| Municipal Bonds - 90.2% | | | |
| | | Principal Amount | Value |
| Delaware, New Jersey - 1.6% | | | |
| Delaware River & Bay Auth. Rev.: | | | |
| Series 2014 A, 5% 1/1/44 | | $3,000,000 | $3,286,680 |
| Series 2014 B, 5% 1/1/23 | | 700,000 | 757,589 |
| Series 2019, 5% 1/1/32 | | 5,000,000 | 6,272,350 |
|
| TOTAL DELAWARE, NEW JERSEY | | | 10,316,619 |
|
| Guam - 0.4% | | | |
| Guam Int'l. Arpt. Auth. Rev. Series 2013 C, 6.375% 10/1/43 (a) | | 1,000,000 | 1,067,240 |
| Guam Pwr. Auth. Rev. Series 2012 A, 5% 10/1/22 (FSA Insured) | | 1,500,000 | 1,605,555 |
|
| TOTAL GUAM | | | 2,672,795 |
|
| New Jersey - 73.7% | | | |
| Bayonne Gen. Oblig. Series 2016: | | | |
| 5% 7/1/35 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,183,950 |
| 5% 7/1/39 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,174,390 |
| Camden County Impt. Auth. Health Care Redev. Rev. Series 2014 A: | | | |
| 5% 2/15/25 | | 1,020,000 | 1,140,952 |
| 5% 2/15/26 | | 1,500,000 | 1,672,215 |
| 5% 2/15/27 | | 1,000,000 | 1,111,080 |
| 5% 2/15/28 | | 1,000,000 | 1,106,850 |
| 5% 2/15/29 | | 1,000,000 | 1,101,670 |
| 5% 2/15/32 | | 1,000,000 | 1,090,500 |
| 5% 2/15/33 | | 1,000,000 | 1,083,860 |
| 5% 2/15/34 | | 1,200,000 | 1,298,580 |
| 5% 2/15/35 | | 1,000,000 | 1,081,080 |
| Camden County Impt. Auth. Rev. (County Cap. Prog.) Series 2016, 5% 1/15/32 | | 3,000,000 | 3,574,830 |
| Cape May County Indl. Poll. Cont. Fing. Auth. Rev. (Atlantic City Elec. Co. Proj.) Series 1991 A, 6.8% 3/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 1,350,000 | 1,350,000 |
| Cumberland County Impt. Auth.: | | | |
| (County Correctional Facility Proj.) Series 2018, 5% 10/1/58 | | 5,000,000 | 5,981,250 |
| (Technical High School Proj.) Series 2014: | | | |
| 5% 9/1/23 (FSA Insured) | | 600,000 | 667,884 |
| 5% 9/1/24 (FSA Insured) | | 1,640,000 | 1,889,346 |
| 5% 9/1/25 (FSA Insured) | | 1,375,000 | 1,583,546 |
| Garden State Preservation Trust Open Space & Farmland Preservation Series 2012 A, 5% 11/1/22 | | 6,600,000 | 7,015,206 |
| Gloucester County Impt. Auth. Rev. (Rowan Univ. Proj.): | | | |
| Series 2017 A: | | | |
| 5% 11/1/28 (FSA Insured) | | 2,500,000 | 2,998,375 |
| 5% 11/1/29 (FSA Insured) | | 750,000 | 892,493 |
| 5% 11/1/30 (FSA Insured) | | 605,000 | 716,798 |
| Series 2019: | | | |
| 4% 7/1/48 | | 1,000,000 | 1,121,050 |
| 5% 7/1/44 | | 2,375,000 | 2,878,833 |
| Hudson Co. Impt. Auth. Swsr Series 2019: | | | |
| 4% 1/1/35 | | 1,000,000 | 1,159,480 |
| 4% 1/1/37 | | 395,000 | 454,941 |
| 4% 1/1/38 | | 1,000,000 | 1,148,470 |
| 4% 1/1/39 | | 835,000 | 956,376 |
| Jersey City Gen. Oblig. Series 2017 A: | | | |
| 5% 11/1/24 | | 1,000,000 | 1,154,010 |
| 5% 11/1/28 | | 1,050,000 | 1,298,441 |
| 5% 11/1/29 | | 1,035,000 | 1,270,576 |
| 5% 11/1/30 | | 800,000 | 977,128 |
| 5% 11/1/31 | | 500,000 | 608,235 |
| New Brunswick Parking Auth. Rev. Series 2012: | | | |
| 5% 9/1/23 | | 1,450,000 | 1,542,771 |
| 5% 9/1/26 | | 600,000 | 637,086 |
| 5% 9/1/27 | | 440,000 | 466,382 |
| New Jersey Econ. Dev. Auth.: | | | |
| (White Horse HMT Urban Renewal LLC Proj.) Series 2020, 5% 1/1/40 (b) | | 1,000,000 | 986,260 |
| Series A, 5% 11/1/35 | | 5,000,000 | 6,041,900 |
| Series II, 5% 3/1/26 | | 4,310,000 | 4,486,107 |
| Series NN, 5% 3/1/21 | | 2,500,000 | 2,500,000 |
| Series QQQ: | | | |
| 4% 6/15/46 | | 1,250,000 | 1,358,900 |
| 4% 6/15/50 | | 1,000,000 | 1,083,000 |
| Series WW: | | | |
| 5.25% 6/15/40 | | 1,895,000 | 2,139,474 |
| 5.25% 6/15/40 (Pre-Refunded to 6/15/25 @ 100) | | 105,000 | 125,924 |
| New Jersey Econ. Dev. Auth. Lease Rev. (Health Dept. and Taxation Division Office Proj.) Series 2018 A, 5% 6/15/31 | | 2,555,000 | 3,045,381 |
| New Jersey Econ. Dev. Auth. Motor Vehicle Rev. Series 2017 B, 3.125% 7/1/29 | | 1,335,000 | 1,346,201 |
| New Jersey Econ. Dev. Auth. Rev.: | | | |
| (Black Horse EHT Urban Renewal LLC Proj.) Series 2019 A, 5% 10/1/39 (b) | | 1,000,000 | 992,790 |
| (Goethals Bridge Replacement Proj.) Series 2013: | | | |
| 5.125% 1/1/34 (a) | | 1,500,000 | 1,654,500 |
| 5.375% 1/1/43 (a) | | 2,000,000 | 2,202,240 |
| (Provident Montclair Proj.) Series 2017: | | | |
| 5% 6/1/30 (FSA Insured) | | 1,500,000 | 1,804,170 |
| 5% 6/1/31 (FSA Insured) | | 1,500,000 | 1,792,515 |
| 5% 6/1/37 (FSA Insured) | | 4,000,000 | 4,698,040 |
| Series 2005 N1, 5.5% 9/1/24 (AMBAC Insured) | | 5,000,000 | 5,793,950 |
| Series 2013 NN: | | | |
| 5% 3/1/26 | | 4,130,000 | 4,460,896 |
| 5% 3/1/27 | | 6,570,000 | 7,085,285 |
| Series 2013: | | | |
| 5% 3/1/23 | | 4,920,000 | 5,350,156 |
| 5% 3/1/25 | | 1,295,000 | 1,401,954 |
| Series 2015 XX: | | | |
| 4.25% 6/15/26 | | 4,220,000 | 4,731,126 |
| 5.25% 6/15/27 | | 3,000,000 | 3,478,830 |
| Series 2016 BBB, 5.5% 6/15/30 | | 2,165,000 | 2,594,601 |
| New Jersey Econ. Dev. Auth. Wtr. Facilities Rev.: | | | |
| (Middlesex Wtr. Co. Proj.) Series 2019, 5% 8/1/59 (a) | | 1,000,000 | 1,186,340 |
| (New Jersey-American Wtr. Co., Inc. Proj.): | | | |
| Series 2020 A, 1% 6/1/23 | | 1,300,000 | 1,309,503 |
| Series 2020 C, 1.15% 6/1/23 (a) | | 2,500,000 | 2,519,900 |
| Bonds (New Jersey-American Wtr. Co., Inc.) Series 2020, 1.2%, tender 6/1/23 (a)(c) | | 1,000,000 | 1,011,540 |
| New Jersey Edl. Facility: | | | |
| (Stevens Institute of Techonolgy Proj.) Series 2017 A: | | | |
| 5% 7/1/23 | | 635,000 | 693,617 |
| 5% 7/1/24 | | 690,000 | 776,561 |
| 5% 7/1/25 | | 600,000 | 693,234 |
| 5% 7/1/26 | | 945,000 | 1,117,207 |
| 5% 7/1/29 | | 665,000 | 792,268 |
| Series 2015 B, 5% 7/1/31 | | 3,000,000 | 3,458,700 |
| Series 2016 A: | | | |
| 5% 7/1/27 | | 2,875,000 | 3,436,948 |
| 5% 7/1/32 | | 600,000 | 701,826 |
| Series 2016 E: | | | |
| 5% 7/1/32 (Build America Mutual Assurance Insured) | | 3,335,000 | 3,899,115 |
| 5% 7/1/33 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,165,850 |
| 5% 7/1/34 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,163,100 |
| Series A: | | | |
| 4% 7/1/50 | | 3,000,000 | 3,267,480 |
| 5% 7/1/32 | | 420,000 | 520,544 |
| 5% 7/1/33 | | 675,000 | 832,741 |
| 5% 7/1/34 | | 540,000 | 663,638 |
| 5% 7/1/35 | | 570,000 | 697,788 |
| 5% 7/1/36 | | 1,095,000 | 1,336,327 |
| 5% 7/1/37 | | 1,095,000 | 1,331,476 |
| 5% 7/1/38 | | 985,000 | 1,194,017 |
| 5% 7/1/39 | | 1,040,000 | 1,257,173 |
| 5% 7/1/40 | | 1,035,000 | 1,247,009 |
| 5% 7/1/45 | | 3,500,000 | 4,159,925 |
| New Jersey Envir. Infrastructure Trust Series 2015 AR1, 5% 9/1/26 | | 200,000 | 246,348 |
| New Jersey Gen. Oblig.: | | | |
| Series 2020 A, 5% 6/1/29 | | 2,000,000 | 2,533,020 |
| 5% 6/1/25 | | 3,340,000 | 3,930,746 |
| New Jersey Health Care Facilities Fing. Auth. Rev.: | | | |
| (Inspira Health Proj.) Series 2017 A, 5% 7/1/42 | | 5,325,000 | 6,262,839 |
| (St Joseph Hosp. & Med. Ctr., Proj.) Series 2016, 5% 7/1/25 | | 700,000 | 823,634 |
| (Trinitas Hosp. Obligated Grp Proj.) Series 2016 A, 5% 7/1/22 | | 910,000 | 963,353 |
| Bonds: | | | |
| Series 2019 B2, 5%, tender 7/1/25 (c) | | 2,000,000 | 2,352,720 |
| Series 2019 B3, 5%, tender 7/1/26 (c) | | 5,000,000 | 6,042,600 |
| Series 2011: | | | |
| 5% 7/1/24 | | 2,100,000 | 2,228,100 |
| 5% 7/1/25 | | 2,265,000 | 2,399,405 |
| Series 2013 A: | | | |
| 5% 7/1/28 | | 1,080,000 | 1,181,239 |
| 5% 7/1/32 | | 1,600,000 | 1,728,528 |
| 5.25% 7/1/28 | | 3,250,000 | 3,588,455 |
| Series 2013, 5% 7/1/26 | | 1,335,000 | 1,469,234 |
| Series 2014 A: | | | |
| 4% 7/1/45 | | 1,300,000 | 1,350,817 |
| 5% 7/1/30 (Pre-Refunded to 7/1/24 @ 100) | | 700,000 | 805,917 |
| 5% 7/1/31 (Pre-Refunded to 7/1/24 @ 100) | | 455,000 | 523,846 |
| 5% 7/1/44 | | 3,635,000 | 4,082,214 |
| 5% 7/1/45 (Pre-Refunded to 7/1/24 @ 100) | | 2,225,000 | 2,561,665 |
| Series 2016 A: | | | |
| 5% 7/1/22 | | 2,000,000 | 2,117,260 |
| 5% 7/1/26 | | 1,575,000 | 1,878,109 |
| 5% 7/1/27 | | 100,000 | 122,090 |
| 5% 7/1/27 | | 1,700,000 | 2,012,018 |
| 5% 7/1/28 | | 2,000,000 | 2,434,620 |
| 5% 7/1/28 | | 2,040,000 | 2,399,346 |
| 5% 7/1/29 | | 1,550,000 | 1,812,493 |
| 5% 7/1/30 | | 1,200,000 | 1,451,748 |
| 5% 7/1/30 | | 2,000,000 | 2,326,760 |
| 5% 7/1/31 | | 5,100,000 | 6,050,640 |
| 5% 7/1/31 | | 10,195,000 | 12,299,248 |
| 5% 7/1/33 | | 1,000,000 | 1,179,250 |
| 5% 7/1/39 | | 11,000,000 | 12,932,700 |
| 5% 7/1/43 | | 2,500,000 | 2,957,475 |
| Series 2016: | | | |
| 4% 7/1/48 | | 425,000 | 463,973 |
| 5% 7/1/23 | | 1,240,000 | 1,366,046 |
| 5% 7/1/24 | | 835,000 | 947,700 |
| 5% 7/1/24 | | 1,000,000 | 1,140,640 |
| 5% 7/1/26 | | 800,000 | 968,208 |
| 5% 7/1/29 | | 1,050,000 | 1,255,307 |
| 5% 7/1/30 | | 605,000 | 719,291 |
| 5% 7/1/31 | | 400,000 | 473,884 |
| 5% 7/1/35 | | 950,000 | 1,110,731 |
| 5% 7/1/36 | | 565,000 | 659,022 |
| 5% 7/1/41 | | 5,085,000 | 5,889,294 |
| Series 2017 A: | | | |
| 5% 7/1/25 | | 110,000 | 130,305 |
| 5% 7/1/52 | | 4,265,000 | 4,925,862 |
| New Jersey Higher Ed. Student Assistance Auth. Student Ln. Rev.: | | | |
| Series 2013, 5% 12/1/22 (a) | | 2,250,000 | 2,427,750 |
| Series 2016 1A, 5% 12/1/25 (a) | | 1,400,000 | 1,652,560 |
| Series 2017 1A: | | | |
| 5% 12/1/22 (a) | | 500,000 | 539,500 |
| 5% 12/1/25 (a) | | 3,000,000 | 3,541,200 |
| 5% 12/1/27 (a) | | 2,500,000 | 2,978,400 |
| Series 2018 B, 5% 12/1/28 (a) | | 950,000 | 1,160,454 |
| Series 2019 A: | | | |
| 5% 12/1/26 | | 2,525,000 | 3,072,521 |
| 5% 12/1/27 | | 2,000,000 | 2,476,400 |
| 5% 12/1/28 | | 700,000 | 867,986 |
| New Jersey Hsg. & Mtg. Fin. Agcy. Rev. Series 2019 D: | | | |
| 4% 4/1/24 (a) | | 2,320,000 | 2,516,898 |
| 4% 10/1/24 (a) | | 2,370,000 | 2,597,425 |
| New Jersey Institute of Technology Series A: | | | |
| 5% 7/1/27 | | 170,000 | 210,516 |
| 5% 7/1/28 | | 225,000 | 284,384 |
| 5% 7/1/29 | | 270,000 | 347,490 |
| 5% 7/1/30 | | 260,000 | 329,753 |
| 5% 7/1/31 | | 375,000 | 473,314 |
| 5% 7/1/32 | | 375,000 | 471,075 |
| 5% 7/1/33 | | 170,000 | 213,411 |
| New Jersey Tobacco Settlement Fing. Corp.: | | | |
| Series 2018 A: | | | |
| 5% 6/1/21 | | 100,000 | 101,117 |
| 5% 6/1/23 | | 800,000 | 878,592 |
| 5% 6/1/26 | | 3,000,000 | 3,614,490 |
| 5% 6/1/27 | | 1,000,000 | 1,232,660 |
| 5% 6/1/28 | | 2,000,000 | 2,512,380 |
| Series 2018 B, 3.2% 6/1/27 | | 2,840,000 | 2,913,726 |
| New Jersey Tpk. Auth. Tpk. Rev.: | | | |
| Series 2012 B, 5% 1/1/24 (Pre-Refunded to 1/1/23 @ 100) | | 2,650,000 | 2,881,796 |
| Series 2014 A, 5% 1/1/32 | | 5,000,000 | 5,685,500 |
| Series 2017 B: | | | |
| 5% 1/1/33 | | 5,000,000 | 6,117,450 |
| 5% 1/1/34 | | 2,500,000 | 3,048,250 |
| Series 2019 A, 5% 1/1/48 | | 2,000,000 | 2,422,660 |
| Series 2021 A: | | | |
| 4% 1/1/42 | | 8,000,000 | 9,279,440 |
| 4% 1/1/51 | | 8,000,000 | 9,162,560 |
| New Jersey Trans. Trust Fund Auth.: | | | |
| Series 2005 B, 5.25% 12/15/22 (AMBAC Insured) | | 1,200,000 | 1,303,692 |
| Series 2006 C: | | | |
| 0% 12/15/26 (AMBAC Insured) | | 10,000,000 | 9,271,700 |
| 0% 12/15/34 | | 4,000,000 | 2,976,680 |
| Series 2008 A, 0% 12/15/36 | | 25,000,000 | 16,162,490 |
| Series 2009 A, 0% 12/15/38 | | 13,900,000 | 8,323,042 |
| Series 2010 A: | | | |
| 0% 12/15/27 | | 3,000,000 | 2,660,730 |
| 0% 12/15/30 | | 14,750,000 | 11,844,250 |
| Series 2010 A3, 0% 12/15/34 | | 10,775,000 | 7,521,058 |
| Series 2011 A, 5.25% 6/15/25 | | 6,000,000 | 6,077,340 |
| Series 2011 B: | | | |
| 5.25% 6/15/25 | | 3,185,000 | 3,226,055 |
| 5.25% 6/15/26 | | 2,000,000 | 2,024,860 |
| Series 2016 A: | | | |
| 5% 6/15/29 | | 750,000 | 879,953 |
| 5% 6/15/30 | | 5,000,000 | 5,824,900 |
| Series 2018 A, 5% 6/15/31 | | 3,000,000 | 3,483,660 |
| Series A: | | | |
| 5% 12/15/32 | | 2,600,000 | 3,189,004 |
| 5% 12/15/33 | | 2,850,000 | 3,476,402 |
| Series AA, 5% 6/15/45 | | 5,885,000 | 7,017,980 |
| New Jersey Transit Corp. Ctfs. of Prtn. Series 2014 A, 5% 9/15/21 | | 5,100,000 | 5,218,802 |
| Newark Port Auth. Hsg. Auth. Rev. Series 2007, 5.25% 1/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | | 200,000 | 223,820 |
| Rutgers State Univ. Rev. Series Q: | | | |
| 5% 5/1/24 | | 1,360,000 | 1,542,811 |
| 5% 5/1/25 | | 750,000 | 877,350 |
| 5% 5/1/26 | | 700,000 | 842,695 |
| 5% 5/1/27 | | 750,000 | 923,348 |
| South Jersey Port Corp. Rev. (New Jersey Gen. Oblig. Proj.) Series 2017 B: | | | |
| 5% 1/1/29 (a) | | 730,000 | 868,956 |
| 5% 1/1/31 (a) | | 1,950,000 | 2,276,879 |
| 5% 1/1/33 (a) | | 750,000 | 867,953 |
| 5% 1/1/35 (a) | | 2,000,000 | 2,304,400 |
| South Jersey Trans. Auth. Trans. Sys. Rev.: | | | |
| Series 2019 A: | | | |
| 5% 11/1/28 (FSA Insured) | | 200,000 | 255,592 |
| 5% 11/1/31 (FSA Insured) | | 1,500,000 | 1,918,560 |
| 5% 11/1/32 (FSA Insured) | | 1,230,000 | 1,563,625 |
| 5% 11/1/33 (FSA Insured) | | 750,000 | 949,395 |
| Series 2020 A: | | | |
| 4% 11/1/50 (Build America Mutual Assurance Insured) | | 2,000,000 | 2,277,100 |
| 5% 11/1/45 | | 7,000,000 | 8,630,790 |
| 5% 11/1/45 (Build America Mutual Assurance Insured) | | 2,000,000 | 2,483,580 |
|
| TOTAL NEW JERSEY | | | 489,376,471 |
|
| New York - 0.6% | | | |
| Port Auth. of New York & New Jersey Series 221: | | | |
| 4% 7/15/37 | | 1,000,000 | 1,149,090 |
| 5% 7/15/35 | | 2,500,000 | 3,132,725 |
|
| TOTAL NEW YORK | | | 4,281,815 |
|
| New York And New Jersey - 11.6% | | | |
| Port Auth. of New York & New Jersey: | | | |
| Series 194, 5.25% 10/15/55 | | 10,000,000 | 11,629,900 |
| Series 2016, 5% 11/15/32 (a) | | 5,000,000 | 6,037,650 |
| Series 2018, 5% 9/15/34 (a) | | 5,000,000 | 6,032,300 |
| Series 207, 5% 9/15/29 (a) | | 1,750,000 | 2,169,003 |
| Series 209, 5% 7/15/35 | | 3,970,000 | 4,916,845 |
| Series 213, 5% 9/1/39 | | 5,390,000 | 6,715,886 |
| Series 214: | | | |
| 5% 9/1/30 (a) | | 250,000 | 318,075 |
| 5% 9/1/36 (a) | | 6,785,000 | 8,328,180 |
| Series 221: | | | |
| 4% 7/15/45 | | 1,500,000 | 1,679,805 |
| 4% 7/15/60 (a) | | 5,000,000 | 5,492,500 |
| Series 223: | | | |
| 4% 7/15/34 (a) | | 2,000,000 | 2,364,600 |
| 4% 7/15/35 (a) | | 2,250,000 | 2,643,908 |
| 4% 7/15/36 (a) | | 1,350,000 | 1,575,383 |
| 4% 7/15/37 (a) | | 2,750,000 | 3,190,660 |
| 4% 7/15/38 (a) | | 6,000,000 | 6,925,440 |
| 4% 7/15/39 (a) | | 4,000,000 | 4,598,760 |
| 5% 7/15/56 (a) | | 2,200,000 | 2,718,320 |
|
| TOTAL NEW YORK AND NEW JERSEY | | | 77,337,215 |
|
| Non-State Specific - 0.2% | | | |
| Port Auth. of New York & New Jersey Series 217, 5% 11/1/44 | | 1,000,000 | 1,232,760 |
| Pennsylvania, New Jersey - 2.1% | | | |
| Delaware River Joint Toll Bridge Commission Pennsylvania-New Jersey Bridge Rev.: | | | |
| Series 2015: | | | |
| 3% 7/1/27 (Build America Mutual Assurance Insured) | | 1,000,000 | 1,082,650 |
| 5% 7/1/26 | | 650,000 | 768,762 |
| 5% 7/1/29 (Pre-Refunded to 7/1/25 @ 100) | | 300,000 | 356,484 |
| 5% 7/1/30 (Pre-Refunded to 7/1/25 @ 100) | | 350,000 | 415,898 |
| Series 2019 A, 5% 7/1/44 | | 700,000 | 861,070 |
| Series 2019 B, 5% 7/1/32 | | 1,000,000 | 1,283,050 |
| Delaware River Port Auth. Pennsylvania & New Jersey Rev.: | | | |
| (Port District Proj.) Series 2012, 5% 1/1/24 | | 3,000,000 | 3,199,740 |
| Series 2018 A: | | | |
| 5% 1/1/37 | | 1,200,000 | 1,469,988 |
| 5% 1/1/38 | | 1,450,000 | 1,771,291 |
| 5% 1/1/39 | | 1,190,000 | 1,449,837 |
| 5% 1/1/40 | | 1,250,000 | 1,519,813 |
|
| TOTAL PENNSYLVANIA, NEW JERSEY | | | 14,178,583 |
|
| TOTAL MUNICIPAL BONDS | | | |
| (Cost $555,246,155) | | | 599,396,258 |
|
| Municipal Notes - 1.0% | | | |
| New Jersey - 1.0% | | | |
| New Jersey Health Care Facilities Fing. Auth. Rev. (Virtua Health Proj.) Series 2009 B, 0.01% 3/1/21, LOC JPMorgan Chase Bank, VRDN (c) | | 5,200,000 | $5,200,000 |
| Rutgers State Univ. Rev. Series 2009 G, 0.01% 3/1/21 (Liquidity Facility TD Banknorth, NA), VRDN (c) | | 1,200,000 | 1,200,000 |
| TOTAL NEW JERSEY | | | |
| (Cost $6,400,000) | | | 6,400,000 |
| TOTAL INVESTMENT IN SECURITIES - 91.2% | | | |
| (Cost $561,646,155) | | | 605,796,258 |
| NET OTHER ASSETS (LIABILITIES) - 8.8% | | | 58,610,343 |
| NET ASSETS - 100% | | | $664,406,601 |
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $1,979,050 or 0.3% of net assets.
(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal Securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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