70,000	5.00%, 10/01/22		83,574
	1,065,000	5.00%, 10/01/24		1,297,213
	100,000	Orlando-Orange County Expressway Authority (RB) 5.00%, 07/01/22		118,127
		Palm Beach County Solid Waste Authority (RB)
	50,000	5.00%, 10/01/21 (c)		59,733
	130,000	5.00%, 10/01/21 (c)		155,726
	145,000	5.00%, 10/01/21 (c)		172,757
	220,000	School Board of Miami-Dade County, Series A (CP) 5.00%, 05/01/23		258,982
		School Board of Miami-Dade County, Series B (CP) (AGM)
	545,000	5.00%, 05/01/25 (c)		630,952
	65,000	5.63%, 05/01/21 (c)		75,945
	500,000	St. Johns River Power Park (RB) 3.00%, 10/01/19 (c)		509,600
		State of Florida (GO)
	35,000	3.00%, 06/01/22 (c)		34,050
	610,000	3.00%, 06/01/24 (c)		587,570
	650,000	3.00%, 06/01/24 (c)		649,980
	215,000	4.00%, 06/01/21 (c)		229,601
	50,000	5.00%, 06/01/20 (c)		58,858
	480,000	5.00%, 06/01/20 (c)		558,106
	690,000	5.00%, 06/01/21 (c)		790,954
	475,000	5.00%, 07/01/21 (c)		555,436
	30,000	State of Florida, Department of Transportation Turnpike, Series A (RB) 3.00%, 07/01/22 (c)		28,981
	85,000	State of Florida, Lottery Revenue (RB) 5.00%, 07/01/21 (c)		99,756
	800,000	Tampa, Florida Board of Education, Public Education Capital Outlay Refunding, Series B (GO) 4.00%, 06/01/21 (c)		889,368
	1,020,000	Tampa, Florida Hillsborough County Expressway Authority (RB) 5.00%, 07/01/22 (c)		1,162,045
	50,000	Tohopekaliga Water Authority (RB) 5.75%, 10/01/21 (c)		61,132
				46,031,876
Georgia: 1.3%
	750,000	City of Atlanta (GO) 4.50%, 12/01/24 (c)		859,912
	1,500,000	City of Austin, Water and Wastewater System Revenue (RB) 5.00%, 05/01/25 (c)		1,761,360
	275,000	Georgia Housing and Finance Authority (RB) 3.00%, 06/01/24 (c)		264,113
		Georgia State, Series C (GO)
	335,000	5.00%, 07/01/21 (c)		393,977
	1,750,000	5.00%, 07/01/21 (c)		2,067,765
	500,000	5.00%, 10/01/21		598,945
	500,000	Georgia State, Series J (GO) 4.50%, 11/01/21 (c)		581,240
	500,000	Gwinnett County, Georgia School District (GO) 5.00%, 02/01/25 (c)		612,585
	305,000	Metropolitan Atlanta Rapid Transit Authority, Series A (RB) 3.00%, 07/01/22 (c)		310,145
	500,000	Municipal Electric Authority of Georgia, Combined Cycle Project, Series A (RB) 5.00%, 11/01/22		593,195
		Municipal Electric Authority of Georgia, Power Revenue, Series GG (RB)
	1,000,000	5.00%, 01/01/23 (c)		1,176,910
	1,695,000	5.00%, 01/01/23		2,015,118
		State of Georgia (GO)
	65,000	3.00%, 07/01/22 (c)		65,120
	1,000,000	3.00%, 02/01/24 (c)		1,002,230
	40,000	4.00%, 11/01/21 (c)		43,373
	145,000	5.00%, 07/01/21		173,034
	1,950,000	5.00%, 07/01/22 (c)		2,328,300
				14,847,322
Guam: 0.2%
	1,080,000	Guam Power Authority, Series A (RB) (AGM) 5.00%, 10/01/21		1,260,274
	1,165,000	Territory of Guam (RB) 5.00%, 01/01/22 (c)		1,274,533
				2,534,807
Hawaii: 2.4%
	65,000	City & County of Honolulu, Hawaii (GO) 5.00%, 12/01/20 (c)		75,581
	575,000	City & County of Honolulu, Hawaii, Series A (GO) 5.00%, 11/01/22 (c)		673,359
	40,000	City & County of Honolulu, Hawaii, Series B (GO) 5.00%, 11/01/22 (c)		47,722
		City and County of Honolulu, Series B (GO)
	650,000	5.00%, 12/01/20 (c)		760,500
	500,000	5.00%, 12/01/20 (c)		585,555
		Hawaii State, Series DZ (GO)
	800,000	5.00%, 12/01/21 (c)		942,368
	900,000	5.00%, 12/01/21 (c)		1,063,683
	800,000	5.00%, 12/01/21 (c)		948,632
		Hawaii State, Series EA
	350,000	5.00%, 12/01/21		416,868
	600,000	5.00%, 12/01/21 (c)		711,474
	330,000	5.00%, 12/01/22 (c)		392,611
		State of Hawaii (GO)
	3,000,000	5.00%, 12/01/21 (c)		3,522,180
	2,260,000	5.00%, 12/01/21 (c)		2,627,182
	1,425,000	5.00%, 12/01/21 (c)		1,651,960
	2,685,000	5.00%, 12/01/21 (c)		3,131,569
	500,000	5.00%, 12/01/21 (c)		585,090
	100,000	5.00%, 11/01/22 (c)		117,397
	3,295,000	5.00%, 08/01/24 (c)		3,887,639
	3,345,000	5.00%, 08/01/24 (c)		4,050,460
	900,000	5.00%, 08/01/24 (c)		1,080,936
	50,000	State of Hawaii, Airports System Revenue (RB) 5.25%, 07/01/20 (c)		58,345
				27,331,111
Illinois: 4.1%
		Chicago Midway International Airport, Series B (RB)
	70,000	5.00%, 01/01/23 (c)		80,183
	100,000	5.00%, 01/01/23		117,246
	1,000,000	5.00%, 01/01/24 (c)		1,135,660
		Chicago O’Hare International Airport, Series B (RB)
	500,000	5.00%, 01/01/23 (c)		579,620
	3,000,000	5.25%, 01/01/23 (c)		3,451,620
	500,000	Chicago O’Hare International Airport, Series C (RB) (AGO) 5.25%, 01/01/20 (c)		570,005
	600,000	Chicago O’Hare International Airport, Series D (RB) 5.00%, 01/01/23 (c)		695,544
		Chicago Transit Authority, Sales Tax (RB)
	790,000	5.25%, 12/01/21 (c)		857,964
	300,000	5.25%, 12/01/21 (c)		323,529
	130,000	5.25%, 12/01/21 (c)		142,333
	140,000	5.25%, 12/01/21 (c)		155,457
	200,000	5.25%, 12/01/21 (c)		220,640
	1,435,000	City of Chicago, Illinois Wastewater Transmission Revenue (RB) 5.00%, 01/01/24 (c)		1,549,283
		City of Chicago, Illinois Waterworks Revenue (RB)
	225,000	5.00%, 11/01/22 (c)		236,552
	70,000	5.00%, 11/01/22 (c)		75,177
	535,000	City of Chicago, Illinois, Series A (GO) 5.00%, 01/01/24 (c)		520,475
	150,000	City of Chicago, Motor Fuel Tax Revenue (RB) (AGM) 5.00%, 01/01/24 (c)		158,855
		City of Chicago, Series A (GO)
	1,000,000	5.25%, 01/01/24 (c)		976,800
	1,160,000	5.25%, 01/01/24 (c)		1,130,536
	925,000	City of Chicago, Series C (GO) 5.00%, 01/01/22 (c)		918,109
		City of Chicago, Waterworks Revenue (RB)
	135,000	5.00%, 11/01/22 (c)		143,841
	610,000	5.00%, 11/01/24 (c)		657,671
	500,000	Cook County Community College District No. 508 (GO) 5.25%, 12/01/23 (c)		569,255
		County of Cook, Illinois, Series A (GO)
	750,000	5.00%, 11/15/21		820,837
	1,310,000	5.25%, 11/15/21 (c)		1,373,338
	595,000	5.25%, 11/15/21 (c)		637,596
	465,000	County of Cook, Illinois, Series G (GO) 5.00%, 11/15/20 (c)		490,975
		County of Cook, Series C (GO)
	900,000	5.00%, 11/15/20		984,456
	200,000	5.00%, 11/15/22 (c)		216,844
	370,000	5.00%, 11/15/22 (c)		395,308
		Illinois Finance Authority, Advocate Care Network, Series A (RB)
	180,000	5.00%, 08/01/21		211,111
	75,000	5.00%, 06/01/23 (c)		88,244
	75,000	Illinois Finance Authority, OSF Healthcare System, Series A (RB) 5.00%, 05/15/22		86,117
		Illinois Finance Authority, Trinity Health Credit Group (RB)
	1,035,000	5.00%, 12/01/21 (c)		1,187,373
	1,105,000	5.00%, 12/01/21 (c)		1,274,662
	55,000	Illinois Finance Authority, University of Chicago, Series A (RB) 5.00%, 10/01/24 (c)		64,662
	170,000	Illinois Municipal Electric Agency, Power Supply System, Series A (RB) 5.00%, 08/01/25 (c)		193,800
	450,000	Illinois Railsplitter Tobacco Settlement Authority (RB) 5.50%, 06/01/21 (c)		519,282
		Illinois State Toll Highway Authority (RB)
	400,000	5.00%, 01/01/23 (c)		452,476
	500,000	5.00%, 01/01/25 (c)		563,495
	130,000	5.25%, 01/01/20 (c)		148,320
	1,000,000	Illinois State, Series A (GO) 4.00%, 01/01/22 (c)		1,001,650
	1,115,000	Kane Cook and DuPage Counties, Illinois School District No. U-46 Elgin, Series D (GO) 5.00%, 01/01/24 (c)		1,260,987
	10,000	McHenry County Conservation District (GO) 5.00%, 02/01/25 (c)		11,923
	50,000	Metropolitan Pier and Exposition Authority, Series B-1 (RB) (AGM) 3.76%, 06/15/26 ^		33,757
	200,000	Metropolitan Water Reclamation District of Greater Chicago, Series C (GO) 5.00%, 12/01/21 (c)		220,328
		State of Illinois (RB)
	1,695,000	4.00%, 06/15/21 (c)		1,791,971
	500,000	4.00%, 08/01/22 (c)		493,515
	1,025,000	4.25%, 06/15/21 (c)		1,061,531
	500,000	4.50%, 02/01/24 (c)		501,400
	2,000,000	5.00%, 01/01/22 (c)		2,073,040
	25,000	5.00%, 03/01/22 (c)		26,565
	1,750,000	5.00%, 05/01/22		1,889,912
	985,000	5.00%, 08/01/23		1,065,080
	500,000	5.00%, 04/01/24 (c)		523,205
	960,000	5.00%, 04/01/24 (c)		989,875
	250,000	5.00%, 05/01/24 (c)		265,428
	690,000	5.25%, 07/01/23 (c)		725,949
	700,000	5.25%, 07/01/23 (c)		733,145
	1,040,000	5.50%, 07/01/23 (c)		1,128,650
	370,000	5.50%, 07/01/23 (c)		403,877
		University of Illinois (RB)
	1,155,000	4.00%, 04/01/23 (c)		1,186,404
	1,500,000	5.00%, 04/01/23 (c)		1,698,300
	2,000,000	Will County Community High School District No. 210 Lincoln Way (GO) 5.00%, 01/01/23 (c)		2,239,840
				46,301,583
Indiana: 0.4%
	500,000	Carmel City, Indiana Redevelopment Authority, Series A (RB) 2.63%, 08/01/22 (c)		483,470
	830,000	Indiana Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series A (RB) 5.00%, 05/01/22		960,708
	1,200,000	Indiana Finance Authority, Series A (RB) 5.00%, 02/01/22 (c)		1,429,320
	100,000	Indiana Finance Authority, Series B (RB) 5.00%, 02/01/21 (c)		116,029
	1,000,000	Indianapolis, Indiana Local Public Improvement Bond Bank, Series B-1 (RB) 5.00%, 01/15/20 (c)		1,153,660
	500,000	Indianapolis, Indiana Local Public Improvement Bond Bank, Series K (RB) 5.00%, 06/01/21 (c)		573,745
	140,000	Zionsville Community Schools Building Corp. (RB) 3.00%, 07/15/24 (c)		138,419
				4,855,351
Kansas: 0.6%
	540,000	City of Wichita, Kansas (GO) 3.00%, 06/01/23 (c)		535,437
	260,000	Kansas Development Finance Authority, Department of Health and Environment, Series SRF-1 (RB) 5.00%, 03/01/20 (c)		300,812
	25,000	Kansas Development Finance Authority, Hospital Revenue, Series A (RB) 5.00%, 05/15/22 (c)		28,589
	2,035,000	Kansas Development Finance Authority, State of Kansas Projects, Series A (RB) 5.00%, 05/01/23 (c)		2,323,197
		State of Kansas Department of Transportation (RB)
	25,000	5.00%, 09/01/21		29,756
	700,000	5.00%, 09/01/24 (c)		846,300
	2,700,000	Wyandotte County, Kansas City Unified Government Utility System Revenue, Series A (RB) 5.00%, 09/01/22 (c)		3,056,454
				7,120,545
Kentucky: 1.6%
		Commonwealth of Kentucky State Property and Building Commission, Project No. 100, Series A (RB)
	475,000	5.00%, 08/01/21 (c)		554,467
	2,005,000	5.00%, 08/01/21 (c)		2,308,677
		Commonwealth of Kentucky State Property and Building Commission, Project No. 106, Series A (RB)
	450,000	5.00%, 10/01/23 (c)		511,178
	540,000	5.00%, 10/01/23 (c)		619,704
	125,000	Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series A (RB) 5.00%, 08/01/25 (c)		143,876
		Commonwealth of Kentucky State Property and Building Commission, Project No. 108, Series B (RB)
	1,000,000	5.00%, 08/01/23		1,180,020
	500,000	5.00%, 08/01/25		595,270
	835,000	Commonwealth of Kentucky State Property and Building Commission, Project No. 99, Series A (RB) 5.00%, 11/01/20 (c)		972,082
		Kentucky Asset Liability Commission Project, Federal Highway Trust, First Series A (RB)
	350,000	5.00%, 09/01/24 (c)		412,535
	3,250,000	5.00%, 09/01/24 (c)		3,793,757
	730,000	5.25%, 09/01/23		875,321
	1,000,000	5.25%, 09/01/23 (c)		1,184,620
	300,000	Lexington Fayette Urban County Government Public Facilities Corp., Eastern State Hospital Project, Series A (RB) 5.25%, 06/01/21 (c)		340,083
		Louisville and Jefferson County, Kentucky Metropolitan Sewer District, Series A (RB)
	500,000	5.00%, 11/15/21 (c)		584,850
	220,000	5.00%, 06/01/22 (c)		249,713
		Turnpike Authority of Kentucky Economic Development Road, Revitalization Projects, Series A (RB)
	1,015,000	5.00%, 07/01/22 (c)		1,196,776
	125,000	5.00%, 07/01/22 (c)		144,763
	500,000	5.00%, 07/01/22 (c)		570,280
	50,000	5.00%, 07/01/22 (c)		59,064
	600,000	5.00%, 07/01/22 (c)		706,656
	65,000	5.00%, 07/01/22 (c)		75,919
	470,000	5.00%, 07/01/23 (c)		541,421
				17,621,032
Louisiana: 2.3%
	250,000	City of Lafayette, Louisiana Utilities Revenue (RB) 5.00%, 11/01/22 (c)		295,315
	250,000	East Baton Rouge Sewerage Commission, Series B (RB) 5.00%, 02/01/25 (c)		288,790
	1,300,000	Louisiana Public Facilities Authority, Entergy Louisiana, LLC Project (RB) 5.00%, 12/01/15 (c)		1,318,239
		Louisiana Public Facilities Authority, Hurricane Recovery Program (RB)
	1,950,000	5.00%, 06/01/22		2,300,844
	985,000	5.00%, 06/01/24 (c)		1,140,807
	1,850,000	5.00%, 06/01/24 (c)		2,177,209
		Louisiana State, Series A (GO)
	3,300,000	4.00%, 02/01/24 (c)		3,517,635
	250,000	5.00%, 05/15/20 (c)		287,450
	250,000	5.00%, 02/01/24 (c)		294,815
	500,000	Louisiana State, Series B (RB) 5.00%, 05/01/20 (c)		578,265
		State of Louisiana (GO)
	60,000	5.00%, 05/15/20 (c)		69,137
	75,000	5.00%, 07/15/22 (c)		87,875
	1,380,000	5.00%, 07/15/22 (c)		1,590,119
	750,000	5.00%, 02/01/24 (c)		873,277
	500,000	5.00%, 12/01/24 (c)		588,785
	5,280,000	5.00%, 08/01/26 (c)		6,092,328
	2,100,000	5.00%, 08/01/27 (c)		2,411,514
		State of Louisiana Gasoline and Fuels Tax Revenue (RB)
	50,000	5.00%, 05/01/22 (c)		58,178
	2,000,000	5.00%, 05/01/24 (c)		2,342,280
				26,312,862
Maine: 0.0%
	65,000	Maine Turnpike Authority (RB) 5.00%, 07/01/25 (c)		78,042
Maryland: 2.1%
	75,000	Community Development Administration, Department of Housing, Series A (RB) 4.00%, 09/01/23 (c)		77,137
	600,000	County of Anne Arundel, Maryland (GO) 5.00%, 04/01/25		741,876
		County of Baltimore, Maryland (GO)
	2,050,000	3.00%, 08/01/22 (c)		2,052,562
	75,000	3.00%, 02/01/24 (c)		76,697
	500,000	5.00%, 08/01/22		602,445
	525,000	County of Harford, Series B (GO) 3.00%, 07/01/24 (c)		546,262
	1,650,000	County of Howard, Series A (GO) 3.00%, 02/15/23 (c)		1,641,453
		County of Montgomery, Maryland (GO)
	1,000,000	5.00%, 11/01/24 (c)		1,226,340
	2,000,000	5.00%, 11/01/24 (c)		2,393,720
	1,000,000	Howard County, Maryland, Consolidated Public Improvement, Series B (GO) 5.00%, 08/15/21 (c)		1,184,520
	1,430,000	Maryland Health and Higher Educational Facilities Authority, Johns Hopkins University, Series A (RB) 5.00%, 07/01/22 (c)		1,701,328
	500,000	Maryland Health and Higher Educational Facilities Authority, Meritus Medical Center (RB) 4.00%, 07/01/25 (c)		498,870
	300,000	Maryland Health and Higher Educational Facilities Authority, Series B (RB) 5.00%, 08/15/23 (c)		338,640
	1,500,000	Maryland Health and Higher Educational Facilities Authority, Western Maryland Health System (RB) 5.00%, 07/01/24		1,752,045
	1,000,000	Montgomery and Price George’s Counties, Maryland Washington Suburban Sanitary District, Consolidated Public Improvement (GO) 3.00%, 06/01/21 (c)		1,060,910
		Prince George’s County, Maryland, Series A (GO)
	140,000	4.00%, 09/01/24 (c)		155,270
	445,000	4.00%, 09/01/24 (c)		498,489
	260,000	Prince George’s County, Maryland, Series B (GO) 2.75%, 03/01/23 (c)		258,718
		State of Maryland (GO)
	1,645,000	3.00%, 03/15/20 (c)		1,648,487
	1,255,000	4.00%, 08/01/22 (c)		1,374,187
	260,000	5.00%, 08/01/21		309,800
	850,000	5.00%, 08/01/22		1,022,303
	50,000	State of Maryland, Department of Transportation (RB) 5.00%, 02/15/21 (c)		57,643
	750,000	State of Maryland, State and Local Facilities Loan, First Series A (GO) 5.00%, 03/01/22 (c)		895,560
	45,000	State of Maryland, State and Local Facilities Loan, First Series B (GO) 3.00%, 03/15/20 (c)		46,251
	1,530,000	Washington Suburban Sanitary Commission (GO) 4.00%, 06/01/24 (c)		1,661,366
				23,822,879
Massachusetts: 2.8%
	280,000	City of Boston, Massachusetts, Series A (GO) 5.00%, 04/01/22		336,540
	300,000	City of Boston, Series A (GO) 4.00%, 03/01/24 (c)		327,501
	500,000	Commonwealth of Massachusetts, Accelerated Bridge Program, Series A (RB) 5.00%, 06/15/24 (c)		607,650
		Commonwealth of Massachusetts, Consolidated Loan, Series C (GO)
	855,000	3.00%, 07/01/22 (c)		842,363
	515,000	4.00%, 07/01/22 (c)		552,209
	3,200,000	5.00%, 07/01/22 (c)		3,771,072
	685,000	Commonwealth of Massachusetts, Series A (GO) 5.00%, 04/01/21 (c)		809,218
		Commonwealth of Massachusetts, Series B (GO)
	1,920,000	5.00%, 06/01/20 (c)		2,222,726
	70,000	5.00%, 06/01/20 (c)		81,213
		Commonwealth of Massachusetts, Series C (GO)
	2,270,000	4.00%, 07/01/22 (c)		2,410,581
	2,325,000	5.00%, 08/01/25		2,863,702
		Commonwealth of Massachusetts, Series D (GO)
	425,000	5.00%, 10/01/21 (c)		504,173
	60,000	5.00%, 10/01/21 (c)		71,331
		Commonwealth of Massachusetts, Series F (GO)
	500,000	3.00%, 11/01/22 (c)		496,200
	1,350,000	5.00%, 11/01/22 (c)		1,622,646
	1,775,000	5.00%, 11/01/22 (c)		2,116,332
	1,000,000	Massachusetts Commonwealth, Series A (GO) 5.00%, 04/01/21 (c)		1,155,010
	1,300,000	Massachusetts Commonwealth, Series D (GO) 4.25%, 10/01/21 (c)		1,429,012
	1,150,000	Massachusetts Commonwealth, Series E (GO) 4.00%, 12/01/19 (c)		1,269,358
	150,000	Massachusetts Development Finance Agency, Series L (RB) 5.00%, 07/01/21 (c)		169,763
		Massachusetts Educational Financing Authority, Education Loan, Issue I, Series A (RB)
	260,000	5.15%, 01/01/20 (c)		279,523
	75,000	5.20%, 01/01/20 (c)		80,627
	130,000	Massachusetts Housing Finance Agency, Series 162 (RB) 2.90%, 06/01/22 (c)		123,245
		Massachusetts School Building Authority, Dedicated Sales Tax, Series A (RB)
	500,000	5.00%, 08/15/22 (c)		592,125
	1,000,000	5.00%, 08/15/22 (c)		1,189,990
		Massachusetts School Building Authority, Dedicated Sales Tax, Series B (RB)
	40,000	5.00%, 08/15/22 (c)		46,604
	750,000	5.00%, 08/15/22 (c)		876,472
		Massachusetts State Transportation Fund, Series A (RB)
	600,000	4.00%, 06/01/21 (c)		640,746
	575,000	5.00%, 06/01/23		696,998
	375,000	Massachusetts State, Federal Highway Grant, Series A (RB) 5.00%, 06/15/22		450,776
	450,000	Massachusetts Water Pollution Abatement Trust (RB) 5.00%, 08/01/24		555,561
	10,000	Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/21 (c)		11,735
	1,500,000	Massachusetts Water Resources Authority, Series F (RB) 5.00%, 08/01/24		1,838,115
	100,000	The Massachusetts Clean Water Trust (RB) 3.25%, 08/01/20 (c)		99,062
				31,140,179
Michigan: 0.9%
	1,000,000	Detroit, Michigan School District, School Building and Site Improvement, Series A (GO) (Q-SBLF) 5.00%, 05/01/22 (c)		1,103,190
	2,500,000	Michigan Finance Authority, Beaumont Health Credit Group, Series A (RB) 5.00%, 08/01/24 (c)		2,859,600
	750,000	Michigan Finance Authority, Clean Water Revolving Fund (RB) 5.00%, 10/01/22		901,515
		Michigan Finance Authority, Detroit Water and Sewerage Department, Senior Lien Series D-2 (RB) (AGM)
	185,000	5.00%, 07/01/24 (c)		205,472
	20,000	5.00%, 07/01/24		23,088
	775,000	Michigan Finance Authority, Hospital Revenue and Refunding Bonds, Series A (RB) 5.00%, 06/01/22 (c)		845,463
	100,000	Michigan Finance Authority, Oakwood Obligated Group (RB) 5.00%, 11/01/22		116,385
	260,000	Michigan Finance Authority, Revenue Unemployment Obligation Assessment, Series B (RB) 5.00%, 07/01/16 (c)		270,897
		Michigan Finance Authority, Series C-3 (RB) (AGM)
	750,000	5.00%, 07/01/24 (c)		825,765
	405,000	5.00%, 07/01/24 (c)		448,185
	80,000	Michigan Finance Authority, Trinity Health Credit Group, Series A (RB) 5.00%, 12/01/20 (c)		91,104
	770,000	Michigan Municipal Board Authority, Clean Water Revolving Fund (RB) 5.00%, 10/01/21		917,401
		Michigan State Building Authority, Series 1-A (RB)
	25,000	5.00%, 10/15/23 (c)		29,422
	50,000	5.00%, 10/15/23		59,331
	425,000	5.13%, 10/15/21 (c)		487,326
	50,000	Michigan State Hospital Finance Authority, Trinity Health Credit Group (RB) 5.00%, 06/01/22 (c)		56,323
	420,000	Royal Oak Hospital Finance Authority (RB) 5.00%, 03/01/24 (c)		463,352
				9,703,819
Minnesota: 1.6%
	1,000,000	City of Rochester, Minnesota (RB) 4.50%, 11/15/21 (p)		1,154,430
	430,000	Metropolitan Council, Series E (GO) 5.00%, 09/01/21		513,175
	1,185,000	Minnesota Public Facilities Authority, Series C (RB) 3.25%, 03/01/20 (c)		1,260,615
		Minnesota State, General Fund Appropriation, Series B (RB)
	2,000,000	5.00%, 03/01/22 (c)		2,331,580
	1,400,000	5.00%, 03/01/22 (c)		1,657,432
	1,000,000	Minnesota State, State Trunk Highway, Series B (GO) 5.00%, 08/01/23 (c)		1,204,920
		State of Minnesota (GO)
	175,000	3.00%, 08/01/21		188,316
	585,000	3.00%, 03/01/22 (c)		555,908
	570,000	3.00%, 08/01/24		602,233
	385,000	3.00%, 08/01/24 (c)		383,768
	1,050,000	3.00%, 08/01/25 (c)		1,081,773
	25,000	3.50%, 10/01/23 (c)		26,230
	985,000	4.00%, 10/01/23 (c)		1,112,764
	1,000,000	4.00%, 08/01/24 (c)		1,120,940
	225,000	4.00%, 08/01/24 (c)		254,925
	500,000	5.00%, 08/01/20 (c)		584,865
	1,800,000	5.00%, 08/01/21		2,144,772
	1,180,000	5.00%, 08/01/23		1,439,199
	500,000	5.00%, 10/01/23		611,085
				18,228,930
Mississippi: 0.5%
	1,000,000	Mississippi Development Bank, Desoto County Highway Construction Project (RB) 5.00%, 01/01/23 (c)		1,123,430
	450,000	Mississippi Development Bank, Madison County Highway Refunding Project, Series C (RB) 5.00%, 01/01/27		538,781
	1,760,000	Mississippi Development Bank, Magnolia Regional Health Center Project, Series A (RB) 6.25%, 10/01/21 (c)		2,034,278
		Mississippi Development Bank, Marshall County Industrial Development Authority (RB)
	75,000	5.00%, 01/01/22 (c)		84,847
	50,000	5.00%, 01/01/22 (c)		56,817
	100,000	5.00%, 01/01/22 (c)		115,479
		State of Mississippi (GO)
	1,635,000	5.00%, 10/01/24		1,999,049
	85,000	5.00%, 10/01/25		104,724
				6,057,405
Missouri: 1.4%
	1,325,000	City of Kansas City, Series A (GO) 5.00%, 02/01/22 (c)		1,569,303
		Health and Educational Facilities Authority of the State of Missouri, Series A (RB)
	960,000	5.00%, 06/01/24 (c)		1,096,618
	500,000	5.00%, 06/01/24 (c)		587,575
	1,000,000	5.00%, 06/01/24 (c)		1,136,540
	505,000	Kansas City Industrial Development Authority, Series A (RB) 5.50%, 09/01/21 (c)		597,970
		Missouri Highway and Transportation Commission (RB)
	1,000,000	5.00%, 05/01/22		1,200,790
	1,000,000	5.00%, 05/01/24		1,231,300
	500,000	5.00%, 05/01/24 (c)		602,355
	500,000	5.00%, 05/01/26		624,555
		Missouri Joint Municipal Electric Utility Commission (RB)
	290,000	5.00%, 01/01/24 (c)		327,285
	640,000	5.00%, 01/01/25		759,194
		Missouri State Board of Public Buildings, Series A (RB)
	1,000,000	1.00%, 10/01/19 (c)		800,220
	1,200,000	2.50%, 10/01/20 (c)		1,188,264
	10,000	3.00%, 10/01/20 (c)		10,148
	2,355,000	4.00%, 10/01/20 (c)		2,596,741
	250,000	Missouri State Environmental Improvement and Energy Resources Authority, Series A (RB) 5.00%, 07/01/23		304,790
		University of Missouri (RB)
	175,000	5.00%, 11/01/24 (c)		207,239
	300,000	5.00%, 11/01/24 (c)		367,062
				15,207,949
Nebraska: 0.7%
	25,000	Central Plains Energy Project, Gas Project (RB) 5.00%, 09/01/22 (c)		27,727
	150,000	City of Lincoln, Nebraska Electric System (RB) 5.00%, 09/01/22		178,665
	250,000	City of Lincoln, Nebraska Electric System Revenue (RB) 3.25%, 09/01/22 (c)		242,063
		Nebraska Public Power District, Series A (RB)
	250,000	3.88%, 01/01/22 (c)		266,108
	250,000	5.00%, 01/01/22 (c)		285,663
	350,000	Nebraska Public Power District, Series C (RB)
		5.00%, 01/01/18 (c)		382,053
		Omaha Public Power District (RB)
	130,000	2.25%, 08/01/19 (c)		130,395
	1,080,000	5.00%, 02/01/24 (c)		1,272,694
	1,000,000	Omaha School District (GO)
		5.00%, 06/15/24		1,224,280
		Public Power Generation Agency (RB)
	2,750,000	5.00%, 01/01/23		3,181,887
	505,000	5.00%, 01/01/24		586,866
				7,778,401
Nevada: 0.3%
	485,000	Clark County, Nevada School District, Series A (GO) 5.00%, 06/15/21		570,656
		County of Clark, Flood Control (GO)
	1,090,000	5.00%, 05/01/25 (c)		1,260,912
	420,000	5.00%, 05/01/25 (c)		495,520
		Las Vegas Valley Water District, Series B (GO)
	50,000	5.00%, 06/01/21 (c)		57,551
	200,000	5.00%, 06/01/22 (c)		235,844
	50,000	Las Vegas Valley Water District, Series C (GO)
		5.00%, 06/01/21 (c)		57,404
		State of Nevada (RB)
	175,000	5.00%, 12/01/23		213,262
	760,000	5.00%, 11/01/24		926,356
				3,817,505
New Hampshire: 0.4%
	3,225,000	City of Manchester, New Hampshire General Airport Revenue (RB) 5.00%, 01/01/23		3,666,438
	1,000,000	State of New Hampshire (GO) 5.00%, 03/01/25		1,237,560
				4,903,998
New Jersey: 5.4%
	800,000	Camden County, New Jersey Improvement Authority, Series A (RB) 5.00%, 02/15/24 (c)		872,400
		County of Union, New Jersey (GO)
	260,000	3.00%, 03/01/21		275,902
	10,000	3.00%, 03/01/21		10,716
	635,000	3.00%, 03/01/22 (c)		665,918
	20,000	3.00%, 03/01/22		21,328
	15,000	3.00%, 03/01/22 (c)		15,996
		Garden State, New Jersey Preservation Trust Open Space and Farmland Preservation, Series A (RB)
	560,000	4.00%, 11/01/21		619,483
	1,000,000	4.00%, 11/01/22 (c)		1,096,650
	2,000,000	New Jersey Economic Development Authority, Cigarette Tax Revenue (RB) 5.00%, 06/15/22		2,214,920
		New Jersey Economic Development Authority, School Facilities Construction Refunding, Series EE (RB)
	500,000	5.25%, 03/01/21 (c)		541,305
	555,000	5.50%, 03/01/21 (c)		611,033
		New Jersey Economic Development Authority, School Facilities Construction Refunding, Series GG (RB)
	2,000,000	5.00%, 03/01/21 (c)		2,151,680
	1,000,000	5.25%, 03/01/21 (c)		1,066,480
	500,000	5.25%, 03/01/21 (c)		531,440
		New Jersey Economic Development Authority, School Facilities Construction Refunding, Series II (RB)
	1,000,000	5.00%, 03/01/21		1,078,470
	500,000	5.00%, 03/01/22 (c)		525,975
	980,000	5.00%, 03/01/22 (c)		1,032,067
	1,000,000	5.00%, 03/01/22		1,075,810
	250,000	5.00%, 03/01/22 (c)		264,613
		New Jersey Economic Development Authority, School Facilities Construction Refunding, Series NN (RB)
	1,450,000	5.00%, 03/01/22		1,559,924
	2,120,000	5.00%, 03/01/23 (c)		2,209,422
	2,325,000	5.00%, 03/01/23 (c)		2,449,132
	1,060,000	5.00%, 03/01/23 (c)		1,130,055
	1,940,000	5.00%, 03/01/23 (c)		2,052,617
	1,905,000	5.00%, 03/01/23 (c)		1,997,888
		New Jersey Economic Development Authority, School Facilities Construction Refunding, Series PP (RB)
	1,000,000	5.00%, 06/15/24 (c)		1,059,390
	1,350,000	5.00%, 06/15/24 (c)		1,423,021
	1,115,000	New Jersey Economic Development Authority, School Facilities Construction Refunding, Series UU (RB) 5.00%, 06/15/24 (c)		1,176,994
		New Jersey Educational Facilities Authority (RB)
	360,000	5.00%, 09/01/21		392,591
	230,000	5.00%, 06/15/24 (c)		241,921
	1,000,000	5.00%, 09/01/24 (c)		1,060,580
	500,000	New Jersey Environmental Infrastructure Trust, Series A-R (RB) 4.00%, 09/01/23		571,790
		New Jersey Health Care Facilities Financing Authority (RB)
	1,190,000	4.00%, 07/01/22 (c)		1,246,287
	250,000	5.00%, 07/01/22 (c)		280,473
	200,000	5.00%, 09/15/23		215,452
	75,000	New Jersey Health Care Facilities Financing Authority, Barnabas Health Issue, Series A (RB) 4.63%, 07/01/21 (c)		83,133
		New Jersey Health Care Facilities Financing Authority, Meridian Health System (RB)
	500,000	5.00%, 07/01/22 (c)		561,280
	500,000	5.00%, 07/01/22 (c)		584,340
	165,000	New Jersey State Transportation Trust Fund Authority, Series A (RB) 4.69%, 12/15/30 ^		75,669
	3,150,000	New Jersey State Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/23		3,399,700
		New Jersey State Turnpike Authority, Series A (RB)
	125,000	5.00%, 07/01/22 (c)		147,395
	900,000	5.00%, 07/01/22 (c)		1,018,692
	400,000	5.00%, 07/01/22 (c)		456,244
	500,000	5.00%, 01/01/23		591,805
	750,000	5.00%, 07/01/24 (c)		870,262
	640,000	5.00%, 07/01/24 (c)		748,634
		New Jersey State Turnpike Authority, Series B (RB)
	325,000	5.00%, 01/01/23 (c)		374,862
	1,000,000	5.00%, 01/01/23 (c)		1,163,630
	500,000	5.00%, 01/01/23		591,805
	500,000	New Jersey State Various Purpose (GO) 4.00%, 06/01/19 (c)		536,420
		New Jersey Transportation Trust Fund Authority, Series A (RB)
	1,300,000	5.00%, 06/15/24		1,401,153
	50,000	5.25%, 06/15/21 (c)		53,830
		New Jersey Transportation Trust Fund Authority, Series AA (RB)
	1,950,000	5.00%, 06/15/22 (c)		2,090,068
	750,000	5.00%, 06/15/23 (c)		792,870
	2,050,000	5.00%, 06/15/23 (c)		2,179,908
	3,400,000	5.25%, 06/15/23 (c)		3,592,440
		New Jersey Transportation Trust Fund Authority, Series D (RB)
	925,000	5.00%, 12/15/24		996,595
	3,000,000	5.25%, 12/15/23		3,290,940
	20,000	New Jersey Turnpike, Series A 5.00%, 01/01/31 (c)		22,557
	880,000	Newark, New Jersey Qualified General Improvement, Series A (GO) (SAW) 4.00%, 10/01/20 (c)		960,828
				60,324,783
New Mexico: 0.4%
	2,125,000	Albuquerque Bernalillo County Water Utility Authority, Senior Lien (RB) 5.00%, 07/01/25 (c)		2,573,991
	540,000	Albuquerque Bernalillo County Water Utility Authority, Series A (RB) 5.00%, 07/01/24		656,305
	65,000	Albuquerque Bernalillo County Water Utility Authority, Series B (RB) 5.00%, 07/01/23		77,982
	100,000	Albuquerque Municipal School District No. 12, Series B (GO) (SAW) 5.00%, 08/01/22		119,189
		New Mexico Finance Authority (RB)
	425,000	4.00%, 06/15/22 (c)		468,618
	340,000	5.00%, 06/15/22		407,976
				4,304,061
New York: 15.0%
	270,000	Battery Park City Authority, Series A (RB) 5.00%, 11/01/23		332,851
		City of New York, New York, Series A-1 (GO)
	250,000	5.00%, 08/01/21 (c)		293,675
	610,000	5.25%, 08/01/23 (c)		743,126
		City of New York, New York, Series B (GO)
	55,000	3.38%, 08/01/24 (c)		55,276
	1,000,000	5.00%, 08/01/22 (c)		1,181,890
	1,450,000	5.00%, 08/01/22 (c)		1,677,099
	250,000	5.00%, 08/01/22 (c)		293,348
		City of New York, New York, Series D (GO)
	1,600,000	5.00%, 08/01/21		1,880,512
	1,000,000	5.00%, 02/01/23 (c)		1,150,610
		City of New York, New York, Series D-1 (GO)
	1,100,000	5.00%, 10/01/21 (c)		1,272,953
	3,455,000	5.00%, 08/01/23 (c)		4,093,449
	925,000	City of New York, New York, Series E (GO) 5.25%, 08/01/22		1,106,836
		City of New York, New York, Series F (GO)
	500,000	5.00%, 02/01/22 (c)		575,740
	1,295,000	5.00%, 02/01/22 (c)		1,472,026
	55,000	5.00%, 02/01/22 (c)		64,811
		City of New York, New York, Series F-1 (GO)
	50,000	5.00%, 03/01/23 (c)		57,679
	1,300,000	5.00%, 03/01/23 (c)		1,543,620
	1,325,000	City of New York, New York, Series G-1 (GO) 5.00%, 04/01/22 (c)		1,532,177
	995,000	City of New York, New York, Series H (GO) 5.00%, 08/01/23 (c)		1,187,632
		City of New York, New York, Series I (GO)
	1,310,000	5.00%, 08/01/21		1,539,669
	1,000,000	5.00%, 08/01/22		1,180,470
	1,000,000	5.00%, 08/01/22 (c)		1,162,180
	120,000	5.00%, 08/01/23 (c)		143,232
		City of New York, New York, Series I-1 (GO)
	400,000	5.00%, 03/01/23		472,828
	1,225,000	5.00%, 03/01/24 (c)		1,409,950
		City of New York, New York, Series J (GO)
	960,000	5.00%, 08/01/23 (c)		1,137,398
	595,000	5.00%, 08/01/23		706,378
	450,000	City of New York, Series E (GO) 5.00%, 02/01/23 (c)		532,130
		Erie County, New York Industrial Development Agency School Facilities, City School District of Buffalo, Series A (RB) (SAW)
	500,000	5.00%, 05/01/21 (c)		583,885
	250,000	5.00%, 05/01/22 (c)		295,845
	725,000	5.00%, 11/01/25 (c)		867,528
		Long Island Power Authority Electric System, Series B (RB)
	2,160,000	5.00%, 09/01/22 (c)		2,442,204
	400,000	5.00%, 09/01/22		464,728
		Metropolitan Transportation Authority, Series A (RB)
	500,000	3.00%, 11/15/22 (c)		494,040
	2,050,000	5.00%, 11/15/22 (c)		2,378,656
	50,000	Metropolitan Transportation Authority, Series A-1 (RB) 5.00%, 11/15/23		59,788
		Metropolitan Transportation Authority, Series B (RB)
	600,000	3.00%, 11/15/22 (c)		605,862
	500,000	5.00%, 11/15/22		592,180
		Metropolitan Transportation Authority, Series C (RB)
	50,000	5.00%, 11/15/21		59,066
	250,000	5.00%, 11/15/21 (c)		286,565
		Metropolitan Transportation Authority, Series D (RB)
	500,000	5.00%, 11/15/17 (c)		545,395
	155,000	5.00%, 11/15/19 (c)		177,185
	100,000	5.00%, 11/15/21 (c)		116,906
	285,000	5.00%, 11/15/21		336,673
	350,000	5.00%, 11/15/22 (c)		403,851
	125,000	5.00%, 11/15/22 (c)		146,580
	750,000	5.00%, 11/15/22 (c)		862,185
		Metropolitan Transportation Authority, Series E (RB)
	500,000	5.00%, 11/15/22 (c)		576,930
	300,000	5.00%, 11/15/22 (c)		351,792
		Metropolitan Transportation Authority, Series F (RB)
	845,000	3.13%, 11/15/22 (c)		867,435
	2,155,000	5.00%, 11/15/22 (c)		2,498,938
	1,000,000	5.00%, 11/15/22 (c)		1,144,610
	1,200,000	5.00%, 11/15/22		1,426,560
	1,550,000	5.00%, 11/15/22 (c)		1,820,971
		Metropolitan Transportation Authority, Series H (RB)
	100,000	4.00%, 11/15/21		112,244
	350,000	5.00%, 11/15/22 (c)		409,913
	1,300,000	5.00%, 11/15/22 (c)		1,533,935
	5,000	Monroe County, New York Industrial Development Agency (RB) (SAW) 5.00%, 05/01/23 (c)		5,890
	500,000	Nassau County, New York, Series A (GO) 4.00%, 04/01/21 (c)		521,315
	850,000	Nassau County, New York, Series C (GO) 4.00%, 10/01/20 (c)		920,711
	400,000	New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB) 5.00%, 06/15/20 (c)		460,924
		New York City Transitional Finance Authority Future Tax Secured Revenue (RB)
	255,000	3.50%, 08/01/24 (c)		261,135
	400,000	5.00%, 02/01/18 (c)		438,612
	545,000	5.00%, 11/01/21 (c)		644,997
	575,000	5.00%, 11/01/22		687,700
	575,000	5.00%, 11/01/22 (c)		677,965
	700,000	5.00%, 02/01/23 (c)		836,248
	500,000	5.00%, 05/01/23 (c)		573,790
	290,000	5.00%, 05/01/23 (c)		337,830
	1,660,000	5.00%, 02/01/24 (c)		1,915,242
	400,000	5.25%, 02/01/21 (c)		464,100
	2,900,000	New York City Transitional Finance Authority, Building Aid Revenue, Series F-1 (RB) 5.00%, 05/01/22 (c)		3,329,519
		New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW)
	1,000,000	5.00%, 07/15/22		1,188,610
	800,000	5.00%, 07/15/22 (c)		913,616
	500,000	New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW) 4.00%, 07/15/21 (c)		535,185
		New York City Transitional Finance Authority, Future Tax Secured Revenue, Series A (RB)
	700,000	5.00%, 11/01/21		831,159
	515,000	5.00%, 11/01/21		611,496
	450,000	New York City Transitional Finance Authority, Future Tax Secured Revenue, Series D-1 (RB) 5.25%, 02/01/21 (c)		532,085
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB)
	1,500,000	5.00%, 11/01/21 (c)		1,767,480
	1,045,000	5.00%, 11/01/21 (c)		1,241,481
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB)
	1,000,000	5.00%, 02/01/21 (c)		1,166,530
	1,000,000	5.00%, 11/01/21		1,187,370
	600,000	5.00%, 11/01/21 (c)		700,848
	2,000,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB) 5.00%, 11/01/22 (c)		2,368,380
	425,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB) 5.00%, 02/01/22		503,931
		New York City Water and Sewer System (RB)
	1,745,000	5.00%, 12/15/19 (c)		2,001,079
	110,000	5.00%, 06/15/21 (c)		128,827
	190,000	5.00%, 06/15/21 (c)		218,310
	510,000	5.00%, 06/15/25 (c)		610,455
	550,000	New York City, Series B (GO) 5.00%, 08/01/21 (c)		646,767
	500,000	New York City, Series E (GO) 5.00%, 08/01/20 (c)		582,245
		New York City, Series I (GO)
	1,550,000	5.00%, 08/01/22		1,829,728
	1,500,000	5.00%, 08/01/22 (c)		1,772,835
	100,000	New York City, Sub Series G-1 (GO) 5.00%, 04/01/22		117,651
	475,000	New York Local Government Assistant Corp., Series A (RB) 4.00%, 04/01/20 (c)		521,013
		New York State Dormitory Authority (RB)
	145,000	5.00%, 12/15/21		172,383
	570,000	5.00%, 12/15/22 (c)		664,837
	1,500,000	5.00%, 02/15/24 (c)		1,731,570
	800,000	5.00%, 02/15/24		967,768
	1,000,000	5.00%, 02/15/25 (c)		1,165,570
	625,000	New York State Dormitory Authority, School District Financing Program, Series A (RB) (SAW) 5.00%, 10/01/21		737,831
	100,000	New York State Dormitory Authority, Series A (RB) 5.00%, 07/01/22 (c)		114,603
		New York State Dormitory Authority, State Personal Income Tax Revenue, Series A (RB)
	500,000	4.00%, 12/15/22		563,015
	1,000,000	5.00%, 12/15/22 (c)		1,192,300
		New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
	2,000,000	5.00%, 12/15/22 (c)		2,402,680
	2,775,000	5.00%, 12/15/22 (c)		3,252,966
	825,000	5.00%, 12/15/22		987,987
	1,000,000	5.00%, 12/15/22 (c)		1,162,000
	170,000	5.00%, 12/15/22 (c)		196,676
	295,000	5.00%, 02/15/24 (c)		350,327
	250,000	5.00%, 02/15/24 (c)		299,855
	500,000	New York State Dormitory Authority, State Personal Income Tax, Series A (RB) 5.00%, 03/15/21 (c)		585,020
		New York State Dormitory Authority, State Personal Income Tax, Series B (RB)
	500,000	5.00%, 03/15/22 (c)		582,345
	1,300,000	5.00%, 03/15/22 (c)		1,544,790
		New York State Dormitory Authority, State Personal Income Tax, Series E (RB)
	300,000	5.00%, 02/15/20 (c)		344,802
	1,625,000	5.00%, 08/15/21 (c)		1,920,766
	625,000	New York State Dormitory Authority, State Sales Tax, Series A (RB) 5.00%, 03/15/23 (c)		724,681
	250,000	New York State Dormitory Authority, State University Education Facilities Issue, Series A (RB) 5.00%, 05/15/22 (c)		296,440
		New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB)
	440,000	4.00%, 06/15/22 (c)		486,922
	1,000,000	5.00%, 06/15/22 (c)		1,198,510
	750,000	5.00%, 06/15/22 (c)		902,092
	2,000,000	5.00%, 06/15/23 (c)		2,391,020
	1,250,000	5.00%, 06/15/24 (c)		1,511,325
	1,585,000	5.00%, 06/15/24 (c)		1,871,901
		New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series D (RB)
	600,000	5.00%, 06/15/22		719,532
	1,200,000	5.00%, 06/15/22 (c)		1,419,576
	765,000	New York State Thruway Authority, Highway and Bridge Trust Fund (RB) 5.00%, 04/01/21 (c)		879,176
	1,000,000	New York State Thruway Authority, Second General Highway and Bridge Trust Fund, Series A (RB) 5.00%, 04/01/20 (c)		1,168,580
	800,000	New York State Thruway Authority, Series A (RB) 5.00%, 03/15/23 (c)		912,800
		New York State Thruway Authority, Series I (RB)
	3,110,000	5.00%, 01/01/22 (c)		3,581,414
	1,000,000	5.00%, 01/01/22 (c)		1,165,120
		New York State Thruway Authority, Series J (RB)
	2,120,000	5.00%, 01/01/24 (c)		2,463,673
	1,000,000	5.00%, 01/01/24 (c)		1,169,440
		New York State Thruway Authority, State Personal Income Tax (Transportation), Series A (RB)
	500,000	5.00%, 09/15/20 (c)		579,905
	250,000	5.00%, 03/15/21 (c)		292,655
	60,000	5.00%, 09/15/21 (c)		71,101
	250,000	New York State Urban Development Corp., Series D 5.00%, 03/15/23		299,773
		New York State Urban Development Corp., State Personal Income, Series A (RB)
	680,000	3.50%, 03/15/21 (c)		709,220
	1,000,000	4.00%, 03/15/21 (c)		1,097,830
	700,000	4.00%, 03/15/21 (c)		761,908
	2,000,000	New York State Urban Development Corp., State Personal Income, Series A-1 (RB) 5.00%, 03/15/23 (c)		2,311,540
		New York State Urban Development Corp., State Personal Income, Series C (RB)
	1,250,000	5.00%, 03/15/22		1,486,237
	1,000,000	5.00%, 03/15/23 (c)		1,145,410
	1,550,000	5.00%, 03/15/23 (c)		1,783,399
	690,000	5.00%, 03/15/23 (c)		811,481
	115,000	New York State Urban Development Corp., State Personal Income, Series D (RB) 5.00%, 03/15/22		136,734
		New York State, Series A (GO)
	500,000	3.50%, 02/15/21 (c)		542,065
	1,050,000	4.00%, 02/15/21 (c)		1,142,725
		New York State, Series E (GO)
	1,000,000	4.00%, 12/15/21 (c)		1,091,380
	800,000	4.00%, 12/15/21 (c)		878,048
	500,000	Oyster Bay, New York Public Improvement (GO) 3.50%, 08/15/17 (c)		505,470
		Port Authority of New York and New Jersey (RB)
	565,000	3.00%, 06/15/24 (c)		563,830
	750,000	3.25%, 06/15/24 (c)		751,702
	1,200,000	5.00%, 05/01/20 (c)		1,352,688
		Sales Tax Asset Receivable Corp., Series A (RB)
	235,000	3.00%, 10/15/24 (c)		236,690
	1,000,000	5.00%, 10/15/24 (c)		1,193,310
	310,000	5.00%, 10/15/24 (c)		376,135
	65,000	State of New York (GO) 5.00%, 12/15/21 (c)		77,448
	1,025,000	Suffolk County, New York Economic Development Corp. (RB) 5.00%, 07/01/21 (c)		1,136,920
	1,000,000	Suffolk County, New York Public Improvement, Series A (GO) 4.00%, 05/15/19 (c)		1,043,070
	50,000	Tobacco Settlement Financing Corp. (RB) 5.00%, 06/01/17 (c)		53,829
	65,000	Town of Brookhaven, New York (GO) 3.00%, 02/01/23 (c)		66,983
		Town of Brookhaven, Series A (GO)
	640,000	3.00%, 02/01/23		680,179
	250,000	4.00%, 02/01/23 (c)		271,550
		Town of Oyster Bay, New York (GO) (AGM)
	265,000	3.00%, 03/01/21 (c)		269,221
	875,000	4.00%, 11/01/20 (c)		952,507
	485,000	4.00%, 08/01/22 (c)		506,340
	1,000,000	Triborough Bridge and Tunnel Authority (RB) 5.00%, 05/15/23 (c)		1,161,100
		Triborough Bridge and Tunnel Authority, Series A (RB)
	455,000	5.00%, 01/01/22 (c)		529,834
	1,000,000	5.00%, 01/01/22 (c)		1,180,170
	1,370,000	5.00%, 05/15/23 (c)		1,636,314
		Triborough Bridge and Tunnel Authority, Series B (RB)
	500,000	5.00%, 11/15/22 (c)		585,225
	1,980,000	5.00%, 11/15/22		2,374,456
	1,000,000	5.00%, 11/15/22 (c)		1,195,490
	1,310,000	5.00%, 11/15/23 (c)		1,526,831
	1,250,000	Utility Debt Securitization Authority (RB) 5.00%, 12/15/23 (c)		1,469,987
		Utility Debt Securitization Authority, Series E (RB)
	1,675,000	5.00%, 12/15/23 (c)		1,979,431
	900,000	5.00%, 12/15/23 (c)		1,068,039
				169,003,507
North Carolina: 1.0%
	140,000	County of New Hanover, North Carolina (RB) 5.00%, 10/01/21 (c)		159,250
	1,805,000	County of Wake, North Carolina (GO) 3.00%, 09/01/24 (c)		1,883,806
	1,000,000	North Carolina Municipal Power Agency No. 1, Series B (RB) 5.00%, 01/01/22 (c)		1,133,180
		North Carolina State Capital Improvement Limited Obligation Bonds, Series A (RB)
	500,000	4.50%, 05/01/20 (c)		557,195
	815,000	5.00%, 05/01/20 (c)		953,957
	20,000	North Carolina State Capital Improvement Limited Obligation Bonds, Series B (RB) 5.00%, 11/01/21 (c)		23,592
	750,000	North Carolina State, Capital Improvement Limited Obligation, Series C (RB) 5.00%, 05/01/21 (c)		877,162
	400,000	North Carolina State, Series C (GO) 5.00%, 05/01/22		481,724
		State of North Carolina (GO)
	1,000,000	5.00%, 06/01/23		1,224,320
	1,040,000	5.00%, 05/01/24 (c)		1,232,171
	1,315,000	5.00%, 05/01/24		1,621,526
	250,000	5.00%, 06/01/24		304,728
	75,000	5.00%, 06/01/26		92,519
	150,000	The Charlotte-Mecklenburg Hospital Authority (RB) 5.00%, 01/15/22 (c)		168,956
				10,714,086
Ohio: 3.1%
	20,000	American Municipal Power, Inc. (RB) 4.00%, 02/15/22 (c)		20,780
		City of Columbus, Ohio Sewerage Revenue (RB)
	250,000	5.00%, 12/01/24 (c)		291,938
	300,000	5.00%, 12/01/24 (c)		356,793
	500,000	5.00%, 12/01/24 (c)		599,215
		City of Columbus, Ohio, Series A (GO)
	1,890,000	3.00%, 02/15/24 (c)		1,931,467
	800,000	4.00%, 02/15/24 (c)		864,176
	440,000	5.00%, 02/15/22		525,452
	750,000	5.00%, 07/01/23		910,702
	100,000	5.00%, 08/15/23 (c)		119,284
	1,975,000	5.00%, 02/15/24 (c)		2,392,594
	3,045,000	City of Columbus, Series 1 (GO) 5.00%, 07/01/23 (c)		3,660,516
	1,000,000	City of Columbus, Series A (GO) 5.00%, 08/15/22 (c)		1,191,440
	870,000	County of Hamilton, Ohio Healthcare Facilities, The Christ Hospital Project (RB) (AGM) 4.00%, 06/01/22 (c)		890,323
	750,000	Dayton Metro Library, Series A (GO) 3.25%, 12/01/21 (c)		749,077
	1,220,000	Hamilton County, Ohio Sewer System Improvement, Series A (RB) 5.00%, 12/01/22		1,460,755
	125,000	Ohio Higher Educational Facility Commission (RB) 5.00%, 01/01/22		147,028
		Ohio State Common Schools, Series A (GO)
	750,000	5.00%, 09/15/22		899,535
	2,675,000	5.00%, 09/15/23		3,244,053
	1,750,000	Ohio State Common Schools, Series B (GO) 4.00%, 09/15/21 (c)		1,886,552
	650,000	Ohio State, Turnpike Commission, Series A (RB) 5.25%, 02/15/27		804,524
	85,000	Promedica Healthcare Obligated Group, Ohio Hospital, Series D (RB) 5.00%, 11/15/21 (c)		96,901
		State of Ohio (GO)
	300,000	5.00%, 09/15/21		357,228
	1,345,000	5.00%, 01/15/23 (c)		1,500,442
	895,000	5.00%, 08/01/23		1,083,514
	3,000,000	5.00%, 05/01/24 (c)		3,572,400
	1,000,000	5.00%, 05/01/24 (c)		1,210,850
	3,000,000	5.00%, 09/15/26		3,713,760
				34,481,299
Oklahoma: 0.2%
	65,000	Grand River Dam Authority, Series A (RB) 5.00%, 06/01/24 (c)		75,555
	1,000,000	Oklahoma Capital Improvement Authority (RB) 5.00%, 07/01/24 (c)		1,168,880
	500,000	Oklahoma Development Finance Authority (RB) 5.00%, 08/15/22		591,410
				1,835,845
Oregon: 0.9%
	1,040,000	Administrative School District No. 1 (GO) (SBG) 4.00%, 06/15/21		1,179,724
	100,000	Beaverton School District 48J, Washington and Multnomah Counties, Oregon, Series B (GO) (SBG) 4.00%, 06/15/22 (c)		110,798
	500,000	Clackamas County School District No. 12 North Clackamas (GO) (SBG) 5.00%, 06/15/24 (c)		590,505
		Metro, Oregon, Series A (GO)
	500,000	4.00%, 06/01/22 (c)		544,465
	785,000	5.00%, 06/01/22		937,227
	400,000	5.00%, 06/01/22 (c)		478,696
	1,850,000	Oregon State Lottery (RB) 5.00%, 04/01/25 (c)		2,242,755
	500,000	Oregon State, Series F (GO) 5.00%, 05/01/23 (c)		597,535
		Portland, Oregon Sewer System, Series A (RB)
	475,000	4.25%, 03/01/20 (c)		520,600
	575,000	5.00%, 03/01/20 (c)		653,510
		State of Oregon Department of Transportation (RB)
	100,000	5.00%, 11/15/21		119,568
	90,000	5.00%, 11/15/21		107,611
	10,000	5.00%, 11/15/22		12,060
	200,000	5.00%, 11/15/23		243,852
	745,000	5.00%, 11/15/24 (c)		890,849
	225,000	5.00%, 11/15/24		278,667
	65,000	5.00%, 11/15/24 (c)		78,140
	200,000	5.00%, 11/15/24 (c)		236,440
	50,000	Tri-County Metropolitan Transportation District (RB) 5.00%, 10/01/21		58,741
				9,881,743
Pennsylvania: 2.6%
	270,000	City of Philadelphia, Pennsylvania Water & Wastewater Revenue, Series A (RB) 5.00%, 01/01/22		316,518
	1,765,000	Commonwealth of Pennsylvania (GO) 5.00%, 07/01/22		2,051,724
		Commonwealth of Pennsylvania, First Refunding Series (GO)
	500,000	4.00%, 07/01/23		548,970
	500,000	5.00%, 07/01/23		587,195
		Commonwealth of Pennsylvania, First Series (GO)
	925,000	5.00%, 11/15/21 (c)		1,062,603
	570,000	5.00%, 11/15/21 (c)		646,625
	1,095,000	5.00%, 11/15/21 (c)		1,266,181
	1,000,000	5.00%, 11/15/21		1,166,500
	720,000	5.00%, 11/15/21 (c)		841,723
	2,155,000	5.00%, 06/01/22 (c)		2,483,616
	1,250,000	5.00%, 06/01/22 (c)		1,466,237
	640,000	5.00%, 06/01/22		743,245
	2,650,000	5.00%, 04/01/23 (c)		3,066,924
	2,250,000	5.00%, 04/01/23 (c)		2,625,997
	2,150,000	5.00%, 04/01/23 (c)		2,542,031
		Commonwealth of Pennsylvania, Second Series (GO)
	300,000	4.00%, 10/15/23 (c)		318,057
	1,000,000	5.00%, 10/15/23 (c)		1,138,850
	860,000	5.00%, 10/15/23 (c)		984,098
	500,000	5.00%, 10/15/23 (c)		594,530
	420,000	5.00%, 10/15/23 (c)		492,933
	500,000	5.00%, 10/15/23 (c)		583,615
	850,000	Monroeville, Pennsylvania Finance Authority (RB) 5.00%, 02/15/26		1,008,397
	25,000	Pennsylvania Economic Development Financing Authority (RB) 5.00%, 07/01/16 (c)		26,074
	250,000	Pennsylvania Higher Educational Facilities Authority (RB) 5.00%, 08/15/22 (c)		287,790
	500,000	Pennsylvania Higher Educational Facilities Authority, Series AM (RB) 4.00%, 06/15/21 (c)		528,605
	1,000,000	Pennsylvania State Industrial Development Authority (RB) 5.00%, 07/01/21		1,160,260
	400,000	Pennsylvania Turnpike Commission (RB) 5.00%, 12/01/24 (c)		454,856
		Philadelphia Hospitals and Higher Education Facilities Authority (RB)
	25,000	5.00%, 07/01/21 (c)		28,767
	305,000	5.00%, 07/01/21 (c)		345,541
	60,000	St. Mary Hospital Authority (RB) 5.00%, 05/15/20 (c)		68,514
				29,436,976
Puerto Rico: 0.1%
	500,000	Puerto Rico Commonwealth, Public Improvement, Series A (GO) (AGM) 5.50%, 07/01/21 (c)		501,250
	500,000	Puerto Rico Electric Power Authority (RB) (AGM) 3.65%, 07/27/15 (c)		442,760
				944,010
Rhode Island: 0.4%
	385,000	Rhode Island Health and Educational Building Corp. (RB) (AGM) 5.00%, 05/15/25 (c)		443,820
		State of Rhode Island (GO)
	250,000	5.00%, 08/01/24 (c)		297,818
	175,000	5.00%, 08/01/24		209,403
	1,000,000	5.00%, 08/01/24 (c)		1,173,760
	500,000	5.50%, 08/01/21 (c)		609,660
	470,000	5.50%, 08/01/21 (c)		565,941
	1,275,000	5.50%, 08/01/21 (c)		1,534,462
				4,834,864
South Carolina: 1.4%
	325,000	Berkeley County, South Carolina School District, Series A (GO) 3.00%, 03/01/24 (c)		330,665
		Charleston Educational Excellence Finance Corp. (RB)
	920,000	5.00%, 12/01/23 (c)		1,058,239
	50,000	5.00%, 12/01/23 (c)		60,171
	300,000	5.00%, 12/01/23		362,286
	1,750,000	City of Charleston, Waterworks and Sewer System Revenue (RB) 5.00%, 01/01/22 (c)		2,079,192
	2,000,000	Greenville Hospital System Board of Trustees (RB) 5.00%, 05/01/22 (c)		2,276,320
		Richland County, South Carolina School District No. 1, Series A (GO)
	500,000	4.00%, 09/01/21 (c)		539,660
	1,305,000	4.00%, 09/01/21 (c)		1,453,522
	500,000	5.00%, 09/01/21 (c)		588,175
	975,000	South Carolina Jobs Economic Development Authority (RB) 3.75%, 11/01/22 (c)		979,875
		South Carolina Jobs Economic Development Authority, Series A (RB)
	130,000	5.00%, 08/01/23 (c)		141,690
	395,000	5.25%, 08/01/23 (c)		438,162
	245,000	South Carolina Ports Authority (RB) 5.25%, 07/01/20 (c)		286,268
		South Carolina State Economic Development, Series A (GO)
	625,000	2.00%, 04/01/20 (c)		623,669
	1,000,000	4.00%, 04/01/20 (c)		1,110,090
	900,000	South Carolina State Public Service Authority (RB) 5.00%, 12/01/21 (c)		1,035,333
		South Carolina State Public Service Authority, Series B (RB)
	1,100,000	4.00%, 12/01/21		1,232,099
	650,000	5.00%, 12/01/21		767,364
				15,362,780
Tennessee: 0.7%
	1,200,000	County of Shelby, Tennessee (GO) 5.00%, 03/01/24		1,468,524
	680,000	Knox County Health Educational and Housing Facility Board, Series A (RB) 5.00%, 01/01/23 (c)		777,947
		Memphis Center City Revenue Finance Corp. (RB) (AGM)
	25,000	4.50%, 11/01/21 (c)		27,000
	245,000	5.25%, 11/01/21 (c)		285,227
	985,000	Memphis, Tennessee General Improvement Refunding, Series A (GO) 5.00%, 11/01/23		1,193,406
		Metropolitan Government of Nashville & Davidson County, Tennessee (RB)
	1,160,000	5.00%, 07/01/22		1,367,826
	500,000	5.00%, 07/01/23		605,510
	75,000	Metropolitan Government of Nashville & Davidson County, Tennessee, Series D (GO) 5.00%, 07/01/20 (c)		87,912
	350,000	State of Tennessee (GO) 5.00%, 08/01/21		417,260
	275,000	Tennessee State School Bond Authority, Higher Educational Facilities, Series A (RB) 3.50%, 05/01/18 (c)		284,001
	975,000	Tennessee State, Series A (GO) 5.00%, 08/01/22		1,173,354
				7,687,967
Texas: 8.7%
	750,000	Austin Independent School District, Series B (GO) 5.00%, 08/01/24		912,232
	500,000	Board of Regents, A and M University System, Series A (RB) 5.50%, 07/01/25 (c)		629,380
	500,000	Brownsville, Texas Utilities System Revenue, Series A (RB) 5.00%, 09/01/23 (c)		571,980
		City of Austin, Texas, Water & Wastewater System Revenue (RB)
	1,000,000	3.70%, 05/15/23 (c)		1,075,520
	50,000	5.00%, 11/15/22 (c)		58,778
	50,000	5.00%, 05/15/23 (c)		60,314
	1,000,000	5.00%, 05/15/24 (c)		1,171,820
	650,000	5.00%, 05/15/24 (c)		753,447
	1,000,000	5.00%, 05/15/24 (c)		1,165,040
		City of Austin, Water and Wastewater System Revenue (RB)
	650,000	5.00%, 11/15/21		770,386
	400,000	5.00%, 11/15/21 (c)		472,004
	50,000	City of Dallas and Fort Worth, Texas International Airport (RB) 5.00%, 11/01/20 (c)		56,626
	4,750,000	City of Dallas, Texas (GO) 5.00%, 02/15/24 (c)		5,717,575
		City of Fort Worth and Dallas, Texas International Airport, Series G (RB)
	50,000	5.00%, 11/01/20 (c)		56,890
	3,240,000	5.00%, 11/01/20 (c)		3,712,392
	1,000,000	City of Fort Worth, Texas (GO) 5.00%, 03/01/22 (c)		1,181,180
	300,000	City of Houston, Series A (GO) 5.00%, 03/01/22		357,405
	1,000,000	City of Houston, Texas Combined Utility System Revenue (RB) 5.00%, 11/15/24 (c)		1,189,410
		City of San Antonio, Electric and Gas Systems Revenue (RB)
	1,865,000	5.00%, 02/01/22		2,218,884
	1,500,000	5.00%, 08/01/22 (c)		1,772,835
	1,000,000	5.00%, 02/01/23		1,198,460
	500,000	5.25%, 02/01/25		621,240
	1,070,000	City of San Antonio, Texas (GO) 5.00%, 02/01/24 (c)		1,257,357
	1,000,000	City of San Antonio, Water System Revenue (RB) 5.00%, 05/15/22 (c)		1,168,520
	515,000	City of San Antonio, Water System Revenue, Series A (RB) 5.00%, 05/15/20 (c)		592,404
	1,000,000	Clear Creek Independent School District, Series B (GO) 5.00%, 02/15/22 (c)		1,176,700
	585,000	Comal Independent School District, Series A (GO) 4.00%, 02/01/21 (c)		622,019
		Conroe Independent School District (GO)
	60,000	5.00%, 02/15/20 (c)		69,273
	500,000	5.00%, 02/15/21 (c)		568,030
		County of Denton, Texas (GO)
	875,000	5.00%, 07/15/20 (c)		997,097
	1,000,000	5.00%, 07/15/20 (c)		1,154,310
	250,000	County of Harris, Subordinate Lien, Series A (GO) 5.00%, 08/15/22 (c)		296,420
		County of Harris, Texas (GO)
	670,000	5.00%, 10/01/20 (c)		787,364
	500,000	5.00%, 08/15/22 (c)		574,545
	100,000	Cypress-Fairbanks Independent School District, Series C (GO) 5.00%, 02/15/23		120,249
		Dallas Independent School District (GO)
	100,000	5.00%, 02/15/21 (c)		117,282
	100,000	5.00%, 08/15/22 (c)		120,377
	100,000	Dallas Independent School District, Series A (GO) 5.00%, 08/15/24		122,262
	385,000	Dallas, Texas, Series A (GO) 5.00%, 02/15/23 (c)		442,692
	750,000	Fort Bend, Texas Independent School District (GO) 5.00%, 08/15/22 (c)		899,550
	70,000	Fort Worth, Texas Independent School District (GO) 5.00%, 02/15/20 (c)		79,600
	250,000	Fort Worth, Texas Water and Sewer System Revenue (RB) 5.00%, 02/15/21 (c)		291,340
	2,755,000	Harris County, Texas Cultural Education Facilities Finance Corp. (RB) 5.00%, 12/01/24 (c)		3,135,190
	75,000	Harris County, Texas Cultural Education Facilities Finance Corp., Series 1 (RB) 5.00%, 10/01/23		89,363
	50,000	Harris County, Texas Cultural Education Facilities Finance Corp., Series A (RB) 5.00%, 12/01/22 (c)		57,057
	725,000	Harris County, Texas Cypress-Fairbanks Independent School District (GO) 5.00%, 02/15/21 (c)		848,214
		Harris County, Texas Flood Control District (RB)
	100,000	5.00%, 10/01/20 (c)		115,526
	260,000	5.00%, 10/01/20 (c)		301,618
	500,000	5.00%, 10/01/24 (c)		593,160
	500,000	5.00%, 10/01/24 (c)		597,645
		Harris County, Texas Houston Sports Authority (RB)
	965,000	5.00%, 11/15/24 (c)		1,100,940
	2,225,000	5.00%, 11/15/24 (c)		2,559,618
		Harris County, Texas Unlimited Tax Road Refunding, Series A (GO)
	500,000	5.00%, 10/01/20 (c)		587,585
	1,980,000	5.00%, 10/01/22 (c)		2,375,604
	250,000	Houston, Texas Independent School District, Series A (GO) 5.00%, 02/15/23 (c)		298,318
		Houston, Texas Public Improvement Refunding, Series A (GO)
	2,000,000	5.00%, 03/01/21 (c)		2,327,480
	2,090,000	5.00%, 03/01/23 (c)		2,500,936
	750,000	5.00%, 03/01/27 (c)		879,952
	35,000	Hurst-Euless-Bedford Independent School District (GO) 5.00%, 08/15/20 (c)		40,763
	120,000	Katy Independent School District, Fort Bend, Harris and Waller Counties, Series A (GO) 5.00%, 02/15/25 (c)		144,841
	350,000	Leander Independent School District, Series A (GO) 5.00%, 08/15/23 (c)		417,494
	155,000	Lower Colorado River Authority, LCRA Transmission Services Corp. Project (RB) 4.00%, 05/15/22 (c)		161,919
	55,000	Lower Colorado River Authority, LCRA Transmission Services Corp. Project, Series A (RB) 5.00%, 05/15/23 (c)		62,211
		Lower Colorado River Authority, Series A (RB)
	350,000	5.00%, 05/15/20 (c)		400,012
	1,990,000	5.00%, 05/15/20 (c)		2,206,034
	990,000	5.00%, 05/15/22 (c)		1,150,093
	2,370,000	Lower Colorado River Authority, Series B (RB) 5.00%, 05/15/22 (c)		2,697,605
	845,000	Matagorda County, Texas Navigation District No. 1 (RB) 4.00%, 06/03/23 (c)		847,780
	500,000	New Hope Cultural Education Facilities Corp. (RB) 5.00%, 07/01/25 (c)		532,120
		North Texas Municipal Water District (RB)
	650,000	4.00%, 03/01/22 (c)		684,528
	250,000	5.25%, 03/01/22 (c)		300,313
		North Texas Tollway Authority (RB)
	550,000	5.00%, 09/01/21 (c)		631,015
	530,000	5.25%, 09/01/21 (c)		627,356
	1,080,000	5.25%, 09/01/21 (c)		1,275,685
	750,000	North Texas Tollway Authority, Second Tier, Series B (RB) 5.00%, 01/01/24 (c)		822,697
	2,975,000	Northside Independent School District (GO) 5.00%, 08/15/21 (c)		3,444,633
	500,000	Pasadena, Texas Independent School District (GO) 5.00%, 02/15/23 (c)		589,040
	200,000	Port of Houston Authority of Harris County Texas, Series D-0 (GO) 5.00%, 10/01/20 (c)		233,950
	415,000	Port of Houston Authority of Harris County, Series D-1 (GO) 5.00%, 10/01/20 (c)		488,148
	2,715,000	San Antonio, Texas Electric and Gas Systems (RB) 5.25%, 02/01/24		3,336,491
		San Antonio, Texas Independent School District (GO)
	1,325,000	5.00%, 02/15/21 (c)		1,519,324
	1,695,000	5.00%, 02/15/24		2,059,239
	300,000	San Antonio, Texas Public Facilities Corp. (RB) 3.00%, 09/15/22 (c)		287,586
	1,025,000	San Antonio, Texas Water System Revenue (RB) 5.00%, 05/15/22 (c)		1,216,111
		State of Texas (GO)
	1,355,000	5.00%, 04/01/22 (c)		1,587,748
	50,000	5.00%, 04/01/22		59,681
	50,000	5.00%, 04/01/24 (c)		58,949
	750,000	5.00%, 04/01/24 (c)		896,385
	2,955,000	5.00%, 10/01/24 (c)		3,474,105
		Tarrant County, Texas Cultural Education Facilities Finance Corp. (RB)
	50,000	5.00%, 11/15/21 (c)		56,199
	1,020,000	5.00%, 10/01/23 (c)		1,166,574
	235,000	5.25%, 10/01/23 (c)		273,916
	250,000	Texas A and M University (RB) 5.00%, 05/15/22		298,360
		Texas Municipal Gas Acquisition & Supply Corp. III (RB)
	225,000	5.00%, 12/15/22 (c)		244,442
	230,000	5.00%, 12/15/22 (c)		253,462
	500,000	Texas Municipal Gas Acquisition and Supply Corp. III (RB) 5.00%, 12/15/22 (c)		559,635
		Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply (RB)
	1,000,000	5.00%, 12/15/22 (c)		1,128,370
	1,000,000	5.00%, 12/15/22		1,147,550
	500,000	Texas State, Public Finance Authority (GO) 5.00%, 10/01/21 (c)		583,305
		Texas Transportation Commission State Highway Fund (RB)
	1,000,000	5.00%, 04/01/23		1,207,210
	1,690,000	5.00%, 04/01/24		2,059,552
	635,000	University of Houston (RB) 5.00%, 02/15/21 (c)		729,913
		University of Texas, Revenue Financing System, Series A (RB)
	20,000	5.00%, 02/15/20 (c)		23,101
	650,000	5.00%, 02/15/22 (c)		763,555
	75,000	Ysleta Independent School District (GO) 5.00%, 08/15/24 (c)		88,672
				98,387,067
Utah: 0.2%
	605,000	Board of Education of Cache County School District (GO) (SBG) 4.00%, 06/15/24 (c)		646,890
		Utah State, Series A (GO)
	500,000	5.00%, 07/01/21 (c)		595,735
	500,000	5.00%, 07/01/21 (c)		595,735
	550,000	5.00%, 07/01/21 (c)		655,308
				2,493,668
Virgin Islands: 0.0%
	500,000	Virgin Islands Public Finance Authority, Series A (RB) 5.00%, 10/01/20 (c)		548,670
Virginia: 3.2%
	835,000	Commonwealth of Virginia, Series A-2 (GO) 4.00%, 06/01/21 (c)		908,589
	1,340,000	County of Fairfax, Public Improvement, Series A (GO) (SAW) 5.00%, 10/01/23		1,636,582
	2,000,000	County of Loudoun, Series A (GO) (SAW) 5.00%, 12/01/22 (c)		2,397,700
	1,965,000	Fairfax County Economic Development Authority Transportation District Improvement, Silver Line Phase I Project (ST) 5.00%, 04/01/20 (c)		2,268,317
		Fairfax County, Public Improvement, Series B (GO) (SAW)
	225,000	5.00%, 04/01/23		273,042
	2,075,000	5.00%, 04/01/24		2,550,777
	485,000	Fairfax County, Virginia Economic Development Authority (RB) 5.00%, 10/01/24 (c)		569,773
	500,000	Fairfax County, Virginia Industrial Development Authority (RB) 5.00%, 05/15/22		595,670
	485,000	Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB) 5.00%, 02/01/24		589,212
	2,000,000	Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series B (RB) (SAW) 5.00%, 09/01/23		2,420,300
		Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series A (RB)
	425,000	3.00%, 02/01/22 (c)		425,748
	2,000,000	5.00%, 02/01/22 (c)		2,363,420
	1,890,000	5.00%, 09/01/22 (c)		2,247,078
	100,000	Virginia College Building Authority, 21st Century College and Equipment Programs Educational Facilities, Series B (RB) 5.00%, 02/01/22 (c)		118,171
	1,850,000	Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series B (RB) 4.00%, 09/01/22 (c)		1,998,906
		Virginia Commonwealth Transportation Board (RB)
	45,000	4.00%, 05/15/21 (c)		47,935
	1,450,000	5.00%, 03/15/23 (c)		1,710,797
		Virginia Commonwealth Transportation Board (RB)
	500,000	4.00%, 05/15/21 (c)		535,095
	150,000	5.25%, 05/15/21 (c)		177,639
		Virginia Commonwealth Transportation Board, Series A (RB)
	1,000,000	5.00%, 09/15/21		1,180,570
	450,000	5.00%, 03/15/23 (c)		521,438
		Virginia Public Building Authority (RB)
	475,000	3.00%, 08/01/24 (c)		468,450
	20,000	5.00%, 08/01/21 (c)		23,506
		Virginia Public Building Authority, Series C
	400,000	4.00%, 08/01/25 (c)		447,012
	1,750,000	5.00%, 08/01/23		2,121,455
		Virginia Public School Authority (RB) (SAW)
	1,000,000	4.00%, 08/01/24 (c)		1,113,270
	450,000	5.00%, 08/01/21		533,372
	370,000	5.00%, 08/01/24		452,051
	350,000	Virginia Resources Authority (RB) 5.00%, 11/01/21 (c)		415,807
	750,000	Virginia Small Business Financing Authority (RB) 5.25%, 10/01/24 (c)		863,437
	1,850,000	Virginia State Public Building Authority, School Financing, Series A (RB) (SAW) 5.00%, 08/01/22		2,210,306
	1,535,000	Virginia State Public School Authority, School Financing, Series A (RB) (SAW) 5.00%, 08/01/23		1,853,298
	250,000	Virginia State, Resources Authority, Clean Water State (RB) 5.00%, 10/01/23 (c)		302,823
				36,341,546
Washington: 3.5%
	350,000	Bellevue School District No. 405, King County (GO) (SBG) 4.38%, 06/01/21 (c)		387,342
	550,000	Central Puget Sound Regional Transit Authority, Sale Tax , Series S-1 (RB) 5.00%, 11/01/22 (c)		638,143
	450,000	Central Puget Sound Regional Transit Authority, Sale Tax and Motor Vehicle Excise Tax, Series P-1 (RB) 5.00%, 02/01/22 (c)		529,376
	85,000	County of King, Washington Sewer Revenue, Series B (RB) 5.00%, 01/01/21 (c)		96,740
		Energy Northwest Colombia Generating Station Electric, Series A (RB)
	260,000	5.00%, 07/01/21 (c)		307,211
	350,000	5.00%, 07/01/21 (c)		414,848
	200,000	Energy Northwest Generating Station, Series A (RB) 5.00%, 07/01/23		241,394
	5,000	Energy Northwest, Series C (RB) 5.00%, 07/01/24 (c)		6,041
	15,000	King County, Washington School District No. 409 Tahoma (GO) (SBG) 5.00%, 12/01/23 (c)		17,434
	1,025,000	King County, Washington Sewer Revenue, Series A (RB) 5.00%, 01/01/23 (c)		1,211,673
	975,000	Pierce County School District No. 10 Tacoma (GO) (SBG) 5.00%, 12/01/24		1,200,235
	75,000	Port of Seattle, Series A (RB) 5.00%, 08/01/22		87,952
	20,000	Port of Seattle, Washington, Series A (RB) 5.00%, 08/01/22 (c)		22,438
		State of Washington (GO)
	850,000	3.00%, 07/01/23 (c)		810,764
	520,000	3.13%, 07/01/22 (c)		511,753
	295,000	4.00%, 07/01/23 (c)		314,334
	25,000	5.00%, 07/01/20 (c)		28,918
	55,000	5.00%, 08/01/20 (c)		64,220
	50,000	5.00%, 06/01/21 (c)		57,375
	250,000	5.00%, 08/01/21 (c)		287,865
	355,000	5.00%, 07/01/23 (c)		426,760
	835,000	5.00%, 08/01/23 (c)		1,005,432
	200,000	5.00%, 09/01/23 (c)		236,822
	115,000	5.00%, 09/01/23		136,914
	1,500,000	5.00%, 02/01/24 (c)		1,800,450
	4,650,000	5.00%, 07/01/24		5,685,043
	50,000	5.00%, 01/01/25 (c)		58,275
	350,000	5.00%, 01/01/25 (c)		414,547
	1,800,000	Tobacco Settlement Authority of Washington (RB) 5.00%, 06/01/22		2,081,808
		University of Washington General Revenue, Series A (RB)
	1,000,000	5.00%, 04/01/21 (c)		1,155,010
	500,000	5.00%, 04/01/21 (c)		579,240
	50,000	5.00%, 07/01/21		59,357
	1,000,000	Washington Federal Highway Grant Anticipation, SR 520 Corridor Program, Series F (RB) 5.00%, 09/01/22		1,178,140
		Washington Health Care Facilities Authority (RB)
	250,000	4.00%, 10/01/21 (p)		279,280
	1,365,000	5.00%, 10/01/21 (p)		1,603,616
	800,000	Washington State Motor Vehicle Fuel Tax, Series E (GO) 5.25%, 02/01/22		965,048
		Washington State Various Purpose, Series D (GO)
	250,000	5.00%, 02/01/22		297,775
	535,000	5.00%, 02/01/23		644,049
	1,925,000	Washington State, Motor Vehicle Fuel Tax, Series E (GO) 5.00%, 02/01/22		2,292,867
	2,000,000	Washington State, Motor Vehicle Fuel Tax, Series R (GO) 5.00%, 07/01/22 (c)		2,383,740
		Washington State, Various Purpose, Series A (GO)
	855,000	4.00%, 07/01/22		967,125
	1,000,000	5.00%, 01/01/21 (c)		1,160,750
	300,000	5.00%, 08/01/21 (c)		353,154
	1,000,000	5.00%, 07/01/22		1,195,430
	1,750,000	5.00%, 08/01/22 (c)		2,077,040
	1,675,000	Washington State, Various Purpose, Series D (GO) 5.00%, 02/01/23 (c)		1,971,877
		Washington State, Various Purpose, Series R-A (GO)
	150,000	5.00%, 01/01/21		176,562
	375,000	5.00%, 07/01/21 (c)		440,561
	625,000	Washington State, Various Purpose, Series R-C (GO) 5.00%, 07/01/22 (c)		740,494
				39,603,222
West Virginia: 0.2%
	580,000	West Virginia University (RB) 5.00%, 10/01/22 (c)		684,435
	875,000	West Virginia University Board of Governors, University Improvement, Series B (RB) 5.00%, 10/01/21		1,025,194
				1,709,629
Wisconsin: 0.9%
	560,000	Public Finance Authority, Renown Regional Medical Center Project, Series A (RB) 5.00%, 06/01/25 (c)		618,010
		State of Wisconsin (GO)
	500,000	4.50%, 05/01/21 (c)		550,885
	75,000	5.00%, 05/01/21 (c)		88,118
	385,000	5.00%, 11/01/22 (c)		458,181
	25,000	5.00%, 11/01/22 (c)		29,007
	550,000	5.00%, 11/01/24 (c)		670,901
	1,500,000	5.00%, 11/01/24 (c)		1,808,970
		State of Wisconsin Clean Water Fund Leveraged Loan Portfolio (RB)
	185,000	5.00%, 06/01/20 (c)		211,945
	35,000	5.00%, 06/01/20 (c)		40,360
	50,000	5.00%, 06/01/20 (c)		57,758
		Wisconsin Department of Transportation (RB)
	75,000	5.00%, 07/01/22 (c)		86,617
	35,000	5.00%, 07/01/22 (c)		40,953
	90,000	Wisconsin Health and Educational Facilities Authority (RB) 4.75%, 10/15/21 (c)		98,733
	1,000,000	Wisconsin State Transportation, Series 0 5.00%, 07/01/28 (c)		1,163,500
	800,000	Wisconsin State Transportation, Series 1 (RB) 5.00%, 07/01/23 (c)		940,760
	205,000	Wisconsin State, Health and Educational Facilities Authority, Aurora Health Care, Inc., Series A (RB) 5.00%, 07/15/21 (c)		225,059
	1,300,000	Wisconsin State, Series 2 (GO) 5.00%, 11/01/21		1,546,961
		Wisconsin State, Series C (GO)
	755,000	4.00%, 05/01/21 (c)		809,737
	750,000	4.00%, 05/01/21 (c)		809,775
				10,256,230
Total Municipal Bonds (Cost: $1,102,034,277)				1,111,511,217

Number of Shares
MONEY MARKET FUND: 0.0% (Cost: $288,730)
	288,730	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		288,730
Total Investments: 98.7% (Cost: $1,102,323,007)				1,111,799,947
Other assets less liabilities: 1.3%				15,196,886
NET ASSETS: 100.0%			$	1,126,996,833

AGM	Assured Guaranty Municipal Corp.
AGO	Assured Guaranty Ltd.
CP	Certificate of Participation
GO	General Obligation
Q-SBLF	Qualified School Board Loan Fund
RB	Revenue Bond
SAW	State Aid Withholding
SBG	School Board Guaranteed
ST	Special Tax
TA	Tax Allocation

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date

Summary of Investments By Sector (unaudited)	% of Investments			Value
Education		6.0	%	$	67,258,542
Health Care		4.9			54,384,121
Housing		0.1			1,276,881
Industrial Revenue		0.8			8,458,456
Leasing		8.1			90,187,345
Local		17.2			191,006,474
Power		6.0			66,311,818
Solid Waste/Resource Recovery		0.1			800,703
Special Tax		9.9			110,502,739
State		28.3			314,716,228
Transportation		11.5			127,690,360
Water & Sewer		7.1			78,917,550
Money Market fund		0.0			288,730
		100.0	%	$	1,111,799,947

The summary of inputs used to value the Fund’s investments as of July 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	1,111,511,217	$	—	$	1,111,511,217
Money Market Fund		288,730		—		—		288,730
Total	$	288,730	$	1,111,511,217	$	—	$	1,111,799,947

* See Schedule of Investments for security type and geographic sector breakouts.

There were no transfers between levels during the period ended July 31, 2015.

See Notes to Schedules of Investments

LONG MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 98.0%
Arizona: 1.5%
$	625,000	Arizona Board of Regents, Arizona State University Projects, Series A (RB) 5.00%, 07/01/22 (c)	$	692,150
	925,000	Arizona Health Facilities Authority, Series A (RB) 3.75%, 01/01/22 (c)		887,325
				1,579,475
California: 15.4%
	140,000	Bay Area Toll Authority, Series F-1 (RB) 5.00%, 04/01/24 (c)		152,502
	305,000	Bay Area Toll Authority, Series S-2 (RB) 5.00%, 10/01/20 (c)		339,160
	120,000	Bay Area Toll Authority, Series S-4 (RB) 5.25%, 04/01/23 (c)		133,820
	250,000	California Educational Facilities Authority, Series U-2 (RB) 5.00%, 10/01/32		319,380
	250,000	California Health Facilities Financing Authority (RB) 4.50%, 11/15/21 (c)		263,680
		California Health Facilities Financing Authority, Series A (RB)
	520,000	4.00%, 03/01/23 (c)		513,141
	100,000	4.00%, 08/15/24 (c)		102,593
	425,000	5.00%, 08/15/23 (c)		464,610
	520,000	California State Public Works Board, Series A (RB) 5.00%, 03/01/23 (c)		579,530
	975,000	California State University, Series A (RB) 5.00%, 11/01/24 (c)		1,119,407
	500,000	California Statewide Communities Development Authority, Loma Linda University Medical Center, Series A (RB) 5.25%, 12/01/24 (c)		524,765
	50,000	City of San Francisco CA Public Utilities Commission Water Revenue, Series A (RB) 4.00%, 05/01/22 (c)		50,677
	305,000	El Camino Community College District, Series C (GO) 4.00%, 08/01/22 (c)		311,533
	335,000	Los Angeles Department of Water and Power, Series A (RB) 5.00%, 07/01/24 (c)		378,349
	400,000	Pasadena Unified School District (GO) 4.13%, 05/01/22 (c)		413,660
	500,000	Port of Los Angeles, Harbor Department, Series B (RB) 5.00%, 08/01/24 (c)		562,750
	475,000	Regents of University of California, Series AI (RB) 5.00%, 05/15/23 (c)		541,505
	465,000	San Jose, California Financing Authority Lease, Series A (RB) 5.00%, 06/01/23 (c)		521,470
	250,000	San Mateo Union High School District, Series A (GO) 5.00%, 09/01/23 (c)		277,838
	675,000	Santa Clara County, Series B (GO) 3.38%, 08/01/22 (c)		649,080
	100,000	Semitropic Improvement District, Series A (RB) 4.00%, 12/01/22 (c)		102,421
	500,000	Southern California Public Power Authority, Series A (RB) 5.00%, 07/01/24 (c)		580,600
		State of California, Various Purpose (GO)
	230,000	3.50%, 09/01/22 (c)		231,431
	30,000	4.00%, 04/01/23 (c)		30,776
	700,000	4.00%, 11/01/24 (c)		715,176
	50,000	4.38%, 02/01/22 (c)		52,728
	800,000	4.50%, 12/01/23 (c)		861,480
	675,000	5.00%, 04/01/22 (c)		753,286
	890,000	5.00%, 09/01/22 (c)		999,034
	490,000	5.00%, 04/01/23 (c)		559,810
	300,000	5.00%, 04/01/23 (c)		334,242
	1,250,000	5.00%, 11/01/23 (c)		1,402,137
	470,000	Walnut Energy Center Authority, Series A (RB) 5.00%, 07/01/24 (c)		537,050
	400,000	West Valley-Mission Community College District (GO) 4.00%, 08/01/22 (c)		414,312
				15,793,933
Colorado: 1.5%
		Colorado Health Facilities Authority, The Evangelical Lutheran Good Samaritan Society Project (RB)
	115,000	5.00%, 06/01/22 (c)		119,916
	425,000	5.00%, 06/01/22 (c)		448,575
	230,000	Regional Transportation District, Series A (CP) 5.00%, 06/01/23 (c)		254,746
	675,000	University of Colorado Hospital Authority, Series A (RB) 5.00%, 11/15/22 (c)		741,798
				1,565,035
Connecticut: 0.9%
	425,000	Connecticut State Health & Educational Facility Authority, Series A (RB) 5.00%, 07/01/21 (c)		454,520
	370,000	State of Connecticut, Series F (GO) 5.00%, 11/15/24 (c)		420,216
				874,736
District of Columbia: 1.2%
	500,000	District of Columbia, Association of American Medical College Issue, Series B (RB) 5.00%, 10/01/21 (c)		541,765
	675,000	Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Series A (RB) 5.00%, 04/01/22 (c)		698,895
				1,240,660
Florida: 10.0%
	425,000	Broward County, Florida, Water & Sewer Utility Revenue, Series A (RB) 5.00%, 10/01/22 (c)		473,849
	425,000	Central Florida Expressway Authority, Series A (RB) 5.00%, 07/01/23 (c)		473,339
	1,175,000	City of Tampa, Florida Health System, Series A (RB) 5.00%, 05/15/22 (c)		1,302,147
	600,000	Collier County, Florida, Industrial Development Authority (RB) 6.25%, 04/01/21 (c)		703,782
	10,000	County of Broward, Florida Airport System Revenue (RB) 5.00%, 10/01/22 (c)		11,048
		County of Miami-Dade, Building Better Communities Program, Series B (GO)
	1,000,000	4.00%, 07/01/24 (c)		1,022,560
	1,000,000	4.00%, 07/01/24 (c)		1,025,610
		County of Miami-Dade, Florida Transit System Sales Surtax Revenue (RB)
	395,000	4.00%, 07/01/22 (c)		406,767
	615,000	5.00%, 07/01/22 (c)		683,486
	400,000	County of Miami-Dade, Florida Water & Sewer System Revenue (RB) 5.00%, 10/01/22 (c)		439,264
	285,000	Jacksonville Transportation Authority (RB) 5.00%, 08/01/25 (c)		325,162
	1,125,000	Miami-Dade County, Florida Transit System (RB) 5.00%, 07/01/22 (c)		1,238,557
		Orange County, Florida Health Facilities Authority, Hospital Revenue, Orlando Health, Inc., Series A (RB)
	425,000	4.13%, 04/01/22 (c)		428,553
	825,000	5.00%, 04/01/22 (c)		861,960
	750,000	Tampa Hillsborough County Expressway Authority, Series B (RB) 5.00%, 07/01/22 (c)		814,627
				10,210,711
Georgia: 0.7%
	375,000	Columbus Medical Center Hospital Authority, Regional Healthcare System (RB) (AGM) 5.00%, 08/01/20 (c)		401,254
	250,000	Valdosta & Lowndes County, Georgia Hospital Authority, South Georgia Medical Project, Series B (RB) 5.00%, 10/01/21 (c)		270,018
				671,272
Idaho: 0.3%
	250,000	Idaho Health Facilities Authority, Series A (RB) 5.00%, 03/01/22 (c)		268,348
Illinois: 6.7%
	725,000	Chicago Board of Education, Series A (GO) 5.00%, 12/01/22 (c)		611,914
	760,000	Chicago Board of Education, Series B (GO) 5.00%, 12/01/22 (c)		680,033
	420,000	City of Chicago, Sales Tax, Series A (RB) 4.38%, 01/01/22 (c)		414,309
	925,000	Illinois Finance Authority, Advocate Health Care Network (RB) 4.00%, 06/01/22 (c)		915,093
	500,000	Illinois Finance Authority, Chicago University Medical Center, Series C (RB) 5.50%, 02/15/21 (c)		567,865
	425,000	Illinois Finance Authority, Northwestern Healthcare (RB) 4.00%, 08/15/22 (c)		440,551
	425,000	Illinois Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Series B (RB) 4.25%, 06/15/22 (c)		425,234
		State of Illinois (GO) (AGM)
	735,000	4.25%, 04/01/24 (c)		721,527
	250,000	4.38%, 04/01/24 (c)		249,198
	455,000	5.00%, 03/01/22 (c)		460,829
	525,000	5.25%, 02/01/24 (c)		547,255
		State of Illinois, Series A (GO) (AGM)
	500,000	4.13%, 04/01/23 (c)		483,220
	300,000	4.50%, 01/01/22 (c)		286,101
				6,803,129
Indiana: 1.3%
		Carmel Redevelopment Authority, Series A (RB)
	25,000	4.00%, 08/01/22 (c)		25,879
	45,000	4.00%, 08/01/22 (c)		46,525
	425,000	Indiana Finance Authority, Community Health Network, Series A (RB) 4.00%, 05/01/23 (c)		415,323
	275,000	Indiana Finance Authority, Educational Facilities, Marian University Project (RB) 6.38%, 09/15/21 (c)		312,639
	500,000	Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB) 5.50%, 08/15/20 (c)		546,695
				1,347,061
Kentucky: 0.3%
	250,000	Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.75%, 07/01/23 (c)		278,138
Louisiana: 2.4%
	100,000	Lafayette, Louisiana Utilities Revenue (RB) 4.75%, 11/01/20 (c)		108,928
	750,000	Louisiana Local Government Environmental Facilities and Community Development Authority, Act 360 Project (RB) 5.00%, 10/01/24 (c)		836,820
		Louisiana Local Government Environmental Facilities and Community Development Authority, East Baton Rouge Commission Project, Series A (RB)
	375,000	4.00%, 02/01/23 (c)		368,299
	425,000	5.00%, 02/01/24 (c)		463,964
	395,000	Louisiana Public Facilities Authority, Loyola University Project (RB) 5.00%, 10/01/21 (c)		419,221
	250,000	Terrebonne Levee & Conservation District (RB) 4.25%, 07/01/23 (c)		261,613
				2,458,845
Maine: 0.4%
	375,000	Maine Health and Higher Educational Facilities Authority, Eastern Maine Medical Center Obligated Group Issue (RB) 5.00%, 07/01/23 (c)		396,540
Maryland: 1.1%
	425,000	City of Baltimore, Maryland (RB) 5.00%, 01/01/25 (c)		476,425
	500,000	Maryland Health & Higher Educational Facilities Authority (RB) 5.00%, 02/15/25 (c)		555,180
	135,000	Maryland Health & Higher Educational Facilities Authority, Series A (RB) 4.00%, 07/01/22 (c)		135,320
				1,166,925
Massachusetts: 2.5%
	325,000	Commonwealth of Massachusetts, Series A (GO) 4.00%, 12/01/21 (c)		342,430
	350,000	Massachusetts Bay Transportation Authority, Series A (RB) 4.00%, 07/01/22 (c)		359,779
	450,000	Massachusetts Development Finance Agency, Harvard University Issue, Series B (RB) 5.25%, 02/01/21 (c)		518,836
		Massachusetts School Building Authority, Senior Dedicated Sales Tax Bonds, Series B (RB)
	425,000	5.00%, 10/15/21 (c)		477,305
	300,000	5.00%, 10/15/21 (c)		342,966
	425,000	Metropolitan Boston Transit Parking Corp., Systemwide Senior Lien Parking (RB) 5.25%, 07/01/21 (c)		476,875
				2,518,191
Michigan: 2.4%
		Karegnondi Water Authority, Michigan Water Supply System, Series A (RB)
	370,000	4.50%, 11/01/23 (c)		392,185
	120,000	5.00%, 11/01/23 (c)		129,656
	500,000	L’Anse Creuse Public Schools (GO) (Q-SBLF) 3.75%, 05/01/25 (c)		485,050
	425,000	Lansing, Michigan Board of Water & Light, Utility System, Series A (RB) 5.00%, 07/01/21 (c)		479,009
	800,000	Michigan Finance Authority Hospital Revenue & Refunding Bonds, Series A (RB) 5.00%, 06/01/22 (c)		845,840
	150,000	Michigan Finance Authority Hospital Revenue & Refunding Bonds, Series MI (RB) 5.00%, 12/01/21 (c)		163,454
				2,495,194
Minnesota: 1.6%
	425,000	Minneapolis-St Paul Metropolitan Airports Commission, Series A (RB) 5.00%, 01/01/24 (c)		476,650
	425,000	State of Minnesota, Series A (RB) 5.00%, 06/01/23 (c)		473,195
	600,000	Western Minnesota Municipal Power Agency, Series A (RB) 5.00%, 01/01/24 (c)		684,246
				1,634,091
Missouri: 1.2%
		Health & Educational Facilities Authority of the State of Missouri, Series A (RB)
	790,000	4.00%, 06/01/24 (c)		800,531
	85,000	5.00%, 11/15/23 (c)		92,056
	50,000	Health & Educational Facilities Authority of the State of Missouri, Series B (RB) 5.00%, 06/01/20 (c)		55,500
	250,000	Health & Educational Facilities Authority of the State of Missouri, Series F (RB) 4.00%, 11/15/24 (c)		250,470
	40,000	Missouri Joint Municipal Electric Utility Commission, Series A (RB) 5.00%, 01/01/24 (c)		44,520
				1,243,077
Nebraska: 2.6%
		Central Plains Energy Project, Nebraska Gas Project No. 3 (RB)
	1,250,000	5.00%, 09/01/22 (c)		1,322,350
	425,000	5.25%, 09/01/22 (c)		462,893
	555,000	Omaha Public Power District, Series A (RB) 5.25%, 02/01/25 (c)		630,924
	250,000	Omaha Public Power District, Series B (RB) 5.00%, 02/01/21 (c)		272,883
				2,689,050
Nevada: 1.2%
	425,000	Las Vegas Valley, Nevada Water District, Series B (GO) 4.00%, 06/01/22 (c)		436,220
	730,000	Washoe County, Nevada Highway Revenue (RB) 5.00%, 02/01/19 (c)		795,459
				1,231,679
New Jersey: 2.7%
	130,000	New Jersey Educational Facilities Authority, Series A (RB) 5.00%, 07/01/24 (c)		144,175
	150,000	New Jersey Health Care Facilities Financing Authority, Series A (RB) 5.25%, 07/01/23 (c)		168,980
		New Jersey State Transportation Trust Fund Authority, Series B (RB)
	1,025,000	5.00%, 06/15/42 (c)		1,048,964
	750,000	5.25%, 06/15/36 (c)		785,737
	425,000	New Jersey State Turnpike Authority, Series A (RB) 5.00%, 07/01/22 (c)		466,799
	150,000	New Jersey State Turnpike Authority, Series F (RB) 5.00%, 01/01/23 (c)		167,255
				2,781,910
New York: 15.5%
	255,000	City of New York, Series A (GO) 3.50%, 08/01/24 (c)		255,194
	20,000	City of Troy, Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB) 5.13%, 09/01/20 (c)		22,104
	625,000	Long Island Power Authority, Electric System General Revenue, Series A (RB) 5.00%, 09/01/22 (c)		675,537
	300,000	Metropolitan Transportation Authority, Series A (RB) 5.00%, 05/15/25 (c)		331,218
	25,000	Metropolitan Transportation Authority, Series B (RB) 4.25%, 11/15/22 (c)		25,773
	375,000	Metropolitan Transportation Authority, Series C (RB) 5.00%, 05/15/23 (c)		422,235
	25,000	Metropolitan Transportation Authority, Series D (RB) 5.00%, 11/15/23 (c)		27,485
		Metropolitan Transportation Authority, Series E (RB)
	925,000	3.50%, 11/15/22 (c)		925,555
	550,000	5.00%, 11/15/22 (c)		606,661
	675,000	5.00%, 11/15/23 (c)		753,347
	150,000	Nassau County, New York General Improvement, Series A (GO) 4.00%, 04/01/22 (c)		152,628
	720,000	New York & New Jersey Port Authority, Series 163 (RB) 4.25%, 07/15/20 (c)		759,708
		New York City Municipal Water Finance Authority, Water & Sewer System, Series AA (RB)
	305,000	5.00%, 06/15/21 (c)		336,516
	500,000	5.00%, 06/15/24 (c)		558,310
	525,000	New York City Municipal Water Finance Authority, Water & Sewer System, Series CC (RB) 5.00%, 12/15/21 (c)		583,128
	20,000	New York City Municipal Water Finance Authority, Water & Sewer System, Series DD (RB) 5.00%, 06/15/24 (c)		22,675
		New York City Municipal Water Finance Authority, Water & Sewer System, Series EE (RB)
	500,000	5.00%, 06/15/23 (c)		560,620
	845,000	5.00%, 06/15/24 (c)		958,027
		New York City Transitional Finance Authority Future Tax Secured Revenue (RB)
	495,000	5.13%, 02/01/21 (c)		564,528
	5,000	5.13%, 02/01/21 (c)		5,902
	625,000	New York City Transitional Finance Authority, Future Tax Secured, Series E-1 (RB) 5.00%, 02/01/22 (c)		696,644
		New York Liberty Development Corp., 4 World Trade Center Project (RB)
	625,000	5.00%, 11/15/21 (c)		679,231
	1,075,000	5.75%, 11/15/21 (c)		1,237,647
		New York Liberty Development Corp., Bank of America Tower at One Bryant Park Project, Second Priority Liberty (RB)
	500,000	5.13%, 01/15/20 (c)		552,880
	500,000	6.38%, 01/15/20 (c)		566,600
	500,000	New York Liberty Development Corp., Secured by Port Authority Consolidated Bonds (RB) 5.00%, 12/15/21 (c)		548,090
	475,000	New York State Dormitory Authority, Columbia University, Series A (RB) 5.00%, 04/01/21 (c)		532,988
	350,000	New York State Dormitory Authority, Cornell University, Series A (RB) 5.00%, 07/01/20 (c)		400,761
		New York State Dormitory Authority, Series A (RB)
	300,000	5.00%, 03/15/23 (c)		336,426
	135,000	5.00%, 03/15/24 (c)		154,251
	425,000	New York State Dormitory Authority, State Personal Income Tax, Series C (RB) 5.00%, 03/15/21 (c)		470,432
	300,000	New York State Thruway Authority, Series I (RB) 5.00%, 01/01/22 (c)		331,227
		Port Authority of New York & New Jersey, Series 171 (RB)
	50,000	4.00%, 01/15/22 (c)		52,223
	15,000	4.50%, 01/15/22 (c)		16,082
	25,000	Port Authority of New York & New Jersey, Series 184 (RB) 5.00%, 09/01/24 (c)		28,392
		Triborough Bridge and Tunnel Authority, Series A (RB)
	635,000	4.00%, 11/15/22 (c)		652,748
	35,000	4.00%, 11/15/22 (c)		36,944
				15,840,717
North Carolina: 1.4%
	405,000	Charlotte-Mecklenburg Hospital Authority, Carolina HealthCare System, Series A (RB) 5.25%, 01/15/21 (c)		446,176
		North Carolina Medical Care Commission, Series B (RB)
	675,000	4.00%, 12/01/22 (c)		680,947
	250,000	5.00%, 12/01/22 (c)		273,688
	70,000	Town of Cary, North Carolina Combined Utility Systems Revenue (RB) 4.00%, 12/01/22 (c)		73,721
				1,474,532
Ohio: 3.8%
	425,000	Akron, Bath Copley Joint Township Hospital District (RB) 5.00%, 05/15/23 (c)		458,150
	525,000	Butler County, Ohio Hospital Facilities Revenue (RB) 5.50%, 11/01/20 (c)		599,098
	1,200,000	Northeast Ohio Regional Sewer District (RB) 5.00%, 11/15/24 (c)		1,354,668
		Ohio Higher Educational Facility Commission, Series A (RB)
	60,000	4.00%, 01/01/22 (c)		61,985
	925,000	5.00%, 01/01/22 (c)		1,021,283
	375,000	Ohio State Hospital, University Hospital Health System, Inc., Series A (RB) 5.00%, 01/15/22 (c)		403,830
				3,899,014
Oregon: 1.5%
	675,000	Portland, Oregon Sewer System, Second Lien, Series B (RB) 4.00%, 10/01/24 (c)		692,165
	725,000	State of Oregon, Series N (GO) 5.00%, 08/01/23 (c)		813,638
				1,505,803
Pennsylvania: 3.3%
		Berks County Municipal Authority, Reading Hospital and Medical Center Project, Series A (RB)
	50,000	5.00%, 05/01/22 (c)		53,689
	55,000	5.00%, 05/01/22 (c)		59,602
	85,000	Commonwealth of Pennsylvania (GO) 4.00%, 06/15/24 (c)		87,168
		Dauphin County, General Authority Health System, Pinnacle Health System Project, Series A (RB)
	345,000	4.00%, 06/01/22 (c)		343,534
	270,000	5.00%, 06/01/22 (c)		289,799
	425,000	Delaware River Port Authority (RB) 5.00%, 01/01/24 (c)		471,061
	325,000	Delaware River Port Authority, Series D (RB) 5.00%, 01/01/20 (c)		353,447
	425,000	Monroeville Finance Authority (RB) 5.00%, 08/15/22 (c)		464,410
	425,000	Pennsylvania Higher Educational Facilities Authority (RB) 5.00%, 11/01/22 (c)		443,309
	5,000	Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue, Series A (RB) 6.00%, 12/01/20 (c)		5,927
	500,000	State College Area School District (GO) (SAW) 5.00%, 03/15/25 (c)		565,105
	250,000	Westmoreland County, Municipal Authority (RB) 5.00%, 08/15/23 (c)		278,080
				3,415,131
South Carolina: 1.0%
	75,000	South Carolina State Public Service Authority, Series C (RB) 5.00%, 12/01/21 (c)		83,486
	500,000	South Carolina State Public Service Authority, Series E (RB) 5.50%, 12/01/23 (c)		558,995
	425,000	South Carolina Transportation Infrastructure Bank, Series B (RB) 3.63%, 10/01/22 (c)		425,650
				1,068,131
Tennessee: 0.4%
	100,000	Chattanooga Health Educational & Housing Facility Board, Series A (RB) 5.25%, 01/01/23 (c)		108,140
	250,000	Chattanooga-Hamilton County, Tennessee Hospital Authority, Series A (RB) 5.00%, 10/01/24 (c)		265,450
				373,590
Texas: 6.0%
	250,000	Austin, Texas Water and Wastewater System (RB) 5.00%, 05/15/24 (c)		281,945
	50,000	Central Texas Regional Mobility Authority, Senior Lien, Series A (RB) 5.00%, 01/01/23 (c)		54,310
	250,000	Central Texas Turnpike System, Series B (RB) 5.00%, 08/15/24 (c)		276,365
	225,000	City Public Service Board of San Antonio, Texas (RB) 5.00%, 02/01/24 (c)		251,177
	500,000	Dallas, Texas Fort Worth International Airport (RB) 5.00%, 11/01/20 (c)		556,325
	180,000	Houston Community College System (GO) 5.00%, 02/15/20 (c)		202,847
	550,000	Houston, Texas Combine Utility System, First Lien, Series D (RB) 5.00%, 11/15/21 (c)		600,968
	925,000	Lower Colorado River Authority (RB) 5.00%, 05/15/23 (c)		1,020,034
		Lower Colorado River Authority, Transmission Services Corporation Project (RB)
	605,000	4.00%, 05/15/22 (c)		609,259
	505,000	4.00%, 05/15/22 (c)		514,898
	300,000	Southwest Independent School District (GO) 5.00%, 02/01/22 (c)		332,898
	200,000	Tarrant County Cultural Education Facilities Finance Corp, Series A (RB) 4.00%, 05/15/23 (c)		201,054
	1,175,000	Texas Transportation Commission, Series A (RB) 5.00%, 08/15/22 (c)		1,267,249
				6,169,329
Utah: 0.5%
	500,000	Utah Transit Authority, Subordinated Sales Tax (RB) 4.00%, 06/15/22 (c)		506,875
Virginia: 1.7%
	500,000	Virginia College Building Authority, Liberty University Projects (RB) 5.00%, 03/01/20 (c)		559,650
	675,000	Virginia Commonwealth University Health System Authority (RB) 4.75%, 07/01/21 (c)		721,501
	500,000	Virginia Small Business Financing Authority, Hampton University (RB) 4.00%, 10/01/24 (c)		503,030
				1,784,181
Washington: 4.1%
	305,000	Energy Northwest Columbia Generating Station, Series A (RB) 4.00%, 07/01/25 (c)		315,596
		King County, Washington Sewer Revenue (RB)
	425,000	5.00%, 07/01/20 (c)		471,682
	575,000	5.00%, 01/01/22 (c)		636,956
	250,000	Snohomish County, Washington Limited Tax, Series A (GO) 4.00%, 06/01/20 (c)		256,948
	550,000	State of Washington, Series A (GO) 5.00%, 08/01/20 (c)		630,503
	700,000	University of Washington, General Revenue & Refunding Bonds, 2011-A (RB) 5.00%, 04/01/21 (c)		795,697
	390,000	Washington Health Care Facilities Authority, Catholic Health Initiative, Series A (RB) 5.00%, 02/01/21 (c)		416,575
	585,000	Washington Health Care Facilities Authority, Providence Health & Services, Series A (RB) 5.00%, 04/01/20 (c)		634,403
				4,158,360
Wisconsin: 0.9%
	780,000	University of Wisconsin Hospitals & Clinics Authority, Series A (RB) 4.00%, 04/01/23 (c)		774,821
	165,000	Wisconsin Health & Educational Facilities Authority (RB) 4.00%, 08/15/23 (c)		167,492
				942,313
Total Municipal Bonds (Cost: $98,275,534)				100,385,976

Number of Shares
MONEY MARKET FUND: 0.9% (Cost: $899,815)
	899,815	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		899,815
Total Investments: 98.9% (Cost: $99,175,349)				101,285,791
Other assets less liabilities: 1.1%				1,103,655
NET ASSETS: 100.0%			$	102,389,446

AGM	Assured Guaranty Municipal Corp.
CP	Certificate of Participation
GO	General Obligation
Q-SBLF	Qualified School Board Loan Fund
RB	Revenue Bond
SAW	State Aid Withholding

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer

Summary of Investments By Sector (unaudited)	% of Investments			Value
Education		8.6	%	$	8,703,437
Health Care		23.3			23,552,010
Industrial Revenue		5.3			5,369,691
Leasing		3.7			3,741,948
Local		8.5			8,615,271
Power		7.3			7,367,142
Special Tax		8.3			8,459,793
State		10.8			10,982,185
Transportation		13.3			13,431,790
Water & Sewer		10.0			10,162,709
Money Market Fund		0.9			899,815
		100.0	%	$	101,285,791

The summary of inputs used to value the Fund’s investments as of July 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	100,385,976	$	—	$	100,385,976
Money Market Fund		899,815		—		—		899,815
Total	$	899,815	$	100,385,976	$	—	$	101,285,791

*	See Schedule of Investments for security type and geographic sector breakouts.

There were no transfers between levels during the period ended July 31, 2015.

See Notes to Schedules of Investments

PRE-REFUNDED MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 97.9%
Alabama: 0.9%
$	190,000	Alabama Public School & College Authority (RB) 5.00%, 12/01/17 (c)	$	208,276
California: 8.5%
	300,000	California State Economic Recovery, Series A (GO) 5.00%, 07/01/19 (c)		345,351
	130,000	California State Public Works Board, Various University of California Projects, Series B (RB) 5.00%, 06/01/18		145,011
	165,000	California State Public Works Board, Various University of California Projects, Series E (RB) 5.00%, 04/01/19 (c)		188,887
	200,000	City of Los Angeles, Department of Airports, Series C (RB) 5.25%, 05/15/18 (c)		224,222
	250,000	Clovis California Unified School District, Series A (GO) 3.95%, 08/01/19 ^		238,445
	330,000	Foothill Eastern Transportation Corridor Agency California, Senior Lien Series A (RB) 3.53%, 01/01/20 ^		311,553
	330,000	Orange County, California Water District Revenue, Series B (CP) (NATL) 5.00%, 08/15/32 (c)		420,552
				1,874,021
Colorado: 7.6%
	315,000	City and County of Denver, Colorado Justice System Facilities (GO) 5.00%, 08/01/16 (c)		329,062
		Colorado Regional Transportation District, FasTracks Project, Series A (RB) (AMBAC)
	80,000	4.38%, 11/01/16 (c)		83,803
	1,170,000	5.00%, 11/01/16 (c)		1,234,631
	25,000	Eagle County School District No. Re-50J (GO) (AGM) (SAW) 5.00%, 12/01/16 (c)		26,460
				1,673,956
Florida: 1.6%
	190,000	Hillsborough County, Florida Junior Lien Capital Improvement Program Refunding Revenue (RB) 5.00%, 08/01/16		198,675
	130,000	Hillsborough County, Industrial Development Authority Revenue (RB) 5.63%, 08/15/18 (c)		147,887
				346,562
Georgia: 1.0%
	200,000	Georgia State, Series G (GO) 5.00%, 12/01/17 (c)		219,480
Hawaii: 0.9%
	180,000	State of Hawaii, Series DJ (GO) (AMBAC) 5.00%, 04/01/17 (c)		193,120
Idaho: 0.7%
	145,000	Idaho Housing & Finance Association, Federal Highway Trust Fund, Series A (RB) (AGO) 5.25%, 07/15/18 (c)		163,061
Illinois: 11.7%
		Illinois Finance Authority, The University of Chicago, Series B (RB)
	25,000	5.50%, 07/01/18 (c)		28,214
	1,025,000	5.50%, 07/01/18 (c)		1,158,332
	900,000	5.75%, 07/01/18 (c)		1,023,507
	355,000	Metropolitan Water Reclamation District of Greater Chicago (GO) 5.00%, 12/01/16 (c)		375,977
				2,586,030
Kentucky: 1.2%
	240,000	Louisville & Jefferson County, Kentucky Metro Government Health, Jewish Hospital & Saint Mary’s Health Care (RB) 6.13%, 02/01/18 (c)		271,241
Maryland: 9.2%
		County of Baltimore, Catholic Health Initiatives, Series A (RB)
	50,000	4.50%, 09/01/16 (c)		52,015
	50,000	5.00%, 09/01/16 (c)		52,281
	530,000	County of Montgomery, Public Improvement, Series A (GO) 5.00%, 07/01/19 (c)		607,926
	450,000	State of Maryland, Second Series A (GO) 5.00%, 08/15/17 (c)		488,511
		State of Maryland, Second Series B (GO)
	390,000	5.00%, 08/01/19 (c)		448,539
	340,000	5.00%, 08/15/19 (c)		390,796
				2,040,068
Massachusetts: 8.1%
	250,000	Commonwealth of Massachusetts, Series E (GO) (AMBAC) 5.00%, 11/01/16 (c)		264,132
	930,000	Massachusetts Bay Transportation Authority, Series C (RB) 5.00%, 07/01/18 (c)		1,039,098
	200,000	Massachusetts State Water Resources Authority, Series A (RB) 6.50%, 07/15/19		222,730
	250,000	Massachusetts Water Pollution Abatement Trust, Pool Program, Series 13 (RB) 5.00%, 08/01/17 (c)		271,247
				1,797,207
Michigan: 0.3%
	55,000	Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series V (RB) 8.00%, 09/01/18 (c)		66,526
Minnesota: 0.5%
	100,000	City of St. Louis Park, Health Care Facilities, Series A (RB) 5.50%, 07/01/18 (c)		113,162
Missouri: 1.1%
	230,000	Curators of the University of Missouri System Facilities, Series A (RB) 5.00%, 11/01/17 (c)		251,983
Nebraska: 1.0%
	200,000	Nebraska Public Power District, Series B (RB) 5.00%, 01/01/18 (c)		219,822
New Mexico: 1.4%
	270,000	New Mexico Hospital Equipment Loan Council, Presbyterian Healthcare Services, Series A (RB) 6.13%, 08/01/18 (c)		311,078
New York: 5.4%
	200,000	New York Metropolitan Transportation Authority, Dedicated Tax, Series A (RB) (NATL) 6.00%, 04/01/20		229,752
	245,000	New York State Dormitory Authority, Series A (RB) 5.50%, 05/01/19 (c)		284,572
	100,000	Triborough Bridge & Tunnel Authority, Series A (RB) 5.00%, 05/15/18 (c)		111,221
	475,000	Triborough Bridge & Tunnel Authority, Series B (RB) 5.50%, 01/01/22 (c)		579,747
				1,205,292
North Carolina: 0.1%
	25,000	North Carolina Infrastructure Finance Corp., Series A (CP) (AGM) 5.00%, 05/01/17 (c)		26,823
Oklahoma: 1.5%
	295,000	Oklahoma Municipal Power Authority, Power Supply System, Series A (RB) 5.88%, 01/01/18 (c)		329,996
Oregon: 3.5%
	200,000	North Clackamas School District No. 12, Series B (GO) (AGM) (SBG) 5.00%, 06/15/17 (c)		215,912
	130,000	Oregon State, Department of Administrative Services Lottery, Series A (RB) 5.00%, 04/01/19 (c)		148,065
	20,000	Redmond School District No. 2J, Deschutes and Jefferson Counties, Series A (GO) (SBG) 5.50%, 06/15/18 (c)		22,562
	345,000	State of Oregon Department of Transportation, Senior Lien, Series A (RB) 5.00%, 05/15/19 (c)		393,821
				780,360
Pennsylvania: 2.5%
	10,000	Central Bucks, Pennsylvania School District (GO) (SAW) 5.00%, 05/15/18 (c)		11,143
	300,000	Commonwealth of Pennsylvania, Series A (GO) 5.00%, 11/01/17 (c)		328,674
	175,000	Pennsylvania Higher Educational Facilities Authority, Series A (RB) 5.00%, 09/01/19		201,427
				541,244
Puerto Rico: 1.8%
	370,000	Commonwealth of Puerto Rico (GO) 5.25%, 07/01/16 (c)		386,409
Texas: 12.8%
	500,000	Conroe Independent School District, Series A (GO) 5.75%, 02/15/18 (c)		561,410
	330,000	Harris County Health Facilities Development Corp. (RB) 7.25%, 12/01/18 (c)		396,861
	505,000	Keller, Texas Independent School District (GO) 5.50%, 02/15/19 (c)		582,437
	325,000	North Texas Tollway Authority, Second Tier, Series F (RB) 5.75%, 01/01/18 (c)		363,415
	905,000	Waco, Texas Health Facilities Development Corp., FHA Insured Mortgage Revenue, Hillcrest Health System Project, Series A (RB) (FHA) (NATL) 4.50%, 08/01/16 (c)		940,938
				2,845,061
Utah: 2.7%
	535,000	State of Utah, Series A (GO) 5.00%, 07/01/18 (c)		597,761
Virginia: 3.1%
	595,000	Richmond, Virginia Metropolitan Transportation Authority (RB) 5.25%, 07/15/22		690,486
Washington: 7.4%
	250,000	City of Seattle, Washington Solid Waste Revenue (RB) (NATL) 5.00%, 02/01/17 (c)		266,395
	250,000	City of Seattle, Washington Water System Improvement Revenue (RB) 5.00%, 02/01/18 (c)		275,627
	50,000	Washington State Various Purpose, Motor Vehicle Fuel Tax, Series D (GO) 5.00%, 01/01/18 (c)		55,018
	515,000	Washington State Various Purpose, Series A (GO) 5.00%, 07/01/17 (c)		557,457
	430,000	Washington State Various Purpose, Series C (GO) 5.00%, 01/01/18 (c)		473,159
				1,627,656
Wisconsin: 1.4%
	285,000	Wisconsin Department of Transportation, Series A (RB) 5.00%, 07/01/18 (c)		317,564
Total Municipal Bonds (Cost: $21,559,152)				21,684,245

Number of Shares
MONEY MARKET FUND: 1.4% (Cost: $320,731)
	320,731	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		320,731
Total Investments: 99.3% (Cost: $21,879,883)				22,004,976
Other assets less liabilities: 0.7%				155,042
NET ASSETS: 100.0%			$	22,160,018

AGM	Assured Guaranty Municipal Corp.
AGO	Assured Guaranty Ltd.
AMBAC	American Municipal Bond Assurance Corp.
CP	Certificate of Participation
FHA	Federal Housing Association
GO	General Obligation
NATL	National Public Finance Guarantee Corp.
RB	Revenue Bond
SAW	State Aid Withholding
SBG	School Board Guaranteed

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date

Summary of Investments By Sector (unaudited)	% of Investments			Value
Education		13.0	%	$	2,871,739
Health Care		12.0			2,636,561
Leasing		3.6			781,273
Local		13.5			2,971,334
Power		2.5			549,818
Solid Waste/Resource Recovery		1.2			266,395
Special Tax		13.3			2,934,024
State		21.6			4,748,407
Transportation		14.3			3,155,090
Water & Sewer		3.5			769,604
		1.5			320,731
		100.0	%	$	22,004,976

The summary of inputs used to value the Fund’s investments as of July 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	21,684,245	$	—	$	21,684,245
Money Market Fund		320,731		—		—		320,731
Total	$	320,731	$	21,684,245	$	—	$	22,004,976

* See Schedule of Investments for security type and geographic sector breakouts.

There were no transfers between levels during the period ended July 31, 2015.

See Notes to Schedules of Investments

SHORT HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 98.8%
Alabama: 0.3%
		Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB)
$	150,000	6.45%, 07/24/15 (c)	$	150,425
	150,000	6.45%, 07/27/15 (c)		150,576
	60,000	Health Care Authority of Cullman County, Series A (RB) 6.25%, 02/01/19 (c)		64,618
				365,619
Arizona: 4.7%
		Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB)
	300,000	5.00%, 02/01/20		334,221
	250,000	5.00%, 02/01/21		280,507
	1,175,000	Arizona Health Facilities Authority, The Beatitudes Campus Project (RB) 5.10%, 10/01/16 (c)		1,190,322
	250,000	Industrial Development Authority of Phoenix, Great Hearts Academies Project, Series A (RB) 3.75%, 07/01/24		249,058
		Industrial Development Authority of the City of Phoenix, Series A (RB)
	500,000	3.00%, 07/01/20		497,955
	500,000	4.00%, 07/01/25		503,245
	800,000	Industrial Development Authority of the Town of Florence, Inc., Legacy Traditional School Project (RB) 5.00%, 07/01/23		847,064
	10,000	Mohave County Industrial Development Authority, Correctional Facilities Contract Revenue (RB) 7.50%, 05/01/19		11,270
	750,000	Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB) 5.00%, 11/15/19		780,675
		Salt Verde Financial Corp. (RB)
	65,000	5.25%, 12/01/21		74,612
	50,000	5.25%, 12/01/23		57,711
	65,000	5.25%, 12/01/24		75,323
				4,901,963
California: 7.3%
		Alameda Corridor Transportation Authority, Sub Lien, Series A (RB) (AMBAC)
	155,000	1.88%, 10/01/18 ^		144,299
	160,000	1.97%, 10/01/17 ^		153,413
	50,000	2.51%, 10/01/20 ^		43,103
	280,000	California Communities Development Authority, Daughters of Charity Health System, Series G (RB) 5.00%, 07/24/15 (c)		242,508
	500,000	California Municipal Finance Authority, Julian Charter School Project, Series A (RB) 5.00%, 03/01/25		501,870
	150,000	California Municipal Finance Authority, Rocketship Education, Series A (RB) 6.00%, 06/01/22 (c)		160,301
	50,000	California Pollution Control Financing Authority, Pacific Gas and Electric Co. (RB) (FGIC) 4.75%, 06/01/17 (c)		52,863
	30,000	City of Modesto, Community Center refinancing, Series A (CP) (AMBAC) 5.00%, 11/01/23		31,622
	600,000	City of San Buenaventura, Community Memorial Health System (RB) 6.50%, 12/01/21		711,354
	750,000	Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-1 (RB) 5.00%, 07/15/17 (c) (p)		794,317
	250,000	Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-2 (RB) 5.00%, 07/15/19 (c) (p)		273,040
	600,000	Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-3 (RB) 5.50%, 07/15/22 (c) (p)		675,366
	400,000	Golden State Tobacco Securitization Corp., Series A-1 (RB) 5.00%, 06/01/17		428,288
		Inland Empire Tobacco Securitization Authority, Series A (RB)
	135,000	4.63%, 06/01/17 (c)		132,395
	580,000	5.00%, 06/01/17 (c)		575,343
	250,000	Lake Elsinore Public Financing Authority (ST) 5.00%, 09/01/24		279,132
	50,000	Lincoln Public Financing Authority, Subordinated Series B (SA) 5.38%, 09/02/21		55,545
	15,000	Oakland Unified School District, Series A (GO) 6.25%, 08/01/19		17,660
	500,000	Poway Unified School District Public Financing Authority, Series A (ST) 5.00%, 09/01/24		564,490
	100,000	San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST) 5.00%, 08/01/22 (c)		112,929
	500,000	San Joaquin Hills Transportation Corridor Agency, Series A (RB) 5.00%, 01/15/17		525,720
		San Jose Redevelopment Agency, Series D (AMBAC) (TA)
	65,000	5.00%, 08/01/16		67,499
	100,000	5.00%, 08/01/17 (c)		106,548
	20,000	5.00%, 08/01/17 (c)		21,489
	210,000	Vernon City, California, Electric System Revenue, Series A (RB) 5.13%, 08/01/19 (c)		230,166
	745,000	Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST) 4.00%, 09/01/21		746,028
				7,647,288
Colorado: 0.2%
	250,000	Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB) 5.20%, 07/24/15 (c)		250,142
Connecticut: 0.4%
	150,000	Connecticut State Resources Recovery Authority, American Refunding Fuel Comp. Project, Series A (RB) 6.45%, 07/24/15 (c)		150,117
	200,000	Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA) 7.00%, 04/01/20 (c)		223,612
				373,729
Florida: 1.7%
	200,000	County of Alachua, Florida Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB) 5.63%, 11/15/17 (c)		208,012
		Mid-Bay Bridge Authority, First Senior Lien, Series A (RB)
	250,000	5.00%, 10/01/23		284,955
	250,000	5.00%, 10/01/24		284,607
	250,000	Northern Palm Beach County Improvement District, Unit of Development No. 2C (SA) 4.50%, 08/01/24		248,720
	500,000	Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series C (RB) 6.00%, 06/01/21		538,270
	200,000	Village Community Development District No. 10 (SA) 4.50%, 05/01/22 (c)		217,156
				1,781,720
Georgia: 1.7%
	750,000	DeKalb County, Georgia Hospital Authority, DeKalb Medical Center, Inc. Project (RB) 5.25%, 09/01/20		828,840
	1,000,000	Greene County Development Authority, Glen-I LLC Project, Series A (RB) 6.13%, 01/01/25		1,003,550
				1,832,390
Guam: 1.5%
		A. B. Won Pat International Airport Authority, Series C (RB)
	25,000	5.00%, 10/01/16		26,061
	45,000	5.00%, 10/01/17		48,258
	750,000	5.00%, 10/01/21		850,935
		Government of Guam, Series A (GO)
	150,000	5.00%, 11/15/17 (c)		156,231
	445,000	6.00%, 11/15/19		485,090
				1,566,575
Hawaii: 0.2%
	160,000	Kuakini, Hawaii Health System, Special Purpose Revenue, Series A (RB) 6.30%, 07/24/15 (c)		160,643
Idaho: 0.7%
	500,000	Idaho Health Facilities Authority, Series B-1 (RB) 6.50%, 10/01/15 (c)		500,880
	200,000	Idaho Health Facilities Authority, Series B-2 (RB) 6.00%, 10/01/15 (c)		200,268
				701,148
Illinois: 8.1%
		Chicago Board of Education, Series A (GO) (AMBAC)
	15,000	3.12%, 12/01/16 ^		14,374
	275,000	5.50%, 12/01/19		289,756
		Chicago Board of Education, Series B (GO) (AMBAC)
	65,000	5.00%, 12/01/15 (c)		65,170
	60,000	5.00%, 12/01/18		61,978
		Chicago Board of Education, Series C (GO)
	110,000	4.25%, 12/01/18		107,047
	90,000	5.00%, 12/01/17		91,552
	500,000	5.00%, 12/01/18 (c)		494,680
		Chicago Board of Education, Series F (GO)
	90,000	5.00%, 12/01/18		90,049
	250,000	5.00%, 12/01/19		249,695
	345,000	5.00%, 12/01/20		341,329
	900,000	City of Chicago, Series A (GO) 5.00%, 01/01/18 (c)		923,319
	505,000	City of Chicago, Series A-2 (GO) (AMBAC) 5.50%, 01/01/18		530,811
	60,000	Illinois Finance Authority, Institute of technology, Series A (RB) 5.00%, 04/01/16 (c)		61,078
	70,000	Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB) 8.00%, 07/14/15 (c)		39,019
	150,000	Illinois Finance Authority, Peace Village (RB) 5.25%, 08/15/23		156,152
	50,000	Illinois Finance Authority, Swedish Covenant Hospital, Series A (RB) 5.50%, 02/15/20 (c)		56,042
	1,000,000	Illinois Finance Authority, The Admiral At The Lake Project, Series A (RB) 7.63%, 05/15/20 (c)		1,157,560
	35,000	Illinois Finance Authority, The Admiral At The Lake Project, Series D-1 (RB) 7.00%, 07/14/15 (c)		35,067
		Illinois Railsplitter Tobacco Settlement Authority (RB)
	95,000	5.00%, 06/01/17		101,326
	700,000	5.00%, 06/01/18		766,010
	590,000	5.00%, 06/01/19		658,959
	625,000	5.25%, 06/01/20		715,437
	40,000	5.25%, 06/01/21		46,206
	100,000	5.38%, 06/01/21		116,190
	1,020,000	5.50%, 06/01/21 (c)		1,177,039
		Metropolitan Pier and Exposition Authority, Dedicated State Tax Revenue (RB)
	105,000	1.23%, 06/15/17 ^		101,744
	50,000	1.38%, 06/15/16 ^		49,403
				8,496,992
Indiana: 0.8%
	10,000	City of Anderson, Indiana Economic Development, Anderson University Project (RB) 4.75%, 07/24/15 (c)		10,003
	265,000	Indiana Finance Authority, Environmental Improvement Revenue, United States Steel Corp. Project (RB) 6.00%, 12/01/19		293,588
	385,000	Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series B (RB) 5.00%, 01/01/17 (c)		404,000
	150,000	Indianapolis Airport Authority, Federal Express Corp. Project (RB) 5.10%, 01/15/17		158,388
				865,979
Iowa: 5.0%
	410,000	City of Coralville, Marriott Hotel and Convention Center, Series D (CP) 5.25%, 06/01/16 (c)		412,132
		Iowa Finance Authority, Iowa Fertilizer Comp. Project (RB)
	2,655,000	5.00%, 12/01/19		2,805,698
	750,000	5.50%, 12/01/18 (c)		791,797
		Iowa Higher Education Loan Authority, Wartburg College Project (RB)
	700,000	2.50%, 10/01/20		689,640
	500,000	4.00%, 10/01/25		494,630
				5,193,897
Kansas: 0.1%
	115,000	Overland Park Development Corp., Overland Park Convention Center Hotel, Series B (RB) (AMBAC) 5.13%, 01/01/17 (c)		118,866
Kentucky: 1.0%
	10,000	Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series A (RB) 5.25%, 06/01/20 (c)		11,174
	925,000	Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.00%, 07/01/17		988,298
				999,472
Louisiana: 5.6%
		City of New Orleans, Louisiana Sewerage Service (RB)
	500,000	5.00%, 06/01/18		550,505
	725,000	5.00%, 06/01/19		817,749
	670,000	5.00%, 06/01/20		767,920
	20,000	5.00%, 06/01/22		23,023
	600,000	Louisiana Local Government Environmental Facilities & Community Development Authority, Series A (RB) 5.50%, 11/15/25		607,914
	70,000	Louisiana Public Facilities Authority, Lake Charles Memorial Hospital Project (RB) 6.25%, 12/01/19		76,244
	500,000	Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project (RB) 7.00%, 07/01/24		498,320
	750,000	Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Louisiana Pellets, Inc. Project, Series A (RB) 7.50%, 07/01/23		774,697
	710,000	Parish of St. Charles, Valero Project (RB) 4.00%, 06/01/22 (p)		766,885
		Tobacco Settlement Financing Corp., Series A (RB)
	230,000	5.00%, 05/15/20		260,500
	650,000	5.00%, 05/15/21		743,288
				5,887,045
Maine: 0.3%
	90,000	Health and Higher Education Facilities Authority (RB) 5.00%, 07/01/19		97,379
	155,000	Maine Health and Higher Educational Facilities Authority (RB) 5.00%, 07/01/20		169,187
				266,566
Maryland: 2.1%
	500,000	City of Westminster, The Lutheran Village at Millers Grant, Inc. (RB) 4.88%, 07/01/23		516,030
	200,000	Maryland Health and Higher Educational Facilities Authority (RB) 5.00%, 07/01/19		224,110
	750,000	Maryland Health and Higher Educational Facilities Authority, Western Maryland Health System (RB) 5.00%, 07/01/24		876,022
		Mayor and City Council of Baltimore, Convention Center Hotel, Series A (RB) (XLCA)
	110,000	5.25%, 09/01/16 (c)		113,143
	210,000	5.25%, 09/01/16 (c)		216,678
	220,000	5.25%, 09/01/16 (c)		229,005
				2,174,988
Massachusetts: 0.2%
	130,000	Massachusetts Development Finance Agency (RB) 5.00%, 07/01/22 (c)		155,964
	75,000	Massachusetts Health & Educational Facilities Authority, Series G (RB) 5.00%, 07/01/20 (c)		83,056
				239,020
Michigan: 3.9%
	600,000	Detroit Wayne County Stadium Authority (RB) 5.00%, 10/01/16		601,632
		Michigan Finance Authority, Sewage Disposal System, Series C-8 (RB)
	250,000	5.00%, 07/01/17		265,887
	250,000	5.00%, 07/01/18		271,360
	750,000	Michigan Finance Authority, Water Supply System, Series D-4 (RB) 5.00%, 07/01/17		802,350
	900,000	Michigan Solid Waste Disposal, Genesee Power Station Project (RB) 7.50%, 07/24/15 (c)		886,239
	500,000	Michigan Strategic Fund, Series A (TA) 4.12%, 07/01/18 (c) (p)		506,200
		Michigan Tobacco Settlement Finance Authority, Series A (RB)
	790,000	5.13%, 06/01/17 (c)		711,442
	85,000	5.25%, 06/01/17 (c)		77,116
				4,122,226
Minnesota: 0.6%
	355,000	City of Blaine, Senior Housing and Health Facility, Series A (RB) 5.13%, 07/01/25		355,121
	250,000	Rice County Educational Facility, St. Mary’s School Project (RB) 5.00%, 08/01/22		257,372
				612,493
Mississippi: 0.0%
	25,000	Mississippi Business Finance Corp., System Energy Resources, Inc. (RB) 5.88%, 07/20/15 (c)		25,168
Missouri: 0.2%
	140,000	Kansas City, Missouri Industrial Development Authority, Missouri Health Care Facilities First Mortgage, Series A (RB) 6.25%, 07/27/15 (c)		140,410
	115,000	St. Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB) 5.00%, 07/27/15 (c)		115,937
				256,347
Nebraska: 0.2%
	200,000	Public Power Generation Agency, Whelan Energy Center Unit 2, Series A (RB) (AMBAC) 5.00%, 01/01/17 (c)		212,240
New Hampshire: 0.0%
	15,000	New Hampshire Higher Educational and Health Facilities Authority, Franklin Pierce College (RB) (ACA) 5.25%, 07/24/15 (c)		14,629
New Jersey: 6.8%
	85,000	City of Atlantic City, New Jersey, Series A (GO) 5.50%, 02/15/18		77,389
	750,000	Gloucester County, New Jersey Pollution Control Financing Authority, Series A (RB) 5.00%, 12/01/24		838,155
		New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
	80,000	4.00%, 06/15/19		84,661
	750,000	5.00%, 06/15/17		792,727
	600,000	5.00%, 06/15/19		656,952
	150,000	5.00%, 06/15/22 (c)		165,150
	165,000	5.00%, 06/15/22		182,731
		New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
	285,000	4.88%, 09/15/19		298,315
	225,000	5.13%, 08/20/22 (c)		242,588
	500,000	New Jersey Economic Development Authority, Long Gate Project (RB) 4.38%, 01/01/24		507,640
	400,000	New Jersey Health Care Facilities Financing Authority, St. Peter’s University System (RB) 5.00%, 07/01/21		429,980
	795,000	Pollution Control Financing Authority, Chambers Project, Series A (RB) 5.00%, 12/01/23		864,252
		Tobacco Settlement Financing Corp., Senior Series 1A (RB)
	1,355,000	4.50%, 06/01/17 (c)		1,357,032
	75,000	5.00%, 06/01/17 (c)		79,171
		Tobacco Settlement Financing Corp., Series 1A (RB)
	500,000	5.00%, 06/01/17 (c)		531,515
	40,000	5.00%, 06/01/17		42,791
				7,151,049
New Mexico: 1.4%
	705,000	County of Otero, Jail Project (RB) 5.75%, 10/01/16 (c)		708,539
	150,000	Otero County, New Mexico Jail Project Revenue (RB) 6.00%, 10/01/16 (c)		150,369
	585,000	Winrock Town Center Tax Increment Development District No 1 (TA) 5.25%, 05/01/20 (c)		587,153
				1,446,061
New York: 6.8%
	750,000	Build NYC Resource Corp., Pratt Paper, Inc. Project (RB) 3.75%, 01/01/20		777,112
	400,000	Jefferson County Industrial Development Agency, Reenergy Black River LLC Project (RB) 4.75%, 01/01/20		399,972
	545,000	New York City Industrial Development Agency, Civic Facility, Series A (RB) 5.00%, 12/01/16 (c)		567,672
		New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC)
	25,000	5.00%, 01/01/17 (c)		26,084
	100,000	5.00%, 01/01/17 (c)		104,634
	65,000	5.00%, 01/01/17 (c)		68,161
	205,000	New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series A (RB) 5.00%, 07/01/22		224,635
		New York Dormitory Authority, Pace University, Series A (RB)
	250,000	4.00%, 05/01/22		261,565
	165,000	5.00%, 05/01/23		181,997
	150,000	New York Dormitory Authority, Yeshiva University (RB) 5.00%, 09/01/19 (c)		158,351
	50,000	New York State Dormitory Authority, Montefiore Medical Center (RB) (FHA) 5.00%, 02/01/18 (c)		53,599
	155,000	New York State Dormitory Authority, Orange Regional Medical Center (RB) 6.00%, 12/01/16		164,305
	50,000	New York State Dormitory Authority, United Health Services Hospitals, Inc. (RB) (FHA) 3.00%, 08/01/16		50,843
		New York State Dormitory Authority, Yeshiva University (RB)
	50,000	3.50%, 09/01/16		50,898
	100,000	5.25%, 07/27/15 (c)		100,321
	750,000	New York State Environmental Facilities Corp. (RB) 3.75%, 12/02/19 (p)		749,025
	500,000	Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project, Series A (RB) 5.00%, 07/01/19		544,105
	520,000	Port Authority of New York and New Jersey, JFK International Air Terminal LLC Project, Series 8 (RB) 5.00%, 12/01/20		590,684
		Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB)
	445,000	5.00%, 07/01/18		491,258
	25,000	5.00%, 07/01/21 (c)		28,250
		Town of Oyster Bay, New York Public Improvement (GO)
	90,000	3.00%, 08/15/16		91,864
	35,000	3.00%, 08/15/17 (c)		35,573
	55,000	3.00%, 08/15/17 (c)		55,551
	605,000	3.00%, 08/15/17 (c)		621,099
	50,000	3.00%, 08/15/17 (c)		50,999
	70,000	TSASC, Inc., Tobacco Settlement, Series 1 (RB) 4.75%, 06/01/16 (c)		71,278
	575,000	Westchester County Healthcare Corp., Senior Lien, Series B (RB) 5.00%, 11/01/19		650,762
				7,170,597
North Carolina: 0.0%
	30,000	North Carolina Medical Care Commission, United Methodist Retirement Homes Project, Series C (RB) 5.25%, 10/01/15 (c)		30,059
Ohio: 5.5%
	25,000	Buckeye Tobacco Settlement Financing Authority, Series A-1 (RB) 5.00%, 06/01/17		26,773
		Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-2 (RB)
	2,250,000	5.13%, 06/01/17 (c)		1,865,925
	275,000	5.38%, 06/01/17 (c)		231,443
	340,000	City of Cleveland, Airport System Revenue, Series A (RB) (AMBAC) 5.00%, 01/01/17 (c)		356,048
		City of Cleveland, Airport System Revenue, Series C (RB) (AMBAC)
	50,000	5.00%, 01/01/17 (c)		52,374
	90,000	5.25%, 01/01/21		102,050
	150,000	City of Cleveland, Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB) 5.70%, 07/24/15 (c)		151,044
	75,000	County of Hamilton, Healthcare Facilities, Christ Hospital Project (RB) 5.25%, 06/01/22 (c)		86,993
		County of Muskingum, Genesis HealthCare System Obligated Group Project (RB)
	50,000	4.00%, 02/15/23		50,649
	135,000	5.00%, 02/15/20		145,994
	10,000	Ohio Air Quality Development Authority, AK Steel Corp. Project (RB) 6.75%, 02/01/22 (c)		10,306
	935,000	Ohio Air Quality Development Authority, FirstEnergy Generation Project, Series A (RB) 3.75%, 12/03/18 (p)		962,405
	240,000	Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series E (RB) 5.63%, 10/01/19		268,111
	210,000	Ohio Air Quality Development Authority, Series A (RB) 5.70%, 08/01/20		234,646
	650,000	Ohio Air Quality Development Authority, Series C (RB) 5.63%, 06/01/18		700,934
	530,000	Ohio State Water Development Authority, FirstEnergy Nuclear Generation Project, Series B (RB) 4.00%, 06/03/19 (p)		547,463
				5,793,158
Oregon: 0.3%
	250,000	Hospital Facilities Authority of Multnomah County, Series A (RB) 5.00%, 10/01/19		273,377
Pennsylvania: 7.5%
	300,000	Allegheny County Industrial Development Authority, Environmental Improvement (RB) 5.50%, 11/01/16		311,385
		Allegheny County, Pennsylvania Industrial Development Authority, United States Steel Corp. Project (RB)
	100,000	6.50%, 05/01/17		106,407
	205,000	6.75%, 11/01/19 (c)		228,967
	1,000,000	Beaver County, Pennsylvania Industrial Development Authority, Pollution Control, Series B (RB) 3.50%, 06/01/20 (p)		1,007,480
	135,000	Delaware River Port Authority, Port District Project (RB) 5.00%, 01/01/22		152,979
	500,000	Montgomery County Industrial Development Authority, Pollution Control, Peco Energy Company Project (RB) 2.60%, 09/01/20 (p)		497,875
	610,000	Montgomery County Industrial Development Authority, Whitemarsh Continuing Care Retirement Community Project (RB) 4.00%, 01/01/25		604,321
	500,000	Moon Industrial Development Authority, Baptist Homes Society (RB) 5.00%, 07/01/20		515,535
	150,000	Pennsylvania Economic Development Financing Authority, Health System, Albert Einstein Healthcare, Series A (RB) 6.25%, 10/15/19 (c)		174,842
		Pennsylvania Economic Development Financing Authority, Pennsylvania Rapid Bridge Replacement Project (RB)
	750,000	5.00%, 06/30/19		828,112
	250,000	5.00%, 12/31/19		278,122
	250,000	5.00%, 12/31/20		281,007
	250,000	5.00%, 12/31/21		282,510
	250,000	5.00%, 12/31/23		284,310
	750,000	5.00%, 12/31/24		856,912
	150,000	Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB) 5.88%, 06/15/22		159,954
	500,000	Philadelphia Hospital and Higher Education Facilities Authority, Series A (RB) 5.00%, 07/01/17		528,960
		Philadelphia Hospital and Higher Education Facilities Authority, Series B (RB)
	100,000	5.00%, 07/01/17 (c)		103,430
	240,000	5.00%, 07/01/17		251,945
	400,000	Susquehanna Area Regional Airport Authority, Series C (RB) 3.00%, 01/01/17		405,980
				7,861,033
Puerto Rico: 4.8%
	150,000	Commonwealth of Puerto Rico, Public Improvement (GO) 22.53%, 07/01/17 ^		94,592
		Commonwealth of Puerto Rico, Public Improvement, Series A (GO)
	375,000	4.00%, 07/01/21		234,379
	45,000	5.00%, 07/01/16 (c)		29,419
	35,000	5.00%, 07/01/16 (c)		23,713
	25,000	5.00%, 07/01/17 (c)		16,344
	50,000	5.00%, 07/01/17 (c)		32,438
	120,000	5.00%, 07/01/17 (c)		81,300
	70,000	5.00%, 07/01/17 (c)		45,500
	790,000	5.00%, 07/01/18 (c)		514,487
	70,000	5.00%, 07/01/20		45,588
	150,000	5.25%, 07/27/15 (c)		97,875
	125,000	5.25%, 07/01/16 (c)		81,250
	80,000	5.25%, 07/01/16 (c)		52,100
	80,000	5.50%, 07/01/17		57,701
	25,000	5.50%, 07/01/17		21,275
	130,000	5.50%, 07/01/18		88,400
	50,000	5.50%, 07/01/18 (c)		32,625
	40,000	5.50%, 07/01/19		30,355
	150,000	5.50%, 07/01/19		98,438
	70,000	5.50%, 07/01/21		52,506
		Commonwealth of Puerto Rico, Public Improvement, Series D (GO)
	105,000	4.25%, 07/01/16 (c)		67,331
	10,000	5.00%, 07/01/16 (c)		6,538
		Puerto Rico Convention Center District Authority, Series A (RB) (FGIC)
	100,000	4.13%, 07/01/16 (c)		66,772
	100,000	4.75%, 07/01/16 (c)		67,018
	10,000	5.00%, 07/01/16 (c)		9,838
	60,000	Puerto Rico Electric Power Authority, Series JJ (RB) (XLCA) 5.38%, 07/01/17		58,944
		Puerto Rico Electric Power Authority, Series QQ (RB) (XLCA)
	45,000	5.50%, 07/01/17		44,307
	95,000	5.50%, 07/01/18		91,804
		Puerto Rico Electric Power Authority, Series TT (RB)
	20,000	4.20%, 07/01/17 (c)		11,800
	15,000	5.00%, 07/01/17 (c)		8,850
		Puerto Rico Electric Power Authority, Series ZZ (RB)
	180,000	5.00%, 07/01/18		106,200
	50,000	5.00%, 07/01/19		29,500
	500,000	Puerto Rico Government Development, Series B (RB) 5.00%, 12/01/16		200,125
	95,000	Puerto Rico Highways & Transportation Authority, Series BB (RB) (AMBAC) 5.25%, 07/01/17		94,373
	100,000	Puerto Rico Highways & Transportation Authority, Series K (RB) 5.00%, 07/27/15 (c)		41,250
		Puerto Rico Highways and Transportation Authority (RB)
	140,000	5.00%, 01/01/16 (c)		56,350
	405,000	5.75%, 07/27/15 (c)		281,511
		Puerto Rico Highways and Transportation Authority, Series A (RB) (AMBAC)
	200,000	5.22%, 07/01/17 ^		177,948
	100,000	5.25%, 07/01/18 ^		83,125
		Puerto Rico Highways and Transportation Authority, Series K (RB)
	75,000	5.00%, 07/27/15 (c)		33,811
	95,000	5.00%, 07/27/15 (c)		45,667
		Puerto Rico Highways and Transportation Authority, Series M (RB)
	100,000	4.00%, 07/01/17		51,055
	10,000	4.13%, 07/01/17 (c)		4,508
	100,000	5.00%, 07/01/17 (c)		43,251
	40,000	Puerto Rico Highways and Transportation Authority, Series N (RB) 5.50%, 07/01/21		16,500
	75,000	Puerto Rico Infrastructure Financing Authority, Series C (RB) (FGIC) 5.50%, 07/01/20		47,438
		Puerto Rico Public Buildings Authority (RB) (COMWLTH GTD)
	35,000	5.00%, 07/01/20		22,094
	70,000	6.00%, 07/01/19 (c)		45,063
	70,000	Puerto Rico Public Buildings Authority, Series F (RB) (COMWLTH GTD) 5.25%, 07/01/19		46,808
	360,000	Puerto Rico Public Buildings Authority, Series H (RB) (AMBAC) (COMWLTH GTD) 5.50%, 07/01/18		359,536
		Puerto Rico Public Buildings Authority, Series M (RB) (COMWLTH GTD)
	65,000	5.50%, 07/01/19		43,625
	40,000	5.75%, 07/01/16		31,964
		Puerto Rico Public Buildings Authority, Series N (RB) (COMWLTH GTD)
	40,000	5.25%, 07/01/17		30,300
	65,000	5.50%, 07/01/17 (c)		43,625
	35,000	Puerto Rico Public Buildings Authority, Series P (RB) (COMWLTH GTD) 5.75%, 07/01/18		25,118
	40,000	Puerto Rico Public Buildings Authority, Series Q (RB) (COMWLTH GTD) 5.13%, 07/27/15 (c)		24,224
	65,000	Puerto Rico Sales Tax Financing Corp. (RB) 5.00%, 08/01/18		28,642
	65,000	Puerto Rico Sales Tax Financing Corp., First Subordinate Series A (RB) 4.75%, 02/01/20 (c)		25,350
	200,000	Puerto Rico Sales Tax Financing Corp., Senior Series C (RB) 5.00%, 08/01/21 (c)		129,540
	175,000	Puerto Rico Sales Tax Financing Corp., Subseries A (RB) 4.63%, 08/01/19		73,624
		University of Puerto Rico, Series P (RB)
	245,000	5.00%, 06/01/16 (c)		120,691
	250,000	5.00%, 06/01/16 (c)		123,165
	375,000	5.00%, 06/01/16 (c)		206,745
	40,000	5.00%, 06/01/16 (c)		19,847
	195,000	University of Puerto Rico, Series Q (RB) 5.00%, 06/01/16 (c)		121,038
				4,997,098
Rhode Island: 1.6%
		Tobacco Settlement Financing Corp., Series A (RB)
	1,050,000	4.00%, 06/01/17		1,105,944
	500,000	5.00%, 06/01/20		567,630
				1,673,574
South Carolina: 0.5%
		South Carolina Jobs-Economic Development Authority (RB) (AMBAC)
	40,000	5.00%, 07/27/15 (c)		39,985
	75,000	5.00%, 05/01/16 (c)		73,505
	335,000	South Carolina Jobs-Economic Development Authority, Palmetto Health (RB) 5.38%, 08/01/19 (c)		373,505
				486,995
South Dakota: 0.2%
	250,000	Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB) 5.00%, 11/15/16 (c)		254,822
Tennessee: 0.1%
		Clarksville Natural Gas Acquisition Corp. (RB)
	50,000	5.00%, 12/15/17		53,766
	30,000	5.00%, 12/15/19		33,448
	25,000	5.00%, 12/15/21		28,308
				115,522
Texas: 9.2%
	300,000	Central Texas Turnpike System, Series C (RB) 5.00%, 08/15/24		348,687
		City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB)
	750,000	4.50%, 07/01/20		787,312
	1,000,000	4.75%, 07/01/24		1,063,380
	500,000	City of Houston, Texas Airport System Special Facilities, United Airlines, Inc., Series B-2 (RB) 5.00%, 07/15/20		537,530
	500,000	Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB) 4.88%, 10/01/22 (c)		520,960
	250,000	La Vernia Higher Education Finance Corp., Series A (RB) 4.20%, 08/15/25		249,390
	750,000	Love Field Airport Modernization Corp., Southwest Airline Co. (RB) 5.00%, 11/01/18		828,405
	20,000	Maverick County Public Facility Corp., Series A-1 (RB) 6.25%, 08/01/17 (c) (d)		4,525
		New Hope Cultural Education Facilities Corp., NCCD-College Station Properties LLC, Series A (RB)
	250,000	5.00%, 07/01/23		278,802
	250,000	5.00%, 07/01/24		277,665
	350,000	New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. (RB) 5.00%, 01/01/24		359,576
	500,000	Sam Rayburn Municipal Power Agency, Power Supply System (RB) 5.00%, 10/01/21		576,750
	165,000	Tarrant County Cultural Education Facilities Finance Corp., Series C-1 (RB) 7.50%, 07/27/15 (c)		164,168
		Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply, Senior Lien Series A (RB)
	100,000	5.00%, 12/15/16		104,974
	75,000	5.25%, 12/15/18		82,626
	20,000	5.25%, 12/15/19		22,479
	375,000	5.25%, 12/15/21		429,592
	230,000	5.25%, 12/15/22		264,928
	15,000	5.25%, 12/15/23		17,359
	50,000	5.25%, 12/15/24		57,926
	220,000	5.63%, 12/15/17		232,896
		Texas Municipal Gas Acquisition and Supply Corp. III, Gas Supply (RB)
	20,000	5.00%, 12/15/18		22,188
	1,000,000	5.00%, 12/15/21		1,151,230
	100,000	5.00%, 12/15/22 (c)		112,837
	750,000	5.00%, 12/15/22		860,662
	225,000	Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series A (RB) 6.00%, 01/01/21 (c)		241,121
				9,597,968
Vermont: 0.2%
	150,000	Vermont Economic Development Authority, Recovery Zone Facility (RB) 5.00%, 12/15/20		169,908
Virgin Islands: 2.2%
		Virgin Islands Public Finance Authority, Series A (RB)
	800,000	5.00%, 10/01/20		877,952
	100,000	6.75%, 10/01/19		110,211
	400,000	Virgin Islands Public Finance Authority, Series B (RB) 5.00%, 10/01/19		441,796
	750,000	Virgin Islands Public Finance Authority, Series C (RB) 5.00%, 10/01/19 (c)		826,665
				2,256,624
Virginia: 0.8%
	25,000	Chesterfield Economic Development Authority, Brandermill Woods Project (RB) 4.13%, 01/01/22 (c)		25,287
	820,000	Industrial Development Authority of Botetourt County, Residential Care Facility, Series A (RB) 4.75%, 07/01/23		822,124
				847,411
Washington: 0.8%
	335,000	King County Public Hospital District No. 4, Series A (RB) 5.00%, 12/01/25		328,367
	10,000	Washington Economic Development Finance Authority, Coalview Centralia LLC Project (RB) 9.35%, 08/01/18		10,098
	450,000	Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series B-1 (RB) 5.88%, 07/15/15 (c)		450,220
	100,000	Washington State Housing Finance Commission, Skyline at First Hill Project, Series A (RB) 5.25%, 01/01/17		100,844
				889,529
West Virginia: 0.5%
	500,000	Mason County Pollution Control, Appalachian Power Co. Project, Series L (RB) 1.63%, 10/01/18 (p)		497,020
	65,000	West Virginia Hospital Finance Authority, Thomas health System, Inc. (RB) 6.25%, 10/01/18 (c)		68,385
				565,405
Wisconsin: 2.8%
	900,000	New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series B (RB) 5.00%, 07/01/22		962,118
	750,000	Public Finance Authority, Rose Villa Project, Series B-1 (RB) 4.50%, 11/15/15 (c)		754,800
	500,000	Public Finance Authority, Roseman University of Health Project (RB) 5.00%, 04/01/25		495,440
	480,000	Wisconsin Public Finance Authority, Continuing Care Retirement Community, Series A (RB) 7.00%, 06/01/20		533,717
	210,000	Wisconsin State Health and Educational Facilities Authority, Wheaton Franciscan Health Care System (RB) 5.25%, 08/15/16 (c)		219,301
				2,965,376
Total Municipal Bonds (Cost: $104,525,351)				103,612,711

Number of Shares
MONEY MARKET FUND: 1.1% (Cost: $1,147,288)
	1,147,288	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		1,147,288

Total Investments: 99.9% (Cost: $105,672,639)				104,759,999
Other assets less liabilities: 0.1%				143,773
NET ASSETS: 100.0%			$	104,903,772

ACA	Credit Agricole SA
AMBAC	American Municipal Bond Assurance Corp.
COMWLTH GTD	Commonwealth Guaranteed
CP	Certificate of Participation
FGIC	Financial Guaranty Insurance Co.
FHA	Federal Housing Association
GO	General Obligation
RB	Revenue Bond
SA	Special Assessment
ST	Special Tax
TA	Tax Allocation
XLCA	Syncora Guarantee, Inc.

(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date

Summary of Investments By Sector (unaudited)	% of Investments			Value
Education		7.2	%	$	7,567,074
Health Care		22.5			23,595,239
Industrial Revenue		35.3			36,930,153
Leasing		1.9			1,990,814
Local		4.6			4,811,527
Power		3.4			3,517,478
Solid Waste/Resource Recovery		1.6			1,660,936
Special Tax		8.2			8,564,629
State		2.3			2,445,475
Transportation		8.6			9,030,592
Water & Sewer		3.3			3,498,794
Money Market Fund		1.1			1,147,288
		100.0	%	$	104,759,999

The summary of inputs used to value the Fund’s investments as of July 31, 2015 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	103,612,711	$	—	$	103,612,711
Money Market Fund		1,147,288		—		—		1,147,288
Total	$	1,147,288	$	103,612,711	$	—	$	104,759,999

*	See Schedule of Investments for security type and geographic sector breakouts.

There were no transfers between levels during the period ended July 31, 2015.

See Notes to Schedules of Investments

SHORT MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

July 31, 2015 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 98.9%
Alabama: 0.6%
$	1,250,000	Alabama Federal Aid Highway Finance Authority (RB) 5.00%, 09/01/19	$	1,425,375
	100,000	Alabama Public School and College Authority, Series B (RB) 5.00%, 03/01/19		113,436
				1,538,811
Alaska: 0.0%
	55,000	State of Alaska, Series A (GO) 4.00%, 08/01/17		58,647
Arizona: 1.1%
	630,000	Arizona Board of Regents, University of Arizona Projects, Series C (CP) 5.00%, 06/01/19		714,615
	75,000	Arizona Transportation Board, Grant Anticipation, Series A (RB) 5.00%, 07/01/18		83,615
		Arizona Transportation Board, Subordinated Highway Revenue, Series A (RB)
	75,000	4.00%, 07/01/18		81,518
	865,000	5.00%, 07/01/17		936,138
	50,000	5.00%, 07/01/19		57,310
	590,000	City of Scottsdale (GO) 3.00%, 07/01/18		624,580
		Maricopa County Community College District, Series D (GO)
	255,000	3.00%, 07/01/18		269,946
	100,000	4.00%, 07/01/19		111,137
				2,878,859
Arkansas: 0.5%
		State of Arkansas, Federal Highway Grant Anticipation (GO)
	125,000	5.00%, 04/01/18		138,661
	1,000,000	5.00%, 04/01/18		1,109,290
				1,247,951

California: 14.5%
	1,000,000	Bay Area Toll Authority, Toll Bridge Revenue, Series B (RB) 1.50%, 10/01/17 (c) (p)		1,006,360
	2,250,000	Bay Area Toll Authority, Toll Bridge Revenue, Series C (RB) 1.87%, 10/01/18 (c) (p)		2,288,452
	80,000	Bay Area Toll Authority, Toll Bridge Revenue, Series F-1 (RB) 5.00%, 04/01/19		91,519
	200,000	Bay Area Water Supply and Conservation Agency, Series A (RB) 4.00%, 10/01/17		214,094
		California Health Facilities Financing Authority, Catholic Healthcare West, Series A (RB)
	50,000	5.00%, 03/01/19		56,756
	800,000	5.00%, 03/01/21		936,992
	725,000	California Health Facilities Financing Authority, St. Joseph Health System, Series C (RB) 5.00%, 10/15/19 (p)		835,751
		California State Department of Water Resources, Central Valley Project, Series AM (RB)
	250,000	4.00%, 12/01/18		275,567
	250,000	5.00%, 12/01/18		283,735
	500,000	California State Department of Water Resources, Power Supply Revenue, Series N (RB) 5.00%, 05/01/20		586,505
	50,000	California State Public Works Board, Department of Correction and Rehabilitation, Series A (RB) 4.00%, 09/01/17		53,357
	85,000	California State Public Works Board, Department of Correction and Rehabilitation, Series E (RB) 5.00%, 09/01/20		99,749
	310,000	California State Public Works Board, Department of State Hospital, Series E (RB) 5.00%, 06/01/20		362,015
	520,000	California State Public Works Board, Series E (RB) 4.00%, 06/01/17		550,623
	50,000	California State Public Works Board, Series F (RB) 4.00%, 10/01/17		53,580
	1,075,000	California State Public Works Board, Series G (RB) 4.00%, 11/01/17		1,151,916
		California State Public Works Board, Various Capital Projects, Series A (RB)
	150,000	5.00%, 04/01/17		160,598
	10,000	5.00%, 04/01/19		11,401
	290,000	California State Public Works Board, Various Capital Projects, Series G (RB) 5.00%, 11/01/18		327,074
		California State Public Works Board, Various Capital Projects, Series I (RB)
	75,000	5.00%, 11/01/19		86,676
	750,000	5.00%, 11/01/20		883,005
	100,000	California State Public Works Board, Various Judicial Projects, Series A (RB) 3.00%, 03/01/17		103,622
		California State University, Series A (RB)
	75,000	5.00%, 11/01/16		79,327
	75,000	5.00%, 11/01/18		84,742
		California State Various Purpose (GO)
	100,000	2.00%, 04/01/17		102,303
	1,370,000	4.00%, 09/01/17		1,464,598
	230,000	4.00%, 02/01/18		248,398
	1,000,000	4.00%, 02/01/19		1,101,880
	500,000	5.00%, 09/01/16		525,250
	500,000	5.00%, 09/01/16		525,250
	900,000	5.00%, 09/01/16		945,450
	430,000	5.00%, 02/01/17		458,333
	1,225,000	5.00%, 04/01/17		1,313,653
	1,550,000	5.00%, 10/01/17		1,694,072
	1,375,000	5.00%, 10/01/17		1,502,806
	400,000	5.00%, 11/01/17		438,420
	50,000	5.00%, 12/01/17		54,956
	75,000	5.00%, 03/01/18		83,044
	1,400,000	5.00%, 04/01/18		1,554,182
	1,050,000	5.00%, 09/01/18		1,180,494
	1,000,000	5.00%, 09/01/18		1,124,280
	1,385,000	5.00%, 09/01/18		1,557,128
	200,000	5.00%, 02/01/20		232,640
	1,000,000	5.00%, 04/01/20		1,167,100
	300,000	5.00%, 09/01/20		353,022
	1,550,000	5.00%, 09/01/20		1,823,947
	25,000	5.00%, 10/01/20		29,461
	1,000,000	California Statewide Communities Development Authority, Pollution Control, Series A (RB) 1.37%, 04/02/18 (p)		1,002,210
	1,750,000	City of Los Angeles, Series B (GO) 5.00%, 09/01/16		1,837,010
		City of Los Angeles, Wastewater System Revenue, Series A (RB)
	50,000	5.00%, 06/01/18		55,789
	660,000	5.00%, 06/01/19		758,749
	50,000	East Bay Municipal Utility District, Water System Revenue, Series B (RB) 5.00%, 06/01/18		55,729
		Golden State Tobacco Securitization Corp., Series A (RB)
	55,000	5.00%, 06/01/19		62,829
	310,000	5.00%, 06/01/21		365,530
	220,000	Los Angeles Community College District, series A (GO) 5.00%, 08/01/20		259,197
	100,000	Los Angeles County Metropolitan Transportation Authority, Series B (RB) 5.00%, 06/01/19		115,206
		Los Angeles Department of Water & Power, Series A (RB)
	75,000	5.00%, 07/01/19		86,306
	100,000	5.00%, 07/01/20		117,632
	275,000	Los Angeles Unified School District, Series A (GO) 4.00%, 07/01/18		299,475
	750,000	Los Angeles Unified School District, Series C (GO) 5.00%, 07/01/17		811,680
		Metropolitan Water District of Southern California, Series C (RB)
	100,000	4.00%, 10/01/17		107,270
	140,000	5.00%, 07/01/17		151,542
	1,050,000	5.00%, 07/01/18		1,176,073
	400,000	Regents of the University of California, Series AO (RB) 5.00%, 05/15/21		477,932
	290,000	San Diego County Water Authority, Series A (RB) 4.00%, 05/01/18		314,757
	135,000	San Jose Financing Authority, Civil Center Project, Series A (RB) 5.00%, 06/01/20		157,515
	10,000	Santa Clara County, California Financing Authority Lease, Capital Projects, Series A (RB) 4.00%, 02/01/17		10,496
	70,000	Santa Clara Valley Transportation Authority, Series B (RB) 5.00%, 04/01/17		75,102
	80,000	Sonoma County Junior College District (GO) 5.00%, 08/01/19		92,381
	105,000	State of California Department of Water Resources, Central Valley Project, Series AI (RB) 5.00%, 12/01/18		119,169
	80,000	State of California Department of Water Resources, Central Valley Project, Series AM (RB) 5.00%, 12/01/19		93,170
	100,000	State of California Department of Water Resources, Central Valley Project, Series AS (RB) 5.00%, 12/01/19		116,463
	100,000	State of California Department of Water Resources, Power Supply Revenue, Series M (RB) 5.00%, 05/01/18		111,441
		State of California Department of Water Resources, Power Supply Revenue, Series N (RB)
	40,000	4.00%, 05/01/18		43,494
	75,000	5.00%, 05/01/18		83,581
				39,021,811
Colorado: 0.7%
	1,000,000	City and County of Denver, Series A (GO) 5.00%, 08/01/17		1,085,820
	50,000	Colorado Department of Transportation (RB) 4.00%, 12/15/16		52,413
		Colorado Health Facilities Authority, Series A (RB)
	50,000	5.00%, 02/01/17		52,910
	125,000	5.00%, 02/01/19		140,498
	100,000	5.00%, 02/01/21		115,634
	175,000	Metro Wastewater Reclamation District, Series A (RB) 5.00%, 04/01/17		187,635
	250,000	Regional Transportation District, Series A (CP) 5.00%, 06/01/18		276,500
	100,000	State of Colorado Department of Transportation (RB) 5.00%, 12/15/16		106,096
				2,017,506
Connecticut: 2.2%
	1,370,000	Connecticut State Health and Educational Facilities Authority, Series A-3 (RB) 0.88%, 02/08/18 (p)		1,365,095
	500,000	Connecticut State, Special Tax Revenue, Transportation Infrastructure Purposes, Series A (RB) 5.00%, 12/01/20		585,555
	250,000	State of Connecticut Special Tax Revenue, Series A (RB) 5.00%, 01/01/20		287,740
		State of Connecticut, Series C (GO)
	850,000	5.00%, 06/15/17		915,807
	250,000	5.00%, 07/15/19		285,347
	500,000	5.00%, 06/01/20		579,335
		State of Connecticut, Series D (GO)
	500,000	4.00%, 06/15/18		540,575
	145,000	5.00%, 06/15/20		168,187
	750,000	5.00%, 11/01/20		875,587
	280,000	State of Connecticut, Series E (GO) 5.00%, 09/01/18		312,446
				5,915,674
Delaware: 0.2%
	500,000	State of Delaware, Series B (GO) 5.00%, 02/01/17		533,335
District of Columbia: 0.1%
	160,000	District of Columbia, Series A (GO) 5.00%, 06/01/19		183,485
	75,000	District of Columbia, Series C (RB) 5.00%, 12/01/17		82,250
	50,000	District of Columbia, Series D (GO) 5.00%, 06/01/19		57,339
				323,074
Florida: 5.2%
		Broward County School Board, Series A (CP)
	175,000	5.00%, 07/01/18		194,357
	155,000	5.00%, 07/01/19		176,134
	50,000	Broward County, Airport System Revenue, Series P-2 (RB) 5.00%, 10/01/18		55,635
		Broward County, Airport System Revenue, Series Q-1 (RB)
	150,000	5.00%, 10/01/17		162,527
	265,000	5.00%, 10/01/18		294,865
	500,000	Citizens Property Insurance Corp., Series A-1 (RB) 5.00%, 06/01/19		565,360
	75,000	City of Jacksonville, Better Jacksonville Sales Tax (RB) 5.00%, 10/01/16		78,875
	600,000	City of Jacksonville, Series A (RB) 5.00%, 10/01/16		631,356
		City of Jacksonville, Series B (RB)
	260,000	5.00%, 10/01/16		273,744
	475,000	5.00%, 10/01/17		517,118
	1,600,000	City of Jacksonville, Series C (RB) 5.00%, 10/01/18		1,791,392
	485,000	County of Orange, Series C (RB) 5.00%, 01/01/21		570,336
		Florida Department of Environmental Protection, Series A (RB)
	205,000	5.00%, 07/01/20		237,441
	125,000	5.00%, 07/01/20		144,781
		JEA Electric System, Series Three A (RB)
	65,000	5.00%, 10/01/18		72,926
	200,000	5.00%, 10/01/19		229,926
	150,000	JEA Electric System, Series Three C (RB) 5.00%, 10/01/18		167,745
		JEA Electric System, Series Three D (RB)
	50,000	4.00%, 10/01/16		52,067
	690,000	5.00%, 10/01/19		791,734
	110,000	Miami-Dade County Building Better Communities Program, Series B (GO) 5.00%, 07/01/20		127,859
		Miami-Dade County Expressway Authority, Toll System Revenue, Series A (RB)
	75,000	5.00%, 07/01/18		83,273
	50,000	5.00%, 07/01/20		57,887
	500,000	5.00%, 07/01/21		585,885
	100,000	Miami-Dade County School Board Foundation, Inc., Series A (CP) 5.00%, 05/01/20		114,814
	165,000	Miami-Dade County School Board Foundation, Inc., Series D (CP) 5.00%, 11/01/19		188,628
	130,000	Orange County Expressway Authority (RB) 5.00%, 07/01/19		148,364
	900,000	Orange County, Sales Tax, Series C (RB) 5.00%, 01/01/20		1,040,454
	400,000	Palm Beach County School District, Series A (CP) 5.00%, 08/01/16 (p)		417,124
	175,000	Palm Beach County, Public Improvement (RB) 5.00%, 06/01/18		194,896
	50,000	St. Johns River Power Park, Issue Two, Series Twenty-Five (RB) 5.00%, 10/01/16		52,679
		State of Florida, Board of Education, Full Faith and Credit, Series A (GO)
	50,000	5.00%, 06/01/19		57,319
	50,000	5.00%, 06/01/19		57,319
		State of Florida, Board of Education, Full Faith and Credit, Series B (GO)
	50,000	5.00%, 06/01/18		55,759
	85,000	5.00%, 06/01/20		99,349
	260,000	State of Florida, Board of Education, Lottery Revenue, Series D (RB) 5.00%, 07/01/17		280,660
	100,000	State of Florida, Board of Education, Lottery Revenue, Series E 5.00%, 07/01/19		114,703
	1,000,000	State of Florida, Board of Education, Lottery Revenue, Series F (RB) 5.00%, 07/01/18		1,116,400
	100,000	State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO) 5.00%, 06/01/18		111,518
	55,000	State of Florida, Board of Education, Public Education Capital Outlay, Series B (GO) 5.00%, 06/01/17		59,358
	595,000	State of Florida, Department of Environmental Protection, Series B (RB) 5.00%, 07/01/18		660,266
	90,000	State of Florida, Department of Transportation Turnpike Revenue, Series A (RB) 5.00%, 07/01/18		100,365
	1,000,000	State of Florida, Department of Transportation, Full Faith and Credit, Series A (GO) 5.00%, 07/01/19		1,147,030
	100,000	Sunshine State Governmental Financing Commission, Series A (RB) 5.00%, 09/01/16		104,773
				13,985,001
Georgia: 3.3%
	75,000	Chatham County Hospital Authority, Memorial Health University Medical Center, Inc. (RB) 5.00%, 01/01/21		87,308
	400,000	City of Atlanta, Airport Passenger Facility, Series B (RB) 5.00%, 01/01/17		423,840
	600,000	City of Atlanta, Department of Aviation, Series A (RB) 5.00%, 01/01/17		636,630
	315,000	City of Atlanta, Department of Aviation, Series C (RB) 5.00%, 01/01/20		364,011
	280,000	County Board of Education of Richmond County (GO) (SAW) 5.00%, 10/01/17		304,385
	330,000	Forsyth County School District (GO) 5.00%, 02/01/19		375,147
	1,200,000	Fulton County Development Authority, Georgia Tech Athletic Association Project, Series A (RB) 5.00%, 10/01/19		1,374,828
	125,000	Fulton County, Water and Sewerage Revenue (RB) 5.00%, 01/01/18		137,483
	60,000	Georgia State Road and Tollway Authority, Series A (RB) 5.00%, 03/01/17		64,193
	2,015,000	Gwinnett County School District, Series A (GO) 4.50%, 10/01/17		2,177,610
	250,000	Gwinnett County Water and Sewerage Authority (RB) 5.00%, 08/01/20		293,090
		Municipal Electric Authority of Georgia, Series A (RB)
	500,000	5.00%, 11/01/17		544,980
	1,000,000	5.00%, 01/01/20		1,149,580
		State of Georgia, Series A (GO)
	75,000	5.00%, 02/01/18		82,845
	25,000	5.00%, 07/01/19		28,779
	50,000	5.00%, 02/01/21		59,275
	140,000	State of Georgia, Series C (GO) 5.00%, 07/01/18		156,552
	500,000	State of Georgia, Series F (GO) 5.00%, 12/01/16		530,160
				8,790,696
Hawaii: 0.8%
	150,000	City and County Honolulu, Wastewater System Revenue, Series B (RB) 5.00%, 07/01/20		174,738
	1,000,000	State of Hawaii, Series DZ 5.00%, 12/01/19		1,159,120
	500,000	State of Hawaii, Series EA (GO) 5.00%, 12/01/16		529,815
	235,000	State of Hawaii, Series EH (GO) 5.00%, 08/01/19		270,175
				2,133,848
Illinois: 4.4%
		Chicago O’Hare International Airport, 3rd Lien, Series B (RB)
	480,000	5.00%, 01/01/17		507,701
	150,000	5.00%, 01/01/19		166,888
	90,000	5.00%, 01/01/20		101,858
	500,000	City of Chicago, Modern Schools Across Chicago Program, Series A (GO) 4.00%, 12/01/17		505,400
	250,000	City of Chicago, Series A (GO) 5.00%, 01/01/20		259,180
	215,000	City of Chicago, Water Revenue (RB) 5.00%, 11/01/20		237,779
	615,000	County of Cook, Series A (GO) 5.00%, 11/15/19		668,905
		State of Illinois (GO)
	1,250,000	5.00%, 03/01/17		1,311,912
	3,800,000	5.00%, 08/01/17		4,026,556
	500,000	5.00%, 02/01/20		542,140
	1,000,000	State of Illinois, Department of Employment Security, Series B (RB) 5.00%, 12/15/16 (c)		1,056,030
	550,000	State of Illinois, Sales Tax, Junior Obligation (RB) 5.00%, 06/15/18		606,963
		State of Illinois, Series A (GO)
	500,000	3.00%, 01/01/18		507,550
	850,000	4.00%, 01/01/17		876,545
	500,000	5.00%, 04/01/17		525,885
				11,901,292
Indiana: 0.7%
		Indiana Finance Authority, Wastewater Utility, Series A (RB)
	50,000	2.50%, 10/01/16		51,145
	710,000	5.00%, 10/01/19		814,370
	640,000	5.00%, 10/01/20		745,536
	200,000	Indianapolis Local Public Improvement Bond Bank, Series K (RB) 5.00%, 06/01/19		228,064
				1,839,115
Iowa: 0.4%
		Iowa Finance Authority (RB)
	575,000	5.00%, 08/01/18		644,730
	285,000	5.00%, 08/01/20		334,724
				979,454
Kansas: 0.1%
	125,000	Kansas Development Authority, Department of Commerce, Series K (RB) 5.00%, 12/01/19		141,146
	50,000	State of Kansas Department of Transportation, Highway Revenue, Series B (RB) 5.00%, 09/01/19		57,745
	50,000	State of Kansas Department of Transportation, Highway Revenue, Series C (RB) 5.00%, 09/01/19		57,745
				256,636
Kentucky: 0.7%
	50,000	Kentucky Asset Liability Commission Project, Series A (RB) 5.00%, 09/01/19		57,037
	200,000	Kentucky Public Transportation Infrastructure Authority, Downtown Crossing Project, Series A (RB) 5.00%, 07/01/17		213,686
	400,000	Kentucky State Property and Building Commission, Project No. 100, Series A (RB) 5.00%, 08/01/17		432,336
	25,000	Kentucky State Property and Building Commission, Project No. 98 (RB) 5.00%, 08/01/20		28,840
		Kentucky Turnpike Authority, Series A (RB)
	50,000	5.00%, 07/01/18		55,607
	150,000	5.00%, 07/01/19		171,066
	55,000	5.00%, 07/01/20		63,929
	50,000	Louisville/Jefferson County Metropolitan Government, Series A (RB) 5.00%, 12/01/19		57,274
	600,000	University of Kentucky, Series D (RB) 5.25%, 10/01/20		711,540
				1,791,315
Louisiana: 0.9%
	150,000	City of Lafayette, Utilities Revenue (RB) 5.00%, 11/01/20		175,035
	130,000	Parishwide School District (GO) (AGM) 5.00%, 09/01/20		150,215
		State of Louisiana Gasoline & Fuels Tax Revenue (RB)
	60,000	5.00%, 05/01/19		68,476
	145,000	5.00%, 05/01/20		168,561
	1,350,000	State of Louisiana, Series A (GO) 5.00%, 11/15/19		1,554,727
		State of Louisiana, Series C (GO)
	50,000	5.00%, 08/01/19		57,169
	250,000	5.00%, 07/15/20		290,510
				2,464,693
Maine: 0.0%
	50,000	Maine Municipal Bond Bank, Series C (RB) 5.00%, 11/01/19		57,627
Maryland: 3.9%
		Baltimore County Consolidated Public Improvement (GO)
	60,000	5.00%, 08/01/17		65,162
	2,500,000	5.00%, 08/01/18		2,803,175
	250,000	Baltimore County Consolidated Public Improvement, Series B (GO) 5.00%, 08/01/19		288,265
	500,000	Maryland Department of Transportation (RB) 5.00%, 06/01/18		556,250
	50,000	Maryland Economic Development Corp. (RB) 5.00%, 06/01/20		58,212
		Maryland Health and Higher Educational Facilities Authority (RB)
	250,000	5.00%, 07/01/19		280,137
	100,000	5.00%, 08/15/19		114,685
		Montgomery County, Consolidated Public Improvement, Series A (GO)
	100,000	5.00%, 07/01/20		117,372
	25,000	5.00%, 11/01/20		29,544
		Prince George’s County, Consolidated Public Improvement, Series B (GO)
	50,000	4.00%, 03/01/19		55,269
	90,000	4.00%, 03/01/21		101,881
	750,000	State of Maryland Department of Transportation (RB) 5.00%, 05/01/19		856,845
		State of Maryland, State and Local Facilities Loan, First Series A (GO)
	450,000	5.00%, 03/01/17		481,230
	140,000	5.00%, 03/01/19		159,496
	2,000,000	State of Maryland, State and Local Facilities Loan, First Series B (GO) 4.50%, 08/01/19		2,264,660
	1,630,000	State of Maryland, State and Local Facilities Loan, First Series C (GO) 5.00%, 08/01/18		1,826,643
	100,000	State of Maryland, State and Local Facilities Loan, Second Series A (GO) 5.00%, 08/01/17		108,582
	200,000	State of Maryland, State and Local Facilities Loan, Second Series B (GO) 5.00%, 08/01/18		224,128
	200,000	State of Maryland, State and Local Facilities Loan, Second Series C (GO) 5.25%, 08/01/20		237,296
				10,628,832
Massachusetts: 2.3%
	50,000	City of Boston, Series B (GO) 5.00%, 02/01/20		58,255
	335,000	Commonwealth of Massachusetts, Series A (GO) 5.00%, 12/01/18		379,026
		Commonwealth of Massachusetts, Series B (GO)
	750,000	5.00%, 08/01/16		784,860
	100,000	5.00%, 08/01/19		115,053
	500,000	5.00%, 08/01/20		586,445
	1,000,000	Commonwealth of Massachusetts, Series E (GO) 5.00%, 12/01/16		1,060,180
	1,000,000	Massachusetts Development Finance Agency, Partners Health Care System Issue, Series K (RB) 5.00%, 01/18/18 (p)		1,100,010
		Massachusetts School Building Authority, Senior Dedicated Sales Tax, Series B (RB)
	1,100,000	5.00%, 08/15/18		1,233,353
	200,000	5.00%, 08/15/19		230,562
	555,000	Massachusetts Water Pollution Abatement Trust, Series 16-B (RB) 5.00%, 08/01/18		622,133
	80,000	Massachusetts Water Resources Authority, Series C (RB) 5.00%, 08/01/18		89,576
				6,259,453
Michigan: 2.7%
	75,000	Michigan Finance Authority, Braumont Health Credit Group, Series A (RB) 4.00%, 08/01/20		82,726
	1,165,000	Michigan Finance Authority, Clean Water Revolving Revenue (RB) 5.00%, 10/01/17		1,271,446
	120,000	Michigan Finance Authority, School District of the City of Detroit (RB) (SAW) 5.00%, 06/01/19		130,592
		Michigan Finance Authority, Unemployment Obligation Assessment, Series A (RB)
	645,000	4.00%, 01/01/19		710,764
	1,000,000	5.00%, 07/01/17		1,081,640
	200,000	5.00%, 01/01/18		220,326
	1,450,000	5.00%, 07/01/18		1,621,433
	100,000	5.00%, 07/01/19		115,075
		Michigan Finance Authority, Unemployment Obligation Assessment, Series B (RB)
	175,000	5.00%, 07/01/19 (c)		200,009
	55,000	5.00%, 07/01/19 (c)		63,018
	50,000	Michigan State Building Authority, Series I-A (RB) 5.00%, 10/15/16		52,719
	500,000	Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-1 (RB) 2.00%, 05/30/18 (p)		514,285
		Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligation Group, Series D (RB)
	75,000	2.25%, 09/01/20		76,482
	375,000	5.00%, 09/01/19		426,337
	570,000	Wayne Country Airport Authority, Series A-D (RB) 5.00%, 12/01/18		632,643
				7,199,495
Minnesota: 2.8%
	2,050,000	City of Rochester, Minnesota Health Care Facilities, Mayo Clinic, Series A (RB) 4.00%, 11/15/18 (p)		2,233,926
	2,355,000	City of Rochester, Minnesota Health Care Facilities, Mayo Clinic, Series B (RB) 4.00%, 11/15/18 (p)		2,566,291
	675,000	Regents of University of Minnesota, Series A (RB) 5.00%, 12/01/18		762,055
	50,000	State of Minnesota, State Trunk Highway, Series B (GO) 5.00%, 10/01/18		56,297
	900,000	State of Minnesota, State Trunk Highway, Series E (GO) 5.00%, 08/01/19		1,035,855
	700,000	State of Minnesota, Various Purposes, Series D (GO) 5.00%, 08/01/18		784,231
				7,438,655
Mississippi: 0.4%
		Mississippi Development Bank, Highway Construction Project (RB)
	825,000	5.00%, 01/01/18		904,274
	75,000	5.00%, 01/01/21		87,392
				991,666
Missouri: 0.9%
		Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Series A (RB)
	50,000	5.00%, 10/01/17		54,467
	45,000	5.00%, 10/01/19		51,832
	700,000	5.00%, 10/01/20		820,344
	75,000	Curators of the University of Missouri System Facilities, Series A (RB) 4.00%, 11/01/19		83,752
	500,000	Missouri Highway and Transportation Commission, Series C (RB) 5.00%, 02/01/17		532,945
	900,000	State of Missouri, Series A (CP) 2.13%, 10/01/18		925,128
	35,000	State of Missouri, Water Pollution Control, Series A (GO) 5.00%, 12/01/19		40,698
				2,509,166
Nebraska: 0.7%
	300,000	Nebraska Public Power District, Series B (RB) 5.00%, 01/01/20		345,567
	1,000,000	Nebraska Public Power District, Series C (RB) 5.00%, 01/01/18 (c)		1,099,110
		Omaha Public Power District, Electric System Revenue, Series B (RB)
	75,000	5.00%, 02/01/19		85,233
	400,000	5.00%, 02/01/21		470,500
				2,000,410
Nevada: 0.3%
	150,000	Clark County School District, Series A (GO) 5.00%, 06/15/19		170,770
	25,000	State of Nevada, Capital Improvement, Series A (GO) 5.00%, 08/01/19		28,658
	500,000	State of Nevada, Unemployment Compensation (RB) 5.00%, 06/01/17		539,235
				738,663
New Jersey: 5.9%
	65,000	Garden State Preservation Trust, Series A (RB) 4.00%, 11/01/19		71,733
		New Jersey Building Authority, Series A (RB)
	500,000	5.00%, 06/15/18		533,435
	575,000	5.00%, 06/15/19		622,069
		New Jersey Economic Development Authority (RB)
	200,000	5.00%, 03/01/20		217,146
	25,000	5.00%, 03/01/20		29,057
		New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB)
	740,000	5.00%, 09/01/17		779,731
	700,000	5.00%, 09/01/18		749,714
	275,000	New Jersey Economic Development Authority, School Facilities Construction, Series GG (RB) 5.00%, 09/01/16		285,917
	300,000	New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB) 5.00%, 06/15/19		324,786
	500,000	New Jersey Educational Facilities Authority, Series B (GO) 5.00%, 06/01/19		541,290
	1,000,000	New Jersey Health Care Facilities Financing Authority, Greystone Park Psychiatric Hospital Project, Series B (RB) 5.00%, 09/15/18		1,066,930
	1,455,000	New Jersey State, Series S (GO) 5.00%, 08/15/19		1,627,898
	1,000,000	New Jersey Transit Corp., Series A (RB) 5.00%, 09/15/18		1,096,060
		New Jersey Transportation Trust Fund Authority, Series A (RB)
	1,000,000	5.00%, 12/15/19		1,087,980
	265,000	5.00%, 06/15/20		288,672
		New Jersey Transportation Trust Fund Authority, Series AA (RB)
	625,000	4.00%, 06/15/18		650,894
	250,000	5.00%, 06/15/19		270,465
	870,000	5.00%, 06/15/20		947,717
	2,245,000	New Jersey Transportation Trust Fund Authority, Series B (RB) 5.00%, 06/15/18		2,399,613
	2,050,000	New Jersey Transportation Trust Fund Authority, Series D (RB) 5.00%, 12/15/17		2,171,585
	150,000	State of New Jersey, Series Q (GO) 5.00%, 08/15/18		164,594
				15,927,286
New Mexico: 0.7%
	150,000	New Mexico Educational Assistance Foundation, Series A-1 (RB) 4.00%, 12/01/16		156,747
	110,000	New Mexico Finance Authority, State Transportation Revenue, Senior Lien, Series B (RB) 5.00%, 06/15/20		128,941
	250,000	New Mexico Finance Authority, Subordinate Lien, Series A-2 (RB) 5.00%, 12/15/16		265,452
		State of New Mexico Severance Tax, Series A (RB)
	55,000	5.00%, 07/01/17		59,458
	55,000	5.00%, 07/01/17		59,458
	1,000,000	5.00%, 07/01/19 (c)		1,140,030
	75,000	5.00%, 07/01/19 (c)		85,533
				1,895,619
New York: 16.9%
	1,750,000	City of New York, Series A (GO) 5.00%, 08/01/17		1,897,997
	750,000	City of New York, Series A-1 (GO) 5.00%, 08/01/18		837,885
	1,000,000	City of New York, Series B (GO) 5.00%, 08/01/19		1,143,370
	165,000	City of New York, Series D (GO) 5.00%, 08/01/19		188,656
	370,000	City of New York, Series G (GO) 5.00%, 08/01/20		430,476
		City of New York, Series I (GO)
	225,000	5.00%, 08/01/18		251,365
	230,000	5.00%, 08/01/19		262,975
	1,000,000	5.00%, 08/01/20		1,163,450
		City of New York, Subseries 1 (GO)
	480,000	4.00%, 08/01/16		497,717
	250,000	5.00%, 08/01/17		271,142
	1,260,000	Erie County Industrial Development Agency, City School District, Series A (RB) (SAW) 5.00%, 05/01/19		1,433,540
	130,000	Metropolitan Transportation Authority, Series B (RB) 5.00%, 11/15/19		150,007
		Metropolitan Transportation Authority, Series C (RB)
	130,000	4.00%, 11/15/16		135,838
	200,000	5.00%, 11/15/17		218,920
	100,000	5.00%, 11/15/18		112,624
	65,000	5.00%, 11/15/18		73,206
	175,000	5.00%, 11/15/20		204,897
		Metropolitan Transportation Authority, Series D (RB)
	1,375,000	5.00%, 11/15/16		1,454,255
	80,000	5.00%, 11/15/16		84,611
	520,000	5.00%, 11/15/17		569,192
	60,000	5.00%, 11/15/17		65,676
	550,000	5.00%, 11/15/18		619,432
	280,000	5.00%, 11/15/19		323,092
	150,000	5.00%, 11/15/19		173,085
	115,000	5.00%, 11/15/20		134,902
	50,000	5.00%, 11/15/20		58,598
		Metropolitan Transportation Authority, Series F (RB)
	395,000	5.00%, 11/15/17		432,462
	90,000	5.00%, 11/15/18		101,362
	75,000	5.00%, 11/15/19		86,475
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E (RB)
	100,000	5.00%, 11/01/17		109,394
	150,000	5.00%, 11/01/18		169,021
	60,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series I (RB) 5.00%, 05/01/19		68,500
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Subseries E-1 (RB)
	50,000	5.00%, 02/01/18		55,165
	25,000	5.00%, 02/01/19		28,328
	250,000	New York City Transitional Finance Authority, Series B (RB) 5.00%, 11/01/20		293,782
		New York City Transitional Finance Authority, Series D (RB)
	50,000	4.00%, 02/01/18		53,935
	1,000,000	5.00%, 11/01/19		1,155,230
	500,000	New York City Transitional Finance Authority, Subseries F-1 (RB) 5.00%, 02/01/20		579,230
		New York City, Series B (GO)
	500,000	5.00%, 08/01/17		542,285
	325,000	5.00%, 08/01/18		363,083
	1,000,000	5.00%, 08/01/20		1,163,450
	600,000	New York City, Series D (GO) 5.00%, 10/01/17		654,552
	1,000,000	New York City, Series G (GO) 5.00%, 08/01/19		1,143,370
		New York City, Series I (GO)
	250,000	5.00%, 08/01/17		271,142
	300,000	5.00%, 08/01/17		325,371
	500,000	New York State Dormitory Authority, Colombia University, Series A (RB) 5.00%, 10/01/18		563,630
	115,000	New York State Dormitory Authority, Series A (RB) (SAW) 5.00%, 10/01/19		132,157
		New York State Dormitory Authority, State Personal Income Tax (RB)
	260,000	5.00%, 02/15/18		287,271
	500,000	5.00%, 02/15/20		580,130
	500,000	New York State Dormitory Authority, State Personal Income Tax, Series A (RB) 5.00%, 02/15/20		579,895
		New York State Dormitory Authority, State Personal Income Tax, Series B (RB)
	1,000,000	5.00%, 03/15/17		1,070,600
	50,000	5.00%, 03/15/18		55,374
	400,000	5.00%, 03/15/19		455,228
	630,000	5.00%, 03/15/20		731,846
		New York State Dormitory Authority, State Personal Income Tax, Series C (RB)
	75,000	4.00%, 03/15/18		81,128
	1,400,000	4.00%, 03/15/19		1,543,864
	75,000	5.00%, 03/15/17		80,295
	1,675,000	5.00%, 03/15/19		1,906,267
	125,000	5.00%, 03/15/20		145,208
	1,000,000	5.00%, 03/15/20		1,162,140
	80,000	New York State Dormitory Authority, State Personal Income Tax, Series E (RB) 5.00%, 08/15/16		83,873
		New York State Dormitory Authority, State Sales Tax, Series A (RB)
	60,000	4.00%, 03/15/17		63,286
	920,000	4.00%, 03/15/20		1,031,256
		New York State Environmental Facilities Corp., Sate Clean Water and Drinking Water, Series A (RB)
	1,250,000	5.00%, 06/15/20		1,464,587
	280,000	5.00%, 06/15/20		328,068
	165,000	5.00%, 06/15/20		193,411
		New York State Environmental Facilities Corp., Sate Clean Water and Drinking Water, Series B (RB)
	600,000	4.00%, 06/15/20		674,556
	820,000	5.00%, 06/15/19		940,893
	600,000	New York State Environmental Facilities Corp., Sate Clean Water and Drinking Water, Series D (RB) 5.00%, 06/15/20		703,002
	800,000	New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB) 5.00%, 04/01/19		911,168
	2,130,000	New York State Thruway Authority, Series A (RB) 5.00%, 05/01/19		2,414,994
	580,000	New York State Thruway Authority, Series J (RB) 5.00%, 01/01/17		615,745
		New York State Thruway Authority, State Personal Income Tax, Series A (RB)
	300,000	5.00%, 03/15/18		332,244
	450,000	5.00%, 03/15/19		512,131
	150,000	New York State Urban Development Corp., State Personal Income Tax, Series A (RB) 5.00%, 03/15/19		170,425
		New York State Urban Development Corp., State Personal Income Tax, Series C (RB)
	250,000	5.00%, 03/15/17		267,650
	500,000	5.00%, 03/15/18		553,055
	55,000	5.00%, 03/15/20		63,891
	60,000	Port Authority of New York and New Jersey, One Hundred Seventy-Fifth Series (RB) 5.00%, 12/01/18		67,738
	275,000	State of New York Municipal Bond Bank Agency, Special School Purpose, Series A (RB) (SAW) 5.00%, 12/01/19		317,501
		Tobacco Settlement Financing Corp. (RB)
	1,000,000	5.00%, 06/01/17		1,078,470
	1,700,000	5.00%, 06/01/18		1,887,731
	400,000	Town of Oyster Bay, New York Public Improvement (GO) 3.00%, 08/15/17		412,588
	500,000	Town of Oyster Bay, New York Public Improvement, Series A (GO) (AGM) 3.00%, 03/01/18		521,300
	90,000	Town of Oyster Bay, New York Public Improvement, Series B (GO) (AGM) 4.00%, 11/01/20		99,097
				45,436,738
North Carolina: 2.5%
	100,000	County of Guilford, Series A (GO) 5.00%, 03/01/21		118,407
	250,000	County of Mecklenburg, Series A (GO) 5.00%, 12/01/17		274,655
	130,000	County of Wake, Public Improvement (GO) 5.00%, 09/01/18		146,156
	75,000	North Carolina Eastern Municipal Power Agency, Series D (RB) 5.00%, 01/01/21		88,367
		North Carolina Municipal Power Agency No. 1, Catawba Electric Revenue, Series A (RB)
	105,000	4.00%, 01/01/17		109,974
	120,000	4.00%, 01/01/19		130,507
	100,000	4.00%, 01/01/20		110,034
	25,000	5.00%, 01/01/18		27,352
	1,000,000	North Carolina State, Capital Improvement Limited Obligation Bonds, Series B (RB) 5.00%, 11/01/18		1,128,520
	1,000,000	North Carolina State, Grant Anticipation Revenue (RB) 5.00%, 03/01/19		1,126,490
	2,500,000	North Carolina State, Series B (GO) 5.00%, 06/01/18		2,788,675
	300,000	North Carolina Turnpike Authority, Monroe Connector System (RB) 5.00%, 07/01/18		334,737
	100,000	State of North Carolina, Capital improvement, Series A (RB) 5.00%, 05/01/19		114,285
	200,000	State of North Carolina, Series C (GO) 5.00%, 05/01/20		234,402
				6,732,561
Ohio: 2.4%
	500,000	City of Columbus, Various Purpose, Series 3 (GO) 5.00%, 08/15/16		524,255
	55,000	City of Columbus, Various Purpose, Series B (GO) 4.00%, 08/15/17		58,648
	750,000	Ohio Air Quality Development Authority, FirstEnergy Generation Project, Series A (RB) 3.75%, 12/03/18 (p)		771,982
	55,000	Ohio State Building Authority, Administrative Building Fund Project, Series C (RB) 5.00%, 10/01/18		61,579
	120,000	Ohio State Hospital Revenue, Cleveland Clinic Health System, Series A (RB) 5.00%, 01/01/21		140,435
	1,000,000	Ohio State Water Development Authority, FirstEnergy Nuclear Generation Project, Series B (RB) 4.00%, 06/03/19 (p)		1,032,950
	125,000	Ohio State Water Development Authority, Water Pollution Control, Series A (RB) 5.00%, 06/01/18		139,360
	100,000	Ohio State, Higher Education, Series A (GO) 5.00%, 02/01/20		116,273
	430,000	State of Ohio, Common Schools, Series A (GO) 5.00%, 09/15/19		497,222
		State of Ohio, Higher Education, Series B (GO)
	450,000	5.00%, 08/01/16		470,916
	245,000	5.00%, 08/01/18		274,711
	50,000	5.00%, 08/01/19		57,611
		State of Ohio, Higher Education, Series C (GO)
	1,000,000	5.00%, 08/01/16		1,046,480
	50,000	5.00%, 08/01/19		57,611
	50,000	State of Ohio, Highway Capital Improvement, Series Q (GO) 5.00%, 05/01/18		55,634
	35,000	State of Ohio, Highway Capital Improvement, Series R (GO) 5.00%, 05/01/19		40,069
	100,000	State of Ohio, Major New State Infrastructure Project, Series 1 (RB) 4.00%, 12/15/16		104,811
	985,000	State of Ohio, Third Frontier Research and Development, Series A (GO) 3.00%, 05/01/20		1,060,766
				6,511,313
Oklahoma: 0.0%
	100,000	Grand River Dam Authority, Series A (RB) 3.00%, 06/01/18		105,465
Oregon: 1.0%
	95,000	City of Portland, Sewer System Revenue, Series A (RB) 5.00%, 03/01/17		101,562
		Oregon State Facilities Authority, Legacy Health Project, Series A (RB)
	200,000	5.00%, 05/01/17		214,728
	600,000	5.25%, 05/01/19		686,442
		Oregon State Lottery, Department of Administrative Services, Series B (RB)
	530,000	5.00%, 04/01/19		604,470
	130,000	5.00%, 04/01/20		151,467
	65,000	Oregon State Lottery, Department of Administrative Services, Series D (RB) 5.00%, 04/01/20		75,733
	775,000	Tri-County Metropolitan Transportation District (RB) 5.00%, 05/01/17 (c)		829,134
	50,000	Tri-County Metropolitan Transportation District, Series A (RB) 5.00%, 10/01/20		57,977
				2,721,513
Pennsylvania: 4.0%
	40,000	City of Philadelphia, Water and Wastewater Revenue, Series A (RB) 5.00%, 07/01/20		46,412
	50,000	City of Philadelphia, Water and Wastewater Revenue, Series C (RB) (AGM) 5.00%, 08/01/16		52,253
		Commonwealth of Pennsylvania, First Refunding Series (GO)
	1,000,000	5.00%, 07/01/17		1,077,280
	900,000	5.00%, 06/15/18		998,046
	90,000	5.00%, 07/01/18		99,900
	1,000,000	5.00%, 07/01/18		1,110,000
		Commonwealth of Pennsylvania, First Series (GO)
	955,000	5.00%, 11/15/18		1,071,605
	1,000,000	5.00%, 04/01/19		1,126,690
	300,000	5.00%, 06/01/19		339,333
	500,000	Commonwealth of Pennsylvania, Second Series (GO) 5.00%, 10/15/19		570,435
	160,000	County of Allegheny, Port Authority (RB) 5.00%, 03/01/19		179,464
		County of Allegheny, Series C-73 (GO)
	60,000	4.00%, 12/01/17		64,207
	835,000	5.00%, 12/01/19		957,603
		Pennsylvania Economic Development, Unemployment Compensation, Series A (RB)
	545,000	4.00%, 02/01/20		601,685
	550,000	5.00%, 07/01/17		594,357
	1,250,000	5.00%, 07/01/18		1,395,875
		Pennsylvania Economic Development, Unemployment Compensation, Series B (RB)
	205,000	5.00%, 07/01/19 (c)		234,126
	35,000	5.00%, 07/01/19 (c)		40,002
	125,000	Port Authority of Allegheny County, Series C-73 (RB) 5.00%, 03/01/17		132,983
				10,692,256
South Carolina: 0.6%
	125,000	Berkeley County, Combined Utility System (RB) 5.00%, 06/01/17		134,714
	75,000	Charleston Educational Excellence Financing Corp., Series B (RB) 5.00%, 12/01/20		88,420
	1,000,000	South Carolina Public Service Authority, Series B (RB) 5.00%, 12/01/18		1,123,030
	150,000	South Carolina State Public Service Authority, Series B (RB) 4.00%, 12/01/19		166,299
				1,512,463
Tennessee: 0.7%
	1,500,000	Metropolitan Government of Nashville and Davidson County, Water and Sewer Revenue (RB) 5.00%, 07/01/17		1,618,005
		Shelby County, Series A (GO)
	25,000	4.00%, 03/01/18		27,013
	75,000	5.00%, 03/01/21		88,805
	55,000	Tennessee State School Bond Authority, Higher Education, Series A (RB) 4.00%, 05/01/17		58,190
				1,792,013
Texas: 7.8%
	300,000	City of Corpus Christi, Utility System Junior Lien (RB) 5.00%, 07/15/19		343,041
		City of Dallas (GO)
	100,000	5.00%, 02/15/20		116,409
	75,000	5.00%, 02/15/21		88,352
	550,000	City of Dallas, Fort Worth International Airport, Series B (RB) 5.00%, 11/01/18		617,309
	50,000	City of Dallas, Series C (GO) 4.00%, 02/15/19		55,022
		City of Dallas, Waterworks and Sewer System Revenue, Series A (RB)
	50,000	5.00%, 10/01/18		56,280
	150,000	5.00%, 10/01/20		176,439
	1,250,000	City of Fort Worth, Waterworks and Sewer System Revenue (RB) 5.00%, 02/15/18		1,381,450
	50,000	City of Frisco (GO) 5.00%, 02/15/19		56,692
		City of Houston, Combined Utility System, First Lien, Series C (RB)
	75,000	4.00%, 11/15/19		83,531
	750,000	5.00%, 05/15/20		872,835
		City of Houston, Series A (GO)
	75,000	4.00%, 03/01/17		79,008
	460,000	5.00%, 03/01/18		508,093
	50,000	5.00%, 03/01/18		55,214
	550,000	5.00%, 03/01/20		639,512
	25,000	5.00%, 03/01/20 (c)		28,757
	640,000	5.00%, 03/01/20		742,618
	1,350,000	City of Houston, Texas, Series A (GO) 5.00%, 03/01/21		1,586,655
	160,000	City of San Antonio, Electric and Gas Revenue (RB) 5.00%, 02/01/20		185,581
		City of San Antonio, General Improvement (GO)
	500,000	5.00%, 02/01/21		588,125
	65,000	5.00%, 02/01/21		76,456
	795,000	City of San Antonio, Water System Revenue (RB) 5.00%, 05/15/20		926,803
	1,000,000	Clear Creek Independent School District, Series B (CP) 3.00%, 08/14/19 (p)		1,059,580
	50,000	Cypress-Fairbanks Independent School District (GO) 4.00%, 02/15/18		53,944
		Dallas Independent School District (GO)
	500,000	4.00%, 08/15/16		519,075
	50,000	5.00%, 08/15/19		57,364
	295,000	5.00%, 02/15/21		347,858
	250,000	Harris County, Texas Metropolitan Transit Authority, Series B (RB) 5.00%, 11/01/16		264,165
	50,000	Houston Community College System (GO) 5.00%, 02/15/21		58,844
	100,000	Houston Independent School District (RB) 5.00%, 09/15/19		114,720
	265,000	Houston Independent School District, Series C (GO) 5.00%, 02/15/19		301,554
	100,000	Lewisville Independent School District, Series A (GO) 4.00%, 08/15/18		108,988
		Lower Colorado River Authority, LCRA Transmission Service Corp. Project, Series A (RB)
	300,000	5.00%, 05/15/17		322,359
	175,000	5.00%, 05/15/20		202,085
	60,000	Lower Colorado River Authority, Series A (RB) 5.00%, 05/15/19		67,943
	1,500,000	Lower Colorado River Authority, Series B (RB) 5.00%, 05/15/19		1,698,585
	200,000	North East Independent School District, Series A (GO) 5.00%, 08/01/18		223,688
	50,000	North Texas Municipal Water District (RB) 5.00%, 09/01/20		58,676
	195,000	North Texas Tollway Authority (RB) 5.00%, 01/01/20		224,258
	500,000	Northside Independent School District (CP) 2.00%, 08/01/19 (p)		511,600
	490,000	Northside Independent School District, Series A (CP) 2.00%, 06/01/19 (p)		498,330
	1,000,000	Texas Municipal Gas Acquisition & Supply Corp., Gas Supply (RB) 5.00%, 12/15/20		1,145,200
	1,110,000	Texas Public Finance Authority (GO) 5.00%, 10/01/18		1,249,039
	1,020,000	Texas Public Finance Authority, Series A (GO) 4.00%, 10/01/19		1,137,616
	250,000	Texas State University System, Board of Regents (RB) 5.00%, 03/15/18		276,185
	50,000	Texas Transportation Commission (GO) 5.00%, 10/01/19		57,789
	500,000	Texas Transportation Commission, Highway Improvement, Series A (GO) 5.00%, 04/01/19		570,445
	210,000	Texas Transportation Commission, Series A (RB) 5.00%, 04/01/17		225,269
		Texas Transportation Commission, State Highway, First Tier, Series A (RB)
	60,000	5.00%, 04/01/18		66,490
	250,000	5.00%, 04/01/20		291,527
	150,000	University of Texas System, Board of Regents, Series A (RB) 5.00%, 08/15/17		162,996
				21,140,354
Utah: 0.7%
		Intermountain Power Agency, Subordinated Power Supply, Series A (RB)
	75,000	5.00%, 07/01/18		83,410
	35,000	5.00%, 07/01/19		40,031
	50,000	State of Utah, Series A (GO) 5.00%, 07/01/19		57,517
	650,000	State of Utah, Series C (GO) 5.00%, 07/01/18		727,252
	925,000	Utah State Board of Regents, Series EE-2 (RB) 4.50%, 11/01/17		1,002,940
				1,911,150
Virginia: 0.8%
	500,000	City of Norfolk, Water Revenue (RB) 5.00%, 11/01/19		576,050
	60,000	Fairfax County, Public Improvement, Series B (GO) (SAW) 4.00%, 10/01/19		66,971
	500,000	Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB) 5.00%, 02/01/19		566,195
	150,000	Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series B (RB) 5.00%, 02/01/17		159,884
	150,000	Virginia College Building Authority, Public Higher Education Financing Program, Series A (RB) 5.00%, 09/01/19		172,392
	500,000	Virginia College Building Authority, Public Higher Education Financing Program, Series A-1 (RB) 5.00%, 09/01/17		544,260
	50,000	Virginia Commonwealth Transportation Board (RB) 5.00%, 05/15/19		57,156
				2,142,908
Washington: 3.6%
	30,000	Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series P-1 (RB) 5.00%, 02/01/19		34,104
	555,000	City of Seattle, Municipal Light and Power, Series B (RB) 5.00%, 06/01/19		634,892
	40,000	Clark County Public Utility District No. 1 (RB) 5.00%, 01/01/20		45,854
		Energy Northwest, Columbia Generating Station Electric, Series A (RB)
	150,000	5.00%, 07/01/18		167,551
	1,500,000	5.00%, 07/01/19		1,719,300
	25,000	5.00%, 07/01/20		29,265
	55,000	Energy Northwest, Project 3 Electric Revenue, Series A (RB) 5.00%, 07/01/18		61,436
	35,000	Grant County Public Utility District No. 2, Series I (RB) 5.00%, 01/01/19		39,500
	265,000	Port of Seattle, Passenger Facility Charge Revenue, Series A (RB) 5.00%, 12/01/17		290,490
	125,000	Public Utility District No. 2 of Grant County, Series I (RB) 5.00%, 01/01/18		137,389
	150,000	Renton School District No. 403 (GO) (SBG) 5.00%, 12/01/18		168,873
	75,000	Washington Federal Highway Grant Anticipation, SR 520 Corridor Program, Series F (RB) 5.00%, 09/01/20		87,137
		Washington State Federal Highway Grant Anticipation, Series C (RB)
	1,815,000	5.00%, 09/01/18		2,022,981
	700,000	5.00%, 09/01/19		799,407
	50,000	Washington State Federal Highway Grant Anticipation, Series F (RB) 5.00%, 09/01/17		54,156
	475,000	Washington State, Motor Vehicle Fuel Tax, Series C (GO) 5.00%, 07/01/17		513,594
		Washington State, Motor Vehicle Fuel Tax, Series R-C (GO)
	75,000	5.00%, 07/01/18		83,753
	500,000	5.00%, 07/01/19		573,305
	500,000	Washington State, Various Purpose, Series B (GO) 5.00%, 07/01/17		540,625
		Washington State, Various Purpose, Series R-A (GO)
	60,000	5.00%, 07/01/17		64,875
	700,000	5.00%, 01/01/19		792,001
	500,000	5.00%, 07/01/20		584,525
	75,000	5.00%, 07/01/20		87,679
	250,000	Washington State, Various Purpose, Series R-C (GO) 5.00%, 07/01/19		286,652
				9,819,344
Wisconsin: 0.9%
		City of Milwaukee, Series N2 (GO)
	135,000	5.00%, 05/01/17		145,087
	250,000	5.00%, 05/01/19		284,432
	100,000	State of Wisconsin, Clean Water Revenue, Series 2 (RB) 5.00%, 06/01/20		116,830
	1,380,000	State of Wisconsin, Series 1 (GO) 5.00%, 05/01/17		1,483,873
		State of Wisconsin, Series 2 (GO)
	305,000	5.00%, 11/01/18		344,095
	150,000	5.00%, 05/01/19		171,427
				2,545,744
Total Municipal Bonds: 98.9% (Cost: $266,389,488)				266,388,412
Other assets less liabilities: 1.1%				2,927,690
NET ASSETS: 100.0%			$	269,316,102

AGM	Assured Guaranty Municipal Corp.
CP	Certificate of Participation
GO	General Obligation
RB	Revenue Bond
SAW	State Aid Withholding
SBG	School Board Guaranteed
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor

Summary of Investments By Sector (unaudited)	% of Investments			Value
Education		5.0	%	$	13,286,032
Health Care		5.0			13,300,860
Industrial Revenue		1.9			5,071,502
Leasing		8.0			21,330,158
Local		14.1			37,682,758
Power		6.3			16,724,251
Special Tax		12.0			31,907,424
State		27.6			73,509,859
Transportation		12.6			33,485,727
Water & Sewer		7.5			20,089,841
		100.0	%	$	266,388,412

The summary of inputs used to value the Fund’s investments as of July 31, 2015 is as follows:

		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Value
Total Municipal Bonds*		$	—			$	266,388,412			$	—			$	266,388,412

* See Schedule of Investments for security type and geographic sector breakouts.

There were no transfers between levels during the period ended July 31, 2015.

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

July 31, 2015 (unaudited)

Security Valuation–The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (described below). Debt securities are valued on the basis of evaluated prices furnished by an independent pricing service approved by the Board of Trustees or provided by securities dealers. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from bond dealers to determine current value and are categorized as Level 2 in the fair value hierarchy. Money market fund investments are valued at net asset value and are categorized as Level 1 in the fair value hierarchy. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee of Van Eck Associates Corporation (the “Adviser”) appointed by the Board of Trustees. The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees. Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value. The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis.

Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and other security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedules of Investments.

The Funds utilize various methods to measure the fair value of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair value hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The transfers between levels of the fair value hierarchy assume the financial instruments were transferred at the beginning of the reporting period. The three levels of the fair value hierarchy are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

A summary of the inputs, the levels used to value the Funds’ investments, and transfers between levels are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of the Funds’ Level 3 investments and that present additional information about valuation methodologies and unobservable inputs, if applicable, are located in the Schedules of Investments.

Other Risks–Puerto Rico municipal securities, in which certain Funds invest, currently experience significant financial difficulties. As a result, certain securities issued by this municipality are currently considered below-investment-grade securities. A credit rating downgrade, default, insolvency or bankruptcy, of one or several municipal security issuers of this territory, could affect the market values and marketability of municipal obligations of such territory held by the Funds.

Income Taxes–As of July 31, 2015, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
CEF Municipal	$	51,129,808	$	73,793	$	(2,673,012	)	$	(2,599,219	)
High-Yield		1,489,893,116		50,175,594		(37,632,134	)		12,543,460
Intermediate		1,102,297,725		16,990,577		(7,488,355	)		9,502,222
Long		99,163,953		3,336,485		(1,214,647	)		2,121,838
Pre-Refunded		21,879,839		161,426		(36,289	)		125,137
Short High-Yield		105,495,769		990,653		(1,726,423	)		(735,770	)
Short		266,390,084		1,065,958		(1,067,630	)		(1,672	)

ITEM 2. Controls and Procedures.

(a)	The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c)) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).

(b)	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. Exhibits.

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Market Vectors ETF Trust

By John J. Crimmins, Treasurer & Chief Financial Officer, Market Vectors ETF Trust

Date: September 28, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By Jan F. van Eck, Chief Executive Officer, Market Vectors ETF Trust

Date: September 28, 2015

By John J. Crimmins, Treasurer & Chief Financial Officer, Market Vectors ETF Trust

Date: September 28, 2015