N-Q 1 fmhyafform.txt United States Securities and Exchange Commission Washington, D.C. 20549 Form N-Q Quarterly Schedule of Portfolio Holdings of Registered Management Investment Companies 811-4533 (Investment Company Act File Number) Federated Municipal High Yield Advantage Fund, Inc. --------------------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Federated Investors Funds 5800 Corporate Drive Pittsburgh, Pennsylvania 15237-7000 (412) 288-1900 (Registrant's Telephone Number) John W. McGonigle, Esquire Federated Investors Tower 1001 Liberty Avenue Pittsburgh, Pennsylvania 15222-3779 (Name and Address of Agent for Service) (Notices should be sent to the Agent for Service) Date of Fiscal Year End: 8/31/06 Date of Reporting Period: Quarter ended 11/30/05 ---------------------- Item 1. Schedule of Investments FEDERATED MUNICIPAL HIGH YIELD ADVANTAGE FUND, INC. PORTFOLIO OF INVESTMENTS November 30, 2005 (unaudited)
Principal Amount Value MUNICIPAL BONDS--97.3% Alabama--0.8% $ 2,000,000 Courtland, AL IDB, Solid Waste Disposal Revenue Refunding Bonds (Series 2005B), 5.20% (International Paper Co.), 6/1/2025 $ 2,005,200 2,100,000 Sylacauga, AL Health Care Authority, Revenue Bonds (Series 2005A), 6.00% (Coosa Valley Medical Center)/(Original Issue Yield: 6.05%), 8/1/2035 2,112,033 TOTAL 4,117,233 Alaska--0.2% 1,440,000 Alaska Industrial Development and Export Authority, Power Revenue Bonds, 5.875% (Upper Lynn Canal Regional Power Supply System)/(Original Issue Yield: 6.00%), 1/1/2032 1,347,034 Arizona--0.1% 500,000 Arizona Health Facilities Authority, Hospital System Revenue Bonds, 6.375% (John C. Lincoln Health Network), 12/1/2037 545,130 Arkansas--0.4% 2,000,000 Arkansas Development Finance Authority, Hospital Revenue Bonds (Series 2000), 7.375% (Washington Regional Medical Center)/(U.S. Treasury PRF 12/1/2012 @101)/(Original Issue Yield: 7.50%), 2/1/2029 2,277,960 California--7.5% 1,000,000 California PCFA, Solid Waste Disposal Revenue Bonds (Series 2002B), 5.00% (Waste Management, Inc.), 7/1/2027 974,190 1,000,000 California PCFA, Solid Waste Disposal Revenue Bonds (Series 2005A-2), 5.40% (Waste Management, Inc.), 4/1/2025 1,027,030 2,000,000 California PCFA, Solid Waste Disposal Revenue Bonds (Series 2005C), 5.125% (Waste Management, Inc.), 11/1/2023 2,029,340 3,000,000 (1,2California State, Economic Recovery Revenue Bonds Trust Program (Series 929) RITES, 7.23% (California State Fiscal Recovery Fund), 7/1/2013 3,587,190 4,595,000 California State, UT GO Bonds, 5.00% (MBIA Insurance Corp. INS), 6/1/2012 4,899,373 1,405,000 California State, UT GO Bonds, 5.00% (U.S. Treasury PRF 6/1/2011 @100), 6/1/2012 1,508,563 4,250,000 California State, UT GO Bonds, 5.75% (Original Issue Yield: 5.75%), 5/1/2030 4,600,242 1,285,000 (1,2California Statewide Communities Development Authority, MFH Revenue Bonds (Series 1999X) , 6.65% (Magnolia City Lights Project), 7/1/2029 1,339,201 1,000,000 (1,2California Statewide Communities Development Authority, Revenue Bonds, 6.625% (Tehiyah Day School), 11/1/2031 1,048,440 2,000,000 Golden State Tobacco Securitization Corp., CA, Enhanced Tobacco Settlement Asset-Backed Bonds (Series 2005A) , 5.00% (California State), 6/1/2045 1,993,160 4,000,000 Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Bonds (Series 2003A-3), 7.875%, 6/1/2042 4,813,440 2,825,000 Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Revenue Bonds (Series 2003A-1), 6.75% (Original Issue Yield: 7.00%), 6/1/2039 3,182,871 750,000 Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Revenue Bonds (Series 2003A-2), 7.90%, 6/1/2042 903,697 1,000,000 Los Angeles, CA, Regional Airport Improvement Corp., Facilities Sublease Refunding Revenue Bonds (Series 2002B), 7.50% (American Airlines, Inc.)/(Original Issue Yield: 7.929%), 12/1/2024 996,490 2,000,000 Los Angeles, CA, Regional Airport Improvement Corp., Lease Revenue Bonds, (Series C), 7.50% (American Airlines, Inc.)/(Original Issue Yield: 7.929%), 12/1/2024 1,992,980 1,000,000 Oxnard, CA, Community Facilities District No. 3, Special Tax Bonds (Series 2005), 5.00% (Seabridge at Mandalay Bay)/(Original Issue Yield: 5.22%), 9/1/2035 976,470 1,350,000 Poway, CA, Unified School District, Special Tax Bonds (Series 2005), 5.125% (Community Facilities District No. 6 (4S Ranch))/(Original Issue Yield: 5.21%), 9/1/2035 1,349,892 349,000 San Bernardino County, CA, Housing Authority, Subordinated Revenue Bonds, 7.25% (Glen Aire Park & Pacific Palms), 4/15/2042 326,064 1,500,000 Southern California Logistics Airport Authority, Tax Allocation Bonds, 5.00% (Radian Asset Assurance INS), 12/1/2035 1,514,685 1,000,000 Western Hills Water District, CA, Special Tax Revenue Bonds, 6.875% (Diablo Grande Community Facilities No. 1)/(Original Issue Yield: 6.954%), 9/1/2031 1,058,650 TOTAL 40,121,968 Colorado--6.1% 1,500,000 Aspen Grove, CO Business Improvement District, LT GO Bonds (Series 2001), 7.625%, 12/1/2025 1,563,390 2,000,000 Beacon Point, CO, Metropolitan District, Revenue Bonds (Series 2005A), 6.25% (Original Issue Yield: 6.375%), 12/1/2035 2,007,360 1,500,000 Castle Oaks, CO, Metropolitan District, LT GO Bonds (Series 2005), 6.125%, 12/1/2035 1,475,730 1,500,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds (Series 2001), 7.625% (Peak to Peak Charter School Project)/(U.S. Treasury PRF 8/15/2011 @100)/(Original Issue Yield: 8.00%), 8/15/2031 1,793,955 970,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds (Series 2005), 6.50% (Knowledge Quest Academy)/(Original Issue Yield: 6.50%), 5/1/2036 988,605 1,000,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds, 7.25% (Platte River Academy)/(U.S. Treasury PRF 3/1/2010 @100)/(Original Issue Yield: 7.40%), 3/1/2022 1,109,190 500,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds, 7.25% (Platte River Academy)/(U.S. Treasury PRF 3/1/2010 @100)/(Original Issue Yield: 7.50%), 3/1/2032 573,070 1,000,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds, 7.375% (Frontier Academy)/(Original Issue Yield: 7.50%), 6/1/2031 1,034,350 760,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds, 7.50% (Excel Academy)/(U.S. Treasury PRF 3/1/2010 @100)/(Original Issue Yield: 7.75%), 12/1/2033 914,728 800,000 Colorado Educational & Cultural Facilities Authority, Revenue Refunding Bonds (Series A), 7.125% (Denver Academy)/(Original Issue Yield: 7.375%), 11/1/2028 876,328 755,000 Colorado Health Facilities Authority, Health Facilities Revenue Bonds (Series 2005), 5.25% (Evangelical Lutheran Good Samaritan Society), 6/1/2023 786,249 4,250,000 Colorado Health Facilities Authority, Revenue Bonds (Series 2005), 5.00% (Covenant Retirement Communities, Inc.)/(Original Issue Yield: 5.05%), 12/1/2035 4,115,317 1,000,000 Conservatory Metropolitan District, CO, LT GO Bonds, 6.75%, 12/1/2034 1,037,150 1,000,000 Conservatory Metropolitan District, CO, LT GO Bonds, 7.55%, 12/1/2032 1,094,110 600,000 Deer Creek Metropolitan District, CO, UT GO Bonds, 7.625% (U.S. Treasury PRF 12/1/2011 @100), 12/1/2019 708,996 2,250,000 Denver, CO, City & County Airport Authority, Revenue Bonds, 5.00% (XL Capital Assurance Inc. INS), 11/15/2021 2,358,787 2,000,000 Denver, CO, City & County Airport Authority, Revenue Bonds, 5.00% (XL Capital Assurance Inc. INS), 11/15/2022 2,088,500 500,000 Denver, CO, Health & Hospital Authority, Healthcare Revenue Bonds (Series 2001A), 6.00% (Original Issue Yield: 6.05%), 12/1/2031 527,110 1,500,000 High Plains, CO, Metropolitan District, Revenue Bonds (Series 2005A), 6.25% (Original Issue Yield: 6.375%), 12/1/2035 1,505,520 1,000,000 Maher Ranch, CO Metropolitan District No. 4, LT GO Bonds, 7.875%, 12/1/2033 1,115,010 1,500,000 Southlands, CO, Metropolitan District No. 1, LT GO Bonds (Series 2004), 7.125% (Original Issue Yield: 7.18%), 12/1/2034 1,633,035 2,000,000 Sterling Hills West Metropolitan District, LT GO Bonds (Series 2110B), 8.00%, 12/1/2021 2,145,860 1,000,000 Wheatlands, CO, Metropolitan District No. 2, LT Tax GO Bonds (Series 2005), 6.125%, 12/1/2035 1,003,930 TOTAL 32,456,280 Connecticut--0.4% 1,000,000 Connecticut Development Authority, Airport Facility Revenue Bonds, 7.95% (Bombardier, Inc.), 4/1/2026 1,196,730 800,000 Connecticut State HEFA, Revenue Bonds (Series 2005C), 5.125% (Eastern Connecticut Health Network)/(Radian Asset Assurance INS), 7/1/2030 823,472 TOTAL 2,020,202 District of Columbia--2.7% 14,000,000 District of Columbia, Revenue Bonds, 5.625% (American University)/(AMBAC INS)/ ----------------------------------------------------------- (Original Issue Yield: 5.90%), 10/1/2026 14,354,060 Florida--6.6% 1,500,000 Arborwood, FL, Community Development District, Capital Improvement Revenue Bonds (Series 2005A), 5.35%, 5/1/2036 1,502,850 2,000,000 Capital Projects Finance Authority, FL, Continuing Care Retirement Community Revenue Bonds, 8.00% (Glenridge on Palmer Ranch)/(Original Issue Yield: 8.125%), 6/1/2032 2,212,620 1,000,000 (1,2Capital Trust Agency, FL, Revenue Bonds (Series 2003A), 8.95% (Seminole Tribe of Florida Convention and Resort Hotel Facilities)/(U.S. Treasury PRF 10/1/2012 @102), 10/1/2033 1,235,960 825,000 East Homestead, FL, Community Development District, Special Assessment Revenue Bonds (Series 2005), 5.45%, 5/1/2036 829,191 1,125,000 Fishhawk Community Development District II, Special Assessment Revenue Bonds (Series 2004B), 5.125% (Original Issue Yield: 5.20%), 11/1/2009 1,135,755 5,375,000 (1,2Florida State Department of Environmental Protection, RITES (PA-967), 7.24521% (FSA INS), 7/1/2013 5,941,041 1,000,000 Greater Orlando, FL, Aviation Authority, Special Purpose Airport Facilities Revenue Bonds (Series 2005), 6.50% (Jet Blue Airways Corp.)/(Original Issue Yield: 6.811%), 11/15/2036 974,370 1,180,000 Harbor Bay, FL, Community Development District, Special Assessment Capital Improvement Revenue Bonds (Series 2001B), 6.35%, 5/1/2010 1,196,296 1,000,000 Highlands County, FL, Health Facilities Authority, Hospital Revenue Bonds (Series 2001A), 6.00% (Adventist Health System/ Sunbelt Obligated Group)/(Original Issue Yield: 6.026%), 11/15/2031 1,071,470 1,000,000 Lakes by the Bay South Community Development District, FL, Special Assessment Revenue Bonds (Series 2004A), 6.25% (Original Issue Yield: 6.277%), 5/1/2034 1,070,750 295,000 Lee County, FL, HFA, SFM Step Coupon Revenue Bonds, 6.85% (GNMA Collateralized Home Mortgage Program COL), 3/1/2029 296,475 2,000,000 Lee County, FL, IDA, Health Care Facilities Revenue Bond (Series A), 6.75% (Cypress Cove at Healthpark)/(Original Issue Yield: 6.98%), 10/1/2032 2,111,640 1,080,000 Live Oak, FL, Community Development District No. 002, Special Assessment Revenue Bonds (Series 2004B), 5.00% (Original Issue Yield: 5.028%), 11/1/2009 1,083,456 940,000 Mediterra North Community Development District, FL, Capital Improvement Revenue Bonds (Series A), 6.80%, 5/1/2031 1,007,426 1,000,000 Miami Beach, FL, Health Facilities Authority, Hospital Revenue Bonds (Series 2001A), 6.70% (Mt. Sinai Medical Center, FL)/(Original Issue Yield: 6.80%), 11/15/2019 1,096,850 700,000 (1,2Miami Beach, FL Health Facilities Authority, Refunding Revenue Bonds, 6.75% (Mt. Sinai Medical Center, FL)/(Original Issue Yield: 7.05%), 11/15/2029 777,693 500,000 Miami, FL, Health Facilities Authority, Health System Revenue Bonds (Series 2003C), 5.125% (Catholic Health East)/(Original Issue Yield: 5.30%), 11/15/2024 511,795 1,000,000 Midtown Miami, FL, Community Development District, Special Assessment Bonds (Series 2004A), 6.25% (Original Issue Yield: 6.30%), 5/1/2037 1,060,660 980,000 Orlando, FL, Urban Community Development District, Capital Improvement Revenue Bonds (Series 2001A), 6.95% (Original Issue Yield: 7.00%), 5/1/2033 1,059,988 600,000 Orlando, FL, Urban Community Development District, Capital Improvement Revenue Bonds, 6.25%, 5/1/2034 639,288 1,000,000 Reunion East Community Development District, FL, Special Assessment Bonds (Series 2002A), 7.375%, 5/1/2033 1,114,430 1,200,000 South Lake County, FL, Hospital District, Revenue Bonds, 6.625% (South Lake Hospital, Inc.), 10/1/2023 1,314,864 2,000,000 St. Johns County, FL, IDA, Health Care Revenue Bonds (Series 1999), 8.00% (Glenmoor at St. Johns Project)/(Original Issue Yield: 8.10%), 1/1/2030 2,153,200 725,000 Tern Bay, FL, Community Development District, Capital Improvement Revenue Bonds (Series 2005), 5.00%, 5/1/2015 735,744 500,000 Tuscany Reserve Community Development District, FL, Capital Improvement Revenue Bonds (Series 2005A), 5.55%, 5/1/2036 501,740 375,000 Tuscany Reserve Community Development District, FL, Capital Improvement Revenue Bonds (Series 2005B), 5.25%, 5/1/2016 379,515 880,000 Verandah West, FL, Community Development District, Capital Improvement Revenue Bonds (Series 2003A), 6.625% (Original Issue Yield: 6.75%), 5/1/2033 924,484 1,630,000 Volusia County, FL, Education Facility Authority, Educational Facilities Refunding Revenue Bonds (Series 2005), 5.00% (Embry-Riddle Aeronautical University, Inc.)/(Radian Asset Assurance INS), 10/15/2025 1,672,087 TOTAL 35,611,638 Georgia--2.7% 5,000,000 Atlanta, GA, Airport Passenger Facilities Charge Revenue, Passenger Facilities Charge Revenue Bonds, 5.00% (FSA INS), 1/1/2034 5,130,150 2,000,000 Atlanta, GA, Tax Allocation Bonds (Series 2001), 7.75% (Atlantic Station Project)/(Original Issue Yield: 7.90%), 12/1/2014 2,157,920 770,000 Atlanta, GA, Tax Allocation Bonds (Series 2005B), 5.60% (Eastside Tax Allocation District)/(Original Issue Yield: 5.65%), 1/1/2030 789,881 1,000,000 Augusta, GA Airport, General Passenger Facilities Charge Revenue Bonds, (Series A), 5.15%, 1/1/2035 1,006,450 750,000 Augusta, GA Airport, General Passenger Facilities Charge Revenue Bonds, (Series B), 5.35%, 1/1/2028 755,220 1,920,000 Augusta, GA, HFA, MFH Refunding Revenue Bonds, 6.55% (Forest Brook Apartments), 12/1/2030 1,946,074 1,640,000 Forsyth County, GA, Hospital Authority, Revenue Anticipation Certificates (Series 1998), 6.375% (Georgia Baptist Health Care System)/(Escrowed In Treasuries COL)/(Original Issue Yield: 6.45%), 10/1/2028 2,005,982 750,000 Fulton County, GA, Residential Care Facilities, Revenue Bonds (Series 2004A), 6.00% (Canterbury Court), 2/15/2022 761,700 TOTAL 14,553,377 Hawaii--0.5% 1,000,000 Hawaii State Department of Budget & Finance, Special Purpose Revenue Bonds (Series A), 7.00% (Kahala Nui)/(Original Issue Yield: 7.00%), 11/15/2012 1,088,190 1,000,000 Hawaii State Department of Budget & Finance, Special Purpose Revenue Bonds (Series A), 8.00% (Kahala Nui)/(Original Issue Yield: 8.175%), 11/15/2033 1,156,170 455,000 Hawaii State Department of Transportation, Special Facility Refunding Revenue Bonds (Series 2000), 7.00% (Continental Airlines, Inc.)/(Original Issue Yield: 7.20%), 6/1/2020 411,666 TOTAL 2,656,026 Idaho--0.4% 2,000,000 Idaho Health Facilities Authority, Refunding Revenue Bonds (Series 1999A), 7.875% (Valley Vista Care Corp. Obligated Group)/(Original Issue Yield: 8.10%), 11/15/2029 2,006,560 200,000 Idaho Housing Agency, SFM Revenue Bonds (Series F-2), 7.80% (FHA GTD), 1/1/2023 200,390 TOTAL 2,206,950 Illinois--2.3% 40,000 Chicago, IL Single Family Mortgage, Collateralized SFM Revenue Bonds (Series A), 7.25% (GNMA COL), 9/1/2028 40,339 4,680,000 (1,2Illinois Finance Authority, RITES (Series PA-1286), 7.56173% (SwedishAmerican Hospital)/(AMBAC INS), 11/15/2023 5,072,324 1,000,000 Illinois Finance Authority, Revenue Bonds (Series 2005A), 5.625% (Friendship Village of Schaumburg)/(Original Issue Yield: 5.70%), 2/15/2037 984,860 1,250,000 Illinois Finance Authority, Revenue Bonds (Series 2005A), 6.00% (Landing at Plymouth Place)/(Original Issue Yield: 6.04%), 5/15/2037 1,242,925 2,000,000 Illinois Finance Authority, Revenue Bonds (Series 2005A), 6.125% (Clare at Water Tower)/(Original Issue Yield: 6.25%), 5/15/2038 2,000,240 1,000,000 Illinois Finance Authority, Solid Waste Disposal Revenue Bonds, 5.05% (Waste Management, Inc.), 8/1/2029 976,450 2,000,000 Lombard, IL Public Facilities Corp., First Tier Revenue Bonds (Series 2005A-1), 7.125%, 1/1/2036 2,095,040 TOTAL 12,412,178 Indiana--2.0% 1,000,000 Goshen, IN, Revenue Bonds (Series 1998), 5.75% (Greencroft Obligated Group)/(Original Issue Yield: 5.87%), 8/15/2028 991,140 3,000,000 Indiana Health Facility Financing Authority, Hospital Revenue Bonds (Series 2001A), 6.375% (Community Foundation of Northwest Indiana)/(Original Issue Yield: 6.68%), 8/1/2031 3,183,480 2,000,000 Indiana Health Facility Financing Authority, Revenue Refunding Bonds (Series 1998), 5.625% (Greenwood Village South Project)/(Original Issue Yield: 5.802%), 5/15/2028 2,015,600 2,000,000 Indianapolis, IN Airport Authority, Special Facilities Revenue Refunding Bonds (Series 2004A), 5.10% (FedEx Corp.), 1/15/2017 2,071,220 1,000,000 South Bend, IN, Economic Development Revenue Bonds (Series 1999A), 6.25% (Southfield Village)/(Original Issue Yield: 6.375%), 11/15/2029 1,006,920 1,355,000 St. Joseph County, IN, Hospital Authority, Health Facilities Revenue Bonds (Series 2005), 5.375% (Madison Center Obligated Group), 2/15/2034 1,340,325 TOTAL 10,608,685 Iowa--0.4% 375,000 Bremer County, IA Retirement Facilities, Retirement Facility Revenue Bonds (Series 2005A), 5.375% (Bartels Lutheran Retirement Community)/(Original Issue Yield: 5.45%), 11/15/2027 373,316 1,785,000 Wapello County, IA, Revenue Bonds, 6.25% (Ottumwa Regional Health Center)/(Original Issue Yield: 6.40%), 10/1/2022 1,901,543 TOTAL 2,274,859 Kansas--0.6% 50,000 Manhattan, KS IDRB, Industrial Revenue Bonds (Series 1999), 6.25% (Farrar Corp. Project), 8/1/2006 49,884 1,625,000 Manhattan, KS IDRB, Industrial Revenue Bonds (Series 1999), 7.00% (Farrar Corp. Project), 8/1/2014 1,613,462 1,000,000 Olathe, KS, Senior Living Facility Revenue Bonds (Series 2000A), 8.00% (Aberdeen Village, Inc.)/(U.S. Treasury PRF 5/15/2010 @102)/(Original Issue Yield: 8.25%), 5/15/2030 1,189,460 480,000 Sedgwick & Shawnee Counties, KS, SFM Revenue Bonds (Series 1997A-1), 6.95% (GNMA Collateralized Home Mortgage Program COL), 6/1/2029 494,275 TOTAL 3,347,081 Kentucky--0.9% 1,000,000 Kenton County, KY Airport Board, Special Facilities Revenue Bonds (Series A), 7.50% (Delta Air Lines, Inc.)/(Original Issue Yield: 7.60%), 2/1/2020 641,550 2,000,000 Kentucky Economic Development Finance Authority, Hospital System Refunding Revenue Bonds, 5.875% (Appalachian Regional Health Center)/(Original Issue Yield: 5.92%), 10/1/2022 1,961,100 2,000,000 Kentucky Economic Development Finance Authority, Revenue Bonds (Series 2000A), 6.625% (Norton Healthcare, Inc.)/(Original Issue Yield: 6.97%), 10/1/2028 2,174,300 TOTAL 4,776,950 Louisiana--1.7% 1,000,000 De Soto Parish, LA Environmental Improvement Authority, Revenue Bonds, (Series A), 5.00% (International Paper Co.), 11/1/2018 986,860 2,000,000 Louisiana Local Government Environmental Facilities Community Development Authority, Housing Bond Anticipation Notes, 6.25% (Kingston Point), 1/1/2006 1,971,860 1,980,000 (1,2Louisiana Public Facilities Authority Hospital Revenue, Revenue Bonds, 8.625% (Lake Charles Memorial Hospital)/(Original Issue Yield: 8.75%), 12/1/2030 2,089,514 2,000,000 St. James Parish, LA, Solid Waste Disposal Revenue Bonds, 7.70% (IMC Phosphates Co.)/(Original Issue Yield: 7.75%), 10/1/2022 2,003,360 2,000,000 West Feliciana Parish, LA, PCR Refunding Bonds (Series 1999B), 6.60% (Entergy Gulf States, Inc.), 9/1/2028 2,020,220 TOTAL 9,071,814 Maine--0.4% 1,000,000 Maine Health & Higher Educational Facilities Authority, Health Facilities Revenue Bond, (Series A), 7.50% (Piper Shores)/(U.S. Treasury PRF 1/1/2009 @100), 1/1/2019 1,106,890 1,000,000 Maine Health & Higher Educational Facilities Authority, Health Facilities Revenue Bonds, (Series A), 7.55% (Piper Shores)/(U.S. Treasury PRF 1/1/2009 @100), 1/1/2029 1,108,340 TOTAL 2,215,230 Maryland--1.3% 2,000,000 Maryland State Economic Development Corp., Senior Lien Revenue Bonds (Series 1999B), 7.75% (Chesapeake Bay Conference Center Project), 12/1/2031 2,142,220 4,115,000 Maryland State Health & Higher Educational Facilities Authority, Revenue Bonds (Series 2005), 5.00% (Civista Medical Center)/(Radian Asset Assurance INS), 7/1/2037 4,157,179 500,000 (1,2Maryland State IDFA, Economic Development Revenue Bonds (Series 2005A), 6.00% (Our Lady of Good Counsel High School), 5/1/2035 511,080 TOTAL 6,810,479 Massachusetts--2.6% 2,000,000 Massachusetts HEFA, Revenue Bonds (Series 2004A), 6.375% (Northern Berkshire Health System )/(Original Issue Yield: 6.60%), 7/1/2034 2,093,980 2,000,000 Massachusetts HEFA, Revenue Bonds (Series 1999A), 5.75% (Caritas Christi Obligated Group)/(Original Issue Yield: 5.80%), 7/1/2028 2,032,880 2,000,000 Massachusetts HEFA, Revenue Bonds (Series 2002B), 9.20% (Civic Investments), 12/15/2031 2,398,960 1,000,000 Massachusetts HEFA, Revenue Bonds (Series 2003E), 6.75% (Jordan Hospital )/(Original Issue Yield: 7.00%), 10/1/2033 1,086,900 500,000 (1,2Massachusetts Water Resources Authority, RITES (PA 999-R-B), 7.73323%, 8/1/2015 595,875 1,305,000 (1,2Massachusetts Water Resources Authority, RITES (PA-999-R-A), 7.73323%, 8/1/2014 1,555,234 1,715,000 (1,2Massachusetts Water Resources Authority, RITES (Series 999-R-C), 7.73323%, 8/1/2019 2,043,851 1,805,000 (1,2Massachusetts Water Resources Authority, RITES (Series 999-R-D), 7.73323%, 8/1/2020 2,151,109 TOTAL 13,958,789 Michigan--1.0% 1,000,000 Delta County, MI, Economic Development Corp., Environmental Improvement Refunding Revenue Bonds (Series 2002B), 6.45% (MeadWestvaco Corp.)/(U.S. Treasury PRF 4/15/2012 @100), 4/15/2023 1,125,350 550,000 Gaylord, MI, Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2004), 6.50% (Otsego Memorial Hospital Obligated Group)/(Original Issue Yield: 6.70%), 1/1/2037 565,059 1,500,000 Kent Hospital Finance Authority, MI, Revenue Bonds (Series 2005A), 6.25% (Metropolitan Hospital ), 7/1/2040 1,621,170 500,000 Michigan State Hospital Finance Authority, Hospital Revenue Bonds (Series 2005), 5.00% (Chelsea Community Hospital)/(Original Issue Yield: 5.07%), 5/15/2037 488,900 1,500,000 Plymouth, MI, Educational Center Charter School, Public School Academy Revenue Refunding Bonds, (Series 2005), 5.625%, 11/1/2035 1,514,070 TOTAL 5,314,549 Minnesota--3.8% 4,000,000 Becker, MN, PCR Bonds (Series 2000-A), 8.50% (Northern States Power Co., MN), 4/1/2030 4,802,000 5,000 Dakota County, MN, Housing & Redevelopment Authority, SFM Revenue Bonds, 7.20% (GNMA GTD), 12/1/2009 5,024 3,000,000 Duluth, MN, EDA, Health Care Facilities Revenue Bonds (Series 2004), 5.25% (Benedictine Health System-St. Mary's Duluth Clinic Health System Obligated Group), 2/15/2028 3,069,030 550,000 Glencoe, MN, Health Care Facilities, Revenue Bonds (Series 2005), 5.00% (Glencoe Regional Health Services), 4/1/2031 538,741 2,000,000 Minneapolis, MN, Health Care System, Revenue Bonds (Series 2002A), 5.75% (Allina Health System, MN), 11/15/2014 2,175,400 1,000,000 Minneapolis/St. Paul, MN Airport Commission, Special Facilities Revenue Refunding Bonds (Series 2005A), 7.375% (Northwest Airlines, Inc.)/(Original Issue Yield: 7.75%), 4/1/2025 625,850 500,000 Ramsey, MN, Lease Revenue Bonds (Series 2004A), 6.75% (Pact Charter School), 12/1/2033 508,075 4,000,000 St. Paul, MN, Housing & Redevelopment Authority, Hospital Facility Revenue Bonds (Series 2005), 6.00% (Health East, Inc.), 11/15/2035 4,268,600 1,000,000 St. Paul, MN, Housing & Redevelopment Authority, Refunding Revenue Bonds (Series 2003A), 7.00% (Achieve Language Academy ), 12/1/2032 1,028,620 2,000,000 St. Paul, MN, Housing & Redevelopment Authority, Revenue Bonds (Series 2002B), 7.00% (Upper Landing Project)/(Original Issue Yield: 7.05%), 3/1/2029 1,989,480 1,500,000 St. Paul, MN, Port Authority, Hotel Facility Revenue Bonds (Series 2), 7.375% (Radisson Kellogg Project)/(Original Issue Yield: 7.50%), 8/1/2029 1,565,550 TOTAL 20,576,370 Mississippi--0.5% 2,500,000 Mississippi Business Finance Corp., PCR Bonds, 5.875% (System Energy Resources, Inc.)/(Original Issue Yield: 5.934%), 4/1/2022 2,544,000 Missouri--0.9% 2,445,000 (1) Kansas City, MO, IDA, MFH Revenue Bonds, 6.90% (Woodbridge Apartments Project), 8/1/2030 2,273,630 1,000,000 Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds (Series 2005A), 5.00% (Branson, MO), 6/1/2035 1,003,750 1,000,000 St. Joseph, MO, IDA, Healthcare Revenue Bonds, 7.00% (Living Community St. Joseph Project), 8/15/2032 1,064,150 500,000 West Plains, MO, IDA, Hospital Revenue Bonds, 6.75% (Ozarks Medical Center)/(Original Issue Yield: 6.78%), 11/15/2024 522,535 TOTAL 4,864,065 Multi State--1.7% 8,240,000 (1,2Merrill Lynch Puttable FLOATs/RITES Trust, Tax Exempt Receipts (Series PPT-33), 11.1541%, 1/1/2032 9,358,003 Nevada--1.4% 1,000,000 Clark County, NV, Limited Obligation Improvement Bonds (Series 2003), 6.375% (Mountains Edge SID No. 142)/(Original Issue Yield: 6.40%), 8/1/2023 1,033,300 975,000 Clark County, NV, Local Improvement Bonds (Series 2001), 6.875% (Summerlin-South SID No. 132)/(Original Issue Yield: 6.92%), 2/1/2021 1,008,257 500,000 Clark County, NV, Special Assessment Revenue Bonds (Series 2005), 5.00% (Summerlin-Mesa SID No. 151), 8/1/2025 499,035 1,800,000 Director of the State of Nevada Department of Business and Industry, 2nd Tier Revenue Bonds (Series 2000), 7.375% (Las Vegas Monorail Project)/(Original Issue Yield: 7.75%), 1/1/2040 1,880,010 1,300,000 (1,2Director of the State of Nevada Department of Business and Industry, Revenue Bonds (Series 2004A), 7.00% (Las Ventanas Retirement Community)/(Original Issue Yield: 7.125%), 11/15/2034 1,340,898 1,000,000 (1,2Director of the State of Nevada Department of Business and Industry, Revenue Bonds (Series 2004B), 6.75% (Las Ventanas Retirement Community)/(Original Issue Yield: 6.875%), 11/15/2023 1,028,350 500,000 Las Vegas, NV, Local Improvement Special Assessment Bonds (Series 2004), 6.00% (Providence SID No. 607), 6/1/2019 519,235 TOTAL 7,309,085 New Jersey--3.5% 2,000,000 New Jersey EDA, Retirement Community Revenue Bonds (Series 2001A), 7.25% (Cedar Crest Village, Inc.)/(Original Issue Yield: 7.625%), 11/15/2031 2,163,540 300,000 New Jersey EDA, Retirement Community Revenue Bonds (Series A), 8.125% (Seabrook Village)/(Original Issue Yield: 8.30%), 11/15/2018 324,336 1,250,000 New Jersey EDA, Retirement Community Revenue Bonds (Series A), 8.25% (Seabrook Village)/(Original Issue Yield: 8.50%), 11/15/2030 1,407,787 1,550,000 New Jersey EDA, Revenue Bonds (Series 1997A), 5.875% (Host Marriott Corp.), 12/1/2027 1,546,202 3,000,000 New Jersey EDA, Revenue Bonds, Series 2004, 5.50% (NJ Dedicated Cigarette Excise Tax), 6/15/2016 3,227,370 1,000,000 New Jersey EDA, Revenue Bonds, Series 2004, 5.75% (NJ Dedicated Cigarette Excise Tax)/(Original Issue Yield: 5.93%), 6/15/2034 1,044,180 1,000,000 New Jersey EDA, Special Facilities Revenue Bonds (Series 2000), 7.20% (Continental Airlines, Inc.)/(Original Issue Yield: 7.25%), 11/15/2030 908,090 400,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, 6.50% (Pascack Valley Hospital Association)/(Original Issue Yield: 6.72%), 7/1/2023 411,040 2,000,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, 6.625% (Palisades Medical Center)/(Original Issue Yield: 6.67%), 7/1/2031 2,167,880 5,000,000 Tobacco Settlement Financing Corp., NJ, Revenue Bonds, 6.75% (Original Issue Yield: 7.05%), 6/1/2039 5,583,900 TOTAL 18,784,325 New Mexico--1.2% 850,000 Bernalillo County, NM, MFH Revenue Bonds (Series 2001C), 7.50% (Valencia Retirement)/(SunAmerica, Inc. GTD), 12/1/2021 887,799 2,500,000 Dona Ana County, NM, MFH Revenue Bonds (Series 2001A), 7.00% (Montana Meadows Apartments), 12/1/2030 2,562,125 2,000,000 Farmington, NM, PCR Refunding Bonds (Series 1997), 6.375% (Public Service Co., NM), 4/1/2022 2,122,620 940,000 (1,2Sandoval County, NM, Revenue Bonds, 7.75% (Santa Ana Pueblo Project), 7/1/2015 963,030 TOTAL 6,535,574 New York--9.8% 2,500,000 Brookhaven, NY, IDA, Senior Residential Housing Revenue Bonds, 6.25% (Woodcrest Estates), 12/1/2023 2,554,225 115,000 Dutchess County, NY, IDA, Civic Facility Revenue Bonds (Series 2004B), 7.50% (St. Francis Hospital and Health Centers), 3/1/2029 125,091 990,000 Dutchess County, NY, IDA, Refunding Revenue Bonds (Series 2004A), 7.50% (St. Francis Hospital and Health Centers), 3/1/2029 1,076,873 5,000,000 (1,2Metropolitan Transportation Authority, NY, RITES (PA-1042R), 7.72548% (MBIA Insurance Corp. INS), 1/1/2010 5,942,400 500,000 Nassau County, NY, IDA, Civic Facility Refunding Revenue Bonds (Series 2001B) , 5.875% (North Shore-Long Island Jewish Obligated Group)/(Original Issue Yield: 5.92%), 11/1/2011 533,885 8,000,000 (1,2New York City, NY, IDA, Liberty Revenue Bonds (Series A), 6.50% (7 World Trade Center LLC), 3/1/2035 8,443,520 2,000,000 (1,2New York City, NY, IDA, Liberty Revenue Bonds (Series B), 6.75% (7 World Trade Center LLC), 3/1/2015 2,138,500 400,000 New York City, NY, IDA, Special Facilities Revenue Bonds, 5.50% (Terminal One Group Association), 1/1/2024 421,672 1,500,000 New York City, NY, IDA, Special Facility Revenue Bonds (Series 2002), 7.625% (British Airways)/(Original Issue Yield: 7.976%), 12/1/2032 1,613,820 4,000,000 New York City, NY, IDA, Special Facility Revenue Bonds (Series 2005), 8.00% (American Airlines, Inc.)/(Original Issue Yield: 8.095%), 8/1/2028 3,986,440 2,000,000 New York City, NY, UT GO Bonds (Fiscal 2002 Series B), 5.375% (Original Issue Yield: 5.48%), 12/1/2020 2,142,720 5,000,000 New York City, NY, UT GO Bonds (Fiscal 2004 Series A), 5.50%, 8/1/2022 5,376,300 1,000,000 New York City, NY, UT GO Bonds (Fiscal 2004 Series I), 5.00%, 8/1/2022 1,034,410 4,000,000 New York City, NY, UT GO Bonds (Fiscal 2005 Series J), 5.00%, 3/1/2025 4,120,720 1,850,000 New York Liberty Development Corp., Revenue Bonds (Series 2005), 5.25% (Goldman Sachs Group, Inc.), 10/1/2035 2,039,181 300,000 New York State Dormitory Authority, Revenue Bonds (Series 2005), 5.00% (Rochester General Hospital)/(Radian Asset Assurance INS), 12/1/2035 307,116 1,075,000 New York State Dormitory Authority, Revenue Bonds (Series 2005C), 5.50% (Mt. Sinai NYU Health Obligated Group), 7/1/2026 1,087,707 869,921 Schenectady, NY, Bond Anticipation Renewal Notes (Series 2005), 5.25% BANs, 5/26/2006 867,885 750,000 Schenectady, NY, Tax Anticipation Notes (Series 2004), 5.90% TANs, 12/30/2005 749,625 5,250,000 (1,2Tobacco Settlement Financing Corp., NY, RITES (PA-1230), 7.34279% (New York State), 6/1/2016 6,099,083 1,500,000 Triborough Bridge & Tunnel Authority, NY, General Purpose Revenue Refunding Bonds (Series 2002B), 5.00%, 11/15/2022 1,561,170 TOTAL 52,222,343 North Carolina--1.2% 2,500,000 Gaston County, NC Industrial Facilities and Pollution Control Financing Authority, Exempt Facilities Revenue Bonds, 5.75% (National Gypsum Co.), 8/1/2035 2,597,725 500,000 North Carolina Medical Care Commission, Health Care Facilities First Mortgage Revenue Bonds, 6.375% (Arbor Acres Community)/(Original Issue Yield: 6.55%), 3/1/2032 521,425 1,910,000 North Carolina Medical Care Commission, Health Care Facilities First Mortgage Revenue Bonds, 7.625% (Depaul Community Facilities)/(Original Issue Yield: 7.625%), 11/1/2029 1,972,648 1,200,000 North Carolina Medical Care Commission, Health Care Housing Revenue Bonds (Series 2004A), 5.80% (Arc of North Carolina Projects), 10/1/2034 1,232,016 TOTAL 6,323,814 Ohio--2.2% 1,500,000 Cleveland-Cuyahoga County, OH, Port Authority, Special Assessment Tax-Increment Revenue Bonds, 7.35% (University Heights, OH Public Parking Garage), 12/1/2031 1,615,635 500,000 Franklin County, OH, Health Care Facilities, Revenue Bonds (Series 2001A), 7.125% (Ohio Presbyterian Retirement Services)/(Original Issue Yield: 7.35%), 7/1/2029 553,450 2,500,000 (1,2Lorain County, OH, RITES (PA-894R-A), 7.97548% (Catholic Healthcare Partners), 10/1/2012 2,958,575 2,500,000 (1,2Lorain County, OH, RITES (PA-894R-B), 7.97548% (Catholic Healthcare Partners), 10/1/2013 2,927,300 1,500,000 Ohio State Air Quality Development Authority, PCR Refunding Revenue Bonds (Series 1997A), 6.10% (Cleveland Electric Illuminating Co.), 8/1/2020 1,541,370 1,500,000 Port Authority for Columbiana County, OH, Solid Waste Facility Revenue Bonds (Series 2004A), 7.25% (Apex Environmental LLC)/(Original Issue Yield: 7.30%), 8/1/2034 1,511,850 450,000 (1,2Port of Greater Cincinnati, OH, Development Authority, Special Assessment Revenue Bonds, 6.40% (Cincinnati Mills), 2/15/2034 483,269 375,000 Toledo-Lucas County, OH, Port Authority, Revenue Bonds (Series 2004C), 6.375% (Northwest Ohio Bond Fund), 11/15/2032 400,796 TOTAL 11,992,245 Oklahoma--1.2% 4,300,000 Jackson County, OK, Hospital Authority, Hospital Revenue Refunding Bonds, 7.30% (Jackson County Memorial Hospital, OK)/(Original Issue Yield: 7.40%), 8/1/2015 4,368,800 1,000,000 Oklahoma County, OK, Finance Authority, Retirement Facility Revenue Bonds (Series 2005), 6.00% (Concordia Life Care Community)/(Original Issue Yield: 6.15%), 11/15/2038 984,020 1,000,000 Oklahoma County, OK, Finance Authority, Retirement Facility Revenue Bonds (Series 2005), 6.125% (Concordia Life Care Community), 11/15/2025 1,001,810 TOTAL 6,354,630 Oregon--1.5% 1,000,000 Clackamas County, OR, Hospital Facilities Authority, Refunding Gross Revenue Bonds (Series 2005), 5.125% (Willamette Falls Hospital), 4/1/2026 978,910 2,960,000 (1,2Multnomah County, OR, Hospital Facilities Authority, RITES (PA-1267A), 7.20575% (Providence Health System), 4/1/2012 3,378,485 2,040,000 (1,2Multnomah County, OR, Hospital Facilities Authority, RITES (PA-1267B), 7.70575% (Providence Health System), 4/1/2012 2,402,773 1,000,000 Yamhill County, OR, Hospital Authority, Revenue Bonds, 7.00% (Friendsview Retirement Community)/(Original Issue Yield: 7.125%), 12/1/2034 1,089,660 TOTAL 7,849,828 Pennsylvania--8.7% 1,330,000 Allegheny County, PA, HDA, Health Care Facilities Revenue Bonds (Series 1998), 5.875% (Villa St. Joseph of Baden, Inc.)/(Original Issue Yield: 6.02%), 8/15/2018 1,331,756 4,500,000 Allegheny County, PA, HDA, Health System Revenue Bonds (Series 2000B), 9.25% (West Penn Allegheny Health System)/(Original Issue Yield: 9.70%), 11/15/2030 5,356,980 620,000 Allegheny County, PA, HDA, Revenue Bonds, (Series A), 8.75% (Covenant at South Hills)/(Original Issue Yield: 8.80%), 2/1/2031 292,454 2,000,000 (1,2Allegheny County, PA, IDA, Cargo Facilities Lease Revenue Bonds (Series 1999), 6.625% (AFCO Cargo PIT LLC Project)/(Original Issue Yield: 6.75%), 9/1/2024 1,910,220 1,120,000 Allegheny County, PA, IDA, Charter School Revenue Bonds (Series 2004A), 7.50% (Propel Schools)/(Original Issue Yield: 7.75%), 12/15/2029 1,158,898 865,000 Allegheny County, PA, IDA, Environmental Improvement Refunding Revenue Bonds (Series 2005) , 5.50% (U.S. Steel Corp.), 11/1/2016 873,157 1,400,000 Allegheny County, PA, IDA, Lease Revenue Bonds (Series 2001), 6.60% (Residential Resources Inc. Project)/(Original Issue Yield: 6.75%), 9/1/2031 1,470,490 1,000,000 Bucks County, PA, IDA, First Mortgage Health Care Facilities Revenue Bonds (Series 1999), 6.30% (Chandler Hall Health Services Obligated Group)/(Original Issue Yield: 6.40%), 5/1/2029 1,021,410 1,500,000 Chartiers Valley, PA, Industrial & Commercial Development Authority, First Mortgage Revenue Refunding Bonds (Series 1999), 6.375% (Asbury Health Center)/(Original Issue Yield: 6.52%), 12/1/2024 1,554,555 2,000,000 Commonwealth of Pennsylvania, UT GO Bonds (Second Series 2001), 5.00%, 9/15/2018 2,114,960 2,000,000 Cumberland County, PA, Municipal Authority, Retirement Community Revenue Bonds (Series 2002A), 7.25% (Wesley Affiliated Services, Inc. Obligated Group)/(Original Issue Yield: 7.50%), 1/1/2035 2,388,720 1,000,000 Lancaster, PA, IDA, Revenue Bonds (Series 2000A), 7.625% (Garden Spot Village Project)/(Original Issue Yield: 7.84%), 5/1/2031 1,089,310 1,000,000 Lawrence County, PA, IDA, Senior Health and Housing Facilities Revenue Bonds, 7.50% (Shenango Presbyterian SeniorCare Obligated Group)/(Original Issue Yield: 7.75%), 11/15/2031 1,023,040 2,000,000 Montgomery County, PA, Higher Education & Health Authority Hospital, Revenue Bonds, 7.375% (Philadelphia Geriatric Center)/(Original Issue Yield: 7.50%), 12/1/2030 2,292,360 1,000,000 Montgomery County, PA, IDA, Fixed Rate Mortgage Revenue Bonds (Series 2005), 6.25% (Whitemarsh Continuing Care Retirement Community)/(Original Issue Yield: 6.375%), 2/1/2035 1,042,380 500,000 Pennsylvania EDFA, Exempt Facilities Revenue Bonds (Series 1997B), 6.125% (National Gypsum Co.), 11/1/2027 528,940 1,000,000 Pennsylvania EDFA, Exempt Facilities Revenue Bonds (Series 2003A), 6.75% (Reliant Energy, Inc.), 12/1/2036 1,063,480 2,000,000 Pennsylvania EDFA, Exempt Facilities Revenue Bonds, 6.25% (National Gypsum Co.), 11/1/2027 2,133,280 1,500,000 Pennsylvania EDFA, Resource Recovery Revenue Bonds (Series A), 6.40% (Northampton Generating), 1/1/2009 1,502,355 900,000 (3) Pennsylvania State Higher Education Facilities Authority, Revenue Bonds (Series 1996), 7.15% (Thiel College)/(U.S. Treasury PRF 5/15/2006 @102), 5/15/2015 933,129 900,000 Philadelphia Authority for Industrial Development, Senior Living Revenue Bonds (Series 2005A), 5.625% (PresbyHomes Germantown/Morrisville), 7/1/2035 904,905 1,000,000 Philadelphia, PA Airport System, Revenue Bonds (Series 2005A), 5.00% (MBIA Insurance Corp. INS), 6/15/2024 1,024,770 10,995,000 Philadelphia, PA, Gas Works, Revenue Bonds (Series A-1), 5.00% (FSA INS), 9/1/2033 11,240,518 1,500,000 Scranton, PA, UT GO Bonds (Series 2001C), 7.10% (U.S. Treasury PRF 9/1/2011 @100)/(Original Issue Yield: 7.35%), 9/1/2031 1,743,000 500,000 Westmoreland County, PA, IDA, Retirement Community Revenue Bonds (Series 2005A), 5.75% (Redstone Presbyterian Seniorcare Obligated Group), 1/1/2026 509,940 TOTAL 46,505,007 Puerto Rico--0.3% 9,000,000 (1,2Children's Trust, PR, Tobacco Settlement Asset-Backed Revenue Bonds (Series 2005A) (Original Issue Yield: 6.50%), 5/15/2050 555,210 1,000,000 (1,2Puerto Rico Highway and Transportation Authority, RITES (Series PA 331B), 7.71562% (AMBAC INS), 1/1/2011 1,241,590 TOTAL 1,796,800 Rhode Island--0.2% 1,000,000 Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Bonds (Series 2002), 6.50% (Lifespan Obligated Group)/(Original Issue Yield: 6.70%), 8/15/2032 1,094,330 South Carolina--1.3% 6,000,000 Connector 2000 Association, Inc., SC, Capital Appreciation Senior Revenue Bonds (Series 1998B) (Original Issue Yield: 5.80%), 1/1/2025 1,131,360 15,550,000 Connector 2000 Association, Inc., SC, Toll Road Capital Appreciation Revenue Bonds (Series 1998A) (Original Issue Yield: 5.85%), 1/1/2034 1,506,951 1,500,000 South Carolina, EDA, First Mortgage Health Facilities Revenue Refunding Bonds (Series 1998), 5.70% (The Lutheran Homes of South Carolina, Inc.)/(Original Issue Yield: 5.80%), 5/1/2026 1,440,525 1,500,000 South Carolina, EDA, Hospital Facilities Improvement Revenue Bonds, (Series 2000A), 7.375% (Palmetto Health Alliance)/(U.S. Treasury PRF 12/15/2010 @102)/(Original Issue Yield: 7.55%), 12/15/2021 1,779,315 1,000,000 Tobacco Settlement Revenue Management Authority, SC, Tobacco Settlement Asset-Backed Bonds (Series 2001B), 6.375% (Original Issue Yield: 6.532%), 5/15/2028 1,053,370 TOTAL 6,911,521 South Dakota--0.4% 2,000,000 Minnehaha County, SD, Health Facilities, Revenue Bonds (Series 2002A), 7.00% (Bethany Lutheran Home)/(Original Issue Yield: 7.198%), 12/1/2035 2,079,440 Tennessee--2.6% 3,000,000 Elizabethton, TN, Health & Educational Facilities Board, First Mortgage Hospital Revenue Refunding & Improvement Bonds (Series 2000B), 8.00% (Mountain States Health Alliance), 7/1/2033 3,550,590 1,000,000 Johnson City, TN, Health & Education Facilities Board, Retirement Facility Revenue Bonds (Series 2004A), 6.25% (Appalachian Christian Village)/(Original Issue Yield: 6.43%), 2/15/2032 1,019,150 1,000,000 Knox County, TN, Health Education & Housing Facilities Board, Revenue Bonds, 6.375% (Baptist Health System of East Tennessee)/(Original Issue Yield: 6.50%), 4/15/2022 1,055,790 2,100,000 (3) Springfield, TN, Health & Educational Facilities Board, Hospital Revenue Bonds, 8.25% (NorthCrest Medical Center)/(U.S. Treasury PRF 4/1/2006 @102)/(Original Issue Yield: 8.50%), 4/1/2012 2,135,805 5,000,000 Springfield, TN, Health & Educational Facilities Board, Hospital Revenue Bonds, 8.50% (NorthCrest Medical Center)/(U.S. Treasury PRF 4/1/2006 @102)/(Original Issue Yield: 8.875%), 4/1/2024 5,186,400 1,000,000 Sullivan County, TN, Health Educational & Housing Facilities Board, Hospital Revenue Bonds, 6.25% (Wellmont Health System)/(Original Issue Yield: 6.45%), 9/1/2022 1,090,260 TOTAL 14,037,995 Texas--6.3% 2,000,000 ABIA Development Corp., TX, Airport Facilities Revenue Bonds (Series 1999), 7.25% (Aero Austin LP)/(Original Issue Yield: 7.50%), 1/1/2025 2,032,460 800,000 Abilene, TX Health Facilities Development Corp., Retirement Facilities Revenue Bonds (Series 2003A), 7.00% (Sears Methodist Retirement )/(Original Issue Yield: 7.25%), 11/15/2033 864,488 1,000,000 Austin, TX Convention Center Enterprises, Inc., First Tier Hotel Revenue Bonds (Series 2001A), 6.70% (Original Issue Yield: 6.75%), 1/1/2032 1,056,400 1,000,000 Brazos River Authority, TX, PCR Refunding Bonds (Series 1994A), 5.40% (TXU Energy Company LLC), 5/1/2029 1,002,240 1,000,000 Brazos River Authority, TX, PCR Refunding Bonds (Series 2003A), 6.75% TOBs (TXU Energy Company LLC), Mandatory Tender 4/1/2013 1,126,210 715,000 Brazos River Authority, TX, PCR Refunding Bonds (Series 2003C), 6.75% (TXU Energy Company LLC)/(Original Issue Yield: 6.77%), 10/1/2038 792,006 1,000,000 Brazos River Authority, TX, PCR Refunding Bonds, 7.70% (TXU Energy Company LLC), 4/1/2033 1,172,120 2,380,000 Brazos River Authority, TX, Refunding PCR Bonds (Series 2001C), 5.75% TOBs (TXU Energy Company LLC), Mandatory Tender 11/1/2011 2,532,487 1,000,000 Brazos River Authority, TX, Revenue Refunding Bonds (Series 1999C), 7.75% (Centerpoint Energy Houston Electric), 12/1/2018 1,098,440 4,000,000 Decatur, TX, Hospital Authority, Hospital Revenue Bonds (Series 2004A), 7.125% (Wise Regional Health System), 9/1/2034 4,309,200 1,500,000 El Paso, TX, HFDC, Senior Care Facilities Revenue Bonds, 7.75% (Bienvivir Senior Health Services), 8/15/2031 1,634,490 500,000 Gulf Coast, TX, Waste Disposal Authority, Waste Disposal Revenue Bonds (Series 2001), 6.65% (Valero Energy Corp.), 4/1/2032 539,730 1,000,000 Houston, TX, Airport System, Special Facilities Revenue Bonds (Series 2001), 7.00% (Continental Airlines, Inc.), 7/1/2029 911,220 1,000,000 Houston, TX, HFDC, Retirement Facilities Revenue Bonds (Series 2004A), 7.125% (Buckingham Senior Living Community)/(Original Issue Yield: 7.20%), 2/15/2034 1,093,340 2,000,000 Kerrville, TX, HFDC, Hospital Revenue Bonds, 5.375% (Sid Peterson Memorial Hospital), 8/15/2035 2,001,540 1,125,000 Mesquite, TX, Health Facilities Development Corp., Retirement Facility Revenue Bonds (Series 2005), 5.625% (Christian Care Centers, Inc.), 2/15/2035 1,147,399 1,000,000 Mesquite, TX, Health Facilities Development Corp., Retirement Facility Revenue Bonds, 7.625% (Christian Care Centers, Inc.)/(Original Issue Yield: 7.75%), 2/15/2028 1,156,550 2,000,000 North Central Texas HFDC, Retirement Facility Revenue Bonds (Series 1999), 7.50% (Northwest Senior Housing Corp. Edgemere Project)/(Original Issue Yield: 7.75%), 11/15/2029 2,154,220 250,000 Port of Corpus Christi, TX, IDC, Revenue Refunding Bonds (Series C), 5.40% (Valero Energy Corp.), 4/1/2018 259,068 1,000,000 Tarrant County, TX, HFDC, Revenue Bonds (Series 1998C), 5.75% (Bethesda Living Center)/(Original Issue Yield: 5.89%), 8/15/2018 1,004,810 1,000,000 Tarrant County, TX, HFDC, Revenue Bonds (Series 1998C), 5.75% (Bethesda Living Center)/(Original Issue Yield: 5.97%), 8/15/2028 950,120 2,000,000 Tarrant County, TX, Housing Finance Corp., MFH Revenue Bonds (Series 2002A), 6.25% (Quail Ridge Apartments Project), 4/1/2007 1,912,320 2,000,000 Texas State Affordable Housing Corp., MFH Revenue Bonds (Junior Series 2002B), 8.00% (American Housing Foundation)/(Original Issue Yield: 8.365%), 3/1/2032 838,280 1,485,000 (4) Texas State Affordable Housing Corp., MFH Revenue Bonds (Series 2001B), 7.25% (NHT/GTEX Project), 10/1/2031 296,035 1,000,000 Tom Green County, TX, HFDC, Hospital Revenue Bonds, 6.75% (Shannon Health System)/(Original Issue Yield: 6.85%), 5/15/2021 1,074,700 535,000 Travis County, TX, Health Facilities Development Corp., Retirement Facility Revenue Bonds, 5.65% (Querencia at Barton Creek)/(Original Issue Yield: 5.80%), 11/15/2035 521,860 TOTAL 33,481,733 Virginia--3.1% 675,000 Broad Street Community Development Authority, VA, Revenue Bonds, 7.10% (Original Issue Yield: 7.15%), 6/1/2016 746,705 1,000,000 Broad Street Community Development Authority, VA, Revenue Bonds, 7.50% (Original Issue Yield: 7.625%), 6/1/2033 1,109,130 2,000,000 Henrico County, VA, EDA, Residential Care Facility Revenue Refunding Bonds, 6.70% (Virginia United Methodist Homes, Inc.)/(Original Issue Yield: 6.80%), 6/1/2027 2,126,140 1,500,000 Peninsula Port Authority, VA, Residential Care Facility Revenue Bonds (Series 2003A), 7.375% (Virginia Baptist Homes Obligated Group)/(Original Issue Yield: 7.625%), 12/1/2032 1,663,830 7,500,000 Pocahontas Parkway Association, VA, Toll Road Capital Appreciation Revenue Bonds (Series B) (Original Issue Yield: 5.75%), 8/15/2017 3,921,675 16,000,000 Pocahontas Parkway Association, VA, Toll Road Revenue Bonds (Series 1998B) (Original Issue Yield: 5.90%), 8/15/2029 4,123,520 2,850,000 Tobacco Settlement Financing Corp., VA, Revenue Bonds, 5.625% (Original Issue Yield: 5.78%), 6/1/2037 2,858,322 TOTAL 16,549,322 Washington--0.8% 1,000,000 Skagit County, WA, Public Hospital District No. 1, Refunding Revenue Bonds , 6.00% (Skagit Valley Hospital)/(Original Issue Yield: 6.25%), 12/1/2023 1,072,440 250,000 Skagit County, WA, Public Hospital District No. 1, Revenue Bonds (Series 2005), 5.50% (Skagit Valley Hospital), 12/1/2030 255,303 2,475,000 (1,2Washington State, Drivers (Series 1073), 9.9375% (FSA INS), 7/1/2013 2,837,093 TOTAL 4,164,836 Wisconsin--2.8% 750,000 Milwaukee, WI, Redevelopment Authority, Redevelopment Education Revenue Bonds (Series 2005A), 5.75% (Milwaukee Science Education Consortium, Inc.)/(Original Issue Yield: 5.93%), 8/1/2035 750,083 1,000,000 Racine, WI, Solid Waste Disposal, Revenue Bonds, 3.25% TOBs (Republic Services, Inc.), Mandatory Tender 4/1/2009 973,100 1,250,000 Wisconsin State HEFA, Revenue Bonds (Series 1998), 5.70% (United Lutheran Program For The Aging, Inc.)/(Original Issue Yield: 5.778%), 3/1/2028 1,238,825 1,000,000 Wisconsin State HEFA, Revenue Bonds (Series 2002A), 7.375% (Divine Savior Healthcare), 5/1/2026 1,093,420 880,000 Wisconsin State HEFA, Revenue Bonds (Series 2002A), 7.50% (Divine Savior Healthcare), 5/1/2032 963,116 1,400,000 Wisconsin State HEFA, Revenue Bonds (Series 2004), 6.125% (Eastcastle Place, Inc.)/(Original Issue Yield: 6.25%), 12/1/2034 1,422,078 750,000 Wisconsin State HEFA, Revenue Bonds (Series 2004A), 6.25% (Southwest Health Center)/(Original Issue Yield: 6.32%), 4/1/2034 759,630 1,000,000 Wisconsin State HEFA, Revenue Bonds (Series 2004A), 6.75% (Beaver Dam Community Hospitals, Inc.)/(Original Issue Yield: 6.95%), 8/15/2034 1,079,010 2,000,000 Wisconsin State HEFA, Revenue Bonds (Series B), 6.75% (Grant Regional Health Center, Inc.)/(Original Issue Yield: 6.90%), 10/1/2022 2,000,200 1,250,000 Wisconsin State HEFA, Revenue Bonds, 5.80% (Beaver Dam Community Hospitals, Inc.), 8/15/2028 1,246,750 500,000 Wisconsin State HEFA, Revenue Bonds, 6.625% (Tomah Memorial Hospital, Inc.)/(Original Issue Yield: 6.875%), 7/1/2028 522,035 1,630,000 Wisconsin State HEFA, Revenue Bonds, 6.00% (Agnesian Healthcare, Inc.)/(Original Issue Yield: 6.15%), 7/1/2030 1,710,538 1,000,000 Wisconsin State HEFA, Revenue Bonds, (Series 1998), 5.75% (Attic Angel Obligated Group)/(Original Issue Yield: 6.00%), 11/15/2027 988,910 TOTAL 14,747,695 Wyoming--0.3% 1,500,000 Teton County, WY, Hospital District, Hospital Revenue Bonds, 6.75% (St. John's Medical Center)/(Original Issue Yield: 7.00%), 12/1/2027 1,552,530 TOTAL MUNICIPAL BONDS ----------------------------------------------------------- (IDENTIFIED COST $500,441,434) 520,693,963 SHORT-TERM MUNICIPALS--1.2% New York--0.9% 5,005,000 New York City, NY, Transitional Finance Authority, New York City Recovery Bonds (2003 Subseries 2-A) Daily VRDNs (Dexia Credit Local LIQ), 2.970%, 12/1/2005 5,005,000 Puerto Rico--0.3% 1,400,000 Puerto Rico Government Development Bank (GDB) Weekly VRDNs (MBIA Insurance Corp. INS)/(Credit Suisse, Zurich LIQ), 2.850%, 12/7/2005 1,400,000 TOTAL SHORT-TERM MUNICIPALS ----------------------------------------------------------- (IDENTIFIED COST $6,405,000) 6,405,000 OTHER--0.9% 1,500,000 (1,2Charter Mac Equity Issuer Trust, Pfd., 7.60%, 11/30/2010 1,681,755 1,000,000 (1,2GMAC Municipal Mortgage Trust, Pfd., (Series B-2), 5.50%, 10/31/2040 989,940 2,000,000 (1,2Muni Mae TE Bond Subsidiary LLC, Pfd., 7.75%, 6/30/2050 2,251,140 TOTAL OTHER (IDENTIFIED COST $4,500,000) 4,922,835 TOTAL MUNICIPAL INVESTMENTS -99.4% =========================================================== (IDENTIFIED COST $511,346,434)(5) 532,021,798 OTHER ASSETS AND LIABILITIES - NET--0.6% 2,967,152 TOTAL NET ASSETS -100% $ 534,988,950
============================================================================== Securities that are subject to the federal alternative minimum tax (AMT) represent 14.7% of the Fund's portfolio as calculated based upon total portfolio market value. 1 Denotes a restricted security, including securities purchased under the Rule 144A of the Securities Act of 1933. These securities, unless registered under the Act or exempted from registration, may only be sold to qualified institutional investors. At November 30, 2005, these securities amounted to $89,153,276, which represents 16.7% of total net assets. 2 Denotes a restricted security, including securities purchased under Rule 144A that have been deemed liquid by criteria approved by the fund's Board of Directors. At November 30, 2005, these securities amounted to $86,879,646, which represents 16.2% of total net assets. Additional information on restricted securities, excluding securities purchased under Rule 144A that have been deemed liquid by the Board of Directors (the "Directors"), held at November 30, 2005, is as follows: Acquisition Acquisition Security Date Cost ------------------------------------------------------------------------- ------------------------------------------------------------------------- Allegheny County, PA, IDA, Cargo Facilities 9/23/1999 $1,969,900 Lease Revenue Bonds (Series 1999), 6.625% (AFCO Cargo PIT LLC Project)/(Original Issue Yield: 6.75%), 9/1/2024 ------------------------------------------------------------------------- ------------------------------------------------------------------------- California Statewide Communities Development 6/7/1999 $1,285,000 Authority, MFH Revenue Bonds (Series 1999X) , 6.65% (Magnolia City Lights Project), 7/1/2029 ------------------------------------------------------------------------- ------------------------------------------------------------------------- California Statewide Communities Development 7/13/2001 $1,000,000 Authority, Revenue Bonds, 6.625% (Tehiyah Day School), 11/1/2031 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Capital Trust Agency, FL, Revenue Bonds 5/9/2003 $1,000,000 (Series 2003A), 8.95% (Seminole Tribe of Florida Convention and Resort Hotel Facilities)/(U.S. Treasury PRF 10/1/2012 @102), 10/1/2033 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Children's Trust, PR, Tobacco Settlement 7/15/2005 $541,890 Asset-Backed Revenue Bonds (Series 2005A) (Original Issue Yield: 6.50%), 5/15/2050 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Director of the State of Nevada Department 12/23/2004 $1,279,850 of Business and Industry, Revenue Bonds (Series 2004A), 7.00% (Las Ventanas Retirement Community)/(Original Issue Yield: 7.125%), 11/15/2034 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Director of the State of Nevada Department 12/9/2004 $986,780 of Business and Industry, Revenue Bonds (Series 2004B), 6.75% (Las Ventanas Retirement Community)/(Original Issue Yield: 6.875%), 11/15/2023 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Kansas City, MO, IDA, MFH Revenue Bonds, 7/27/1999 $2,445,000 6.90% (Woodbridge Apartments Project), 8/1/2030 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Louisiana Public Facilities Authority 8/30/2000 $1,953,424 Hospital Revenue, Revenue Bonds, 8.625% (Lake Charles Memorial Hospital)/(Original Issue Yield: 8.75%), 12/1/2030 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Maryland State IDFA, Economic Development 7/8/2005 $500,000 Revenue Bonds (Series 2005A), 6.00% (Our Lady of Good Counsel High School), 5/1/2035 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Miami Beach, FL Health Facilities Authority, 4/26/2004 $675,248 Refunding Revenue Bonds, 6.75% (Mt. Sinai Medical Center, FL)/(Original Issue Yield: 7.05%), 11/15/2029 ------------------------------------------------------------------------- ------------------------------------------------------------------------- New York City, NY, IDA, Liberty Revenue 3/15/2005 $8,000,000 Bonds (Series A), 6.50% (7 World Trade Center LLC), 3/1/2035 ------------------------------------------------------------------------- ------------------------------------------------------------------------- New York City, NY, IDA, Liberty Revenue 3/15/2005 $2,000,000 Bonds (Series B), 6.75% (7 World Trade Center LLC), 3/1/2015 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Port of Greater Cincinnati, OH, Development 2/11/2004 $450,000 Authority, Special Assessment Revenue Bonds, 6.40% (Cincinnati Mills), 2/15/2034 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Puerto Rico Highway and Transportation 3/3/1998 $1,158,780 Authority, RITES (Series PA 331B), 7.71562% (AMBAC INS), 1/1/2011 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Sandoval County, NM, Revenue Bonds, 7.75% 6/29/2004 $940,000 (Santa Ana Pueblo Project), 7/1/2015 ------------------------------------------------------------------------- ------------------------------------------------------------------------- 3 Pledged as collateral to ensure the Fund is able to satisfy the obligations of its outstanding short futures contracts. Contracts Number of Notional Value ExpiratioUnrealized Contracts Date Appreciation ------------------------------------------------------------------------- ------------------------------------------------------------------------- U.S. Treasury 350 $(37,985,938) March $36,829 Note 10-Year 2006 Futures ------------------------------------------------------------------------- 4 Security is in default of principal and interest. 5 At November 30, 2005, the cost of investments for federal tax purposes was $511,123,434. The net unrealized appreciation of investments for federal tax purposes excluding any unrealized appreciation from futures contracts was $20,898,364. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $28,062,129 and net unrealized depreciation from investments for those securities having an excess of cost over value of $7,163,765. Note: The categories of investments are shown as a percentage of total net assets at November 30, 2005. Investment Valuation Municipal Bonds are valued by an independent pricing service, taking into consideration yield, liquidity, risk, credit quality, coupon, maturity, type of issue, and any other factors or market data the pricing service deems relevant. The Fund generally values short-term securities according to prices furnished by an independent pricing service, except that short-term securities with remaining maturities of less than 60 days at the time of purchase may be valued at amortized cost. Prices furnished by an independent pricing service are intended to be indicative of the mean between the bid and asked prices currently offered to institutional investors for the securities. Securities for which no quotations are readily available are valued at fair value as determined in accordance with procedures established by and under general supervision of the Board of Directors. The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation BANs --Bond Anticipation Notes COL --Collateralized EDA --Economic Development Authority EDFA --Economic Development Financing Authority FHA --Federal Housing Administration FLOATs --Puttable Floating Option Tax-Exempt Receipts FSA --Financial Security Assurance GNMA --Government National Mortgage Association GO --General Obligation GTD --Guaranteed HDA --Hospital Development Authority HEFA --Health and Education Facilities Authority HFA --Housing Finance Authority HFDC --Health Facility Development Corporation IDA --Industrial Development Authority IDB --Industrial Development Bond IDC --Industrial Development Corporation IDFA --Industrial Development Finance Authority IDRB --Industrial Development Revenue Bond INS --Insured LIQ --Liquidity Agreement LT --Limited Tax MFH --Multifamily Housing PCR --Pollution Control Revenue PCFA --Pollution Control Finance Authority PRF --Prerefunded RITES --Residual Interest Tax-Exempt Securities Receipts SFM --Single Family Mortgage TANs --Tax Anticipation Notes TOBs --Tender Option Bonds UT --Unlimited Tax VRDNs --Variable Rate Demand Notes Item 2. Controls and Procedures (a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-Q. (b) There were no changes in the registrant's internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting. Item 3. Exhibits 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 Federated Municipal High Yield Advantage Fund, Inc. By /S/ Richard A. Novak, Richard A Novak, Principal Financial Officer (insert name and title) Date January 24, 2006 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 /S/ J. Christopher Donahue J. Christopher Donahue, Principal Executive Officer Date January 24, 2006 By /S/ Richard A. Novak Richard A. Novak, Principal Financial Officer Date January 24, 2006