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)

335 Madison Avenue - 19^th Floor, New York, N.Y.		10017
(Address of principal executive offices)		(Zip Code)

John J. Crimmins

Treasurer & Chief Financial Officer

Market Vectors ETF Trust

335 Madison Avenue - 19^th Floor

New York, N.Y. 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:	January 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

January 31, 2015 (unaudited)

Number of Shares			Value
CLOSED-END FUNDS: 99.8%
	25,434	Alliance Bernstein National Municipal Income Fund, Inc.	$	365,995
	12,418	BlackRock Investment Quality Municipal Trust, Inc.		208,002
	16,410	BlackRock Long-Term Municipal Advantage Trust		191,997
	46,894	BlackRock Muni Intermediate Duration Fund, Inc.		704,348
	30,249	BlackRock MuniAssets Fund, Inc.		429,233
	9,990	BlackRock Municipal 2018 Term Trust		161,438
	14,846	BlackRock Municipal 2020 Term Trust		247,037
	9,155	BlackRock Municipal Bond Trust		153,804
	10,751	BlackRock Municipal Income Investment Quality Trust		161,480
	31,750	BlackRock Municipal Income Quality Trust		474,028
	39,260	BlackRock Municipal Income Trust		580,655
	14,831	BlackRock Municipal Income Trust II		245,156
	89,088	BlackRock Municipal Target Term Trust		1,923,410
	32,211	BlackRock MuniEnhanced Fund, Inc.		388,143
	9,648	BlackRock MuniHoldings Fund II, Inc.		156,105
	15,152	BlackRock MuniHoldings Fund, Inc.		268,039
	41,935	BlackRock MuniHoldings Investment Quality Fund		630,702
	27,337	BlackRock MuniHoldings Quality Fund II, Inc.		386,272
	15,816	BlackRock MuniHoldings Quality Fund, Inc.		219,210
	15,923	BlackRock MuniVest Fund II, Inc.		263,526
	55,082	BlackRock MuniVest Fund, Inc.		580,013
	40,597	BlackRock MuniYield Fund, Inc.		619,104
	11,515	BlackRock MuniYield Investment Fund		186,082
	24,693	BlackRock MuniYield Quality Fund II, Inc.		342,739
	72,981	BlackRock MuniYield Quality Fund III, Inc.		1,077,200
	26,944	BlackRock MuniYield Quality Fund, Inc.		434,337
	29,885	Deutsche Municipal Income Trust		422,275
	22,882	Dreyfus Municipal Bond Infrastructure Fund, Inc.		296,093
	15,399	Dreyfus Municipal Income, Inc.		153,682
	43,967	Dreyfus Strategic Municipal Bond Fund, Inc.		364,047
	54,789	Dreyfus Strategic Municipals, Inc.		470,090
	75,832	Eaton Vance Municipal Bond Fund		1,011,599
	11,042	Eaton Vance Municipal Bond Fund II		145,423
	13,717	Eaton Vance Municipal Income 2028 Term Trust		251,295
	14,723	Eaton Vance Municipal Income Trust		206,416
	18,096	Eaton Vance National Municipal Opportunities Trust		390,693
	49,386	Invesco Advantage Municipal Income Trust II		597,571
	52,389	Invesco Municipal Income Opportunities Trust		377,201
	82,051	Invesco Municipal Opportunity Trust		1,097,022
	67,550	Invesco Municipal Trust		896,389
	65,008	Invesco Quality Municipal Income Trust		851,605
	60,386	Invesco Trust for Investment Grade Municipals		837,554
	39,585	Invesco Value Municipal Income Trust		678,487
	24,199	MainStay Defined Term Municipal Opportunities Fund		461,233
	38,697	MFS High Income Municipal Trust		191,937
	49,893	MFS Municipal Income Trust		344,262
	15,545	Neuberger Berman Intermediate Municipal Fund, Inc.		250,275
	87,284	Nuveen AMT-Free Municipal Income Fund		1,249,034
	9,637	Nuveen AMT-Free Municipal Value Fund		171,057
	43,363	Nuveen Dividend Advantage Municipal Fund		640,038
	36,543	Nuveen Dividend Advantage Municipal Fund 2		538,278
	45,693	Nuveen Dividend Advantage Municipal Fund 3		663,462
	33,600	Nuveen Dividend Advantage Municipal Income Fund		495,936
	18,243	Nuveen Enhanced Municipal Value Fund		290,793
	104,682	Nuveen Insured Municipal Opportunity Fund, Inc.		1,575,464
	52,361	Nuveen Insured Quality Municipal Fund, Inc.		719,964
	52,016	Nuveen Intermediate Duration Municipal Term Fund		679,849
	14,543	Nuveen Intermediate Duration Quality Municipal Term Fund		194,294
	44,542	Nuveen Investment Quality Municipal Fund, Inc.		707,772
	48,911	Nuveen Municipal Advantage Fund, Inc.		701,384
	37,822	Nuveen Municipal High Income Opportunity Fund		532,534
	56,822	Nuveen Municipal Market Opportunity Fund, Inc.		807,441
	178,742	Nuveen Municipal Value Fund, Inc.		1,819,594
	66,621	Nuveen Performance Plus Municipal Fund, Inc.		1,029,294
	24,019	Nuveen Premier Municipal Income Fund, Inc.		346,594
	86,743	Nuveen Premium Income Municipal Fund 2, Inc.		1,271,652
	47,800	Nuveen Premium Income Municipal Fund 4, Inc.		663,942
	79,309	Nuveen Premium Income Municipal Fund, Inc.		1,146,015
	60,350	Nuveen Quality Income Municipal Fund, Inc.		884,731
	43,754	Nuveen Select Quality Municipal Fund, Inc.		639,683
	19,072	Nuveen Select Tax-Free Income 2 Portfolio		271,776
	13,999	Nuveen Select Tax-Free Income 3 Portfolio		208,725
	17,641	Nuveen Select Tax-Free Income Portfolio		260,734
	15,189	PIMCO Municipal Income Fund		239,531
	46,277	PIMCO Municipal Income Fund II		589,106
	20,665	PIMCO Municipal Income Fund III		239,714
	12,714	Pioneer Municipal High Income Advantage Trust		196,686
	13,677	Pioneer Municipal High Income Trust		202,009
	70,408	Putnam Managed Municipal Income Trust		523,131
	50,384	Putnam Municipal Opportunities Trust		633,831
	37,096	Western Asset Managed Municipals Fund, Inc.		522,683
	7,600	Western Asset Municipal Defined Opportunity Trust, Inc.		182,096
	23,407	Western Asset Municipal High Income Fund, Inc.		179,766
	10,791	Western Asset Municipal Partners Fund, Inc.		170,066
Total Closed-End Funds (Cost: $43,343,623)				43,881,863

MONEY MARKET FUND: 0.1% (Cost: $23,208)
Money Market Fund: 0.1%
	23,208	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		23,208
Total Investments: 99.9% (Cost: $43,366,831)				43,905,071
Other assets less liabilities: 0.1%				57,505
NET ASSETS: 100.0%			$	43,962,576

Summary of Investments by Sector (unaudited)	% of Investments			Value
Closed-End Funds		99.9	%	$	43,881,863
Money Market Fund		0.1			23,208
		100.0	%	$	43,905,071

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Closed-End Funds	$	43,881,863	$	—	$	—	$	43,881,863
Money Market Fund		23,208		—		—		23,208
Total	$	43,905,071	$	—	$	—	$	43,905,071

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

See Notes to Schedules of Investments

HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 98.7%
Alabama: 2.0%
		Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB)
	$2,895,000	6.45%, 03/12/15 (c)	$	2,926,845
	2,250,000	6.45%, 03/12/15 (c)		2,274,750
	1,215,000	Alabama State University (RB) (XLCA)
		4.63%, 08/01/16 (c)		1,228,875
	665,000	Birmingham-Baptist Medical Centers Special Care Facilities Financing Authority (RB)
		5.00%, 11/15/15 (c)		683,454
	30,000	Butler County Public Education Cooperative District (RB) (XLCA)
		4.63%, 07/01/17 (c)		30,591
		County of Jefferson, Alabama Sewer Revenue, Series D (RB)
	5,970,000	6.00%, 10/01/23 (c)		6,771,592
	10,150,000	6.50%, 10/01/23 (c)		11,856,113
	1,145,000	Huntsville-Redstone Village Special Care Facilities Financing Authority (RB)
		5.50%, 01/01/17 (c)		1,160,228
	100,000	Montgomery Medical Clinic Board (RB)
		5.25%, 03/01/16 (c)		103,384
		Sylacauga Health Care Authority (RB)
	1,800,000	6.00%, 08/01/15 (c)		1,851,102
	1,450,000	6.00%, 08/01/15 (c)		1,491,165
				30,378,099
Alaska: 0.6%
		Northern Tobacco Securitization Corp., Series A (RB)
	10,000	4.63%, 02/25/15 (c)		10,001
	6,245,000	5.00%, 02/25/15 (c)		5,068,192
	4,670,000	5.00%, 02/25/15 (c)		4,143,131
				9,221,324
Arizona: 3.8%
	1,210,000	Apache County Industrial Development Authority (RB)
		4.50%, 03/01/22 (c)		1,309,656
		Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB)
	200,000	5.00%, 02/01/20		233,440
	350,000	5.00%, 02/01/21		414,873
	2,165,000	5.00%, 02/01/22 (c)		2,430,472
	730,000	5.00%, 02/01/22 (c)		806,438
	875,000	5.00%, 02/01/22 (c)		956,909
		Arizona Health Facilities Authority, The Beatitudes Campus Project (RB)
	410,000	5.10%, 10/01/16 (c)		416,027
	4,110,000	5.20%, 10/01/16 (c)		4,109,712
	230,000	City of Glendale, Arizona Municipal Property Corp., Series C (RB)
		4.00%, 01/01/23 (c)		238,685
		Downtown Phoenix Hotel Corp., Series A (RB) (FGIC)
	5,150,000	5.00%, 01/01/16 (c)		5,166,068
	4,650,000	5.00%, 01/01/16 (c)		4,667,391
		Industrial Development Authority of Phoenix, Great Hearts Academies Project, Series A (RB)
	750,000	3.75%, 07/01/24		768,533
	500,000	5.00%, 07/01/24 (c)		521,325
	1,000,000	5.00%, 07/01/24 (c)		1,070,440
	400,000	Peoria Industrial Development Authority (RB)
		5.00%, 11/15/24		416,300
		Pima County, Arizona Industrial Development Authority, Charter School Projects, Series A (RB)
	5,490,000	5.50%, 07/01/17 (c)		5,420,991
	3,340,000	5.63%, 07/01/17 (c)		3,069,527
	1,400,000	Pima County, Arizona Industrial Development Authority, Tucson Electric Power Company Project, Series A (RB)
		5.25%, 10/01/20 (c)		1,581,412
		Salt Verde Financial Corp. (RB)
	6,650,000	5.00%, 12/01/32		7,974,015
	10,080,000	5.00%, 12/01/37		12,192,466
	30,000	5.25%, 12/01/23		36,443
	50,000	5.25%, 12/01/27		60,888
	245,000	5.50%, 12/01/29		305,814
	1,000,000	Tempe, Arizona Industrial Development Authority, Friendship Village of Tempe, Series A (RB)
		6.25%, 12/01/21 (c)		1,097,470
	1,000,000	The Industrial Development Authority of the County of Pima, Edkey Charter Schools Project (RB)
		6.00%, 07/01/20 (c)		1,008,850
	1,500,000	Tucson, Arizona University Medical Center Corp., Hospital Revenue (RB)
		5.00%, 07/01/15 (c)		1,519,785
				57,793,930
Arkansas: 0.0%
	35,000	County of Howard, Arkansas (RB)
		4.50%, 06/01/17 (c)		35,586
California: 9.1%
	40,000	Alameda Corridor Transportation Authority, Sub Lien, Series A (RB) (AMBAC)
		1.70%, 10/01/17 ^		38,534
		California County Tobacco Securitization Agency, Golden Gate Tobacco Funding Corp., Series A (RB)
	4,115,000	5.00%, 06/01/17 (c)		3,262,084
	15,000	5.00%, 06/01/17 (c)		12,728
		California County Tobacco Securitization Agency, Series A (RB)
	1,000,000	5.45%, 12/01/18 (c)		985,960
	3,845,000	5.60%, 12/01/18 (c)		3,616,991
	2,500,000	5.70%, 12/01/18 (c)		2,261,200
100,000,000		California County Tobacco Securitization Agency, Series D (RB)
		11.80%, 06/01/16 (c) ^		1,145,000
		California County Tobacco Securitization Agency, Sonoma County Securitization Corp. (RB)
	500,000	5.13%, 06/01/15 (c)		426,480
	2,000,000	5.25%, 06/01/15 (c)		1,686,640
	4,450,000	California Housing Finance Agency, Series G (RB)
		4.95%, 02/01/17 (c)		4,577,403
	1,000,000	California Municipal Finance Authority Revenue, Eisenhower Medical Center, Series A (RB)
		5.75%, 07/01/20 (c)		1,113,600
		California Municipal Finance Authority, Rocketship Education, Series A (RB)
	850,000	6.00%, 06/01/22 (c)		933,326
	930,000	7.00%, 06/01/22 (c)		1,066,915
	1,500,000	California Municipal Finance Authority, Santa Rosa Academy Project, Series A (RB)
		6.00%, 07/01/22 (c)		1,600,440
		California Statewide Communities Development Authority (RB)
	6,260,000	5.25%, 12/01/24 (c)		7,047,383
	750,000	5.25%, 12/01/24 (c)		849,615
	500,000	5.50%, 12/01/24 (c)		566,930
	1,005,000	California Statewide Communities Development Authority, GNMA Collateralized-740 S. Olive St. Apartments, Series L (RB)
		4.90%, 07/20/19 (c)		1,055,190
	1,000,000	California Statewide Communities Development Authority, The Terraces at San Joaquin Gardens Project, Series A (RB)
		6.00%, 10/01/22 (c)		1,086,080
	3,000,000	California Statewide Communities Development Authority, Valleycare Health System, Series A (RB)
		5.13%, 07/15/17 (c)		3,031,830
		California Statewide Community Development Authority, Daughters of Charity Health System, Series A (RB)
	1,845,000	5.00%, 07/01/15 (c)		1,755,075
	2,410,000	5.25%, 07/01/15 (c)		2,410,723
	3,210,000	5.25%, 07/01/15 (c)		3,185,604
		California Statewide Community Development Authority, Educational Facilities - Huntington Park Charter School Project-A (RB)
	750,000	5.15%, 07/01/17 (c)		759,443
	500,000	5.25%, 07/01/17 (c)		501,765
		California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series A (RB)
	900,000	6.00%, 03/12/15 (c)		900,144
	10,000,000	7.10%, 06/01/16 (c) ^		1,075,100
	3,150,000	California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series B (RB)
		6.00%, 03/12/15 (c)		3,150,504
210,000,000		California Statewide Financing Authority, Pooled Tobacco Securitization Program, Series D (RB)
		12.31%, 06/01/16 (c) ^		1,896,300
	120,000	Cathedral City, California Public Financing Authority (AMBAC) (TA)
		4.50%, 08/01/17 (c)		120,953
	75,000	Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-2 (RB)
		5.00%, 07/15/19 (c) (p)		83,715
	9,125,000	Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-3 (RB)
		5.50%, 07/15/22 (c) (p)		10,703,716
		Foothill-Eastern Transportation Corridor Agency (RB)
	1,000,000	5.75%, 01/15/24 (c)		1,190,160
	1,000,000	6.00%, 01/15/24 (c)		1,198,250
	2,500,000	6.00%, 01/15/24 (c)		2,999,900
	1,000,000	6.50%, 01/15/24 (c)		1,212,450
	25,000,000	Golden State Tobacco Securitization Corp. (RB)
		7.90%, 06/01/17 (c) ^		2,042,750
		Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-1 (RB)
	5,640,000	4.50%, 06/01/17 (c)		5,529,851
	3,295,000	5.00%, 06/01/17 (c)		2,845,826
	4,100,000	5.13%, 06/01/17 (c)		3,341,992
	10,000,000	5.75%, 06/01/17 (c)		8,868,900
	1,000,000	Golden State Tobacco Securitization Corp., California Tobacco Settlement, Series A-2 (RB)
		5.30%, 06/01/22 (c)		853,290
	235,000	Hesperia Community Redevelopment Agency, Refinancing and Redevelopment Projects, Series A (TA) (XLCA)
		5.00%, 09/01/15 (c)		236,302
		Hesperia Public Financing Authority, Redevelopment and Housing Projects, Series A (TA) (XLCA)
	50,000	5.00%, 09/01/17 (c)		51,396
	465,000	5.50%, 09/01/17 (c)		483,047
	5,400,000	Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series A (RB)
		4.63%, 06/01/17 (c)		5,337,036
	655,000	Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series B (RB)
		5.75%, 06/01/21 (c)		668,847
100,000,000		Inland Empire Tobacco Securitization Authority, Inland Empire Tobacco Securitization Corp., Series E (RB)
		11.09%, 06/01/17 (c) ^		913,000
	165,000	Palomar Pomerado Health Certificates (CP)
		6.00%, 11/01/20 (c)		174,481
	3,600,000	San Buenaventura, California Community Memorial Health System (RB)
		7.50%, 12/01/21 (c)		4,497,012
		San Joaquin Hills Transportation Corridor Agency (RB)
	1,750,000	5.00%, 01/15/25 (c)		1,950,200
	6,360,000	5.00%, 01/15/25 (c)		6,987,160
	500,000	5.00%, 01/15/25 (c)		577,995
	3,300,000	5.00%, 01/15/25 (c)		3,736,458
	10,000,000	Silicon Valley, California Tobacco Securitization Authority, Series A (RB)
		7.40%, 06/01/17 (c) ^		2,190,000
100,000,000		Silicon Valley, California Tobacco Securitization Authority, Series D (RB)
		11.32%, 06/01/17 (c) ^		1,103,000
	1,000,000	Thousand Oaks, California Community Facilities Special Tax, District No. 1994-1 (ST)
		5.38%, 09/01/22 (c)		1,074,190
		Tobacco Securitization Authority of Northern California (RB)
	40,000	5.38%, 06/01/15 (c)		34,331
	5,010,000	5.50%, 06/01/15 (c)		4,188,861
		Tobacco Securitization Authority of Southern California (RB)
	3,150,000	5.00%, 02/25/15 (c)		2,740,594
	5,690,000	5.13%, 02/25/15 (c)		4,862,503
	1,160,000	Vernon City, California, Electric System Revenue, Series A (RB)
		5.13%, 08/01/19 (c)		1,304,362
	3,265,000	Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)
		4.00%, 09/01/21		3,274,305
				139,375,820
Colorado: 1.8%
	1,500,000	City of Lakewood, Plaza Metropolitan District No. 1 (TA)
		5.00%, 12/01/22 (c)		1,594,875
		Colorado Health Facilities Authority (RB)
	2,060,000	5.00%, 06/01/22 (c)		2,259,429
	350,000	5.00%, 12/01/22 (c)		388,682
	35,000	5.25%, 12/01/15 (c)		36,222
	1,545,000	Colorado Health Facilities Authority, Covenant Retirement Communities, Inc. (RB)
		4.00%, 12/01/22 (c)		1,617,909
	1,700,000	Colorado Health Facilities Authority, Health & Residential, Volunteers of America Care Facilities (RB)
		5.30%, 03/12/15 (c)		1,633,156
	950,000	Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB)
		5.20%, 03/12/15 (c)		954,551
		Colorado Health Facilities Authority, Senior Residences Project (RB)
	1,000,000	6.75%, 06/01/22 (c)		1,069,460
	1,500,000	7.00%, 06/01/22 (c)		1,601,415
		Denver Convention Center Hotel Authority (RB) (XLCA)
	25,000	5.00%, 11/01/16 (c)		25,863
	2,000,000	5.25%, 11/01/16 (c)		2,141,680
		Denver, Colorado Special Facilities Airport Revenue, United Air Lines Project, Series A (RB)
	4,550,000	5.25%, 10/01/17 (c)		4,720,898
	2,000,000	5.75%, 10/01/17 (c)		2,134,160
		E-470 Public Highway Authority (RB)
	25,000	5.25%, 09/01/20 (c)		29,094
	9,000,000	5.50%, 09/01/40 ^		3,326,310
	5,145,000	5.83%, 09/01/26 (c) ^		1,864,857
	2,500,000	Salida Hospital District (RB)
		5.25%, 10/01/16 (c)		2,527,500
				27,926,061
Connecticut: 0.7%
	1,330,000	Connecticut State Resources Recovery Authority, American Refunding Fuel Comp. Project, Series A (RB)
		6.45%, 03/12/15 (c)		1,331,450
		Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA)
	801,000	7.00%, 04/01/20 (c)		929,344
	1,500,000	7.88%, 04/01/20 (c)		1,804,800
		Town of Hamden, Connecticut, Series A (RB)
	1,490,000	7.63%, 01/01/20 (c)		1,580,488
	4,750,000	7.75%, 01/01/20 (c)		4,929,217
				10,575,299
Delaware: 0.2%
	2,285,000	Delaware Economic Development Authority, Exempt Facility (RB)
		5.38%, 10/01/20 (c)		2,517,887
District of Columbia: 2.2%
		District of Columbia Provident Group-Howard Properties, LLC (RB)
	5,075,000	5.00%, 10/01/22 (c)		5,307,790
	305,000	5.00%, 10/01/22 (c)		324,105
	2,965,000	5.00%, 10/01/22 (c)		3,223,993
	19,000	District of Columbia Tobacco Settlement Financing Corp (RB)
		6.50%, 05/15/33		24,394
		District of Columbia, The Howard University Issue, Series A (RB)
	1,725,000	6.25%, 04/01/21 (c)		1,999,120
	2,560,000	6.50%, 04/01/21 (c)		2,992,819
	2,485,000	6.50%, 04/01/21 (c)		2,909,637
		Metropolitan Washington Airports Authority, Dulles Toll Road, Second Senior Lien, Series A (RB)
	14,255,000	5.00%, 04/01/22 (c)		15,702,310
	205,000	5.04%, 10/01/37 ^		76,635
	1,500,000	Metropolitan Washington Airports Authority, Dulles Toll Road, Second Senior Lien, Series B (RB)
		6.50%, 10/01/28 (c)		1,631,010
				34,191,813
Florida: 6.2%
	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)		1,914,292
		Alachua County, Florida Health Facilities Authority, Terraces at Bonita Springs Project, Series A (RB)
	1,530,000	8.00%, 11/15/21 (c)		1,805,492
	1,000,000	8.13%, 11/15/21 (c)		1,180,250
	2,000,000	Callaway, Florida Capital Improvement Revenue, Special Capital Extension Project (RB) (ACA)
		5.25%, 08/01/17 (c)		2,012,040
		Capital Trust Agency, Inc. (RB)
	500,000	6.50%, 12/01/22 (c)		508,105
	485,000	6.75%, 12/01/22 (c)		496,470
	615,000	6.75%, 12/01/22 (c)		625,031
	2,000,000	7.75%, 01/01/21 (c)		1,937,000
		County of Alachua, Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB)
	350,000	5.63%, 11/15/17 (c)		363,962
	1,660,000	5.88%, 11/15/17 (c)		1,669,313
	1,640,000	5.88%, 11/15/17 (c)		1,653,399
	55,000	County of Brevard, Florida (RB)
		6.75%, 11/01/19 (c)		61,369
		County of Miami-Dade, Florida Seaport Department, Series A (RB)
	120,000	5.00%, 10/01/23 (c)		138,078
	175,000	6.00%, 10/01/23 (c)		216,722
	4,750,000	County of Miami-Dade, Florida Seaport Department, Series B (RB)
		6.00%, 10/01/23 (c)		5,756,620
		Escambia County Health Facilities Authority, Baptist Hospital, Inc. Project, Series A (RB)
	505,000	5.50%, 08/15/20 (c)		595,365
	70,000	6.00%, 08/15/20 (c)		81,911
		Florida Development Finance Corp. (RB)
	1,000,000	7.00%, 06/01/22 (c)		1,028,720
	1,000,000	7.00%, 06/01/22 (c)		1,040,870
		Florida Development Finance Corp., Miami Arts Charter School Project, Series A (RB)
	360,000	5.63%, 06/15/24 (c)		366,131
	450,000	5.88%, 06/15/24 (c)		457,574
	695,000	6.00%, 06/15/24 (c)		707,892
		Florida Development Finance Corp., Renaissance Charter School, Inc. Projects, Series A (RB)
	1,000,000	5.75%, 06/15/24 (c)		1,027,530
	3,300,000	7.63%, 06/15/21 (c)		3,671,943
		Halifax Hospital Medical Center (RB)
	145,000	5.00%, 06/01/16 (c)		150,095
	110,000	5.25%, 06/01/16 (c)		115,762
	2,590,000	Lake County, Florida Industrial Development, Crane’s View Lodge Project, Series A (RB)
		7.13%, 11/01/17 (c)		2,637,915
		Lee County, Florida Industrial Development Authority Health Care Facilities, Shell Point/Alliance Obligation Group (RB)
	130,000	5.00%, 05/15/17 (c)		136,094
	335,000	5.13%, 11/15/16 (c)		345,707
		Lee County, Florida Industrial Development Authority, Industrial Development, Community Charter Schools, LLC Projects, Series A (RB)
	3,750,000	5.25%, 06/15/17 (c)		3,850,275
	3,500,000	5.38%, 06/15/17 (c)		3,585,085
	3,300,000	5.75%, 06/15/22 (c)		3,483,942
		Martin County, Florida Health Facilities Authority (RB)
	100,000	5.13%, 11/15/21 (c)		109,601
	800,000	5.50%, 11/15/21 (c)		911,840
	2,000,000	5.50%, 11/15/21 (c)		2,227,980
		Miami Beach Health Facilities Authority (RB)
	950,000	4.25%, 11/15/19 (c)		968,477
	2,000,000	5.00%, 11/15/24 (c)		2,267,820
	4,910,000	5.00%, 11/15/24 (c)		5,598,235
	1,000,000	Midtown Miami Community Development District, Infrastructure Project, Series B (SA)
		4.25%, 05/01/23 (c)		1,081,520
		Midtown Miami Community Development District, Parking Garage Project, Series A (SA)
	3,000,000	4.25%, 05/01/23 (c)		3,244,560
	1,000,000	5.00%, 05/01/23 (c)		1,068,840
		Orange County, Florida Health Facilities Authority, Orlando Lutheran Towers, Inc. (RB)
	2,750,000	5.50%, 07/01/17 (c)		2,793,780
	1,200,000	5.50%, 07/01/17 (c)		1,222,932
	1,100,000	5.70%, 07/01/15 (c)		1,110,428
		Orlando, Florida Aviation Authority, JetBlue Airways Corp. Project (RB)
	4,305,000	5.00%, 05/15/23 (c)		4,410,257
	1,500,000	5.00%, 05/15/23 (c)		1,577,745
	2,000,000	Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series A (RB)
		7.50%, 06/01/22 (c)		2,307,160
	500,000	Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series C (RB)
		6.00%, 06/01/21		548,630
		Sarasota County, Florida Health Facilities Authority (RB)
	5,455,000	5.75%, 07/01/17 (c)		5,491,767
	1,785,000	5.75%, 07/01/17 (c)		1,800,833
	5,430,000	Stuart, Florida Capital Trust Agency, Stuart Lodge Project, Series B (RB)
		7.38%, 01/01/18 (c)		5,681,192
	425,000	Sumter County, Florida Village Community Development District No. 8, Phase II (SA)
		6.13%, 05/01/20 (c)		491,181
	935,000	Sumter County, Florida Village Community Development District No. 9, Special Assessment Revenue (SA)
		5.50%, 05/01/22 (c)		1,096,718
	2,945,000	Tavares, Florida Osprey Lodge at Lakeview Crest, Series A (RB)
		8.75%, 07/01/16 (c)		2,955,337
	1,315,000	Town of Davie, Florida Nova Southeastern University Project, Series A (RB)
		6.00%, 04/01/23 (c)		1,546,493
				94,134,280
Georgia: 0.9%
		DeKalb County, Georgia Hospital Authority, DeKalb Medical Center, Inc. Project (RB)
	200,000	6.00%, 09/01/20 (c)		225,984
	2,100,000	6.13%, 09/01/20 (c)		2,332,029
	100,000	Gainesville, Georgia Redevelopment Authority (RB)
		5.13%, 03/01/17 (c)		100,827
	79,000	Georgia Local Government, Series A (CP) (NATL)
		4.75%, 06/01/28		85,923
		Private Colleges & Universities Authority, The Savannah College of Art & Design Project (RB)
	5,000,000	4.13%, 04/01/24 (c)		5,122,350
	5,000,000	5.00%, 04/01/24 (c)		5,587,250
				13,454,363
Guam: 1.9%
	1,000,000	Antonio B Won Pat International Airport Authority (RB)
		5.00%, 10/01/21		1,158,560
	2,400,000	Guam Government Department of Education, John F. Kennedy Project, Series A (CP)
		6.88%, 12/01/20 (c)		2,718,168
	2,250,000	Guam Government General Obligation, Series A (GO)
		6.75%, 11/15/19 (c)		2,641,680
	1,200,000	Guam Government Limited Obligation, Series A (RB)
		5.63%, 12/01/19 (c)		1,353,048
		Guam Government Waterworks Authority (RB)
	3,950,000	5.00%, 07/01/24 (c)		4,481,038
	355,000	5.50%, 07/01/20 (c)		405,627
	3,280,000	5.50%, 07/01/23 (c)		3,872,171
	75,000	5.63%, 07/01/20 (c)		85,455
		Guam Power Authority, Series A (RB)
	1,300,000	5.00%, 10/01/22 (c)		1,452,685
	250,000	5.50%, 10/01/20 (c)		284,565
		Territory of Guam (RB)
	1,250,000	5.00%, 01/01/22 (c)		1,412,100
	1,275,000	6.50%, 05/01/21 (c)		1,559,185
		Territory of Guam, Series A (GO)
	1,000,000	5.25%, 11/15/17 (c)		1,015,840
	5,170,000	7.00%, 11/15/19 (c)		6,132,602
				28,572,724
Hawaii: 0.1%
	2,285,000	Kuakini, Hawaii Health System, Special Purpose Revenue, Series A (RB)
		6.30%, 03/12/15 (c)		2,295,442
Illinois: 4.3%
	400,000	Chicago O’Hare International Airport (RB)
		5.50%, 01/01/23 (c)		473,948
		Chicago, Illinois, Series A (GO)
	1,000,000	5.00%, 01/01/24 (c)		1,067,330
	2,750,000	5.25%, 01/01/24 (c)		3,068,670
	465,000	City of Harvey, Illinois, Series A (GO)
		5.50%, 12/01/17 (c)		380,988
	2,000,000	Cook County, Illinois Recovery Zone Facility, Navistar International Corp. Project (RB)
		6.50%, 10/15/20 (c)		2,181,060
	3,750,000	Harvey, Illinois, Series A (GO)
		5.63%, 12/01/17 (c)		2,950,087
		Illinois Finance Authority (RB)
	2,000,000	4.75%, 05/15/23 (c)		2,067,660
	500,000	5.50%, 05/15/22 (c)		547,265
	345,000	5.63%, 03/12/15 (c)		345,055
	1,000,000	7.75%, 09/15/20 (c)		1,175,160
		Illinois Finance Authority, Centegra Health System, Series A (RB)
	535,000	4.63%, 09/01/24 (c)		550,205
	2,000,000	5.00%, 09/01/24 (c)		2,152,800
	20,000	Illinois Finance Authority, Elmhurst Memorial Healthcare, Series A (RB)
		5.63%, 01/01/18 (c)		21,736
		Illinois Finance Authority, Franciscan Communities, Inc., Series A (RB)
	4,800,000	5.13%, 05/15/23 (c)		4,981,632
	1,500,000	5.25%, 05/15/23 (c)		1,564,305
		Illinois Finance Authority, Greenfields of Geneva Project, Series A (RB)
	1,000,000	8.13%, 02/15/20 (c)		1,072,730
	3,000,000	8.25%, 02/15/20 (c)		3,218,130
		Illinois Finance Authority, Illinois Institute of Technology, Series A (RB)
	1,000,000	5.00%, 04/01/16 (c)		1,002,830
	3,000,000	5.00%, 04/01/16 (c)		3,018,930
	1,000,000	Illinois Finance Authority, Lutheran Home and Services Group (RB)
		5.75%, 05/15/22 (c)		1,058,340
	2,175,000	Illinois Finance Authority, Navistar International Corp. Project (RB)
		6.50%, 10/15/20 (c)		2,374,186
		Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB)
	300,000	8.00%, 05/15/15 (c)		210,384
	610,000	8.00%, 05/15/20 (c)		428,513
	1,625,000	8.13%, 05/15/20 (c)		1,142,765
	720,000	Illinois Finance Authority, Peace Village (RB)
		5.25%, 08/15/23		766,289
	575,000	Illinois Finance Authority, Resurrection Health Care Corp. (RB)
		6.13%, 05/15/19 (c)		665,931
		Illinois Finance Authority, Roosevelt University Project (RB)
	1,000,000	6.25%, 10/01/19 (c)		1,100,950
	2,000,000	6.50%, 10/01/19 (c)		2,200,640
	2,710,000	Illinois Finance Authority, Sherman Health System, Series A (RB)
		5.50%, 08/01/17 (c)		3,037,910
		Illinois Finance Authority, Swedish Covenant Hospital, Series A (RB)
	655,000	5.75%, 02/15/20 (c)		744,742
	2,070,000	6.00%, 02/15/20 (c)		2,327,094
		Illinois Finance Authority, The Admiral At The Lake Project, Series A (RB)
	7,000,000	8.00%, 05/15/20 (c)		7,724,360
	1,565,000	8.00%, 05/15/20 (c)		1,730,702
	150,000	Illinois Finance Authority, The Admiral At The Lake Project, Series B (RB)
		7.38%, 03/02/15 (c)		150,329
	1,250,000	Illinois Finance Authority, The Admiral At The Lake Project, Series D-1 (RB)
		7.00%, 03/02/15 (c)		1,252,537
		Illinois Railsplitter Tobacco Settlement Authority (RB)
	350,000	5.25%, 06/01/20		411,236
	200,000	5.38%, 06/01/21		240,174
	1,385,000	5.50%, 06/01/21 (c)		1,659,784
		Railsplitter Tobacco Settlement Authority (RB)
	1,030,000	5.00%, 06/01/18		1,160,779
	500,000	5.00%, 06/01/19		576,185
	2,000,000	Southwestern Illinois Development Authority, United States Steel Corp. Project (RB)
		5.75%, 08/01/22 (c)		2,076,320
	100,000	Village of Hillside, Illinois (TA)
		7.00%, 01/01/18 (c)		110,213
				64,990,884
Indiana: 3.1%
		Carmel, Indiana, The Barrington of Carmel Project, Series A (RB)
	1,500,000	7.13%, 11/15/22 (c)		1,684,725
	3,000,000	7.13%, 11/15/22 (c)		3,359,250
	55,000	City of Anderson Economic Development, Anderson University Project (RB)
		4.75%, 03/12/15 (c)		55,031
		City of Anderson, Indiana, Anderson University Project (RB)
	175,000	5.00%, 04/01/17 (c)		175,520
	525,000	5.00%, 04/01/17 (c)		528,917
	795,000	5.00%, 04/01/17 (c)		806,965
	1,900,000	Indiana Finance Authority, Environmental Improvement Revenue, United States Steel Corp. Project (RB)
		6.00%, 12/01/19		2,109,988
		Indiana Finance Authority, I-69 Section 5 Project (RB)
	2,515,000	5.00%, 09/01/24 (c)		2,748,945
	1,250,000	5.25%, 09/01/24 (c)		1,419,012
		Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB)
	1,475,000	5.13%, 08/15/20 (c)		1,662,458
	245,000	5.50%, 08/15/20 (c)		272,827
	2,500,000	5.50%, 08/15/20 (c)		2,792,000
		Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series A (RB)
	1,100,000	5.00%, 07/01/23 (c)		1,215,885
	3,000,000	5.00%, 07/01/23 (c)		3,286,320
	8,300,000	5.25%, 07/01/23 (c)		9,253,836
		Indiana Finance Authority, Ohio Valley Electric Corp. Project, Series A (RB)
	5,200,000	5.00%, 06/01/22 (c)		5,619,640
	2,570,000	5.00%, 06/01/22 (c)		2,798,010
		Indiana Finance Authority, United States Steel Corp. Project (RB)
	1,040,000	5.75%, 08/01/22 (c)		1,079,686
	25,000	6.00%, 06/01/20 (c)		28,349
	20,000	Indianapolis Airport Authority, Federal Express Corp. Project (RB)
		5.10%, 01/15/17		21,560
		Vigo County, Indiana Hospital Authority, Union Hospital, Inc. (RB)
	2,000,000	5.70%, 09/01/17 (c)		2,036,240
	3,000,000	5.75%, 09/01/17 (c)		3,051,420
	1,160,000	5.80%, 09/01/17 (c)		1,180,706
				47,187,290
Iowa: 2.2%
	3,000,000	City of Coralville, Iowa, Series D (CP)
		5.25%, 06/01/16 (c)		3,013,860
		Iowa Finance Authority (RB)
	163,200	2.00%, 03/12/15 (c)		1,632
	870,000	2.70%, 11/15/24 (c)		353,986
	5,430,000	Iowa Finance Authority, Alcoa, Inc. Project (RB)
		4.75%, 08/01/22 (c)		5,698,568
		Iowa Finance Authority, Iowa Fertilizer Company Project (RB)
	500,000	5.00%, 12/01/19		535,760
	3,525,000	5.25%, 12/01/23 (c)		3,902,210
	2,450,000	5.50%, 12/01/18 (c)		2,609,421
		Iowa Higher Education Loan Authority, Upper Iowa University Project (RB)
	20,000	4.00%, 09/01/23 (c)		19,188
	2,065,000	5.00%, 09/01/23 (c)		2,077,803
	2,750,000	5.00%, 09/01/23 (c)		2,688,510
	620,000	5.75%, 09/01/20 (c)		681,516
	1,345,000	6.00%, 09/01/20 (c)		1,464,167
	10,000,000	Iowa Tobacco Settlement Authority (RB)
		7.15%, 06/01/15 (c) ^		1,155,200
		Iowa Tobacco Settlement Authority, Series C (RB)
	3,000,000	5.38%, 06/01/15 (c)		2,703,420
	7,290,000	5.50%, 06/01/15 (c)		6,594,898
	160,000	Tobacco Settlement Authority, Series C (RB)
		5.63%, 06/01/15 (c)		144,694
				33,644,833
Kansas: 1.7%
	2,255,000	Arkansas City Public Building Commission (RB)
		6.25%, 09/01/19 (c)		2,479,959
		Manhattan, Kansas Health Care Facility Revenue, Meadowlark Hills Retirement Community, Series A (RB)
	2,000,000	5.00%, 05/15/17 (c)		2,011,840
	1,000,000	5.00%, 05/15/17 (c)		1,010,650
	100,000	Overland Park Development Corp. (RB) (AMBAC)
		5.13%, 01/01/17 (c)		100,401
		Overland Park, Kansas Development Corp. (RB) (AMBAC)
	16,000,000	5.13%, 01/01/17 (c)		16,064,160
	1,000,000	5.25%, 01/01/17 (c)		1,006,260
	2,550,000	Overland Park, Kansas, Prairiefire At Lionsgate Project (RB)
		6.00%, 12/15/22 (c)		2,600,974
				25,274,244
Kentucky: 1.5%
	5,650,000	County of Ohio, Kentucky Pollution Control, Big Rivers Electric Corp. Project, Series A (RB)
		6.00%, 07/15/20 (c)		5,642,372
		Kentucky Economic Development Finance Authority, Masonic Homes of Kentucky, Inc. (RB)
	2,000,000	5.38%, 11/15/22 (c)		2,096,280
	1,000,000	5.50%, 11/15/22 (c)		1,037,690
		Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series A (RB)
	490,000	5.75%, 06/01/20 (c)		568,126
	2,000,000	6.00%, 06/01/20 (c)		2,315,560
	1,325,000	6.38%, 06/01/20 (c)		1,542,088
	2,000,000	Kentucky Economic Development Finance Authority, Owensboro Medical Health System, Inc., Series B (RB)
		6.38%, 06/01/20 (c)		2,327,680
		Kentucky Public Transportation Infrastructure Authority, Downtown Cross Project, Series A (RB)
	1,375,000	5.00%, 07/01/17		1,507,962
	5,650,000	5.75%, 07/01/23 (c)		6,654,457
				23,692,215
Louisiana: 2.4%
		City of New Orleans, Louisiana (RB)
	200,000	5.00%, 06/01/21		236,650
	1,850,000	5.00%, 06/01/24 (c)		2,102,192
	500,000	5.00%, 12/01/24 (c)		570,810
	535,000	5.00%, 12/01/24 (c)		618,546
	500,000	Jefferson Parish Hospital Service District No 2 (RB)
		6.38%, 07/01/21 (c)		592,575
	45,000	Jefferson Parish Hospital Service District No. 2 (RB)
		6.25%, 07/01/21 (c)		53,381
	4,250,000	Lakeshore Village Master Community Development District (SA)
		5.25%, 07/01/17 (d) * §		1,487,500
	100,000	Louisiana Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project (RB)
		6.75%, 11/01/17 (c)		113,670
	2,000,000	Louisiana Local Government Environmental Facilities & Community Development Auth (RB)
		6.50%, 11/01/20 (c)		2,421,740
		Louisiana Local Government Environmental Facilities & Community Development Authority, Westlake Chemical Corp. Project, Series A (RB)
	910,000	6.50%, 08/01/20 (c)		1,096,732
	2,300,000	6.50%, 11/01/20 (c)		2,785,001
	575,000	Louisiana Public Facilities Authority, Black & Gold Facilities Project, Series A (RB) (CIFG)
		4.50%, 07/01/16 (c)		520,243
	1,450,000	Louisiana Public Facilities Authority, Lake Charles Memorial Hospital Project (RB)
		6.38%, 12/01/19 (c)		1,604,033
	2,000,000	Louisiana Public Facilities Authority, Louisiana Pellets, Inc. Project, Series A (RB)
		8.38%, 07/01/24 (c)		2,082,180
	15,000	Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project (RB)
		6.38%, 05/15/21 (c)		17,934
		Louisiana Public Facilities Authority, Ochsner Clinic Foundation Project, Series A (RB)
	1,525,000	5.25%, 05/15/17 (c)		1,605,886
	1,050,000	5.38%, 05/15/17 (c)		1,104,757
	3,000,000	Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Series A (RB)
		7.50%, 07/01/23		3,111,180
	2,025,000	Parish of St. Charles, Valero Project (RB)
		4.00%, 06/01/22 (p)		2,235,640
	1,730,000	Saint John, Louisiana Marathon Oil Corp. Project, Series A (RB)
		5.13%, 06/01/17 (c)		1,830,686
		Tobacco Settlement Financing Corp. (RB)
	2,750,000	5.00%, 05/15/20		3,215,492
	2,160,000	5.00%, 05/15/23		2,582,971
	4,000,000	5.25%, 05/15/23 (c)		4,487,000
				36,476,799
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)		2,218,360
		Maine Health & Higher Educational Facilities Authority, General Medical Center (RB)
	1,165,000	6.00%, 07/01/21 (c)		1,336,616
	2,220,000	6.75%, 07/01/21 (c)		2,519,056
	50,000	6.95%, 07/01/21 (c)		57,290
	2,000,000	Rumford, Maine Solid Waste Disposal, Boise Cascade Corp. (RB)
		6.88%, 03/12/15 (c)		2,022,000
				8,153,322
Maryland: 1.5%
	1,000,000	Anne Arundel County Consolidated Special Taxing District (ST)
		5.25%, 07/01/24 (c)		1,040,690
	2,445,000	Baltimore, Maryland, Convention Center Hotel Revenue, Series A (RB) (XLCA)
		5.25%, 09/01/16 (c)		2,518,668
		City of Baltimore, Maryland (RB) (XLCA)
	45,000	5.00%, 09/01/16 (c)		46,254
	25,000	5.25%, 09/01/16 (c)		25,913
		County of Howard, Maryland (RB)
	60,000	5.25%, 04/01/17 (c)		57,495
	2,990,000	5.25%, 04/01/17 (c)		2,928,137
	2,000,000	5.25%, 04/01/17 (c)		2,005,520
	2,955,000	Frederick County, Maryland Urbana Community Development Authority, Series B (ST)
		5.50%, 07/01/20 (c)		3,134,605
	2,000,000	Maryland Economic Development Corp., Chesapeake Bay Conference Center Project, Series A (RB)
		5.00%, 12/01/16 (c) (d)		895,000
	4,265,000	Maryland Economic Development Corp., CNX Marine Terminal, Inc. Port of Baltimore Facility (RB)
		5.75%, 09/01/20 (c)		4,779,188
		Maryland Health & Higher Educational Facilities Authority (RB)
	1,000,000	5.00%, 07/01/19		1,158,010
	20,000	5.75%, 01/01/18 (c)		21,736
	545,000	Maryland Health & Higher Educational Facilities Authority, Washington County Hospital Issue (RB)
		5.75%, 01/01/18 (c)		593,096
	3,000,000	Maryland Health and Higher Educational Facilities Authority (RB)
		5.00%, 07/01/24		3,644,880
	45,000	Mayor and City Council of Baltimore, Convention Center Hotel, Series A (RB) (XLCA)
		5.25%, 09/01/16 (c)		47,148
				22,896,340
Massachusetts: 0.4%
	3,150,000	Massachusetts Development Finance Agency, Covanta Energy Project, Series B (RB)
		4.88%, 11/01/17 (c)		3,214,134
	280,000	Massachusetts Development Finance Agency, Orchard Cove (RB)
		5.25%, 03/12/15 (c)		282,920
	220,000	Massachusetts Development Finance Agency, Series H (RB)
		5.50%, 07/01/21 (c)		239,001
		Massachusetts Health & Educational Facilities Authority (RB)
	70,000	5.00%, 07/01/15 (c)		70,972
	100,000	5.00%, 07/01/20 (c)		113,003
	25,000	5.00%, 07/01/20 (c)		28,319
	50,000	Massachusetts Health & Educational Facilities Authority, Boston Medical Center Issue, Series B (RB)
		5.00%, 07/01/18 (c)		53,551
	465,000	Massachusetts Health & Educational Facilities Authority, Jordan Hospital Issue, Series D (RB)
		5.38%, 03/12/15 (c)		465,256
	2,000,000	Massachusetts Health & Educational Facilities Authority, Milton Hospital Issue, Series D (RB)
		5.50%, 07/01/15 (c)		2,007,440
		Massachusetts Health & Educational Facilities Authority, Suffolk University Issue, Series A (RB)
	20,000	6.00%, 07/01/19 (c)		23,470
	75,000	6.25%, 07/01/19 (c)		88,558
				6,586,624
Michigan: 2.6%
		City of Detroit, Michigan Sewage Disposal System Revenue, Series A (RB)
	265,000	5.00%, 07/01/20		299,890
	165,000	5.00%, 07/01/21		188,338
	750,000	5.50%, 07/01/17 (c)		800,258
		City of Detroit, Michigan Water Supply System Revenue, Series A (RB)
	25,000	5.00%, 07/01/21 (c)		26,986
	65,000	5.25%, 07/01/21 (c)		70,660
	25,000	5.25%, 07/01/21 (c)		28,009
	25,000	City of Detroit, Sewage Disposal System, Series A (RB)
		5.00%, 07/01/22		28,710
	345,000	Detroit Local Development Finance Authority (TA)
		5.50%, 03/12/15 (c)		343,889
		Flint, Michigan Hospital Building Authority, Hurley Medical Center (RB)
	2,000,000	4.75%, 07/01/23 (c)		1,900,820
	990,000	7.38%, 07/01/20 (c)		1,148,915
		Kent Hospital Finance Authority, Metropolitan Hospital Project, Series A (RB)
	2,510,000	5.25%, 07/01/15 (c)		2,549,783
	1,000,000	5.75%, 07/01/15 (c)		1,018,210
	1,450,000	6.00%, 07/01/15 (c)		1,476,738
	1,500,000	Kentwood, Michigan Economic Development Corp., Holland Home Obligated Group (RB)
		5.63%, 05/15/22 (c)		1,590,285
		Michigan Finance Authority, Public Lighting Authority Local Project, Series B (RB)
	520,000	5.00%, 07/01/24 (c)		574,590
	100,000	5.00%, 07/01/24 (c)		111,678
	650,000	5.00%, 07/01/24 (c)		729,229
		Michigan Finance Authority, Senior Tax-Exempt Educational Facility Revenue, St. Catherine of Siena Academy Project, Series A (RB)
	1,260,000	7.38%, 10/01/20		774,850
	1,000,000	8.00%, 10/01/19 (c)		612,780
	500,000	Michigan Finance Authority, Series C (RB)
		5.00%, 07/01/22 (c)		531,765
	1,000,000	Michigan Municipal Bond Authority, Series C (RB) (AMBAC)
		4.75%, 05/01/17 (c)		1,009,670
	5,050,000	Michigan Solid Waste Disposal, Genesee Power Station Project (RB)
		7.50%, 03/12/15 (c)		5,051,666
	1,500,000	Michigan Strategic Fund, Series A (TA)
		4.12%, 07/01/18 (c) (p)		1,536,135
		Michigan Tobacco Settlement Finance Authority, Series A (RB)
	1,940,000	5.13%, 06/01/17 (c)		1,755,797
	1,070,000	6.00%, 06/01/17 (c)		930,001
	7,500,000	6.00%, 06/01/17 (c)		6,806,850
	6,000,000	6.88%, 06/01/18 (c)		6,008,880
100,000,000		Michigan Tobacco Settlement Finance Authority, Series B (RB)
		11.24%, 06/01/17 (c) ^		1,944,000
				39,849,382
Minnesota: 0.9%
	2,100,000	City of Victoria, Minnesota Private School Facility, Holy Family Catholic High School Project (RB)
		5.00%, 09/01/22 (c)		2,135,679
	3,500,000	Saint Paul Housing & Redevelopment Authority, Episcopal Homes Project (RB)
		5.00%, 05/01/23 (c)		3,611,860
		Saint Paul, Minnesota Housing & Redevelopment Authority, Carondelet Village Project, Series A (RB)
	500,000	6.00%, 08/01/17 (c)		511,695
	500,000	6.00%, 08/01/17 (c)		513,575
	2,500,000	Saint Paul, Minnesota Housing & Redevelopment Authority, HealthEast Project (RB)
		6.00%, 11/15/15 (c)		2,599,500
		Wayzata, Minnesota Folkestone Senior Living Community, Series A (RB)
	2,200,000	5.75%, 05/01/19 (c)		2,409,418
	2,500,000	6.00%, 05/01/19 (c)		2,753,975
				14,535,702
Mississippi: 0.0%
	280,000	Mississippi Development Bank, Series A (RB) (XLCA)
		5.00%, 03/01/16 (c)		286,502
Missouri: 0.5%
	1,000,000	Citizens Memorial Hospital District of Polk County, Missouri Hospital (RB)
		5.00%, 08/01/19 (c)		1,025,440
	30,000	City of Nevada, Missouri (RB) (ACA)
		4.30%, 03/12/15 (c)		25,161
		Kansas City, Missouri Industrial Development Authority, Missouri Health Care Facilities First Mortgage, Series A (RB)
	2,170,000	6.25%, 03/12/15 (c)		2,177,400
	2,500,000	6.50%, 03/12/15 (c)		2,504,025
		St. Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB)
	580,000	5.00%, 06/15/15 (c)		590,376
	1,150,000	5.25%, 06/15/15 (c)		1,155,543
	570,000	5.35%, 06/15/15 (c)		567,412
				8,045,357
Nebraska: 0.2%
	3,160,000	Nebraska Educational Finance Authority, Concordia University Project (RB)
		5.00%, 10/01/15 (c)		3,259,319
Nevada: 0.1%
		City of North Las Vegas, Nevada (GO)
	735,000	5.00%, 06/01/21 (c)		626,735
	1,220,000	5.00%, 06/01/21 (c)		1,065,731
				1,692,466
New Jersey: 5.1%
	1,000,000	Burlington, Vermont Bridge Commission, Burlington County, New Jersey, The Evergreens Project (RB)
		5.63%, 01/01/18 (c)		1,031,950
	1,000,000	Camden County Improvement Authority (RB)
		5.00%, 02/15/24 (c)		1,157,180
	2,500,000	Camden County, New Jersey Improvement Authority, Series A (RB)
		5.00%, 02/15/24 (c)		2,875,875
	5,000,000	Casino Reinvestment Development Authority (RB)
		5.25%, 11/01/24 (c)		5,551,000
	235,000	City of Atlantic City, Series A (GO)
		5.50%, 02/15/18		232,793
	3,745,000	Gloucester County, New Jersey Pollution Control Financing Authority, Series A (RB)
		5.00%, 12/01/24		4,292,294
	100,000	New Jersey Economic Development Authority (RB)
		4.00%, 06/15/19		108,884
	4,000,000	New Jersey Economic Development Authority, ACR Energy Partners, LLC, Series A (RB)
		10.50%, 06/01/16 (c) (d) §		1,600,000
		New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
	470,000	4.25%, 06/15/22 (c)		504,047
	1,150,000	5.00%, 06/15/17		1,249,567
	200,000	5.00%, 06/15/19		226,112
	50,000	5.00%, 06/15/22		58,176
	840,000	5.00%, 06/15/22 (c)		967,000
	500,000	5.00%, 06/15/22 (c)		558,960
		New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
	3,220,000	4.88%, 09/15/19		3,411,236
	1,150,000	5.25%, 08/20/22 (c)		1,247,416
	2,215,000	5.50%, 03/12/15 (c)		2,222,885
	250,000	5.63%, 03/05/24 (c)		278,785
	235,000	5.63%, 03/05/24 (c)		262,058
	3,735,000	5.75%, 09/15/22 (c)		4,254,800

	8,120,000	New Jersey Economic Development Authority, Gloucester Marine Project A (RB)
		6.63%, 01/01/16 (c)		8,247,565
		New Jersey Economic Development Authority, The Goethals Bridge Replacement Project (RB)
	1,350,000	5.13%, 01/01/24 (c)		1,521,018
	150,000	5.38%, 01/01/24 (c)		170,255
	170,000	New Jersey Health Care Facilities Financing Authority (RB)
		6.00%, 07/01/21 (c)		193,574
		New Jersey Health Care Facilities Financing Authority, Barnabas Health Issue, Series A (RB)
	250,000	5.00%, 07/01/19		289,038
	125,000	5.00%, 07/01/21		150,870
	2,050,000	New Jersey Health Care Facilities Financing Authority, Saint Peter’s University System (RB)
		6.25%, 07/01/21 (c)		2,286,324
	2,000,000	New Jersey Health Care Facilities Financing Authority, St. Joseph’s Healthcare System (RB)
		6.63%, 07/01/18 (c)		2,258,780
		New Jersey Tobacco Settlement Financing Corp., Series A (RB)
	6,385,000	5.00%, 06/01/17 (c)		5,143,628
	7,500,000	5.00%, 06/01/17 (c)		6,530,475
	5,150,000	Pollution Control Financing Authority, Chambers Project, Series A (RB)
		5.00%, 12/01/23		5,915,650
	360,000	Tobacco Settlement Financing Corp. (RB)
		5.00%, 06/01/16		381,215
		Tobacco Settlement Financing Corp., Senior Series 1A (RB)
	5,535,000	4.50%, 06/01/17 (c)		5,555,313
	25,000	5.00%, 06/01/17 (c)		27,111
	1,000,000	Tobacco Settlement Financing Corp., Senior Series A-1 (RB)
		4.75%, 06/01/17 (c)		793,060
	400,000	Tobacco Settlement Financing Corp., Senior Series B-1 (RB)
		7.74%, 06/01/17 (c) ^		98,404
	5,800,000	Tobacco Settlement Financing Corp., Series A (RB)
		4.63%, 06/01/17 (c)		5,588,996
				77,242,294
New Mexico: 0.8%
	1,390,000	County of Otero, New Mexico Jail Project (RB)
		5.75%, 10/01/16 (c)		1,345,562
	2,810,000	Farmington, New Mexico Pollution Control, San Juan Project, Series F (RB)
		6.25%, 06/01/20 (c)		3,161,952
	2,850,000	Otero County, New Mexico Jail Project Revenue (RB)
		6.00%, 10/01/16 (c)		2,616,699
	5,650,000	Otero County, New Mexico Jail Project Revenue (RB)
		6.00%, 10/01/16 (c)		4,723,795
				11,848,008
New York: 8.6%
		Brooklyn Arena Local Development Corp. (RB)
	10,000	6.00%, 01/15/20 (c)		11,990
	1,365,000	6.25%, 01/15/20 (c)		1,645,521
		Build NYC Resource Corp. (RB)
	1,050,000	4.50%, 01/01/25		1,147,366
	5,000,000	5.00%, 11/01/24 (c)		5,341,550
	600,000	5.00%, 01/01/25 (c)		648,666
	1,000,000	5.50%, 11/01/24 (c)		1,106,360
	4,160,000	Chautaugua County, New York Industrial Development, NRG Dunkirk Power Project (RB)
		5.88%, 02/01/20 (c)		4,700,342
		Dutchess County Industrial Development Agency (RB)
	2,525,000	4.50%, 08/01/17 (c)		2,526,767
	15,000	4.50%, 08/01/17 (c)		15,416
	1,465,000	Erie County, New York Industrial Development Agency, Orchard Park CCRC, Inc. Project, Series A (RB)
		6.00%, 11/15/16 (c)		1,493,787
		Erie County, New York Tobacco Asset Securitization Corp., Series A (RB)
	190,000	5.00%, 06/01/15 (c)		165,251
	30,000	5.00%, 06/01/15 (c)		27,670
	500,000	Jefferson County Industrial Development Agency (RB)
		5.25%, 01/01/24		509,955
	1,655,000	Long Island Power Authority, Series C (RB) (CIFG)
		5.25%, 09/01/29		2,142,100
		Nassau County Local Economic Assistance Corp., Winthrop-University Hospital Association Project (RB)
	915,000	5.00%, 07/01/22 (c)		997,624
	1,000,000	5.00%, 07/01/22 (c)		1,119,960
	2,000,000	Nassau County Tobacco Settlement Corp (RB)
		5.25%, 06/01/16 (c)		2,001,620
		Nassau County Tobacco Settlement Corp., Series A (RB)
	5,105,000	5.00%, 06/01/16 (c)		4,360,129
	2,335,000	5.13%, 06/01/16 (c)		1,912,762
	350,000	New Rochelle Industrial Development Agency (RB)
		5.50%, 07/01/15 (c)		352,793
	35,000	New York City Industrial Development Agency (RB)
		5.75%, 03/12/15 (c)		29,538
		New York City Industrial Development Agency, British Airways Plc Project (RB)
	8,955,000	5.25%, 03/12/15 (c)		8,988,402
	4,650,000	7.63%, 03/12/15 (c)		4,675,947
	2,000,000	New York City Industrial Development Agency, Civic Facility, Bronx Parking Development Company, LLC Project (RB)
		5.88%, 10/01/17 (c) (d)		720,000
	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)		2,085,300
		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)		1,035,040
	380,000	5.25%, 12/01/16 (c)		392,251
		New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC)
	1,970,000	4.75%, 01/01/17 (c)		2,012,453
	815,000	5.00%, 01/01/17 (c)		841,007
	1,000,000	5.00%, 01/01/17 (c)		1,044,950
	530,000	New York City Industrial Development Agency, Special Facility, JetBlue Airways Corp. Project (RB)
		5.00%, 03/12/15 (c)		531,272
	2,000,000	New York City Industrial Development Agency, Transportation Infrastructure Properties, LLC, Series A (RB)
		5.00%, 07/01/22 (c)		2,203,820
	1,700,000	New York City Industrial Development Agency, Yankee Stadium Project (RB) (FGIC)
		4.50%, 09/01/16 (c)		1,725,534
		New York Counties Tobacco Trust IV, Series A (RB)
	115,000	5.00%, 06/01/15 (c)		93,688
	325,000	5.00%, 06/01/15 (c)		270,589
	1,020,000	New York Dormitory Authority, Pace University, Series A (RB)
		4.00%, 05/01/22		1,091,400
	2,070,000	New York Dormitory Authority, Yeshiva University (RB)
		5.00%, 09/01/19 (c)		2,226,451
	2,500,000	New York Liberty Development Corp. (RB)
		5.15%, 11/15/24 (c)		2,812,550
		New York Liberty Development Corp., 3 World Trade Center Project (RB)
	7,000,000	5.00%, 11/15/24 (c)		7,503,020
	1,000,000	5.38%, 11/15/24 (c)		1,138,990
	1,000,000	7.25%, 11/15/24 (c)		1,233,430
	2,000,000	New York Liberty Development Corp., 7 World Trade Center Project (RB)
		5.00%, 03/15/22 (c)		2,201,960
	40,000	New York State Dormitory Authority (RB)
		3.50%, 09/01/16		41,114
	2,170,000	New York State Dormitory Authority, Manhattan College, Series A (RB)
		5.00%, 07/01/17 (c)		2,222,774
	2,870,000	New York State Dormitory Authority, Orange Regional Medical Center (RB)
		6.13%, 12/01/18 (c)		3,161,133
	365,000	New York State Dormitory Authority, Pace Univeristy, Series A (RB)
		5.00%, 05/01/19		408,362
	100,000	New York State Dormitory Authority, Yeshiva University (RB)
		5.00%, 09/01/19 (c)		103,801
	2,250,000	New York State Environmental Facilities Corp. (RB)
		3.75%, 12/02/19 (p)		2,267,550
	4,775,000	Niagara Area Development Corp., Covanta Energy Project, Series A (RB)
		5.25%, 11/01/17 (c)		4,985,004
	1,250,000	Onondaga Civic Development Corp (RB)
		5.13%, 07/01/19 (c)		1,365,912
		Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project (RB)
	5,965,000	4.50%, 07/01/22 (c)		5,998,404
	3,140,000	5.00%, 07/01/22 (c)		3,241,862
		Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project, Series A (RB)
	1,000,000	4.63%, 07/01/19 (c)		1,076,890
	200,000	5.00%, 07/01/19		222,068
	795,000	Suffolk County Industrial Development Agency, Dowling College Civic Facility, Series A (RB) (ACA)
		4.75%, 06/01/16 (c)		782,646
	10,000	Suffolk Tobacco Asset Securitization Corp (RB)
		6.00%, 06/01/18 (c)		9,308
	5,500,000	Suffolk Tobacco Asset Securitization Corp. (RB)
		6.63%, 06/01/22 (c)		5,586,845
	1,000,000	Syracuse Industrial Development Agency (RB) (XLCA)
		5.00%, 01/01/17 (c)		1,025,380
		Town of Oyster Bay, New York (GO)
	705,000	3.25%, 08/15/17 (c)		718,233
	945,000	3.25%, 08/01/22 (c)		991,825
	50,000	Town of Oyster Bay, New York Public Improvement (GO)
		3.00%, 08/15/17 (c)		51,004
	100,000	Tsasc, Inc., New York City Tobacco Settlement, Series 0 (RB)
		5.00%, 06/01/16 (c)		100,579
		Tsasc, Inc., New York City Tobacco Settlement, Series 1 (RB)
	5,540,000	5.00%, 06/01/16 (c)		5,028,547
	7,265,000	5.13%, 06/01/16 (c)		6,371,550
	745,000	Westchester County Healthcare Corp. (RB)
		6.13%, 11/01/20 (c)		871,196
	1,290,000	Westchester County Local Development Corp. (RB)
		5.50%, 05/01/24 (c)		1,501,005
		Westchester, New York Tobacco Asset Securitization Corp. (RB)
	5,115,000	5.13%, 06/01/15 (c)		4,840,324
	1,500,000	5.13%, 06/01/15 (c)		1,500,150
				131,558,687
North Carolina: 0.5%
	3,000,000	Gaston County, North Carolina Industrial Facilities & Pollution Control Financing Authority (RB)
		5.75%, 08/01/15 (c)		3,003,120
		North Carolina Medical Care Commission, Lutheran Services for the Aging, Series A (RB)
	245,000	4.75%, 03/01/22 (c)		254,994
	1,330,000	5.00%, 03/01/22 (c)		1,379,662
	820,000	5.00%, 03/01/22 (c)		858,237
	1,395,000	North Carolina Medical Care Commission, Retirement Facilities, Galloway Ridge Project (RB)
		6.00%, 01/01/20 (c)		1,548,980
				7,044,993
North Dakota: 0.0%
		City of Grand Forks, North Dakota, Altru Health System Obligated Group (RB)
	25,000	4.00%, 12/01/21 (c)		25,891
	500,000	5.00%, 12/01/21 (c)		544,840
				570,731
Ohio: 5.9%
	75,000,000	Buckeye Tobacco Settlement Financing Authority (RB)
		8.90%, 06/01/17 (c) ^		4,751,250
		Buckeye, Ohio Tobacco Settlement Finance Authority, Asset-Backed-Senior-Turbo, Series A-2 (RB)
	2,100,000	5.75%, 06/01/17 (c)		1,769,229
	5,000,000	5.88%, 06/01/17 (c)		4,260,400
	6,700,000	5.88%, 06/01/17 (c)		5,827,191
	7,175,000	6.50%, 06/01/17 (c)		6,614,417
102,650,000		Buckeye, Ohio Tobacco Settlement Financing Authority (RB)
		11.90%, 06/01/17 (c) ^		1,386,801
		Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-2 (RB)
	9,750,000	5.13%, 06/01/17 (c)		8,415,907
	2,170,000	5.38%, 06/01/17 (c)		1,902,786
	4,765,000	6.00%, 06/01/17 (c)		4,065,212
	540,000	Buckeye, Ohio Tobacco Settlement Financing Authority, Series A-3 (RB)
		6.25%, 06/01/22 (c)		483,370
	90,000	City of Cleveland, Airport System Revenue, Series A (RB) (AMBAC)
		5.00%, 01/01/17 (c)		96,965
	650,000	City of Cleveland, Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB)
		5.70%, 03/12/15 (c)		652,379
	250,000	City of Cleveland, Ohio Airport System Revenue, Series A (RB)
		5.00%, 01/01/22 (c)		286,690
	1,035,000	Cleveland, Ohio Airport Special Revenue, Continental Airlines, Inc. Project (RB)
		5.38%, 03/12/15 (c)		1,038,333
	2,535,000	Cleveland, Ohio Airport System Revenue (RB)
		5.00%, 01/01/22 (c)		2,883,030
		County of Hamilton, Ohio (RB)
	4,000,000	5.25%, 06/01/22 (c)		4,723,160
	1,500,000	5.25%, 06/01/22 (c)		1,784,430
	3,750,000	County of Hamilton, Ohio The Christ Hospital Project (RB)
		5.00%, 06/01/22 (c)		4,177,125
		County of Lucas, Ohio Lutheran Homes Society, Inc. Obligated Group Project (RB)
	2,300,000	6.63%, 11/01/20 (c)		2,545,916
	500,000	7.00%, 11/01/20 (c)		557,500
	2,000,000	County of Muskingum, Ohio, Genesis HealthCare System Obligated Group Project (RB)
		5.00%, 02/15/23 (c)		2,130,540
	2,000,000	Franklin, Ohio, First Community Village Obligated Group (RB)
		5.63%, 07/01/20 (c)		1,898,740
	2,920,000	Lorain County, Ohio Port Authority, United States Steel Corp. Project (RB)
		6.75%, 12/01/20 (c)		3,351,342
	3,000,000	Muskingum County, Ohio Hospital Facilities, Genesis HealthCare System Obligated Group Project (RB)
		5.00%, 02/15/23 (c)		3,128,880
	1,000,000	Ohio Air Quality Development Authority, AK Steel Corp. Project, Series A (RB)
		6.75%, 02/01/22 (c)		1,050,450
	1,000,000	Ohio Air Quality Development Authority, FirstEnergy Generation Project, Series A (RB)
		3.75%, 12/03/18 (p)		1,068,020
	615,000	Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series E (RB)
		5.63%, 10/01/19		701,315
	4,490,000	Ohio State Higher Educational Facility Commission, Ashland University Project (RB)
		6.25%, 09/01/20 (c)		4,483,220
	4,650,000	Ohio State Solid Waste Disposal, USG Corp. Project (RB)
		5.60%, 03/12/15 (c)		4,655,161
	850,000	Ohio State Water Development Authority, Series A (RB)
		5.88%, 06/01/16 (p)		901,595
	25,000	Ohio State Water Development Authority, Series B (RB)
		4.00%, 06/03/19 (p)		26,956
	530,000	Ohio State Water Development Authority, Series C (RB)
		3.95%, 05/01/20 (p)		568,059
		Southeastern Ohio Port Authority, Hospital Facilities Revenue, Memorial Health System Obligated Group Project (RB)
	3,400,000	5.75%, 12/01/22 (c)		3,619,776
	3,750,000	6.00%, 12/01/22 (c)		4,074,787
	40,000	Toledo-Lucas County Port Authority (SA)
		5.38%, 03/12/15 (c)		40,440
				89,921,372
Oklahoma: 0.3%
	2,010,254	Kingfisher, Oklahoma Hospital Authority (RB)
		6.50%, 03/12/15 (c)		2,018,154
	1,000,000	Oklahoma Development Finance Authority, Great Plains Regional Medical Center Project (RB)
		5.13%, 12/01/17 (c)		982,520
		Oklahoma Development Finance Authority, Inverness Village Community (RB)
	275,000	5.25%, 01/01/19 (c)		283,597
	1,000,000	6.00%, 01/01/22 (c)		1,067,380
				4,351,651
Oregon: 0.1%
	400,000	Hospital Facilities Authority of Multnomah County Oregon (RB)
		5.00%, 10/01/19		431,812
		Oregon State Facilities Authority, Concordia University Project, Series A (RB)
	650,000	6.13%, 09/01/20 (c)		704,873
	750,000	6.38%, 09/01/20 (c)		815,160
				1,951,845
Pennsylvania: 3.7%
		Allegheny County, Pennsylvania Industrial Development Authority, United States Steel Corp. Project (RB)
	1,345,000	5.75%, 08/01/22 (c)		1,396,325
	1,000,000	6.75%, 12/01/21 (c)		1,185,060
	1,000,000	6.88%, 11/01/19 (c)		1,156,140
		Allentown Neighborhood Improvement Zone Development Authority (RB)
	1,815,000	5.00%, 05/01/22 (c)		2,002,435
	150,000	5.00%, 05/01/22 (c)		166,401
	2,980,000	5.00%, 05/01/22 (c)		3,253,624
	3,750,000	Beaver County Industrial Development Authority, Pollution Control, Series B (RB)
		3.50%, 06/01/20 (p)		3,939,600
	400,000	Cumberland County, Pennsylvania Municipal Authority (RB)
		5.25%, 01/01/22 (c)		425,188
	9,840,000	Delaware County Authority (RB)
		5.00%, 12/15/16 (c)		10,168,459
		Delaware River Port Authority (RB)
	2,445,000	5.00%, 01/01/23 (c)		2,811,065
	2,715,000	5.00%, 01/01/23 (c)		3,125,617
	6,300,000	Harrisburg, Philadelphia University Revenue, Series B (RB)
		6.00%, 09/01/17 (c) (d)		3,039,498
	1,500,000	Lancaster County Hospital Authority, Brethren Village Project, Series A (RB)
		6.50%, 07/01/17 (c)		1,570,815
	1,250,000	Lehigh County, Pennsylvania General Purpose Authority, Bibles Fellowship Church Homes, Inc. Project (RB)
		5.25%, 07/01/22 (c)		1,289,375
	5,000	Lycoming County Authority (RB)
		5.50%, 07/01/19 (c)		5,629
	300,000	Pennsylvania Economic Development Finance Authority, Colver Project, Series G (RB)
		5.13%, 12/01/15		303,888
	1,500,000	Pennsylvania Economic Development Financing Authority (RB)
		5.50%, 11/01/24 (c)		1,538,535
	1,800,000	Pennsylvania Economic Development Financing Authority, Solid Waste Disposal, USG Corp. Project (RB)
		6.00%, 03/12/15 (c)		1,803,456
	2,170,000	Pennsylvania Higher Educational Facilities Authority (RB)
		6.00%, 07/01/20 (c)		2,386,848
		Philadelphia Authority for Industrial Development, First Philadelphia Preparatory Charter School Project, Series A (RB)
	350,000	5.88%, 06/15/22		373,086
	1,000,000	7.25%, 06/15/24 (c)		1,083,240
	2,130,000	Philadelphia Authority for Industrial Development. Esperanza Charter School Project (RB)
		8.20%, 01/01/23 (c)		2,277,673
		Philadelphia Gas Works Co. (RB) (AMBAC)
	135,000	5.00%, 10/01/17 (c)		147,192
	150,000	5.00%, 10/01/17		168,141
		Philadelphia Hospitals & Higher Education Facilities Authority, Temple University Health System Obligated Group, Series A (RB)
	105,000	5.00%, 07/01/17 (c)		107,457
	1,990,000	5.50%, 07/01/17 (c)		2,070,814
	1,365,000	5.63%, 07/01/22 (c)		1,488,587
	4,175,000	5.63%, 07/01/22 (c)		4,525,366
		Susquehanna Area Regional Airport Authority (RB)
	650,000	5.00%, 01/01/23 (c)		721,091
	1,500,000	5.00%, 01/01/23		1,701,870
				56,232,475
Puerto Rico: 3.5%
	235,000	Children’s Trust Fund (RB)
		5.63%, 03/12/15 (c)		230,253
		Commonwealth of Puerto Rico (GO)
	20,000	5.00%, 07/01/16 (c)		15,502
	25,000	5.25%, 07/01/18		21,768
	270,000	5.38%, 07/01/21 (c)		193,401
	100,000	5.50%, 07/01/21 (c)		71,380
	85,000	5.63%, 07/01/16 (c)		60,885
		Commonwealth of Puerto Rico, Public Improvement, Series A (GO)
	420,000	4.50%, 07/01/22 (c)		291,308
	50,000	5.00%, 07/01/22		38,756
	415,000	5.13%, 07/01/22 (c)		282,188
	250,000	5.25%, 03/12/15 (c)		200,038
	20,000	5.25%, 03/12/15 (c)		15,702
	90,000	5.25%, 07/01/16		84,864
	85,000	5.25%, 07/01/16 (c)		66,734
	70,000	5.25%, 07/01/18 (c)		51,280
	100,000	5.25%, 07/01/22 (c)		75,509
	220,000	5.50%, 07/01/17		199,879
	65,000	5.50%, 07/01/18 (c)		46,315
	150,000	5.50%, 07/01/18		131,477
	500,000	5.50%, 07/01/18		438,255
	100,000	5.50%, 07/01/19		86,807
	11,985,000	8.00%, 07/01/20 (c)		10,052,539
		Commonwealth of Puerto Rico, Public Improvement, Series B (GO)
	45,000	5.00%, 07/01/16 (c)		30,706
	840,000	5.75%, 07/01/19 (c)		588,185
	30,000	Commonwealth of Puerto Rico, Public Improvement, Series C (GO)
		6.00%, 07/01/19 (c)		21,413
	10,000	Commonwealth of Puerto Rico, Public Improvement, Series D (GO)
		5.00%, 07/01/16 (c)		8,506
	30,000	Puerto Rico Commonwealth Aqueduct & Sewer Authority (RB)
		5.25%, 07/01/22 (c)		21,981
		Puerto Rico Commonwealth Aqueduct and Sewer Authority, Series A (RB)
	1,040,000	5.00%, 07/01/22 (c)		717,600
	1,740,000	5.25%, 07/01/22 (c)		1,183,148
	700,000	5.75%, 07/01/22 (c)		498,736
	265,000	6.00%, 07/01/18 (c)		190,456
	1,500,000	6.00%, 07/01/18 (c)		1,064,940
	7,355,000	6.00%, 07/01/22 (c)		5,184,981
	13,000,000	Puerto Rico Commonwealth Children’s Trust Tobacco Settlement Asset-Backed Bond, Series A (RB)
		7.05%, 05/15/15 (c) ^		1,004,770
	1,000,000	Puerto Rico Commonwealth Highways and Transportation Authority, Series N (RB)
		5.50%, 07/01/23		564,090
	3,000,000	Puerto Rico Commonwealth Infrastructure Financing Authority, Series B (RB)
		5.00%, 07/01/16 (c)		1,867,530
	305,000	Puerto Rico Commonwealth Public Improvement, Series A (GO)
		6.00%, 07/01/21 (c)		217,441
	655,000	Puerto Rico Commonwealth Public Improvement, Series A (GO)
		5.00%, 07/01/22 (c)		438,850
	460,000	Puerto Rico Commonwealth, Government Development, Series B (RB)
		5.00%, 12/01/15		439,070
		Puerto Rico Convention Center District Authority, Series A (RB) (CIFG)
	25,000	4.50%, 07/01/16 (c)		20,563
	200,000	4.75%, 07/01/16 (c)		137,784
	500,000	5.00%, 07/01/16 (c)		359,235
		Puerto Rico Electric Power Authority, Series A (RB)
	890,000	4.80%, 07/01/22 (c)		457,300
	350,000	7.00%, 07/01/23 (c)		180,688
		Puerto Rico Electric Power Authority, Series AAA (RB)
	90,000	5.25%, 07/01/20 (c)		46,254
	325,000	5.25%, 07/01/20 (c)		167,040
		Puerto Rico Electric Power Authority, Series CCC (RB)
	25,000	4.80%, 07/01/20 (c)		12,846
	40,000	5.00%, 07/01/15 (c)		20,554
	125,000	5.00%, 07/01/20 (c)		64,241
		Puerto Rico Electric Power Authority, Series DDD (RB)
	165,000	5.00%, 07/01/20 (c)		84,798
	975,000	5.00%, 07/01/20 (c)		501,121
	525,000	5.00%, 07/01/20		274,565
		Puerto Rico Electric Power Authority, Series TT (RB)
	25,000	5.00%, 07/01/17 (c)		12,847
	925,000	5.00%, 07/01/17 (c)		475,302
	375,000	5.00%, 07/01/17		204,019
	260,000	5.00%, 07/01/17 (c)		133,632
	2,100,000	Puerto Rico Electric Power Authority, Series VV (RB) (NATL)
		5.25%, 07/01/29		2,121,063
		Puerto Rico Electric Power Authority, Series WW (RB)
	85,000	5.38%, 07/01/18 (c)		43,684
	45,000	5.50%, 07/01/18 (c)		23,683
		Puerto Rico Electric Power Authority, Series ZZ (RB)
	500,000	4.00%, 07/01/16		281,535
	115,000	4.25%, 07/01/20		60,226
	500,000	5.00%, 07/01/16		281,325
	25,000	5.00%, 07/01/17		13,601
	385,000	5.00%, 07/01/18		203,168
	500,000	5.25%, 07/01/20 (c)		256,940
	50,000	5.25%, 07/01/20		26,420
	25,000	5.25%, 07/01/20 (c)		12,848
	175,000	5.25%, 07/01/20 (c)		89,933
	290,000	Puerto Rico Government Development, Series B (RB)
		5.00%, 12/01/16		266,255
		Puerto Rico Highways & Transportation Authority (RB)
	780,000	5.00%, 03/12/15 (c)		421,964
	10,000	5.00%, 03/12/15 (c)		7,745
	115,000	5.00%, 07/01/15 (c)		75,879
	400,000	5.00%, 07/01/15 (c)		220,420
	50,000	5.00%, 07/01/15 (c)		29,206
	500,000	5.00%, 07/01/15 (c)		355,930
	1,500,000	5.00%, 07/01/17 (c)		845,985
	1,020,000	5.00%, 07/01/17 (c)		546,312
	200,000	5.00%, 07/01/17 (c)		106,122
	250,000	5.25%, 03/12/15 (c)		197,100
	1,055,000	5.50%, 07/01/22		595,347
	2,000,000	5.50%, 07/01/24		1,127,860
	1,500,000	5.50%, 07/01/25		845,700
	1,500,000	5.50%, 07/01/26		845,535
	155,000	Puerto Rico Highways and Transportation Authority, Series K (RB)
		5.00%, 07/01/15 (c)		94,256
	385,000	Puerto Rico Highways and Transportation Authority, Series N (RB)
		5.50%, 07/01/21		220,559
		Puerto Rico Infrastructure Financing Authority (RB)
	55,000	5.00%, 07/01/16 (c)		34,928
	265,000	5.00%, 07/01/16 (c)		168,953
	1,065,000	5.00%, 07/01/16 (c)		680,343
	1,000,000	5.00%, 12/15/21 (c)		676,580
	860,000	5.25%, 12/15/21 (c)		542,608
		Puerto Rico Public Buildings Authority (RB) (AMBAC) (COMWLTH GTD)
	1,500,000	5.50%, 07/01/17 (c) (p)		1,524,615
	40,000	7.00%, 03/12/15 (c)		31,255
		Puerto Rico Public Buildings Authority, Series D (RB) (COMWLTH GTD)
	325,000	5.25%, 03/12/15 (c)		221,423
	35,000	5.25%, 03/12/15 (c)		24,896
		Puerto Rico Public Buildings Authority, Series I (RB) (COMWLTH GTD)
	320,000	5.00%, 03/12/15 (c)		215,603
	1,570,000	5.25%, 03/12/15 (c)		1,073,566
		Puerto Rico Public Buildings Authority, Series N (RB) (COMWLTH GTD)
	1,485,000	5.00%, 07/01/17 (c)		1,009,874
	25,000	5.50%, 07/01/17 (c)		20,465
		Puerto Rico Public Buildings Authority, Series P (RB) (COMWLTH GTD)
	35,000	6.00%, 07/01/19 (c)		26,825
	20,000	6.00%, 07/01/19		16,294
	1,165,000	6.75%, 07/01/19 (c)		862,123
	745,000	Puerto Rico Public Buildings Authority, Series Q (RB) (COMWLTH GTD)
		5.50%, 03/12/15 (c)		515,942
		Puerto Rico Public Buildings Authority, Series S (RB) (COMWLTH GTD)
	170,000	5.50%, 07/01/16 (c)		124,119
	505,000	5.75%, 07/01/16 (c)		376,917
	1,655,000	6.00%, 07/01/21 (c)		1,156,448
		Puerto Rico Public Buildings Authority, Series U (RB) (COMWLTH GTD)
	110,000	5.00%, 07/01/20		82,382
	200,000	5.25%, 07/01/22 (c)		134,000
	1,865,000	Puerto Rico Public Financing Corp., Commonwealth Appropriation, Series B (RB)
		5.50%, 08/01/21 (c)		985,951
		Puerto Rico Sales Tax Financing Corp. (RB)
	730,000	5.25%, 08/01/21 (c)		488,779
	125,000	5.25%, 08/01/21 (c)		95,853
	190,000	5.50%, 08/01/19 (c)		149,363
	500,000	5.50%, 02/01/20 (c)		361,000
	855,000	6.00%, 08/01/19 (c)		634,701
	265,000	6.00%, 08/01/20 (c)		199,587
	135,000	University of Puerto Rico (RB)
		5.00%, 06/01/16 (c)		82,100
		University of Puerto Rico, Series P (RB)
	90,000	5.00%, 06/01/16 (c)		54,959
	445,000	5.00%, 06/01/16 (c)		274,009
	500,000	5.00%, 06/01/16 (c)		309,150
				53,222,244
Rhode Island: 0.2%
	3,000,000	Rhode Island Health And Educational Building Corp., Tockwotton Home (RB)
		8.38%, 01/01/21 (c)		3,478,980
	220,000	Tobacco Settlement Financing Corp., Series A (RB)
		6.25%, 03/12/15 (c)		221,434
				3,700,414
South Carolina: 1.4%
	75,000	South Carolina Jobs-Economic Development Authority (RB)
		5.00%, 08/01/23 (c)		87,393
		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)		3,564,160
	3,100,000	5.63%, 05/01/17 (c)		3,144,919
	9,685,000	South Carolina Jobs-Economic Development Authority, Hospital Improvement, Hampton Regional Medical Center Project (RB)
		5.25%, 11/01/16 (c)		9,156,296
	600,000	South Carolina Jobs-Economic Development Authority, Palmetto Health (RB)
		5.38%, 08/01/19 (c)		685,464
	4,120,000	South Carolina Jobs-Economic Development Authority, Palmetto Health, Series A (RB)
		5.25%, 08/01/23 (c)		4,864,525
				21,502,757
South Dakota: 0.4%
		Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB)
	5,325,000	5.00%, 11/15/16 (c)		5,367,919
	1,250,000	5.00%, 11/15/16 (c)		1,289,900
				6,657,819
Tennessee: 0.8%
	110,000	County of Claiborne, Tennessee (GO)
		4.13%, 04/01/20 (c)		119,541
	100,000	Johnson City Health & Educational Facilities Board (RB)
		5.38%, 07/01/20 (c)		114,294
	1,000,000	Shelby County Health Educational & Housing Facilities Board (RB)
		5.63%, 09/01/16 (c)		1,028,690
		Shelby County, Tennessee Health, Educational and Housing Facility Board, The Village at Germantown (RB)
	2,000,000	5.25%, 12/01/22 (c)		2,084,480
	2,500,000	5.38%, 12/01/22 (c)		2,617,575
		Shelby County, Tennessee Health, Educational and Housing Facility Board, Trezevant Manor Project, Series A (RB)
	1,150,000	5.38%, 09/01/23 (c)		1,173,299
	3,000,000	5.50%, 09/01/23 (c)		3,038,730
	990,000	Sullivan County Health Educational & Housing Facilities Board (RB)
		5.00%, 09/01/16 (c)		1,060,617
	395,000	Sullivan County, Tennessee Health, Educational & Housing Facilities Board, Series C (RB)
		5.25%, 09/01/16 (c)		419,561
				11,656,787
Texas: 7.5%
	5,000	Beaumont Independent School District (GO) (AGO)
		5.00%, 02/15/17 (c)		5,317
	2,500,000	Brazoria County, Texas Health Facilities Development Corp. (RB)
		5.25%, 07/01/22 (c)		2,574,050
		Central Texas Regional Mobility Authority (RB)
	1,205,000	5.00%, 01/01/23 (c)		1,340,321
	380,000	5.00%, 01/01/23 (c)		426,881
	1,260,000	5.00%, 01/01/23 (c)		1,439,071
	10,000	6.00%, 01/01/21 (c)		12,051
	2,255,000	Central Texas Regional Mobility Authority, Senior Lien Revenue (RB)
		6.25%, 01/01/21 (c)		2,709,879
		Central Texas Turnpike System (RB)
	420,000	4.00%, 08/15/22 (c)		439,459
	1,000,000	5.00%, 08/15/24 (c)		1,136,280
		City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB)
	7,885,000	4.75%, 07/01/24		8,675,708
	3,900,000	5.00%, 07/01/24 (c)		4,267,185
	580,000	Grand Parkway Transportation Corp. (RB)
		5.50%, 10/01/23 (c)		663,178
		Gregg County Health Facilities Development Corp., Series C (RB)
	95,000	5.00%, 07/01/22 (c)		84,745
	5,500,000	5.00%, 07/01/22 (c)		5,061,100
	1,000,000	Gulf Coast Industrial Development Authority, CITGO Petroleum Corp. Project (RB)
		4.88%, 10/01/22 (c)		1,057,860
	1,000,000	Harris County, Texas Cultural Education Facilities, Brazos Presbyterian Homes, Inc. Project, Series A (RB)
		5.13%, 01/01/23 (c)		1,021,130
	2,800,000	Houston, Texas Airport System Special Facilities Revenue, Continental Airlines, Inc. Terminal Improvement Projects (RB)
		6.50%, 07/15/21 (c)		3,298,680
	340,000	IAH Public Facility Corp. (RB)
		6.13%, 03/12/15 (c)		170,235
		Love Field Airport Modernization Corp., Southwest Airline Co. (RB)
	2,765,000	5.00%, 11/01/22 (c)		3,124,008
	985,000	5.25%, 11/01/20 (c)		1,087,381
	2,900,000	Matagorda County, Texas Navigation District No. 1 (RB)
		4.00%, 06/03/23 (c)		2,999,644
	1,500,000	New Hope Cultural Education Facilities Corp., Series A (RB)
		5.00%, 04/01/24 (c)		1,609,245
	650,000	North Texas Tollway Authority (RB)
		5.00%, 01/01/24 (c)		756,470
	2,930,000	North Texas Tollway Authority, Series F (RB)
		5.75%, 01/01/18 (c)		3,252,915
	2,000,000	Port of Bay City Authority of Matagorda County, Texas, Hoechst Celanese Corp. Project (RB)
		6.50%, 03/12/15 (c)		2,004,120
	2,060,000	Red River Authority of Texas, Celanese Project, Series B (RB)
		6.70%, 03/12/15 (c)		2,065,747
	1,000,000	Red River Health Facilities Development Corp., Eden Home, Inc. Project (RB)
		7.25%, 12/01/21 (c)		983,880
	2,715,000	Sam Rayburn Municipal Power Agency, Power Supply System (RB)
		5.00%, 10/01/21		3,218,470
	500,000	San Antonio, Texas Convention Hotel Finance Corp. (RB) (AMBAC)
		5.00%, 07/15/15 (c)		507,545
	10,000,000	Sanger Industrial Development Corp., Texas Pellets Project, Series B (RB)
		8.00%, 07/01/22 (c)		11,241,700
	620,000	Tarrant County Cultural Education Facilities Finance Corp., Series C-1 (RB)
		7.50%, 03/12/15 (c)		617,743
	1,500,000	Tarrant County, Texas Cultural Education Facilities Finance Corp., Northwest Senior Housing Corporation - Edgemere Project, Series A (RB)
		6.00%, 11/15/16 (c)		1,581,930
	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)		1,060,185
	500,000	Texas Municipal Gas Acquisition & Supply Corp III (RB)
		5.00%, 12/15/22 (c)		573,720
		Texas Municipal Gas Acquisition & Supply Corp. I (RB)
	95,000	5.25%, 12/15/24		113,939
	40,000	5.25%, 12/15/25		48,084
	195,000	5.25%, 12/15/26		234,624
		Texas Municipal Gas Acquisition & Supply Corp. III (RB)
	1,500,000	5.00%, 12/15/22 (c)		1,693,020
	50,000	5.00%, 12/15/22 (c)		56,249
	75,000	5.00%, 12/15/22 (c)		84,152
	2,550,000	5.00%, 12/15/22 (c)		2,887,620
	1,990,000	5.00%, 12/15/22 (c)		2,304,639
	1,555,000	5.00%, 12/15/22 (c)		1,778,391
	1,000,000	5.00%, 12/15/22 (c)		1,139,890
	40,000	Texas Municipal Gas Acquisition & Supply Corp., Gas Supply, Senior Lien Series A (RB)
		5.25%, 12/15/18		45,336
		Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien Series A (RB)
	30,000	5.25%, 12/15/22		35,503
	450,000	5.63%, 12/15/17		488,232
	1,365,000	Texas Municipal Gas Acquisition and Supply Corp. III (RB)
		5.00%, 12/15/22		1,623,299
	12,500,000	Texas Municipal Gas Acquisition and Supply Corp., Senior Lien, Series D (RB)
		6.25%, 12/15/26		15,981,750
	3,650,000	Texas Private Activity Bond Surface Transportation Corp., LBJ Infrastructure Group, LLC Project, Senior Lien (RB)
		7.00%, 06/30/20 (c)		4,430,260
		Town of Westlake TX (SA)
	1,000,000	6.13%, 09/01/25 (c)		1,002,250
	1,000,000	6.25%, 09/01/25 (c)		1,002,240
	1,000,000	6.38%, 09/01/25 (c)		1,002,220
		Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series A (RB)
	705,000	6.00%, 01/01/21 (c)		775,401
	2,950,000	7.00%, 01/01/21 (c)		3,281,875
	2,480,000	7.13%, 01/01/21 (c)		2,737,250
		Tyler Health Facilities Development Corp. (RB)
	80,000	5.25%, 11/01/17 (c)		86,233
	760,000	5.25%, 11/01/17 (c)		830,665
				114,730,955
Vermont: 0.8%
	4,650,000	Burlington, Vermont Airport Revenue, Series A (RB)
		4.00%, 07/01/22 (c)		4,679,527
	5,150,000	City of Burlington, Vermont Airport Revenue, Series A (RB)
		5.00%, 07/01/22		5,851,481
	1,100,000	Vermont Economic Development Authority, Wake Robin Corp. Project (RB)
		5.40%, 05/01/22 (c)		1,145,342
				11,676,350
Virgin Islands: 1.1%
		Virgin Islands Public Finance Authority (RB)
	440,000	5.00%, 10/01/20 (c)		493,434
	7,550,000	5.00%, 10/01/22 (c)		8,415,003
	1,260,000	5.25%, 10/01/20 (c)		1,429,470
	1,200,000	Virgin Islands Public Finance Authority, Series A (RB)
		5.00%, 10/01/20		1,371,156
	1,000,000	Virgin Islands Public Finance Authority, Series B (RB)
		5.00%, 10/01/19		1,128,000
	1,000,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Loan Note, Diageo Project, Series A (RB)
		6.75%, 10/01/19 (c)		1,170,410
	100,000	Virgin Islands Public Finance Authority, Virgin Islands Matching Fund Senior Lien, Series B (RB)
		5.00%, 10/01/19 (c)		111,949
		Virgin Islands Water and Power Authority, Series B (RB)
	1,070,000	5.00%, 07/01/17 (c)		1,082,198
	1,125,000	5.00%, 07/01/17 (c)		1,138,860
				16,340,480
Virginia: 3.0%
		Albermarle County, Virginia Economic Development Authority, Series A (RB)
	640,000	4.63%, 01/01/23 (c)		643,136
	1,500,000	5.00%, 01/01/23 (c)		1,567,665
		Bristol Industrial Development Authority (RB)
	1,750,000	5.00%, 11/01/24 (c)		1,786,417
	250,000	6.35%, 11/01/24 (c)		254,878
	650,000	Chesterfield Economic Development Authority, Brandermill Woods Project (RB)
		4.13%, 01/01/22 (c)		670,287
	2,750,000	City of Chesapeake, Virginia Chesapeake Expressway Toll Road Revenue (RB)
		5.00%, 07/15/22 (c)		3,025,880
	1,000,000	County of Botetourt, Virginia Industrial Development Authority (RB)
		6.00%, 07/01/24 (c)		1,021,550
		Fairfax County, Virginia Economic Development Authority, Series A (RB)
	430,000	4.00%, 12/01/22		453,022
	1,000,000	5.00%, 12/01/23 (c)		1,046,410
	2,000,000	5.00%, 12/01/23 (c)		2,077,960
	1,520,000	5.13%, 10/01/17 (c)		1,594,723
		Fairfax County, Virginia Mosaic District Community Development Authority, Series A (SA)
	1,450,000	6.63%, 03/01/21 (c)		1,689,960
	1,000,000	6.88%, 03/01/21 (c)		1,174,860
		Hanover County, Virginia Economic Development Authority, Series A (RB)
	570,000	4.00%, 07/01/22		586,564
	1,500,000	5.00%, 07/01/22 (c)		1,537,245
	1,500,000	5.00%, 07/01/22 (c)		1,541,040
	1,000,000	Peninsula Ports Authority, Residential Care Facility Revenue, Series C (RB)
		5.40%, 12/01/16 (c)		981,390
		Route 460 Funding Corp., Series A (RB)
	5,000,000	5.00%, 07/01/23 (c)		5,454,550
	4,650,000	5.13%, 07/01/23 (c)		5,135,553
	8,250,000	Tobacco Settlement Financing Corp., Senior Series B-1 (RB)
		5.00%, 06/01/17 (c)		6,056,737
		Virginia Small Business Financing Authority, Elizabeth River Crossing Opco, LLC Project (RB)
	2,000,000	5.50%, 07/01/22 (c)		2,231,340
	3,000,000	6.00%, 07/01/22 (c)		3,524,100
	1,750,000	Virginia Small Business Financing Authority, Senior Lien 95 Express Lanes, LLC Project (RB)
		5.00%, 01/01/22 (c)		1,890,840
				45,946,107
Washington: 1.3%
	1,000,000	Greater Wenatchee Regional Events Center Public Facilities, Series A (RB)
		5.50%, 09/01/22 (c)		1,068,850
	3,000,000	Port of Seattle Industrial Development Corp., Delta Air Lines, Inc. Project (RB)
		5.00%, 04/01/23 (c)		3,128,370
	1,000,000	Washington Health Care Facilities Authority (RB)
		4.75%, 12/01/16 (c)		1,031,530
	750,000	Washington Health Care Facilities Authority, Central Washington Health Services Association (RB)
		6.25%, 07/01/19 (c)		877,620
	3,000,000	Washington State Housing Finance Commission, Mirabella Project, Series A (RB)
		6.75%, 10/01/22 (c)		3,254,910
		Washington State Housing Finance Commission, Skyline at First Hill Project, Series A (RB)
	1,100,000	5.25%, 01/01/17		1,121,736
	5,800,000	5.63%, 01/01/17 (c)		5,795,940
	3,750,000	5.63%, 01/01/17 (c)		3,789,262
				20,068,218
West Virginia: 1.2%
	3,150,000	County of Pleasants, West Virginia (RB)
		5.25%, 10/15/17 (c)		3,261,762
	1,800,000	Ohio County, West Virginia Commission Special District Excise Tax & Improvement, The Highland Project, Series B (RB)
		5.63%, 03/01/16 (c)		1,839,456
	5,275,000	Philippi, West Virginia, The Philippi Municipal Building Commission, Series A (RB)
		7.75%, 10/01/22 (c)		5,276,688
	2,000,000	West Virginia Hospital Finance Authority, Highland Hospital Obligated Group (RB)
		9.13%, 10/01/21 (c)		2,366,960
		West Virginia Hospital Finance Authority, Thomas Health System, Inc. (RB)
	2,000,000	6.50%, 10/01/18 (c)		2,086,780
	1,500,000	6.50%, 10/01/18 (c)		1,609,455
	2,005,000	6.75%, 10/01/18 (c)		2,106,453
				18,547,554
Wisconsin: 1.1%
	4,240,000	New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series B (RB)
		5.00%, 07/01/22		4,719,035
	500,000	Public Finance Authority (RB)
		5.25%, 11/01/24 (c)		513,000
	1,000,000	Public Finance Authority, Rose Villa Project, Series A (RB)
		5.00%, 11/15/24		1,041,550
	4,630,000	Public Finance Authority, Transportation Infrastructure Properties, LLC Obligated Group, Series G (RB)
		5.00%, 07/01/22 (c)		4,979,472
	1,000,000	Wisconsin Health and Educational Facilities Authority, Sauk-Prairie Memorial Hospital, Inc., Series A (RB)
		5.13%, 02/01/23 (c)		1,036,130
	450,000	Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series A (RB)
		5.25%, 08/15/16 (c)		472,631
	1,750,000	Wisconsin Health and Educational Facilities Authority, Wheaton Franciscan Healthcare System, Series B (RB)
		5.13%, 08/15/16 (c)		1,837,167
	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)		2,951,300
				17,550,285
Total Municipal Bonds (Cost: $1,441,525,641)				1,509,365,933

Number of Shares
MONEY MARKET FUND: 0.8% (Cost: $11,721,111)
	11,721,111	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		11,721,111
Total Investments: 99.5% (Cost: $1,453,246,752)				1,521,087,044
Other assets less liabilities: 0.5%				7,546,041
NET ASSETS: 100.0%			$	1,528,633,085

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.
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
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date
*	Non-income producing
§	Illiquid Security — the aggregate value of illiquid securities is $3,087,500 which represents 0.2% of net assets.

Summary of Investments By Sector (unaudited)	% of Investments			Value
		0.2	%	$	3,006,710
Airport		4.2			64,562,525
Development		12.1			183,738,123
Education		3.1			46,839,141
Facilities		2.8			42,412,155
General		0.7			11,227,233
General Obligation		9.0			137,462,214
Higher Education		4.4			66,718,462
Housing		0.3			4,564,582
Medical		18.2			276,170,487
Multifamily Housing		0.1			1,055,190
Nursing Homes		9.1			138,793,836
Pollution		4.2			63,481,779
Power		1.1			17,265,256
School District		0.0			5,317
Single Family Housing		0.3			4,577,403
Student Loan		0.5			6,931,184
Tobacco Settlement		14.5			220,939,962
Transportation		8.4			128,493,000
Utilities		2.7			41,160,298
Water		3.3			49,961,076
Money Market Fund		0.8			11,721,111
		100.0	%	$	1,521,087,044

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	1,509,365,933	$	—	$	1,509,365,933
Money Market Fund		11,721,111		—		—		11,721,111
Total	$	11,721,111	$	1,509,365,933	$	—	$	1,521,087,044

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

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

See Notes to Schedules of Investments

INTERMEDIATE MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 98.8%
Alabama: 0.3%
	$100,000	Alabama Federal & Highway Finance Authority, Federal Highway Grant Anticipation (RB)
		5.00%, 09/01/22 (c)	$	119,900
	100,000	Alabama Federal Aid Highway Finance Authority (RB)
		5.00%, 09/01/21		120,722
		Alabama Public School & College Authority (RB)
	100,000	5.00%, 01/01/21		121,039
	500,000	5.00%, 07/01/24 (c)		619,825
	350,000	Alabama Public School & College Authority, Capital Improvement, Economic Development and Training Refunding (RB)
		5.00%, 03/01/21		424,949
	35,000	Birmingham Airport Authority (RB) (AGM)
		5.25%, 07/01/20 (c)		40,356
	95,000	Birmingham Water Works Board (RB)
		5.00%, 01/01/21 (c)		113,257
	50,000	City of Huntsville AL (GO)
		5.00%, 09/01/21 (c)		60,327
	900,000	State of Alabama (GO)
		5.00%, 08/01/23		1,140,426
				2,760,801
Alaska: 0.0%
	300,000	City of Valdez, Alaska BP Pipelines, Inc. Project, Series B (RB)
		5.00%, 01/01/21		349,914
Arizona: 2.6%
	1,990,000	Apache County Industrial Development Authority (RB)
		4.50%, 03/01/22 (c)		2,153,896
	320,000	Arizona Board of Regents (CP)
		5.00%, 06/01/22 (c)		369,757
		Arizona Department of Transportation State Highway Fund Revenue (RB)
	1,000,000	4.00%, 07/01/22 (c)		1,112,290
	1,275,000	5.00%, 07/01/22 (c)		1,520,680
	610,000	Arizona Sports & Tourism Authority (RB)
		5.00%, 07/01/22 (c)		682,749
	215,000	Arizona Sports & Tourism Authority, Series A (RB)
		5.00%, 07/01/22 (c)		238,543
	500,000	Arizona State Certificates of Participation, Department of Administration, Series B (CP) (AGM)
		5.00%, 04/01/20 (c)		583,840
	500,000	Arizona State Transportation Board, Maricopa County Regional Area Road Fund (RB)
		5.00%, 07/01/20 (c)		602,400
		Arizona State Transportation Board, Subordinated Highway Revenue, Series A (RB)
	500,000	5.00%, 07/01/21		607,560
	680,000	5.00%, 07/01/21 (c)		824,425
	1,200,000	5.00%, 07/01/21 (c)		1,452,420
	2,000,000	5.00%, 07/01/22 (c)		2,414,260
		City of Mesa, Arizona (RB)
	1,165,000	3.25%, 07/01/24 (c)		1,185,819
	740,000	3.25%, 07/01/24 (c)		758,722
	625,000	4.00%, 07/01/24 (c)		716,694
		City of Phoenix Civic Improvement Corp (RB)
	490,000	4.00%, 07/01/24 (c)		549,525
	950,000	5.00%, 07/01/21 (c)		1,155,010
	290,000	5.00%, 07/01/24 (c)		361,453
		City of Phoenix, Arizona (GO)
	260,000	4.00%, 07/01/22		305,412
	1,000,000	4.00%, 07/01/24 (c)		1,176,360
	1,045,000	City of Phoenix, Arizona, Various Purpose, Series A (GO)
		4.00%, 07/01/22 (c)		1,171,403
	5,000	Regional Transportation Authority of Pima County, Arizona (RB)
		5.00%, 06/01/21 (c)		5,985
		Salt River Project Agricultural Improvement & Power District (RB)
	300,000	5.00%, 12/01/21 (c)		371,601
	600,000	5.00%, 12/01/21 (c)		739,236
	275,000	5.00%, 06/01/22 (c)		329,082
		Salt River Project Agricultural Improvement & Power District, Series A (RB)
	1,000,000	5.00%, 12/01/21 (c)		1,227,680
	1,000,000	5.00%, 12/01/21 (c)		1,212,500
				23,829,302
Arkansas: 0.6%
	220,000	City of Rogers, Arkansas (RB)
		4.00%, 11/01/21 (c)		238,654
		State of Arkansas, Federal Highway Grant Anticipation (GO)
	2,685,000	4.00%, 10/01/23 (c)		3,112,237
	1,100,000	5.00%, 04/01/21		1,345,212
	300,000	State of Arkansas, Four-Lane Highway Construction and Improvement (GO)
		5.00%, 06/15/21		368,403
				5,064,506
California: 14.8%
	25,000	Alameda County Joint Powers Authority (RB)
		5.25%, 12/01/23 (c)		31,222
	1,880,000	Alameda County, California Joint Powers Authority, Series A (RB)
		5.25%, 12/01/23 (c)		2,370,266
	50,000	Bay Area Toll Authority (RB)
		5.00%, 04/01/22 (c)		61,302
		California Health Facilities Financing Authority (RB)
	25,000	5.00%, 07/01/23 (c)		30,778
	1,000,000	5.00%, 10/01/24 (c)		1,217,140
	105,000	5.25%, 03/01/21 (c)		127,848
	1,175,000	California Health Facilities Financing Authority, Series A (RB)
		5.00%, 03/01/23 (c)		1,431,737
	1,000,000	California Infrastructure & Economic Development Bank, Broad Museum Project, Series A (RB)
		5.00%, 06/01/21		1,232,140
		California State Department of Veterans Affairs, Series A (RB)
	595,000	3.50%, 06/01/21 (c)		637,882
	100,000	3.88%, 06/01/21 (c)		108,117
	1,500,000	California State Department of Water Resources, Series N (RB)
		5.00%, 05/01/21		1,849,890
		California State Public Works Board (RB)
	90,000	4.00%, 06/01/22 (c)		98,352
	150,000	4.00%, 11/01/23 (c)		170,213
	60,000	5.00%, 06/01/21		72,908
	165,000	5.00%, 12/01/21 (c)		194,126
	1,250,000	5.00%, 11/01/22 (c)		1,467,712
	50,000	5.00%, 11/01/22 (c)		61,635
	150,000	5.00%, 03/01/23		186,944
	1,500,000	5.00%, 06/01/23 (c)		1,796,415
	1,635,000	5.00%, 09/01/23 (c)		1,976,748
	225,000	5.00%, 09/01/24 (c)		281,770
	1,000,000	5.00%, 10/01/24 (c)		1,232,620
	20,000	5.13%, 03/01/20 (c)		23,537
	50,000	5.25%, 12/01/21 (c)		61,391
	675,000	5.25%, 10/01/24 (c)		851,897
	1,750,000	California State Public Works Board, Various Capital Projects, Series I (RB)
		5.00%, 11/01/23		2,205,875
	350,000	California State Public Works Board, Various Judicial Council Projects, Series A (RB)
		5.00%, 03/01/23 (c)		422,135
		California State Public Works Board, Various University of California Projects, Series G (RB)
	505,000	5.00%, 12/01/21 (c)		628,887
	1,370,000	5.00%, 12/01/21 (c)		1,706,088
	1,195,000	California State University, Systemwide, Series A (RB)
		4.00%, 11/01/22 (c)		1,320,415
		California State Various Purpose (GO)
	515,000	3.50%, 02/01/22 (c)		556,777
	1,000,000	4.00%, 09/01/21		1,165,500
	250,000	4.00%, 10/01/21		291,700
	1,090,000	5.00%, 04/01/18 (c)		1,225,672
	4,315,000	5.00%, 04/01/18 (c)		4,806,220
	965,000	5.00%, 09/01/18 (c)		1,094,783
	1,250,000	5.00%, 09/01/18 (c)		1,425,687
	580,000	5.00%, 03/01/20 (c)		680,595
	1,015,000	5.00%, 02/01/21		1,233,418
	1,840,000	5.00%, 09/01/21		2,259,870
	850,000	5.00%, 10/01/21		1,045,695
	500,000	5.00%, 10/01/21		615,115
	200,000	5.00%, 11/01/21		246,306
	100,000	5.00%, 02/01/22 (c)		121,373
	500,000	5.00%, 04/01/22 (c)		610,000
	1,000,000	5.00%, 09/01/22 (c)		1,228,820
	855,000	5.00%, 10/01/22		1,065,817
	925,000	5.00%, 10/01/22		1,153,077
	770,000	5.00%, 12/01/22		962,461
	755,000	5.00%, 09/01/23 (c)		931,987
	1,400,000	5.00%, 09/01/23 (c)		1,701,126
	1,475,000	5.00%, 09/01/23		1,860,506
	2,350,000	5.00%, 09/01/23 (c)		2,921,802
	500,000	5.25%, 03/01/20 (c)		592,560
	830,000	5.25%, 09/01/22		1,048,008
	600,000	California State, Department of Water Resources Power Supply, Series L (RB)
		5.00%, 05/01/20 (c)		717,168
	500,000	California Statewide Communities Development Authority (RB)
		5.00%, 07/01/24 (c)		592,235
	500,000	Chabot-Las Positas Community College District (GO)
		5.00%, 08/01/23 (c)		599,330
	250,000	City & County of San Francisco, California, Series A (GO)
		4.00%, 06/15/22 (c)		282,248
	550,000	City & County of San Francisco, California, Series R1 (GO)
		5.00%, 12/15/21 (c)		674,294
	1,750,000	City of Los Angeles, California, Series B (GO)
		5.00%, 09/01/21		2,154,285
	500,000	City of Torrance, California, Memorial Medical Center, Series A (RB)
		4.75%, 09/01/20 (c)		557,645
	470,000	Contra Costa Community College District (GO)
		4.00%, 08/01/22 (c)		505,574
	60,000	County of San Diego, California (CP)
		5.00%, 10/15/24 (c)		73,539
	255,000	County of Santa Clara, California, Series B (GO)
		3.00%, 08/01/22 (c)		255,339
		East Bay Municipal Utility District Water System Revenue (RB)
	70,000	5.00%, 06/01/20 (c)		82,846
	1,000,000	5.00%, 06/01/24 (c)		1,234,870
	900,000	5.00%, 06/01/27		1,188,990
	1,750,000	5.00%, 06/01/29		2,349,217
	675,000	Fontana Unified School District (GO)
		3.00%, 08/01/22 (c)		689,573
		Golden State Tobacco Securitization Corp. (RB)
	525,000	5.00%, 06/01/23 (c)		615,751
	250,000	5.00%, 06/01/23 (c)		294,033
	535,000	Huntington Beach Union High School District (GO)
		5.00%, 08/01/23 (c)		674,533
		Los Angeles Community College District (GO)
	1,000,000	4.00%, 08/01/24 (c)		1,129,650
	100,000	5.00%, 08/01/24 (c)		122,809
	750,000	5.00%, 08/01/24 (c)		924,667
	500,000	5.00%, 08/01/24 (c)		631,560
		Los Angeles Department of Water & Power, Series A (RB)
	1,000,000	5.00%, 07/01/21 (c)		1,221,960
	500,000	5.00%, 01/01/23 (c)		604,735
		Los Angeles Department of Water & Power, Series B (RB)
	400,000	5.00%, 07/01/23 (c)		488,632
	1,160,000	5.00%, 01/01/24 (c)		1,417,230
	250,000	Los Angeles International Airport, Department of Airports, Series A (RB)
		5.00%, 05/15/20 (c)		297,475
	525,000	Los Angeles Unified School District/CA (GO)
		5.00%, 07/01/24 (c)		657,919
	20,000	Los Angeles, California Department of Airports (RB)
		5.00%, 05/15/20 (c)		23,731
		Los Angeles, California Unified School District, Series A (GO)
	880,000	2.00%, 07/01/22		919,556
	320,000	5.00%, 10/01/21		391,619
		Los Angeles, California Unified School District, Series C (GO)
	1,320,000	5.00%, 07/01/24		1,685,363
	550,000	5.00%, 07/01/24 (c)		683,925
	500,000	5.00%, 07/01/24 (c)		610,305
	2,400,000	5.00%, 07/01/24 (c)		2,963,640
	1,100,000	5.00%, 07/01/24 (c)		1,350,998
	25,000	Los Angeles, California Wastewater System Revenue (RB)
		5.00%, 06/01/23		31,712
	50,000	Metropolitan Water District of Southern California (RB)
		5.00%, 07/01/22 (c)		59,975
	500,000	Orange County, California Sanitation District, Wastewater Refunding, Series A (RB)
		5.00%, 02/01/22		625,535
	1,260,000	Rancho Cucamonga Redevelopment Agency Successor Agency (AGM) (TA)
		5.00%, 09/01/22		1,564,454
	125,000	Rancho Santiago Community College District (GO)
		5.00%, 09/01/23 (c)		156,088
	15,000	Riverside County Transportation Commission (RB)
		5.25%, 06/01/23 (c)		18,826
		Sacramento County Sanitation Districts Financing Authority (RB)
	20,000	5.00%, 12/01/21 (c)		24,264
	100,000	5.00%, 06/01/24 (c)		125,306
	250,000	5.00%, 06/01/24 (c)		306,590
	500,000	San Bernardino City Unified School District (GO) (AGM)
		5.00%, 08/01/23 (c)		593,000
	750,000	San Bernardino, California Community College District, Series A (GO)
		5.00%, 08/01/23		946,282
		San Diego Community College District (GO)
	250,000	5.00%, 08/01/21 (c)		301,015
	240,000	5.00%, 08/01/22 (c)		292,474
		San Diego, California Water Authority, Series A (RB)
	500,000	4.50%, 05/01/21 (c)		575,525
	450,000	4.50%, 05/01/21 (c)		520,839
	500,000	5.00%, 05/01/21 (c)		603,225
	310,000	5.00%, 11/01/22 (c)		375,643
	430,000	San Dieguito Union High School District (GO)
		4.00%, 08/01/23 (c)		473,538
	455,000	San Francisco Bay Area Rapid Transit District (RB)
		5.00%, 07/01/22 (c)		545,427
	345,000	San Francisco, California Bay Area Toll Authority, Series F (RB)
		5.00%, 04/01/22 (c)		418,054
	1,215,000	San Francisco, California City & County Unified School District, Series B (GO)
		4.00%, 06/15/22 (c)		1,342,879
		San Francisco, California Public Utilities Commission Water Revenue, Sub-Series A (RB)
	1,250,000	5.00%, 11/01/21 (c)		1,518,775
	1,000,000	5.00%, 11/01/21 (c)		1,226,480
	1,000,000	San Joaquin County, California Transportation Authority, Series A (RB)
		5.00%, 03/01/21 (c)		1,182,090
	600,000	San Jose, California Financing Authority Lease, Series A (RB)
		5.00%, 06/01/23 (c)		724,104
	385,000	Santa Clara County Financing Authority, Series A (RB)
		4.00%, 02/01/22 (c)		439,054
	415,000	Southern California Public Power Authority (RB)
		5.00%, 07/01/20 (c)		495,896
	1,000,000	Southern California Public Power Authority, Canyon Power Project, Series A (RB)
		5.25%, 01/01/20 (c)		1,178,870
	500,000	Southern California Public Power Authority, Windy Point Project (RB)
		5.00%, 07/01/20 (c)		590,290
		State of California (GO)
	300,000	3.00%, 02/01/22 (c)		326,433
	700,000	3.00%, 12/01/22		772,345
	500,000	3.25%, 04/01/23 (c)		528,645
	1,085,000	3.50%, 09/01/22 (c)		1,140,292
	855,000	4.00%, 09/01/22 (c)		974,632
	500,000	4.00%, 05/01/23		589,345
	190,000	5.00%, 09/01/18 (c)		214,195
	700,000	5.00%, 09/01/18 (c)		789,929
	265,000	5.00%, 12/01/21		326,885
	355,000	5.00%, 02/01/22 (c)		439,039
	140,000	5.00%, 02/01/22 (c)		169,103
	500,000	5.00%, 02/01/22		616,865
	250,000	5.00%, 09/01/22 (c)		310,610
	765,000	5.00%, 10/01/22		953,626
	695,000	5.00%, 09/01/23 (c)		848,734
	1,500,000	5.00%, 10/01/23		1,895,565
	250,000	5.00%, 11/01/23 (c)		306,050
	1,000,000	5.00%, 12/01/23 (c)		1,239,740
	2,350,000	5.00%, 12/01/23 (c)		2,839,481
	905,000	5.00%, 12/01/23 (c)		1,131,096
	1,325,000	5.00%, 12/01/23 (c)		1,616,314
	1,000,000	5.00%, 12/01/23 (c)		1,225,250
	200,000	5.00%, 12/01/23 (c)		247,220
	1,780,000	5.00%, 05/01/24		2,252,519
	2,750,000	5.00%, 10/01/24 (c)		3,395,067
	135,000	5.25%, 03/01/20 (c)		159,409
	50,000	5.25%, 09/01/21 (c)		61,627
	1,000,000	State of California Department of Water Resources (RB)
		5.00%, 12/01/24 (c)		1,257,220
	310,000	State of California, Various Purpose (GO)
		3.38%, 09/01/22 (c)		325,113
		University of California (RB)
	425,000	5.00%, 05/15/23 (c)		514,620
	645,000	5.00%, 05/15/24 (c)		794,008
	455,000	University of California, Series AF (RB)
		5.00%, 05/15/23 (c)		568,518
	2,500,000	University of California, Series AK (RB)
		5.00%, 05/15/23 (p)		3,147,875
	1,900,000	University of California, Series G (RB)
		5.00%, 05/15/22 (c)		2,332,003
				135,935,692
Colorado: 0.6%
	25,000	Adams 12 Five Star Schools (GO) (SAW)
		4.00%, 12/15/22		29,538
	375,000	Board of Governors of Colorado State University System (RB)
		5.00%, 03/01/29		472,916
	1,500,000	Colorado Higher Education (CP)
		5.00%, 11/01/23		1,889,370
	490,000	Denver, Colorado Airport System Revenue, Series B (RB)
		5.00%, 11/15/22 (c)		584,511
	25,000	Denver, Colorado City & County School District No. 1, Series A (GO) (SAW)
		4.00%, 12/01/21 (c)		27,904
	40,000	Denver, Colorado City & County School District No. 1, Series B (GO) (SAW)
		5.00%, 12/01/22 (c)		49,008
		Denver, Colorado City & County School District No. 1, Series C (GO) (SAW)
	900,000	5.00%, 12/01/21		1,107,540
	375,000	5.00%, 12/01/23		474,251
	165,000	Joint School District No. 28J in Adams and Arapahoe Counties, Colorado (GO) (SAW)
		5.00%, 12/01/22 (c)		205,143
	50,000	Regional Transportation District (RB)
		5.00%, 11/01/27		64,707
	500,000	University of Colorado Enterprise System, Series A (RB)
		4.00%, 06/01/22		587,155
				5,492,043
Connecticut: 2.8%
	1,245,000	Connecticut State Health & Educational Facility Authority (RB)
		5.00%, 07/01/24 (c)		1,487,190
	1,000,000	Connecticut State Health & Educational Facility Authority, Series A (RB)
		5.00%, 07/01/21 (c)		1,174,980
	1,150,000	Connecticut State, Series A (GO)
		5.00%, 10/15/23 (c)		1,409,716
		Connecticut State, Series B (GO)
	500,000	5.00%, 04/15/21		606,810
	5,000	5.00%, 05/15/21 (c)		6,038
	405,000	5.00%, 04/15/22 (c)		492,107
	2,500,000	5.00%, 03/01/23 (c)		3,035,875
	960,000	Connecticut State, Series D (GO)
		5.00%, 11/01/21 (c)		1,160,957
		Connecticut State, Series E (GO)
	1,000,000	5.00%, 09/15/22 (c)		1,218,770
	225,000	5.00%, 08/15/23 (c)		277,893
	480,000	Connecticut State, Series G (GO)
		5.00%, 10/15/22 (c)		589,546
		Connecticut State, Special Tax Revenue, Transportation Infrastructure Purposes, Series A (RB)
	440,000	5.00%, 01/01/23 (c)		535,383
	1,000,000	5.00%, 10/01/23 (c)		1,208,230
		State of Connecticut (GO)
	500,000	4.00%, 09/01/24 (c)		565,780
	650,000	5.00%, 07/15/23 (c)		795,203
	1,750,000	5.00%, 08/15/23 (c)		2,180,027
	55,000	5.00%, 10/15/23 (c)		68,160
	1,360,000	5.00%, 12/15/23		1,706,188
	125,000	5.00%, 03/01/24 (c)		150,568
	1,520,000	5.00%, 11/15/24 (c)		1,886,594
	1,000,000	5.00%, 06/15/25		1,272,010
	440,000	State of Connecticut Special Tax Revenue (RB)
		5.00%, 10/01/23 (c)		529,707
	65,000	University of Connecticut (RB)
		5.00%, 02/15/21 (c)		76,308
		University of Connecticut, Series A (RB)
	1,900,000	5.00%, 02/15/21 (c)		2,273,578
	500,000	5.00%, 02/15/23 (c)		614,100
				25,321,718
Delaware: 0.3%
		State of Delaware (GO)
	325,000	5.00%, 07/01/20 (c)		387,790
	100,000	5.00%, 03/01/22		124,855
	500,000	5.00%, 08/01/23 (c)		634,025
	1,000,000	5.00%, 07/01/24 (c)		1,263,940
				2,410,610
District of Columbia: 0.7%
		District of Columbia (RB)
	660,000	5.00%, 06/01/20 (c)		768,227
	25,000	5.00%, 06/01/20 (c)		29,504
	850,000	District of Columbia, Income Tax Secured Revenue, Series A (RB)
		5.00%, 06/01/20 (c)		1,005,516
	395,000	District of Columbia, Income Tax Secured Revenue, Series C (RB)
		5.00%, 12/01/22 (c)		479,791
	1,250,000	District of Columbia, Income Tax Secured Revenue, Series G (RB)
		5.00%, 12/01/21 (c)		1,495,137
	600,000	District of Columbia, National Public Radio, Series A (RB)
		5.00%, 04/01/20 (c)		688,422
	250,000	District of Columbia, Provident Group-Howard Properties, LLC Issue (RB)
		5.00%, 10/01/22 (c)		271,838
	1,000,000	District of Columbia, Series A (GO)
		5.00%, 06/01/23 (c)		1,217,000
	90,000	Metropolitan Washington Airports Authority (RB)
		5.00%, 10/01/20 (c)		106,276
				6,061,711
Florida: 4.5%
	1,000,000	Citizens Property Insurance Corp., Series A (RB)
		5.00%, 06/01/21		1,201,730
	50,000	City of Jacksonville FL (RB)
		5.00%, 10/01/22 (c)		60,601
	955,000	City of Jacksonville, Florida, Better Jacksonville Sales Tax, Series A (RB)
		5.00%, 10/01/25		1,217,176
	1,225,000	City of Jacksonville, Florida, Series A (RB)
		5.00%, 10/01/22 (c)		1,444,691
		City of Orlando, Florida, Series A (RB)
	750,000	5.25%, 05/01/24 (c)		916,455
	2,420,000	5.25%, 05/01/24 (c)		2,968,275
	65,000	County of Miami-Dade, Florida (RB)
		5.00%, 10/01/22 (c)		76,856
	25,000	County of Miami-Dade, Florida Aviation Revenue (RB)
		5.50%, 10/01/20 (c)		29,969
	25,000	County of Miami-Dade, Florida Transit System Sales Surtax Revenue (RB)
		3.38%, 07/01/22 (c)		25,854
	1,440,000	County of Miami-Dade, Florida, Series A (RB)
		5.00%, 10/01/22		1,748,722
		County of Orange, Florida Sales Tax Revenue (RB)
	265,000	5.00%, 01/01/21		320,920
	75,000	5.00%, 01/01/22		92,386
	500,000	County of Palm Beach, Florida (RB)
		5.00%, 06/01/22 (c)		615,885
	500,000	Florida State Board of Education, Public Education Capital Outlay, Series A (GO)
		4.75%, 06/01/20 (c)		586,915
		Florida State Board of Education, Public Education Capital Outlay, Series C (GO)
	1,170,000	3.00%, 06/01/21 (c)		1,254,287
	1,000,000	4.00%, 06/01/21 (c)		1,103,850
	570,000	4.00%, 06/01/22 (c)		648,136
	1,500,000	5.00%, 06/01/19 (c)		1,752,630
	500,000	Florida State Board of Education, Public Education Capital Outlay, Series D (GO)
		5.00%, 06/01/21 (c)		609,595
	750,000	Florida State Board of Education, Public Education Capital Outlay, Series E (GO)
		5.00%, 06/01/21 (c)		908,325
	1,000,000	Florida State Department of Environmental Protection, Series A (RB)
		5.00%, 07/01/21		1,217,850
	1,000,000	Florida State Department of Environmental Protection, Series B (RB)
		5.00%, 07/01/21		1,217,850
		Florida State Department of Transportation, Full Faith & Credit Right-of-Way, Series A (GO)
	1,000,000	5.00%, 07/01/21 (c)		1,217,170
	1,300,000	5.00%, 07/01/21 (c)		1,591,239
	375,000	Florida State, Board of Education, Series A (GO)
		4.00%, 06/01/21		435,788
	100,000	Florida State, Right-of-Way Acquisition & Bridge Construction, Series B (GO)
		5.00%, 07/01/21 (c)		121,376
	30,000	Florida’s Turnpike Enterprise (RB)
		3.00%, 07/01/22 (c)		30,398
	700,000	Jacksonville, Florida Transportation Refunding, Series A (RB)
		5.00%, 10/01/22 (c)		843,997
	350,000	Jacksonville, Florida Transportation Refunding, Series B (RB)
		5.00%, 10/01/22		435,442
	1,500,000	Jacksonville, Florida, Series B (RB)
		5.00%, 10/01/21		1,833,585
	250,000	Jacksonville, Florida, Series B-1 (RB)
		5.00%, 10/01/21		303,303
	800,000	Lee County, Florida School Board, Series B (CP)
		5.00%, 08/01/21		969,272
	350,000	Miami Beach Health Facilities Authority, Mount Sinai Medical Center of Florida (RB)
		4.00%, 11/15/22 (c)		373,363
	510,000	Miami-Dade County, Florida Aviation, Series A (RB)
		4.88%, 10/01/20 (c)		593,997
	500,000	Miami-Dade County, Florida Expressway Authority (RB)
		5.00%, 07/01/21		602,805
		Miami-Dade County, Florida School Board Foundation, Inc., Series A (CP)
	305,000	4.00%, 08/01/22 (c)		332,810
	50,000	4.00%, 08/01/22 (c)		54,773
		Miami-Dade County, Florida Seaport General Obligation, Series C (GO)
	1,000,000	5.00%, 10/01/21 (c)		1,218,140
	500,000	5.00%, 10/01/21 (c)		609,425
		Miami-Dade County, Florida Subordinate Special Obligation, Series A (RB)
	500,000	5.00%, 10/01/22 (c)		586,615
	1,565,000	5.00%, 10/01/22 (c)		1,878,344
	500,000	Miami-Dade County, Florida Water and Sewer System (RB) (AGO)
		5.00%, 10/01/20 (c)		594,285
	200,000	Orange County Health Facilities Authority (RB)
		5.13%, 10/01/19 (c)		231,132
	970,000	Orlando Utilities Commission (RB)
		5.00%, 10/01/24		1,239,088
	100,000	Orlando-Orange County Expressway Authority (RB)
		5.00%, 07/01/22		122,332
	500,000	St. Johns River Power Park (RB)
		3.00%, 10/01/19 (c)		520,995
		State of Florida (GO)
	650,000	3.00%, 06/01/24 (c)		665,964
	610,000	3.00%, 06/01/24 (c)		613,941
	215,000	4.00%, 06/01/21 (c)		235,070
	50,000	5.00%, 06/01/20 (c)		60,501
	500,000	5.00%, 06/01/21 (c)		596,555
	475,000	5.00%, 07/01/21 (c)		573,629
	800,000	Tampa, Florida Board of Education, Public Education Capital Outlay Refunding, Series B (GO)
		4.00%, 06/01/21 (c)		903,224
	1,020,000	Tampa-Hillsborough County Expressway Authority (RB)
		5.00%, 07/01/22 (c)		1,202,019
	50,000	Tohopekaliga Water Authority (RB)
		5.75%, 10/01/21 (c)		63,272
				41,672,807
Georgia: 1.5%
	300,000	Fulton County, Georgia Water and Sewerage Revenue (RB)
		5.00%, 01/01/21		362,547
	275,000	Georgia Housing & Finance Authority (RB)
		3.00%, 06/01/24 (c)		268,221
		Georgia State, Series C (GO)
	335,000	5.00%, 07/01/21 (c)		408,670
	1,750,000	5.00%, 07/01/21 (c)		2,148,072
	500,000	5.00%, 10/01/21		619,065
	500,000	Georgia State, Series J (GO)
		4.50%, 11/01/21 (c)		601,515
		Gwinnett County, Georgia School District (GO)
	655,000	5.00%, 02/01/24		838,924
	500,000	5.00%, 02/01/25 (c)		644,130
	305,000	Metropolitan Atlanta Rapid Transit Authority, Series A (RB)
		3.00%, 07/01/22 (c)		320,314
	500,000	Municipal Electric Authority of Georgia, Combined Cycle Project, Series A (RB)
		5.00%, 11/01/22		616,755
		Municipal Electric Authority of Georgia, Power Revenue, Series GG (RB)
	1,000,000	5.00%, 01/01/23 (c)		1,209,470
	1,895,000	5.00%, 01/01/23		2,340,098
		State of Georgia (GO)
	65,000	3.00%, 07/01/22 (c)		66,741
	1,000,000	3.00%, 02/01/24 (c)		1,031,890
	40,000	4.00%, 11/01/21 (c)		44,780
	145,000	5.00%, 07/01/21		178,686
	1,950,000	5.00%, 07/01/22 (c)		2,411,409
				14,111,287
Guam: 0.1%
	1,000,000	Guam Power Authority (RB) (AGM)
		5.00%, 10/01/21		1,206,190
Hawaii: 2.0%
	65,000	City & County of Honolulu, Hawaii (GO)
		5.00%, 12/01/20 (c)		78,774
	575,000	City & County of Honolulu, Hawaii, Series A (GO)
		5.00%, 11/01/22 (c)		701,356
		City & County of Honolulu, Hawaii, Series B (GO)
	650,000	5.00%, 12/01/20 (c)		790,595
	500,000	5.00%, 12/01/20 (c)		608,780
	40,000	5.00%, 11/01/22 (c)		49,799
		Hawaii State, Series DZ (GO)
	800,000	5.00%, 12/01/21 (c)		976,920
	1,000,000	5.00%, 12/01/21 (c)		1,224,770
	800,000	5.00%, 12/01/21 (c)		985,648
		Hawaii State, Series EA (GO)
	330,000	5.00%, 12/01/21 (c)		407,791
	350,000	5.00%, 12/01/21		431,736
	600,000	5.00%, 12/01/21 (c)		737,046
		State of Hawaii (GO)
	2,260,000	5.00%, 12/01/21 (c)		2,719,232
	1,425,000	5.00%, 12/01/21 (c)		1,709,501
	1,095,000	5.00%, 12/01/21 (c)		1,321,413
	100,000	5.00%, 11/01/22 (c)		121,975
	930,000	5.00%, 08/01/24 (c)		1,145,695
	3,345,000	5.00%, 08/01/24 (c)		4,225,136
	50,000	State of Hawaii Airports System Revenue (RB)
		5.25%, 07/01/20 (c)		59,935
				18,296,102
Illinois: 3.8%
		Chicago Midway International Airport (RB)
	70,000	5.00%, 01/01/23 (c)		83,315
	1,000,000	5.00%, 01/01/24 (c)		1,188,850
	500,000	Chicago O’Hare International Airport (RB)
		5.00%, 01/01/23 (c)		601,100
	500,000	Chicago O’Hare International Airport, 3rd Lien, Series C (RB) (AGO)
		5.25%, 01/01/20 (c)		588,660
	2,500,000	Chicago O’Hare International Airport, Senior Lien, Series B (RB)
		5.25%, 01/01/23 (c)		2,990,500
	200,000	Chicago Transit Authority (RB)
		5.25%, 12/01/21 (c)		237,202
		Chicago, Illinois, Series A (GO) (AGM)
	500,000	5.00%, 01/01/20 (c)		545,550
	500,000	5.00%, 01/01/20 (c)		550,830
	1,000,000	5.00%, 01/01/20 (c)		1,094,450
	475,000	5.00%, 01/01/20 (c)		518,272
	450,000	5.00%, 01/01/20 (c)		486,725
	660,000	5.25%, 01/01/24 (c)		738,606
	925,000	Chicago, Illinois, Series C (GO)
		5.00%, 01/01/22 (c)		1,017,805
	690,000	City of Chicago, Illinois Wastewater Transmission Revenue (RB)
		5.00%, 01/01/24 (c)		834,334
		City of Chicago, Illinois Waterworks Revenue (RB)
	225,000	5.00%, 11/01/22 (c)		259,567
	70,000	5.00%, 11/01/22 (c)		83,550
	535,000	City of Chicago, Illinois, Series A (GO)
		5.00%, 01/01/24 (c)		592,491
		County of Cook County, Illinois, Series A (GO)
	750,000	5.00%, 11/15/21		884,692
	1,310,000	5.25%, 11/15/21 (c)		1,563,996
	595,000	5.25%, 11/15/21 (c)		697,257
		County of Cook, Illinois, Series C (GO)
	900,000	5.00%, 11/15/20		1,053,099
	200,000	5.00%, 11/15/22 (c)		235,766
	75,000	Illinois Finance Authority (RB)
		5.00%, 06/01/23 (c)		92,368
		Illinois Finance Authority, Trinity Health Credit Group (RB)
	1,035,000	5.00%, 12/01/21 (c)		1,237,974
	1,105,000	5.00%, 12/01/21 (c)		1,324,829
		Illinois Railsplitter Tobacco Settlement Authority (RB)
	1,300,000	5.38%, 06/01/21		1,561,131
	450,000	5.50%, 06/01/21 (c)		539,280
		Illinois State (RB)
	1,695,000	4.00%, 06/15/21 (c)		1,834,346
	500,000	4.00%, 08/01/22 (c)		513,690
	500,000	5.00%, 01/01/20 (c)		564,790
	985,000	5.00%, 08/01/23		1,138,099
	690,000	5.25%, 07/01/23 (c)		783,730
	700,000	5.25%, 07/01/23 (c)		792,897
		Illinois State Toll Highway Authority (RB)
	400,000	5.00%, 01/01/23 (c)		473,232
	130,000	5.25%, 01/01/20 (c)		152,849
	1,000,000	Illinois State, Series A (GO)
		4.00%, 01/01/22 (c)		1,043,530
	200,000	Metropolitan Water Reclamation District of Greater Chicago (GO)
		5.00%, 12/01/21 (c)		232,824
		State of Illinois (RB)
	25,000	4.25%, 06/15/21 (c)		27,251
	2,140,000	5.00%, 07/01/21		2,459,031
	25,000	5.00%, 03/01/22 (c)		28,200
	960,000	5.00%, 04/01/24 (c)		1,071,158
	250,000	5.00%, 05/01/24 (c)		284,885
	390,000	5.50%, 07/01/23 (c)		453,161
	370,000	5.50%, 07/01/23 (c)		432,885
	1,155,000	University of Illinois (RB)
		4.00%, 04/01/23 (c)		1,239,731
				35,128,488
Indiana: 0.5%
	500,000	Carmel City, Indiana Redevelopment Authority, Series A (RB)
		2.63%, 08/01/22 (c)		504,245
	830,000	Indiana Finance Authority, Hospital Revenue, Parkview Health System Obligated Group, Series A (RB)
		5.00%, 05/01/22		989,659
	1,000,000	Indiana Finance Authority, Series A (RB)
		5.00%, 02/01/22 (c)		1,208,610
	1,000,000	Indianapolis, Indiana Local Public Improvement Bond Bank, Series B-1 (RB)
		5.00%, 01/15/20 (c)		1,179,880
	500,000	Indianapolis, Indiana Local Public Improvement Bond Bank, Series K (RB)
		5.00%, 06/01/21 (c)		592,280
	140,000	Zionsville Community Schools Building Corp. (RB)
		3.00%, 07/15/24 (c)		142,894
				4,617,568
Kansas: 0.7%
	540,000	City of Wichita, Kansas (GO)
		3.00%, 06/01/23 (c)		554,024
	260,000	Kansas Development Finance Authority, Department of Health and Environment, Series SRF-1 (RB)
		5.00%, 03/01/20 (c)		308,500
		State of Kansas Department of Transportation (RB)
	25,000	5.00%, 09/01/21		30,705
	1,500,000	5.00%, 09/01/24 (c)		1,866,675
	700,000	5.00%, 09/01/24 (c)		885,640
	2,400,000	Wyandotte County, Kansas City Unified Government Utility System Revenue, Series A (RB)
		5.00%, 09/01/22 (c)		2,820,720
				6,466,264
Kentucky: 0.6%
	350,000	Kentucky Asset Liability Commission (RB)
		5.00%, 09/01/24 (c)		432,828
	250,000	Kentucky Asset Liability Commission Project, Series A (RB)
		5.00%, 09/01/24 (c)		305,545
		Kentucky State Property & Building Commission, Project No. 106, Series A (RB)
	450,000	5.00%, 10/01/23 (c)		534,771
	540,000	5.00%, 10/01/23 (c)		649,156
	835,000	Kentucky State Property & Buildings Commission, Project No. 99, Series A (RB)
		5.00%, 11/01/20 (c)		994,677
	600,000	Kentucky State Turnpike Authority, Economic Development Road, Revitalization Projects, Series A (RB)
		5.00%, 07/01/22 (c)		729,348
		Kentucky Turnpike Authority (RB)
	470,000	5.00%, 07/01/23 (c)		572,930
	125,000	5.00%, 07/01/23 (c)		153,238
	300,000	Lexington Fayette Urban County Government Public Facilities Corp., Eastern State Hospital Project, Series A (RB)
		5.25%, 06/01/21 (c)		352,581
	500,000	Louisville & Jefferson County, Kentucky Metropolitan Sewer District, Series A (RB)
		5.00%, 11/15/21(c)		598,865
				5,323,939
Louisiana: 1.2%
	1,500,000	Louisiana Public Facilities Authority (RB)
		5.00%, 12/01/15 (c)		1,553,835
		Louisiana State, Series A (GO)
	3,400,000	4.00%, 02/01/24 (c)		3,805,518
	250,000	5.00%, 05/15/20 (c)		299,030
	250,000	5.00%, 02/01/24 (c)		313,075
	500,000	Louisiana State, Series B (RB)
		5.00%, 05/01/20 (c)		590,380
		State of Louisiana (GO)
	60,000	5.00%, 05/15/20 (c)		71,801
	75,000	5.00%, 07/15/22 (c)		92,894
	750,000	5.00%, 02/01/24 (c)		922,537
	500,000	5.00%, 12/01/24 (c)		628,610
		State of Louisiana Gasoline & Fuels Tax Revenue (RB)
	105,000	5.00%, 05/01/21		128,146
	50,000	5.00%, 05/01/22 (c)		60,590
	2,000,000	5.00%, 05/01/24 (c)		2,464,060
				10,930,476
Maryland: 1.2%
		County of Baltimore MD (GO)
	75,000	3.00%, 02/01/24 (c)		79,745
	500,000	5.00%, 08/01/22		625,580
	1,000,000	County of Montgomery, Maryland (GO)
		5.00%, 11/01/24 (c)		1,286,800
	1,000,000	Howard County, Maryland, Consolidated Public Improvement, Series B (GO)
		5.00%, 08/15/21 (c)		1,228,120
	500,000	Maryland State & Local Facilities Loan, Second Series B (GO)
		4.50%, 03/15/19 (c)		571,005
	1,400,000	Maryland State Department of Transportation (RB)
		4.00%, 02/15/21		1,624,728
	750,000	Maryland State, State & Local Facilities Loan First Loan, Series A (GO)
		5.00%, 03/01/22 (c)		928,410
		Maryland State, State & Local Facilities Loan First Loan, Series B (GO)
	45,000	3.00%, 03/15/20 (c)		48,104
	1,750,000	4.00%, 03/15/20 (c)		1,997,922
	1,000,000	Montgomery & Price George’s Counties, Maryland Washington Suburban Sanitary District, Consolidated Public Improvement (GO)
		3.00%, 06/01/21 (c)		1,088,920
		Prince George’s County, Maryland, Series A (GO)
	140,000	4.00%, 09/01/24 (c)		160,737
	445,000	4.00%, 09/01/24 (c)		517,984
	260,000	Prince George’s County, Maryland, Series B (GO)
		2.75%, 03/01/23 (c)		270,330
		State of Maryland (GO)
	535,000	4.00%, 08/01/22 (c)		605,920
	260,000	5.00%, 08/01/21		320,978
				11,355,283
Massachusetts: 2.7%
		City of Boston, Massachusetts, Series A (GO)
	300,000	4.00%, 03/01/24 (c)		339,453
	280,000	5.00%, 04/01/22		348,642
		Commonwealth of Massachusetts (GO)
	500,000	3.00%, 11/01/22 (c)		508,650
	60,000	5.00%, 10/01/21 (c)		73,685
	1,350,000	5.00%, 11/01/22 (c)		1,686,271
	500,000	5.00%, 06/15/24 (c)		632,865
	1,325,000	5.00%, 08/01/25		1,711,118
	685,000	Commonwealth of Massachusetts, Consolidated Loan, Series A (GO)
		5.00%, 04/01/21 (c)		834,974
	1,730,000	Commonwealth of Massachusetts, Consolidated Loan, Series B (GO)
		5.00%, 06/01/20 (c)		2,056,295
		Commonwealth of Massachusetts, Consolidated Loan, Series C (GO)
	855,000	3.00%, 07/01/22 (c)		869,227
	515,000	4.00%, 07/01/22 (c)		570,980
	2,750,000	5.00%, 07/01/22 (c)		3,357,722
	425,000	Commonwealth of Massachusetts, Consolidated Loan, Series D (GO)
		5.00%, 10/01/21 (c)		519,516
	1,000,000	Massachusetts Commonwealth, Series A (GO)
		5.00%, 04/01/21 (c)		1,194,090
	1,300,000	Massachusetts Commonwealth, Series D (GO)
		4.25%, 10/01/21 (c)		1,471,080
	1,150,000	Massachusetts Commonwealth, Series E (GO)
		4.00%, 12/01/19 (c)		1,297,614
	150,000	Massachusetts Development Finance Agency (RB)
		5.00%, 07/01/21 (c)		175,169
	500,000	Massachusetts Development Finance Agency, Brandeis University, Series O-2 (RB)
		5.00%, 10/01/19 (c)		580,400
	295,000	Massachusetts Educational Financing Authority, Education Loan, Issue I, Series A (RB)
		5.15%, 01/01/20 (c)		316,346
	1,275,000	Massachusetts Health & Educational Facilities Authority (RB)
		5.00%, 12/15/19 (c)		1,501,249
	750,000	Massachusetts School Building Authority, Dedicated Sales Tax, Series B (RB)
		5.00%, 08/15/22 (c)		905,400
	600,000	Massachusetts State Health & Education Facilities Authority, Harvard University, Series A (RB)
		5.00%, 12/15/19 (c)		710,520
		Massachusetts State Transportation Fund, Series A (RB)
	600,000	4.00%, 06/01/21 (c)		661,566
	780,000	5.00%, 06/01/21		958,932
	575,000	5.00%, 06/01/23		728,335
	375,000	Massachusetts State, Federal Highway Grant, Series A (RB)
		5.00%, 06/15/22		467,359
	10,000	Massachusetts Water Resources Authority (RB)

		5.00%, 08/01/21 (c)	12,102
	100,000	The Massachusetts Clean Water Trust (RB)
		3.25%, 08/01/20 (c)	102,276
			24,591,836
Michigan: 0.9%
	800,000	Detroit, Michigan Distributable State Aid (GO) (SAW)
		4.50%, 11/01/20 (c)	854,552
	1,000,000	Detroit, Michigan School District, School Building and Site Improvement, Series A (GO) (Q-SBLF)
		5.00%, 05/01/22 (c)	1,120,280
	80,000	Michigan Finance Authority (RB)
		5.00%, 12/01/20 (c)	94,289
	750,000	Michigan Finance Authority, Clean Water Revolving Fund (RB)
		5.00%, 10/01/22	941,077
	675,000	Michigan Finance Authority, Hospital Revenue & Refunding Bonds, Series A (RB)
		5.00%, 06/01/22 (c)	753,752
		Michigan Finance Authority, Revenue Unemployment Obligation Assessment, Series B (RB)
	260,000	5.00%, 07/01/16 (c)	276,627
	195,000	5.00%, 07/01/19 (c)	227,727
	250,000	Michigan Finance Authority, School District of the City of Detroit (RB)
		5.50%, 06/01/21	289,853
		Michigan Finance Authority, Series C-3 (RB) (AGM)
	750,000	5.00%, 07/01/24 (c)	854,985
	405,000	5.00%, 07/01/24 (c)	463,458
	770,000	Michigan Municipal Board Authority, Clean Water Revolving Fund (RB)
		5.00%, 10/01/21	949,487
		Michigan State Building Authority (RB)
	25,000	5.00%, 10/15/23 (c)	30,869
	50,000	5.00%, 10/15/23	62,416
	425,000	Michigan State Building Authority, Series I-A (RB)
		5.13%, 10/15/21 (c)	497,386
	420,000	Royal Oak Hospital Finance Authority (RB)
		5.00%, 03/01/24 (c)	490,287
			7,907,045
Minnesota: 1.8%
	1,000,000	City of Rochester MN (RB)
		4.50%, 11/15/21 (p)	1,190,580
	430,000	Metropolitan Council, Series E (GO)
		5.00%, 09/01/21	529,945
	750,000	Minnesota Agricultural & Economic Development Board, Series C-1 (RB) (AGO)
		5.50%, 02/15/20 (c)	885,660
	1,185,000	Minnesota Public Facilities Authority, Series C (RB)
		3.25%, 03/01/20 (c)	1,276,932
		Minnesota State, General Fund Appropriation, Series B (RB)
	2,000,000	5.00%, 03/01/22 (c)	2,405,660
	1,400,000	5.00%, 03/01/22 (c)	1,718,248
	1,000,000	Minnesota State, State Trunk Highway, Series B (GO)
		5.00%, 08/01/23 (c)	1,245,590
		State of Minnesota
	175,000	3.00%, 08/01/21	193,694
	585,000	3.00%, 03/01/22 (c)	589,458
	570,000	3.00%, 08/01/24	625,780
	1,050,000	3.00%, 08/01/24	1,122,534
	385,000	3.00%, 08/01/24 (c)	395,915
	25,000	3.50%, 10/01/23 (c)	27,220
	225,000	4.00%, 08/01/24 (c)	265,433
	1,000,000	4.00%, 08/01/24 (c)	1,170,240
	500,000	5.00%, 08/01/20 (c)	595,410
	1,800,000	5.00%, 08/01/21	2,222,154
			16,460,453
Mississippi: 0.2%
		Mississippi Development Bank (RB)
	75,000	5.00%, 01/01/22 (c)	88,865
	50,000	5.00%, 01/01/22 (c)	59,455
	100,000	5.00%, 01/01/22 (c)	119,979
	1,000,000	5.00%, 01/01/23 (c)	1,180,720
	450,000	5.00%, 01/01/27	567,355
			2,016,374
Missouri: 1.7%
	1,325,000	City of Kansas City, Missouri, Series A (GO)
		5.00%, 02/01/22 (c)	1,618,925
		Health & Educational Facilities Authority of the State of Missouri (RB)
	960,000	5.00%, 06/01/24 (c)	1,140,038
	500,000	5.00%, 06/01/24 (c)	613,180
	1,000,000	5.00%, 06/01/24 (c)	1,181,220
	505,000	Kansas City, Missouri Industrial Development Authority (RB)
		5.50%, 09/01/21 (c)	620,367
		Missouri Highway & Transportation Commission (RB)
	1,000,000	5.00%, 05/01/22	1,245,520
	1,000,000	5.00%, 05/01/24	1,281,100
	500,000	5.00%, 05/01/24 (c)	630,310
	500,000	5.00%, 05/01/26	656,215
	290,000	Missouri Joint Municipal Electric Utility Commission (RB)
		5.00%, 01/01/24 (c)	344,259
		Missouri State Board of Public Buildings, Series A (RB)
	1,000,000	1.00%, 10/01/19 (c)	812,090
	1,200,000	2.50%, 10/01/20 (c)	1,219,680
	10,000	3.00%, 10/01/20 (c)	10,418
	2,555,000	4.00%, 10/01/20 (c)	2,901,713
	250,000	Missouri State Environmental Improvement & Energy Resources Authority, Series A (RB)
		5.00%, 07/01/23	317,295
		University of Missouri (RB)
	175,000	5.00%, 11/01/24 (c)	217,056
	300,000	5.00%, 11/01/24 (c)	382,956
			15,192,342
Nebraska: 0.5%
	25,000	Central Plains Energy Project (RB)
		5.00%, 09/01/22 (c)	28,749
	250,000	City of Lincoln, Nebraska Electric System Revenue (RB)
		3.25%, 09/01/22 (c)	253,525
	150,000	Lincoln, Nebraska Electric System (RB)
		5.00%, 09/01/22	185,883
		Nebraska Public Power District (RB)
	250,000	3.88%, 01/01/22 (c)	275,183
	350,000	5.00%, 01/01/18 (c)	390,243
	250,000	Nebraska Public Power District, Series A (RB)
		5.00%, 01/01/22 (c)	296,215
		Omaha Public Power District (RB)
	130,000	2.25%, 08/01/19 (c)	131,446
	1,080,000	5.00%, 02/01/24 (c)	1,336,403
	1,000,000	Omaha School District (GO)
		5.00%, 06/15/24	1,280,550
			4,178,197
Nevada: 0.2%
	485,000	Clark County School District, Series A (GO)
		5.00%, 06/15/21	588,310
	500,000	Clark County, Nevada Airport System, Senior, Series D (RB)
		5.00%, 01/01/20 (c)	583,020
	500,000	Clark County, Nevada, Limited Tax Transportation Refunding, Series A (GO)
		4.00%, 12/01/19 (c)	568,455
	25,000	State of Nevada (RB)
		5.00%, 12/01/23	31,734
			1,771,519
New Hampshire: 0.5%
		New Hampshire State, Series A (GO)
	450,000	5.00%, 07/01/20 (c)	539,802
	1,290,000	5.00%, 07/01/20 (c)	1,550,438
	1,000,000	5.00%, 07/01/20 (c)	1,203,640
		State of New Hampshire (GO)
	370,000	5.00%, 07/01/20 (c)	442,979
	1,000,000	5.00%, 03/01/25	1,293,640
			5,030,499
New Jersey: 6.7%
		County of Union, New Jersey, Series B (GO)
	270,000	3.00%, 03/01/21	294,413
	650,000	3.00%, 03/01/22 (c)	704,294
	1,000,000	3.00%, 03/01/22	1,093,990
		Garden State, New Jersey Preservation Trust Open Space and Farmland Preservation, Series A (RB)
	560,000	4.00%, 11/01/21	650,216
	1,000,000	4.00%, 11/01/22 (c)	1,147,390
		New Jersey Economic Development Authority (RB)
	955,000	4.00%, 06/15/24 (c)	1,009,234
	250,000	5.00%, 03/01/22 (c)	284,385
	1,325,000	5.00%, 03/01/23 (c)	1,503,597
	1,655,000	5.00%, 03/01/23 (c)	1,893,320
	1,060,000	5.00%, 03/01/23 (c)	1,226,643
	1,350,000	5.00%, 06/15/24 (c)	1,577,353
	500,000	5.00%, 06/15/24 (c)	571,435
	1,000,000	5.00%, 06/15/24 (c)	1,159,530
	500,000	5.25%, 03/01/21 (c)	567,390
	555,000	5.50%, 03/01/21 (c)	658,951
	2,000,000	New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
		5.00%, 06/15/22	2,327,020
		New Jersey Economic Development Authority, School Facilities Construction Refunding, Series GG (RB)
	2,000,000	5.00%, 03/01/21 (c)	2,302,040
	1,000,000	5.25%, 03/01/21 (c)	1,132,390
		New Jersey Economic Development Authority, School Facilities Construction Refunding, Series II (RB)
	1,000,000	5.00%, 03/01/21	1,149,800
	980,000	5.00%, 03/01/22 (c)	1,102,088
	500,000	5.00%, 03/01/22 (c)	565,690
	1,000,000	5.00%, 03/01/22	1,161,180
		New Jersey Economic Development Authority, School Facilities Construction Refunding, Series NN (RB)
	2,120,000	5.00%, 03/01/23 (c)	2,365,644
	1,670,000	5.00%, 03/01/23 (c)	1,922,120
	500,000	New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB)
		5.25%, 03/01/21 (c)	579,180
	1,450,000	New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)
		5.00%, 03/01/22	1,683,711
		New Jersey Educational Facilities Authority (RB)
	360,000	5.00%, 09/01/21	418,990
	230,000	5.00%, 06/15/24 (c)	260,079
	500,000	New Jersey Environmental Infrastructure Trust, Series A-R (RB)
		4.00%, 09/01/23	598,445
		New Jersey Health Care Facilities Financing Authority (RB)
	1,190,000	4.00%, 07/01/22 (c)	1,302,419
	250,000	5.00%, 07/01/22 (c)	296,480
	200,000	5.00%, 09/15/23	240,934
	75,000	New Jersey Health Care Facilities Financing Authority, Barnabas Health Issue, Series A (RB)
		4.63%, 07/01/21 (c)	86,444
		New Jersey Health Care Facilities Financing Authority, Meridian Health System (RB)
	500,000	5.00%, 07/01/22 (c)	587,000
	500,000	5.00%, 07/01/22 (c)	606,250
	165,000	New Jersey State Transportation Trust Fund Authority, Series A (RB)
		4.69%, 12/15/30 ^	83,888
	2,610,000	New Jersey State Transportation Trust Fund Authority, Series D (RB)
		5.00%, 12/15/23	3,071,317
		New Jersey State Turnpike Authority (RB)
	125,000	5.00%, 07/01/22 (c)	150,795
	900,000	5.00%, 07/01/22 (c)	1,051,281
	400,000	5.00%, 07/01/22 (c)	472,572
	500,000	5.00%, 01/01/23	616,195
	325,000	5.00%, 01/01/23 (c)	388,892
	640,000	5.00%, 07/01/24 (c)	775,776
	750,000	5.00%, 07/01/24 (c)	902,130
	500,000	New Jersey State Turnpike Authority, Series A (RB)
		5.00%, 01/01/23	615,785
	1,000,000	New Jersey State Turnpike Authority, Series B (RB)
		5.00%, 01/01/23 (c)	1,207,850
		New Jersey State Various Purpose (GO)
	500,000	4.00%, 06/01/19 (c)	549,285
	500,000	5.00%, 06/01/19 (c)	579,380
		New Jersey Transportation Trust Fund Authority (RB)
	1,950,000	5.00%, 06/15/22 (c)	2,264,593
	250,000	5.00%, 06/15/23 (c)	292,173
	2,500,000	5.00%, 06/15/24	2,956,975
	50,000	5.25%, 06/15/21 (c)	57,851
	3,400,000	5.25%, 06/15/23 (c)	3,953,860
	750,000	New Jersey Transportation Trust Fund Authority, Series AA (RB)
		5.00%, 06/15/23 (c)	860,205
		New Jersey Transportation Trust Fund Authority, Series D (RB)
	925,000	5.00%, 12/15/24	1,093,183
	3,000,000	5.25%, 12/15/23	3,588,930
	20,000	New Jersey Turnpike, Series A
		5.00%, 07/01/22	23,303
	880,000	Newark, New Jersey Qualified General Improvement, Series A (GO) (SAW)
		4.00%, 10/01/20 (c)	984,192
			61,570,456
New Mexico: 0.1%
	540,000	Albuquerque Bernalillo County Water Utility Authority (RB)
		5.00%, 07/01/24	692,701
	260,000	New Mexico Finance Authority State Transportation, Senior Lien, Series B (RB)
		5.00%, 06/15/21	318,570
			1,011,271
New York: 16.0%
		Brookhaven New York, Series A (GO)
	640,000	3.00%, 02/01/23	702,931
	250,000	4.00%, 02/01/23 (c)	280,865
		City of New York NY (GO)
	1,100,000	5.00%, 10/01/21 (c)	1,311,541
	250,000	5.00%, 08/01/22 (c)	304,465
	610,000	5.25%, 08/01/23 (c)	763,037
	250,000	City of New York, New York, Series A-1 (GO)
		5.00%, 08/01/21 (c)	303,415
		City of New York, New York, Series B (GO)
	1,450,000	5.00%, 08/01/22 (c)	1,738,970
	1,000,000	5.00%, 08/01/22 (c)	1,221,760
		City of New York, New York, Series D (GO)
	1,600,000	5.00%, 08/01/21	1,946,272
	1,000,000	5.00%, 02/01/23 (c)	1,191,250
	875,000	City of New York, New York, Series E (GO)
		5.25%, 08/01/22	1,091,239
		City of New York, New York, Series F (GO)
	500,000	5.00%, 02/01/22 (c)	596,700
	1,295,000	5.00%, 02/01/22 (c)	1,521,457
		City of New York, New York, Series F-1 (GO)
	50,000	5.00%, 03/01/23 (c)	59,653
	1,300,000	5.00%, 03/01/23 (c)	1,598,168
	995,000	City of New York, New York, Series H (GO)
		5.00%, 08/01/23 (c)	1,229,681
		City of New York, New York, Series I (GO)
	1,310,000	5.00%, 08/01/21	1,593,510
	1,000,000	5.00%, 08/01/22	1,229,630
	1,000,000	5.00%, 08/01/22 (c)	1,206,210
	400,000	City of New York, New York, Series I-1 (GO)
		5.00%, 03/01/23	495,792
	960,000	City of New York, New York, Series J (GO)
		5.00%, 08/01/23 (c)	1,178,006
	500,000	Erie County New York Industrial Development Agency School Facilities, City School District of Buffalo, Series A (RB) (SAW)
		5.00%, 05/01/21 (c)	598,290
	400,000	Long Island Power Authority (RB)
		5.00%, 09/01/22	480,840
	2,360,000	Long Island Power Authority, Electric System, Series B (RB)
		5.00%, 09/01/22 (c)	2,761,271
		Metropolitan Transportation Authority (RB)
	50,000	5.00%, 11/15/21	60,953
	250,000	5.00%, 11/15/21 (c)	295,243
	350,000	5.00%, 11/15/22 (c)	424,736
	750,000	5.00%, 11/15/22 (c)	891,720
	300,000	5.00%, 11/15/22 (c)	364,059
	350,000	5.00%, 11/15/22 (c)	418,061
	125,000	5.00%, 11/15/22 (c)	151,691
		Metropolitan Transportation Authority, Series A (RB)
	500,000	3.00%, 11/15/22 (c)	510,100
	1,550,000	5.00%, 11/15/22 (c)	1,873,531
		Metropolitan Transportation Authority, Series B (RB)
	600,000	3.00%, 11/15/22 (c)	624,534
	500,000	5.00%, 11/15/22	617,300
		Metropolitan Transportation Authority, Series D (RB)
	500,000	5.00%, 11/15/17 (c)	557,185
	285,000	5.00%, 11/15/21	347,432
	500,000	Metropolitan Transportation Authority, Series E (RB)
		5.00%, 11/15/22 (c)	597,230
		Metropolitan Transportation Authority, Series F (RB)
	845,000	3.13%, 11/15/22 (c)	886,996
	2,155,000	5.00%, 11/15/22 (c)	2,589,383
	1,000,000	5.00%, 11/15/22	1,234,600
		Metropolitan Transportation Authority, Series H (RB)
	100,000	4.00%, 11/15/21	114,807
	1,300,000	5.00%, 11/15/22 (c)	1,588,067
	850,000	Nassau County, New York General Improvement, Series C (GO)
		4.00%, 10/01/20 (c)	936,674
	500,000	Nassau County, New York, Series A (GO)
		4.00%, 04/01/21 (c)	536,345
	400,000	New York City Municipal Water Finance Authority, Water & Sewer System, Series BB (RB)
		5.00%, 06/15/20 (c)	469,632
		New York City Transitional Finance Authority Future Tax Secured Revenue (RB)
	255,000	3.50%, 08/01/24 (c)	271,320
	275,000	5.00%, 05/01/21	334,150
	150,000	5.00%, 11/01/21 (c)	181,719
	575,000	5.00%, 11/01/22	714,909
	700,000	5.00%, 02/01/23 (c)	864,864
	290,000	5.00%, 05/01/23 (c)	349,436
	1,660,000	5.00%, 02/01/24 (c)	2,002,724
	400,000	5.25%, 02/01/21 (c)	476,048
	400,000	New York City Transitional Finance Authority, Building Aid Revenue, Series E-1 (RB)
		5.00%, 02/01/18 (c)	446,036
	3,100,000	New York City Transitional Finance Authority, Building Aid Revenue, Series F-1 (RB)
		5.00%, 05/01/22 (c)	3,694,022
		New York City Transitional Finance Authority, Building Aid Revenue, Series S-1 (RB) (SAW)
	1,000,000	5.00%, 07/15/22	1,233,060
	800,000	5.00%, 07/15/22 (c)	954,296
	500,000	New York City Transitional Finance Authority, Building Aid, Series S-2 (RB) (SAW)
		4.00%, 07/15/21 (c)	551,605
		New York City Transitional Finance Authority, Future Tax Secured Revenue, Series A (RB)
	700,000	5.00%, 11/01/21	857,528
	515,000	5.00%, 11/01/21	630,896
	450,000	New York City Transitional Finance Authority, Future Tax Secured Revenue, Series D-1 (RB)
		5.25%, 02/01/21 (c)	550,395
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A (RB)
	1,500,000	5.00%, 11/01/21 (c)	1,811,880
	725,000	5.00%, 11/01/21 (c)	880,889
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series B (RB)
	1,000,000	5.00%, 02/01/21 (c)	1,195,410
	1,000,000	5.00%, 11/01/21	1,225,040
	600,000	5.00%, 11/01/21 (c)	720,942
	2,000,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series C-1 (RB)
		5.00%, 11/01/22 (c)	2,449,180
		New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series D (RB)
	500,000	5.00%, 05/01/20 (c)	592,880
	1,000,000	5.00%, 05/01/20 (c)	1,184,650
	425,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1 (RB)
		5.00%, 02/01/22	522,431
	500,000	New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1 (RB)
		5.00%, 05/01/21	607,545
	190,000	New York City Water & Sewer System (RB)
		5.00%, 06/15/21 (c)	226,022
	550,000	New York City, Series B (GO)
		5.00%, 08/01/21 (c)	670,169
		New York City, Series E (GO)
	500,000	5.00%, 08/01/19 (c)	582,365
	1,000,000	5.00%, 08/01/19 (c)	1,167,110
	500,000	5.00%, 08/01/20 (c)	591,340
		New York City, Series I (GO)
	1,750,000	5.00%, 08/01/22	2,151,852
	1,500,000	5.00%, 08/01/22 (c)	1,832,640
	100,000	New York City, Sub Series G-1 (GO)
		5.00%, 04/01/22	122,529
	475,000	New York Local Government Assistant Corp., Series A (RB)
		4.00%, 04/01/20 (c)	530,470
		New York State Dormitory Authority (RB)
	570,000	5.00%, 12/15/22 (c)	693,382
	800,000	5.00%, 02/15/24	1,010,200
	1,500,000	5.00%, 02/15/24 (c)	1,804,140
	625,000	New York State Dormitory Authority, School District Financing Program, Series A (RB) (SAW)
		5.00%, 10/01/21	763,994
	100,000	New York State Dormitory Authority, Series A (RB)
		5.00%, 07/01/22 (c)	118,367
		New York State Dormitory Authority, State Personal Income Tax Revenue, Series A (RB)
	500,000	4.00%, 12/15/22	585,915
	1,000,000	5.00%, 12/15/22 (c)	1,236,120
		New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
	250,000	5.00%, 12/15/20	302,373
	950,000	5.00%, 12/15/22 (c)	1,158,724
	2,000,000	5.00%, 12/15/22 (c)	2,487,180
	825,000	5.00%, 12/15/22	1,028,032
	1,000,000	5.00%, 12/15/22 (c)	1,210,800
	170,000	5.00%, 12/15/22 (c)	205,151
	295,000	5.00%, 02/15/24 (c)	364,490
	250,000	5.00%, 02/15/24 (c)	311,215
		New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
	500,000	5.00%, 03/15/21 (c)	599,595
	2,800,000	5.00%, 03/15/21	3,395,952
		New York State Dormitory Authority, State Personal Income Tax, Series B (RB)
	500,000	5.00%, 03/15/22 (c)	601,935
	1,300,000	5.00%, 03/15/22 (c)	1,593,124
		New York State Dormitory Authority, State Personal Income Tax, Series E (RB)
	300,000	5.00%, 02/15/20 (c)	351,645
	1,625,000	5.00%, 08/15/21 (c)	1,969,662
	625,000	New York State Dormitory Authority, State Sales Tax, Series A (RB)
		5.00%, 03/15/23 (c)	758,000
	250,000	New York State Dormitory Authority, State University Education Facilities Issue, Series A (RB)
		5.00%, 05/15/22 (c)	306,650
		New York State Environmental Facilities Corp (RB)
	835,000	5.00%, 06/15/24 (c)	1,033,446
	1,250,000	5.00%, 06/15/24 (c)	1,578,487
		New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series A (RB)
	440,000	4.00%, 06/15/22 (c)	502,559
	750,000	5.00%, 06/15/22 (c)	933,532
	1,000,000	5.00%, 06/15/22 (c)	1,233,720
	600,000	New York State Environmental Facilities Corp., Municipal Water Finance Authority Projects, Series D (RB)
		5.00%, 06/15/22	748,722
	1,000,000	New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB)
		5.00%, 04/01/20 (c)	1,194,480
	800,000	New York State Thruway Authority, Series A (RB)
		5.00%, 03/15/23 (c)	950,560
		New York State Thruway Authority, Series I (RB)
	3,310,000	5.00%, 01/01/22 (c)	3,942,971
	1,000,000	5.00%, 01/01/22 (c)	1,198,360
	2,120,000	New York State Thruway Authority, Series J (RB)
		5.00%, 01/01/24 (c)	2,555,893
		New York State Thruway Authority, State Personal Income Tax (Transportation), Series A (RB)
	500,000	5.00%, 09/15/20 (c)	597,145
	1,000,000	5.00%, 03/15/21	1,212,840
	250,000	5.00%, 03/15/21 (c)	300,445
	680,000	New York State Urban Development Corp (RB)
		3.50%, 03/15/21 (c)	721,888
	250,000	New York State Urban Development Corp., Series D
		5.00%, 03/15/23	312,278
		New York State Urban Development Corp., State Personal Income, Series A (RB)
	700,000	4.00%, 03/15/21 (c)	783,601
	1,000,000	4.00%, 03/15/21 (c)	1,125,580
	2,000,000	New York State Urban Development Corp., State Personal Income, Series A-1 (RB)
		5.00%, 03/15/23 (c)	2,384,520
		New York State Urban Development Corp., State Personal Income, Series C (RB)
	1,250,000	5.00%, 03/15/22	1,540,337
	1,000,000	5.00%, 03/15/23 (c)	1,184,160
	1,550,000	5.00%, 03/15/23 (c)	1,841,710
	690,000	5.00%, 03/15/23 (c)	843,159
	115,000	New York State Urban Development Corp., State Personal Income, Series D (RB)
		5.00%, 03/15/22	141,711
		New York State, Series A (GO)
	500,000	3.50%, 02/15/21 (c)	556,535
	1,050,000	4.00%, 02/15/21 (c)	1,170,634
		New York State, Series E (GO)
	1,000,000	4.00%, 12/15/21 (c)	1,124,930
	800,000	4.00%, 12/15/21 (c)	904,320
	500,000	Oyster Bay, New York Public Improvement (GO)
		3.50%, 08/15/17 (c)	510,335
		Port Authority of New York & New Jersey (RB)
	565,000	3.00%, 06/15/24 (c)	585,097
	750,000	3.25%, 06/15/24 (c)	775,732
		Sales Tax Asset Receivable Corp., Series A (RB)
	235,000	3.00%, 10/15/24 (c)	242,393
	1,000,000	5.00%, 10/15/24 (c)	1,250,220
	1,000,000	Suffolk County, New York Public Improvement, Series A (GO)
		4.00%, 05/15/19 (c)	1,066,370
	50,000	Tobacco Settlement Financing Corp. (RB)
		5.00%, 06/01/17 (c)	54,998
	65,000	Town of Brookhaven, New York (GO)
		3.00%, 02/01/23 (c)	69,037
	325,000	Town of Oyster Bay NY (GO) (AGM)
		4.00%, 08/01/22 (c)	352,794
	265,000	Town of Oyster Bay, New York (GO) (AGM)
		3.00%, 03/01/21 (c)	275,001
		Triborough Bridge & Tunnel Authority, Series A (RB)
	455,000	5.00%, 01/01/22 (c)	548,521
	1,000,000	5.00%, 01/01/22 (c)	1,219,320
	800,000	5.00%, 05/15/23 (c)	990,552
		Triborough Bridge & Tunnel Authority, Series B (RB)
	500,000	5.00%, 11/15/22 (c)	608,775
	1,980,000	5.00%, 11/15/22	2,477,178
	1,000,000	5.00%, 11/15/22 (c)	1,241,170
	1,310,000	5.00%, 11/15/23 (c)	1,600,204
		Utility Debt Securitization Authority, Series E (RB)
	1,675,000	5.00%, 12/15/23 (c)	2,069,010
	900,000	5.00%, 12/15/23 (c)	1,113,345
			147,198,805
North Carolina: 0.9%
	1,805,000	County of Wake, North Carolina (GO)
		3.00%, 09/01/24 (c)	1,971,439
	1,000,000	North Carolina Municipal Power Agency No. 1, Series B (RB)
		5.00%, 01/01/22 (c)	1,168,750
		North Carolina State Capital Improvement Limited Obligation Bonds, Series A (RB)
	500,000	4.50%, 05/01/20 (c)	567,225
	815,000	5.00%, 05/01/20 (c)	972,319
	20,000	North Carolina State Capital Improvement Limited Obligation Bonds, Series B (RB)
		5.00%, 11/01/21 (c)	24,660
	750,000	North Carolina State, Capital Improvement Limited Obligation, Series C (RB)
		5.00%, 05/01/21 (c)	901,867
	400,000	North Carolina State, Series C (GO)
		5.00%, 05/01/22	499,612
		State of North Carolina (GO)
	1,315,000	5.00%, 05/01/24	1,695,035
	250,000	5.00%, 06/01/24	316,670
	75,000	5.00%, 06/01/26	97,082
	150,000	The Charlotte-Mecklenburg Hospital Authority (RB)
		5.00%, 01/15/22 (c)	174,192
			8,388,851
Ohio: 2.7%
	20,000	American Municipal Power, Inc. (RB)
		4.00%, 02/15/22 (c)	21,377
		City of Columbus OH Sewerage Revenue (RB)
	250,000	5.00%, 12/01/24 (c)	307,813
	500,000	5.00%, 12/01/24 (c)	629,625
		City of Columbus, Ohio, Series A (GO)
	1,890,000	3.00%, 02/15/24 (c)	1,978,433
	800,000	4.00%, 02/15/24 (c)	900,592
	440,000	5.00%, 02/15/22	545,706
	750,000	5.00%, 07/01/23	947,167
	100,000	5.00%, 08/15/23 (c)	123,685
	1,975,000	5.00%, 02/15/24 (c)	2,497,703
	1,000,000	City of Columbus, Various Purpose, Series A (GO)
		5.00%, 08/15/22 (c)	1,235,510
	870,000	County of Hamilton, Ohio Healthcare Facilities, The Christ Hospital Project (RB) (AGM)
		4.00%, 06/01/22 (c)	919,755
	750,000	Dayton Metro Library, Series A (GO)
		3.25%, 12/01/21 (c)	764,265
	1,220,000	Hamilton County, Ohio Sewer System Improvement, Series A (RB)
		5.00%, 12/01/22	1,519,852
		Ohio State Common Schools, Series A (GO)
	750,000	5.00%, 09/15/22	935,752
	1,175,000	5.00%, 09/15/23	1,486,610
	1,750,000	Ohio State Common Schools, Series B (GO)
		4.00%, 09/15/21 (c)	1,946,297
	650,000	Ohio State, Turnpike Commission, Series A (RB)
		5.25%, 02/15/27	840,209
		State of Ohio (GO)
	300,000	5.00%, 09/15/21	369,696
	1,345,000	5.00%, 01/15/23 (c)	1,562,823
	895,000	5.00%, 08/01/23	1,130,045
	3,000,000	5.00%, 05/01/24 (c)	3,735,810
			24,398,725
Oklahoma: 0.1%
	65,000	Grand River Dam Authority (RB)
		5.00%, 06/01/24 (c)	78,380
	1,000,000	Oklahoma Capital Improvement Authority (RB)
		5.00%, 07/01/24 (c)	1,219,660
			1,298,040
Oregon: 0.9%
	100,000	Beaverton School District 48J, Washington and Multnomah Counties, Oregon, Series B (GO) (SBG)
		4.00%, 06/15/22 (c)	114,662
	500,000	Clackamas County School District No 12 North Clackamas (GO) (SBG)
		5.00%, 06/15/24 (c)	615,500
	1,040,000	Deschutes County, Oregon, Administrative School District No. 1 (GO) (SBG)
		4.00%, 06/15/21	1,215,115
		Metro, Oregon, Series A (GO)
	500,000	4.00%, 06/01/22 (c)	566,720
	105,000	5.00%, 06/01/21	129,016
	785,000	5.00%, 06/01/22	979,217
	400,000	5.00%, 06/01/22 (c)	495,828
	500,000	Oregon State, Series F (GO)
		5.00%, 05/01/23 (c)	621,595
		Portland, Oregon Sewer System, Series A (RB)
	475,000	4.25%, 03/01/20 (c)	534,636
	575,000	5.00%, 03/01/20 (c)	673,906
		State of Oregon Department of Transportation (RB)
	200,000	5.00%, 11/15/23	254,552
	1,000,000	5.00%, 11/15/24 (c)	1,256,170
	225,000	5.00%, 11/15/24	290,700
	200,000	5.00%, 11/15/24 (c)	247,048
	50,000	Tri-County Metropolitan Transportation District (RB)
		5.00%, 10/01/21	61,084
			8,055,749
Pennsylvania: 2.5%
	270,000	City of Philadelphia, Pennsylvania Water & Wastewater Revenue, Series A (RB)
		5.00%, 01/01/22	327,448
		Commonwealth of Pennsylvania (GO)
	1,000,000	5.00%, 07/01/21	1,214,440
	1,250,000	5.00%, 07/01/21	1,518,050
	1,000,000	5.00%, 11/15/21	1,221,940
	720,000	5.00%, 11/15/21 (c)	876,175
	570,000	5.00%, 11/15/21 (c)	679,104
	1,765,000	5.00%, 07/01/22	2,171,550
	1,000,000	5.00%, 04/01/23 (c)	1,213,030
	500,000	5.00%, 07/01/23	622,995
	1,000,000	5.00%, 10/15/23 (c)	1,193,430
	500,000	5.00%, 10/15/23 (c)	611,140
	420,000	5.00%, 10/15/23 (c)	516,722
	860,000	5.00%, 10/15/23 (c)	1,031,553
	500,000	Commonwealth of Pennsylvania, First Refunding Series (GO)
		4.00%, 07/01/23	582,080
		Commonwealth of Pennsylvania, First Series (GO)
	920,000	5.00%, 06/01/21	1,116,070
	425,000	5.00%, 11/15/21 (c)	510,833
	1,250,000	5.00%, 06/01/22 (c)	1,526,200
	640,000	5.00%, 06/01/22	786,349
	1,000,000	5.00%, 04/01/23 (c)	1,230,690
		Commonwealth of Pennsylvania, Second Series (GO)
	300,000	4.00%, 10/15/23 (c)	332,988
	500,000	5.00%, 10/15/23 (c)	620,085
	850,000	Monroeville, Pennsylvania Finance Authority (RB)
		5.00%, 02/15/26	1,061,182
	25,000	Pennsylvania Economic Development Financing Authority (RB)
		5.00%, 07/01/16 (c)	26,635
	500,000	Pennsylvania Higher Educational Facilities Authority, Series AM (RB)
		4.00%, 06/15/21 (c)	542,635
	1,000,000	Pennsylvania State Industrial Development Authority (RB)
		5.00%, 07/01/21	1,196,190
			22,729,514
Puerto Rico: 0.1%
	500,000	Puerto Rico Commonwealth, Public Improvement, Series A (GO) (AGM)
		5.50%, 07/01/21 (c)	519,925
	500,000	Puerto Rico Electric Power Authority (RB) (AGM)
		3.65%, 07/01/15 (c)	467,675
			987,600
Rhode Island: 0.8%
	2,490,000	Rhode Island Health & Educational Building Corp. (RB)
		5.00%, 09/01/21	3,056,425
		State of Rhode Island (GO)
	250,000	5.00%, 08/01/24 (c)	311,608
	1,000,000	5.00%, 08/01/24 (c)	1,236,740
	500,000	5.50%, 08/01/21 (c)	621,870
	470,000	5.50%, 08/01/21 (c)	581,611
	1,000,000	5.50%, 08/01/21 (c)	1,236,780
			7,045,034
South Carolina: 1.2%
	325,000	Berkeley County School District (GO)
		3.00%, 03/01/24 (c)	344,630
	920,000	Charleston Educational Excellence Finance Corp. (RB)
		5.00%, 12/01/23 (c)	1,106,751
	1,750,000	City of Charleston, South Carolina, Waterworks & Sewer System Revenue (RB)
		5.00%, 01/01/22 (c)	2,150,505
		Richland County, South Carolina School District No. 1, Series A (GO)
	500,000	4.00%, 09/01/21 (c)	555,780
	1,305,000	4.00%, 09/01/21 (c)	1,502,355
	500,000	5.00%, 09/01/21 (c)	604,300
	975,000	South Carolina Jobs-Economic Development Authority (RB)
		3.75%, 11/01/22 (c)	1,014,195
		South Carolina State Economic Development, Series A (GO)
	625,000	2.00%, 04/01/20 (c)	637,637
	1,000,000	4.00%, 04/01/20 (c)	1,143,410
		South Carolina State Public Service Authority, Series B (RB)
	1,100,000	4.00%, 12/01/21	1,261,601
	650,000	5.00%, 12/01/21	788,586
			11,109,750
Tennessee: 0.9%
	1,200,000	County of Shelby, Tennessee (GO)
		5.00%, 03/01/24	1,522,464
	25,000	Memphis Center City Revenue Finance Corp. (RB) (AGM)
		4.50%, 11/01/21 (c)	28,001
	500,000	Memphis, Tennessee General Improvement Refunding (GO)
		5.00%, 05/01/21	608,210
	750,000	Memphis, Tennessee General Improvement Refunding, Series A (GO)
		5.00%, 11/01/23	945,375
		Metropolitan Government of Nashville & Davidson County, Tennessee Subordinate Lien Water & Sewer Revenue Refunding (RB)
	1,750,000	5.00%, 07/01/21	2,131,237
	1,200,000	5.00%, 07/01/22	1,463,328
	75,000	Metropolitan Government of Nashville & Davidson County, Tennessee, Series D (GO)
		5.00%, 07/01/20 (c)	90,011
	350,000	State of Tennessee (GO)
		5.00%, 08/01/21	432,086
	275,000	Tennessee State School Bond Authority, Higher Educational Facilities, Series A (RB)
		3.50%, 05/01/18 (c)	289,740
	475,000	Tennessee State, Series A (GO)
		5.00%, 08/01/22	595,446
			8,105,898
Texas: 8.9%
	750,000	Austin Independent School District (GO)
		5.00%, 08/01/24	961,560
	500,000	Brownsville, Texas Utilities System Revenue, Series A (RB)
		5.00%, 09/01/23 (c)	593,810
		City of Austin, Texas, Water & Wastewater System Revenue (RB)
	400,000	5.00%, 11/15/21 (c)	489,064
	650,000	5.00%, 11/15/21	799,903
	1,000,000	5.00%, 05/15/24 (c)	1,225,380
	1,000,000	5.00%, 05/15/24 (c)	1,221,640
	650,000	5.00%, 05/15/24 (c)	791,641
		City of Fort Worth and Dallas, Texas International Airport, Series G (RB)
	50,000	5.00%, 11/01/20 (c)	58,660
	300,000	5.00%, 11/01/20 (c)	352,674
	1,000,000	City of Fort Worth, Texas (GO)
		5.00%, 03/01/22 (c)	1,224,320
		City of Houston, Texas Combined Utility System Revenue (RB)
	200,000	4.00%, 05/15/21	231,940
	1,000,000	5.00%, 11/15/24 (c)	1,245,160
		City of Houston, Texas, Series A (GO)
	1,350,000	5.00%, 03/01/21	1,634,701
	300,000	5.00%, 03/01/22	372,048
	1,070,000	City of San Antonio, Texas (GO)
		5.00%, 02/01/24 (c)	1,317,138
		City of San Antonio, Texas Electric & Gas Systems (RB)
	1,865,000	5.00%, 02/01/22	2,302,305
	1,000,000	5.00%, 08/01/22 (c)	1,227,260
	1,000,000	5.00%, 02/01/23	1,253,260
	500,000	5.25%, 02/01/25	654,965
	1,000,000	City of San Antonio, Texas Water System Revenue (RB)
		5.00%, 05/15/22 (c)	1,212,850
	1,000,000	Clear Creek Independent School District, Series B (GO)
		5.00%, 02/15/22 (c)	1,223,000
	585,000	Comal Independent School District, Series A (GO)
		4.00%, 02/01/21 (c)	637,287
		Conroe Independent School District (GO)
	60,000	5.00%, 02/15/20 (c)	71,713
	500,000	5.00%, 02/15/21 (c)	589,480
	875,000	County of Denton, Texas (GO)
		5.00%, 07/15/20 (c)	1,034,609
	670,000	County of Harris, Texas (GO)
		5.00%, 10/01/20 (c)	812,134
	100,000	Cypress-Fairbanks Independent School District, Series C (GO)
		5.00%, 02/15/23	125,014
	100,000	Dallas, Texas Independent School District (GO)
		5.00%, 02/15/21 (c)	121,588
	385,000	Dallas, Texas, Series A (GO)
		5.00%, 02/15/23 (c)	463,013
		Dallas/Fort Worth International Airport (RB)
	50,000	5.00%, 11/01/20 (c)	58,185
	1,000,000	5.25%, 11/01/23 (c)	1,214,700
	750,000	Fort Bend Independent School District (GO)
		5.00%, 08/15/22 (c)	933,840
	70,000	Fort Worth Independent School District (GO)
		5.00%, 02/15/20 (c)	82,535
		Fort Worth, Texas Water & Sewer System Revenue (RB)
	250,000	5.00%, 02/15/21 (c)	301,230
	650,000	5.00%, 02/15/21	791,167
		Harris County Flood Control District (RB)
	100,000	5.00%, 10/01/20 (c)	117,610
	500,000	5.00%, 10/01/24 (c)	623,670
	2,755,000	Harris County, Texas Cultural Education Facilities Finance Corp. (RB)
		5.00%, 12/01/24 (c)	3,290,655
	500,000	Harris County, Texas Cypress-Fairbanks Independent School District (GO)
		5.00%, 02/15/21 (c)	605,030
		Harris County, Texas Flood Control District (RB)
	260,000	5.00%, 10/01/20 (c)	307,325
	500,000	5.00%, 10/01/24 (c)	627,140
	475,000	Harris County, Texas Permanent Improvement, Series A (GO)
		5.00%, 10/01/20 (c)	565,991
		Harris County, Texas Unlimited Tax Road Refunding, Series A (GO)
	500,000	5.00%, 10/01/20 (c)	600,295
	1,980,000	5.00%, 10/01/22 (c)	2,473,079
	2,225,000	Harris County-Houston Sports Authority (RB)
		5.00%, 11/15/24 (c)	2,655,893
	250,000	Houston, Texas Independent School District, Series A (GO)
		5.00%, 02/15/23 (c)	312,320
		Houston, Texas Public Improvement Refunding, Series A (GO)
	2,000,000	5.00%, 03/01/21 (c)	2,402,400
	1,090,000	5.00%, 03/01/23 (c)	1,343,665
	750,000	5.00%, 03/01/24 (c)	924,667
	35,000	Hurst-Euless-Bedford Independent School District (GO)
		5.00%, 08/15/20 (c)	41,951
	350,000	Leander Independent School District (GO)
		5.00%, 08/15/23 (c)	435,694
		Lower Colorado River Authority (RB)
	155,000	4.00%, 05/15/22 (c)	165,064
	350,000	5.00%, 05/15/20 (c)	408,475
	2,370,000	5.00%, 05/15/22 (c)	2,794,894
	990,000	5.00%, 05/15/22 (c)	1,193,247
	55,000	5.00%, 05/15/23 (c)	64,685
	845,000	Matagorda County, Texas Navigation District No. 1 (RB)
		4.00%, 06/03/23 (c)	874,034
		North Texas Municipal Water District (RB)
	650,000	4.00%, 03/01/22 (c)	708,890
	250,000	5.25%, 03/01/22 (c)	312,133
		North Texas Tollway Authority (RB)
	750,000	5.00%, 01/01/24 (c)	872,850
	430,000	5.25%, 09/01/21 (c)	528,479
	1,500,000	North Texas Tollway Authority, System Revenue, Series A (RB)
		6.25%, 02/01/20 (c)	1,717,710
	2,975,000	Northside Independent School District (GO)
		5.00%, 08/15/21 (c)	3,567,174
	500,000	Pasadena, Texas Independent School District (GO)
		5.00%, 02/15/23 (c)	613,680
	200,000	Port of Houston Authority of Harris County Texas, Series D-0 (GO)
		5.00%, 10/01/20 (c)	238,312
	415,000	Port of Houston Authority of Harris County Texas, Series D-1 (GO)
		5.00%, 10/01/20 (c)	500,004
	2,280,000	San Antonio, Texas Electric & Gas Systems (RB)
		5.25%, 02/01/24	2,939,057
	1,325,000	San Antonio, Texas Independent School District (GO)
		5.00%, 02/15/21 (c)	1,571,264
	300,000	San Antonio, Texas Public Facilities Corp. (RB)
		3.00%, 09/15/22 (c)	300,807
	1,025,000	San Antonio, Texas Water System Revenue (RB)
		5.00%, 05/15/22 (c)	1,261,211
		State of Texas (GO)
	1,355,000	5.00%, 04/01/22 (c)	1,645,986

	50,000	5.00%, 04/01/22		62,104
	1,050,000	5.00%, 04/01/24 (c)		1,292,634
	50,000	5.00%, 04/01/24 (c)		61,788
	750,000	5.00%, 04/01/24 (c)		936,000
	1,500,000	5.00%, 10/01/24 (c)		1,856,250
		Tarrant County, Texas Cultural Education Facilities Finance Corp. (RB)
	1,220,000	5.00%, 10/01/23 (c)		1,455,045
	235,000	5.25%, 10/01/23 (c)		284,822
	250,000	Texas A&M University (RB)
		5.00%, 05/15/22		311,203
		Texas Municipal Gas Acquisition & Supply Corp. III (RB)
	225,000	5.00%, 12/15/22 (c)		254,790
	230,000	5.00%, 12/15/22 (c)		262,175
	1,000,000	Texas Municipal Gas Acquisition and Supply Corp. III (RB)
		5.00%, 12/15/22		1,189,230
	500,000	Texas State, Public Finance Authority (GO)
		5.00%, 10/01/21 (c)		604,845
		Texas Transportation Commission State Highway Fund (RB)
	580,000	5.00%, 04/01/21		708,905
	1,290,000	5.00%, 04/01/24		1,643,318
	20,000	University of Texas System/The (RB)
		5.00%, 02/15/20 (c)		23,775
		University of Texas, Revenue Financing System, Series A (RB)
	500,000	5.00%, 02/15/20 (c)		593,020
	650,000	5.00%, 02/15/22 (c)		796,399
	1,850,000	University of Texas, Revenue Financing System, Series B (RB)
		5.00%, 08/15/22		2,310,927
	75,000	Ysleta Independent School District (GO)
		5.00%, 08/15/24 (c)		92,821
				81,975,166
Utah: 0.3%
	605,000	Cache County School District (GO) (SBG)
		4.00%, 06/15/24 (c)		676,578
		Utah State, Series A (GO)
	500,000	5.00%, 07/01/21 (c)		603,480
	500,000	5.00%, 07/01/21 (c)		606,880
	550,000	5.00%, 07/01/21 (c)		675,108
				2,562,046
Virgin Islands: 0.1%
	500,000	Virgin Islands Public Finance Authority (RB)
		5.00%, 10/01/20 (c)		560,720
Virginia: 3.7%
	835,000	Commonwealth of Virginia, Series A (GO)
		4.00%, 06/01/21 (c)		938,490
	485,000	Fairfax County, Virginia Economic Development Authority (RB)
		5.00%, 10/01/24 (c)		598,766
	1,965,000	Fairfax County, Virginia Economic Development Authority Transportation District Improvement, Silver Line Phase I Project (ST)
		5.00%, 04/01/20 (c)		2,307,264
	500,000	Fairfax County, Virginia Industrial Development Authority (RB)
		5.00%, 05/15/22		619,485
		Fairfax County, Virginia Public Improvement, Series B (GO) (SAW)
	650,000	5.00%, 04/01/21		797,927
	225,000	5.00%, 04/01/23		285,057
	2,075,000	5.00%, 04/01/24		2,659,507
	2,000,000	Virginia College Building Authority (RB) (SAW)
		5.00%, 09/01/23		2,517,260
		Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB)
	425,000	3.00%, 02/01/22 (c)		438,001
	2,000,000	5.00%, 02/01/22 (c)		2,451,080
	1,890,000	5.00%, 09/01/22 (c)		2,326,987
	100,000	Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series B (RB)
		5.00%, 02/01/22 (c)		122,554
	1,850,000	Virginia College Building Authority, Educational Facilities, Public Higher Education Financing Program, Series B (RB)
		4.00%, 09/01/22 (c)		2,078,419
		Virginia Commonwealth Transportation Board (RB)
	45,000	4.00%, 05/15/21 (c)		49,228
	920,000	5.00%, 05/15/21		1,123,394
		Virginia Commonwealth Transportation Board (RB)
	500,000	4.00%, 05/15/21 (c)		550,660
	150,000	5.25%, 05/15/21 (c)		183,390
		Virginia Commonwealth Transportation Board, Series A (RB)
	1,000,000	5.00%, 09/15/21		1,221,690
	450,000	5.00%, 03/15/23 (c)		544,266
		Virginia Public Building Authority (RB)
	1,405,000	3.00%, 08/01/24 (c)		1,413,093
	475,000	3.00%, 08/01/24 (c)		480,491
	20,000	5.00%, 08/01/21 (c)		24,204
		Virginia Public Building Authority, Series C (RB)
	400,000	4.00%, 08/01/24 (c)		460,632
	1,750,000	5.00%, 08/01/23		2,200,117
		Virginia Public School Authority (RB) (SAW)
	1,000,000	4.00%, 08/01/24 (c)		1,165,540
	450,000	5.00%, 08/01/21		549,567
	750,000	Virginia Small Business Financing Authority (RB)
		5.25%, 10/01/24 (c)		903,120
	1,850,000	Virginia State Public Building Authority, School Financing, Series A (RB) (SAW)
		5.00%, 08/01/22		2,290,947
	1,535,000	Virginia State Public School Authority, School Financing, Series A (RB) (SAW)
		5.00%, 08/01/23		1,922,941
	250,000	Virginia State, Resources Authority, Clean Water State (RB)
		5.00%, 10/01/23 (c)		315,010
				33,539,087
Washington: 4.5%
	450,000	Central Puget Sound Regional Transit Authority (RB)
		5.00%, 02/01/22 (c)		549,162
	550,000	Central Puget Sound, Washington Regional Transit Authority, Series S-1 (RB)
		5.00%, 11/01/22 (c)		664,273
	200,000	Energy Northwest Generating Station, Series A (RB)
		5.00%, 07/01/23		252,578
	350,000	King County, Washington Bellevue School District No. 401 (GO) (SBG)
		4.38%, 06/01/21 (c)		396,701
	15,000	King County, Washington School District No. 409 Tahoma (GO) (SBG)
		5.00%, 12/01/23 (c)		18,191
	1,025,000	King County, Washington Sewer Revenue & Refunding (RB)
		5.00%, 01/01/23 (c)		1,258,966
	1,300,000	Northwest Washington, Columbia Generating Electric Station, Series A (RB)
		5.00%, 07/01/21		1,585,883
	1,730,000	Northwest Washington, Columbia Generating Electric Station, Series A (RB)
		5.00%, 07/01/21		2,106,880
	975,000	Pierce County School District No 10 Tacoma (GO) (SBG)
		5.00%, 12/01/24		1,251,754
	20,000	Port of Seattle, Washington, Series A (RB)
		5.00%, 08/01/22 (c)		23,546
		State of Washington (GO)
	850,000	3.00%, 07/01/23 (c)		862,648
	520,000	3.13%, 07/01/22 (c)		532,979
	295,000	4.00%, 07/01/23 (c)		325,538
	25,000	5.00%, 07/01/20 (c)		29,701
	55,000	5.00%, 08/01/20 (c)		66,727
	50,000	5.00%, 06/01/21 (c)		59,392
	355,000	5.00%, 07/01/23 (c)		443,583
	835,000	5.00%, 08/01/23 (c)		1,045,278
	115,000	5.00%, 09/01/23		142,367
	1,500,000	5.00%, 02/01/24 (c)		1,878,450
	4,500,000	5.00%, 07/01/24		5,714,325
	50,000	5.00%, 01/01/25 (c)		61,106
	350,000	5.00%, 01/01/25 (c)		432,947
	1,800,000	Tobacco Settlement Authority of Washington (RB)
		5.00%, 06/01/22		2,136,510
	50,000	University of Washington (RB)
		5.00%, 07/01/21		61,270
		University of Washington General Revenue, Series A (RB)
	1,000,000	5.00%, 04/01/21 (c)		1,195,380
	500,000	5.00%, 04/01/21 (c)		599,635
	1,000,000	Washington Federal Highway Grant Anticipation, SR 520 Corridor Program, Series F (RB)
		5.00%, 09/01/22		1,224,850
		Washington Health Care Facilities Authority (RB)
	250,000	4.00%, 10/01/21 (p)		283,858
	365,000	5.00%, 10/01/21 (p)		442,307
	800,000	Washington State Motor Vehicle Fuel Tax, Series E (GO)
		5.25%, 02/01/22		997,816
		Washington State Various Purpose, Series D (GO)
	250,000	5.00%, 02/01/22		307,685
	535,000	5.00%, 02/01/23		667,766
	2,125,000	Washington State, Motor Vehicle Fuel Tax, Series E (GO)
		5.00%, 02/01/22		2,615,322
	2,000,000	Washington State, Motor Vehicle Fuel Tax, Series R (GO)
		5.00%, 07/01/22 (c)		2,477,980
		Washington State, Various Purpose, Series A (GO)
	855,000	4.00%, 07/01/22		997,811
	1,000,000	5.00%, 01/01/21 (c)		1,187,840
	300,000	5.00%, 08/01/21 (c)		365,340
	1,000,000	5.00%, 07/01/22		1,238,200
	1,000,000	5.00%, 08/01/22 (c)		1,230,420
	1,675,000	Washington State, Various Purpose, Series D (GO)
		5.00%, 02/01/23 (c)		2,049,965
		Washington State, Various Purpose, Series R-A (GO)
	150,000	5.00%, 01/01/21		181,559
	375,000	5.00%, 07/01/21 (c)		455,925
	625,000	Washington State, Various Purpose, Series R-C (GO)
		5.00%, 07/01/22 (c)		767,500
				41,187,914
West Virginia: 0.1%
	875,000	West Virginia University Board of Governors, University Improvement, Series B (RB)
		5.00%, 10/01/21		1,064,017
Wisconsin: 1.0%
		State of Wisconsin (GO)
	500,000	4.50%, 05/01/21 (c)		569,215
	25,000	5.00%, 05/01/21 (c)		30,377
	25,000	5.00%, 11/01/22 (c)		30,314
	1,500,000	5.00%, 11/01/24 (c)		1,879,875
		State of Wisconsin Clean Water Fund Leveraged Loan Portfolio (RB)
	185,000	5.00%, 06/01/20 (c)		217,704
	35,000	5.00%, 06/01/20 (c)		41,463
	50,000	5.00%, 06/01/20 (c)		59,346
	35,000	Wisconsin Department of Transportation (RB)
		5.00%, 07/01/22 (c)		42,062
	1,000,000	Wisconsin State Transportation, Series 0 (RB)
		5.00%, 07/01/23 (c)		1,219,000
	800,000	Wisconsin State Transportation, Series 1 (RB)
		5.00%, 07/01/23 (c)		987,672
	205,000	Wisconsin State, Health & Educational Facilities Authority, Aurora Health Care, Inc., Series A (RB)
		5.00%, 07/15/21 (c)		238,253
		Wisconsin State, Series 2 (GO)
	350,000	5.00%, 05/01/21		427,623
	1,300,000	5.00%, 11/01/21		1,601,925
	510,000	Wisconsin State, Series A (GO)
		5.25%, 05/01/21 (c)		623,536
		Wisconsin State, Series C (GO)
	755,000	4.00%, 05/01/21 (c)		823,697
	750,000	4.00%, 05/01/21 (c)		828,315
				9,620,377
Total Municipal Bonds (Cost: $863,793,802)				905,891,986

Number of Shares
MONEY MARKET FUND: 0.1% (Cost: $967,331)
	967,331	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		967,331
Total Investments: 98.9% (Cost: $864,761,133)				906,859,317
Other assets less liabilities: 1.1%				10,188,855
NET ASSETS: 100.0%			$	917,048,172

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
Airport		1.1	%	$	9,455,914
Bond Bank		0.4			3,196,254
Development		1.3			11,683,198
Education		3.3			30,282,802
Facilities		3.3			30,091,913
General		0.4			3,743,432
General Obligation		52.0			471,238,736
Higher Education		6.8			61,746,556
Medical		3.0			27,104,191
Pollution		0.8			6,904,500
Power		4.2			38,115,562
School District		4.3			38,683,943
Single Family Housing		0.1			1,286,058
Student Loan		0.0			316,346
Tobacco Settlement		0.3			3,010,195
Transportation		11.4			103,553,276
Utilities		2.7			24,741,744
Water		4.5			40,737,366
Money Market Fund		0.1			967,331
		100.0	%	$	906,859,317

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	905,891,986	$	—	$	905,891,986
Money Market Fund		967,331		—		—		967,331
Total	$	967,331	$	905,891,986	$	—	$	906,859,317

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

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

See Notes to Schedules of Investments

LONG MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)

	Principal Amount			Value
MUNICIPAL BONDS: 98.1%
Arizona: 1.7%

	$700,000	Arizona Board of Regents, Arizona State University Projects, Series A (RB)
		5.00%, 07/01/22 (c)	$	807,940
	1,000,000	Arizona Health Facilities Authority, Series A (RB)
		3.75%, 01/01/22 (c)		1,020,130
				1,828,070
California: 12.7%
	380,000	Bay Area Toll Authority, Series S-2 (RB)
		5.00%, 10/01/20 (c)		435,871
	120,000	Bay Area Toll Authority, Series S-4 (RB)
		5.25%, 04/01/23 (c)		141,402
		California Health Facilities Financing Authority (RB)
	520,000	4.00%, 03/01/23 (c)		537,768
	250,000	4.50%, 11/15/21 (c)		273,485
	500,000	5.00%, 08/15/23 (c)		567,520
	100,000	California Health Facilities Financing Authority, Series A (RB)
		4.00%, 08/15/24 (c)		107,377
		California State Public Works Board (RB)
	595,000	5.00%, 03/01/23 (c)		686,684
	400,000	5.50%, 11/01/23 (c)		499,388
	975,000	California State University (RB)
		5.00%, 11/01/24 (c)		1,179,867
	500,000	California Statewide Communities Development Authority (RB)
		5.25%, 12/01/24 (c)		562,890
	50,000	City of San Francisco CA Public Utilities Commission Water Revenue (RB)
		4.00%, 05/01/22 (c)		52,797
	305,000	El Camino Community College District (GO)
		4.00%, 08/01/22 (c)		324,904
	335,000	Los Angeles Department of Water (RB)
		5.00%, 07/01/24 (c)		398,020
	400,000	Pasadena Unified School District (GO)
		4.13%, 05/01/22 (c)		426,664
	500,000	Port of Los Angeles (RB)
		5.00%, 08/01/24 (c)		595,260
	465,000	San Jose, California Financing Authority Lease, Series A (RB)
		5.00%, 06/01/23 (c)		542,357
	250,000	San Mateo Union High School District (GO)
		5.00%, 09/01/23 (c)		296,480
	750,000	Santa Clara County, Series B (GO)
		3.38%, 08/01/22 (c)		750,247
	100,000	Semitropic Improvement District (RB)
		4.00%, 12/01/22 (c)		106,279
		State of California (GO)
	30,000	4.00%, 04/01/23 (c)		32,021
	50,000	4.38%, 02/01/22 (c)		54,703
	800,000	4.50%, 12/01/23 (c)		891,096
	890,000	5.00%, 09/01/22 (c)		1,031,350
	300,000	5.00%, 04/01/23 (c)		348,540
		State of California, Various Purpose (GO)
	230,000	3.50%, 09/01/22 (c)		240,118
	750,000	5.00%, 04/01/22 (c)		863,152
	750,000	5.00%, 11/01/23 (c)		879,030
	475,000	University of California (RB)
		5.00%, 05/15/23 (c)		563,697
	400,000	West Valley-Mission Community College District (GO)
		4.00%, 08/01/22 (c)		427,212
				13,816,179
Colorado: 2.2%
	115,000	Colorado Health Facilities Authority (RB)
		5.00%, 06/01/22 (c)		126,133
	500,000	Colorado Health Facilities Authority, Evangelical Lutheran Good Samaritan Society Project (RB)
		5.00%, 06/01/22 (c)		562,155
	550,000	Colorado Health Facilities Authority, Sister of Charity of Leavenworth Health System, Series A (RB)
		5.00%, 01/01/20 (c)		614,207
	230,000	Regional Transportation District (CP)
		5.00%, 06/01/23 (c)		264,753
	750,000	University of Colorado Hospital Authority, Series A (RB)
		5.00%, 11/15/22 (c)		843,945
				2,411,193
Connecticut: 0.5%
	500,000	Connecticut State Health & Educational Facility Authority, Series A (RB)
		5.00%, 07/01/21 (c)		554,510
District of Columbia: 2.3%
	500,000	District of Columbia, Association of American Medical College Issue, Series B (RB)
		5.00%, 10/01/21 (c)		552,935
	1,000,000	Metropolitan Washington Airports Authority (RB)
		5.00%, 10/01/24 (c)		1,149,390
	750,000	Metropolitan Washington Airports Authority Dulles Toll Road Revenue (RB)
		5.00%, 04/01/22 (c)		826,147
				2,528,472
Florida: 7.8%
	500,000	Broward County, Florida, Water & Sewer Utility Revenue (RB)
		5.00%, 10/01/22 (c)		574,590
	1,250,000	City of Tampa, Florida Health System, Series A (RB)
		5.00%, 05/15/22 (c)		1,454,075
	600,000	Collier County, Florida, Industrial Development Authority (RB)
		6.25%, 04/01/21 (c)		734,568
	10,000	County of Broward, Florida Airport System Revenue (RB)
		5.00%, 10/01/22 (c)		11,396
	1,000,000	County of Miami-Dade, Florida (GO)
		4.00%, 07/01/24 (c)		1,071,250
	395,000	County of Miami-Dade, Florida Transit System Sales Surtax Revenue (RB)
		4.00%, 07/01/22 (c)		421,868
	400,000	County of Miami-Dade, Florida Water & Sewer System Revenue (RB)
		5.00%, 10/01/22 (c)		456,416
	800,000	Miami-Dade County, Florida Transit System (RB)
		5.00%, 07/01/22 (c)		926,272
	825,000	Orange County Health Facilities Authority (RB)
		5.00%, 04/01/22 (c)		912,623
	500,000	Orange County, Florida Health Facilities Authority, Hospital Revenue, Orlando Health, Inc., Series A (RB)
		4.13%, 04/01/22 (c)		522,195
	500,000	Orlando-Orange County Expressway Authority (RB)
		5.00%, 07/01/23 (c)		574,215
	750,000	Tampa-Hillsborough County Expressway Authority (RB)
		5.00%, 07/01/22 (c)		848,962
				8,508,430
Georgia: 1.3%
	375,000	Columbus Medical Center Hospital Authority, Regional Healthcare System (RB) (AGM)
		5.00%, 08/01/20 (c)		416,321
	325,000	Gainesville City & Hall County, Georgia Hospital Authority, Northeast Georgia Health System, Inc. Project, Series A (RB)
		5.50%, 02/15/20 (c)		377,995
	250,000	Gainesville City & Hall County, Georgia Hospital Authority, Northeast Georgia Health System, Inc. Project, Series B (RB)
		5.25%, 02/15/20 (c)		282,055
	250,000	Valdosta & Lowndes County, Georgia Hospital Authority, South Georgia Medical Project, Series B (RB)
		5.00%, 10/01/21 (c)		281,573
				1,357,944
Idaho: 0.3%
	250,000	Idaho Health Facilities Authority, Series A (RB)
		5.00%, 03/01/22 (c)		280,470
Illinois: 7.2%
		Chicago Board of Education (GO)
	760,000	5.00%, 12/01/22 (c)		803,267
	800,000	5.00%, 12/01/22 (c)		844,448
	420,000	City of Chicago, Sales Tax, Series A (RB)
		4.38%, 01/01/22 (c)		448,749
		Illinois Finance Authority (RB)
	1,000,000	4.00%, 06/01/22 (c)		1,020,990
	500,000	4.00%, 08/15/22 (c)		529,460
	500,000	Illinois Finance Authority, Chicago University Medical Center, Series C (RB)
		5.50%, 02/15/21 (c)		593,015
	500,000	Illinois Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project, Series B (RB)
		4.25%, 06/15/22 (c)		521,170
		State of Illinois (GO) (AGM)
	500,000	4.13%, 04/01/23 (c)		513,760
	735,000	4.25%, 04/01/24 (c)		773,720
	250,000	4.38%, 04/01/24 (c)		264,193
	455,000	5.00%, 03/01/22 (c)		487,997
	600,000	5.25%, 02/01/24 (c)		680,400
	300,000	State of Illinois, Series A (GO)
		4.50%, 01/01/22 (c)		312,090
				7,793,259
Indiana: 1.3%
		Carmel Redevelopment Authority (RB)
	25,000	4.00%, 08/01/22 (c)		26,666
	45,000	4.00%, 08/01/22 (c)		48,030
	500,000	Indiana Finance Authority, Community Health Network, Series A (RB)
		4.00%, 05/01/23 (c)		513,770
	275,000	Indiana Finance Authority, Educational Facilities, Marian University Project (RB)
		6.38%, 09/15/21 (c)		308,033
	500,000	Indiana Finance Authority, King’s Daughters’ Hospital & Health Services (RB)
		5.50%, 08/15/20 (c)		558,400
				1,454,899
Kentucky: 0.3%
	250,000	Kentucky Public Transportation Infrastructure Authority (RB)
		5.75%, 07/01/23 (c)		294,445
Louisiana: 2.1%
	100,000	Lafayette, Louisiana Utilities Revenue (RB)
		4.75%, 11/01/20 (c)		112,760
	750,000	Louisiana Local Government Environmental Facilities & Community Development Auth (RB)
		5.00%, 10/01/24 (c)		892,957
	375,000	Louisiana Local Government Environmental Facilities & Community Development Authority, East Baton Rouge Commission Project, Series A (RB)
		4.00%, 02/01/23 (c)		384,548
	500,000	Louisiana Local Government Environmental Facilities & Community Development Authority, Series A (RB)
		5.00%, 02/01/24 (c)		575,320
	250,000	Terrebonne Levee & Conservation District (RB)
		4.25%, 07/01/23 (c)		272,098
				2,237,683
Maine: 0.5%
	450,000	Maine Health & Higher Educational Facilities Authority (RB)
		5.00%, 07/01/23 (c)		499,131
Maryland: 0.7%
	500,000	City of Baltimore, Maryland (RB)
		5.00%, 01/01/25 (c)		591,270
	135,000	Maryland Health & Higher Educational Facilities Authority (RB)
		4.00%, 07/01/22 (c)		142,252
				733,522
Massachusetts: 2.8%
	400,000	Commonwealth of Massachusetts (GO)
		4.00%, 12/01/21 (c)		437,160
	425,000	Massachusetts Bay Transportation Authority, Series A (RB)
		4.00%, 07/01/22 (c)		453,619
	525,000	Massachusetts Development Finance Agency, Harvard University Issue, Series B (RB)
		5.25%, 02/01/21 (c)		632,068
		Massachusetts School Building Authority, Senior Dedicated Sales Tax Bonds, Series B (RB)
	500,000	5.00%, 10/15/21 (c)		580,640
	300,000	5.00%, 10/15/21 (c)		358,635
	500,000	Metropolitan Boston Transit Parking Corp., Systemwide Senior Lien Parking (RB)
		5.25%, 07/01/21 (c)		583,520
				3,045,642
Michigan: 2.5%
		Karegnondi Water Authority (RB)
	445,000	4.50%, 11/01/23 (c)		489,148
	120,000	5.00%, 11/01/23 (c)		136,058
	500,000	L’Anse Creuse Public Schools (GO) (Q-SBLF)
		3.75%, 05/01/25 (c)		510,660
	500,000	Lansing, Michigan Board of Water & Light, Utility System, Series A (RB)
		5.00%, 07/01/21 (c)		579,355
	800,000	Michigan Finance Authority (RB)
		5.00%, 06/01/22 (c)		873,128
	150,000	Michigan Finance Authority Hospital Revenue & Refunding Bonds, Series MI (RB)
		5.00%, 12/01/21 (c)		170,867
				2,759,216
Minnesota: 1.7%
	500,000	Minneapolis-St Paul Metropolitan Airports Commission (RB)
		5.00%, 01/01/24 (c)		587,045
	500,000	State of Minnesota (RB)
		5.00%, 06/01/23 (c)		581,565
	600,000	Western Minnesota Municipal Power Agency (RB)
		5.00%, 01/01/24 (c)		713,838
				1,882,448
Missouri: 1.3%
		Health & Educational Facilities Authority of the State of Missouri (RB)
	865,000	4.00%, 06/01/24 (c)		905,439
	250,000	4.00%, 11/15/24 (c)		257,548
	50,000	5.00%, 06/01/20 (c)		57,540
	85,000	5.00%, 11/15/23 (c)		97,047
	40,000	Missouri Joint Municipal Electric Utility Commission (RB)
		5.00%, 01/01/24 (c)		46,757
				1,364,331
Montana: 0.6%
	620,000	Montana Facility Finance Authority, Sisters of Charity of Leavenworth Health System (RB)
		4.75%, 01/01/20 (c)		681,343
Nebraska: 2.1%
		Central Plains Energy Project, Nebraska Gas Project No. 3 (RB)
	1,250,000	5.00%, 09/01/22 (c)		1,393,137
	500,000	5.25%, 09/01/22 (c)		569,175
	250,000	Omaha Public Power District (RB)
		5.00%, 02/01/21 (c)		283,833
				2,246,145
Nevada: 1.0%
	500,000	Las Vegas Valley, Nevada Water District, Series B (GO)
		4.00%, 06/01/22 (c)		535,365
	450,000	Washoe County, Nevada Highway Revenue (RB)
		5.00%, 02/01/19 (c)		501,543
				1,036,908
New Jersey: 3.1%
	130,000	New Jersey Educational Facilities Authority (RB)
		5.00%, 07/01/24 (c)		154,812
	150,000	New Jersey Health Care Facilities Financing Authority (RB)
		5.25%, 07/01/23 (c)		176,744
	830,000	New Jersey State Transportation Trust Fund Authority, Series A (RB)
		5.43%, 12/15/37 ^		291,455
		New Jersey State Transportation Trust Fund Authority, Series B
	1,100,000	5.00%, 06/15/21		1,190,750
	750,000	5.25%, 06/15/21		844,297
	500,000	New Jersey State Turnpike Authority (RB)
		5.00%, 07/01/22 (c)		566,685
	150,000	New Jersey State Turnpike Authority, Series F (RB)
		5.00%, 01/01/23 (c)		174,185
				3,398,928
New York: 17.0%
	255,000	City of New York, Series A (GO)
		3.50%, 08/01/24 (c)		266,322
	650,000	City of Troy, Capital Resource Corp., Rensselaer Polytechnic Institute Project, Series A (RB)
		5.13%, 09/01/20 (c)		732,855
	700,000	Long Island Power Authority, Electric System General Revenue, Series A (RB)
		5.00%, 09/01/22 (c)		788,158
		Metropolitan Transportation Authority (RB)
	25,000	4.25%, 11/15/22 (c)		26,991
	550,000	5.00%, 11/15/22 (c)		631,147
	375,000	5.00%, 05/15/23 (c)		440,730
	25,000	5.00%, 11/15/23 (c)		28,980
	220,000	Metropolitan Transportation Authority, Series B (RB)
		4.00%, 11/15/22 (c)		237,855
		Metropolitan Transportation Authority, Series E (RB)
	1,000,000	3.50%, 11/15/22 (c)		1,035,840
	750,000	5.00%, 11/15/23 (c)		876,352
	150,000	Nassau County, New York General Improvement, Series A (GO)
		4.00%, 04/01/22 (c)		157,913
	795,000	New York & New Jersey Port Authority, Series 163 (RB)
		4.25%, 07/15/20 (c)		861,216
	305,000	New York City Municipal Water Finance Authority, Water & Sewer System, Series AA (RB)
		5.00%, 06/15/21 (c)		345,946
	600,000	New York City Municipal Water Finance Authority, Water & Sewer System, Series CC (RB)
		5.00%, 12/15/21 (c)		689,970
	500,000	New York City Transitional Finance Authority, Future Tax Secured, Series D-1 (RB)
		5.13%, 02/01/21 (c)		583,205
	700,000	New York City Transitional Finance Authority, Future Tax Secured, Series E-1 (RB)
		5.00%, 02/01/22 (c)		813,078
		New York City Water & Sewer System (RB)
	500,000	5.00%, 06/15/23 (c)		589,665
	20,000	5.00%, 06/15/24 (c)		23,819
	500,000	5.00%, 06/15/24 (c)		588,235
	845,000	5.00%, 06/15/24 (c)		1,006,370
	1,150,000	New York Liberty Development Corp (RB)
		5.75%, 11/15/21 (c)		1,369,086
	700,000	New York Liberty Development Corp., 4 World Trade Center Project (RB)
		5.00%, 11/15/21 (c)		792,631
		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)		567,440
	500,000	6.38%, 01/15/20 (c)		576,295
	500,000	New York Liberty Development Corp., Secured by Port Authority Consolidated Bonds (RB)
		5.00%, 12/15/21 (c)		571,935
		New York State Dormitory Authority (RB)
	550,000	5.00%, 04/01/21 (c)		646,536
	300,000	5.00%, 03/15/23 (c)		352,836
	135,000	5.00%, 03/15/24 (c)		162,351
		New York State Dormitory Authority, Cornell University, Series A (RB)
	460,000	5.00%, 07/01/20 (c)		539,152
	350,000	5.00%, 07/01/20 (c)		407,858
	500,000	New York State Dormitory Authority, State Personal Income Tax, Series C (RB)
		5.00%, 03/15/21 (c)		577,810
	300,000	New York State Thruway Authority (RB)
		5.00%, 01/01/22 (c)		339,777
		Port Authority of New York & New Jersey (RB)
	50,000	4.00%, 01/15/22 (c)		54,026
	15,000	4.50%, 01/15/22 (c)		16,670
	25,000	5.00%, 09/01/24 (c)		29,846
		Triborough Bridge & Tunnel Authority (RB)
	635,000	4.00%, 11/15/22 (c)		681,031
	35,000	4.00%, 11/15/22 (c)		38,353
				18,448,280
North Carolina: 1.6%
	480,000	Charlotte-Mecklenburg Hospital Authority, Carolina HealthCare System, Series A (RB)
		5.25%, 01/15/21 (c)		542,045
		North Carolina Medical Care Commission, Series B (RB)
	750,000	4.00%, 12/01/22 (c)		785,917
	250,000	5.00%, 12/01/22 (c)		285,380
	70,000	Town of Cary, North Carolina Combined Utility Systems Revenue (RB)
		4.00%, 12/01/22 (c)		77,157
				1,690,499
Ohio: 3.3%

	500,000	Akron Bath Copley Joint Township Hospital District (RB)
		5.00%, 05/15/23 (c)		563,440
	600,000	Butler County, Ohio Hospital Facilities Revenue (RB)
		5.50%, 11/01/20 (c)		714,072
	500,000	Northeast Ohio Regional Sewer District (RB)
		5.00%, 11/15/24 (c)		597,775
	1,000,000	Ohio Higer Educational Facility Commission (RB)
		5.00%, 01/01/22 (c)		1,137,970
	60,000	Ohio Higher Educational Facility Commission (RB)
		4.00%, 01/01/22 (c)		64,259
	450,000	Ohio State Hospital, University Hospital Health System, Inc., Series A (RB)
		5.00%, 01/15/22 (c)		494,793
				3,572,309
Oregon: 1.6%
	750,000	Portland, Oregon Sewer System, Second Lien, Series B (RB)
		4.00%, 10/01/24 (c)		800,130
	800,000	State of Oregon (GO)
		5.00%, 08/01/23 (c)		952,160
				1,752,290
Pennsylvania: 3.0%
		Berks County Municipal Authority (RB)
	50,000	5.00%, 05/01/22 (c)		56,118
	55,000	5.00%, 05/01/22 (c)		62,224
	85,000	Commonwealth of Pennsylvania (GO)
		4.00%, 06/15/24 (c)		92,398
		Dauphin County, General Authority Health System, Pinnacle Health System Project, Series A (RB)
	420,000	4.00%, 06/01/22 (c)		434,272
	270,000	5.00%, 06/01/22 (c)		298,158
	500,000	Delaware River Port Authority (RB)
		5.00%, 01/01/24 (c)		580,195
	325,000	Delaware River Port Authority, Series D (RB)
		5.00%, 01/01/20 (c)		361,670
	500,000	Monoroeville Finance Authority (RB)
		5.00%, 08/15/22 (c)		569,485
	500,000	Pennsylvania Higher Educational Facilities Authority (RB)
		5.00%, 11/01/22 (c)		540,235
	5,000	Pennsylvania Turnpike Commission (RB)
		6.00%, 12/01/20 (c)		6,088
	250,000	Westmoreland County, Municipal Authority (RB)
		5.00%, 08/15/23 (c)		287,183
				3,288,026
South Carolina: 1.1%
	500,000	South Carolina State Public Service Authority (RB)
		5.50%, 12/01/23 (c)		592,430
	75,000	South Carolina State Public Service Authority (RB)
		5.00%, 12/01/21 (c)		86,289
	500,000	South Carolina Transportation Infrastructure Bank, Series B (RB)
		3.63%, 10/01/22 (c)		519,140
				1,197,859
Tennessee: 0.5%
	100,000	Chattanooga Health Educational & Housing Facility Board (RB)
		5.25%, 01/01/23 (c)		114,596
	425,000	Rutherford County, Tennessee Health & Educational Facilities Board, Ascension Health Senior Credit Group, Series C (RB)
		5.00%, 11/15/19 (c)		478,295
				592,891
Texas: 6.9%
	250,000	Austin, Texas Water and Wasterwater System (RB)
		5.00%, 05/15/24 (c)		297,593
	50,000	Central Texas Regional Mobility Authority (RB)
		5.00%, 01/01/23 (c)		57,106
	225,000	City Public Service Board of San Antonio, Texas (RB)
		5.00%, 02/01/24 (c)		264,303
	500,000	Dallas, Texas Fort Worth International Airport (RB)
		5.00%, 11/01/20 (c)		569,895
	615,000	Harris County Cultural Education Facilities Finance Corp (RB)
		4.00%, 12/01/24 (c)		649,791
	625,000	Houston, Texas Combine Utility System, First Lien, Series D (RB)
		5.00%, 11/15/21 (c)		721,875
	500,000	Houston, Texas Higher Education Finance Corp., Rice University Project, Series A (RB)
		5.00%, 05/15/20 (c)		574,260
		Lower Colorado River Authority (RB)
	680,000	4.00%, 05/15/22 (c)		706,092
	505,000	4.00%, 05/15/22 (c)		530,366
	1,000,000	5.00%, 05/15/23 (c)		1,137,780
	300,000	Southwest Independent School District (GO)
		5.00%, 02/01/22 (c)		346,587
	200,000	Tarrant County Cultural Education Facilities Finance Corp (RB)
		4.00%, 05/15/23 (c)		209,620
	1,250,000	Texas Transportation Commission, Series A (RB)
		5.00%, 08/15/22 (c)		1,408,412
				7,473,680
Utah: 0.5%
	500,000	Utah Transit Authority (RB)
		4.00%, 06/15/22 (c)		522,365
Virginia: 2.0%
	500,000	Virginia College Building Authority, Liberty University Projects (RB)
		5.00%, 03/01/20 (c)		573,080
	750,000	Virginia Commonwealth University Health System Authority (RB)
		4.75%, 07/01/21 (c)		834,765
	500,000	Virginia Small Business Financing Authority (RB)
		4.00%, 10/01/24 (c)		510,030
	250,000	Virginia Small Business Financing Authority, Sentara Health Care Facilities (RB)
		5.00%, 05/01/20 (c)		279,345
				2,197,220
Washington: 3.7%
		King County, Washington Sewer Revenue (RB)
	500,000	5.00%, 07/01/20 (c)		571,555
	575,000	5.00%, 01/01/22 (c)		658,214
	250,000	Snohomish County, Washington Limited Tax, Series A (GO)
		4.00%, 06/01/20 (c)		267,035
	550,000	State of Washington (GO)
		5.00%, 08/01/20 (c)		648,890
	700,000	University of Washington, General Revenue & Refunding Bonds, 2011-A (RB)
		5.00%, 04/01/21 (c)		822,864
	390,000	Washington Health Care Facilities Authority, Catholic Health Initiative, Series A (RB)
		5.00%, 02/01/21 (c)		432,935
	585,000	Washington Health Care Facilities Authority, Providence Health & Services, Series A (RB)
		5.00%, 04/01/20 (c)		657,154
				4,058,647
Wisconsin: 0.9%
	780,000	University of Wisconsin Hospitals & Clinics Authority, Series A (RB)
		4.00%, 04/01/23 (c)		813,634
	165,000	Wisconsin Health & Educational Facilities Authority (RB)
		4.00%, 08/15/23 (c)		174,532
				988,166
Total Municipal Bonds (Cost: $99,500,366)				106,495,400

Number of Shares
MONEY MARKET FUND: 1.6% (Cost: $1,743,766)
	1,743,766	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		1,743,766
Total Investments: 99.7% (Cost: $101,244,132)				108,239,166
Other assets less liabilities: 0.3%				303,842
NET ASSETS: 100.0%			$	108,543,008

AGM	Assured Guaranty Municipal Corp.
CP	Certificate of Participation
GO	General Obligation
Q-SBLF	Qualified School Board Loan Fund
RB	Revenue Bond
(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
Airport		2.1	%	$	2,317,726
Development		4.2			4,509,455
Education		1.5			1,589,066
Facilities		1.6			1,769,592
General		0.3			341,910
General Obligation		18.4			19,896,811
Higher Education		9.3			10,056,037
Medical		24.1			26,130,572
Nursing Homes		0.4			395,066
Power		2.3			2,491,775
School District		3.0			3,228,106
Transportation		18.0			19,530,148
Utilities		4.5			4,835,463
Water		8.7			9,403,673
Money Market Fund		1.6			1,743,766
		100.0	%	$	108,239,166

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	106,495,400	$	—	$	106,495,400
Money Market Fund		1,743,766		—		—		1,743,766
Total	$	1,743,766	$	106,495,400	$	—	$	108,239,166

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

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

See Notes to Schedules of Investments

PRE-REFUNDED MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 98.8%
Alabama: 0.9%
	$190,000	Alabama Public School & College Authority (RB)
		5.00%, 12/01/17 (c)	$	213,495
California: 8.3%
	300,000	California State Economic Recovery, Series A (GO)
		5.00%, 07/01/19 (c)		354,324
	130,000	California State Public Works Board, Various University of California Projects, Series B (RB)
		5.00%, 06/01/18		148,663
	165,000	California State Public Works Board, Various University of California Projects, Series E (RB)
		5.00%, 04/01/19 (c)		193,804
	250,000	Clovis California Unified School District, Series A (GO)
		3.98%, 08/01/19 ^		239,475
	330,000	Foothill Eastern Transportation Corridor Agency California, Senior Lien Series A (RB)
		3.55%, 01/01/20 ^		313,619
	330,000	Los Angeles Unified School District, Series F (GO) (FGIC)
		5.00%, 07/01/16 (c)		351,876
	330,000	Orange County, California Water District Revenue, Series B (CP) (NATL)
		5.00%, 08/15/32 (c)		453,331
				2,055,092
Colorado: 12.8%
	315,000	City and County of Denver, Justice System Facilities (GO)
		5.00%, 08/01/16 (c)		337,264
	1,200,000	Colorado Department of Corrections (CP) (AMBAC)
		5.00%, 03/01/16 (c)		1,261,956
		Colorado Regional Transportation District, FasTracks Project, Series A (RB) (AMBAC)
	80,000	4.38%, 11/01/16 (c)		85,514
	85,000	4.50%, 11/01/16 (c)		91,042
	1,170,000	5.00%, 11/01/16 (c)		1,263,307
	130,000	Eagle County School District No. Re-50J (GO) (AGM) (SAW)
		5.00%, 12/01/16 (c)		140,738
				3,179,821
Florida: 1.4%
	190,000	Hillsborough County, Florida Junior Lien Capital Improvement Program Refunding Revenue (RB)
		5.00%, 08/01/16		203,281
	130,000	Hillsborough County, Industrial Development Authority Revenue (RB)
		5.63%, 08/15/18 (c)		152,139
				355,420
Georgia: 0.9%
	200,000	Georgia State, Series G (GO)
		5.00%, 12/01/17 (c)		224,732
Hawaii: 2.2%
	330,000	State of Hawaii, Series DI (GO) (AGM)
		5.00%, 03/01/16 (c)		347,038
	180,000	State of Hawaii, Series DJ (GO) (AMBAC)
		5.00%, 04/01/17 (c)		197,530
				544,568
Illinois: 18.3%
		Illinois Finance Authority, The University of Chicago, Series B (RB)
	1,145,000	5.50%, 07/01/18 (c)		1,324,318
	900,000	5.75%, 07/01/18 (c)		1,048,491
	520,000	Illinois State Toll Highway Authority, Senior Priority Series A-1 (RB) (AGM)
		5.00%, 07/01/16 (c)		554,320
		Illinois State Toll Highway Authority, Senior Priority Series A-2 (RB) (AGM)
	1,055,000	5.00%, 07/01/16 (c)		1,124,630
		Metropolitan Water Reclamation District of Greater Chicago (GO)
	440,000	5.00%, 12/01/16 (c)		476,767
				4,528,526
Kentucky: 1.1%
	240,000	Louisville & Jefferson County, Kentucky Metro Government Health, Jewish Hospital & Saint Mary’s Health Care (RB)
		6.13%, 02/01/18 (c)		278,945
Maryland: 9.1%
		County of Baltimore, Catholic Health Initiatives, Series A (RB)
	50,000	4.50%, 09/01/16 (c)		53,256
	50,000	5.00%, 09/01/16 (c)		53,649
		County of Montgomery, Public Improvement, Series A (GO)
	145,000	4.25%, 08/01/18 (c)		162,832
	530,000	5.00%, 07/01/19 (c)		624,711
	450,000	State of Maryland, Second Series A (GO)
		5.00%, 08/15/17 (c)		500,859
		State of Maryland, Second Series B (GO)
	390,000	5.00%, 08/01/19 (c)		460,988
	340,000	5.00%, 08/15/19 (c)		401,584
				2,257,879
Massachusetts: 7.7%
	250,000	Commonwealth of Massachusetts, Series E (GO) (AMBAC)
		5.00%, 11/01/16 (c)		269,938
	930,000	Massachusetts Bay Transportation Authority, Series C (RB)
		5.00%, 07/01/18 (c)		1,065,129
	250,000	Massachusetts State Water Resources Authority, Series A (RB)
		6.50%, 07/15/19		280,772
	250,000	Massachusetts Water Pollution Abatement Trust, Pool Program, Series 13 (RB)
		5.00%, 08/01/17 (c)		277,822
				1,893,661
Michigan: 0.3%
	55,000	Royal Oak Hospital Finance Authority, William Beaumont Hospital Obligated Group, Series V (RB)
		8.00%, 09/01/18 (c)		69,084
Missouri: 1.0%
	230,000	Curators of the University of Missouri System Facilities, Series A (RB)
		5.00%, 11/01/17 (c)		257,812
Nebraska: 0.9%
	200,000	Nebraska Public Power District, Series B (RB)
		5.00%, 01/01/18 (c)		225,086
New York: 3.9%
	200,000	New York Metropolitan Transportation Authority, Dedicated Tax, Series A (RB) (NATL)
		6.00%, 04/01/20		235,638
		Triborough Bridge & Tunnel Authority, Series A (RB)
	20,000	4.50%, 05/15/18 (c)		22,523
	100,000	5.00%, 05/15/18 (c)		114,236
	475,000	Triborough Bridge & Tunnel Authority, Series B (RB)
		5.50%, 01/01/22 (c)		601,844
				974,241
North Carolina: 0.7%
	145,000	North Carolina Infrastructure Finance Corp., Series A (CP) (AGM)
		5.00%, 05/01/17 (c)		159,664
Oklahoma: 1.4%
	295,000	Oklahoma Municipal Power Authority, Power Supply System, Series A (RB)
		5.88%, 01/01/18 (c)		338,964
Oregon: 2.6%
	200,000	North Clackamas School District No. 12, Series B (GO) (AGM) (SBG)
		5.00%, 06/15/17 (c)		220,872
	20,000	Redmond School District No. 2J, Deschutes and Jefferson Counties, Series A (GO) (SBG)
		5.50%, 06/15/18 (c)		23,164
	345,000	State of Oregon Department of Transportation, Senior Lien, Series A (RB)
		5.00%, 05/15/19 (c)		403,785
				647,821
Pennsylvania: 1.4%
	10,000	Central Bucks School District (GO) (SAW)
		5.00%, 05/15/18 (c)		11,413
	300,000	Commonwealth of Pennsylvania, Series A (GO)
		5.00%, 11/01/17 (c)		336,276
				347,689
Puerto Rico: 3.2%
	370,000	Commonwealth of Puerto Rico (GO)
		5.25%, 07/01/16 (c)		395,881
	370,000	Puerto Rico Highways & Transportation Authority (RB)
		5.50%, 07/01/16 (c)		397,454
				793,335
Texas: 7.3%
	70,000	City of Houston, Public Improvement, Series D (GO) (AGM)
		5.00%, 03/01/16 (c)		73,614
	330,000	Harris County Health Facilities Development Corp. (RB)
		7.25%, 12/01/18 (c)		409,738
		Texas Transportation Commission, State Highway Fund, First Tier, Series A (RB)
	345,000	5.00%, 04/01/16 (c)		363,774
	905,000	Waco Health Facilities Development Corp., FHA Insured Mortgage Revenue, Hillcrest Health System Project (RB) (FHA) (NATL)
		4.50%, 08/01/16 (c)		961,526
				1,808,652
Utah: 2.5%
	535,000	State of Utah, Series A (GO)
		5.00%, 07/01/18 (c)		612,735
Virginia: 2.9%
	595,000	Richmond Metropolitan Authority (RB)
		5.25%, 07/15/22		709,186
Washington: 6.7%
	250,000	City of Seattle, Solid Waste Revenue (RB) (NATL)
		5.00%, 02/01/17 (c)		272,477
	50,000	Washington State Various Purpose, Motor Vehicle Fuel Tax, Series D (GO)
		5.00%, 01/01/18 (c)		56,272
	515,000	Washington State Various Purpose, Series A (GO)
		5.00%, 07/01/17 (c)		569,750
	70,000	Washington State Various Purpose, Series B (GO) (AGM)
		5.00%, 07/01/17 (c)		77,442
		Washington State Various Purpose, Series C (GO)
	605,000	5.00%, 01/01/18 (c)		680,885
				1,656,826
Wisconsin: 1.3%
	285,000	Wisconsin Department of Transportation, Series A (RB)
		5.00%, 07/01/18 (c)		325,889
Total Municipal Bonds (Cost: $24,130,689)				24,459,123

Number of Shares
MONEY MARKET FUND: 0.2% (Cost: $67,510)
	67,510	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		67,510
Total Investments: 99.0% (Cost: $24,198,199)				24,526,633
Other assets less liabilities: 1.0%				235,348
NET ASSETS: 100.0%			$	24,761,981

AGM	Assured Guaranty Municipal Corp.
AMBAC	American Municipal Bond Assurance Corp.
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
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		0.9	%	$	213,495
Facilities		2.0			502,131
General Obligation		38.3			9,405,879
Higher Education		1.1			257,812
Medical		17.7			4,351,146
Pollution		1.1			272,477
Power		2.3			564,050
School District		4.0			987,538
Transportation		30.0			7,346,001
Water		2.3			558,594
Money Market Fund		0.3			67,510
		100.0	%	$	24,526,633

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	24,459,123	$	—	$	24,459,123
Money Market Fund		67,510		—		—		67,510
Total	$	67,510	$	24,459,123	$	—	$	24,526,633

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

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

See Notes to Schedules of Investments

SHORT HIGH-YIELD MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)

Principal Amount			Value
MUNICIPAL BONDS: 99.3%
Alabama: 0.4%
		Alabama Industrial Development Authority, Solid Waste Disposal, Pine City Fiber Company Project (RB)
	$300,000	6.45%, 03/12/15 (c)	$	303,300
	60,000	Health Care Authority of Cullman County, Series A (RB)
		6.25%, 02/01/19 (c)		65,909
				369,209
Arizona: 5.9%
		Arizona Health Facilities Authority, Phoenix Children’s Hospital, Series A (RB)
	1,050,000	5.00%, 02/01/20 (b)		1,225,560
	250,000	5.00%, 02/01/21		296,337
	1,175,000	Arizona Health Facilities Authority, The Beatitudes Campus Project (RB)
		5.10%, 10/01/16 (c)		1,192,272
	250,000	Industrial Development Authority of Phoenix, Great Hearts Academies Project, Series A (RB)
		3.75%, 07/01/24		256,177
	800,000	Industrial Development Authority of the Town of Florence, Inc., Legacy Traditional School Project (RB)
		5.00%, 07/01/23		857,800
	10,000	Mohave County Industrial Development Authority, Correctional Facilities Contract Revenue (RB)
		7.50%, 05/01/19		11,529
	1,000,000	Peoria Industrial Development Authority, Sierra Winds Life Care Community Project, Series A (RB)
		5.00%, 11/15/19		1,055,980
		Salt Verde Financial Corp. (RB)
	50,000	5.25%, 12/01/23		60,739
	15,000	5.25%, 12/01/24		18,354
				4,974,748
California: 7.8%
		Alameda Corridor Transportation Authority, Sub Lien, Series A (RB) (AMBAC)
	155,000	1.88%, 10/01/18 ^		146,647
	160,000	1.97%, 10/01/17 ^		154,134
	50,000	2.51%, 10/01/20 ^		44,600
	315,000	California Communities Development Authority, Daughters of Charity Health System, Series G (RB)
		5.00%, 07/01/15 (c)		313,063
	150,000	California Housing Finance Agency, Series G (RB)
		4.95%, 02/01/17 (c)		154,294
	150,000	California Municipal Finance Authority, Rocketship Education, Series A (RB)
		6.00%, 06/01/22 (c)		164,704
	50,000	California Pollution Control Financing Authority, Pacific Gas and Electric Co. (RB) (FGIC)
		4.75%, 06/01/17 (c)		53,711
	600,000	City of San Buenaventura, Community Memorial Health System (RB)
		6.50%, 12/01/21		730,770
	250,000	Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-2 (RB)
		5.00%, 07/15/19 (c) (p)		279,050
	600,000	Foothill Transportation Corridor Agency, Tall Road Revenue, Series B-3 (RB)
		5.50%, 07/15/22 (c) (p)		703,806
	1,000,000	Foothill-Eastern Transportation Corridor Agency, Series B (RB)
		5.00%, 07/15/17 (c) (p)		1,090,350
		Inland Empire Tobacco Securitization Authority, Series A (RB)
	140,000	4.63%, 06/01/17 (c)		138,368
	600,000	5.00%, 06/01/17 (c)		602,046
	15,000	Oakland Unified School District, Series A (GO)
		6.25%, 08/01/19		18,113
	100,000	San Francisco Redevelopment Agency, Community Facilities District No. 6, Series A (ST)
		5.00%, 08/01/22 (c)		115,974
	500,000	San Joaquin Hills Transportation Corridor Agency, Series A (RB)
		5.00%, 01/15/17		541,305
		San Jose Redevelopment Agency, Series D (AMBAC) (TA)
	10,000	5.00%, 08/01/16		10,609
	100,000	5.00%, 08/01/17 (c)		108,785
	210,000	Vernon City, California, Electric System Revenue, Series A (RB)
		5.13%, 08/01/19 (c)		236,134
	1,000,000	Western Hills Water District, Diablo Grande Community Facilities District No. 1 (ST)
		4.00%, 09/01/21		1,002,850
				6,609,313
Colorado: 0.3%
	250,000	Colorado Health Facilities Authority, Health and Residential, Volunteers of America Care Facilities (RB)
		5.20%, 03/12/15 (c)		251,197
Connecticut: 0.5%
	150,000	Connecticut State Resources Recovery Authority, American Refunding Fuel Comp. Project, Series A (RB)
		6.45%, 03/12/15 (c)		150,164
	200,000	Harbor Point Infrastructure Improvement District, Harbor Point Project, Series A (TA)
		7.00%, 04/01/20 (c)		232,046
				382,210
Florida: 1.5%
	200,000	County of Alachua, Industrial Development, Florida Retirement Village, Inc. Project, Series A (RB)
		5.63%, 11/15/17 (c)		207,978
	25,000	Escambia County Health Facilities Authority, Baptist Hospital, Inc. Project, Series A (RB)
		5.50%, 08/15/20 (c)		29,474
	250,000	Northern Palm Beach County Improvement District, Unit of Development No. 2C (SA)
		4.50%, 08/01/24		254,642
	500,000	Palm Beach County Health Facilities Authority, Sinai Residences of Boca Raton Project, Series C (RB)
		6.00%, 06/01/21		548,630
	200,000	Village Community Development District No. 10 (SA)
		4.50%, 05/01/22 (c)		221,034
				1,261,758
Georgia: 1.0%
	750,000	DeKalb County, Georgia Hospital Authority, Dekalb Medical Center, Inc. Project (RB)
		5.25%, 09/01/20		871,950
Guam: 0.9%
		A. B. Won Pat International Airport Authority, Series C (RB)
	25,000	5.00%, 10/01/16		26,528
	45,000	5.00%, 10/01/17		49,089
		Government of Guam, Series A (GO)
	150,000	5.00%, 11/15/17 (c)		156,144
	445,000	6.00%, 11/15/19		487,653
				719,414
Hawaii: 0.2%
	165,000	Kuakini, Hawaii Health System, Special Purpose Revenue, Series A (RB)
		6.30%, 03/12/15 (c)		165,754
Idaho: 0.8%
	500,000	Idaho Health Facilities Authority, Series B-1 (RB)
		6.50%, 10/01/15 (c)		505,015
	200,000	Idaho Health Facilities Authority, Series B-2 (RB)
		6.00%, 10/01/15 (c)		201,612
				706,627
Illinois: 4.9%
	405,000	City of Chicago, Series A-2 (GO) (AMBAC)
		5.50%, 01/01/18		435,096
	60,000	Illinois Finance Authority, Institute of technology, Series A (RB)
		5.00%, 04/01/16 (c)		62,056
	70,000	Illinois Finance Authority, Park Place of Elmhurst Project, Series A (RB)
		8.00%, 05/15/15 (c)		49,090
	150,000	Illinois Finance Authority, Peace Village (RB)
		5.25%, 08/15/23		159,643
	150,000	Illinois Finance Authority, The Admiral At The Lake Project, Series D-1 (RB)
		7.00%, 03/02/15 (c)		150,304
		Illinois Railsplitter Tobacco Settlement Authority (RB)
	95,000	5.00%, 06/01/17		103,940
	700,000	5.00%, 06/01/18		788,879
	590,000	5.00%, 06/01/19		679,898
	625,000	5.25%, 06/01/20		734,350
	40,000	5.25%, 06/01/21		47,739
	25,000	5.38%, 06/01/21		30,022
	745,000	5.50%, 06/01/21 (c)		892,808
	15,000	Metropolitan Pier and Exposition Authority, Dedicated State Tax Revenue (RB)
		1.32%, 06/15/17 ^		14,602
				4,148,427
Indiana: 0.9%
	10,000	City of Anderson Economic Development, Anderson University Project (RB)
		4.75%, 03/12/15 (c)		10,006
	265,000	Indiana Finance Authority, Environmental Improvement Revenue, United States Steel Corp. Project (RB)
		6.00%, 12/01/19		294,288
	385,000	Indiana Finance Authority, Ohio River Bridges East End Crossing Project, Series B (RB)
		5.00%, 01/01/17 (c)		413,579
	15,000	Indianapolis Airport Authority, Federal Express Corp. Project (RB)
		5.10%, 01/15/17		16,170
				734,043
Iowa: 2.5%
	410,000	City of Coralville, Marriott Hotel and Convention Center, Series D (CP)
		5.25%, 06/01/16 (c)		413,833
		Iowa Finance Authority, Iowa Fertilizer Company Project (RB)
	590,000	5.00%, 12/01/19		632,197
	1,000,000	5.50%, 12/01/18 (c)		1,065,070
				2,111,100
Kansas: 0.0%
	30,000	Overland Park Development Corp., Overland Park Convention Center Hotel, Series B (RB) (AMBAC)
		5.13%, 01/01/17 (c)		30,808
Kentucky: 1.2%
	10,000	Kentucky Economic Development Finance Authority (RB)
		5.25%, 06/01/20 (c)		11,443
	925,000	Kentucky Public Transportation Infrastructure Authority, Series A (RB)
		5.00%, 07/01/17		1,014,447
				1,025,890
Louisiana: 7.1%
		City of New Orleans, Louisiana Sewerage Service (RB)
	1,000,000	5.00%, 06/01/18		1,121,740
	1,225,000	5.00%, 06/01/19		1,406,092
	670,000	5.00%, 06/01/20		783,585
	70,000	Louisiana Public Facilities Authority, Lake Charles Memorial Hospital Project (RB)
		6.25%, 12/01/19		79,371
	415,000	Louisiana Public Facilities Authority, Progressive Healthcare Providers (RB)
		6.38%, 03/12/15 (c) (d)		189,207
	1,000,000	Louisiana Public Facilities Authority, Solid Waste Disposal Revenue, Series A (RB)
		7.50%, 07/01/23		1,037,060
	340,000	Parish of St. Charles, Valero Project (RB)
		4.00%, 06/01/22 (p)		375,367
	900,000	Tobacco Settlement Financing Corp., Series A (RB)
		5.00%, 05/15/21 (b)		1,062,666
				6,055,088
Maine: 0.3%
	90,000	Health and Higher Education Facilities Authority (RB)
		5.00%, 07/01/19		99,931
	140,000	Maine Health and Higher Educational Facilities Authority (RB)
		5.00%, 07/01/20		157,223
				257,154
Maryland: 2.0%
	500,000	City of Westminster, The Lutheran Village at Millers Grant, Inc. (RB)
		4.88%, 07/01/23		528,035
	500,000	Maryland Health and Higher Educational Facilities Authority (RB)
		5.00%, 07/01/24		607,480
		Mayor and City Council of Baltimore, Convention Center Hotel, Series A (RB) (XLCA)
	110,000	5.25%, 09/01/16 (c)		114,902
	210,000	5.25%, 09/01/16 (c)		220,025
	220,000	5.25%, 09/01/16 (c)		232,544
				1,702,986
Massachusetts: 0.2%
	125,000	Massachusetts Development Finance Agency, Series H (RB)
		5.00%, 07/01/16		131,216
Michigan: 6.4%
	250,000	Michigan Finance Authority, Sewage Disposal System, Series C-6 (RB)
		5.00%, 07/01/16		263,767
		Michigan Finance Authority, Sewage Disposal System, Series C-8 (RB)
	250,000	5.00%, 07/01/16		262,467
	250,000	5.00%, 07/01/17		271,237
	250,000	5.00%, 07/01/18		277,642
		Michigan Finance Authority, Water Supply System, Series D-4 (RB)
	500,000	5.00%, 07/01/16		527,535
	1,000,000	5.00%, 07/01/17		1,092,680
	1,150,000	Michigan Solid Waste Disposal, Genesee Power Station Project (RB)
		7.50%, 03/12/15 (c)		1,150,379
	500,000	Michigan Strategic Fund, Series A (TA)
		4.12%, 07/01/18 (c) (p)		512,045
		Michigan Tobacco Settlement Finance Authority, Series A (RB)
	1,050,000	5.13%, 06/01/17 (c)		950,302
	90,000	5.25%, 06/01/17 (c)		82,095
				5,390,149
Minnesota: 0.1%
	110,000	City of International Falls, Pollution Control (RB)
		5.65%, 03/12/15 (c)		111,210
Mississippi: 0.0%
	30,000	Mississippi Business Finance Corp., System Energy Resources, Inc. (RB)
		5.88%, 03/09/15 (c)		30,021
Missouri: 0.3%
	140,000	Kansas City, Missouri Industrial Development Authority, Missouri Health Care Facilities First Mortgage, Series A (RB)
		6.25%, 03/12/15 (c)		140,477
	120,000	St. Louis, Missouri Industrial Development Authority, Confluence Academy Project, Series A (RB)
		5.00%, 06/15/15 (c)		122,147
				262,624
Nebraska: 0.3%
	200,000	Public Power Generation Agency, Whelan Energy Center Unit 2, Series A (RB) (AMBAC)
		5.00%, 01/01/17 (c)		213,704
New Hampshire: 0.0%
	15,000	New Hampshire Higher Educational and Health Facilities Authority, Franklin Pierce College (RB) (ACA)
		5.25%, 03/12/15 (c)		14,117
New Jersey: 6.6%
	85,000	City of Atlantic City, Series A (GO)
		5.50%, 02/15/18		84,202
		New Jersey Economic Development Authority, Cigarette Tax Revenue (RB)
	1,000,000	5.00%, 06/15/17		1,086,580
	600,000	5.00%, 06/15/19		678,336
	165,000	5.00%, 06/15/22		191,979
	150,000	5.00%, 06/15/22 (c)		172,678
		New Jersey Economic Development Authority, Continental Airlines, Inc. Project (RB)
	155,000	4.88%, 09/15/19		164,205
	225,000	5.13%, 08/20/22 (c)		245,313
	500,000	New Jersey Economic Development Authority, Long Gate Project (RB)
		4.38%, 01/01/24		516,950
	1,295,000	Pollution Control Financing Authority, Chambers Project, Series A (RB)
		5.00%, 12/01/23		1,487,528
		Tobacco Settlement Financing Corp., Senior Series 1A (RB)
	325,000	4.50%, 06/01/17 (c)		326,193
	75,000	5.00%, 06/01/17 (c)		81,334
		Tobacco Settlement Financing Corp., Series 1A (RB)
	500,000	5.00%, 06/01/17 (c)		545,965
	40,000	5.00%, 06/01/17		43,998
				5,625,261
New Mexico: 1.2%
	900,000	County of Otero, Jail Project (RB)
		5.75%, 10/01/16 (c)		871,227
	150,000	Otero County, New Mexico Jail Project Revenue (RB)
		6.00%, 10/01/16 (c)		137,721
				1,008,948
New York: 7.9%
	1,000,000	Build NYC Resource Corp., Pratt Paper, Inc. Project (RB)
		3.75%, 01/01/20		1,048,890
	400,000	Jefferson County Industrial Development Agency (RB)
		4.75%, 01/01/20		403,992
	545,000	New York City Industrial Development Agency, Civic Facility, Series A (RB)
		5.00%, 12/01/16 (c)		577,983
	100,000	New York City Industrial Development Agency, Queens Baseball Stadium Project (RB) (AMBAC)
		5.00%, 01/01/17 (c)		107,304
	100,000	New York City Industrial Development Agency, Special Facility, JetBlue Airways Corp. Project (RB)
		5.00%, 03/12/15 (c)		100,240
	205,000	New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series A (RB)
		5.00%, 07/01/22		228,161
		New York Dormitory Authority, Pace University, Series A (RB)
	250,000	4.00%, 05/01/22		267,500
	165,000	5.00%, 05/01/23		188,930
	150,000	New York Dormitory Authority, Yeshiva University (RB)
		5.00%, 09/01/19 (c)		161,337
	1,000,000	New York State Environmental Facilities Corp. (RB)
		3.75%, 12/02/19 (p)		1,007,800
	500,000	Onondaga Civic Development Corp., St. Joseph’s Hospital Health Center Project, Series A (RB)
		5.00%, 07/01/19		555,170
	20,000	Port Authority of New York and New Jersey, JFK International Air Terminal LLC Project, Series 8 (RB)
		5.00%, 12/01/20		23,295
	30,000	Suffolk County Economic Development Corp., Catholic Health Services of Long Island (RB)
		5.00%, 07/01/18		33,849
		Town of Oyster Bay, New York Public Improvement (GO)
	90,000	3.00%, 08/15/16		92,992
	55,000	3.00%, 08/15/17 (c)		56,104
	50,000	3.00%, 08/15/17 (c)		51,629
	1,105,000	3.00%, 08/15/17 (c)		1,144,890

	75,000	TSASC, Inc., Tobacco Settlement, Series 1 (RB)
		4.75%, 06/01/16 (c)		75,754
	500,000	Westchester County Healthcare Corp., Senior Lien, Series B (RB)
		5.00%, 11/01/19		580,295
				6,706,115
Ohio: 8.2%
	25,000	Buckeye Tobacco Settlement Financing Authority, Series A-1 (RB)
		5.00%, 06/01/17		27,323
		Buckeye Tobacco Settlement Financing Authority, Series A-2 (RB)
	1,500,000	5.13%, 06/01/17 (c)		1,294,755
	190,000	5.38%, 06/01/17 (c)		166,603
	150,000	City of Cleveland, Airport Special Revenue, Continental Airlines, Inc. Project (RB)
		5.70%, 03/12/15 (c)		150,549
	340,000	City of Cleveland, Airport System Revenue, Series A (RB) (AMBAC)
		5.00%, 01/01/17 (c)		366,313
		City of Cleveland, Airport System Revenue, Series C (RB) (AMBAC)
	50,000	5.00%, 01/01/17 (c)		53,979
	90,000	5.25%, 01/01/21		106,442
		County of Muskingum, Genesis HealthCare System Obligated Group Project (RB)
	50,000	4.00%, 02/15/23		51,278
	135,000	5.00%, 02/15/20		146,273
	90,000	Ohio Air Quality Development Authority, Ohio Valley Electric Corp. Project, Series E (RB)
		5.63%, 10/01/19		102,632
		Ohio Air Quality Development Authority, Series A (RB)
	935,000	3.75%, 12/03/18 (p)		998,599
	160,000	5.70%, 08/01/20		186,746
	900,000	Ohio Air Quality Development Authority, Series C (RB)
		5.63%, 06/01/18		1,009,980
		Ohio State Water Development Authority, Series A (RB)
	1,000,000	3.00%, 05/15/19		1,034,560
	150,000	5.88%, 06/01/16 (p)		159,105
	1,030,000	Ohio State Water Development Authority, Series B (RB)
		4.00%, 06/03/19 (p)		1,110,577
				6,965,714
Oregon: 0.3%
	250,000	Hospital Facilities Authority of Multnomah County Oregon (RB)
		5.00%, 10/01/19		269,882
Pennsylvania: 2.9%
	750,000	Beaver County Industrial Development Authority, Pollution Control, Series B (RB)
		3.50%, 06/01/20 (p)		787,920
	135,000	Delaware River Port Authority, Port District Project (RB)
		5.00%, 01/01/22		155,825
	120,000	Pennsylvania Economic Development Finance Authority, Colver Project, Series G (RB)
		5.13%, 12/01/15		121,555
	150,000	Pennsylvania Economic Development Financing Authority, Health System, Albert Einstein Healthcare, Series A (RB)
		6.25%, 10/15/19 (c)		178,440
	150,000	Philadelphia Authority for Industrial Development, Series A (RB)
		5.88%, 06/15/22		159,894
	500,000	Philadelphia Hospital and Higher Education Facilities Authority, Series A (RB)
		5.00%, 07/01/17		538,030
		Philadelphia Hospital and Higher Education Facilities Authority, Series B (RB)
	100,000	5.00%, 07/01/17 (c)		104,397
	370,000	5.00%, 07/01/17		388,951
				2,435,012
Puerto Rico: 4.7%
		Commonwealth of Puerto Rico, Public Improvement, Series A (GO)
	45,000	5.00%, 07/01/16 (c)		38,276
	35,000	5.00%, 07/01/16 (c)		30,272
	70,000	5.00%, 07/01/17 (c)		54,609
	50,000	5.00%, 07/01/17 (c)		38,756
	25,000	5.00%, 07/01/17 (c)		21,265
	120,000	5.00%, 07/01/17 (c)		103,789
	790,000	5.00%, 07/01/18 (c)		642,381
	70,000	5.00%, 07/01/20		56,920
	150,000	5.25%, 03/12/15 (c)		120,023
	80,000	5.25%, 07/01/16 (c)		62,809
	75,000	5.25%, 07/01/16 (c)		57,476
	80,000	5.50%, 07/01/17		72,683
	25,000	5.50%, 07/01/17		23,917
	50,000	5.50%, 07/01/18 (c)		38,692
	65,000	5.50%, 07/01/18		56,973
	40,000	5.50%, 07/01/19		37,222
	150,000	5.50%, 07/01/19		130,211
	10,000	Commonwealth of Puerto Rico, Public Improvement, Series D (GO)
		5.00%, 07/01/16 (c)		8,506
		Puerto Rico Convention Center District Authority, Series A (RB) (FGIC)
	100,000	4.13%, 07/01/16 (c)		70,196
	100,000	4.75%, 07/01/16 (c)		68,892
	10,000	5.00%, 07/01/16 (c)		10,088
		Puerto Rico Electric Power Authority, Series TT (RB)
	20,000	4.20%, 07/01/17 (c)		10,501
	15,000	5.00%, 07/01/17 (c)		7,916
		Puerto Rico Electric Power Authority, Series ZZ (RB)
	180,000	5.00%, 07/01/18		94,988
	50,000	5.00%, 07/01/19		26,241
	500,000	Puerto Rico Government Development, Series B (RB)
		5.00%, 12/01/16		459,060
	75,000	Puerto Rico Highways and Transportation Authority, Series K (RB)
		5.00%, 07/01/15 (c)		45,608
		Puerto Rico Highways and Transportation Authority, Series M (RB)
	100,000	4.00%, 07/01/17		69,514
	10,000	4.13%, 07/01/17 (c)		6,084
	40,000	Puerto Rico Highways and Transportation Authority, Series N (RB)
		5.50%, 07/01/21		22,915
	140,000	Puerto Rico Highways and Transportation Authority, State Infrastructure Bank (RB)
		5.00%, 07/01/15 (c)		80,104
		Puerto Rico Infrastructure Financing Authority, Series C (RB) (AMBAC)
	50,000	5.50%, 07/01/16		50,684
	75,000	5.50%, 07/01/20		57,950
	70,000	Puerto Rico Public Buildings Authority, Series F (RB) (COMWLTH GTD)
		5.25%, 07/01/19		56,501
	360,000	Puerto Rico Public Buildings Authority, Series H (RB) (AMBAC) (COMWLTH GTD)
		5.50%, 07/01/18		372,996
		Puerto Rico Public Buildings Authority, Series M (RB) (COMWLTH GTD)
	15,000	5.50%, 07/01/19		12,145
	40,000	5.75%, 07/01/16		36,955
	65,000	Puerto Rico Public Buildings Authority, Series N (RB) (COMWLTH GTD)
		5.50%, 07/01/17 (c)		52,630
	35,000	Puerto Rico Public Buildings Authority, Series P (RB) (COMWLTH GTD)
		5.75%, 07/01/18		28,720
	40,000	Puerto Rico Public Buildings Authority, Series Q (RB) (COMWLTH GTD)
		5.13%, 03/12/15 (c)		29,255
	35,000	Puerto Rico Public Buildings Authority, Series U (RB) (COMWLTH GTD)
		5.00%, 07/01/20		26,213
		University of Puerto Rico, Series P (RB)
	70,000	5.00%, 06/01/16 (c)		43,103
	175,000	5.00%, 06/01/16 (c)		107,314
	250,000	5.00%, 06/01/16 (c)		154,575
	375,000	5.00%, 06/01/16 (c)		235,811
	40,000	5.00%, 06/01/16 (c)		24,836
	195,000	University of Puerto Rico, Series Q (RB)
		5.00%, 06/01/16 (c)		137,561
				3,994,136
South Carolina: 0.5%
	335,000	South Carolina Jobs, Economic Development Authority, Palmetto Health (RB)
		5.38%, 08/01/19 (c)		382,717
South Dakota: 0.3%
	250,000	Sioux Falls, South Dakota Health Facilities, Dow Rummel Village Project (RB)
		5.00%, 11/15/16 (c)		257,980
Tennessee: 0.1%
		Clarksville Natural Gas Acquisition Corp. (RB)
	25,000	5.00%, 12/15/15		25,878
	50,000	5.00%, 12/15/17		55,080
	25,000	5.00%, 12/15/21		29,004
				109,962
Texas: 10.4%
		Central Texas Turnpike System, Series C (RB)
	200,000	5.00%, 08/15/24 (a)(c)		242,734
	300,000	5.00%, 08/15/24 (a)		367,239
		City of Houston, Texas Airport System Special Facilities, United Airlines, Inc. (RB)
	1,000,000	4.50%, 07/01/20		1,091,040
	1,000,000	4.75%, 07/01/24		1,100,280
	300,000	Dallas-Fort Worth International Airport Facilities Improvement Corp., Series A-1 (RB)
		6.15%, 03/12/15 (c)		300,843
	20,000	Maverick County Public Facility Corp., Series A-1 (RB)
		6.25%, 08/01/17 (c) (d)		10,484
	350,000	New Hope Cultural Education Facilities Finance Corp., Wesleyan Homes, Inc. (RB)
		5.00%, 01/01/24		370,618
		Sam Rayburn Municipal Power Agency, Power Supply System (RB)
	10,000	5.00%, 10/01/15		10,313
	500,000	5.00%, 10/01/21		592,720
	370,000	Tarrant County Cultural Education Facilities Finance Corp., Series C-1 (RB)
		7.50%, 03/12/15 (c)		368,653
		Texas Municipal Gas Acquisition and Supply Corp. I, Senior Lien Series A (RB)
	25,000	5.00%, 12/15/15		25,873
	155,000	5.25%, 12/15/21		181,941
	130,000	5.25%, 12/15/22		153,847
	220,000	5.63%, 12/15/17		238,691
		Texas Municipal Gas Acquisition and Supply Corp. III (RB)
	1,500,000	5.00%, 12/15/21		1,776,675
	1,000,000	5.00%, 12/15/22		1,189,230
	25,000	Texas Turnpike Authority, First Tier, Series A (RB) (AMBAC)
		0.74%, 08/15/16 ^		24,776
	500,000	Town of Westlake, Solana Public Improvement (SA)
		5.50%, 09/01/25 (a)		501,170
	225,000	Travis County, Texas Health Facilities Development Corp., First Mortgage Revenue, Longhorn Village Project, Series A (RB)
		6.00%, 01/01/21 (c)		247,468
				8,794,595
Vermont: 1.5%
	1,000,000	City of Burlington, Vermont Airport Revenue, Series A (RB)
		5.00%, 07/01/22		1,136,210
	150,000	Vermont Economic Development Authority, Recovery Zone Facility (RB)
		5.00%, 12/15/20		173,788
				1,309,998
Virgin Islands: 3.4%
		Virgin Islands Public Finance Authority, Series A (RB)
	1,050,000	5.00%, 10/01/20		1,199,761
	100,000	6.75%, 10/01/19		113,058
	400,000	Virgin Islands Public Finance Authority, Series B (RB)
		5.00%, 10/01/19		451,200
	1,000,000	Virgin Islands Public Finance Authority, Series C (RB)
		5.00%, 10/01/19 (c)		1,119,960
				2,883,979
Virginia: 1.3%
	25,000	Chesterfield Economic Development Authority, Brandermill Woods Project (RB)
		4.13%, 01/01/22 (c)		25,780
	1,070,000	Industrial Development Authority of Botetourt County, Residential Care Facility, Series A (RB)
		4.75%, 07/01/23		1,098,697
				1,124,477
Washington: 0.7%
	10,000	Washington Economic Development Finance Authority (RB)
		9.35%, 08/01/18		10,288
	450,000	Washington State Housing Finance Commission, Rockwood Retirement Communities Project, Series B-1 (RB)
		5.88%, 03/02/15 (c)		450,279
	100,000	Washington State Housing Finance Commission, Skyline at First Hill Project, Series A (RB)
		5.25%, 01/01/17		101,976
				562,543
West Virginia: 0.7%
	500,000	Mason County Pollution Control, Appalachian Power Co. Project, Series L (RB)
		1.63%, 10/01/18 (p)		505,890
	65,000	West Virginia Hospital Finance Authority, Thomas health System, Inc. (RB)
		6.25%, 10/01/18 (c)		69,539
				575,429
Wisconsin: 3.1%
	935,000	New York City Industrial Development Agency, Transportation Infrastructure Properties LLC, Series B (RB)
		5.00%, 07/01/22		1,040,636
	750,000	Public Finance Authority, Rose Villa Project, Series B-1 (RB)
		4.50%, 11/15/15 (c)		759,630
	560,000	Wisconsin Public Finance Authority, Continuing Care Retirement Community, Series A (RB)
		7.00%, 06/01/20		635,219
	160,000	Wisconsin State Health and Educational Facilities Authority, Wheaton Franciscan Health Care System (RB)
		5.25%, 08/15/16 (c)		170,859
				2,606,344
Total Municipal Bonds (Cost: $82,521,439)				84,143,809

Number of Shares
MONEY MARKET FUND: 1.2% (Cost: $1,004,439)
	1,004,439	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		1,004,439
Total Investments: 100.5% (Cost: $83,525,878)				85,148,248
Liabilities in excess of other assets: (0.5)%				(405,327	)
NET ASSETS: 100.0%			$	84,742,921


ACA	Credit Agricole SA
AMBAC	American Municipal Bond Assurance Corp.
COMWLTH GTD	Commonwealth Guaranteed
CP	Certificate of Participation
FGIC	Financial Guaranty Insurance Co.
GO	General Obligation
RB	Revenue Bond
SA	Special Assessment
ST	Special Tax
TA	Tax Allocation
XLCA	Syncora Guarantee, Inc.
(a)	When-Issued security
(b)	Security is segregated as collateral for when issued security
(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
Airport	3.9	%	$	3,369,908
Development	20.1			17,122,332
Education	2.1			1,769,481
Facilities	5.2			4,402,287
General Obligation	11.5			9,825,349
Higher Education	2.3			1,923,073
Medical	12.5			10,673,410
Nursing Homes	7.8			6,628,235
Pollution	2.1			1,798,785
Power	1.1			916,467
School District	0.0			18,113
Single Family Housing	0.2			154,294
Tobacco Settlement	10.2			8,675,038
Transportation	9.7			8,254,921
Utilities	5.3			4,550,662
Water	4.8			4,061,454
Money Market Fund	1.2			1,004,439
	100.0	%	$	85,148,248

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	84,143,809	$	—	$	84,143,809
Money Market Fund		1,004,439		—		—		1,004,439
Total	$	1,004,439	$	84,143,809	$	—	$	85,148,248

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

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

See Notes to Schedules of Investments

SHORT MUNICIPAL INDEX ETF

SCHEDULE OF INVESTMENTS

January 31, 2015 (unaudited)

Principal
Amount			Value
MUNICIPAL BONDS: 98.8%
Alabama: 0.6%
	$1,400,000	Alabama Federal Aid Highway Finance Authority (RB)
		5.00%, 09/01/19	$	1,630,692
Alaska: 0.0%
	55,000	State of Alaska, Series A (GO)
		4.00%, 08/01/17		59,718
Arizona: 1.0%
	630,000	Arizona Board of Regents, University of Arizona Projects, Series C (CP)
		5.00%, 06/01/19		733,200
	865,000	Arizona Transportation Board, Subordinated Highway Revenue, Series A (RB)
		5.00%, 07/01/17		955,418
	590,000	City of Scottsdale (GO)
		3.00%, 07/01/18		633,760
	255,000	Maricopa County Community College District, Series D (GO)
		3.00%, 07/01/18		274,270
				2,596,648
Arkansas: 0.4%
	1,000,000	State of Arkansas, Federal Highway Grant (GO)
		5.00%, 04/01/18		1,135,420
California: 13.4%
	1,000,000	Bay Area Toll Authority, Toll Bridge Revenue, Series B (RB)
		1.50%, 10/01/17 (c) (p)		1,013,870
	2,250,000	Bay Area Toll Authority, Toll Bridge Revenue, Series C (RB)
		1.87%, 10/01/18 (c) (p)		2,300,130
	725,000	California Health Facilities Financing Authority, St. Joseph Health System, Series C (RB)
		5.00%, 10/15/19 (p)		850,816
		California State Department of Water Resources, Central Valley Project, Series AM (RB)
	250,000	4.00%, 12/01/18		280,980
	250,000	5.00%, 12/01/18		290,397
	750,000	California State Department of Water Resources, Power Supply Revenue, Series L (RB)
		5.00%, 05/01/16		795,007
	500,000	California State Department of Water Resources, Power Supply Revenue, Series N (RB)
		5.00%, 05/01/20		603,580
	1,670,000	California State Department of Water Resources, Series L (RB)
		5.00%, 05/01/17		1,840,858
	750,000	California State Department of Water Resources, Series M (RB)
		5.00%, 05/01/16		795,007
	310,000	California State Public Works Board, Department of State Hospital, Series E (RB)
		5.00%, 06/01/20		366,832
	475,000	California State Public Works Board, Series C (RB)
		4.00%, 06/01/16		498,156
	520,000	California State Public Works Board, Series E (RB)
		4.00%, 06/01/17		559,754
	1,000,000	California State Public Works Board, Series G (RB)
		4.00%, 11/01/17		1,087,450
		California State Public Works Board, Various Capital Projects, Series A (RB)
	150,000	5.00%, 04/01/17		163,995
	10,000	5.00%, 04/01/19		11,612
	100,000	California State Public Works Board, Various Judicial Projects, Series A (RB)
		3.00%, 03/01/17		104,857
	75,000	California State University, Series A (RB)
		5.00%, 11/01/18		86,919
		California State Various Purpose (GO)
	100,000	2.00%, 04/01/17		103,194
	200,000	3.50%, 03/01/16		207,216
	1,370,000	4.00%, 09/01/17		1,488,834
	175,000	4.00%, 02/01/18		192,287
	1,000,000	4.00%, 02/01/19		1,122,950
	500,000	5.00%, 03/01/16		526,095
	1,000,000	5.00%, 09/01/16		1,073,960
	900,000	5.00%, 09/01/16		966,114
	430,000	5.00%, 02/01/17		468,571
	1,225,000	5.00%, 04/01/17		1,342,906
	1,375,000	5.00%, 10/01/17		1,533,537
	400,000	5.00%, 11/01/17		447,436
	435,000	5.00%, 03/01/18		492,085
	1,400,000	5.00%, 04/01/18		1,587,712
	3,435,000	5.00%, 09/01/18		3,943,757
	200,000	5.00%, 02/01/20		238,320
	1,000,000	5.00%, 04/01/20		1,196,150
	1,850,000	5.00%, 09/01/20		2,232,432
	25,000	5.00%, 10/01/20		30,212
	30,000	California State, Department of Water Resources Power Supply, Series L (RB)
		5.00%, 05/01/20		36,215
	1,000,000	California Statewide Communities Development Authority, Pollution Control, Series A (RB)
		1.37%, 04/02/18 (p)		1,010,080
	435,000	California Water Resources Department Power Supply, Series L (RB)
		5.00%, 05/01/18		496,500
	25,000	City of Los Angeles, Department of Airports, Series A (RB)
		5.00%, 05/15/18		28,498
	1,750,000	City of Los Angeles, Series B (GO)
		5.00%, 09/01/16		1,877,697
	60,000	City of Los Angeles, Wastewater System Revenue, Series A (RB)
		5.00%, 06/01/19		70,775
	50,000	East Bay Municipal Utility District, Water System Revenue, Series B (RB)
		5.00%, 06/01/18		57,214
	100,000	Los Angeles County Metropolitan Transportation Authority, Series B (RB)
		5.00%, 06/01/19		117,865
	275,000	Los Angeles Unified School District, Series A (GO)
		4.00%, 07/01/18		305,805
	1,000,000	Los Angeles, California Unified School District, Series J (GO)
		5.00%, 07/01/17		1,108,610
	140,000	Metropolitan Water District of Southern California, Series C (RB)
		5.00%, 07/01/17		155,240
	290,000	San Diego County Water Authority, Series A (RB)
		4.00%, 05/01/18		320,914
	50,000	San Diego County Water Authority, Series S-1 (RB)
		5.00%, 06/01/16 (c)		53,264
	30,000	San Jose Financing Authority, Civil Center Project, Series A (RB)
		5.00%, 06/01/20		35,915
	10,000	Santa Clara County, California Financing Authority Lease, Capital Projects, Series A (RB)
		4.00%, 02/01/17		10,676
	100,000	State of California Department of Water Resources Power Supply Revenue, Series M (RB)
		5.00%, 05/01/18		114,138
	40,000	State of California Department of Water Resources Power Supply Revenue, Series N (RB)
		4.00%, 05/01/18		44,373
				36,687,767
Colorado: 0.6%
	1,000,000	City and County of Denver, Series A (GO)
		5.00%, 08/01/17		1,109,710
	175,000	Metro Wastewater Reclamation District, Series A (RB)
		5.00%, 04/01/17		191,963
	250,000	Regional Transportation District, Series A (CP)
		5.00%, 06/01/18		282,707
				1,584,380
Connecticut: 1.8%
	1,670,000	Connecticut State Health and Educational Facilities Authority, Series A-3 (RB)
		0.88%, 02/08/18 (p)		1,671,737
	750,000	Connecticut State, Series D (GO)
		5.00%, 11/01/20		901,657
	500,000	Connecticut State, Special Tax Revenue, Transportation Infrastructure Purposes, Series A (RB)
		5.00%, 12/01/20		603,450
		State of Connecticut, Series C (GO)
	250,000	5.00%, 06/01/16		265,525
	250,000	5.00%, 07/15/19		292,677
	500,000	5.00%, 06/01/20		596,295
	500,000	State of Connecticut, Series D (GO)
		4.00%, 06/15/18		552,470
				4,883,811
Delaware: 0.2%
		State of Delaware, Series B (GO)
	110,000	5.00%, 02/01/16		115,273
	500,000	5.00%, 02/01/17		545,265
				660,538
District of Columbia: 0.1%
	80,000	District of Columbia, Series A (GO)
		5.00%, 06/01/19		93,734
	75,000	District of Columbia, Series C (RB)
		5.00%, 12/01/17		84,117
				177,851
Florida: 5.1%
		Broward County School Board, Series A (CP)
	175,000	5.00%, 07/01/18		199,472
	155,000	5.00%, 07/01/19		181,525
	150,000	Broward County, Airport System Revenue, Series Q-1 (RB)
		5.00%, 10/01/17		166,830
		Citizens Property Insurance Corp., Series A-1 (RB) (AGM)
	400,000	4.00%, 06/01/17		428,464
	500,000	5.00%, 06/01/19		578,005
	75,000	City of Jacksonville, Better Jacksonville Sales Tax (RB)
		5.00%, 10/01/16		80,540
	600,000	City of Jacksonville, Series A (RB)
		5.00%, 10/01/16		645,570
		City of Jacksonville, Series B (RB)
	260,000	5.00%, 10/01/16		279,747
	475,000	5.00%, 10/01/17		528,566
	1,600,000	City of Jacksonville, Series C (RB)
		5.00%, 10/01/18		1,824,976
	100,000	Florida Department of Environmental Protection, Series A (RB)
		5.00%, 07/01/20		119,666
	60,000	Florida Hurricane Catastrophe Fund Finance Corp., Series A (RB)
		5.00%, 07/01/16		63,960
	65,000	JEA Electric System, Series Three A (RB)
		5.00%, 10/01/18		74,874
		JEA Electric System, Series Three D (RB)
	50,000	4.00%, 10/01/16		52,972
	690,000	5.00%, 10/01/19		812,206
	75,000	Miami-Dade County Expressway Authority, Toll System Revenue, Series A (RB)
		5.00%, 07/01/18		85,434
	900,000	Orange County, Sales Tax, Series C (RB)
		5.00%, 01/01/20		1,067,733
	130,000	Orlando-Orange County Expressway Authority (RB)
		5.00%, 07/01/19		151,696
	400,000	Palm Beach County School District, Series A (CP)
		5.00%, 08/01/16 (p)		426,592
	175,000	Palm Beach County, Public Improvement (RB)
		5.00%, 06/01/18		199,315
	50,000	St. Johns River Power Park, Issue Two, Series Twenty-Five (RB)
		5.00%, 10/01/16		53,772
	50,000	State of Florida, Board of Education, Full Faith and Credit, Series A (GO)
		5.00%, 06/01/19		58,607
	85,000	State of Florida, Board of Education, Full Faith and Credit, Series B (GO)
		5.00%, 06/01/20		102,099
	170,000	State of Florida, Board of Education, Full Faith and Credit, Series C (GO)
		5.00%, 06/01/16		180,651
	260,000	State of Florida, Board of Education, Lottery Revenue, Series D (RB)
		5.00%, 07/01/17		286,520
		State of Florida, Board of Education, Lottery Revenue, Series E (RB)
	475,000	5.00%, 07/01/16		506,212
	100,000	5.00%, 07/01/19		116,783
	1,000,000	State of Florida, Board of Education, Lottery Revenue, Series F (RB)
		5.00%, 07/01/18		1,136,220
		State of Florida, Board of Education, Public Education Capital Outlay, Series A (GO)
	900,000	5.00%, 06/01/16		955,638
	100,000	5.00%, 06/01/18		113,894
	1,000,000	State of Florida, Board of Education, Public Education Capital Outlay, Series C (GO)
		5.00%, 06/01/16		1,062,650
	595,000	State of Florida, Department of Environmental Protection, Series B (RB)
		5.00%, 07/01/18		678,853
	90,000	State of Florida, Department of Transportation Turnpike Revenue, Series A (RB)
		5.00%, 07/01/18		102,880
	500,000	State of Florida, Department of Transportation, Full Faith and Credit, Series A (GO)
		5.00%, 07/01/19		589,825
	100,000	Sunshine State Governmental Financing Commission, Series A (RB)
		5.00%, 09/01/16		107,248
				14,019,995
Georgia: 3.4%
	400,000	City of Atlanta, Airport Passenger Facility, Series B (RB)
		5.00%, 01/01/17		433,664
	600,000	City of Atlanta, Department of Aviation, Series A (RB)
		5.00%, 01/01/17		651,096
	315,000	City of Atlanta, Department of Aviation, Series C (RB)
		5.00%, 01/01/20		373,540
	280,000	County Board of Education of Richmond County (GO) (SAW)
		5.00%, 10/01/17		310,710
	330,000	Forsyth County School District (GO)
		5.00%, 02/01/19		384,202
	1,200,000	Fulton County Development Authority, Georgia Tech Athletic Association Project, Series A (RB)
		5.00%, 10/01/19		1,406,568
	2,315,000	Gwinnett County School District, Series A (GO)
		4.50%, 10/01/17		2,552,079
	250,000	Gwinnett County Water & Sewerage Authority (RB)
		5.00%, 08/01/20		301,967
		Municipal Electric Authority of Georgia, Series A (RB)
	500,000	5.00%, 11/01/17		557,845
	1,000,000	5.00%, 01/01/20		1,177,980
		State of Georgia, Series A (GO)
	400,000	5.00%, 07/01/16		426,516
	75,000	5.00%, 02/01/18		84,746
	25,000	5.00%, 07/01/19		29,456
	140,000	State of Georgia, Series C (GO)
		5.00%, 07/01/18		160,240
	500,000	State of Georgia, Series F (GO)
		5.00%, 12/01/16		541,780
				9,392,389
Hawaii: 0.8%
	150,000	City and County Honolulu, Wastewater System Revenue, Series B (RB)
		5.00%, 07/01/20		179,934
	25,000	State of Hawaii, Series DY (GO)
		5.00%, 02/01/19		29,053
	1,000,000	State of Hawaii, Series DZ (GO)
		5.00%, 12/01/19		1,188,470
	500,000	State of Hawaii, Series EA (GO)
		5.00%, 12/01/16		541,585
	235,000	State of Hawaii, Series EH (GO)
		5.00%, 08/01/19		276,865
				2,215,907
Illinois: 7.3%
	480,000	Chicago, Illinois, O’Hare International Airport Revenue, Series B (RB)
		5.00%, 01/01/17		518,674
	250,000	Chicago, Illinois, O’Hare International Airport, 3rd Lien, Series A (RB)
		5.00%, 01/01/17		270,143
		City of Chicago, Modern Schools Across Chicago Program, Series A (GO)
	500,000	4.00%, 12/01/17		526,760
	2,250,000	5.00%, 12/01/19		2,508,435
	615,000	County of Cook, Series A (GO)
		5.00%, 11/15/19		708,708
		State of Illinois (GO)
	1,500,000	5.00%, 01/01/16		1,558,845
	700,000	5.00%, 01/01/17		752,787
	955,000	5.00%, 01/01/17		1,027,962
	1,250,000	5.00%, 03/01/17		1,348,112
	4,100,000	5.00%, 08/01/17		4,477,077
	740,000	5.00%, 01/01/18		816,102
	500,000	5.00%, 02/01/20		571,175
	1,000,000	State of Illinois, Department of Employment Security, Series B (RB)
		5.00%, 12/15/16 (c)		1,083,770
	500,000	State of Illinois, Sales Tax, Junior Lien (RB)
		3.00%, 06/15/16		517,735
	500,000	State of Illinois, Sales Tax, Junior Obligation (RB)
		5.00%, 06/15/18		567,950
		State of Illinois, Series A (GO)
	500,000	3.00%, 01/01/18		521,405
	500,000	3.50%, 09/01/15		508,630
	250,000	3.88%, 09/01/17		266,510
	850,000	4.00%, 01/01/17		898,076
	500,000	5.00%, 04/01/17		540,690
				19,989,546
Indiana: 0.7%
		Indiana Finance Authority, Wastewater Utility, Series A (RB)
	50,000	2.50%, 10/01/16		51,650
	710,000	5.00%, 10/01/19		833,980
	640,000	5.00%, 10/01/20		769,542
	120,000	Indianapolis Local Public Improvement Bond Bank, Series K (RB)
		5.00%, 06/01/19		139,436
				1,794,608
Kansas: 0.0%
	50,000	State of Kansas Department of Transportation (RB)
		5.00%, 09/01/19		59,069
Kentucky: 1.7%
	50,000	Kentucky Asset Liability Commission Project, Series A (RB)
		5.00%, 09/01/19		58,385
		Kentucky Infrastructure Authority, Wastewater & Drinking Water Revolving Fund, Series A (RB)
	500,000	5.00%, 02/01/17		543,910
	1,710,000	5.00%, 02/01/18		1,928,401
	200,000	Kentucky Public Transportation Infrastructure Authority, Series A (RB)
		5.00%, 07/01/17		219,340
	400,000	Kentucky State Property & Building Commission, Project No. 100, Series A (RB)
		5.00%, 08/01/17		442,096
	25,000	Kentucky State Property & Building Commission, Project No. 98 (RB)
		5.00%, 08/01/20		29,698
		Kentucky Turnpike Authority, Series A (RB)
	575,000	5.00%, 07/01/16		611,432
	90,000	5.00%, 07/01/19		105,402
	600,000	University of Kentucky, Series D (RB)
		5.25%, 10/01/20		732,174
				4,670,838
Louisiana: 0.5%
	130,000	Orleans Parishwide School District (GO) (AGM)
		5.00%, 09/01/20		154,246
	1,000,000	State of Louisiana, Series A (GO)
		5.00%, 11/15/19		1,187,280
				1,341,526
Maryland: 3.9%
	2,800,000	Baltimore County Consolidated Public Improvement (GO)
		5.00%, 08/01/18		3,208,324
	500,000	Maryland Department of Transportation (RB)
		5.00%, 06/01/18		568,765
	25,000	Montgomery County, Maryland Construction Public Improvement, Series A (GO)
		5.00%, 11/01/20		30,395
	400,000	Montgomery County, Series A (GO)
		5.00%, 07/01/16		426,516
	750,000	State of Maryland Department of Transportation (RB)
		5.00%, 05/01/19		876,315
		State of Maryland, State and Local Facilities Loan, First Series A (GO)
	450,000	5.00%, 03/01/17		492,142
	40,000	5.00%, 03/01/19		46,687
		State of Maryland, State and Local Facilities Loan, First Series B (GO)
	2,000,000	4.50%, 08/01/19		2,317,200
	300,000	5.00%, 03/01/19		350,154
	1,780,000	State of Maryland, State and Local Facilities Loan, First Series C (GO)
		5.00%, 08/01/18		2,042,888
	200,000	State of Maryland, State and Local Facilities Loan, Second Series B (GO)
		5.00%, 08/01/18		229,538
				10,588,924
Massachusetts: 2.6%
	335,000	Commonwealth of Massachusetts, Series A (GO)
		5.00%, 12/01/18		387,756
		Commonwealth of Massachusetts, Series B (GO)
	750,000	5.00%, 08/01/16		802,305
	500,000	5.00%, 08/01/20		603,050
	1,000,000	Commonwealth of Massachusetts, Series E (GO)
		5.00%, 12/01/16		1,083,360
	1,000,000	Massachusetts Development Finance Agency, Partners Health Care System Issue, Series K (RB)
		5.00%, 01/18/18 (p)		1,124,940
	750,000	Massachusetts Development Finance Agency, Series K-4 (RB)
		5.00%, 01/14/16 (p)		782,632
		Massachusetts School Building Authority, Senior Dedicated Sales Tax, Series B (RB)
	1,100,000	5.00%, 08/15/18		1,262,173
	200,000	5.00%, 08/15/19		236,322
	555,000	Massachusetts Water Pollution Abatement Trust, Series 16-B (RB)
		5.00%, 08/01/18		637,179
	80,000	Massachusetts Water Resources Authority, Series C (RB)
		5.00%, 08/01/18		91,755
				7,011,472
Michigan: 2.2%
	1,165,000	Michigan Finance Authority, Clean Water Revolving Revenue (RB)
		5.00%, 10/01/17		1,300,955
		Michigan Finance Authority, Unemployment Obligation Assessment, Series A (RB)
	1,000,000	5.00%, 07/01/17		1,105,810
	1,750,000	5.00%, 07/01/18		2,004,905
	175,000	Michigan Finance Authority, Unemployment Obligation Assessment, Series B (RB)
		5.00%, 07/01/19 (c)		205,196
	50,000	Michigan State Building Authority, Series I-A (RB)
		5.00%, 10/15/16		53,869
	500,000	Michigan State Hospital Finance Authority, Ascension Health Senior Credit Group, Series F-1 (RB)
		2.00%, 05/30/18 (p)		517,460
	75,000	Royal Oak Hospital Finance Authority (RB)
		2.25%, 09/01/20		78,530
	570,000	Wayne Country Airport Authority, Series A-D (RB)
		5.00%, 12/01/18		647,754
				5,914,479
Minnesota: 2.9%
	2,050,000	City of Rochester, Minnesota Health Care Facilities, Mayo Clinic, Series A (RB)
		4.00%, 11/15/18 (p)		2,283,249
	2,655,000	City of Rochester, Minnesota Health Care Facilities, Mayo Clinic, Series B (RB)
		4.00%, 11/15/18 (p)		2,957,086
	675,000	Regents of University of Minnesota, Series A (RB)
		5.00%, 12/01/18		779,922
	50,000	State of Minnesota, State Trunk Highway, Series B (GO)
		5.00%, 10/01/18		57,713
	900,000	State of Minnesota, State Trunk Highway, Series E (GO)
		5.00%, 08/01/19		1,062,954
	700,000	State of Minnesota, Various Purposes, Series D (GO)
		5.00%, 08/01/18		803,908
				7,944,832
Missouri: 0.9%
	700,000	Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Series A (RB)
		5.00%, 10/01/20		842,534
	500,000	Missouri Highway and Transportation Commission, Series C (RB)
		5.00%, 02/01/17		545,265
	900,000	State of Missouri, Series A (CP)
		2.13%, 10/01/18		934,299
				2,322,098
Nebraska: 0.4%
	1,000,000	Nebraska Public Power District, Series C (RB)
		5.00%, 01/01/18 (c)		1,125,430
Nevada: 0.5%
	150,000	Clark County School District, Series A (GO)
		5.00%, 06/15/19		175,697
		State of Nevada, Unemployment Compensation (RB)
	550,000	5.00%, 06/01/16		584,001
	500,000	5.00%, 06/01/17		551,205
				1,310,903
New Jersey: 7.7%
	65,000	Garden State Preservation Trust, Series A (RB)
		4.00%, 11/01/19		73,556
		New Jersey Building Authority, Series A (RB)
	500,000	5.00%, 06/15/18		555,625
	575,000	5.00%, 06/15/19		652,654
	1,610,000	New Jersey Economic Development Authority, School Facilities Construction, Series D (RB)
		5.00%, 12/15/17		1,775,943
	500,000	New Jersey Economic Development Authority, School Facilities Construction, Series DD (RB)
		4.00%, 12/15/16		528,010
	375,000	New Jersey Economic Development Authority, School Facilities Construction, Series DD-1 (RB)
		5.00%, 12/15/18		423,934
		New Jersey Economic Development Authority, School Facilities Construction, Series EE (RB)
	890,000	5.00%, 09/01/17		973,829
	700,000	5.00%, 09/01/18		787,304
	275,000	New Jersey Economic Development Authority, School Facilities Construction, Series GG (RB)
		5.00%, 09/01/16		292,636
	225,000	New Jersey Economic Development Authority, School Facilities Construction, Series NN (RB)
		5.00%, 03/01/20		258,824
	300,000	New Jersey Economic Development Authority, School Facilities Construction, Series PP (RB)
		5.00%, 06/15/19		341,598
	500,000	New Jersey Educational Facilities Authority, Series B (RB)
		5.00%, 06/01/19		560,955
	1,000,000	New Jersey Health Care Facilities Financing Authority, Greystone Park Psychiatric Hospital Project, Series B (RB)
		5.00%, 09/15/18		1,124,910
	1,000,000	New Jersey Higher Education Assistance Authority, Student Loan, Series 2 (RB)
		3.75%, 12/01/18		1,082,540
	1,455,000	New Jersey State, Series S (GO)
		5.00%, 08/15/19		1,691,103
	1,000,000	New Jersey Transit Corp., Series A (RB)
		5.00%, 09/15/18		1,121,900
		New Jersey Transportation Trust Fund Authority, Series A (RB)
	1,000,000	5.00%, 12/15/19		1,151,890
	265,000	5.00%, 06/15/20		306,552
		New Jersey Transportation Trust Fund Authority, Series AA (RB)
	625,000	4.00%, 06/15/18		678,419
	250,000	5.00%, 06/15/19		285,345
	870,000	5.00%, 06/15/20		1,006,416
	2,345,000	New Jersey Transportation Trust Fund Authority, Series B (RB)
		5.00%, 06/15/18		2,624,688
	2,350,000	New Jersey Transportation Trust Fund Authority, Series D (RB)
		5.00%, 12/15/17		2,599,922
	150,000	State of New Jersey, Series Q (GO)
		5.00%, 08/15/18		170,036
				21,068,589
New Mexico: 0.6%
	150,000	New Mexico Educational Assistance Foundation, Series A-1 (RB)
		4.00%, 12/01/16		159,525
	1,075,000	New Mexico Finance Authority, State Transportation Revenue (RB)
		4.00%, 06/15/16		1,129,696
	110,000	New Mexico Finance Authority, State Transportation Revenue, Series B (RB)
		5.00%, 06/15/20		132,094
	250,000	New Mexico Finance Authority, Subordinate Lien, Series A-2 (RB)
		5.00%, 12/15/16		271,235
				1,692,550
New York: 15.5%
	1,650,000	City of New York, Series A (GO)
		5.00%, 08/01/17		1,827,985
	750,000	City of New York, Series A-1 (GO)
		5.00%, 08/01/18		856,297
	1,000,000	City of New York, Series B (GO)
		5.00%, 08/01/19		1,172,860
		City of New York, Series E (GO)
	250,000	4.00%, 08/01/16		263,373
	300,000	5.00%, 08/01/17		332,361
	370,000	City of New York, Series G (GO)
		5.00%, 08/01/20		442,982
	225,000	City of New York, Series I (GO)
		5.00%, 08/01/18		256,889
		City of New York, Subseries 1 (GO)
	480,000	4.00%, 08/01/16		505,675
	250,000	5.00%, 08/01/17		276,967
	1,410,000	Erie County Industrial Development Agency, City School District, Series A (RB) (SAW)
		5.00%, 05/01/19		1,641,085
	500,000	Long Island Power Authority, Electric System, Series A (RB)
		5.00%, 05/01/16		525,630
	200,000	Metropolitan Transportation Authority, Series C (RB)
		5.00%, 11/15/17		223,286
		Metropolitan Transportation Authority, Series D (RB)
	80,000	5.00%, 11/15/16		86,492
	520,000	5.00%, 11/15/17		580,544
	550,000	5.00%, 11/15/18		631,631
	280,000	5.00%, 11/15/19		328,857
	90,000	Metropolitan Transportation Authority, Series F (RB)
		5.00%, 11/15/18		103,358
	75,000	New York City Municipal Water Finance Authority, Water and Sewer System, Series BB (RB)
		4.00%, 06/15/16		78,806
	250,000	New York City Transitional Finance Authority, Series B (RB)
		5.00%, 11/01/20		301,627
		New York City Transitional Finance Authority, Series D (RB)
	50,000	4.00%, 02/01/18		54,939
	1,000,000	5.00%, 11/01/19		1,183,750
	65,000	New York City Transitional Finance Authority, Series I (RB)
		5.00%, 05/01/19		75,947
	500,000	New York City Transitional Finance Authority, Subseries F-1 (RB)
		5.00%, 02/01/20		594,195
	150,000	New York City Transitional Finance Authority, Subseries S-1A (RB) (SAW)
		5.00%, 07/15/16		160,173
		New York City, Series B (GO)
	500,000	5.00%, 08/01/17		553,935
	325,000	5.00%, 08/01/18		371,062
	1,000,000	5.00%, 08/01/20		1,197,250
	600,000	New York City, Series D (GO)
		5.00%, 10/01/17		668,502
	375,000	New York City, Series F-1 (GO)
		5.00%, 03/01/16		394,320
	1,000,000	New York City, Series G (GO)
		5.00%, 08/01/19		1,172,860
	1,400,000	New York City, Series G-3 (GO)
		5.00%, 03/01/17		1,528,352
		New York City, Series I (GO)
	250,000	5.00%, 08/01/17		276,967
	300,000	5.00%, 08/01/17		332,361
	430,000	New York City, Subseries A-1 (GO)
		5.00%, 10/01/15		443,803
	500,000	New York State Dormitory Authority, Colombia University, Series A (RB)
		5.00%, 10/01/18		577,715
		New York State Dormitory Authority, State Personal Income Tax (RB)
	260,000	5.00%, 02/15/18		293,800
	500,000	5.00%, 02/15/20		594,905
		New York State Dormitory Authority, State Personal Income Tax, Series A (RB)
	250,000	5.00%, 02/15/18		282,500
	300,000	5.00%, 02/15/19		348,579
	1,025,000	5.00%, 02/15/20		1,219,555
	300,000	New York State Dormitory Authority, State Personal Income Tax, Series B (RB)
		5.00%, 03/15/19		349,431
		New York State Dormitory Authority, State Personal Income Tax, Series C (RB)
	75,000	4.00%, 03/15/18		82,659
	1,400,000	4.00%, 03/15/19		1,574,272
	75,000	5.00%, 03/15/17		82,088
	1,675,000	5.00%, 03/15/19		1,950,990
	1,000,000	5.00%, 03/15/20		1,191,760
	820,000	New York State Dormitory Authority, State Sales Tax, Series A (RB)
		4.00%, 03/15/20		938,810
		New York State Environmental Facilities Corp., Sate Clean Water and Drinking Water, Series A (RB)
	1,695,000	5.00%, 06/15/20		2,045,255
	770,000	New York State Environmental Facilities Corp., Sate Clean Water and Drinking Water, Series B (RB)
		5.00%, 06/15/19		906,236
	800,000	New York State Thruway Authority, Second General Highway & Bridge Trust Fund, Series A (RB)
		5.00%, 04/01/19		930,368
	2,130,000	New York State Thruway Authority, Series A (RB)
		5.00%, 05/01/19		2,470,417
		New York State Thruway Authority, State Personal Income Tax, Series A (RB)
	300,000	5.00%, 03/15/18		339,861
	450,000	5.00%, 03/15/19		524,146
		New York State Urban Development Corp., State Personal Income Tax, Series C (RB)
	250,000	5.00%, 03/15/17		273,625
	500,000	5.00%, 03/15/18		566,435
		New York State, Series A (GO)
	200,000	3.00%, 02/01/16		205,504
	500,000	3.00%, 03/01/16		515,080
	60,000	Port Authority of New York and New Jersey, One Hundred Seventy-Fifth Series (RB)
		5.00%, 12/01/18		69,376
	275,000	State of New York Municipal Bond Bank Agency, Special School Purpose, Series A (RB) (SAW)
		5.00%, 12/01/19		324,126
		Tobacco Settlement Financing Corp. (RB)
	1,000,000	5.00%, 06/01/17		1,101,190
	2,000,000	5.00%, 06/01/18		2,272,220
	400,000	Town of Oyster Bay, New York Public Improvement (GO)
		3.00%, 08/15/17		416,264
	500,000	Town of Oyster Bay, New York Public Improvement, Series A (GO) (AGM)
		3.00%, 03/01/18		524,145
	90,000	Town of Oyster Bay, New York Public Improvement, Series B (GO) (AGM)
		4.00%, 11/01/20		101,066
				42,517,499
North Carolina: 3.1%
	500,000	County of Guilford, Series A (GO)
		5.00%, 03/01/16		525,870
	250,000	County of Mecklenburg, Series A (GO)
		5.00%, 12/01/17		280,615
	130,000	County of Wake, Public Improvement (GO)
		5.00%, 09/01/18		149,403
	575,000	North Carolina Medical Care Commission, Hospital Revenue (RB)
		5.00%, 06/01/18		646,806
	25,000	North Carolina Municipal Power Agency No. 1, Catawba Electric Revenue, Series A (RB)
		5.00%, 01/01/18		27,997
	1,000,000	North Carolina State, Capital Improvement Limited Obligation Bonds, Series B (RB)
		5.00%, 11/01/18		1,151,310
	1,000,000	North Carolina State, Grant Anticipation Revenue (RB)
		5.00%, 03/01/19		1,155,420
	2,800,000	North Carolina State, Series B (GO)
		5.00%, 06/01/18		3,201,968
	500,000	North Carolina State, Series C (GO)
		3.50%, 05/01/16		519,875
	260,000	North Carolina State, Series E (GO)
		5.00%, 05/01/16		275,369
	300,000	North Carolina Turnpike Authority, Monroe Connector System (RB)
		5.00%, 07/01/18		341,085
	200,000	State of North Carolina, Series C (GO)
		5.00%, 05/01/20		240,752
				8,516,470
Ohio: 2.2%
	500,000	City of Columbus, Various Purpose, Series 3 (GO)
		5.00%, 08/15/16		535,620
	750,000	Ohio Air Quality Development Authority, Series A (RB)
		3.75%, 12/03/18 (p)		801,015
	55,000	Ohio State Building Authority, Administrative Building Fund Project, Series C (RB)
		5.00%, 10/01/18		62,947
	1,000,000	Ohio State Water Development Authority, Series B (RB)
		4.00%, 06/03/19 (p)		1,078,230
		State of Ohio, Higher Education, Series B (GO)
	450,000	5.00%, 08/01/16		481,104
	245,000	5.00%, 08/01/18		280,635
		State of Ohio, Higher Education, Series C (GO)
	1,000,000	5.00%, 08/01/16		1,069,120
	50,000	5.00%, 08/01/19		58,908
	50,000	State of Ohio, Highway Capital Improvement, Series Q (GO)
		5.00%, 05/01/18		56,844
	100,000	State of Ohio, Major New State Infrastructure Project, Series 1 (RB)
		4.00%, 12/15/16		106,581
	400,000	State of Ohio, Major New State Infrastructure Project, Series 3 (RB)
		5.00%, 12/15/15		416,776
	985,000	State of Ohio, Third Frontier Research and Development, Series A (GO)
		3.00%, 05/01/20		1,081,116
				6,028,896
Oklahoma: 0.0%
	100,000	Grand River Dam Authority, Series A (RB)
		3.00%, 06/01/18		106,897
Oregon: 0.3%
	95,000	City of Portland, Sewer System Revenue, Series A (RB)
		5.00%, 03/01/17		103,669
	775,000	Tri-County Metropolitan Transportation District (RB)
		5.00%, 05/01/17 (c)		847,710
				951,379
Pennsylvania: 4.1%
	650,000	City of Philadelphia, Water and Wastewater Revenue, Series A (RB) (AGM)
		5.00%, 06/15/18		738,101
	50,000	City of Philadelphia, Water and Wastewater Revenue, Series C (RB) (AGM)
		5.00%, 08/01/16		53,379
		Commonwealth of Pennsylvania, First Refunding Series (GO)
	1,000,000	5.00%, 07/01/17		1,103,520
	900,000	5.00%, 06/15/18		1,023,273
	1,090,000	5.00%, 07/01/18		1,240,453
		Commonwealth of Pennsylvania, First Series (GO)
	1,105,000	5.00%, 11/15/18		1,271,225
	50,000	5.00%, 02/15/19		57,774
	1,000,000	5.00%, 04/01/19		1,158,970
	300,000	5.00%, 06/01/19		349,143
		Commonwealth of Pennsylvania, Second Series (GO)
	200,000	5.00%, 10/15/15		206,814
	500,000	5.00%, 10/15/19		587,520
	300,000	Commonwealth of Pennsylvania, Third Series C (GO)
		5.00%, 07/15/16		320,211
		Pennsylvania Economic Development, Unemployment Compensation, Series A (RB)
	545,000	4.00%, 02/01/20		620,139
	200,000	5.00%, 07/01/15		204,016
	550,000	5.00%, 07/01/17		608,751
	1,250,000	5.00%, 07/01/18		1,430,250
		Pennsylvania Economic Development, Unemployment Compensation, Series B (RB)
	205,000	5.00%, 07/01/19 (c)		238,925
	35,000	5.00%, 07/01/19 (c)		40,957
	40,000	Philadelphia Hospitals and Higher Education Facilities Authority, Jefferson Health System, Series B (RB)
		5.00%, 05/15/20 (c)		47,777
				11,301,198
South Carolina: 0.5%
	1,000,000	South Carolina Public Service Authority, Series B (RB)
		5.00%, 12/01/18		1,148,920
	150,000	South Carolina State Public Service Authority, Series B (RB)
		4.00%, 12/01/19		169,329
				1,318,249
Tennessee: 1.1%
	485,000	City of Memphis, Electric System Revenue (RB)
		5.00%, 12/01/16		525,337
	1,800,000	Metropolitan Government of Nashville & Davidson County, Water & Sewer Revenue (RB)
		5.00%, 07/01/17		1,986,336
	400,000	Metropolitan Government of Nashville and Davidson County, Series A (GO)
		5.00%, 07/01/18		456,516
	25,000	Shelby County, Series A (GO)
		4.00%, 03/01/18		27,505
				2,995,694
Texas: 6.7%
		City of Dallas (GO)
	500,000	5.00%, 02/15/18		564,840
	200,000	5.00%, 02/15/20		238,610
	550,000	City of Dallas, Fort Worth International Airport, Series B (RB)
		5.00%, 11/01/18		632,340
	150,000	City of Dallas, Waterworks and Sewer System Revenue, Series A (RB)
		5.00%, 10/01/20		181,181
	1,250,000	City of Fort Worth, Waterworks & Sewer System Revenue (RB)
		5.00%, 02/15/18		1,410,087
	75,000	City of Houston, Combined Utility System Revenue, Series C (RB)
		4.00%, 11/15/19		85,364
		City of Houston, Series A (GO)
	460,000	5.00%, 03/01/18		520,219
	550,000	5.00%, 03/01/20		657,393
	640,000	5.00%, 03/01/20		761,824
	160,000	City of San Antonio, Electric and Gas Revenue (RB)
		5.00%, 02/01/20		190,485
	795,000	City of San Antonio, Water System Revenue (RB)
		5.00%, 05/15/20		951,369
	1,000,000	Clear Creek Independent School District, Series B (GO)
		3.00%, 08/14/19 (p)		1,081,390
	500,000	Dallas Independent School District (GO)
		4.00%, 08/15/16		527,990
	250,000	Harris County, Texas Metropolitan Transit Authority, Series B (RB)
		5.00%, 11/01/16		269,803
	265,000	Houston Independent School District, Series C (GO)
		5.00%, 02/15/19		308,598
		Lower Colorado River Authority (RB)
	935,000	4.00%, 05/15/18		1,027,845
	630,000	5.00%, 05/15/16		667,227
	300,000	Lower Colorado River Authority, LCRA Transmission Service Corp. Project, Series A (RB)
		5.00%, 05/15/17		328,200
	60,000	Lower Colorado River Authority, Series A (RB)
		5.00%, 05/15/19		69,757
	1,500,000	Lower Colorado River Authority, Series B (RB)
		5.00%, 05/15/19		1,743,930
	200,000	North East Independent School District, Series A (GO)
		5.00%, 08/01/18		228,942
	500,000	Northside Independent School District (GO)
		2.00%, 08/01/19 (p)		516,775
	500,000	Northside Independent School District, Series A (GO)
		2.00%, 06/01/19 (p)		514,455
	1,410,000	Texas Public Finance Authority (GO)
		5.00%, 10/01/18		1,625,829
	815,000	Texas Public Finance Authority, Series A (GO)
		4.00%, 10/01/19		927,600
	850,000	Texas Public Finance Authority, Unemployment Compensation, Series A (RB)
		5.00%, 07/01/16		905,726
	250,000	Texas State University System, Board of Regents (RB)
		5.00%, 03/15/18		282,142
	250,000	Texas Transportation Commission State Highway Fund, Series A (RB)
		5.00%, 04/01/20		299,315
	500,000	Texas Transportation Commission, Highway Improvement, Series A (GO)
		5.00%, 04/01/19		583,925
	210,000	Texas Transportation Commission, Series A (RB)
		5.00%, 04/01/17		230,213
				18,333,374
Utah: 0.7%
	75,000	Intermountain Power Agency, Series A (RB)
		5.00%, 07/01/18		85,434
		State of Utah, Series A (GO)
	125,000	5.00%, 07/01/16		133,286
	50,000	5.00%, 07/01/19		58,959
	650,000	State of Utah, Series C (GO)
		5.00%, 07/01/18		744,445
	825,000	Utah State Board of Regents, Series EE-2 (RB)
		4.50%, 11/01/17		911,542
				1,933,666
Virginia: 0.7%
	500,000	City of Norfolk, Water Revenue (RB)
		5.00%, 11/01/19		590,605
	500,000	Virginia College Building Authority, 21st Century College & Equipment Programs Educational Facilities, Series A (RB)
		5.00%, 02/01/19		579,770
	150,000	Virginia College Building Authority, Public Higher Education Financing Program, Series A (RB)
		5.00%, 09/01/19		175,884
	500,000	Virginia College Building Authority, Public Higher Education Financing Program, Series A-1 (RB)
		5.00%, 09/01/17		555,995
				1,902,254
Washington: 3.7%
	30,000	Central Puget Sound Regional Transit Authority, Sales Tax and Motor Vehicle Excise Tax, Series P-1 (RB)
		5.00%, 02/01/19		34,940
		City of Seattle, Municipal Light and Power, Series B (RB)
	400,000	5.00%, 02/01/17		434,792
	555,000	5.00%, 06/01/19		647,191
		Energy Northwest, Columbia Generating Station Electric, Series A (RB)
	1,650,000	5.00%, 07/01/19		1,940,169
	25,000	5.00%, 07/01/20		29,946
	265,000	Port of Seattle, Passenger Facility Charge Revenue, Series A (RB)
		5.00%, 12/01/17		296,975
	125,000	Public Utility District No. 2 of Grant County, Series I (RB)
		5.00%, 01/01/18		140,679
	150,000	Renton School District No. 403 (GO) (SBG)
		5.00%, 12/01/18		173,193
		Washington State Federal Highway Grant Anticipation, Series C (RB)
	1,815,000	5.00%, 09/01/18		2,066,577
	1,000,000	5.00%, 09/01/19		1,166,230
	475,000	Washington State, Motor Vehicle Fuel Tax, Series C (GO)
		5.00%, 07/01/17		525,260
		Washington State, Motor Vehicle Fuel Tax, Series R-C (GO)
	75,000	5.00%, 07/01/18		85,652
	500,000	5.00%, 07/01/19		586,980
	500,000	Washington State, Various Purpose, Series B (GO)
		5.00%, 07/01/17		552,905
		Washington State, Various Purpose, Series R-A (GO)
	60,000	5.00%, 07/01/17		66,349
	1,000,000	5.00%, 01/01/19		1,158,350
	250,000	Washington State, Various Purpose, Series R-C (GO)
		5.00%, 07/01/19		293,490
				10,199,678
Wisconsin: 0.9%
	250,000	City of Milwaukee, Series N2 (GO)
		5.00%, 05/01/19		291,877
	100,000	State of Wisconsin, Clean Water Revenue, Series 2 (RB)
		5.00%, 06/01/20		120,001
	1,380,000	State of Wisconsin, Series 1 (GO)
		5.00%, 05/01/17		1,517,600
		State of Wisconsin, Series 2 (GO)
	305,000	5.00%, 11/01/18		352,122
	150,000	5.00%, 05/01/19		175,673
				2,457,273
Total Municipal Bonds (Cost: $267,942,388)				270,442,507

Number
of Shares
MONEY MARKET FUND: 0.1% (Cost: $228,341)
	228,341	Dreyfus Tax Exempt Cash Management Fund - Class B Shares		228,341
Total Investments: 98.9% (Cost: $268,170,729)				270,670,848
Other assets less liabilities: 1.1%				3,009,217
NET ASSETS: 100.0%			$	273,680,065

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
Airport		1.5	%	$	4,019,514
Bond Bank		0.1			324,126
Development		3.1			8,372,345
Education		3.6			9,801,333
Facilities		2.1			5,751,360
General Obligation		50.0			135,261,617
Higher Education		6.1			16,463,133
Medical		4.0			10,798,510
Pollution		1.4			3,961,571
Power		6.7			18,180,086
School District		3.0			8,031,982
Student Loan		0.4			1,071,067
Transportation		12.7			34,338,945
Utilities		0.1			210,436
Water		5.1			13,856,482
Money Market Fund		0.1			228,341
		100.0	%	$	270,670,848

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

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Municipal Bonds*	$	—	$	270,442,507	$	—	$	270,442,507
Money Market Fund		228,341		—		—		228,341
Total	$	228,341	$	270,442,507	$	—	$	270,670,848

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

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

See Notes to Schedules of Investments

MARKET VECTORS ETF TRUST

NOTES TO SCHEDULES OF INVESTMENTS

January 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 for which market quotations are readily available are valued on the basis of quotations 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 the 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.

Income Taxes–As of January 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	$	43,362,262	$	721,431	$	(178,622	)	$	542,809
High-Yield		1,451,277,319		91,451,848		(21,642,123	)		69,809,725
Intermediate		864,721,005		42,153,360		(15,048	)		42,138,312
Long		101,237,440		7,017,446		(15,720	)		7,001,726
Pre-Refunded		24,198,156		332,178		(3,701	)		328,477
Short High-Yield		83,520,264		2,002,788		(374,804	)		1,627,984
Short		268,170,102		2,768,168		(267,422	)		2,500,746

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: March 25, 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: March 25, 2015

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

Date: March 25, 2015