450
|
|
Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern University, Series
|
10/16 at 100.00
|
N/R
|
452,543
|
|
|
2006, 4.500%, 10/01/27 – RAAI Insured
|
|
|
|
|
|
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
|
|
|
|
340
|
|
5.000%, 8/01/23 – AMBAC Insured
|
8/16 at 100.00
|
A+
|
383,292
|
165
|
|
5.000%, 8/01/24 – AMBAC Insured
|
8/16 at 100.00
|
A+
|
185,528
|
180
|
|
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon
|
5/17 at 100.00
|
N/R
|
184,905
|
|
|
University, Series 2007–GG3, 5.000%, 5/01/32 – RAAI Insured
|
|
|
|
1,265
|
|
Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology,
|
5/22 at 100.00
|
A
|
1,410,804
|
|
|
Series 2012, 5.000%, 5/01/32
|
|
|
|
200
|
|
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia
|
4/20 at 100.00
|
BBB+
|
220,392
|
|
|
University, Series 2010, 5.625%, 4/01/40
|
|
|
|
80
|
|
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 –
|
5/17 at 100.00
|
N/R
|
83,218
|
|
|
RAAI Insured
|
|
|
|
1,050
|
|
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of
|
6/18 at 100.00
|
AA
|
1,209,611
|
|
|
Higher Education, Series 2008AH, 5.000%, 6/15/33
|
|
|
|
285
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series
|
5/16 at 100.00
|
A–
|
308,478
|
|
|
2006, 4.750%, 5/01/31
|
|
|
|
610
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series
|
11/17 at 100.00
|
A
|
658,221
|
|
|
2007A, 5.000%, 5/01/37 – NPFG Insured
|
|
|
|
600
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Gwynedd Mercy College,
|
5/22 at 100.00
|
BBB–
|
636,060
|
|
|
Series 2012–KK1, 5.375%, 5/01/42
|
|
|
|
800
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First
|
4/16 at 100.00
|
Aa3
|
898,904
|
|
|
Series of 2006, 5.000%, 4/01/21 – NPFG Insured
|
|
|
|
2,000
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First
|
4/22 at 100.00
|
Aa3
|
2,271,198
|
|
|
Series of 2012, 5.000%, 4/01/42
|
|
|
|
90
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson
|
9/22 at 100.00
|
A+
|
101,103
|
|
|
University, Series 2012, 5.000%, 3/01/42
|
|
|
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the
|
|
|
|
|
|
Sciences in Philadelphia, Series 2012:
|
|
|
|
140
|
|
4.000%, 11/01/39
|
11/22 at 100.00
|
A3
|
142,841
|
265
|
|
5.000%, 11/01/42
|
11/22 at 100.00
|
A3
|
293,082
|
530
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Leadership
|
1/15 at 100.00
|
N/R
|
361,253
|
|
|
Learning Partners, Series 2005A, 5.375%, 7/01/36
|
|
|
|
120
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter
|
8/20 at 100.00
|
BBB+
|
136,962
|
|
|
School Project, Series 2010, 6.000%, 8/01/35
|
|
|
|
270
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen
|
5/16 at 100.00
|
BBB–
|
280,967
|
|
|
Preparatory Charter School, Series 2006, 6.250%, 5/01/33
|
|
|
|
600
|
|
State Public School Building Authority, Pennsylvania, College Revenue Bonds, Northampton
|
3/21 at 100.00
|
A1
|
699,216
|
|
|
County Area Community College, Series 2011, 5.500%, 3/01/31
|
|
|
|
1,000
|
|
Union County, Higher Education Facilities Financing Authority, Pennsylvania, Revenue Bonds,
|
4/13 at 100.00
|
Aa2
|
1,008,330
|
|
|
Bucknell University, Series 2002A, 5.250%, 4/01/20
|
|
|
|
50
|
|
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series
|
11/20 at 100.00
|
A
|
55,606
|
|
|
2010, 5.000%, 11/01/40
|
|
|
|
13,710
|
|
Total Education and Civic Organizations
|
|
|
14,873,780
|
|
|
Health Care – 26.6% (18.1% of Total Investments)
|
|
|
|
625
|
|
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley
|
4/15 at 100.00
|
Ba2
|
599,388
|
|
|
General Hospital, Series 2005A, 5.125%, 4/01/35
|
|
|
|
435
|
|
Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series
|
No Opt. Call
|
N/R
|
443,796
|
|
|
2005, 6.000%, 11/15/16
|
|
|
|
650
|
|
Beaver County Hospital Authority, Pennsylvania, Revenue Bonds, Heritage Valley Health System,
|
5/21 at 100.00
|
AA–
|
748,612
|
|
|
Inc., Series 2012, 5.000%, 5/15/26
|
|
|
|
835
|
|
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical
|
5/22 at 100.00
|
AA
|
926,583
|
|
|
Center Project, Series 2012A, 5.000%, 11/01/44
|
|
|
|
595
|
|
Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Series 2011,
|
12/21 at 100.00
|
AA–
|
679,353
|
|
|
5.375%, 12/01/41
|
|
|
|
500
|
|
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health
|
6/22 at 100.00
|
A
|
538,800
|
|
|
System Project, Series 2012A, 5.000%, 6/01/42
|
|
|
|
300
|
|
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health
|
7/20 at 100.00
|
Ba2
|
332,184
|
|
|
Center Project, Series 2010A, 7.000%, 7/01/27
|
|
|
|
95
|
|
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series
|
11/17 at 100.00
|
Aa3
|
101,718
|
|
|
2007, 5.000%, 11/01/37 – CIFG Insured
|
|
|
|
835
|
|
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg
|
7/20 at 100.00
|
A+
|
918,425
|
|
|
Hospital Project, Series 2010, 5.375%, 7/01/42
|
|
|
|
270
|
|
Fulton County, Pennsylvania, Industrial Development Authority Hospital Revenue Bonds, Fulton
|
7/16 at 100.00
|
N/R
|
276,307
|
|
|
County Medical Center Project, Series 2006, 5.900%, 7/01/40
|
|
|
|
475
|
|
Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster
|
1/22 at 100.00
|
AA–
|
644,917
|
|
|
General Hospital Project, Tender Option Bond 4234, 13.829%, 01/01/36 (IF)
|
|
|
|
600
|
|
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan
|
11/13 at 100.00
|
BB+
|
606,276
|
|
|
Hospital Project, Series 2002, 5.900%, 11/15/28
|
|
|
|
740
|
|
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley
|
7/18 at 100.00
|
AA–
|
797,158
|
|
|
Health Network, Series 2008A, 5.000%, 7/01/33 – AGM Insured
|
|
|
|
330
|
|
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley
|
No Opt. Call
|
A+
|
335,831
|
|
|
Health Network, Series 2012B, 4.000%, 7/01/43
|
|
|
|
1,155
|
|
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group,
|
11/17 at 100.00
|
AA–
|
1,273,064
|
|
|
Series 2007, 5.000%, 11/01/37 – AGC Insured
|
|
|
|
850
|
|
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, The Good Shepherd Group,
|
No Opt. Call
|
A
|
855,772
|
|
|
Series 2012, 4.000%, 11/01/32
|
|
|
|
200
|
|
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical
|
1/22 at 100.00
|
A
|
215,726
|
|
|
Center, Series 2012A, 5.000%, 1/01/41
|
|
|
|
160
|
|
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center,
|
1/17 at 100.00
|
A
|
166,314
|
|
|
Series 2007, 5.125%, 1/01/37
|
|
|
|
350
|
|
Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds,
|
6/22 at 100.00
|
A
|
397,296
|
|
|
Abington Memorial Hospital Obligated Group, Series 2012A, 5.000%, 6/01/31
|
|
|
|
175
|
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue
|
8/20 at 100.00
|
AA
|
202,157
|
|
|
Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
|
|
|
|
925
|
|
Montgomery County Industrial Development Authority, Pennsylvania, Health Facilities Revenue
|
4/22 at 100.00
|
AA
|
1,027,213
|
|
|
Bonds, Jefferson Health System, Series 2012A, 5.000%, 10/01/41
|
|
|
|
620
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of
|
8/22 at 100.00
|
AA–
|
697,271
|
|
|
Pennsylvania Health System, Series 2012A, 5.000%, 8/15/42
|
|
|
|
300
|
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System
|
5/20 at 100.00
|
AA
|
329,220
|
|
|
Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
|
|
|
|
350
|
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital
|
No Opt. Call
|
AA
|
471,478
|
|
|
Revenue Bonds, Children’s Hospital of Philadelphia, Tender Option Bond Trust 3975,
|
|
|
|
|
|
13.819%, 7/01/19 (IF)
|
|
|
|
450
|
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital
|
7/22 at 100.00
|
BBB–
|
492,836
|
|
|
Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
|
|
|
|
260
|
|
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series
|
12/15 at 100.00
|
BBB–
|
267,075
|
|
|
2005, 5.000%, 12/01/25 – RAAI Insured
|
|
|
|
|
|
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
|
|
|
|
|
|
Spirit Hospital of the Sisters of Christian Charity Project, Series 2011:
|
|
|
|
100
|
|
6.250%, 1/01/31
|
1/21 at 100.00
|
BBB+
|
118,375
|
335
|
|
6.500%, 1/01/36
|
1/21 at 100.00
|
BBB+
|
399,230
|
|
|
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
|
|
|
|
|
|
Spirit Hospital of the Sisters of Christian Charity, Series 2011B:
|
|
|
|
220
|
|
5.625%, 1/01/32
|
1/22 at 100.00
|
BBB+
|
247,196
|
250
|
|
5.750%, 1/01/41
|
1/22 at 100.00
|
BBB+
|
287,080
|
13,985
|
|
Total Health Care
|
|
|
15,396,651
|
|
|
Housing/Multifamily – 2.1% (1.4% of Total Investments)
|
|
|
|
200
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University
|
7/20 at 100.00
|
BBB–
|
227,230
|
|
|
Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
|
|
|
|
50
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Shippensburg University
|
No Opt. Call
|
BBB–
|
54,476
|
|
|
Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania,
|
|
|
|
|
|
Series 2012, 5.000%, 10/01/44
|
|
|
|
800
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University
|
7/15 at 100.00
|
BBB+
|
817,672
|
|
|
Foundation Inc., Student Housing Project, Series 2005A, 5.000%, 7/01/37 – SYNCORA GTY Insured
|
|
|
|
120
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue
|
5/15 at 102.00
|
Baa3
|
122,078
|
|
|
Bonds, PresbyHomes Germantown-Morrisville Project, Series 2005A, 5.625%, 7/01/35
|
|
|
|
1,170
|
|
Total Housing/Multifamily
|
|
|
1,221,456
|
|
|
Housing/Single Family – 7.8% (5.3% of Total Investments)
|
|
|
|
245
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 1995A,
|
10/15 at 100.00
|
AA+
|
250,189
|
|
|
4.900%, 10/01/37 (Alternative Minimum Tax)
|
|
|
|
55
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-93A,
|
4/15 at 100.00
|
AA+
|
56,676
|
|
|
4.950%, 10/01/26 (Alternative Minimum Tax)
|
|
|
|
70
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-93A,
|
4/15 at 100.00
|
AA+
|
72,134
|
|
|
4.950%, 10/01/26 (Alternative Minimum Tax) (UB)
|
|
|
|
225
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-95A,
|
10/15 at 100.00
|
AA+
|
229,765
|
|
|
4.900%, 10/01/37 (Alternative Minimum Tax) (UB)
|
|
|
|
1,100
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A,
|
10/16 at 100.00
|
AA+
|
1,141,448
|
|
|
4.600%, 10/01/27 (Alternative Minimum Tax) (UB)
|
|
|
|
325
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A,
|
10/16 at 100.00
|
AA+
|
336,910
|
|
|
4.850%, 10/01/31 (Alternative Minimum Tax) (UB)
|
|
|
|
400
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2011-112,
|
10/20 at 100.00
|
AA+
|
437,768
|
|
|
5.000%, 10/01/25
|
|
|
|
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:
|
|
|
|
565
|
|
3.300%, 10/01/32
|
No Opt. Call
|
AA+
|
558,525
|
245
|
|
3.650%, 10/01/37
|
No Opt. Call
|
AA+
|
243,569
|
375
|
|
3.700%, 10/01/42
|
No Opt. Call
|
AA+
|
373,845
|
665
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds
|
4/21 at 100.00
|
AA+
|
848,613
|
|
|
Trust 3950, 12.652%, 4/01/27 (IF)
|
|
|
|
4,270
|
|
Total Housing/Single Family
|
|
|
4,549,442
|
|
|
Industrials – 0.7% (0.5% of Total Investments)
|
|
|
|
255
|
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding
|
11/22 at 100.00
|
A1
|
287,431
|
|
|
Bonds, Amtrak Project, Series 2012A, 5.000%, 11/01/27 (Alternative Minimum Tax)
|
|
|
|
105
|
|
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds,
|
No Opt Call
|
BBB
|
105,208
|
|
|
Waste Management Inc., Project, Series 2009, 1.750%, 12/01/33 (Mandatory put 12/01/15)
|
|
|
|
360
|
|
Total Industrials
|
|
|
392,639
|
|
|
Long-Term Care – 8.0% (5.5% of Total Investments)
|
|
|
|
|
|
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, Lutheran Community
|
|
|
|
|
|
at Telford Center, Series 2007:
|
|
|
|
250
|
|
5.750%, 1/01/27
|
1/17 at 100.00
|
N/R
|
257,255
|
400
|
|
5.750%, 1/01/37
|
1/17 at 100.00
|
N/R
|
406,552
|
1,000
|
|
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social
|
1/19 at 100.00
|
BBB+
|
1,123,430
|
|
|
Ministries Project, Series 2009, 6.375%, 1/01/39
|
|
|
|
300
|
|
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social
|
1/17 at 100.00
|
BBB+
|
310,656
|
|
|
Ministries, Series 2007, 5.000%, 1/01/36
|
|
|
|
300
|
|
Delaware County Authority, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21
|
6/17 at 100.00
|
BBB
|
321,801
|
205
|
|
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes
|
11/16 at 100.00
|
A
|
213,620
|
|
|
Project, Series 2006, 5.000%, 11/01/36
|
|
|
|
50
|
|
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint Anne’s
|
4/22 at 100.00
|
BB+
|
50,695
|
|
|
Retirement Community, Inc. , Series 2012, 5.000%, 4/01/33
|
|
|
|
185
|
|
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Brethren Village Project,
|
7/17 at 100.00
|
N/R
|
199,606
|
|
|
Series 2008A, 6.375%, 7/01/30
|
|
|
|
785
|
|
Lebanon County Health Facilities Authority, Pennsylvania, Health Center Revenue Bonds,
|
12/14 at 100.00
|
N/R
|
796,477
|
|
|
Pleasant View Retirement Community, Series 2005A, 5.300%, 12/15/26
|
|
|
|
200
|
|
Montgomery Count Industrial Development Authority, Pennsylvania, Revenue Refunding Bonds,
|
|
|
|
|
|
ACTS Retirement-Life Communities, Inc. , Series 2012, 5.000%, 11/15/26
|
5/22 at 100.00
|
A–
|
225,398
|
750
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia
|
7/13 at 100.00
|
Baa1
|
754,808
|
|
|
Corporation for the Aging Project, Series 2001B, 5.250%, 7/01/23 – AMBAC Insured
|
|
|
|
4,425
|
|
Total Long-Term Care
|
|
|
4,660,298
|
|
|
Materials – 2.5% (1.7% of Total Investments)
|
|
|
|
400
|
|
Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States
|
No Opt. Call
|
BB
|
419,964
|
|
|
Steel Corporation, Series 2005, 5.500%, 11/01/16
|
|
|
|
280
|
|
Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue
|
12/15 at 100.00
|
BBB
|
299,592
|
|
|
Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
|
|
|
|
750
|
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,
|
5/13 at 100.00
|
N/R
|
746,678
|
|
|
National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
|
|
|
|
1,430
|
|
Total Materials
|
|
|
1,466,234
|
|
|
Tax Obligation/General – 25.1% (17.1% of Total Investments)
|
|
|
|
1,135
|
|
Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 5.000%, 12/01/37
|
12/22 at 100.00
|
A+
|
1,268,045
|
4,000
|
|
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds,
|
No Opt. Call
|
A+
|
4,628,240
|
|
|
Series 2002, 5.750%, 7/01/17 (UB)
|
|
|
|
1,375
|
|
Heidelberg, Lebanon County, Pennsylvania, Guaranteed Sewer Revenue Bonds, Series 2011,
|
12/16 at 100.00
|
A
|
1,456,716
|
|
|
5.125%, 12/01/46
|
|
|
|
1,000
|
|
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2008B, 5.000%, 12/15/27 – AGM Insured
|
6/18 at 100.00
|
AA–
|
1,049,150
|
1,000
|
|
Pennsylvania State, General Obligation Bonds, Second Series 2010A, 5.000%, 5/01/14
|
No Opt. Call
|
AA+
|
1,060,090
|
375
|
|
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%,
|
No Opt. Call
|
AA
|
462,570
|
|
|
6/01/34 – FGIC Insured
|
|
|
|
725
|
|
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41
|
8/20 at 100.00
|
A2
|
884,761
|
950
|
|
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement
|
7/15 at 100.00
|
AA–
|
1,021,440
|
|
|
Series 2005, 5.000%, 7/15/35 – AGM Insured
|
|
|
|
225
|
|
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2006B, 5.250%, 9/01/16 – AGM Insured
|
No Opt. Call
|
AA–
|
256,626
|
340
|
|
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds,
|
2/18 at 100.00
|
Aa2
|
337,477
|
|
|
Series 2012, 3.000%, 2/15/34
|
|
|
|
2,510
|
|
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B,
|
No Opt. Call
|
A
|
1,217,124
|
|
|
0.000%, 1/15/32 – FGIC Insured
|
|
|
|
135
|
|
Scranton, Pennsylvania, General Obligation Bonds, Series 2012A, 8.500%, 9/01/22
|
No Opt. Call
|
N/R
|
131,212
|
135
|
|
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22
|
No Opt. Call
|
N/R
|
131,813
|
600
|
|
York County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 – NPFG Insured
|
12/15 at 100.00
|
AA
|
658,590
|
14,505
|
|
Total Tax Obligation/General
|
|
|
14,563,854
|
|
|
Tax Obligation/Limited – 21.1% (14.4% of Total Investments)
|
|
|
|
1,000
|
|
Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg Mills
|
7/15 at 101.00
|
N/R
|
1,033,400
|
|
|
Project, Series 2004, 5.600%, 7/01/23
|
|
|
|
250
|
|
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue
|
5/22 at 100.00
|
Baa2
|
270,765
|
|
|
Bonds, Series 2012A, 5.000%, 5/01/35
|
|
|
|
1,500
|
|
Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing
|
10/19 at 100.00
|
AA–
|
1,689,793
|
|
|
Program, Series 2009C, 5.125%, 10/01/36 – AGC Insured
|
|
|
|
4,000
|
|
Harrisburg Parking Authority, Pennsylvania, Guaranteed Revenue Refunding Bonds, Series 2001J,
|
3/13 at 100.00
|
Baa2
|
3,809,438
|
|
|
5.000%, 9/01/22 – NPFG Insured
|
|
|
|
1,100
|
|
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue
|
No Opt. Call
|
Aaa
|
1,265,253
|
|
|
Bonds, Series 2012A, 5.000%, 7/01/16
|
|
|
|
610
|
|
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2003A,
|
12/18 at 100.00
|
AA
|
686,634
|
|
|
5.000%, 12/01/32 – NPFG Insured
|
|
|
|
1,200
|
|
Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%,
|
No Opt. Call
|
AA–
|
1,453,848
|
|
|
7/15/18 – AGM Insured
|
|
|
|
660
|
|
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room
|
8/22 at 100.00
|
AA–
|
768,709
|
|
|
Excise Tax Revenue Bonds, Refunding Series 2012, 5.000%, 2/01/26 – AGC Insured
|
|
|
|
800
|
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%,
|
No Opt. Call
|
BBB
|
808,480
|
|
|
7/01/33 – NPFG Insured
|
|
|
|
710
|
|
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A,
|
No Opt. Call
|
BBB+
|
216,593
|
|
|
0.000%, 7/01/32 – FGIC Insured
|
|
|
|
240
|
|
Washington County Redevelopment Authority, Pennsylvania, Tanger Outlet Victory Center Tax
|
7/17 at 100.00
|
N/R
|
246,900
|
|
|
Increment Bonds, Series 2006A, 5.450%, 7/01/35
|
|
|
|
12,070
|
|
Total Tax Obligation/Limited
|
|
|
12,249,813
|
|
|
Transportation – 10.7% (7.3% of Total Investments)
|
|
|
|
720
|
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
|
1/20 at 100.00
|
A–
|
805,270
|
|
|
5.000%, 1/01/40
|
|
|
|
840
|
|
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port
|
No Opt. Call
|
BBB–
|
979,633
|
|
|
District Project, Series 2012, 5.000%, 1/01/23
|
|
|
|
|
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue
|
|
|
|
|
|
Bonds, Series 2010A:
|
|
|
|
875
|
|
0.000%, 12/01/34
|
12/20 at 100.00
|
AA
|
861,175
|
250
|
|
5.000%, 12/01/38
|
12/19 at 100.00
|
AA
|
278,468
|
1,000
|
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special
|
12/21 at 100.00
|
AA
|
1,124,810
|
|
|
Revenue, Series 2011B, 5.000%, 12/01/41
|
|
|
|
670
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/24 –
|
6/16 at 100.00
|
Aa3
|
749,904
|
|
|
AMBAC Insured
|
|
|
|
150
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series
|
12/19 at 100.00
|
A–
|
162,662
|
|
|
2010B-1, 5.000%, 12/01/37
|
|
|
|
1,000
|
|
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%,
|
6/26 at 100.00
|
AA
|
1,062,640
|
|
|
6/01/33 – AGM Insured
|
|
|
|
180
|
|
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004,
|
9/13 at 100.00
|
BBB
|
172,393
|
|
|
5.000%, 9/15/33 – FGIC Insured
|
|
|
|
5,685
|
|
Total Transportation
|
|
|
6,196,955
|
|
|
U.S. Guaranteed – 5.8% (4.0% of Total Investments) (4)
|
|
|
|
130
|
|
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Revenue Bonds,
|
7/13 at 100.00
|
A2 (4)
|
132,691
|
|
|
Series 2003, 5.250%, 7/01/17 (Pre-refunded 7/01/13)
|
|
|
|
315
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne
|
1/17 at 100.00
|
Baa1 (4)
|
366,887
|
|
|
Charter High School, Series 2006A, 5.250%, 1/01/27 (Pre-refunded 1/01/17)
|
|
|
|
1,650
|
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998,
|
8/13 at 100.00
|
AA– (4)
|
1,691,380
|
|
|
5.250%, 8/01/20 (Pre-refunded 8/01/13) – AGM Insured
|
|
|
|
45
|
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 –
|
No Opt. Call
|
N/R (4)
|
55,137
|
|
|
NPFG Insured (ETM)
|
|
|
|
225
|
|
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East,
|
11/14 at 100.00
|
A+ (4)
|
244,825
|
|
|
Series 2004B, 5.375%, 11/15/34 (Pre-refunded 11/15/14)
|
|
|
|
850
|
|
Trinity Area School District, Washington County, Pennsylvania, General Obligation Bonds,
|
11/13 at 100.00
|
A+ (4)
|
882,096
|
|
|
Series 2003, 5.250%, 11/01/20 (Pre-refunded 11/01/13) – FGIC Insured
|
|
|
|
3,215
|
|
Total U.S. Guaranteed
|
|
|
3,373,016
|
|
|
Utilities – 4.1% (2.8% of Total Investments)
|
|
|
|
900
|
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
BBB–
|
916,551
|
|
|
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35
|
|
|
|
|
|
(Mandatory put 4/02/18)
|
|
|
|
145
|
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1,
|
9/14 at 100.00
|
AA–
|
152,144
|
|
|
5.000%, 9/01/26 – AGM Insured
|
|
|
|
1,240
|
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 –
|
10/17 at 100.00
|
BBB+
|
1,296,271
|
|
|
AMBAC Insured
|
|
|
|
2,285
|
|
Total Utilities
|
|
|
2,364,966
|
|
|
Water and Sewer – 4.9% (3.2% of Total Investments)
|
|
|
|
245
|
|
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust
|
No Opt. Call
|
AA–
|
363,563
|
|
|
4015, 13.378%, 12/01/19 (IF) (5)
|
|
|
|
600
|
|
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series
|
7/14 at 100.00
|
AA–
|
608,052
|
|
|
2004, 5.000%, 7/15/22 – AGM Insured
|
|
|
|
400
|
|
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue
|
12/19 at 100.00
|
A
|
450,948
|
|
|
Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39
|
|
|
|
500
|
|
Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua
|
10/19 at 100.00
|
AA–
|
557,915
|
|
|
Pennsylvania, Inc. Project, Series 2009A, 5.000%, 10/01/39
|
|
|
|
750
|
|
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2011A, 5.000%, 1/01/41
|
1/21 at 100.00
|
A1
|
843,456
|
2,495
|
|
Total Water and Sewer
|
|
|
2,823,934
|
$ 79,605
|
|
Total Long-Term Investments (cost $78,648,832) – 145.1%
|
|
|
84,133,038
|
|
|
|
Short-Term Investments – 1.7% (1.2% of Total Investments)
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations – 1.7% (1.2% of Total Investments)
|
|
|
|
$ 1,000
|
|
Pennsylvania State University, General Revenue Bonds, Variable Rate Demand Obligations,
|
No Opt. Call
|
A–1
|
1,000,000
|
|
|
Tender Option Bonds Trust 3704Z, 0.130% 3/01/18 (6)
|
|
|
|
|
|
Total Short-Term Investments (cost $1,000,000)
|
|
|
1,000,000
|
|
|
Total Investments (cost $79,648,832) – 146.8%
|
|
|
85,133,038
|
|
|
Floating Rate Obligations – (6.9)%
|
|
|
(4,020,000)
|
|
|
MuniFund Term Preferred Shares, at Liquidation Value – (42.3)% (7)
|
|
|
(24,550,000)
|
|
|
Other Assets Less Liabilities – 2.4%
|
|
|
1,424,439
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 57,987,477
|