| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| SEI INST'L TAX-FREE (#21) | 784118200 | 33,122,096 | $33,122,096.99 | 4.95% |
| FEDERATED TAX FREE RESERV | 990060GM1 | 29,045,645 | $29,045,645.95 | 4.34% |
| ILL ST TOLL 5.00%01/01/24 | 452252CZ0 | 24,665,000 | $24,175,399.75 | 3.61% |
| FLORIDA ST 5.25% 10/01/23 | 342816VF9 | 17,110,000 | $16,969,526.90 | 2.53% |
| MISSOURI ST HWY5%02/01/19 | 60636WJH9 | 15,625,000 | $16,255,937.50 | 2.43% |
| NEW YORK 5.75 06/15/40 | 64972FXS0 | 15,485,000 | $15,434,518.90 | 2.30% |
| NEW JERSEY 5.00% 06/15/20 | 646136CG4 | 12,000,000 | $11,849,520.00 | 1.77% |
| OHIO ST 5.125% 01/01/27 | 67756AF56 | 13,265,000 | $11,748,810.50 | 1.75% |
| TRIBOROUGH BRDG 11/15/17 | 8960298L2 | 11,000,000 | $11,499,620.00 | 1.71% |
| ILLNOIS ST 5% 01/01/23 | 452252BA6 | 11,500,000 | $11,349,925.00 | 1.69% |
| NEW YORK ST TWY 04/01/20 | 6500135A9 | 10,645,000 | $10,638,080.75 | 1.59% |
| GARDEN ST. 5.80 11/01/20 | 365418BT8 | 10,000,000 | $10,540,000.00 | 1.57% |
| EASTON AREA 7.75 04/01/25 | 277695EP3 | 8,790,000 | $10,177,677.30 | 1.52% |
| NORTH TEXAS 6.00 01/01/38 | 66285WEV4 | 10,000,000 | $10,002,700.00 | 1.49% |
| NORTH TEX 5.00% 01/01/42 | 66285WEC6 | 10,000,000 | $9,775,400.00 | 1.46% |
| FLORIDA ST 5.00 07/01/18 | 341150NK2 | 8,840,000 | $8,930,963.60 | 1.33% |
| GARDEN 5.80 11/01/18 | 365418BR2 | 8,000,000 | $8,583,840.00 | 1.28% |
| ATLANTA AR 6.25 01/01/13 | 04780MBZ1 | 8,170,000 | $8,301,291.90 | 1.24% |
| MARYLAND ST 5.00 07/15/09 | 574192ML1 | 8,055,000 | $8,158,023.45 | 1.21% |
| LOS ANGELES 5.00 08/01/22 | 54438CKM3 | 8,150,000 | $8,151,874.50 | 1.21% |
| PHOENIX AZ 5.00% 07/01/20 | 718814YQ3 | 8,000,000 | $8,148,720.00 | 1.21% |
| CALI ST DEPT 5% 12/01/22 | 13066EKN2 | 8,000,000 | $7,976,480.00 | 1.19% |
| TRAVIS CNTY 6.25%11/15/17 | 89438LBJ6 | 7,390,000 | $7,693,729.00 | 1.15% |
| IL TOLL HWY 5.00 01/01/18 | 452252AV1 | 7,460,000 | $7,633,519.60 | 1.14% |
| PORT OAKLND 5.75 11/01/22 | 735000BA8 | 8,160,000 | $7,279,046.40 | 1.08% |
| TRIBOROUGH BR 5% 11/15/16 | 8960298J7 | 7,000,000 | $7,269,850.00 | 1.08% |
| MARYLAND ST 5.00 08/01/18 | 574192VN7 | 7,005,000 | $7,211,647.50 | 1.07% |
| NEW JERSEY 5.00% 09/01/16 | 64603RTE7 | 7,000,000 | $7,185,220.00 | 1.07% |
| PROT AUTH 5.00% 10/01/25 | 73358TUN9 | 8,000,000 | $7,078,960.00 | 1.05% |
| TEXAS ST 5.00% 04/01/24 | 88283LEP7 | 7,000,000 | $6,910,890.00 | 1.03% |
| CAL HEALTH 6.50% 10/01/33 | 13033F7K0 | 6,500,000 | $6,565,260.00 | 0.98% |
| ILLINOIS ST 5.00 01/01/19 | 452252AW9 | 6,400,000 | $6,493,760.00 | 0.97% |
| NEVADA ST 5.00% 12/01/12 | 641461DS4 | 5,450,000 | $5,795,312.00 | 0.86% |
| OHIO ST 5.00% 09/15/17 | 677520HU5 | 5,600,000 | $5,780,600.00 | 0.86% |
| GEORGIA ST 5% 03/01/20 | 373383W38 | 5,630,000 | $5,766,696.40 | 0.86% |
| NEW YORK ST 5% 03/15/20 | 649902RC9 | 5,570,000 | $5,650,430.80 | 0.84% |
| LOWER CO 5.875% 05/15/15 | 54810CUZ1 | 5,500,000 | $5,618,525.00 | 0.83% |
| WEST VA SC 5.25% 07/01/21 | 95639DAV2 | 5,520,000 | $5,569,569.60 | 0.83% |
| NEVADA ST 5% 06/01/23 | 641461JC3 | 5,520,000 | $5,540,644.80 | 0.82% |
| MASS ST 5.00% 09/01/18 | 57582N2R5 | 5,310,000 | $5,458,095.90 | 0.81% |
| PIERCE CNTY 5% 12/01/16 | 720424TY6 | 5,200,000 | $5,383,664.00 | 0.80% |
| GOLDEN ST TOB SEC06/01/43 | 38122NBY7 | 5,000,000 | $5,380,450.00 | 0.80% |
| AL WATER 5.75 08/15/12 | 010653LK7 | 5,205,000 | $5,293,016.55 | 0.79% |
| LENEXA KANS 5.00 09/01/09 | 526030SN2 | 5,115,000 | $5,253,105.00 | 0.78% |
| NEW JERSEY ECON5%09/01/20 | 645918MY6 | 5,000,000 | $5,182,000.00 | 0.77% |
| TEXAS ST UNI5.00 03/15/18 | 88278PFQ2 | 5,035,000 | $5,138,771.35 | 0.76% |
| PUERTO RICO 5.25 07/01/17 | 745190MF2 | 5,260,000 | $5,120,452.20 | 0.76% |
| BROWARD CNTY FLA 07/01/16 | 115065UQ5 | 5,000,000 | $5,109,850.00 | 0.76% |
| WEST VA SC 5.25% 07/01/20 | 95639DAU4 | 5,000,000 | $5,083,050.00 | 0.75% |
| TRIBOROUGH 5% 11/15/21 | 89602NPJ7 | 5,000,000 | $5,032,450.00 | 0.75% |
| GWINNET CNTY 5% 02/01/26 | 403755WC1 | 5,000,000 | $5,010,650.00 | 0.74% |
| DALLAS TEXAS 5% 02/15/18 | 2352185C4 | 5,000,000 | $5,007,500.00 | 0.74% |
| CHICAGO ILL5.25% 06/01/23 | 167723DD4 | 5,000,000 | $5,007,250.00 | 0.74% |
| PUERTO RICO 5.25 07/01/15 | 745190MB1 | 5,000,000 | $4,988,500.00 | 0.74% |
| DENVER ARPT 5.50 11/15/14 | 2491817Y8 | 5,000,000 | $4,965,200.00 | 0.74% |
| WEST VA SC 5.25% 07/01/22 | 95639DAW0 | 4,810,000 | $4,831,356.40 | 0.72% |
| ALLEGHENY CNY 5% 06 15 18 | 01728AQ58 | 5,000,000 | $4,822,800.00 | 0.72% |
| MIAMI-DADE 5.00% 10/01/22 | 59334DCS1 | 4,950,000 | $4,781,254.50 | 0.71% |
| BEXAR CNTY 5.00 02/15/25 | 088365CX7 | 5,000,000 | $4,743,200.00 | 0.70% |
| GRUNDY KEND 5.75%10/15/21 | 400442DA4 | 4,500,000 | $4,713,480.00 | 0.70% |
| MARYLAND ST 5.00 05/01/17 | 574204RS4 | 4,500,000 | $4,599,540.00 | 0.68% |
| TBCO STLMNT 5.25 06/01/13 | 88880TBA3 | 4,445,000 | $4,445,577.85 | 0.66% |
| AUBURN U AL 6.00 06/01/16 | 050589AQ3 | 4,060,000 | $4,271,810.20 | 0.63% |
| GARLAND REF A 5% 02/15/22 | 366119UV5 | 4,265,000 | $4,227,126.80 | 0.63% |
| SALT RIVER 5.00% 01/01/10 | 79575DLG3 | 3,970,000 | $4,093,983.10 | 0.61% |
| PUERTO RICO 5.25 08/01/14 | 745277NQ2 | 4,000,000 | $4,092,880.00 | 0.61% |
| AL SCHOOL 5.75 07/01/17 | 010608TN7 | 3,950,000 | $4,084,418.50 | 0.61% |
| CAL HEALTH 6.50% 10/01/38 | 13033F7L8 | 4,000,000 | $3,994,480.00 | 0.59% |
| BREVARD CNTY FLA 07/01/32 | 107431HN1 | 4,500,000 | $3,893,985.00 | 0.58% |
| TRIBOROUGH 5% 11/15/20 | 89602NPH1 | 3,780,000 | $3,831,748.20 | 0.57% |
| NEW YORK N Y 5% 01/15/26 | 64972HHM7 | 4,000,000 | $3,762,040.00 | 0.56% |
| TOBACCO SET 5.50 06/01/14 | 88880TBC9 | 3,750,000 | $3,760,912.50 | 0.56% |
| FL LOTTERY 5.375 07/01/15 | 341507LG4 | 3,500,000 | $3,660,335.00 | 0.54% |
| NORTH CAROL 5.00 05/01/16 | 658256PF3 | 3,500,000 | $3,643,290.00 | 0.54% |
| CAL HEALTH 6.25% 10/01/24 | 13033F7H7 | 3,500,000 | $3,572,345.00 | 0.53% |
| VIR ST HSG 4.85% 01/01/36 | 92812UQQ4 | 5,000,000 | $3,539,950.00 | 0.52% |
| MI MUN WTR 5.375 10/01/17 | 59455RB54 | 3,300,000 | $3,437,412.00 | 0.51% |
| ILLINOIS ST 5.50 06/15/13 | 452226YQ0 | 3,390,000 | $3,413,899.50 | 0.51% |
| AZ WTR 5.625 10/01/12 | 040688CJ0 | 3,280,000 | $3,390,011.20 | 0.50% |
| NEW YORK ST TWY 04/01/23 | 650014PF4 | 3,415,000 | $3,332,630.20 | 0.49% |
| HARRIS CNTY T 5% 10/01/16 | 4140047U9 | 3,150,000 | $3,317,044.50 | 0.49% |
| BREVARD CO 5.50 07/01/18 | 107431CB2 | 3,015,000 | $3,261,657.15 | 0.48% |
| FLORIDA ST 5.25% 10/01/19 | 342816VA0 | 3,000,000 | $3,056,550.00 | 0.45% |
| PALM BEA 5.00 08/01/25 | 696550WJ7 | 3,000,000 | $3,053,790.00 | 0.45% |
| KENT HOSP FIN 5% 01/15/47 | 490580CN5 | 3,000,000 | $3,014,220.00 | 0.45% |
| HNTSVL AL 5.75 05/01/19 | 4470245J5 | 2,800,000 | $2,974,636.00 | 0.44% |
| NORTH HARRI 5.25 12/15/18 | 65956NBC9 | 2,690,000 | $2,756,281.60 | 0.41% |
| DOGLAS CNTY 5.75 12/15/20 | 258885VL3 | 2,540,000 | $2,654,223.80 | 0.39% |
| ENERGY NORT 6.00 07/01/17 | 29270CDS1 | 2,450,000 | $2,601,263.00 | 0.38% |
| HNTSVL AL 5.625 05/01/16 | 4470245F3 | 2,375,000 | $2,541,772.50 | 0.37% |
| ORLANDO UTI 5.25 10/01/19 | 686509T83 | 2,500,000 | $2,531,625.00 | 0.37% |
| DETROIT MICH 5% 07/01/18 | 2512373T8 | 2,500,000 | $2,528,400.00 | 0.37% |
| ILLINOIS ST 5.00 01/01/20 | 452252CV9 | 2,500,000 | $2,517,250.00 | 0.37% |
| MICH MUN BD 5%10/01/26 | 59455TBL5 | 2,445,000 | $2,419,229.70 | 0.36% |
| NEW YORK ST 5.0% 03/15/30 | 649902EB5 | 2,500,000 | $2,367,900.00 | 0.35% |
| S. CAROLINA 5% 01/01/17 | 837147ZS9 | 2,300,000 | $2,338,571.00 | 0.34% |
| FLORIDA ST 4.75% 10/01/26 | 342816VX0 | 2,550,000 | $2,298,697.50 | 0.34% |
| FL BRD ED 5.375 06/01/18 | 3414227S6 | 2,130,000 | $2,199,203.70 | 0.32% |
| FL ENVRNMT 5.375 07/01/11 | 342812R97 | 2,130,000 | $2,182,504.50 | 0.32% |
| POLK CO 5.25 10/01/15 | 731127AP1 | 2,000,000 | $2,106,260.00 | 0.31% |
| GEORGIA ST 5.00 07/01/17 | 373383N61 | 2,000,000 | $2,101,580.00 | 0.31% |
| LEE CO 5.50 10/01/13 | 523523EL8 | 2,000,000 | $2,089,600.00 | 0.31% |
| SALT RIVER PRO 5%01/01/20 | 79575DWV8 | 2,000,000 | $2,041,160.00 | 0.30% |
| TBCO STLMNT 5.25 06/01/12 | 88880TFW1 | 1,995,000 | $1,995,259.35 | 0.29% |
| TAMPA 5.375 10/01/14 | 875232AN0 | 1,640,000 | $1,714,111.60 | 0.25% |
| JACKSONVLLE 5.50 10/01/15 | 469485CU8 | 1,550,000 | $1,619,440.00 | 0.24% |
| FL BRD ED 5.375 06/01/15 | 341535PG1 | 1,535,000 | $1,613,024.05 | 0.24% |
| IRVG TX W&S 5.95 06/15/19 | 4638306A2 | 1,460,000 | $1,506,033.80 | 0.22% |
| JACKSONVLLE 5.50 10/01/13 | 469485CS3 | 1,435,000 | $1,499,288.00 | 0.22% |
| BREVARD CO 5.50 07/01/17 | 107431CA4 | 1,360,000 | $1,471,261.60 | 0.21% |
| CALI HEALTH 5.5% 07/01/25 | 13033F3A6 | 1,500,000 | $1,367,025.00 | 0.20% |
| FL BRD ED 5.625 06/01/15 | 341422XS7 | 1,235,000 | $1,290,822.00 | 0.19% |
| JACKSONVLLE 5.50 10/01/14 | 469485CT1 | 1,200,000 | $1,253,760.00 | 0.18% |
| ORNG CTY CA 6.00 06/01/21 | 684228EM7 | 1,075,000 | $1,199,829.00 | 0.17% |
| FL BRD ED 9.125 06/01/14 | 3414207L5 | 950,000 | $1,196,230.50 | 0.17% |
| BFLO NY SCH 5.50 12/15/14 | 1196743N7 | 1,075,000 | $1,125,439.00 | 0.16% |
| FRESNO SCHL 6.55 08/01/20 | 358232EU6 | 1,000,000 | $1,107,260.00 | 0.16% |
| LEE CO 5.75 04/01/15 | 523857AN0 | 1,000,000 | $1,049,560.00 | 0.15% |
| BREVARD CO 5.25 03/01/13 | 107480LK9 | 1,000,000 | $1,041,670.00 | 0.15% |
| BREVARD CO 5.25 03/01/14 | 107480LL7 | 1,000,000 | $1,037,170.00 | 0.15% |
| FL BRD ED 5.25 06/01/11 | 341422QZ9 | 1,000,000 | $1,012,010.00 | 0.15% |
| LOS ANGELES 5.00 08/01/27 | 54438CLK6 | 700,000 | $676,795.00 | 0.10% |
| Total Fund Assets | | | $668,963,593.89 | 100.00% |
