Investment Portfolio

as of August 31, 2006 (Unaudited)

Principal

Amount ($)

Value ($)

Municipal Bonds and Notes 149.7%

Alabama 2.7%

Alabama, Sales & Special Tax Revenue, Public School and College Authority, Series C, 5.625%, 7/1/2013

1,000,000

1,064,790

Huntsville, AL, Hospital & Healthcare Revenue, Health Care Authority, Series A, 5.75%, 6/1/2031

1,500,000

1,598,370

Sylacauga, AL, Health Care Authority Revenue, Coosa Valley Medical Center, Series A, 6.0%, 8/1/2035

1,000,000

1,034,810

3,697,970

Arizona 1.4%

Arizona, Project Revenue, Health Facilities Authority, The New Foundation Project, 8.25%, 3/1/2019

1,900,000

1,918,430

California 9.2%

California, Special Assessment Revenue, Golden State Tobacco Securitization Corp.:

Series B, 5.625%, 6/1/2038

1,890,000

2,103,646

Series 2003-A-1, 6.75%, 6/1/2039

4,500,000

5,080,590

California, State Public Works Board, Lease Revenue, Department of Corrections, Series C, 5.5%, 6/1/2019

1,920,000

2,116,205

Sacramento County, CA, Sales & Special Tax Revenue, Bradshaw Road Project, 7.2%, 9/2/2015

1,050,000

1,065,109

Sacramento, CA, Project Revenue, City Financing Authority, Convention Center Hotel, Series A, 6.25%, 1/1/2030

2,000,000

2,100,440

12,465,990

Colorado 3.6%

Colorado, Hospital & Healthcare Revenue, Portercare Adventist Health Project, 6.5%, 11/15/2031

1,000,000

1,139,160

Colorado, Transportation/Tolls Revenue, Northwest Parkway Public Highway Authority, Series D, 7.125%, 6/15/2041

1,150,000

1,144,986

Denver, CO, Sales & Special Tax Revenue, Urban Renewal Authority, AMT, 7.75%, 9/1/2016

1,515,000

1,549,042

Mesa County, CO, Valley School District No. 051 Grand Junction, Series A, 5.0%, 12/1/2024 (a)

1,000,000

1,059,880

4,893,068

Connecticut 2.8%

Greenwich, CT, Multi-Family Housing Revenue, 6.35%, 9/1/2027

2,000,000

2,091,140

Mashantucket, CT, Sports, Expo & Entertainment Revenue, Mashantucket Western Pequot Tribe:

Series B, 144A, Zero Coupon, 9/1/2017

2,000,000

1,139,520

Series B, 144A, Zero Coupon, 9/1/2018

1,000,000

538,190

3,768,850

District of Columbia 0.8%

District of Columbia, General Obligation:

Series A, Prerefunded, 5.0%, 6/1/2018 (a)

340,000

351,461

Series A, 5.0%, 6/1/2018 (a)

660,000

678,784

1,030,245

Florida 4.2%

Miami Beach, FL, Health Facilities Authority Hospital Revenue, Mount Sinai Medical Center, 144A, 6.75%, 11/15/2029

1,600,000

1,821,632

Nassau County, FL, ICF/MR-Intercare Facilities Mentally Retarded Revenue, GF/Amelia Island Properties Project, Series A, 9.75%, 1/1/2023

1,810,000

1,814,597

Orlando, FL, Greater Aviation Authority, Airport Facilities Revenue, Jet Blue Airways Corp., AMT, 6.5%, 11/15/2036

1,000,000

1,039,070

Orlando, FL, Special Assessment Revenue, Conroy Road Interchange Project, Series A, 5.8%, 5/1/2026

1,000,000

1,026,590

5,701,889

Georgia 0.9%

Americus-Sumter County, GA, Hospital & Healthcare Revenue, Hospital Authority, South Georgia Methodist, Series A, 6.375%, 5/15/2029

1,250,000

1,280,563

Guam 0.8%

Guam, Government Waterworks Authority, Water & Wastewater System Revenue, 6.0%, 7/1/2025

1,000,000

1,073,950

Hawaii 1.0%

Hawaii, State General Obligation:

Series CU, Prerefunded, 5.75%, 10/1/2011 (a)

65,000

70,273

Series CU, 5.75%, 10/1/2011 (a)

1,185,000

1,278,805

1,349,078

Illinois 9.5%

Chicago, IL, Core City General Obligation, Board of Education, Series A, 5.75%, 12/1/2017 (a)

1,380,000

1,519,173

Chicago, IL, Housing Authority Revenue, 5.0%, 7/1/2016 (a)

1,570,000

1,699,179

Illinois, Finance Authority Revenue, Three Crowns Park Plaza, Series A, 5.875%, 2/15/2038

1,000,000

1,031,270

Illinois, Hospital & Healthcare Revenue, 6.75%, 2/15/2016

2,180,000

2,418,143

Illinois, State General Obligation, Prerefunded, 6.0%, 1/1/2013 (a)

3,315,000

3,564,222

Illinois, Upper River Valley Development Authority, Solid Waste Disposal Revenue, Waste Recovery Project, AMT, 5.9%, 2/1/2014

1,475,000

1,502,140

University Park, IL, Sales & Special Tax Revenue, Governors Gateway Industrial Park, 8.5%, 12/1/2011

1,105,000

1,117,089

12,851,216

Indiana 2.7%

Indiana, Senior Care Revenue, Health Facilities Finance Authority, Franciscan Eldercare Community Services, 5.875%, 5/15/2029

3,000,000

3,044,580

Indianapolis, IN, Local Public Improvement Bond Bank, Indianapolis Airport Authority, Series F, AMT, 5.0%, 1/1/2015 (a)

500,000

532,740

3,577,320

Iowa 0.7%

Lake City, IA, Senior Care Revenue, Health Care Facility, Opportunity Living Project, 144A, 6.45%, 5/1/2011

875,000

888,974

Kansas 3.1%

Manhattan, KS, Senior Care Revenue, Meadowlark Hills Retirement, Series A, 6.5%, 5/15/2028

500,000

519,230

Overland Park, KS, Industrial Development Revenue, Series A, 7.375%, 1/1/2032

2,000,000

2,192,020

Wyandotte County, KS, Unified Government Special Obligation Revenue, Sales Tax, Series B, 5.0%, 12/1/2020

1,400,000

1,455,076

4,166,326

Kentucky 0.8%

Kentucky, Hospital & Healthcare Revenue, Economic Development Finance Authority, Norton Healthcare, Inc., Series A, 6.625%, 10/1/2028

1,000,000

1,088,310

Louisiana 2.4%

Morehouse Parish, LA, Pollution Control Revenue, International Paper Co. Project, Series A, 5.25%, 11/15/2013

3,000,000

3,179,550

Maryland 7.7%

Anne Arundel County, MD, General Obligation, National Business Park Project, Prerefunded, 144A, 7.375%, 7/1/2028

991,000

1,137,886

Anne Arundel County, MD, Revenue Lease, Arundel Mills Project, Prerefunded, 7.1%, 7/1/2029

1,500,000

1,665,120

Maryland, Higher Education Revenue, Collegiate Housing Foundation:

Series A, Prerefunded, 5.75%, 6/1/2019

1,000,000

1,072,380

Series A, Prerefunded, 5.75%, 6/1/2031

1,000,000

1,072,380

Maryland, Hospital & Healthcare Revenue, University of Maryland Medical System, 6.75%, 7/1/2030

1,000,000

1,121,080

Maryland, Project Revenue, Economic Development Corp., Chesapeake Bay, Series B, 7.625%, 12/1/2022

4,000,000

4,264,440

10,333,286

Massachusetts 7.9%

Massachusetts, Hospital & Healthcare Revenue, Health & Educational Facilities Authority, Civic Investments, Series A, 9.0%, 12/15/2015

1,900,000

2,327,614

Massachusetts, Hospital & Healthcare Revenue, Partners Healthcare System, Series C, 5.75%, 7/1/2032

1,000,000

1,083,730

Massachusetts, Industrial Development Revenue, Development Finance Agency, Series A, 7.1%, 7/1/2032

1,925,000

2,008,641

Massachusetts, Project Revenue, Health & Educational Facilities Authority, Jordan Hospital, Series E, 6.75%, 10/1/2033

1,790,000

1,965,313

Massachusetts, State General Obligation, Consolidated Loan:

Series B, Prerefunded, 5.0%, 4/1/2016 (a)

915,000

943,804

Series B, 5.0%, 4/1/2016 (a)

2,260,000

2,331,145

10,660,247

Michigan 5.3%

Kalamazoo, MI, Industrial Development Revenue, Economic Development Corp., Series A, 7.5%, 5/15/2029

2,000,000

2,174,620

Kentwood, MI, Economic Development, Limited Obligation, Holland Home, Series A, 5.375%, 11/15/2036

1,000,000

1,021,190

Michigan, State Hospital Finance Authority Revenue, Henry Ford Health System, Series A, 5.0%, 11/15/2016

1,125,000

1,205,674

Saginaw, MI, Hospital & Healthcare Revenue, Hospital Finance Authority, Covenant Medical Center, Series F, 6.5%, 7/1/2030

1,000,000

1,094,880

Tawas City, MI, Hospital Finance Authority, St. Joseph Health Services:

Series A, ETM, 5.6%, 2/15/2013

310,000

322,335

Series A, ETM, 5.75%, 2/15/2023

1,300,000

1,363,765

7,182,464

Missouri 0.8%

St. Louis, MO, Special Assessment Revenue, Scullin Redevelopment Area, Series A, 10.0%, 8/1/2010

980,000

1,088,564

Nebraska 0.0%

Nebraska, Single Family Housing Revenue, Investment Finance Authority, AMT, Series A, 6.7%, 9/1/2026

5,000

5,061

Nevada 1.5%

Las Vegas, NV, Transportation/Tolls Revenue, Las Vegas Monorail Project, 7.375%, 1/1/2030

2,000,000

2,059,000

Nevada, Single Family Housing Revenue, AMT, Series C, 6.5%, 4/1/2028

15,000

15,315

2,074,315

New Hampshire 3.5%

New Hampshire, Higher Education Revenue, Health & Educational Facilities Authority, New Hampshire College Issue, 7.4%, 1/1/2023

1,000,000

1,153,830

New Hampshire, Higher Educational & Health Facility Authority Revenue, Havenwood Heritage Heights, 7.45%, 1/1/2025

2,000,000

2,043,340

New Hampshire, Hospital & Healthcare Revenue, Rivermead at Peterborough Retirement Community, 5.75%, 7/1/2028

1,500,000

1,535,010

4,732,180

New Jersey 4.2%

New Jersey, Economic Development Authority Revenue, Cigarette Tax, 5.75%, 6/15/2034

290,000

308,984

New Jersey, Economic Development Authority Revenue, Motor Vehicle Surplus Revenue:

Series A, 5.0%, 7/1/2022 (a)

1,430,000

1,529,242

Series A, 5.0%, 7/1/2023 (a)

1,770,000

1,865,403

New Jersey, Health Care Facilities, Financing Authority Revenue, Series A-3, 3.37% *, 7/1/2035, Fleet National Bank (b)

295,000

295,000

New Jersey, Resource Recovery Revenue, Tobacco Settlement Financing Corp., 5.75%, 6/1/2032

1,615,000

1,696,961

5,695,590

New Mexico 2.1%

Farmington, NM, Pollution Control Revenue, 5.8%, 4/1/2022

2,750,000

2,771,752

New York 14.6%

Nassau County, NY, Hospital & Healthcare Revenue, 6.0%, 8/1/2016 (a)

2,825,000

3,070,012

Nassau County, NY, Project Revenue, North Shore Healthcare Systems Project, Series B, 5.875%, 11/1/2011

670,000

702,247

New York, Core City General Obligation, Series C, 7.0%, 2/1/2010

315,000

319,105

New York, Sales & Special Tax Revenue, Metropolitan Transportation Authority, Series A, Prerefunded, 5.125%, 4/1/2019 (a)

1,450,000

1,594,768

New York, Sales & Special Tax Revenue, Transitional Finance Authority, Series B, 6.0%, 11/15/2013

490,000

536,325

New York, State General Obligation Lease, Higher Education Revenue, Dormitory Authority, State University, Prerefunded, 5.125%, 5/15/2021 (a)

1,880,000

1,942,867

New York, Transitional Finance Authority, Series B, Prerefunded, 6.0%, 11/15/2013

1,510,000

1,652,755

New York, Transportation/Tolls Revenue, Triborough Bridge and Tunnel Authority Systems, ETM, Series Y, 6.0%, 1/1/2012

5,000,000

5,438,400

New York City, NY, Industrial Development Agency Revenue, Liberty-7, World Trade Center, Series A, 6.25%, 3/1/2015

2,000,000

2,128,200

New York City, NY, Industrial Development Agency, Special Facility Revenue, American Airlines, JFK International Airport, AMT, 8.0%, 8/1/2028

2,000,000

2,365,320

19,749,999

North Carolina 1.8%

North Carolina, Electric Revenue, Municipal Power Agency:

Series C, 5.375%, 1/1/2017

1,000,000

1,062,690

Series B, 6.375%, 1/1/2013

1,300,000

1,403,168

2,465,858

North Dakota 0.8%

Grand Forks, ND, Hospital & Healthcare Revenue, Altru Health Care System, 7.125%, 8/15/2024

1,000,000

1,108,990

Ohio 4.0%

Ohio State, Water Development Authority, Pollution Control Revenue, Water Quality Loan Fund, 5.0%, 12/1/2015

5,000,000

5,405,500

Pennsylvania 5.2%

Montgomery County, PA, Industrial Development Authority Revenue, Whitemarsh Continuing Care, 6.25%, 2/1/2035

600,000

637,848

Montgomery County, PA, Senior Care Revenue, Higher Education & Health Authority, Philadelphia Geriatric Center, Series A, 7.25%, 12/1/2027

2,000,000

2,233,540

Pennsylvania, Hospital & Healthcare Revenue, Economic Development Financing Authority, UPMC Health System, Series A, 6.0%, 1/15/2031

750,000

817,620

Pennsylvania, St. Mary Hospital Authority, Health Systems Revenue, Catholic Health East, Series B, 5.5%, 11/15/2024

1,465,000

1,575,402

Philadelphia, Redevelopment Authority Revenue, First Lien Mortgage, Series A, 6.5%, 1/1/2029

629,000

643,989

Westmoreland County, PA, Senior Care Revenue, Industrial Development Authority, Health Care Facilities-Redstone, Series B, 8.125%, 11/15/2030

1,000,000

1,165,410

7,073,809

Puerto Rico 1.6%

Commonwealth of Puerto Rico, Government Development Bank, Series C, AMT, 5.25%, 1/1/2015

2,000,000

2,146,980

Rhode Island 1.6%

Rhode Island, Special Assessment Revenue, Series A, 6.125%, 6/1/2032

2,000,000

2,121,300

South Carolina 7.1%

South Carolina, Hospital & Healthcare Revenue, Jobs Economic Development Authority, Bon Secours Health Systems, Inc., Series A, 5.625%, 11/15/2030

2,000,000

2,124,400

South Carolina, Hospital & Healthcare Revenue, Jobs Economic Development Authority, Palmetto Health Alliance:

Series C, Prerefunded, 7.0%, 8/1/2030

1,375,000

1,636,869

Series C, 7.0%, 8/1/2030

170,000

197,479

Series A, Prerefunded, 7.375%, 12/15/2021

1,000,000

1,160,090

South Carolina, Transportation Infrastructure Bank Revenue, Series A, Prerefunded, 5.375%, 10/1/2024 (a)

4,150,000

4,403,316

9,522,154

South Dakota 1.6%

South Dakota, Hospital & Healthcare Revenue, Sioux Valley Hospital, Series E, 5.375%, 11/1/2024

2,000,000

2,094,220

Tennessee 2.8%

Clarksville, TN, Natural Gas Acquisition Corp., Gas Revenue:

5.0%, 12/15/2017

500,000

538,250

5.0%, 12/15/2018

540,000

581,915

Clarksville, TN, Public Building Authority Revenue, Tennessee Municipal Bond Fund, 3.58% *, 7/1/2034, Bank of America NA (b)

300,000

300,000

Johnson City, TN, Hospital & Healthcare Revenue, Health & Educational Facilities Board Hospital, Series A, 7.5%, 7/1/2033

2,000,000

2,335,700

3,755,865

Texas 22.5%

Abilene, TX, Senior Care Revenue, Health Facilities Development, Sears Methodist Retirement Facilities, Series A, 5.9%, 11/15/2025

2,500,000

2,549,050

Austin, TX, Project Revenue, Bergstrom Landhost Enterprises, Inc. Airport Hotel Project, Series A, 4.387%, 4/1/2027

1,990,000

1,502,887

Crowley, TX, School District General Obligation, 5.125%, 8/1/2025

4,000,000

4,115,240

Hidalgo County, TX, Hospital & Healthcare Revenue, Mission Hospital, Inc. Project, 6.75%, 8/15/2016

2,000,000

2,088,820

Houston, TX, General Obligation:

Series A, Prerefunded, 5.0%, 3/1/2016

1,365,000

1,393,829

5.0%, 3/1/2016

1,635,000

1,661,667

Houston, TX, School District General Obligation, Series A, 5.0%, 2/15/2024

2,000,000

2,065,920

Houston, TX, Transportation/Tolls Revenue, Special Facilities, Continental Airlines, Inc., AMT, Series E, 6.75%, 7/1/2029

2,000,000

2,105,520

Tarrant County, TX, Hospital & Healthcare Revenue, Health Facilities Development Corp., 6.7%, 11/15/2030

1,000,000

1,124,770

Texas, Industrial Development Revenue, Waste Disposal Authority, AMT, Series A, 6.1%, 8/1/2024

1,000,000

1,077,690

Texas, Lower Colorado River Authority Revenue, Series B, 6.0%, 5/15/2013 (a)

5,000,000

5,342,450

Travis County, TX, Health Facilities Development Corp., Retirement Facility Revenue, Querencia Barton Creek Project, 5.65%, 11/15/2035

1,250,000

1,262,475

Travis County, TX, Hospital & Healthcare Revenue, Ascension Health Credit, Series A, 6.0%, 11/15/2012 (a)

3,860,000

4,143,131

30,433,449

Virgin Islands 2.4%

Virgin Islands, Sales & Special Tax Revenue, Public Finance Authority, Series A, 6.375%, 10/1/2019

3,000,000

3,292,560

Virginia 1.6%

Fairfax County, VA, Hospital & Healthcare Revenue, Economic Development Authority, Greenspring Retirement Community, Series A, 7.25%, 10/1/2019

2,000,000

2,175,620

West Virginia 1.7%

West Virginia, Hospital & Healthcare Revenue, Hospital Finance Authority, Charleston Medical Center, Series A, 6.75%, 9/1/2022

390,000

430,708

West Virginia, Hospital Finance Authority, Charleston Medical Center, Prerefunded, 6.75%, 9/1/2022

1,610,000

1,809,721

2,240,429

Wisconsin 0.8%

Wisconsin, Hospital & Healthcare Revenue, Health & Education Facilities Authority, Aurora Health Care, Inc., 6.875%, 4/15/2030

1,000,000

1,142,320

% of

Net Assets

Value ($)

Total Investment Portfolio (Cost $185,844,745)

149.7

202,204,241

Other Assets and Liabilities, Net

2.1

2,868,612

Preferred Shares, at Redemption Value

(51.8)

(70,000,000)

Net Assets

100.0

135,072,853

For information on the Fund’s policies regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent semi-annual or annual financial statements.

*

Variable rate demand notes are securities whose interest rates are reset periodically at market levels. These securities are often payable on demand and are shown at their current rates as of August 31, 2006.

(a)

Bond is insured by one of these companies:

As a % of Total

Insurance Coverage

Investment Portfolio

Ambac Financial Group, Inc.

2.4

Financial Guaranty Insurance Company

2.7

Financial Security Assurance, Inc.

5.8

MBIA Corp.

7.8

(b)

Security incorporates a letter of credit from a major bank.

144A: 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.

AMT: Subject to alternative minimum tax.

ETM: Bonds bearing the description ETM (escrow to maturity) are collateralized by US Treasury securities which are held in escrow and used to pay principal and interest on bonds so designated.

Prerefunded: Bonds which are prerefunded are collateralized by US Treasury securities which are held in escrow and are used to pay principal and interest on tax-exempt issues and to retire the bonds in full at the earliest refunding date.