PORTFOLIO HOLDINGS

as of 5/23/12

Ticker symbols provided for securities traded on U.S. Exchanges only.

SYMBOL	BONDS (as of deposit date)	S&P Rating	INTEREST RATE (%)	MATURITY	Portfolio Weighting
	PASSAIC CNTY N J IMPT AUTH REV REV INSN	NR	6.540 %	8/1/2031	5.04 %
	UNIVERSITY VA UNIV REVS REV INSN	AAA	5.000 %	9/1/2040	4.83 %
	METROPOLITAN TRANSN AUTH N Y REV REV INSN	A	6.687 %	11/15/2040	4.37 %
	COLUMBUS OHIO GO INSN	AAA	5.420 %	6/1/2030	4.25 %
	HAWAII CNTY HAWAII GO INSN	AA-	6.100 %	3/1/2030	4.19 %
	DETROIT MICH CITY SCH DIST GO INSN	AA-	7.747 %	5/1/2039	4.17 %
	CALIFORNIA ST GO INSN	A-	7.950 %	3/1/2036	4.17 %
	MISSOURI ST HWYS & TRANSN COMMN ST RD REV REV INSN	AA+	5.445 %	5/1/2033	4.16 %
	METROPOLITAN ST LOUIS MO SWR DIST WASTEWTR SYS REV REV INSN	AAA	5.856 %	5/1/2039	4.12 %
	MARYLAND ST TRANSN AUTH TRANSN FACS PRJS REV REV INSN	AA-	5.604 %	7/1/2030	4.11 %
	ILLINOIS ST GO INSN	A+	5.100 %	6/1/2033	4.10 %
	PRINCE WILLIAM CNTY VA GO INSN	AAA	5.308 %	8/1/2030	3.93 %
	OTTAWA & GLANDORF OHIO LOC SCH DIST GO INSN	NR	6.400 %	12/1/2036	3.90 %
	ARLINGTON CNTY VA GO INSN	AAA	5.301 %	8/15/2030	3.85 %
	BEACHWOOD OHIO CITY SCH DIST GO INSN	NR	5.600 %	12/1/2034	3.85 %
	ARIZONA BRD REGENTS ARIZ ST UNIV SYS REV REV INSN	AA-	5.500 %	8/1/2025	3.83 %
	NORTH CAROLINA TPK AUTH TRIANGLE EXPWY SYS ST ANNUAL AP REV INSN	AA	6.700 %	1/1/2039	3.77 %
	COOK CNTY ILL GO INSN	AA	6.229 %	11/15/2034	3.73 %
	WASHINGTON ST DB INSN	AA+	5.481 %	8/1/2039	3.33 %
	LOS ANGELES CALIF CMNTY COLLEGE DIST GO INSN	AA	6.680 %	8/1/2036	3.14 %
	UTAH CNTY UTAH EXCISE TAX REV REV INSN	AA-	7.130 %	12/1/2039	2.94 %
	XENIA OHIO CMNTY CITY SCH DIST GO INSN	AA	6.600 %	12/1/2040	2.87 %
	ORLANDO FLA CMNTY REDEV AGY TAX INCREMENT REV REV INSN	A	7.784 %	9/1/2040	2.83 %
	SANTA MONICA-MALIBU UNI SCH DIST CALIF GO INSN	AA	6.634 %	7/1/2035	2.63 %
	CLARK CNTY NEV ARPT REV REV INSN	AA-	6.881 %	7/1/2042	2.46 %
	MEMPHIS TENN GO INSN	AA	6.045 %	5/1/2029	2.16 %
	MEMPHIS TENN GO INSN	AA	5.995 %	5/1/2028	1.76 %
	TANGIPAHOA PARISH LA HOSP SVC DIST NO 1 HOSP REV REV INSN	AA-	7.200 %	2/1/2042	0.81 %
	METROPOLITAN TRANSN AUTH N Y REV REV INSN	A	6.548 %	11/15/2031	0.70 %

Trust holdings are provided for information purposes only and should not be deemed as a recommendation to buy or sell the individual securities shown. The holdings percentages for the Trust are based on invested assets and do not include any cash component of the portfolio.

*The S&P ratings apply to the bonds held by the trust, and not the trust itself.

Important Fund Information.
Bond credit quality allocation reflects the ratings of Standards & Poor’s Corporation. Ratings are relative, subjective and not absolute standards of quality, represent the opinions of the independent, Nationally Recognized Statistical Rating Organizations (NRSRO), and are according to the Standards & Poor’s scale. Ratings are measured using a scale that typically ranges from AAA (highest) to D (lowest). The security’s credit rating does not eliminate risk. For more information about securities ratings, please see the Fund’s. Additional information on ratings methodologies are available by visiting the NRSRO website: www.standardandpoors.com.