| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| ILL ST TOLL 5.00%01/01/24 | 452252CZ0 | 13,000,000 | $12,741,950.00 | 14.05% |
| PUERTO RICO 5.25 07/01/15 | 745190MB1 | 5,860,000 | $5,846,522.00 | 6.44% |
| CHICAGO ILL 5.00 07/01/23 | 16753TBT7 | 5,000,000 | $4,798,800.00 | 5.29% |
| WA ST HLTH 5.5 08/15/38 | 93978ES37 | 5,000,000 | $4,713,850.00 | 5.19% |
| DENVER ARPT 5.50 11/15/14 | 2491817Y8 | 4,500,000 | $4,468,680.00 | 4.92% |
| ST LUCIE CNTY 5 10/01/26 | 79207QCH8 | 4,500,000 | $4,452,570.00 | 4.90% |
| BREVARD CNTY FLA 07/01/32 | 107431HN1 | 5,000,000 | $4,326,650.00 | 4.77% |
| JEFFERSON 5.25 02/01/11 | 472682MM2 | 4,500,000 | $4,051,530.00 | 4.46% |
| TEXAS ST 5.00% 04/01/24 | 88283LEP7 | 4,000,000 | $3,949,080.00 | 4.35% |
| GRUNDY 5.75% 10/15/20 | 400442CZ0 | 3,500,000 | $3,694,250.00 | 4.07% |
| NEW JERSEY 5.00% 09/01/16 | 64603RTE7 | 3,485,000 | $3,577,213.10 | 3.94% |
| VIR ST HSG 4.85% 01/01/36 | 92812UQQ4 | 5,000,000 | $3,539,950.00 | 3.90% |
| IL TOLL HWY 5.00 01/01/18 | 452252AV1 | 3,000,000 | $3,069,780.00 | 3.38% |
| MIAMI-DADE 5.00% 10/01/22 | 59334DCS1 | 3,000,000 | $2,897,730.00 | 3.19% |
| NEVADA ST 5.00 12/01/13 | 641461DT2 | 2,700,000 | $2,878,983.00 | 3.17% |
| BROWARD CNTY FLA 07/01/16 | 115065UQ5 | 2,725,000 | $2,784,868.25 | 3.07% |
| SEI INST'L TAX-FREE (#21) | 784118200 | 2,035,033 | $2,035,033.95 | 2.24% |
| CHICAGO IL 5.25 06/01/25 | 167723DF9 | 2,000,000 | $1,984,600.00 | 2.18% |
| FEDERATED TAX FREE RESERV | 990060GM1 | 1,951,446 | $1,951,446.84 | 2.15% |
| NEW YORK ST 5.0% 03/15/30 | 649902EB5 | 2,000,000 | $1,894,320.00 | 2.08% |
| ORLANDO 5.50 10/01/17 | 392274PB6 | 1,810,000 | $1,800,660.40 | 1.98% |
| PROT AUTH 5.00% 10/01/25 | 73358TUN9 | 2,000,000 | $1,769,740.00 | 1.95% |
| OKSPWR 6.00 01/01/38 | 67910HLR9 | 1,500,000 | $1,491,675.00 | 1.64% |
| PENSACOLA 6.00 10/01/12 | 709427CX4 | 1,075,000 | $1,084,782.50 | 1.19% |
| PUERTO RICO 5.25 08/01/16 | 745277NS8 | 1,020,000 | $1,032,117.60 | 1.13% |
| MIAMI 5.25 10/01/15 | 593456JE7 | 1,000,000 | $1,025,000.00 | 1.13% |
| OSCEOLA 5.50 10/01/15 | 68803PAP5 | 1,000,000 | $1,024,680.00 | 1.12% |
| MANATEE CO 5.00 10/01/23 | 561852DA9 | 595,000 | $571,985.40 | 0.63% |
| TAMPA 6.00 10/01/18 | 875155DB6 | 500,000 | $553,570.00 | 0.61% |
| PENSACOLA 6.25 10/01/09 | 709427CW6 | 505,000 | $514,877.80 | 0.56% |
| HILLSBORGH 6.50 08/15/19 | 432321DD6 | 145,000 | $159,827.70 | 0.17% |
| Total Fund Assets | | | $90,686,723.54 | 100.00% |
