| Security | CUSIP | Shares | Traded Market Value | % of Holding ↓ |
| DREYFUS MUNI MMKT FUND | 26202K205 | 68,927,678 | $68,927,678.00 | 3.42% |
| FEDERATED TAX FREE RESERV | 990060GM1 | 60,900,875 | $60,900,875.00 | 3.02% |
| ILLINOIS VRN 05/15/35 | 45200BPJ1 | 54,080,000 | $54,080,000.00 | 2.68% |
| DIS COLUMBIA VRN 04/01/38 | 2548392M4 | 47,000,000 | $47,000,000.00 | 2.33% |
| GS FSF - TAX-FREE MM | 38141W182 | 33,481,432 | $33,481,432.61 | 1.66% |
| MN ETC HLTH VRN 11/15/34 | 603695FT9 | 33,475,000 | $33,475,000.00 | 1.66% |
| ILLINOIS FIN VRN 05/15/35 | 45200BPK8 | 32,560,000 | $32,560,000.00 | 1.61% |
| LAS VEGAS 3.5% 11/04/08 | 51784VYA8 | 32,000,000 | $32,000,000.00 | 1.58% |
| COLORADO EDL VRN 09/01/35 | 196458F57 | 30,590,000 | $30,590,000.00 | 1.51% |
| KLAMATH 5.75 01/01/13 | 498409AM3 | 28,000,000 | $28,664,586.98 | 1.42% |
| OHIO STATE 1.80 12/04/08 | 67765PAF5 | 28,500,000 | $28,500,000.00 | 1.41% |
| SE PA TRANS VRN 03/01/22 | 842039AB5 | 27,300,000 | $27,300,000.00 | 1.35% |
| MASS SCHOOL 1.60 11/06/08 | 57580LC74 | 25,315,000 | $25,315,000.00 | 1.25% |
| DELAWARE ST VRN 12/01/15 | 246387BG8 | 25,000,000 | $25,000,000.00 | 1.24% |
| FL BRD ED VRN 06/01/35 | 3415356C1 | 24,800,000 | $24,800,000.00 | 1.23% |
| MICHIGAN ST 1.60 11/06/08 | 59461UAX9 | 24,365,000 | $24,365,000.00 | 1.21% |
| BOYLE CNTY VRN 06/01/37 | 103462BD8 | 24,000,000 | $24,000,000.00 | 1.19% |
| WISCONSIN VRN 05/01/33 | 97710BBG6 | 23,900,000 | $23,900,000.00 | 1.18% |
| MISSOURI DEV FIN 11/25/08 | 60637LAZ1 | 23,000,000 | $23,000,000.00 | 1.14% |
| MINNEAPOLIS VRN 11/15/34 | 603695FR3 | 22,175,000 | $22,175,000.00 | 1.10% |
| SUNSHINE 1.65 01/08/09 | 86801TAE6 | 21,887,000 | $21,887,000.00 | 1.08% |
| BEAUFORT 1.65 04/10/09 | 073900TF9 | 21,465,000 | $21,465,000.00 | 1.06% |
| UNIV. MICH VRN 04/01/38 | 914455HD5 | 21,100,000 | $21,100,000.00 | 1.04% |
| MISSOURI DEV FIN 11/25/08 | 60637JBW2 | 20,793,000 | $20,793,000.00 | 1.03% |
| INDIANA ST VRN 02/01/37 | 45504RDA1 | 20,300,000 | $20,300,000.00 | 1.00% |
| FAIRFAX CTY 1.60 05/15/35 | 303823GC6 | 20,130,000 | $20,130,000.00 | 0.99% |
| MARYLAND VRN 07/01/34 | 574217L37 | 20,000,000 | $20,000,000.00 | 0.99% |
| GREER SC VRN 09/01/32 | 397478GE2 | 19,490,000 | $19,490,000.00 | 0.96% |
| WASHINGTON VRN 10/01/30 | 939781A42 | 18,835,000 | $18,835,000.00 | 0.93% |
| ILLINOIS VRN 01/01/48 | 45200FHA0 | 18,750,000 | $18,750,000.00 | 0.93% |
| MICH HOSP 6.125 11/15/23 | 59465EC84 | 17,850,000 | $18,681,268.64 | 0.92% |
| HAWAII PAC VRN 07/01/33 | 419771AC4 | 18,450,000 | $18,450,000.00 | 0.91% |
| ALASKA ST VRN 12/01/27 | 011831X82 | 18,100,000 | $18,100,000.00 | 0.89% |
| NORTH MIAMI 6.75 01/01/33 | 661059AD7 | 16,800,000 | $17,427,602.08 | 0.86% |
| N BROWARD VRN 01/15/31 | 657883CP7 | 17,100,000 | $17,100,000.00 | 0.84% |
| DELAWARE ST VRN 05/15/37 | 246387MN1 | 17,000,000 | $17,000,000.00 | 0.84% |
| HARRIS CNTY VRN 11/15/47 | 414152RQ3 | 16,700,000 | $16,700,000.00 | 0.82% |
| VANDERBILT 2.00 01/12/09 | 59085LV20 | 16,575,000 | $16,575,000.00 | 0.82% |
| NORTH CAROL VRN 03/01/28 | 657902QU9 | 15,665,000 | $15,665,000.00 | 0.77% |
| TEXAS TAX 3.00 08/28/09 | 8827216C2 | 15,000,000 | $15,166,191.78 | 0.75% |
| HOUSTON 3.00 06/30/09 | 442331PL2 | 15,000,000 | $15,120,973.39 | 0.75% |
| CASTLE RK CO CRN 09/01/37 | 14848PAL5 | 15,000,000 | $15,000,000.00 | 0.74% |
| CLEVELAND VRN 01/01/37 | 186103FJ1 | 15,000,000 | $15,000,000.00 | 0.74% |
| SUNSHINE ST 4.00 11/05/08 | 86789HHJ0 | 15,000,000 | $15,000,000.00 | 0.74% |
| SAN MATEO VRN 09/01/38 | 799038HW7 | 15,000,000 | $15,000,000.00 | 0.74% |
| COLORADO VRN 05/01/38 | 19645RFJ5 | 14,800,000 | $14,800,000.00 | 0.73% |
| ILLINOIS EDL VRN 03/01/27 | 452001NP1 | 14,800,000 | $14,800,000.00 | 0.73% |
| CLARKSVILLE VRN 10/01/25 | 182564AP9 | 14,160,000 | $14,160,000.00 | 0.70% |
| DELAWARE ST VRN 12/01/15 | 246387BJ2 | 14,000,000 | $14,000,000.00 | 0.69% |
| WISC HEALTH VRN 06/01/37 | 97710V3U0 | 14,000,000 | $14,000,000.00 | 0.69% |
| ILLINOIS DEV VRN 07/15/23 | 451913BT3 | 13,930,000 | $13,930,000.00 | 0.69% |
| WASHINGTON VRN 01/01/30 | 939783NV4 | 13,775,000 | $13,775,000.00 | 0.68% |
| EAST BATON VRN 02/01/28 | 270777AA3 | 13,600,000 | $13,600,000.00 | 0.67% |
| MASS SCHOOL 1.55 01/15/09 | 57580LD73 | 13,385,000 | $13,385,000.00 | 0.66% |
| BRAZOS TEX VRN 12/01/25 | 10624EAA2 | 13,300,000 | $13,300,000.00 | 0.66% |
| PHILADELPHIA VRN 09/01/21 | 717883FY3 | 13,000,000 | $13,000,000.00 | 0.64% |
| FAIRFAX CTY 1.60 05/15/26 | 303823GE2 | 12,955,000 | $12,955,000.00 | 0.64% |
| KNOX CNTY TN VRN 04/01/27 | 49952MBB1 | 12,700,000 | $12,700,000.00 | 0.63% |
| ROCKINGHAM VRN 12/01/33 | 773460AT7 | 12,465,000 | $12,465,000.00 | 0.61% |
| NO CAR MED VRN 07/01/34 | 65821DBD2 | 11,730,000 | $11,730,000.00 | 0.58% |
| DOYLESTOWN VRN 07/01/22 | 261333DX3 | 11,700,000 | $11,700,000.00 | 0.58% |
| METRO TRNSN VRN 11/01/26 | 59259RZQ0 | 10,700,000 | $10,700,000.00 | 0.53% |
| NC ST 5.00% 03/01/09 | 658256RR5 | 10,320,000 | $10,420,527.99 | 0.51% |
| ILLINOIS EDL VRN 07/01/29 | 452001Q86 | 10,300,000 | $10,300,000.00 | 0.51% |
| LOWER NECHES VRN 04/01/29 | 54834RAA7 | 10,300,000 | $10,300,000.00 | 0.51% |
| MINNESOTA VRN 10/01/33 | 60416HBG8 | 10,140,000 | $10,140,000.00 | 0.50% |
| ALAMO HEIGHT VRN 04/01/19 | 011329AA7 | 10,065,000 | $10,065,000.00 | 0.49% |
| MARION ECON VRN 06/01/36 | 569564BX4 | 10,000,000 | $10,000,000.00 | 0.49% |
| METRO TRNS NY VRN11/01/26 | 59259R7S7 | 10,000,000 | $10,000,000.00 | 0.49% |
| DELAWARE CTY VRN 12/01/15 | 245903AA7 | 10,000,000 | $10,000,000.00 | 0.49% |
| ROCH MINN 4.25% 12/02/08 | 77159TPD9 | 10,000,000 | $10,000,000.00 | 0.49% |
| OREGON VRN 05/01/47 | 68608JJJ1 | 10,000,000 | $10,000,000.00 | 0.49% |
| SAN ANTONIO VRN 12/01/27 | 796247AG9 | 9,800,000 | $9,800,000.00 | 0.48% |
| ROBBINSDALE VRN 05/01/33 | 770278AC3 | 9,500,000 | $9,500,000.00 | 0.47% |
| WEST JEFF. VRN 06/01/28 | 953450AD5 | 9,400,000 | $9,400,000.00 | 0.46% |
| BOUNT COUNTY VRN 06/01/42 | 095175RQ0 | 9,370,000 | $9,370,000.00 | 0.46% |
| NYC FIN FUT 6.00 08/15/17 | 649716NN3 | 8,915,000 | $9,302,549.27 | 0.46% |
| OH HGR EDL VRN 01/15/35 | 67756AC42 | 9,300,000 | $9,300,000.00 | 0.46% |
| SARASOTA HOSP VRN 7/01/37 | 803301BX7 | 8,875,000 | $8,875,000.00 | 0.44% |
| LOWRY ECON SER A 12/01/20 | 54877HAF6 | 8,820,000 | $8,820,000.00 | 0.43% |
| CHESAPEAKE VRN 05/28/21 | 16514PAB5 | 8,700,000 | $8,700,000.00 | 0.43% |
| LOUISVILLE VRN 11/01/36 | 546848AA0 | 8,600,000 | $8,600,000.00 | 0.42% |
| DELAWARE ST VRN 12/01/15 | 246387BH6 | 8,550,000 | $8,550,000.00 | 0.42% |
| BEAVER CNTY VRN 07/15/21 | 074876GP2 | 8,500,000 | $8,500,000.00 | 0.42% |
| VA COMWLTH VRN 07/01/37 | 92778LAF7 | 8,500,000 | $8,500,000.00 | 0.42% |
| IL EDL VAR VRN 11/01/25 | 452001NA4 | 8,300,000 | $8,300,000.00 | 0.41% |
| COLORADO EDL VRN 07/01/36 | 196458V75 | 8,120,000 | $8,120,000.00 | 0.40% |
| LOUDON TENN VRN 06/01/23 | 545840AB6 | 8,100,000 | $8,100,000.00 | 0.40% |
| MARYLAND VRN 07/01/46 | 574217U37 | 8,000,000 | $8,000,000.00 | 0.39% |
| HENRICO CNTY VRN 10/01/35 | 42605QBG7 | 7,970,000 | $7,970,000.00 | 0.39% |
| MONTGOMERY VRN 05/01/21 | 613054AA3 | 7,900,000 | $7,900,000.00 | 0.39% |
| WASHINGTN ST VRN 07/01/17 | 939827UP4 | 7,890,000 | $7,890,000.00 | 0.39% |
| ADAMS CNTY VRN 06/01/32 | 006116AL1 | 7,800,000 | $7,800,000.00 | 0.38% |
| S FORK MUN VRN 07/01/28 | 83786DER4 | 7,795,000 | $7,795,000.00 | 0.38% |
| NYC MFH SER A VRN03/01/48 | 64966TBH6 | 7,700,000 | $7,700,000.00 | 0.38% |
| MT VERNON VRN 12/01/14 | 623478AC8 | 7,535,000 | $7,535,000.00 | 0.37% |
| MARYLAND H/E VRN 07/01/36 | 574217YF6 | 7,500,000 | $7,500,000.00 | 0.37% |
| BRISTOL TENN VRN 05/01/21 | 110227DF9 | 7,400,000 | $7,400,000.00 | 0.36% |
| CHICAGO ILL 5.00 01/01/20 | 167485SM4 | 7,220,000 | $7,317,776.35 | 0.36% |
| LANCASTER 2.50 03/05/09 | 514120JU9 | 7,130,000 | $7,153,431.89 | 0.35% |
| EVENDALE OH VRN 09/01/15 | 299751AB3 | 7,100,000 | $7,100,000.00 | 0.35% |
| JACKSONVL HL VRN 08/15/27 | 469404UM7 | 7,000,000 | $7,000,000.00 | 0.34% |
| DIST COLUM VRN 04/01/38 | 2548392P7 | 6,730,000 | $6,730,000.00 | 0.33% |
| W VY CITY VRN 12/01/11 | 956402AK7 | 6,700,000 | $6,700,000.00 | 0.33% |
| W VIRGINIA ECON 07/01/14 | 95648NAA5 | 6,665,000 | $6,665,000.00 | 0.33% |
| NC CAP FACS VRN 06/01/26 | 65819GBZ0 | 6,635,000 | $6,635,000.00 | 0.32% |
| ILLINOIS DEV VRN 01/01/29 | 45188RFU8 | 6,629,000 | $6,629,000.00 | 0.32% |
| MIAMI DADE VRN 09/01/29 | 59333CAG2 | 6,550,000 | $6,550,000.00 | 0.32% |
| LOWNDES CNTY 3.5 04/01/09 | 548729AA0 | 6,480,000 | $6,527,579.31 | 0.32% |
| SNTA ROSA VRN 10/01/21 | 802901BP2 | 6,400,000 | $6,400,000.00 | 0.31% |
| NORTH CAROL VRN 09/01/33 | 657902M41 | 6,370,000 | $6,370,000.00 | 0.31% |
| MILWAUKEE VRN 09/01/25 | 60242NDT5 | 6,200,000 | $6,200,000.00 | 0.30% |
| NORTH CAROLI VRN 12/01/29 | 65818PFN4 | 6,100,000 | $6,100,000.00 | 0.30% |
| MARYLAND VRN 01/01/43 | 5742172P9 | 6,090,000 | $6,090,000.00 | 0.30% |
| LA USD TRANS 3% 07/30/09 | 544646RH7 | 6,000,000 | $6,065,084.67 | 0.30% |
| SALT RIVER 6.25 01/01/09 | 79575DGE4 | 6,000,000 | $6,046,931.39 | 0.30% |
| SC ECON DEV VRN 12/01/10 | 837031JK0 | 6,000,000 | $6,000,000.00 | 0.29% |
| ALBEMARLE VA VRN 10/01/48 | 012663AB6 | 6,000,000 | $6,000,000.00 | 0.29% |
| HAMILTN CNTY VRN 05/15/30 | 40727TBG8 | 5,985,000 | $5,985,000.00 | 0.29% |
| NEW YORK 5.125 05/15/29 | 64966FEC4 | 5,665,000 | $5,825,744.37 | 0.28% |
| MINNEAP HLTH VRN 11/15/47 | 60374VCG6 | 5,800,000 | $5,800,000.00 | 0.28% |
| MINNEAP HLTH VRN 11/15/47 | 60374VCH4 | 5,500,000 | $5,500,000.00 | 0.27% |
| SC EDL FACS VRN 04/01/28 | 836896EY2 | 5,160,000 | $5,160,000.00 | 0.25% |
| BREMERTON WA VRN 12/01/28 | 107039AA7 | 5,105,000 | $5,105,000.00 | 0.25% |
| SOUTH CAROLINA 5 01/01/09 | 837107V81 | 5,000,000 | $5,016,902.08 | 0.24% |
| VALDEZ ALASK VRN 12/01/29 | 919061EH0 | 5,000,000 | $5,000,000.00 | 0.24% |
| NC MED CARE VRN 11/01/14 | 65821DAA9 | 5,000,000 | $5,000,000.00 | 0.24% |
| NORTH TEX VRN 01/01/16 | 66285WDC7 | 5,000,000 | $5,000,000.00 | 0.24% |
| MARYLAND ST VRN 05/15/27 | 574217T88 | 5,000,000 | $5,000,000.00 | 0.24% |
| GRAND VLY MI VRN 12/01/31 | 386545HC4 | 5,000,000 | $5,000,000.00 | 0.24% |
| ILLINOIS FIN VRN 02/01/42 | 45200BW79 | 5,000,000 | $5,000,000.00 | 0.24% |
| HARRIS CNTY VRN 11/15/47 | 414152SB5 | 5,000,000 | $5,000,000.00 | 0.24% |
| HUNTINGTON VRN 05/01/26 | 44586PAA2 | 5,000,000 | $5,000,000.00 | 0.24% |
| KANSAS ST DE VRN 09/01/17 | 485424LH6 | 5,000,000 | $5,000,000.00 | 0.24% |
| CAL INF & EC VRN 09/01/34 | 13033WV26 | 4,985,000 | $4,985,000.00 | 0.24% |
| CHATTANOOGA VRN 04/01/24 | 162424BY0 | 4,950,000 | $4,950,000.00 | 0.24% |
| SC EDL FACS VRN 10/01/33 | 836896EX4 | 4,940,000 | $4,940,000.00 | 0.24% |
| WEBSTER CNTY VRN 07/01/20 | 947811AA3 | 4,830,000 | $4,830,000.00 | 0.23% |
| NORTH CAROLINA 12/01/20 | 657903KX7 | 4,820,000 | $4,820,000.00 | 0.23% |
| LOWER ALA GAS VRN 11/1/09 | 547803AC0 | 4,820,000 | $4,820,000.00 | 0.23% |
| NORFOLK ECON VRN 11/01/25 | 65588QAE5 | 4,800,000 | $4,800,000.00 | 0.23% |
| HAWAII HLTH VRN 07/01/33 | 419771AB6 | 4,750,000 | $4,750,000.00 | 0.23% |
| SNOHOMISH CT VRN 07/01/36 | 83309ADV0 | 4,605,000 | $4,605,000.00 | 0.22% |
| OWATONNA MIN VRN 08/01/14 | 690555AA5 | 4,600,000 | $4,600,000.00 | 0.22% |
| PHILADELPHIA VRN 09/01/11 | 717883FZ0 | 4,550,000 | $4,550,000.00 | 0.22% |
| SIMPSON CNTY VRN 06/01/36 | 828899AA2 | 4,520,000 | $4,520,000.00 | 0.22% |
| GEORGIA ST 6.50 12/01/08 | 373384CB0 | 4,395,000 | $4,406,605.70 | 0.21% |
| ALLENGHENY VRN 06/01/38 | 01731AAA9 | 4,300,000 | $4,300,000.00 | 0.21% |
| NC MEDICAL VRN 09/01/22 | 65820HVD2 | 4,190,000 | $4,190,000.00 | 0.20% |
| TOOMBS CNTY VRN 12/01/17 | 890508AN4 | 4,000,000 | $4,000,000.00 | 0.19% |
| GUILFORD NC VRN 02/01/23 | 401789CE0 | 4,000,000 | $4,000,000.00 | 0.19% |
| UNI. S CAROL VRN 12/01/10 | 914856AA7 | 3,970,000 | $3,970,000.00 | 0.19% |
| SC JOBS ECON VRN 06/01/30 | 837036CP5 | 3,860,000 | $3,860,000.00 | 0.19% |
| LA LOC GOVT VRN 02/01/32 | 546273AA1 | 3,840,000 | $3,840,000.00 | 0.19% |
| LOWRY ECON SER B 12/01/20 | 54877HAG4 | 3,675,000 | $3,675,000.00 | 0.18% |
| IL EDU FAC VRN 11/01/15 | 452001SP6 | 3,600,000 | $3,600,000.00 | 0.17% |
| MARYLAND ST VRN 04/01/28 | 57420NAP6 | 3,300,000 | $3,300,000.00 | 0.16% |
| CNTY DE SOTO VRN 11/01/15 | 241521AM5 | 3,200,000 | $3,200,000.00 | 0.15% |
| SC ECON DEV VRN 12/01/24 | 837031LR2 | 3,170,000 | $3,170,000.00 | 0.15% |
| DIST COLMBIA VRN 11/01/27 | 254839E41 | 3,095,000 | $3,095,000.00 | 0.15% |
| GRAND FORKS VRN 12/01/16 | 385466AS6 | 3,000,000 | $3,000,000.00 | 0.14% |
| FULTON VRN 05/01/26 | 359900RZ2 | 3,000,000 | $3,000,000.00 | 0.14% |
| OHIO STATE 1.60 11/13/08 | 67763TKQ4 | 3,000,000 | $3,000,000.00 | 0.14% |
| DALLAS TX 5.00 02/15/09 | 235218YA6 | 2,945,000 | $2,972,351.63 | 0.14% |
| WASHINGTON VRN 07/01/17 | 939827UM1 | 2,955,000 | $2,955,000.00 | 0.14% |
| NORTH TEX 4.125 11 19 08 | 66285WAA4 | 2,585,000 | $2,585,000.00 | 0.12% |
| LUZERNE CNTY VRN 09/01/28 | 550708AB7 | 2,485,000 | $2,485,000.00 | 0.12% |
| WISCONSIN ST VRN 08/15/33 | 97710VND6 | 2,350,000 | $2,350,000.00 | 0.11% |
| BELL CNTY 5.25 11/15/28 | 078027FL8 | 2,290,000 | $2,314,797.99 | 0.11% |
| MASS ST INDL VRN 12/01/19 | 575855T92 | 1,000,000 | $1,000,000.00 | 0.04% |
| Total Fund Assets | | | $2,013,334,891.12 | 100.00% |
