-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MlbhSW3FPezWvXr2To0/x+4HhAC5HbprS979puNbZaEj25DYtjq8NDtNi7Hsw4Zv YFIB2FvUjm40LwPSxraMxw== 0001318148-06-000985.txt : 20060731 0001318148-06-000985.hdr.sgml : 20060731 20060731145350 ACCESSION NUMBER: 0001318148-06-000985 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20060531 FILED AS OF DATE: 20060731 DATE AS OF CHANGE: 20060731 EFFECTIVENESS DATE: 20060731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Federated Municipal High Yield Advantage Fund, Inc. CENTRAL INDEX KEY: 0000807607 IRS NUMBER: 251542736 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04533 FILM NUMBER: 06990718 BUSINESS ADDRESS: STREET 1: 5800 CORPORATE DRIVE CITY: PITTSBURGH STATE: PA ZIP: 15237-7000 BUSINESS PHONE: 8003417400 MAIL ADDRESS: STREET 1: 5800 CORPORATE DRIVE CITY: PITTSBURGH STATE: PA ZIP: 15237-7000 FORMER COMPANY: FORMER CONFORMED NAME: FEDERATED MUNICIPAL OPPORTUNITIES FUND INC DATE OF NAME CHANGE: 19960307 FORMER COMPANY: FORMER CONFORMED NAME: FORTRESS MUNICIPAL INCOME FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: FORTRESS HIGH YIELD MUNICIPAL FUND INC DATE OF NAME CHANGE: 19900814 0000807607 S000009088 Federated Municipal High Yield Advantage Fund, Inc. C000024693 Class A Shares FMOAX C000024694 Class B Shares FMOBX C000024695 Class C Shares FMNCX C000024696 Class F Shares FHTFX N-Q 1 form.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 5/31/06 Item 1. Schedule of Investments FEDERATED MUNICIPAL HIGH YIELD ADVANTAGE FUND, INC. PORTFOLIO OF INVESTMENTS May 31, 2006 (unaudited) PRINCIPAL VALUE AMOUNT
MUNICIPAL BONDS--94.0% ALABAMA--0.7% $ 2,000,000 Courtland, AL IDB, Solid Waste Disposal Revenue Refunding Bonds (Series 2005B), 5.20% $ 1,987,120 (International Paper Co.), 6/1/2025 2,100,000 Sylacauga, AL Health Care Authority, Revenue Bonds (Series 2005A), 6.00% (Coosa Valley Medical 2,150,316 Center)/(Original Issue Yield: 6.05%), 8/1/2035 TOTAL 4,137,436 ALASKA--0.2% 1,440,000 Alaska Industrial Development and Export Authority, Power Revenue Bonds, 5.875% (Upper Lynn 1,348,618 Canal Regional Power Supply System)/(Original Issue Yield: 6.00%), 1/1/2032 ARIZONA--0.5% 500,000 Arizona Health Facilities Authority, Hospital System Revenue Bonds, 6.375% (John C. Lincoln 572,790 Health Network), 12/1/2037 1,500,000 Pima County, AZ IDA, Education Facilities Revenue Bonds (Series 2006), 6.25% (Choice Education & 1,509,360 Development Corp.), 6/1/2036 1,000,000 1,2 Watson Road Community Facilities District, AZ, Special Assessment Revenue Bonds (Series 2005), 992,390 6.00%, 7/1/2030 TOTAL 3,074,540 ARKANSAS--0.4% 2,000,000 Arkansas Development Finance Authority, Hospital Revenue Bonds (Series 2000), 7.375% (Washington 2,233,000 Regional Medical Center)/(United States Treasury PRF 2/1/2010 @100)/(Original Issue Yield: 7.50%), 2/1/2029 CALIFORNIA--7.1% 1,000,000 1,2 California PCFA, Solid Waste Disposal Revenue Bonds (Series 2002B), 5.00% (Waste Management, 1,000,800 Inc.), 7/1/2027 1,000,000 1,2 California PCFA, Solid Waste Disposal Revenue Bonds (Series 2005A-2), 5.40% (Waste Management, 1,035,020 Inc.), 4/1/2025 2,000,000 1,2 California PCFA, Solid Waste Disposal Revenue Bonds (Series 2005C), 5.125% (Waste Management, 2,046,280 Inc.), 11/1/2023 3,000,000 1,2 California State, Economic Recovery Revenue Bonds Trust Program (Series 929) RITES, 6.79% 3,493,080 (California State Fiscal Recovery Fund), 7/1/2013 4,595,000 California State, UT GO Bonds, 5.00% (MBIA Insurance Corp. INS), 6/1/2012 4,849,287 1,405,000 California State, UT GO Bonds, 5.00% (United States Treasury PRF 6/1/2011 @100)/(Original Issue 1,489,202 Yield: 4.53%), 6/1/2012 2,075,000 California State, UT GO Bonds, 5.75% (United States Treasury PRF 5/1/2010 @101)/(Original Issue 2,245,648 Yield: 5.75%), 5/1/2030 1,195,000 California State, UT GO Bonds, 5.75% (United States Treasury PRF 5/1/2010 @101)/(Original Issue 1,296,922 Yield: 5.75%, 5/1/2030 980,000 California State, UT GO Bonds, 5.75%, 5/1/2030 1,047,640 1,285,000 1,2 California Statewide Communities Development Authority, MFH Revenue Bonds (Series 1999X) , 6.65% 1,333,560 (Magnolia City Lights Project), 7/1/2029 1,000,000 1 California Statewide Communities Development Authority, Revenue Bonds, 6.625% (Tehiyah Day 1,054,550 School), 11/1/2031 2,000,000 Golden State Tobacco Securitization Corp., CA, Enhanced Tobacco Settlement Asset-Backed Bonds 2,017,320 (Series 2005A) , 5.00% (California State), 6/1/2045 4,000,000 Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Bonds (Series 4,776,480 2003A-3), 7.875%, 6/1/2042 2,825,000 Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Asset-Backed Revenue Bonds 3,158,152 (Series 2003A-1), 6.75% (Original Issue Yield: 7.00%), 6/1/2039 750,000 Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Revenue Bonds (Series 2003A- 896,700 2), 7.90%, 6/1/2042 1,000,000 Los Angeles, CA Regional Airport Improvement Corp., Facilities Sublease Refunding Revenue Bonds 1,074,900 (Series 2002B), 7.50% (American Airlines, Inc.)/(Original Issue Yield: 7.929%), 12/1/2024 2,000,000 Los Angeles, CA Regional Airport Improvement Corp., Lease Revenue Bonds, (Series C), 7.50% 2,149,800 (American Airlines, Inc.)/(Original Issue Yield: 7.929%), 12/1/2024 1,000,000 Oxnard, CA Community Facilities District No. 3, Special Tax Bonds (Series 2005), 5.00% 978,860 (Seabridge at Mandalay Bay)/(Original Issue Yield: 5.22%), 9/1/2035 1,350,000 Poway, CA Unified School District, Special Tax Bonds (Series 2005), 5.125% (Community Facilities 1,345,828 District No. 6 (4S Ranch))/(Original Issue Yield: 5.21%), 9/1/2035 349,000 San Bernardino County, CA Housing Authority, Subordinated Revenue Bonds, 7.25% (Glen Aire Park & 380,054 Pacific Palms), 4/15/2042 1,500,000 Southern California Logistics Airport Authority, Tax Allocation Bonds, 5.00% (Radian Asset 1,518,435 Assurance INS), 12/1/2035 1,000,000 Western Hills Water District, CA, Special Tax Revenue Bonds, 6.875% (Diablo Grande Community 1,072,320 Facilities No. 1)/(Original Issue Yield: 6.954%), 9/1/2031 TOTAL 40,260,838 COLORADO--6.3% 1,500,000 Aspen Grove, CO Business Improvement District, LT GO Bonds (Series 2001), 7.625%, 12/1/2025 1,615,590 2,000,000 Beacon Point, CO Metropolitan District, Revenue Bonds (Series 2005A), 6.25% (Original Issue 2,105,300 Yield: 6.375%), 12/1/2035 1,500,000 Castle Oaks, CO Metropolitan District, LT GO Bonds (Series 2005), 6.125%, 12/1/2035 1,552,950 1,500,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds (Series 1,762,740 2001), 7.625% (Peak to Peak Charter School Project)/(United States Treasury PRF 8/15/2011 @100)/(Original Issue Yield: 8.00%), 8/15/2031 970,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds (Series 984,210 2005), 6.50% (Knowledge Quest Academy)/(Original Issue Yield: 6.50%), 5/1/2036 1,000,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds, 7.375% 1,029,350 (Frontier Academy)/(Original Issue Yield: 7.50%), 6/1/2031 990,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds, 7.25% 1,077,942 (Platte River Academy)/(United States Treasury PRF 3/1/2010 @100)/(Original Issue Yield: 7.40%), 3/1/2022 500,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds, 7.25% 560,650 (Platte River Academy)/(United States Treasury PRF 3/1/2010 @100)/(Original Issue Yield: 7.50%), 3/1/2032 760,000 Colorado Educational & Cultural Facilities Authority, Charter School Revenue Bonds, 7.50% (Excel 896,861 Academy)/(United States Treasury PRF 12/1/2011 @100)/(Original Issue Yield: 7.75%), 12/1/2033 800,000 Colorado Educational & Cultural Facilities Authority, Revenue Refunding Bonds (Series A), 7.125% 886,464 (Denver Academy)/(Original Issue Yield: 7.375%), 11/1/2028 755,000 Colorado Health Facilities Authority, Health Facilities Revenue Bonds (Series 2005), 5.25% 775,453 (Evangelical Lutheran Good Samaritan Society), 6/1/2023 4,250,000 Colorado Health Facilities Authority, Revenue Bonds (Series 2005), 5.00% (Covenant Retirement 4,166,487 Communities, Inc.)/(Original Issue Yield: 5.05%), 12/1/2035 1,000,000 Conservatory Metropolitan District, CO, LT GO Bonds, 6.75%, 12/1/2034 1,059,650 1,000,000 Conservatory Metropolitan District, CO, LT GO Bonds, 7.55%, 12/1/2032 1,112,420 600,000 Deer Creek Metropolitan District, CO, UT GO Bonds, 7.625% (United States Treasury PRF 12/1/2010 694,938 @101)/(Original Issue Yield: 7.62%), 12/1/2019 2,250,000 Denver, CO City & County Airport Authority, Revenue Bonds, 5.00% (XL Capital Assurance Inc. 2,346,390 INS), 11/15/2021 2,000,000 Denver, CO City & County Airport Authority, Revenue Bonds, 5.00% (XL Capital Assurance Inc. 2,082,540 INS), 11/15/2022 500,000 Denver, CO Health & Hospital Authority, Healthcare Revenue Bonds (Series 2001A), 6.00% (Original 524,495 Issue Yield: 6.05%), 12/1/2031 1,000,000 High Plains, CO Metropolitan District, Revenue Bonds (Series 2005A), 6.25% (Original Issue 1,052,650 Yield: 6.375%), 12/1/2035 1,000,000 Maher Ranch, CO Metropolitan District No. 4, LT GO Bonds, 7.875%, 12/1/2033 1,110,640 1,770,000 Murphy Creek, CO Metropolitan District No. 3, Refunding & Improvement LT GO Bonds, 6.00%, 1,854,818 12/1/2026 2,235,000 Northwest, CO Metropolitan District No. 3, LT GO Bonds (Series 2005), 6.25%, 12/1/2035 2,329,049 1,500,000 Southlands, CO Metropolitan District No. 1, LT GO Bonds (Series 2004), 7.125% (Original Issue 1,643,490 Yield: 7.18%), 12/1/2034 2,000,000 Sterling Hills West Metropolitan District, LT GO Bonds (Series 2110B), 8.00%, 12/1/2021 2,137,600 TOTAL 35,362,677 CONNECTICUT--0.4% 1,000,000 Connecticut Development Authority, Airport Facility Revenue Bonds, 7.95% (Bombardier, Inc.), 1,188,450 4/1/2026 800,000 Connecticut State HEFA, Revenue Bonds (Series 2005C), 5.125% (Eastern Connecticut Health 822,488 Network)/(Radian Asset Assurance INS), 7/1/2030 TOTAL 2,010,938 DISTRICT OF COLUMBIA--3.1% 3,120,000 1,2 District of Columbia, RITES (PA-1343), 5.70818% (AMBAC INS), 6/1/2023 3,362,861 14,000,000 District of Columbia, Revenue Bonds, 5.625% (American University)/(AMBAC INS)/(Original Issue 14,211,680 Yield: 5.90%), 10/1/2026 TOTAL 17,574,541 FLORIDA--6.7% 1,500,000 Arborwood, FL Community Development District, Capital Improvement Revenue Bonds (Series 2005A), 1,507,995 5.35%, 5/1/2036 1,400,000 Belmont, FL Community Development District, Capital Improvement Revenue Bonds (Series 2006B), 1,397,564 5.125%, 11/1/2014 2,000,000 Capital Projects Finance Authority, FL, Continuing Care Retirement Community Revenue Bonds, 2,194,240 8.00% (Glenridge on Palmer Ranch)/(Original Issue Yield: 8.125%), 6/1/2032 223,333 Capital Trust Agency, FL, Housing Revenue Notes, 4.25% (Atlantic Housing Foundation Properties), 217,689 7/1/2040 1,000,000 1,2 Capital Trust Agency, FL, Revenue Bonds (Series 2003A), 8.95% (Seminole Tribe of Florida 1,237,110 Convention and Resort Hotel Facilities)/(United States Treasury PRF 10/1/2012 @102)/(Original Issue Yield: 8.95%), 10/1/2033 825,000 East Homestead, FL Community Development District, Special Assessment Revenue Bonds (Series 836,764 2005), 5.45%, 5/1/2036 1,000,000 East Homestead, FL Community Development District, Special Assessment Revenue Bonds (Series 1,004,520 2006), 5.375%, 5/1/2036 500,000 East Homestead, FL Community Development District, Special Assessment Revenue Bonds (Series 501,925 2006B), 5.00%, 5/1/2011 845,000 Fishhawk Community Development District II, Special Assessment Revenue Bonds (Series 2004B), 846,124 5.125% (Original Issue Yield: 5.20%), 11/1/2009 1,000,000 Greater Orlando, FL Aviation Authority, Special Purpose Airport Facilities Revenue Bonds (Series 1,014,980 2005), 6.50% (Jet Blue Airways Corp.)/(Original Issue Yield: 6.811%), 11/15/2036 675,000 Harbor Bay, FL Community Development District, Special Assessment Capital Improvement Revenue 683,066 Bonds (Series 2001B), 6.35%, 5/1/2010 1,000,000 Highlands County, FL Health Facilities Authority, Hospital Revenue Bonds (Series 2001A), 6.00% 1,111,160 (Adventist Health System/ Sunbelt Obligated Group)/(United States Treasury PRF 11/15/2011 @101)/(Original Issue Yield: 6.026%), 11/15/2031 1,000,000 Lakes by the Bay South Community Development District, FL, Special Assessment Revenue Bonds 1,066,030 (Series 2004A), 6.25% (Original Issue Yield: 6.277%), 5/1/2034 235,000 Lee County, FL HFA, SFM Step Coupon Revenue Bonds, 6.85% (GNMA Collateralized Home Mortgage 236,285 Program COL), 3/1/2029 2,000,000 Lee County, FL IDA, Health Care Facilities Revenue Bond (Series A), 6.75% (Cypress Cove at 2,110,760 Healthpark)/(Original Issue Yield: 6.98%), 10/1/2032 1,080,000 Live Oak, FL Community Development District No. 002, Special Assessment Revenue Bonds (Series 1,084,223 2004B), 5.00% (Original Issue Yield: 5.028%), 11/1/2009 925,000 Mediterra North Community Development District, FL, Capital Improvement Revenue Bonds (Series 988,982 A), 6.80%, 5/1/2031 1,000,000 Miami Beach, FL Health Facilities Authority, Hospital Revenue Bonds (Series 2001A), 6.70% (Mt. 1,095,870 Sinai Medical Center, FL)/(Original Issue Yield: 6.80%), 11/15/2019 700,000 1,2 Miami Beach, FL Health Facilities Authority, Refunding Revenue Bonds, 6.75% (Mt. Sinai Medical 780,038 Center, FL)/(Original Issue Yield: 7.05%), 11/15/2029 500,000 Miami, FL Health Facilities Authority, Health System Revenue Bonds (Series 2003C), 5.125% 508,535 (Catholic Health East)/(Original Issue Yield: 5.30%), 11/15/2024 1,000,000 Midtown Miami, FL Community Development District, Special Assessment Bonds (Series 2004A), 6.25% 1,084,240 (Original Issue Yield: 6.30%), 5/1/2037 965,000 Orlando, FL Urban Community Development District, Capital Improvement Revenue Bonds (Series 1,040,531 2001A), 6.95% (Original Issue Yield: 7.00%), 5/1/2033 600,000 Orlando, FL Urban Community Development District, Capital Improvement Revenue Bonds, 6.25%, 640,056 5/1/2034 2,000,000 1,2 Palm Beach County, FL, Tax-Exempt Revenue Bonds (Series 2005A), 6.75% (G-Star School of the Arts 1,994,860 for Motion Pictures and Broadcasting Charter School), 5/15/2035 1,930,000 Paseo Community Development District, FL, Capital Improvement Revenue Bonds (Series 2006), 1,946,637 5.00%, 2/1/2011 1,000,000 Reunion East Community Development District, FL, Special Assessment Bonds (Series 2002A), 1,110,410 7.375%, 5/1/2033 1,200,000 South Lake County, FL Hospital District, Revenue Bonds, 6.625% (South Lake Hospital, Inc.), 1,330,260 10/1/2023 2,000,000 St. Johns County, FL IDA, Health Care Revenue Bonds (Series 1999), 8.00% (Glenmoor at St. Johns 2,139,420 Project)/(Original Issue Yield: 8.10%), 1/1/2030 725,000 Tern Bay, FL Community Development District, Capital Improvement Revenue Bonds (Series 2005), 724,862 5.00%, 5/1/2015 1,760,000 Tolomato Community Development District, FL, Special Assessment Revenue Bonds (Series 2006), 1,759,912 5.40%, 5/1/2037 500,000 Tuscany Reserve Community Development District, FL, Capital Improvement Revenue Bonds (Series 503,765 2005A), 5.55%, 5/1/2036 375,000 Tuscany Reserve Community Development District, FL, Capital Improvement Revenue Bonds (Series 380,955 2005B), 5.25%, 5/1/2016 870,000 Verandah West, FL Community Development District, Capital Improvement Revenue Bonds (Series 938,895 2003A), 6.625% (Original Issue Yield: 6.75%), 5/1/2033 1,630,000 Volusia County, FL Education Facility Authority, Educational Facilities Refunding Revenue Bonds 1,670,359 (Series 2005), 5.00% (Embry-Riddle Aeronautical University, Inc.)/(Radian Asset Assurance INS), 10/15/2025 TOTAL 37,689,022 GEORGIA--1.9% 2,000,000 Atlanta, GA, Tax Allocation Bonds (Series 2001), 7.75% (Atlantic Station Project)/(Original 2,214,420 Issue Yield: 7.90%), 12/1/2014 770,000 Atlanta, GA, Tax Allocation Bonds (Series 2005B), 5.60% (Eastside Tax Allocation 784,892 District)/(Original Issue Yield: 5.65%), 1/1/2030 1,235,000 Atlanta, GA, Tax Allocation Bonds (Series 2006), 5.50% (Princeton Lakes), 1/1/2031 1,239,495 1,000,000 Augusta, GA Airport, General Passenger Facilities Charge Revenue Bonds, (Series A), 5.15%, 1,000,780 1/1/2035 750,000 Augusta, GA Airport, General Passenger Facilities Charge Revenue Bonds, (Series B), 5.35%, 754,987 1/1/2028 1,920,000 Augusta, GA HFA, MFH Refunding Revenue Bonds, 6.55% (Forest Brook Apartments), 12/1/2030 1,934,054 1,640,000 Forsyth County, GA Hospital Authority, Revenue Anticipation Certificates (Series 1998), 6.375% 1,874,307 (Georgia Baptist Health Care System)/(Escrowed In U.S. Treasuries COL)/(Original Issue Yield: 6.45%), 10/1/2028 750,000 Fulton County, GA Residential Care Facilities, Revenue Bonds (Series 2004A), 6.00% (Canterbury 760,365 Court), 2/15/2022 TOTAL 10,563,300 HAWAII--0.5% 1,000,000 Hawaii State Department of Budget & Finance, Special Purpose Revenue Bonds (Series A), 7.00% 1,076,670 (Kahala Nui)/(Original Issue Yield: 7.00%), 11/15/2012 1,000,000 Hawaii State Department of Budget & Finance, Special Purpose Revenue Bonds (Series A), 8.00% 1,151,890 (Kahala Nui)/(Original Issue Yield: 8.175%), 11/15/2033 435,000 Hawaii State Department of Transportation, Special Facility Refunding Revenue Bonds (Series 433,464 2000), 7.00% (Continental Airlines, Inc.)/(Original Issue Yield: 7.20%), 6/1/2020 TOTAL 2,662,024 IDAHO--0.4% 2,000,000 Idaho Health Facilities Authority, Refunding Revenue Bonds (Series 1999A), 7.875% (Valley Vista 2,086,020 Care Corp. Obligated Group)/(Original Issue Yield: 8.10%), 11/15/2029 145,000 Idaho Housing Agency, SFM Revenue Bonds (Series F-2), 7.80% (FHA GTD), 1/1/2023 145,267 TOTAL 2,231,287 ILLINOIS--3.0% 625,000 Bolingbrook, IL, Special Service Area No. 2005-1 Special Tax Bonds (Series 2005) (Forest City 585,875 Project)/(Original Issue Yield: 5.90%), 3/1/2027 1,000,000 Chicago, IL O'Hare International Airport, General Airport Third Lien Revenue Bonds (Series 1,024,450 2005A), 5.00% (FGIC INS), 1/1/2033 20,000 Chicago, IL, Collateralized SFM Revenue Bonds (Series A), 7.25% (GNMA COL), 9/1/2028 20,557 4,680,000 1,2 Illinois Finance Authority, RITES (Series PA-1286), 5.99791% (SwedishAmerican Hospital)/(AMBAC 5,012,748 INS), 11/15/2023 1,000,000 Illinois Finance Authority, Revenue Bonds (Series 2005A), 5.625% (Friendship Village of 1,010,190 Schaumburg)/(Original Issue Yield: 5.70%), 2/15/2037 1,250,000 Illinois Finance Authority, Revenue Bonds (Series 2005A), 6.00% (Landing at Plymouth 1,284,650 Place)/(Original Issue Yield: 6.04%), 5/15/2037 2,000,000 Illinois Finance Authority, Revenue Bonds (Series 2005A), 6.125% (Clare at Water 2,044,320 Tower)/(Original Issue Yield: 6.25%), 5/15/2038 1,500,000 Illinois Finance Authority, Revenue Bonds (Series 2005A), 6.25% (Smith Village), 11/15/2035 1,535,400 1,500,000 Illinois Finance Authority, Revenue Refunding Bonds (Series 2006A), 5.125% (Proctor 1,491,930 Hospital)/(Original Issue Yield: 5.20%), 1/1/2025 1,000,000 Illinois Finance Authority, Solid Waste Disposal Revenue Bonds, 5.05% (Waste Management, Inc.), 988,360 8/1/2029 2,000,000 Lombard, IL Public Facilities Corp., First Tier Revenue Bonds (Series 2005A-1), 7.125%, 1/1/2036 2,119,140 TOTAL 17,117,620 INDIANA--1.9% 1,000,000 Goshen, IN, Revenue Bonds (Series 1998), 5.75% (Greencroft Obligated Group)/(Original Issue 1,008,060 Yield: 5.87%), 8/15/2028 3,000,000 Indiana Health Facility Financing Authority, Hospital Revenue Bonds (Series 2001A), 6.375% 3,168,120 (Community Foundation of Northwest Indiana)/(Original Issue Yield: 6.68%), 8/1/2031 2,000,000 Indiana Health Facility Financing Authority, Revenue Refunding Bonds (Series 1998), 5.625% 1,985,240 (Greenwood Village South Project)/(Original Issue Yield: 5.802%), 5/15/2028 2,000,000 Indianapolis, IN Airport Authority, Special Facilities Revenue Refunding Bonds (Series 2004A), 2,059,100 5.10% (FedEx Corp.), 1/15/2017 1,000,000 South Bend, IN, Economic Development Revenue Bonds (Series 1999A), 6.25% (Southfield 1,008,260 Village)/(Original Issue Yield: 6.375%), 11/15/2029 1,355,000 St. Joseph County, IN Hospital Authority, Health Facilities Revenue Bonds (Series 2005), 5.375% 1,356,653 (Madison Center Obligated Group), 2/15/2034 TOTAL 10,585,433 IOWA--0.4% 375,000 Bremer County, IA Retirement Facilities, Retirement Facility Revenue Bonds (Series 2005A), 375,401 5.375% (Bartels Lutheran Retirement Community)/(Original Issue Yield: 5.45%), 11/15/2027 1,785,000 Wapello County, IA, Revenue Bonds, 6.25% (Ottumwa Regional Health Center)/(Original Issue Yield: 1,884,389 6.40%), 10/1/2022 TOTAL 2,259,790 KANSAS-0.9% 50,000 Manhattan, KS IDRB, Industrial Revenue Bonds (Series 1999), 6.25% (Farrar Corp. Project), 49,960 8/1/2006 1,625,000 Manhattan, KS IDRB, Industrial Revenue Bonds (Series 1999), 7.00% (Farrar Corp. Project), 1,613,446 8/1/2014 1,000,000 Olathe, KS, Senior Living Facility Revenue Bonds (Series 2000A), 8.00% (Aberdeen Village, 1,165,080 Inc.)/(United States Treasury PRF 5/15/2010 @102)/(Original Issue Yield: 8.25%), 5/15/2030 2,000,000 Olathe, KS, Senior Living Facility Revenue Bonds (Series 2006A), 6.00% (Catholic Care Campus, 2,074,460 Inc.), 11/15/2038 425,000 Sedgwick & Shawnee Counties, KS, SFM Revenue Bonds (Series 1997A-1), 6.95% (GNMA Collateralized 441,783 Home Mortgage Program COL), 6/1/2029 TOTAL 5,344,729 KENTUCKY--0.7% 2,000,000 Kentucky Economic Development Finance Authority, Hospital System Refunding Revenue Bonds, 5.875% 1,965,840 (Appalachian Regional Health Center)/(Original Issue Yield: 5.92%), 10/1/2022 2,000,000 Kentucky Economic Development Finance Authority, Revenue Bonds (Series 2000A), 6.625% (Norton 2,153,740 Healthcare, Inc.)/(Original Issue Yield: 6.97%), 10/1/2028 TOTAL 4,119,580 LOUISIANA--1.3% 1,000,000 De Soto Parish, LA Environmental Improvement Authority, Revenue Bonds, (Series A), 5.00% 990,840 (International Paper Co.), 11/1/2018 1,980,000 1,2 Louisiana Public Facilities Authority Hospital Revenue, Revenue Bonds, 8.625% (Lake Charles 2,082,386 Memorial Hospital)/(Original Issue Yield: 8.75%), 12/1/2030 2,000,000 St. James Parish, LA, Solid Waste Disposal Revenue Bonds, 7.70% (IMC Phosphates Co.)/(Original 2,002,040 Issue Yield: 7.75%), 10/1/2022 2,000,000 West Feliciana Parish, LA, PCR Refunding Bonds (Series 1999B), 6.60% (Entergy Gulf States, 2,021,800 Inc.), 9/1/2028 TOTAL 7,097,066 MAINE--0.4% 970,000 Maine Health & Higher Educational Facilities Authority, Health Facilities Revenue Bond, (Series 1,050,762 A), 7.50% (Piper Shores)/(United States Treasury PRF 1/1/2009 @100)/(Original Issue Yield: 7.50%), 1/1/2019 1,000,000 Maine Health & Higher Educational Facilities Authority, Health Facilities Revenue Bonds, (Series 1,084,470 A), 7.55% (Piper Shores)/(United States Treasury PRF 1/1/2009 @100)/(Original Issue Yield: 7.55%, 1/1/2029 TOTAL 2,135,232 MARYLAND--0.5% 2,000,000 Maryland State Economic Development Corp., Senior Lien Revenue Bonds (Series 1999B), 7.75% 2,137,020 (Chesapeake Bay Conference Center Project), 12/1/2031 500,000 Maryland State IDFA, Economic Development Revenue Bonds (Series 2005A), 6.00% (Our Lady of Good 528,590 Counsel High School), 5/1/2035 TOTAL 2,665,610 MASSACHUSETTS--2.5% 2,000,000 Massachusetts HEFA, Revenue Bonds (Series 2004A), 6.375% (Northern Berkshire Health System 2,094,920 )/(Original Issue Yield: 6.60%), 7/1/2034 2,000,000 Massachusetts HEFA, Revenue Bonds (Series 1999A), 5.75% (Caritas Christi Obligated 2,038,540 Group)/(Original Issue Yield: 5.80%), 7/1/2028 2,000,000 Massachusetts HEFA, Revenue Bonds (Series 2002B), 9.20% (Civic Investments), 12/15/2031 2,465,940 1,000,000 Massachusetts HEFA, Revenue Bonds (Series 2003E), 6.75% (Jordan Hospital )/(Original Issue 1,080,130 Yield: 7.00%), 10/1/2033 500,000 1,2 Massachusetts Water Resources Authority, RITES (PA 999-R-B), 6.6953%, 8/1/2015 584,800 1,305,000 1,2 Massachusetts Water Resources Authority, RITES (PA-999-R-A), 6.6953%, 8/1/2014 1,526,328 1,715,000 1,2 Massachusetts Water Resources Authority, RITES (Series 999-R-C), 6.6953%, 8/1/2019 2,005,864 1,805,000 1,2 Massachusetts Water Resources Authority, RITES (Series 999-R-D), 6.6953%, 8/1/2020 2,111,128 TOTAL 13,907,650 MICHIGAN-0.9% 1,000,000 Delta County, MI Economic Development Corp., Environmental Improvement Refunding Revenue Bonds 1,109,260 (Series 2002B), 6.45% (MeadWestvaco Corp.)/(United States Treasury PRF 4/15/2012 @100)/(Original Issue Yield: 6.45%), 4/15/2023 550,000 Gaylord, MI Hospital Finance Authority, Hospital Revenue Refunding Bonds (Series 2004), 6.50% 565,900 (Otsego Memorial Hospital Obligated Group)/(Original Issue Yield: 6.70%), 1/1/2037 1,500,000 Kent Hospital Finance Authority, MI, Revenue Bonds (Series 2005A), 6.25% (Metropolitan Hospital 1,631,595 ), 7/1/2040 500,000 Michigan State Hospital Finance Authority, Hospital Revenue Bonds (Series 2005), 5.00% (Chelsea 484,680 Community Hospital)/(Original Issue Yield: 5.07%), 5/15/2037 1,500,000 Plymouth, MI Educational Center Charter School, Public School Academy Revenue Refunding Bonds, 1,515,210 (Series 2005), 5.625%, 11/1/2035 TOTAL 5,306,645 MINNESOTA--3.7% 4,000,000 Becker, MN, PCR Bonds (Series 2000-A), 8.50% (Northern States Power Co., MN), 4/1/2030 4,950,200 3,000,000 Duluth, MN EDA, Health Care Facilities Revenue Bonds (Series 2004), 5.25% (Benedictine Health 3,053,010 System-St. Mary's Duluth Clinic Health System Obligated Group), 2/15/2028 550,000 Glencoe, MN Health Care Facilities, Revenue Bonds (Series 2005), 5.00% (Glencoe Regional Health 546,095 Services), 4/1/2031 2,000,000 Minneapolis, MN Health Care System, Revenue Bonds (Series 2002A), 5.75% (Allina Health System, 2,139,360 MN), 11/15/2014 1,000,000 Pine City, MN Lease Revenue, Lease Revenue Bonds (Series 2006A), 6.25% (Lakes International 999,930 Language Academy), 5/1/2035 500,000 Ramsey, MN, Lease Revenue Bonds (Series 2004A), 6.75% (Pact Charter School), 12/1/2033 505,790 4,000,000 St. Paul, MN Housing & Redevelopment Authority, Hospital Facility Revenue Bonds (Series 2005), 4,295,560 6.00% (Health East, Inc.), 11/15/2035 1,000,000 St. Paul, MN Housing & Redevelopment Authority, Refunding Revenue Bonds (Series 2003A), 7.00% 1,041,330 (Achieve Language Academy ), 12/1/2032 2,000,000 St. Paul, MN Housing & Redevelopment Authority, Revenue Bonds (Series 2002B), 7.00% (Upper 1,972,840 Landing Project)/(Original Issue Yield: 7.05%), 3/1/2029 1,500,000 St. Paul, MN Port Authority, Hotel Facility Revenue Bonds (Series 2), 7.375% (Radisson Kellogg 1,649,895 Project)/(United States Treasury PRF 8/1/2008 @103)/(Original Issue Yield: 7.50%), 8/1/2029 TOTAL 21,154,010 MISSISSIPPI--0.4% 2,500,000 Mississippi Business Finance Corp., PCR Bonds, 5.875% (System Energy Resources, Inc.)/(Original 2,516,275 Issue Yield: 5.934%), 4/1/2022 MISSOURI--0.9% 2,445,000 1 Kansas City, MO IDA, MFH Revenue Bonds, 6.90% (Woodbridge Apartments Project), 8/1/2030 2,372,115 1,000,000 Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds (Series 2005A), 993,940 5.00% (Branson, MO), 6/1/2035 1,000,000 St. Joseph, MO IDA, Healthcare Revenue Bonds, 7.00% (Living Community St. Joseph Project), 1,063,930 8/15/2032 500,000 West Plains, MO IDA, Hospital Revenue Bonds, 6.75% (Ozarks Medical Center)/(Original Issue 521,475 Yield: 6.78%), 11/15/2024 TOTAL 4,951,460 MULTI STATE--1.5% 7,220,000 1,2 Merrill Lynch Puttable FLOATs/RITES Trust, Tax Exempt Receipts (Series PPT-33), 10.49177%, 8,207,046 1/1/2032 NEVADA--1.9% 1,000,000 Clark County, NV Improvement District, Special Assessment Revenue Refunding Bonds (Series 1,002,310 2006B), 5.30% (Southern Highlands SID No.121-B)/(Original Issue Yield: 5.33%), 12/1/2029 1,000,000 Clark County, NV, Limited Obligation Improvement Bonds (Series 2003), 6.375% (Mountains Edge SID 1,032,990 No. 142)/(Original Issue Yield: 6.40%), 8/1/2023 970,000 Clark County, NV, Local Improvement Bonds (Series 2001), 6.875% (Summerlin-South SID No. 1,002,786 132)/(Original Issue Yield: 6.92%), 2/1/2021 500,000 Clark County, NV, Special Assessment Revenue Bonds (Series 2005), 5.00% (Summerlin-Mesa SID No. 498,745 151), 8/1/2025 1,800,000 Director of the State of Nevada Department of Business and Industry, 2nd Tier Revenue Bonds 1,873,224 (Series 2000), 7.375% (Las Vegas Monorail Project)/(Original Issue Yield: 7.75%), 1/1/2040 1,300,000 1,2 Director of the State of Nevada Department of Business and Industry, Revenue Bonds (Series 1,342,575 2004A), 7.00% (Las Ventanas Retirement Community)/(Original Issue Yield: 7.125%), 11/15/2034 1,000,000 1,2 Director of the State of Nevada Department of Business and Industry, Revenue Bonds (Series 1,025,160 2004B), 6.75% (Las Ventanas Retirement Community)/(Original Issue Yield: 6.875%), 11/15/2023 1,275,000 Henderson, NV, Limited Obligation Improvement Bonds, 5.30% (Inspirada Local Improvement District 1,277,550 No. T-18)/(Original Issue Yield: 5.33%), 9/1/2035 500,000 Las Vegas, NV, Local Improvement Special Assessment Bonds (Series 2004), 6.00% (Providence SID 518,920 No. 607), 6/1/2019 1,115,000 North Las Vegas, NV Special Improvement District No. 60, Subordinate LT Obligation Refunding 1,114,755 Bonds (Series 2006B), 5.10% (Aliante SID No. 60), 12/1/2022 TOTAL 10,689,015 NEW JERSEY--3.4% 2,000,000 New Jersey EDA, Retirement Community Revenue Bonds (Series 2001A), 7.25% (Cedar Crest Village, 2,166,840 Inc.)/(Original Issue Yield: 7.625%), 11/15/2031 300,000 New Jersey EDA, Retirement Community Revenue Bonds (Series A), 8.125% (Seabrook 320,523 Village)/(Original Issue Yield: 8.30%), 11/15/2018 1,250,000 New Jersey EDA, Retirement Community Revenue Bonds (Series A), 8.25% (Seabrook 1,396,863 Village)/(Original Issue Yield: 8.50%), 11/15/2030 1,550,000 New Jersey EDA, Revenue Bonds (Series 1997A), 5.875% (Host Marriott Corp.), 12/1/2027 1,542,514 3,000,000 New Jersey EDA, Revenue Bonds, (Series 2004), 5.50% (NJ Dedicated Cigarette Excise Tax), 3,217,560 6/15/2016 1,000,000 New Jersey EDA, Revenue Bonds, (Series 2004), 5.75% (NJ Dedicated Cigarette Excise 1,054,540 Tax)/(Original Issue Yield: 5.93%), 6/15/2034 1,000,000 New Jersey EDA, Special Facilities Revenue Bonds (Series 2000), 7.20% (Continental Airlines, 1,022,950 Inc.)/(Original Issue Yield: 7.25%), 11/15/2030 400,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, 6.50% (Pascack Valley 412,076 Hospital Association)/(Original Issue Yield: 6.72%), 7/1/2023 2,000,000 New Jersey Health Care Facilities Financing Authority, Revenue Bonds, 6.625% (Palisades Medical 2,182,820 Center)/(Original Issue Yield: 6.67%), 7/1/2031 5,000,000 Tobacco Settlement Financing Corp., NJ, Revenue Bonds, 6.75% (Original Issue Yield: 7.05%), 5,573,900 6/1/2039 TOTAL 18,890,586 NEW MEXICO--1.0% 850,000 Bernalillo County, NM Multifamily, Refunding Housing Revenue Bonds (Series 2001C), 7.50% 897,634 (Valencia Retirement)/(SunAmerica, Inc. GTD), 12/1/2021 2,500,000 Dona Ana County, NM, MFH Revenue Bonds (Series 2001A), 7.00% (Montana Meadows Apartments), 2,546,950 12/1/2030 2,000,000 Farmington, NM, PCR Refunding Bonds (Series 1997), 6.375% (Public Service Co., NM), 4/1/2022 2,079,640 TOTAL 5,524,224 NEW YORK--9.3% 2,500,000 Brookhaven, NY IDA, Senior Residential Housing Revenue Bonds, 6.25% (Woodcrest Estates), 2,546,975 12/1/2023 115,000 Dutchess County, NY IDA, Civic Facility Revenue Bonds (Series 2004B), 7.50% (St. Francis 124,960 Hospital and Health Centers), 3/1/2029 980,000 Dutchess County, NY IDA, Refunding Revenue Bonds (Series 2004A), 7.50% (St. Francis Hospital and 1,064,878 Health Centers), 3/1/2029 2,000,000 Long Island Power Authority, NY, Electric System General Revenue Bonds (Series 2006A), 5.00% (XL 2,076,560 Capital Assurance Inc. INS), 12/1/2026 5,000,000 1,2 Metropolitan Transportation Authority, NY, RITES (PA-1042R), 6.68493% (MBIA Insurance Corp. 5,827,800 INS), 1/1/2010 500,000 Nassau County, NY IDA, Civic Facility Refunding Revenue Bonds (Series 2001B) , 5.875% (North 523,965 Shore-Long Island Jewish Obligated Group)/(Original Issue Yield: 5.92%), 11/1/2011 6,000,000 1,2 New York City, NY IDA, Liberty Revenue Bonds (Series A), 6.50% (7 World Trade Center LLC), 6,349,320 3/1/2035 2,000,000 1,2 New York City, NY IDA, Liberty Revenue Bonds (Series B), 6.75% (7 World Trade Center LLC), 2,134,640 3/1/2015 400,000 New York City, NY IDA, Special Facilities Revenue Bonds, 5.50% (Terminal One Group Association), 422,548 1/1/2024 1,500,000 New York City, NY IDA, Special Facility Revenue Bonds (Series 2002), 7.625% (British 1,657,275 Airways)/(Original Issue Yield: 7.976%), 12/1/2032 5,500,000 New York City, NY IDA, Special Facility Revenue Bonds (Series 2005), 8.00% (American Airlines, 6,303,220 Inc.)/(Original Issue Yield: 8.095%), 8/1/2028 1,500,000 1,2 New York City, NY, RITES (PA-1349), 6.06767% (MBIA Insurance Corp. INS), 8/1/2018 1,737,090 2,000,000 New York City, NY, UT GO Bonds (Fiscal 2002 Series B), 5.375% (Original Issue Yield: 5.48%), 2,117,360 12/1/2020 5,000,000 New York City, NY, UT GO Bonds (Fiscal 2004 Series A), 5.50%, 8/1/2022 5,344,100 1,000,000 New York City, NY, UT GO Bonds (Fiscal 2004 Series I), 5.00%, 8/1/2022 1,028,970 4,000,000 New York City, NY, UT GO Bonds (Fiscal 2005 Series J), 5.00%, 3/1/2025 4,108,120 300,000 New York State Dormitory Authority, Revenue Bonds (Series 2005), 5.00% (Rochester General 305,223 Hospital)/(Radian Asset Assurance INS), 12/1/2035 1,075,000 New York State Dormitory Authority, Revenue Bonds (Series 2005C), 5.50% (Mt. Sinai NYU Health 1,085,987 Obligated Group), 7/1/2026 5,250,000 1,2 Tobacco Settlement Financing Corp., NY, RITES (PA-1230), 6.24997% (New York State), 6/1/2016 5,932,920 1,500,000 Triborough Bridge & Tunnel Authority, NY, General Purpose Revenue Refunding Bonds (Series 1,545,915 2002B), 5.00%, 11/15/2022 TOTAL 52,237,826 NORTH CAROLINA--1.5% 2,500,000 Gaston County, NC Industrial Facilities and Pollution Control Financing Authority, Exempt 2,614,475 Facilities Revenue Bonds, 5.75% (National Gypsum Co.), 8/1/2035 1,500,000 North Carolina Medical Care Commission, Health Care Facilities First Mortgage Revenue Bonds 1,541,685 (Series 2005A), 6.125% (Pennybyrn at Maryfield), 10/1/2035 500,000 North Carolina Medical Care Commission, Health Care Facilities First Mortgage Revenue Bonds, 524,625 6.375% (Arbor Acres Community)/(Original Issue Yield: 6.55%), 3/1/2032 1,910,000 North Carolina Medical Care Commission, Health Care Facilities First Mortgage Revenue Bonds, 1,966,517 7.625% (Depaul Community Facilities)/(Original Issue Yield: 7.625%), 11/1/2029 1,200,000 North Carolina Medical Care Commission, Health Care Housing Revenue Bonds (Series 2004A), 5.80% 1,263,492 (Arc of North Carolina Projects), 10/1/2034 500,000 North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds (Series 2005A), 499,955 5.65% (Pennybyrn at Maryfield)/(Original Issue Yield: 5.85%), 10/1/2025 TOTAL 8,410,749 OHIO--2.2% 1,000,000 Cleveland-Cuyahoga County, OH Port Authority, Senior Housing Revenue Bonds (Series 2006A), 6.25% 1,000,550 (St. Clarence-GEAC LLC), 5/1/2038 1,500,000 Cleveland-Cuyahoga County, OH Port Authority, Special Assessment Tax-Increment Revenue Bonds, 1,607,040 7.35% (University Heights, OH Public Parking Garage), 12/1/2031 500,000 Franklin County, OH Health Care Facilities, Revenue Bonds (Series 2001A), 7.125% (Ohio 575,295 Presbyterian Retirement Services)/(United States Treasury PRF 7/1/2011 @101)/(Original Issue Yield: 7.35%), 7/1/2029 2,500,000 1,2 Lorain County, OH, RITES (PA-894R-A), 6.93493% (Catholic Healthcare Partners), 10/1/2012 2,895,700 2,500,000 1,2 Lorain County, OH, RITES (PA-894R-B), 6.93493% (Catholic Healthcare Partners), 10/1/2013 2,872,050 1,500,000 Ohio State Air Quality Development Authority, PCR Refunding Revenue Bonds (Series 1997A), 6.10% 1,545,000 (Cleveland Electric Illuminating Co.), 8/1/2020 1,500,000 Port Authority for Columbiana County, OH, Solid Waste Facility Revenue Bonds (Series 2004A), 1,510,920 7.25% (Apex Environmental LLC)/(Original Issue Yield: 7.30%), 8/1/2034 375,000 Toledo-Lucas County, OH Port Authority, Revenue Bonds (Series 2004C), 6.375% (Northwest Ohio 403,530 Bond Fund), 11/15/2032 TOTAL 12,410,085 OKLAHOMA--1.1% 4,300,000 Jackson County, OK Hospital Authority, Hospital Revenue Refunding Bonds, 7.30% (Jackson County 4,351,514 Memorial Hospital, OK)/(Original Issue Yield: 7.40%), 8/1/2015 1,000,000 Oklahoma County, OK Finance Authority, Retirement Facility Revenue Bonds (Series 2005), 6.00% 991,070 (Concordia Life Care Community)/(Original Issue Yield: 6.15%), 11/15/2038 1,000,000 Oklahoma County, OK Finance Authority, Retirement Facility Revenue Bonds (Series 2005), 6.125% 1,005,300 (Concordia Life Care Community), 11/15/2025 TOTAL 6,347,884 OREGON--1.4% 1,000,000 Clackamas County, OR Hospital Facilities Authority, Refunding Gross Revenue Bonds (Series 2005), 971,200 5.125% (Willamette Falls Hospital), 4/1/2026 2,960,000 1,2 Multnomah County, OR Hospital Facilities Authority, RITES (PA-1267A), 6.16192% (Providence 3,321,534 Health System), 4/1/2012 2,040,000 1,2 Multnomah County, OR Hospital Facilities Authority, RITES (PA-1267B), 6.66192% (Providence 2,361,830 Health System), 4/1/2012 1,000,000 Yamhill County, OR Hospital Authority, Revenue Bonds, 7.00% (Friendsview Retirement 1,088,200 Community)/(Original Issue Yield: 7.125%), 12/1/2034 TOTAL 7,742,764 PENNSYLVANIA--8.2% 1,330,000 Allegheny County, PA HDA, Health Care Facilities Revenue Bonds (Series 1998), 5.875% (Villa St. 1,332,062 Joseph of Baden, Inc.)/(Original Issue Yield: 6.02%), 8/15/2018 4,500,000 Allegheny County, PA HDA, Health System Revenue Bonds (Series 2000B), 9.25% (West Penn Allegheny 5,343,435 Health System)/(Original Issue Yield: 9.70%), 11/15/2030 620,000 Allegheny County, PA HDA, Revenue Bonds, (Series A), 8.75% (Covenant at South Hills)/(Original 344,670 Issue Yield: 8.80%), 2/1/2031 2,000,000 1,2 Allegheny County, PA IDA, Cargo Facilities Lease Revenue Bonds (Series 1999), 6.625% (AFCO Cargo 2,001,240 PIT LLC Project)/(Original Issue Yield: 6.75%), 9/1/2024 1,120,000 Allegheny County, PA IDA, Charter School Revenue Bonds (Series 2004A), 7.50% (Propel 1,153,320 Schools)/(Original Issue Yield: 7.75%), 12/15/2029 865,000 Allegheny County, PA IDA, Environmental Improvement Refunding Revenue Bonds (Series 2005) , 898,251 5.50% (United States Steel Corp.), 11/1/2016 1,345,000 Allegheny County, PA IDA, Lease Revenue Bonds (Series 2001), 6.60% (Residential Resources Inc. 1,404,799 Project)/(Original Issue Yield: 6.75%), 9/1/2031 600,000 Bucks County, PA IDA, Retirement Community Revenue Bonds (Series 2005A), 6.25% (Ann's Choice, 623,418 Inc.), 1/1/2035 1,500,000 Chartiers Valley, PA Industrial & Commercial Development Authority, First Mortgage Revenue 1,552,950 Refunding Bonds (Series 1999), 6.375% (Asbury Health Center)/(Original Issue Yield: 6.52%), 12/1/2024 2,000,000 Commonwealth of Pennsylvania, UT GO Bonds (Second Series 2001), 5.00%, 9/15/2018 2,097,320 555,000 Cumberland County, PA Municipal Authority, Retirement Community Revenue Bonds (Series 2002A), 603,496 7.25% (Wesley Affiliated Services, Inc. Obligated Group)/(Original Issue Yield: 7.50%), 1/1/2035 1,445,000 Cumberland County, PA Municipal Authority, Retirement Community Revenue Bonds (Series 2002A), 1,724,593 7.25% (Wesley Affiliated Services, Inc. Obligated Group)/(United States Treasury PRF 1/1/2013 @101)/(Original Issue Yield: 7.50%), 1/1/2035 1,000,000 Lancaster, PA IDA, Revenue Bonds (Series 2000A), 7.625% (Garden Spot Villiage Project)/(United 1,145,270 States Treasury PRF 5/1/2010 @101)/(Original Issue Yield: 7.84%), 5/1/2031 1,000,000 Lawrence County, PA IDA, Senior Health and Housing Facilities Revenue Bonds, 7.50% (Shenango 1,072,490 Presbyterian SeniorCare Obligated Group)/(Original Issue Yield: 7.75%), 11/15/2031 2,000,000 Montgomery County, PA Higher Education & Health Authority Hospital, Revenue Bonds, 7.375% 2,246,960 (Philadelphia Geriatric Center)/(United States Treasury PRF 12/1/2009 @102)/(Original Issue Yield: 7.50%), 12/1/2030 1,000,000 Montgomery County, PA IDA, Fixed Rate Mortgage Revenue Bonds (Series 2005), 6.25% (Whitemarsh 1,057,420 Continuing Care Retirement Community)/(Original Issue Yield: 6.375%), 2/1/2035 500,000 Pennsylvania EDFA, Exempt Facilities Revenue Bonds (Series 1997B), 6.125% (National Gypsum Co.), 526,030 11/1/2027 2,000,000 Pennsylvania EDFA, Exempt Facilities Revenue Bonds, 6.25% (National Gypsum Co.), 11/1/2027 2,120,920 3,500,000 Pennsylvania EDFA, Resource Recovery Revenue Bonds (Series A), 6.40% (Northampton Generating), 3,499,510 1/1/2009 900,000 Philadelphia Authority for Industrial Development, Senior Living Revenue Bonds (Series 2005A), 901,449 5.625% (PresbyHomes Germantown/Morrisville), 7/1/2035 1,000,000 Philadelphia, PA Airport System, Revenue Bonds (Series 2005A), 5.00% (MBIA Insurance Corp. INS), 1,024,830 6/15/2024 10,995,000 Philadelphia, PA Gas Works, Revenue Bonds (Series A-1), 5.00% (FSA INS), 9/1/2033 11,217,649 1,500,000 Scranton, PA, UT GO Bonds (Series 2001C), 7.10% (United States Treasury PRF 9/1/2011 1,717,575 @100)/(Original Issue Yield: 7.35%), 9/1/2031 500,000 Westmoreland County, PA IDA, Retirement Community Revenue Bonds (Series 2005A), 5.75% (Redstone 511,805 Presbyterian Seniorcare Obligated Group), 1/1/2026 TOTAL 46,121,462 PUERTO RICO--0.3% 9,000,000 1,2 Children's Trust, PR, Tobacco Settlement Asset-Backed Revenue Bonds (Series 2005A) (Original 566,370 Issue Yield: 6.50%), 5/15/2050 1,000,000 1,2 Puerto Rico Highway and Transportation Authority, RITES (Series PA 331B), 6.67342% (AMBAC INS), 1,203,940 1/1/2011 TOTAL 1,770,310 RHODE ISLAND--0.2% 1,000,000 Rhode Island State Health and Educational Building Corp., Hospital Financing Revenue Bonds 1,139,940 (Series 2002), 6.50% (Lifespan Obligated Group)/(United States Treasury PRF 8/15/2012 @100)/(Original Issue Yield: 6.70%), 8/15/2032 SOUTH CAROLINA--1.2% 6,000,000 Connector 2000 Association, Inc., SC, Capital Appreciation Senior Revenue Bonds (Series 1998B) 1,042,140 (Original Issue Yield: 5.80%), 1/1/2025 7,750,000 Connector 2000 Association, Inc., SC, Toll Road Capital Appreciation Revenue Bonds (Series 737,878 1998A) (Original Issue Yield: 5.85%), 1/1/2034 825,000 Lancaster County, SC, Assessment Revenue Bonds (Series 2006), 5.45% (Sun City Carolina Lakes 825,421 Improvement District), 12/1/2037 1,500,000 South Carolina Jobs-EDA, First Mortgage Health Facilities Revenue Refunding Bonds (Series 1998), 1,451,400 5.70% (The Lutheran Homes of South Carolina, Inc.)/(Original Issue Yield: 5.80%), 5/1/2026 1,500,000 South Carolina Jobs-EDA, Hospital Facilities Improvement Revenue Bonds, (Series 2000A), 7.375% 1,745,655 (Palmetto Health Alliance)/(United States Treasury PRF 12/15/2010 @102)/(Original Issue Yield: 7.55%), 12/15/2021 1,000,000 Tobacco Settlement Revenue Management Authority, SC, Tobacco Settlement Asset-Backed Bonds 1,066,140 (Series 2001B), 6.375% (Original Issue Yield: 6.532%), 5/15/2028 TOTAL 6,868,634 SOUTH DAKOTA--0.4% 2,000,000 Minnehaha County, SD Health Facilities, Revenue Bonds (Series 2002A), 7.00% (Bethany Lutheran 2,079,120 Home)/(Original Issue Yield: 7.198%), 12/1/2035 TENNESSEE--1.6% 3,000,000 Elizabethton, TN Health & Educational Facilities Board, First Mortgage Hospital Revenue 3,512,730 Refunding & Improvement Bonds (Series 2000B), 8.00% (Mountain States Health Alliance), 7/1/2033 2,000,000 Johnson City, TN Health & Education Facilities Board, Hospital First Mortgage Revenue Bonds 2,073,540 (Series 2006A), 5.50% (Mountain States Health Alliance), 7/1/2036 1,000,000 Johnson City, TN Health & Education Facilities Board, Retirement Facility Revenue Bonds (Series 1,030,040 2004A), 6.25% (Appalachian Christian Village)/(Original Issue Yield: 6.43%), 2/15/2032 1,000,000 Knox County, TN Health Education & Housing Facilities Board, Revenue Bonds, 6.375% (Baptist 1,053,170 Health System of East Tennessee)/(Original Issue Yield: 6.50%), 4/15/2022 375,000 Sullivan County, TN Health Educational & Housing Facilities Board, Revenue Bonds, 6.25% 421,564 (Wellmont Health System)/(United States Treasury PRF 9/1/2012 @101)/(Original Issue Yield: 6.45%), 9/1/2022 625,000 Sullivan County, TN Health Educational & Housing Facilities Board, Revenue Bonds, 6.25% 702,606 (Wellmont Health System)/(United States Treasury PRF 9/1/2012 @101)/(Original Issue Yield: 6.45%), 9/1/2022 TOTAL 8,793,650 TEXAS--5.7% 2,000,000 ABIA Development Corp., TX, Airport Facilities Revenue Bonds (Series 1999), 7.25% (Aero Austin 2,058,800 LP)/(Original Issue Yield: 7.50%), 1/1/2025 800,000 Abilene, TX Health Facilities Development Corp., Retirement Facilities Revenue Bonds (Series 863,640 2003A), 7.00% (Sears Methodist Retirement )/(Original Issue Yield: 7.25%), 11/15/2033 1,000,000 Austin, TX Convention Center Enterprises, Inc., First Tier Hotel Revenue Bonds (Series 2001A), 1,055,000 6.70% (Original Issue Yield: 6.75%), 1/1/2032 1,000,000 Brazos River Authority, TX, PCR Refunding Bonds (Series 1994A), 5.40% (TXU Energy Co. LLC), 1,026,680 5/1/2029 1,000,000 Brazos River Authority, TX, PCR Refunding Bonds (Series 2003A), 6.75% TOBs (TXU Energy Co. LLC), 1,109,800 Mandatory Tender 4/1/2013 715,000 Brazos River Authority, TX, PCR Refunding Bonds (Series 2003C), 6.75% (TXU Energy Co. 802,823 LLC)/(Original Issue Yield: 6.77%), 10/1/2038 1,000,000 Brazos River Authority, TX, PCR Refunding Bonds, 7.70% (TXU Energy Co. LLC), 4/1/2033 1,166,750 2,380,000 Brazos River Authority, TX, PCR Refunding Bonds (Series 2001C), 5.75% TOBs (TXU Energy Co. LLC), 2,517,040 Mandatory Tender 11/1/2011 1,000,000 Brazos River Authority, TX, Revenue Refunding Bonds (Series 1999C), 7.75% (Centerpoint Energy 1,081,040 Houston Electric), 12/1/2018 4,000,000 Decatur, TX Hospital Authority, Hospital Revenue Bonds (Series 2004A), 7.125% (Wise Regional 4,319,720 Health System), 9/1/2034 1,500,000 El Paso, TX HFDC, Senior Care Facilities Revenue Bonds, 7.75% (Bienvivir Senior Health 1,647,060 Services), 8/15/2031 500,000 Gulf Coast, TX Waste Disposal Authority, Waste Disposal Revenue Bonds (Series 2001), 6.65% 538,150 (Valero Energy Corp.), 4/1/2032 1,000,000 Houston, TX Airport System, Special Facilities Revenue Bonds (Series 2001), 7.00% (Continental 1,032,810 Airlines, Inc.), 7/1/2029 1,000,000 Houston, TX HFDC, Retirement Facilities Revenue Bonds (Series 2004A), 7.125% (Buckingham Senior 1,105,030 Living Community)/(Original Issue Yield: 7.20%), 2/15/2034 2,000,000 Kerrville, TX HFDC, Hospital Revenue Bonds, 5.375% (Sid Peterson Memorial Hospital), 8/15/2035 2,018,500 1,125,000 Mesquite, TX Health Facilities Development Corp., Retirement Facility Revenue Bonds (Series 1,146,296 2005), 5.625% (Christian Care Centers, Inc.), 2/15/2035 1,000,000 Mesquite, TX Health Facilities Development Corp., Retirement Facility Revenue Bonds, 7.625% 1,134,090 (Christian Care Centers, Inc.)/(United States Treasury PRF 2/15/2010 @101)/(Original Issue Yield: 7.75%), 2/15/2028 2,000,000 North Central Texas HFDC, Retirement Facility Revenue Bonds (Series 1999), 7.50% (Northwest 2,251,040 Senior Housing Corp. Edgemere Project)/(United States Treasury PRF 11/15/2009 @102)/(Original Issue Yield: 7.75%), 11/15/2029 250,000 Port of Corpus Christi, TX IDC, Revenue Refunding Bonds (Series C), 5.40% (Valero Energy Corp.), 259,890 4/1/2018 900,000 Tarrant County, TX Cultural Education Facilities Finance Corp., Revenue Bonds, Series 2006A, 935,244 6.00% (Northwest Senior Housing Corp. Edgemere Project), 11/15/2036 1,000,000 Tarrant County, TX HFDC, Revenue Bonds (Series 1998C), 5.75% (Bethesda Living Center)/(Original 1,005,080 Issue Yield: 5.89%), 8/15/2018 1,000,000 Tarrant County, TX HFDC, Revenue Bonds (Series 1998C), 5.75% (Bethesda Living Center)/(Original 955,290 Issue Yield: 5.97%), 8/15/2028 2,000,000 1,3 Texas State Affordable Housing Corp., MFH Revenue Bonds (Junior Series 2002B), 8.00% (American 80,000 Housing Foundation)/(Original Issue Yield: 8.365%), 3/1/2032 1,485,000 1,4 Texas State Affordable Housing Corp., MFH Revenue Bonds (Series 2001B), 7.25% (NHT/GTEX 191,714 Project), 10/1/2031 1,000,000 Tom Green County, TX HFDC, Hospital Revenue Bonds, 6.75% (Shannon Health System)/(Original Issue 1,080,720 Yield: 6.85%), 5/15/2021 535,000 Travis County, TX Health Facilities Development Corp., Retirement Facility Revenue Bonds, 5.65% 521,358 (Querencia at Barton Creek)/(Original Issue Yield: 5.80%), 11/15/2035 TOTAL 31,903,565 VIRGINIA--3.0% 675,000 Broad Street Community Development Authority, VA, Revenue Bonds, 7.10% (Original Issue Yield: 738,362 7.15%), 6/1/2016 1,000,000 Broad Street Community Development Authority, VA, Revenue Bonds, 7.50% (Original Issue Yield: 1,102,170 7.625%), 6/1/2033 2,000,000 Henrico County, VA EDA, Residential Care Facility Revenue Refunding Bonds, 6.70% (Virginia 2,123,140 United Methodist Homes, Inc.)/(Original Issue Yield: 6.80%), 6/1/2027 1,500,000 Peninsula Port Authority, VA, Residential Care Facility Revenue Bonds (Series 2003A), 7.375% 1,820,160 (Virginia Baptist Homes Obligated Group)/(United States Treasury PRF 12/1/2013 @100)/(Original Issue Yield: 7.625%), 12/1/2032 7,500,000 Pocahontas Parkway Association, VA, Toll Road Capital Appreciation Revenue Bonds (Series B) 4,029,225 (Original Issue Yield: 5.75%), 8/15/2017 16,000,000 Pocahontas Parkway Association, VA, Toll Road Revenue Bonds (Series 1998B) (Original Issue 4,236,320 Yield: 5.90%), 8/15/2029 2,850,000 Tobacco Settlement Financing Corp., VA, Revenue Bonds, 5.625% (Original Issue Yield: 5.78%), 2,917,659 6/1/2037 TOTAL 16,967,036 WASHINGTON--0.7% 1,000,000 Skagit County, WA Public Hospital District No.1, Refunding Revenue Bonds, 6.00% (Skagit Valley 1,060,690 Hospital)/(Original Issue Yield: 6.25%), 12/1/2023 250,000 Skagit County, WA Public Hospital District No. 1, Revenue Bonds (Series 2005), 5.50% (Skagit 254,255 Valley Hospital), 12/1/2030 2,475,000 1,2 Washington State, Drivers (Series 1073), 8.6378% (FSA INS), 7/1/2013 2,773,386 TOTAL 4,088,331 WEST VIRGINIA--0.3% 640,000 Ohio County, WV County Commission, Special District Excise Tax Revenue Refunding & Improvement 641,843 Bonds (Series 2006A), 5.625% (Fort Henry Economic Opportunity Development District), 3/1/2036 1,000,000 Ohio County, WV County Commission, Tax Increment Revenue Bonds (Series 2005A), 5.625% (Fort 1,028,670 Henry Centre Tax Increment Financing District No. 1), 6/1/2034 TOTAL 1,670,513 WISCONSIN--2.8% 750,000 Milwaukee, WI Redevelopment Authority, Redevelopment Education Revenue Bonds (Series 2005A), 745,733 5.75% (Milwaukee Science Education Consortium, Inc.)/(Original Issue Yield: 5.93%), 8/1/2035 1,000,000 Racine, WI Solid Waste Disposal, Revenue Bonds, 3.25% TOBs (Republic Services, Inc.), Mandatory 964,860 Tender 4/1/2009 1,250,000 Wisconsin State HEFA, Revenue Bonds (Series 1998), 5.70% (United Lutheran Program For The Aging, 1,245,088 Inc.)/(Original Issue Yield: 5.778%), 3/1/2028 1,000,000 Wisconsin State HEFA, Revenue Bonds (Series 2002A), 7.375% (Divine Savior Healthcare)/(United 1,161,180 States Treasury PRF 5/1/2012 @100)/(Original Issue Yield: 7.38%), 5/1/2026 880,000 Wisconsin State HEFA, Revenue Bonds (Series 2002A), 7.50% (Divine Savior Healthcare)/(United 1,027,541 States Treasury PRF 5/1/2012 @100)/(Original Issue Yield: 7.50%, 5/1/2032 1,400,000 Wisconsin State HEFA, Revenue Bonds (Series 2004), 6.125% (Eastcastle Place, Inc.)/(Original 1,423,464 Issue Yield: 6.25%), 12/1/2034 750,000 Wisconsin State HEFA, Revenue Bonds (Series 2004A), 6.25% (Southwest Health Center)/(Original 761,040 Issue Yield: 6.32%), 4/1/2034 1,000,000 Wisconsin State HEFA, Revenue Bonds (Series 2004A), 6.75% (Beaver Dam Community Hospitals, 1,078,130 Inc.)/(Original Issue Yield: 6.95%), 8/15/2034 2,000,000 Wisconsin State HEFA, Revenue Bonds (Series B), 6.75% (Grant Regional Health Center, 2,000,160 Inc.)/(Original Issue Yield: 6.90%), 10/1/2022 1,250,000 Wisconsin State HEFA, Revenue Bonds, 5.80% (Beaver Dam Community Hospitals, Inc.), 8/15/2028 1,249,875 500,000 Wisconsin State HEFA, Revenue Bonds, 6.625% (Tomah Memorial Hospital, Inc.)/(Original Issue 522,030 Yield: 6.875%), 7/1/2028 1,630,000 Wisconsin State HEFA, Revenue Bonds, 6.00% (Agnesian Healthcare, Inc.)/(Original Issue Yield: 1,701,541 6.15%), 7/1/2030 1,000,000 Wisconsin State HEFA, Revenue Bonds, (Series 1998), 5.75% (Attic Angel Obligated Group)/(United 1,057,820 States Treasury PRF 11/17/2008 @102)/(Original Issue Yield: 6.00%), 11/15/2027 1,000,000 Wisconsin State HEFA, Revenue Bonds, (Series 2006A), 5.375% (Marshfield Clinic, WI), 2/15/2034 1,031,900 TOTAL 15,970,362 WYOMING--0.6% 2,000,000 Sweetwater County, WY, Solid Waste Disposal Refunding Revenue Bonds (Series 2005), 5.60% (FMC 2,085,720 Corp.), 12/1/2035 1,500,000 Teton County, WY Hospital District, Hospital Revenue Bonds, 6.75% (St. John's Medical 1,584,570 Center)/(Original Issue Yield: 7.00%), 12/1/2027 TOTAL 3,670,290 TOTAL MUNICIPAL BONDS 529,812,713 (IDENTIFIED COST $508,093,602) SHORT-TERM MUNICIPALS--4.2%5 ALABAMA--0.8% 4,400,000 Columbia, AL IDB, PCR (Series 1999C) Daily VRDNs (Alabama Power Co.), 3.590%, 6/1/2006 4,400,000 ALASKA--0.7% 1,400,000 Valdez, AK Marine Terminal, (Series 2003B) Daily VRDNs (BP Pipelines (Alaska) Inc.)/(BP PLC 1,400,000 GTD), 3.530%, 6/1/2006 2,700,000 Valdez, AK Marine Terminal, (Series 2003C) Daily VRDNs (BP Pipelines (Alaska) Inc.)/(BP PLC 2,700,000 GTD), 3.530%, 6/1/2006 TOTAL 4,100,000 GEORGIA--0.7% 3,885,000 Macon-Bibb County, GA Hospital Authority, (Series 2000) Daily VRDNs (Central Georgia Senior 3,885,000 Health, Inc.)/(SunTrust Bank LOC), 3.590%, 6/1/2006 PENNSYLVANIA--0.3% 1,850,000 Philadelphia, PA Hospitals & Higher Education Facilities Authority, (Series 2002-A) Daily VRDNs 1,850,000 (Children's Hospital of Philadelphia)/(JPMorgan Chase Bank, N.A. and WestLB AG (Guaranteed) LIQs), 3.500%, 6/1/2006 TENNESSEE--0.3% 1,865,000 Sevier County, TN Public Building Authority, (Series IV-E-2) Daily VRDNs (Cocke County, 1,865,000 TN)/(AMBAC INS)/(JPMorgan Chase Bank, N.A. LIQ), 3.600%, 6/1/2006 TEXAS--1.4% 7,600,000 Harris County, TX HFDC, (Series 2005B) Daily VRDNs (Methodist Hospital, Harris County, TX), 7,600,000 3.570%, 6/1/2006 TOTAL SHORT-TERM MUNICIPALS 23,700,000 (AMORTIZED COST $23,700,000) OTHER--0.9% 1,500,000 1,2 Charter Mac Equity Issuer Trust, Pfd., 7.60%, 11/30/2010 1,662,345 1,000,000 1,2 GMAC Municipal Mortgage Trust, Pfd., (Series B-2), 5.50%, 10/31/2040 1,002,790 2,000,000 1,2 Muni Mae TE Bond Subsidiary LLC, Pfd., 7.75%, 6/30/2050 2,223,820 TOTAL OTHER (IDENTIFIED COST $4,500,000) 4,888,955 TOTAL MUNICIPAL INVESTMENTS-99.1% 558,401,668 (IDENTIFIED COST $536,293,602)6 OTHER ASSETS AND LIABILITIES -NET -0.9% 5,006,421 TOTAL NET ASSETS -100% $ 563,408,089
Securities that are subject to the federal alternative minimum tax (AMT) represent 14.6% of the Fund's portfolio as calculated based upon total market value. 1 Denotes a restricted security, including securities purchased under 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 May 31, 2006 these securities amounted to $89,739,188, which represents 15.9% 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 May 31, 2006, these securities amounted to $86,040,809, which represents 15.3% of total net assets. 3 The issuer failed to distribute to the Fund its scheduled semi-annual principal and interest payment on March 1, 2006. 4 The issuer failed to distribute to the Fund its scheduled semi-annual principal and interest payment on April 1, 2006. 5 Current rate and next reset date shown for Variable Rate Demand Notes. 6 At May 31, 2006, the cost of investments for federal tax purposes was $536,069,256. The net unrealized appreciation of investments for federal tax purposes excluding any unrealized appreciation from futures contracts was $22,332,412. This consists of net unrealized appreciation from investments for those securities having an excess of value over cost of $28,449,782 and net unrealized depreciation from investments for those securities having an excess of cost over value of $6,117,370. Note: The categories of investments are shown as a percentage of total net assets at May 31, 2006. 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 fixed-income and short-term securities according to prices furnished by an independent pricing service, except that securities with remaining maturities of less than 60 days at the time of purchase may be valued at amortized cost, which approximates fair market value. For municipal bonds, prices furnished by an independent pricing service are intended to be indicative of the bid 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 Fund's Board of Directors. RESTRICTED SECURITIES Additional information on restricted securities, excluding securities purchased under Rule 144A that have been deemed liquid by the Board of Directors, held at May 31, 2006, is as follows:
SECURITY ACQUISITION DATE ACQUISITION COST Allegheny County, PA, IDA, Cargo Facilities Lease Revenue Bonds (Series 1999), 6.625% (AFCO Cargo 9/23/1999 $1,969,900 PIT LLC Project)/(Original Issue Yield: 6.75%), 9/1/2024 California PCFA, Solid Waste Disposal Revenue Bonds (Series 2002B), 5.00% (Waste Management, 6/24/2005 $1,000,000 Inc.), 7/1/2027 California PCFA, Solid Waste Disposal Revenue Bonds (Series 2005A-2), 5.40% (Waste Management, 3/30/2005 $1,000,000 Inc.), 4/1/2025 California PCFA, Solid Waste Disposal Revenue Bonds (Series 2005C), 5.125% (Waste Management, 10/28/2005 $2,000,000 Inc.), 11/1/2023 California Statewide Communities Development Authority, MFH Revenue Bonds (Series 1999X) , 6.65% 6/7/1999 $1,285,000 (Magnolia City Lights Project), 7/1/2029 California Statewide Communities Development Authority, Revenue Bonds, 6.625% (Tehiyah Day 7/13/2001 $1,000,000 School), 11/1/2031 Capital Trust Agency, FL, Revenue Bonds (Series 2003A), 8.95% (Seminole Tribe of Florida 5/9/2003 $1,000,000 Convention and Resort Hotel Facilities)/(U.S. Treasury PRF 10/1/2012 @102), 10/1/2033 Children's Trust, PR, Tobacco Settlement Asset-Backed Revenue Bonds (Series 2005A) (Original 7/15/2005 $541,890 Issue Yield: 6.50%), 5/15/2050 Director of the State of Nevada Department of Business and Industry, Revenue Bonds (Series 12/23/2004 $1,279,850 2004A), 7.00% (Las Ventanas Retirement Community)/(Original Issue Yield: 7.125%), 11/15/2034 Director of the State of Nevada Department of Business and Industry, Revenue Bonds (Series 12/9/2004 $986,780 2004B), 6.75% (Las Ventanas Retirement Community)/(Original Issue Yield: 6.875%), 11/15/2023 Kansas City, MO IDA, MFH Revenue Bonds, 6.90% (Woodbridge Apartments Project), 8/1/2030 7/27/1999 $2,445,000 Louisiana Public Facilities Authority Hospital Revenue, Revenue Bonds, 8.625% (Lake Charles 8/30/2000 $1,953,424 Memorial Hospital)/(Original Issue Yield: 8.75%), 12/1/2030 Miami Beach, FL Health Facilities Authority, Refunding Revenue Bonds, 6.75% (Mt. Sinai Medical 4/26/2004 $675,248 Center, FL)/(Original Issue Yield: 7.05%), 11/15/2029 New York City, NY, IDA, Liberty Revenue Bonds (Series A), 6.50% (7 World Trade Center LLC), 3/15/2005 $6,000,000 3/1/2035 New York City, NY, IDA, Liberty Revenue Bonds (Series B), 6.75% (7 World Trade Center LLC), 3/15/2005 $2,000,000 3/1/2015 New York City, NY, RITES (PA-1349), 6.06767% (MBIA Insurance Corp. INS), 8/1/2018 2/6/2006 $1,776,555 Palm Beach County, FL, Tax-Exempt Revenue Bonds (Series 2005A), 6.75% (G-Star School of the Arts 12/5/2005 $2,000,000 for Motion Pictures and Broadcasting Charter School), 5/15/2035 Puerto Rico Highway and Transportation Authority, RITES (Series PA 331B), 7.71562% (AMBAC INS), 3/3/1998 $1,158,780 1/1/2011 Texas State Affordable Housing Corp., MFH Revenue Bonds (Junior Series 2002B), 8.00% (American 3/25/2002 $1,920,000 Housing Foundation)/(Original Issue Yield: 8.365%), 3/1/2032 Texas State Affordable Housing Corp., MFH Revenue Bonds (Series 2001B), 7.25% (NHT/GTEX Project), 10/9/2005 $1,485,000 10/1/2031 Watson Road Community Facilities District, AZ, Special Assessment Revenue Bonds (Series 2005), 12/21/2005 $1,000,000 6.00%, 7/1/2030
The following acronyms are used throughout this portfolio: AMBAC --American Municipal Bond Assurance Corporation AMT --Alternative Minimum Tax COL --Collateralized EDA --Economic Development Authority EDFA --Economic Development Financing Authority FGIC --Financial Guaranty Insurance Company 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 LOC --Letter of Credit LT --Limited Tax MFH --Multifamily Housing PCR --Pollution Control Revenue PCFA --Pollution Control Finance Authority PRF --Prerefunded RITES --Residual Interest Tax-Exempt Security Receipts SFM --Single Family Mortgage TOBs --Tender Option Bonds UT --Unlimited Tax VRDNs --Variable Rate Demand Notes INSERT PORTFOLIO 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 July 25, 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 July 25, 2006 By /S/ Richard A. Novak Richard A. Novak, Principal Financial Officer Date July 25, 2006 EX-99.CERT 2 cert.txt N-Q Item 3- Exhibits: Certifications I, J. Christopher Donahue, certify that: 1. I have reviewed this report on Form N-Q of Federated Municipal High Yield Advantage Fund, Inc. ("registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 25, 2006 /S/ J. Christopher Donahue J. Christopher Donahue, President - Principal Executive Officer N-Q Item 3- Exhibits: Certifications I, Richard A. Novak, certify that: 1. I have reviewed this report on Form N-Q of Federated Municipal High Yield Advantage Fund, Inc. ("registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a. designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b. designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c. evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and d. disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a. all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b. any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: July 25, 2006 /S/ Richard A. Novak Richard A. Novak, Treasurer - Principal Financial Officer -----END PRIVACY-ENHANCED MESSAGE-----