Municipal Obligations–165.07%^(a)

New York–158.92%

Albany (County of) Airport Authority; Series 2010 A, Ref. RB (INS-AGM)^(b)

Albany Capital Resource Corp. (St. Peter’s Hospital); Series 2011, RB ^(c)(d)

Battery Park City Authority; Series 2009 B, Sr. RB

Brookhaven Local Development Corp. (Jefferson’s Ferry); Series 2016, Ref. RB

Brooklyn Arena Local Development Corp. (Barclays Center);
Series 2009, PILOT CAB RB^(e)

Series 2009, PILOT RB^(c)(d)

Series 2009, PILOT RB^(c)(d)

Series 2016 A, Ref. PILOT RB^(f)

Buffalo & Erie County Industrial Land Development Corp. (Orchard Park); Series 2015, Ref. RB

Buffalo & Erie County Industrial Land Development Corp. (Tapestry Charter School);
Series 2017 A, RB

Series 2017 A, RB

Build NYC Resource Corp. (Bronx Charter School for Excellence); Series 2013 A, RB

Build NYC Resource Corp. (Metropolitan Lighthouse Charter School);
Series 2017 A, RB^(g)

Series 2017 A, RB^(g)

Series 2017 A, RB^(g)

Build NYC Resource Corp. (Pratt Paper Inc.); Series 2014, Ref. Solid Waste Disposal RB ^(g)(h)

Build NYC Resource Corp. (YMCA of Greater New York);
Series 2012, RB

Series 2012, RB

Build NYC Resource Corp.; Series 2015, RB

Erie (County of) Industrial Development Agency (City of Buffalo School District);
Series 2011 A, School Facility RB^(f)

Series 2011 A, School Facility RB^(f)

Series 2011 A, School Facility RB^(f)

Series 2015, Ref. RB^(f)

Series 2015, Ref. RB^(f)

Series 2015, Ref. RB^(f)

Erie Tobacco Asset Securitization Corp.; Series 2005 A, Tobacco Settlement Asset-Backed RB

Hempstead Town Local Development Corp. (Molloy College); Series 2009, RB ^(c)(d)

Hudson Yards Infrastructure Corp.;
Series 2012 A, Sr. RB^(c)(d)

Series 2012 A, Sr. RB

Jefferson Civic Facility Development Corp. (Samaritan Medical Center); Series 2017 A, Ref. RB

Long Island (City of) Power Authority; Series 2017, Electric System General RB

Long Island Power Authority;
Series 2009 A, Electric System General RB^(c)(d)

Series 2009 A, Electric System General RB^(c)(d)

Series 2016 B, Ref. RB

Metropolitan Transportation Authority (Climate Bond Certified);
Series 2017, Dedicated Tax Fund Revenue Green Bonds

Subseries 2017 A-1, Revenue Green Bonds

Metropolitan Transportation Authority (Green Bonds); Series 2017 C-2, Ref. CAB RB ^(e)

Metropolitan Transportation Authority;
Series 2009 B, Dedicated Tax Fund RB^(c)(d)

Series 2009 B, Dedicated Tax Fund RB^(c)(d)

Series 2012 H, RB^(c)(d)

Series 2012 H, RB

Series 2013 E, RB^(c)(d)

Subseries 2004 B-2, Dedicated Tax Fund RB^(c)(d)

Monroe County Industrial Development Corp. (Nazareth College of Rochester); Series 2011, RB ^(c)(d)

New York–(continued)

Monroe County Industrial Development Corp. (St. John Fisher College); Series 2014 A, RB

Monroe County Industrial Development Corp. (University of Rochester);
Series 2011 A, RB^(c)(d)

Series 2013 A, RB^(c)(d)

MTA Hudson Rail Yards Trust Obligations; Series 2016 A, RB ^(f)

Nassau (County of) Industrial Development Agency (Amsterdam at Harborside);
Series 2014 A, Continuing Care Retirement Community RB

Series 2014 A, Continuing Care Retirement Community RB

Series 2014 C, Continuing Care Retirement Community RB

Nassau County Local Economic Assistance Corp. (Catholic Health Services of Long Island Obligated Group); Series 2014, RB

Nassau County Local Economic Assistance Corp. (South Nassau Communities Hospital); Series 2012, Ref. RB

Nassau County Local Economic Assistance Corp. (Winthrop University Hospital Association); Series 2012, Ref. RB

Nassau County Tobacco Settlement Corp.;
Series 2006 A-2, Sr. Asset-Backed RB

Series 2006 A-3, Sr. Asset-Backed RB

New York & New Jersey (States of) Port Authority (JFK International Air Terminal LLC);
Series 1997 6, Special Obligation RB (INS-NATL)^(b)(h)

Series 1997 6, Special Obligation RB (INS-NATL)^(b)(h)

Series 2010, Special Obligation RB

New York & New Jersey (States of) Port Authority;
Two Hundred Series 2017, Ref. Consolidated RB^(f)

Two Hundred Seventh Series 2018, Ref. Consolidated RB^(f)(h)

New York (City of) Industrial Development Agency (Brooklyn Navy Yard Cogen Partners); Series 1997, Industrial Development RB ^(h)

New York (City of) Industrial Development Agency (New York Stock Exchange); Series 2009 A, Ref. Special Facility RB

New York (City of) Industrial Development Agency (Queens Baseball Stadium); Series 2006, PILOT RB (INS-AMBAC)^(b)

New York (City of) Municipal Water Finance Authority;
Series 2009 FF-2, Water & Sewer System RB

Series 2010 FF, Second General Resolution Water & Sewer System RB

Series 2013 DD, Water & Sewer System RB

Series 2017 DD, Water & Sewer System RB^(f)

New York (City of) Transitional Finance Authority;
Series 2009 S-1, Building Aid RB

Series 2009 S-2, Building Aid RB

Series 2009 S-3, Building Aid RB^(f)

Series 2009 S-3, Building Aid RB^(f)

Series 2018 S-3, Building Aid RB

Subseries 2009 A-1, Future Tax Sec. RB^(c)(d)(f)

Subseries 2009 A-1, Future Tax Sec. RB^(f)

Subseries 2009 A-1, Future Tax Sec. RB^(f)

Subseries 2011 D-1, Future Tax Sec. RB^(f)

Subseries 2011 E, Future Tax Sec. RB

New York (City of) Trust for Cultural Resources (Carnegie Hall); Series 2009 A, RB

New York (City of) Trust for Cultural Resources (The Museum of Modern Art);
Series 2008 1A, Ref. RB^(c)(d)

Series 2008 1A, Ref. RB^(c)(d)(f)

New York (City of) Trust for Cultural Resources (Wildlife Conservation Society); Series 2013 A, RB

New York–(continued)

New York (City of);
Series 2008, Unlimited Tax GO Bonds^(c)(d)

Series 2018 E-1, Unlimited Tax GO Bonds

Subseries 2008, Unlimited Tax GO Bonds^(f)

Subseries 2008 A-1, Unlimited Tax GO Bonds^(f)

Subseries 2008 G-1, Unlimited Tax GO Bonds^(c)(d)

Subseries 2008 G-1, Unlimited Tax GO Bonds

Subseries 2009 I-1, Unlimited Tax GO Bonds^(c)(d)

Subseries 2009 I-1, Unlimited Tax GO Bonds

New York (Counties of) Tobacco Trust V;
Series 2005 S-1, Sub. Pass Through CAB RB^(e)

Series 2005 S-2, Sub. Pass Through CAB RB^(e)

New York (State of) Dormitory Authority (Brooklyn Law School); Series 2009, Ref. RB

New York (State of) Dormitory Authority (City of New York);
Series 2005 A, Court Facilities Lease RB (INS-AMBAC)^(b)

Series 2005 A, Court Facilities Lease RB (INS-AMBAC)^(b)

Series 2005 A, Court Facilities Lease RB (INS-AMBAC)^(b)

New York (State of) Dormitory Authority (Convent of The Sacred Heart); Series 2011, RB (INS-AGM)^(b)

New York (State of) Dormitory Authority (Cornell University); Series 2010 A, RB

New York (State of) Dormitory Authority (Education); Series 2008 B, State Personal Income Tax RB ^(c)(d)

New York (State of) Dormitory Authority (Fashion Institute of Technology Student Housing Corp.); Series 2007, RB (INS-NATL)^(b)

New York (State of) Dormitory Authority (Fordham University);
Series 2011 A, RB^(c)(d)

Series 2014, RB

New York (State of) Dormitory Authority (General Purpose);
Series 2010 E, State Personal Income Tax RB^(c)(d)

Series 2010 E, State Personal Income Tax RB

Series 2011 A, State Personal Income Tax RB^(f)

New York (State of) Dormitory Authority (Icahn School of Medicine at Mount Sinai); Series 2015, Ref. RB

New York (State of) Dormitory Authority (Memorial Sloan-Kettering Cancer Center); Series 1998, RB (INS-NATL)^(b)

New York (State of) Dormitory Authority (Mental Health Services);
Series 2007, Mental Health Services Facilities Improvement RB (INS-AGM)^(b)

Series 2008 C, Mental Health Services Facilities Improvement RB (INS-AGM)^(b)(h)

New York (State of) Dormitory Authority (Mount Sinai Hospital Obligated Group); Series 2011 A, RB

New York (State of) Dormitory Authority (Mount Sinai School of Medicine of New York University); Series 2009, RB ^(c)(d)

New York (State of) Dormitory Authority (New York University Hospitals Center); Series 2011 A, RB ^(c)(d)

New York (State of) Dormitory Authority (New York University);
Series 2001 1, RB (INS-AMBAC)^(b)

Series 2001 1, RB (INS-BHAC)^(b)

New York (State of) Dormitory Authority (North Shore - Long Island Jewish Obligated Group);
Series 2009 A, RB^(c)(d)

Series 2011 A, RB^(c)(d)

New York (State of) Dormitory Authority (Orange Regional Medical Center);
Series 2015, Ref. RB^(g)

Series 2017, Ref. RB^(g)

New York (State of) Dormitory Authority (Pace University);
Series 2013 A, RB^(c)(d)

Series 2013 A, RB^(c)(d)

Series 2013 A, RB

Series 2013 A, RB

New York–(continued)

New York (State of) Dormitory Authority (Pratt Institute);
Series 2009 C, RB^(c)(d)

Series 2015 A, Ref. RB

New York (State of) Dormitory Authority (Rochester Institute of Technology); Series 2010, RB

New York (State of) Dormitory Authority (Rockefeller University); Series 2010 A, RB

New York (State of) Dormitory Authority (School Districts Financing Program); Series 2008 D, RB ^(c)(d)

New York (State of) Dormitory Authority (St. Johns University);
Series 2012, RB^(c)(d)

Series 2012, RB

Series 2012, RB

New York (State of) Dormitory Authority (St. Joseph’s College); Series 2010, RB

New York (State of) Dormitory Authority (State University Educational Facilities); Series 1993 B, RB

New York (State of) Dormitory Authority (State University of New York); Series 2013 A, RB

New York (State of) Dormitory Authority (The New School);
Series 2010, RB^(c)(d)

Series 2011, Ref. RB

New York (State of) Dormitory Authority (Touro College and University System); Series 2014 A, RB

New York (State of) Dormitory Authority;
Series 2009 C, School Districts Bond Financing Program RB^(c)(d)

Series 2009 C, School Districts Bond Financing Program RB (INS-AGC)^(b)

Series 2011, School Districts Bond Financing Program RB^(c)(d)

Series 2011, School Districts Bond Financing Program RB

Series 2014 C, State Personal Income Tax RB^(f)

New York (State of) Housing Finance Agency (160 Madison Avenue); Series 2013 A, VRD RB (LOC-Landesbank Hessen-Thueringen Girozentrale)^(i)(j)

New York (State of) Housing Finance Agency (Clinton Park Housing); Series 2010 A, VRD RB ⁽ⁱ⁾

New York (State of) Power Authority; Series 2011 A, RB

New York (State of) Thruway Authority (Transportation); Series 2009 A, Personal Income Tax RB ^(c)(d)

New York (State of) Thruway Authority;
Series 2008 B, Second General Highway & Bridge Trust Fund RB^(c)(d)

Series 2014 J, RB

Series 2016 A, Jr. Lien General RB

New York (State of) Utility Debt Securitization Authority; Series 2013 TE, Restructuring RB ^(f)

New York City Health & Hospital Corp.; Series 2010 A, Health System RB

New York Convention Center Development Corp. (Hotel Unit Fee Secured);
Series 2016, Sub. Lien CAB RB^(e)

Series 2016 B, CAB Sub. Lien RB^(e)

New York Liberty Development Corp. (3 World Trade Center);
Series 2014, Class 1, Ref. Liberty RB^(g)

Series 2014, Class 3, Ref. Liberty RB^(g)

New York Liberty Development Corp. (4 World Trade Center); Series 2011, Ref. Liberty RB

New York Liberty Development Corp. (7 World Trade Center);
Series 2012, Class 1, Ref. Liberty RB^(f)

Series 2012, Class 2, Ref. Liberty RB

New York Liberty Development Corp. (Bank of America Tower at One Bryant Park); Series 2010, Ref. Second Priority Liberty RB

New York Liberty Development Corp. (Goldman Sachs Headquarters); Series 2007, RB

New York State Environmental Facilities Corp. (2010 Master Financing Program); Series 2010 C, RB

New York State Environmental Facilities Corp. (Municipal Water Finance Authority); Series 2011 B, State Clean Water & Drinking Water Revolving Funds RB

New York–(continued)

New York State Urban Development Corp.;
Series 2008 B, Ref. Service Contract RB

Series 2008 B, Ref. Service Contract RB

New York Transportation Development Corp. (American Airlines, Inc.); Series 2016, Ref. Special Facilities RB ^(h)

New York Transportation Development Corp. (Delta Air Lines, Inc. LaGuardia Airport Terminal C&D Redevelopment); Series 2018, Special Facilities RB ^(h)

New York Transportation Development Corp. (LaGuardia Airport Terminal B Redevelopment); Series 2016 A, Special Facilities RB ^(f)(h)

Niagara Frontier Transportation Authority (Buffalo Niagara International Airport); Series 2014 A, Ref. RB ^(h)

Niagara Tobacco Asset Securitization Corp.; Series 2014, Ref. Asset Backed RB

North Syracuse Central School District; Series 2007, Ref. Unlimited Tax GO Bonds (INS-NATL)^(b)

Oneida (County of) Industrial Development Agency (St. Elizabeth Medical Center Facility); Series 1999 A, Civic Facility RB

Onondaga Civic Development Corp. (Le Moyne College); Series 2010, RB

Onondaga Civic Development Corp. (St. Joseph’s Hospital Health Center); Series 2014 A, RB ^(c)(d)

Rockland Tobacco Asset Securitization Corp.;
Series 2001, Tobacco Settlement Asset-Backed RB

Series 2005 A, First Sub. Tobacco Settlement Asset-Backed RB^(e)(g)

Series 2005 C, Third Sub. Tobacco Settlement Asset-Backed RB^(e)(g)

Sales Tax Asset Receivable Corp.; Series 2014 A, Ref. RB ^(f)

Suffolk (County of) Industrial Development Agency (Eastern Long Island Hospital Association); Series 2007, Civic Facility RB ^(g)

Suffolk County Economic Development Corp. (Peconic Landing at Southold, Inc.); Series 2010, Ref. RB

Suffolk Economic Development Corp. (Catholic Health Services); Series 2014 C, RB

Syracuse (City of) Industrial Development Agency (Carousel Center);
Series 2016 A, Ref. PILOT RB^(h)

Series 2016 A, Ref. PILOT RB^(h)

Syracuse (City of); Series 2011 A, Airport Terminal Security & Access Improvement Unlimited Tax GO Bonds ^(h)

Tompkins (County of) Industrial Development Agency (Cornell University); Series 2008 A, Civic Facility RB

Tompkins County Development Corp. (Tompkins Cortland Community College Foundation, Inc.);
Series 2013 A, RB

Series 2013 A, RB

Series 2013 A, RB

Triborough Bridge & Tunnel Authority;
Series 2013 A, Ref. Sub. CAB RB^(e)

Series 2013 C, RB^(f)

Troy Capital Resource Corp. (Rensselaer Polytechnic Institute);
Series 2010 A, RB

Series 2010 A, RB

TSASC, Inc.;
Series 2016 B, Ref. Sub. Tobacco Settlement Turbo RB

Series 2017 A, Ref. Tobacco Settlement RB

United Nations Development Corp.;
Series 2009 A, Ref. RB

Series 2009 A, Ref. RB

Westchester (County of) Industrial Development Agency (Million Air Two LLC General Aviation Facilities); Series 2017 A, Special Facility RB ^(g)(h)

Westchester Tobacco Asset Securitization Corp.; Series 2016 C, Ref. Sub. RB

New York–(continued)

Yonkers Economic Development Corp. (Charter School of Educational Excellence); Series 2010 A, Educational RB

Guam–4.81%

Guam (Territory of) (Section 30);
Series 2009 A, Limited Obligation RB^(c)(d)

Series 2009 A, Limited Obligation RB^(c)(d)

Series 2016 A, Ref. Limited Obligation RB

Guam (Territory of) International Airport Authority;
Series 2013 C, General RB^(h)

Series 2013 C, General RB (INS-AGM)^(b)(h)

Guam (Territory of) Power Authority;
Series 2010 A, RB^(c)(d)

Series 2012 A, Ref. RB

Guam (Territory of) Waterworks Authority; Series 2010, Water & Wastewater System RB ^(c)(d)

Guam (Territory of);
Series 2011 A, Business Privilege Tax RB

Series 2011 A, Business Privilege Tax RB

Virgin Islands–1.07%

Virgin Islands (Government of) Port Authority; Series 2014 B, Ref. Marine RB

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Diageo); Series 2009 A, Sub. RB

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note); Series 2009 B, Ref. Sr. Lien RB

Puerto Rico–0.27%

Children’s Trust Fund; Series 2002, Tobacco Settlement Asset-Backed RB

TOTAL INVESTMENTS IN SECURITIES^(k)–165.07% (Cost $432,736,650)

FLOATING RATE NOTE OBLIGATIONS–(34.72)%

Notes with interest and fee rates ranging from 1.60% to 1.66% at 05/31/2018, and contractual maturities of collateral ranging from 04/01/2026 to 10/15/2057 (See Note 1D)^(l)

VARIABLE RATE MUNI TERM PREFERRED SHARES–(32.74)%

OTHER ASSETS LESS LIABILITIES–2.39%

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%

Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.

Principal and/or interest payments are secured by the bond insurance company listed.

Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

Zero coupon bond issued at a discount.

Underlying security related to TOB Trusts entered into by the Trust. See Note 1D.

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at May 31, 2018 was $20,829,279, which represented 7.55% of the Trust’s Net Assets.

Security subject to the alternative minimum tax.

Demand security payable upon demand by the Trust at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on May 31, 2018.

Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.

Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuers obligations. No concentration of any single entity was greater than 5% each.

Floating rate note obligations related to securities held. The interest and fee rates shown reflect the rates in effect at May 31, 2018. At May 31, 2018, the Trust’s investments with a value of $155,374,428 are held by TOB Trusts and serve as collateral for the $95,840,000 in the floating rate note obligations outstanding at that date.

Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date.

Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees

Country Determination – (continued)

Floating Rate Note Obligations – The Trust invests in inverse floating rate securities, such as Tender Option Bonds (“TOBs”), for investment purposes and to enhance the yield of the Trust. Such securities may be purchased in the secondary market without first owning an underlying bond but generally are created through the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer or by the Trust (“TOB Trusts”) in exchange for cash and residual interests in the TOB Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The TOB Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the TOB Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the TOB Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate securities) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the TOB Trust to the Trust, thereby collapsing the TOB Trust. Inverse floating rate securities tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable.

Floating Rate Note Obligations – (continued)

Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Controls and Procedures.

As of May 18, 2018, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of May 18, 2018, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Exhibits.

/s/ Sheri Morris

/s/ Sheri Morris

/s/ Kelli Gallegos