nq2.htm



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-06379
 
Nuveen Insured Municipal Opportunity Fund, Inc.
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            10/31          
 
Date of reporting period:         1/31/11         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 

 
Item 1. Schedule of Investments
 
           
   
Portfolio of Investments (Unaudited)
     
   
Nuveen Insured Municipal Opportunity Fund, Inc. (NIO)
     
   
January 31, 2011
     
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
Alabama – 2.6% (1.6% of Total Investments)
     
$      10,500
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series
1/17 at 100.00
AA+
$       8,716,680
   
2007A, 4.500%, 1/01/43 (WI/DD, Settling 2/03/11) – AMBAC Insured
     
2,500
 
Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002B, 5.125%,
8/12 at 100.00
AAA
2,658,775
   
2/01/42 (Pre-refunded 8/01/12) – FGIC Insured
     
   
Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002D:
     
425
 
5.000%, 2/01/38 (Pre-refunded 8/01/12) – FGIC Insured
8/12 at 100.00
AAA
450,279
14,800
 
5.000%, 2/01/42 (Pre-refunded 8/01/12) – FGIC Insured
8/12 at 100.00
AAA
15,712,420
10,195
 
Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A, 5.375%, 2/01/27 –
4/11 at 100.00
Caa3
5,106,981
   
FGIC Insured
     
38,420
 
Total Alabama
   
32,645,135
   
Arizona – 2.0% (1.3% of Total Investments)
     
   
Arizona State University, Certificates of Participation, Resh Infrastructure Projects,
     
   
Series 2005A:
     
2,000
 
5.000%, 9/01/25 – AMBAC Insured
3/15 at 100.00
AA–
2,002,100
2,000
 
5.000%, 9/01/27 – AMBAC Insured
3/15 at 100.00
AA–
1,955,820
1,000
 
Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured
7/15 at 100.00
Aa3
971,600
3,000
 
Arizona State, Certificates of Participation, Department of Administration Series 2010B,
4/20 at 100.00
AA+
2,779,890
   
5.000%, 10/01/29 – AGC Insured
     
1,000
 
Maricopa County Union High School District 210, Phoenix, Arizona, General Obligation Bonds,
7/14 at 100.00
AA+ (4)
1,132,040
   
Series 2004A, 5.000%, 7/01/22 (Pre-refunded 7/01/14) – AGM Insured
     
5,200
 
Mesa, Arizona, Utility System Revenue Bonds, Reset Option Longs, Series 11032, 14.745%,
7/17 at 100.00
AA+
2,101,424
   
7/01/26 – AGM Insured (IF)
     
1,150
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds,
7/14 at 100.00
AA+
1,156,578
   
Series 2004, 5.000%, 7/01/27 – NPFG Insured
     
13,490
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series
7/15 at 100.00
AAA
13,524,130
   
2005, 4.750%, 7/01/25 – NPFG Insured
     
28,840
 
Total Arizona
   
25,623,582
   
Arkansas – 0.2% (0.1% of Total Investments)
     
2,660
 
Arkansas State University, Student Fee Revenue Bonds, Beebe Campus, Series 2006, 5.000%,
9/15 at 100.00
A1
2,565,091
   
9/01/35 – AMBAC Insured
     
   
California – 25.9% (16.6% of Total Investments)
     
5,600
 
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series
No Opt. Call
A–
2,971,808
   
2004A, 0.000%, 10/01/20 – AMBAC Insured
     
10,000
 
California Department of Veterans Affairs, Home Purchase Revenue Bonds, Series 2002A, 5.300%,
6/12 at 101.00
AA
10,122,100
   
12/01/21 – AMBAC Insured
     
   
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A:
     
30,000
 
5.375%, 5/01/17 (Pre-refunded 5/01/12) – SYNCORA GTY Insured
5/12 at 101.00
Aaa
32,143,498
20,000
 
5.375%, 5/01/18 (Pre-refunded 5/01/12) – AMBAC Insured
5/12 at 101.00
Aaa
21,429,000
   
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,
     
   
Series 2005AC:
     
30
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
34,316
25
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
28,597
   
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,
     
   
Series 2005AC:
     
3,670
 
5.000%, 12/01/24 – NPFG Insured (UB)
12/14 at 100.00
AAA
3,853,463
2,795
 
5.000%, 12/01/27 – NPFG Insured (UB)
12/14 at 100.00
AAA
2,855,372
10,150
 
California State, General Obligation Bonds, Series 2004, 5.000%, 6/01/31 – AMBAC Insured
12/14 at 100.00
A1
9,249,086
3,500
 
Coachella Valley Unified School District, Riverside County, California, General Obligation
8/15 at 100.00
A1
3,333,085
   
Bonds, Series 2005A, 5.000%, 8/01/26 – FGIC Insured
     
20,000
 
Cucamonga County Water District, San Bernardino County, California, Certificates of
9/11 at 101.00
AA–
18,451,000
   
Participation, Water Shares Purchase, Series 2001, 5.125%, 9/01/35 – FGIC Insured
     
5,750
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water
6/15 at 100.00
AAA
5,774,035
   
System Subordinated Revenue Bonds, Series 2005A, 5.000%, 6/01/27 – NPFG Insured
     
10,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
A2
8,158,500
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/38 – FGIC Insured
     
1,520
 
Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation Bonds,
3/16 at 100.00
A–
1,222,931
   
Series 2006, 5.000%, 3/01/36 – SYNCORA GTY Insured
     
5,600
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%,
No Opt. Call
AA+
2,403,576
   
11/01/24 – AGM Insured
     
5,000
 
Long Beach Bond Financing Authority, California, Lease Revenue Refunding Bonds, Long Beach
11/11 at 101.00
BBB
4,262,850
   
Aquarium of the South Pacific, Series 2001, 5.250%, 11/01/30 – AMBAC Insured
     
2,740
 
Los Angeles Harbors Department, California, Revenue Bonds, Series 2006A, 5.000%, 8/01/22 –
8/16 at 102.00
AA
2,746,466
   
FGIC Insured (Alternative Minimum Tax)
     
20,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A,
7/13 at 100.00
AA+
20,669,600
   
5.000%, 7/01/21 – AGM Insured
     
3,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F,
7/16 at 100.00
Aa2
3,035,340
   
5.000%, 7/01/24 – FGIC Insured
     
5,200
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 –
8/29 at 100.00
AA+
3,006,692
   
AGC Insured
     
5,515
 
Port of Oakland, California, Revenue Bonds, Series 2002L, 5.000%, 11/01/22 – FGIC Insured
11/12 at 100.00
A
5,317,453
   
(Alternative Minimum Tax)
     
690
 
Port of Oakland, California, Revenue Bonds, Series 2002L, 5.000%, 11/01/22 (Pre-refunded
11/12 at 100.00
A (4)
743,082
   
11/01/12) – FGIC Insured
     
   
Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project,
     
   
Series 2001:
     
15,000
 
5.200%, 6/15/30 – AMBAC Insured
12/11 at 101.00
N/R
12,786,900
5,000
 
5.125%, 6/15/33 – AMBAC Insured
12/11 at 101.00
N/R
4,100,800
2,035
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005,
6/15 at 100.00
BBB
1,738,439
   
5.000%, 6/01/30 – FGIC Insured
     
6,000
 
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds,
7/13 at 100.00
AA+
5,882,880
   
Series 2003, 5.000%, 7/01/26 – AGM Insured
     
2,970
 
Riverside Community College District, California, General Obligation Bonds, Series 2005,
8/15 at 100.00
AA+
3,092,334
   
5.000%, 8/01/22 – AGM Insured
     
2,500
 
Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series
12/15 at 100.00
AA
2,562,425
   
2005B, 4.750%, 12/01/21 – FGIC Insured
     
13,710
 
San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco
5/11 at 100.00
A1
13,574,134
   
International Airport, Second Series 2001, Issue 27A, 5.250%, 5/01/26 – NPFG Insured
     
   
(Alternative Minimum Tax)
     
1,220
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding
7/15 at 100.00
AA+
1,273,216
   
Series 2005A, 5.000%, 7/01/22 – NPFG Insured
     
3,030
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series
7/11 at 100.00
AA+
2,989,610
   
2001, 5.125%, 7/01/36 – AMBAC Insured
     
8,470
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series
7/11 at 100.00
AA+ (4)
8,630,845
   
2001, 5.125%, 7/01/36 (Pre-refunded 7/01/11) – AMBAC Insured
     
2,105
 
San Francisco Unified School District, California, General Obligation Bonds, Series 2007A,
6/17 at 100.00
AA+
1,526,378
   
3.000%, 6/15/27 – AGM Insured
     
66,685
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll
No Opt. Call
AAA
45,909,950
   
Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM)
     
   
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue
     
   
Refunding Bonds, Series 1997A:
     
31,615
 
5.250%, 1/15/30 – NPFG Insured
7/11 at 100.00
Baa1
24,346,395
21,500
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
Baa1
3,432,475
19,595
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
8/17 at 100.00
A2
14,432,305
   
Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
     
11,250
 
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and
No Opt. Call
Baa1
11,587,613
   
Housing Facility, Series 1994A, 6.250%, 7/01/24 – NPFG Insured
     
6,785
 
Santa Clara Valley Water District, California, Water Revenue Bonds, Series 2006A, 3.750%,
6/16 at 100.00
AA+
6,033,629
   
6/01/25 – AGM Insured
     
5,000
 
Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation
1/14 at 100.00
A+
4,531,400
   
District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured
     
395,255
 
Total California
   
330,243,578
   
Colorado – 3.3% (2.1% of Total Investments)
     
1,080
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 –
10/16 at 100.00
BBB
906,433
   
SYNCORA GTY Insured
     
1,900
 
Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open Space, Series 2005B, 5.250%,
11/15 at 100.00
AA+
1,963,061
   
11/01/24 – AGM Insured
     
1,000
 
Colorado Department of Transportation, Certificates of Participation, Series 2004, 5.000%,
6/14 at 100.00
AA–
1,012,000
   
6/15/25 – NPFG Insured
     
4,950
 
Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center
12/13 at 100.00
N/R (4)
5,464,800
   
Hotel, Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
     
1,740
 
Douglas County School District RE1, Douglas and Elbert Counties, Colorado, General Obligation
12/14 at 100.00
Aa1
1,758,496
   
Bonds, Series 2005B, 5.000%, 12/15/28 – AGM Insured
     
35,995
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%,
No Opt. Call
Baa1
15,199,609
   
9/01/23 – NPFG Insured
     
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 –
No Opt. Call
Baa1
2,973,000
   
NPFG Insured
     
4,520
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%,
12/14 at 100.00
AA+ (4)
5,150,043
   
12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)
     
4,335
 
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds,
12/20 at 100.00
AA+
4,376,659
   
Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured
     
2,500
 
Summit County School District RE-1, Summit, Colorado, General Obligation Bonds, Series 2004B,
12/14 at 100.00
Aa2
2,545,000
   
5.000%, 12/01/24 – FGIC Insured
     
1,000
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 –
6/15 at 100.00
Aa2
999,930
   
FGIC Insured
     
69,020
 
Total Colorado
   
42,349,031
   
Connecticut – 0.3% (0.2% of Total Investments)
     
3,250
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University,
7/20 at 100.00
AA
3,203,753
   
Series 2010G, 5.000%, 7/01/39
     
   
District of Columbia – 0.9% (0.6% of Total Investments)
     
   
District of Columbia Water and Sewerage Authority, Subordinate Lien Public Utility Revenue
     
   
Bonds, Series 2003:
     
5,000
 
5.125%, 10/01/24 – FGIC Insured
10/13 at 100.00
AA–
5,154,850
5,000
 
5.125%, 10/01/25 – FGIC Insured
10/13 at 100.00
AA–
5,088,700
2,670
 
Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax Revenue
10/16 at 100.00
AA+
1,794,587
   
Bonds, Series 2007, Residuals 1606, 11.381%, 10/01/30 – AMBAC Insured (IF)
     
12,670
 
Total District of Columbia
   
12,038,137
   
Florida – 26.0% (16.6% of Total Investments)
     
1,250
 
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/24 – AMBAC Insured
9/15 at 100.00
A1
1,259,463
975
 
Broward County Housing Finance Authority, Florida, GNMA Collateralized Multifamily Housing
6/11 at 100.00
Aaa
975,439
   
Revenue Refunding Bonds, Pompano Oaks Apartments, Series 1997, 6.000%, 12/01/27
     
   
(Alternative Minimum Tax)
     
3,820
 
Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.250%,
7/13 at 100.00
Aa3
4,079,645
   
7/01/19 – NPFG Insured
     
2,150
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 –
10/14 at 100.00
A+
2,183,648
   
AMBAC Insured
     
4,500
 
Broward County, Florida, Water and Sewer Utility Revenue Bonds, Series 2003, 5.000%,
10/13 at 100.00
AA
4,534,290
   
10/01/24 – NPFG Insured
     
   
Clay County, Florida, Uiltity System Revenue Bonds, Series 2007:
     
5,110
 
5.000%, 11/01/27 – SYNCORA GTY Insured (UB)
11/17 at 100.00
AAA
5,125,586
12,585
 
5.000%, 11/01/32 – SYNCORA GTY Insured (UB)
11/17 at 100.00
AAA
12,076,440
   
Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Saxon
     
   
Manor Isles Project, Series 1998B:
     
1,260
 
5.350%, 9/01/18 – AGM Insured (Alternative Minimum Tax)
3/11 at 100.00
AAA
1,260,832
1,000
 
5.400%, 9/01/23 – AGM Insured (Alternative Minimum Tax)
3/11 at 100.00
AAA
1,000,260
   
Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Refunding
     
   
Bonds, Saxon Manor Isles Project, Series 1998A, Subseries 1:
     
1,040
 
5.350%, 9/01/18 – AGM Insured (Alternative Minimum Tax)
3/11 at 100.00
AAA
1,040,686
1,400
 
5.400%, 9/01/23 – AGM Insured (Alternative Minimum Tax)
3/11 at 100.00
AAA
1,400,364
1,500
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 –
10/14 at 100.00
AA–
1,528,050
   
NPFG Insured
     
3,000
 
Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%, 6/01/22 – AMBAC Insured
6/15 at 100.00
A1
3,034,710
   
Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta
     
   
Pointe Apartments Project, Series 1997A:
     
1,230
 
5.650%, 9/01/17 – AGM Insured (Alternative Minimum Tax)
3/11 at 100.00
AAA
1,231,218
1,890
 
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)
3/11 at 100.00
AAA
1,890,113
1,100
 
Dade County, Florida, Seaport Revenue Refunding Bonds, Series 1995, 5.750%, 10/01/15 –
4/11 at 100.00
A2
1,104,301
   
NPFG Insured
     
   
Davie, Florida, Water and Sewerage Revenue Refunding and Improvement Bonds, Series 2003:
     
910
 
5.250%, 10/01/17 – AMBAC Insured
10/13 at 100.00
N/R
982,873
475
 
5.250%, 10/01/18 – AMBAC Insured
10/13 at 100.00
N/R
492,922
   
Deltona, Florida, Utility Systems Water and Sewer Revenue Bonds, Series 2003:
     
1,250
 
5.250%, 10/01/22 – NPFG Insured
10/13 at 100.00
A1
1,269,150
1,095
 
5.000%, 10/01/23 – NPFG Insured
10/13 at 100.00
A1
1,108,688
1,225
 
5.000%, 10/01/24 – NPFG Insured
10/13 at 100.00
A1
1,236,478
1,555
 
DeSoto County, Florida, Capital Improvement Revenue Bonds, Series 2002, 5.250%, 10/01/20
4/12 at 101.00
A1 (4)
1,654,847
   
(Pre-refunded 4/01/12) – NPFG Insured
     
2,500
 
Escambia County School Board, Florida, Certificates of Participation, Series 2004, 5.000%,
2/15 at 100.00
Baa1
2,503,600
   
2/01/22 – NPFG Insured
     
2,500
 
Flagler County School Board, Florida, Certificates of Participation, Master Lease Revenue
8/15 at 100.00
AA+
2,367,350
   
Program, Series 2005A, 5.000%, 8/01/30 – AGM Insured
     
1,200
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 –
10/15 at 100.00
A
1,134,552
   
NPFG Insured
     
3,945
 
Florida Governmental Utility Authority, Utility System Revenue Bonds, Citrus Project, Series
10/13 at 100.00
N/R (4)
4,376,267
   
2003, 5.000%, 10/01/23 (Pre-refunded 10/01/13) – AMBAC Insured
     
1,000
 
Florida Governmental Utility Authority, Utility System Revenue Bonds, Golden Gate Project,
7/11 at 100.00
N/R
860,900
   
Series 1999, 5.000%, 7/01/29 – AMBAC Insured
     
2,570
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2000-4, 0.000%,
7/11 at 27.31
Aa1
702,175
   
7/01/30 – AGM Insured (Alternative Minimum Tax)
     
   
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
     
3,365
 
5.375%, 11/01/25 – NPFG Insured
5/11 at 101.00
A–
3,366,178
3,345
 
5.375%, 11/01/30 – NPFG Insured
5/11 at 101.00
A–
3,243,780
1,000
 
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18 – NPFG Insured
11/11 at 101.00
A–
1,017,130
2,230
 
Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund –
4/11 at 100.50
AA+
2,231,829
   
Intermodal Program, Series 1999, 5.500%, 10/01/23 – NPFG Insured (Alternative Minimum Tax)
     
940
 
Florida State Board of Education, Full Faith and Credit, Public Education Capital Outlay
6/11 at 101.00
AAA
964,224
   
Bonds, Series 2001C, 5.125%, 6/01/29 (Pre-refunded 6/01/11) – FGIC Insured
     
2,000
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds,
10/13 at 100.00
AA+
2,144,040
   
Series 2003A, 5.000%, 10/01/17 – AGM Insured
     
5,200
 
Gulf Breeze, Florida, Local Government Loan Program, Remarketed 6-1-2001, Series 1985E,
12/11 at 101.00
BBB
5,238,480
   
4.750%, 12/01/20 (Mandatory put 12/01/11) – FGIC Insured
     
1,500
 
Gulf Breeze, Florida, Local Government Loan Program, Remarketed 7-3-2000, Series 1985E,
6/11 at 101.00
N/R
1,510,350
   
5.750%, 12/01/20 (Mandatory put 12/01/19) – FGIC Insured
     
1,915
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 –
6/18 at 100.00
AA+
1,788,170
   
AGM Insured
     
2,500
 
Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue
No Opt. Call
Aaa
3,020,875
   
Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured
     
1,000
 
Hillsborough County School Board, Florida, Certificates of Participation, Master Lease
7/15 at 100.00
Aa2
995,700
   
Program, Series 2005A, 5.000%, 7/01/26 – NPFG Insured
     
6,000
 
Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%,
7/13 at 100.00
Aa2
5,789,700
   
7/01/29 – NPFG Insured
     
2,000
 
Hillsborough County, Florida, Community Investment Tax Revenue Bonds, Series 2004, 5.000%,
11/13 at 101.00
AA+
2,036,780
   
5/01/23 – AMBAC Insured
     
1,000
 
Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%,
10/15 at 100.00
AA+
1,013,130
   
10/01/25 – FGIC Insured
     
2,595
 
Indian River County School Board, Florida, Certificates of Participation, Series 2005, 5.000%,
7/15 at 100.00
A+
2,610,207
   
7/01/22 – NPFG Insured
     
   
Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds,
     
   
Series 2005:
     
1,645
 
5.000%, 5/01/25 – NPFG Insured
5/15 at 102.00
Baa1
1,447,765
1,830
 
5.000%, 5/01/27 – NPFG Insured
5/15 at 102.00
Baa1
1,552,773
4,425
 
Jacksonville Economic Development Commission, Florida, Healthcare Facilities Revenue Bonds,
11/12 at 100.00
Aa2
4,364,599
   
Mayo Clinic, Series 2001C, 5.500%, 11/15/36 – NPFG Insured
     
1,480
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.250%,
10/13 at 100.00
AA–
1,547,473
   
10/01/20 – NPFG Insured
     
1,500
 
JEA, Florida, Water and Sewerage System Revenue Bonds, Crossover Refunding Series 2007B,
10/14 at 100.00
Aa2
1,516,665
   
5.000%, 10/01/24 – NPFG Insured
     
1,000
 
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 5.000%, 10/01/14 –
10/13 at 100.00
Aa2
1,082,030
   
FGIC Insured
     
1,450
 
Jupiter, Florida, Water Revenue Bonds, Series 2003, 5.000%, 10/01/22 – AMBAC Insured
10/13 at 100.00
AA+
1,480,581
   
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B:
     
1,730
 
5.000%, 10/01/18 – AMBAC Insured
10/12 at 100.00
N/R
1,747,975
2,000
 
5.000%, 10/01/19 – AMBAC Insured
10/12 at 100.00
N/R
2,013,440
1,230
 
Lee County, Florida, Local Option Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/20 –
10/14 at 100.00
A2
1,248,635
   
FGIC Insured
     
1,505
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/21 –
10/14 at 100.00
A–
1,516,423
   
AMBAC Insured
     
1,000
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 –
4/17 at 100.00
A3
848,040
   
NPFG Insured
     
3,000
 
Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured
10/17 at 100.00
Aa3
2,752,050
2,000
 
Manatee County, Florida, Public Utilities Revenue Bonds, Series 2003, 5.125%, 10/01/20 –
10/13 at 100.00
Aa2
2,106,580
   
NPFG Insured
     
   
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003:
     
1,350
 
5.250%, 10/01/17 – NPFG Insured
10/13 at 100.00
Aa3
1,473,957
1,000
 
5.250%, 10/01/18 – NPFG Insured
10/13 at 100.00
Aa3
1,075,850
2,000
 
5.000%, 10/01/27 – NPFG Insured
10/13 at 100.00
Aa3
1,960,000
1,425
 
Miami-Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds,
6/11 at 100.00
AA+
1,426,710
   
Country Club Villas II Project, Series 2001-1A, 5.750%, 7/01/27 – AGM Insured (Alternative
     
   
Minimum Tax)
     
2,200
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002A,
10/12 at 100.00
AA+
1,973,136
   
5.125%, 10/01/35 – AGM Insured (Alternative Minimum Tax)
     
   
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002:
     
5,615
 
5.750%, 10/01/19 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
5,783,169
35,920
 
5.375%, 10/01/32 – FGIC Insured (Alternative Minimum Tax)
10/12 at 100.00
A2
32,272,322
12,930
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series
12/15 at 100.00
Aa3
11,628,337
   
2005A, 5.000%, 6/01/32 – NPFG Insured
     
5,320
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series
6/15 at 100.00
Aa3
5,018,888
   
2005B, 5.000%, 6/01/25 – NPFG Insured
     
18,000
 
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Series 1997A, 0.000%,
4/11 at 57.63
A+
9,321,840
   
10/01/21 – NPFG Insured
     
3,000
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%,
7/18 at 100.00
AA+
2,693,910
   
7/01/35 – AGM Insured
     
2,000
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B,
No Opt. Call
AA+
2,181,400
   
5.250%, 10/01/22 – AGM Insured
     
   
Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and
     
   
Improvement Development Unit 9B, Series 2005:
     
1,290
 
5.000%, 8/01/23 – NPFG Insured
8/15 at 102.00
Baa1
1,234,724
2,145
 
5.000%, 8/01/29 – NPFG Insured
8/15 at 102.00
Baa1
1,928,269
2,000
 
Okaloosa County, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 7/01/36 –
7/16 at 100.00
AA+
1,870,360
   
AGM Insured
     
1,000
 
Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%,
8/17 at 100.00
AA–
971,560
   
8/01/27 – FGIC Insured
     
3,180
 
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/19 – FGIC Insured
1/13 at 100.00
AA
3,358,493
2,500
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 –
10/16 at 100.00
A+
2,348,075
   
SYNCORA GTY Insured
     
   
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004:
     
2,500
 
5.000%, 4/01/21 – NPFG Insured
4/14 at 100.00
Aa3
2,550,625
7,820
 
5.000%, 4/01/23 – NPFG Insured
4/14 at 100.00
Aa3
7,902,188
1,750
 
Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay Utility Corporation, Series 2003,
10/13 at 100.00
Aa3
1,769,233
   
5.000%, 10/01/20 – NPFG Insured
     
1,065
 
Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds,
7/12 at 100.00
AA+
1,068,483
   
Westlake Apartments Phase II, Series 2002, 5.150%, 7/01/22 – AGM Insured (Alternative
     
   
Minimum Tax)
     
2,150
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%,
8/14 at 100.00
AA–
2,185,002
   
8/01/24 – FGIC Insured
     
3,000
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%,
8/17 at 100.00
AA–
2,914,680
   
8/01/27 – NPFG Insured
     
8,000
 
Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%,
No Opt. Call
AA
7,377,920
   
10/01/14 – AMBAC Insured
     
1,470
 
Palm Beach County, Florida, Administrative Complex Revenue Refunding Bonds, Series 1993,
No Opt. Call
Aa1
1,484,347
   
5.250%, 6/01/11 – FGIC Insured
     
   
Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003:
     
1,000
 
5.250%, 10/01/19 – NPFG Insured
10/13 at 100.00
Aa3
1,058,470
500
 
5.250%, 10/01/20 – NPFG Insured
10/13 at 100.00
Aa3
521,525
500
 
5.250%, 10/01/21 – NPFG Insured
10/13 at 100.00
Aa3
512,245
3,000
 
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%,
4/16 at 100.00
AA+
2,864,190
   
10/01/36 – AGM Insured
     
   
Plantation, Florida, Non-Ad Valorem Revenue Refunding and Improvement Bonds, Series 2003:
     
2,225
 
5.000%, 8/15/18 – AGM Insured
8/13 at 100.00
Aa3
2,277,688
1,300
 
5.000%, 8/15/21 – AGM Insured
8/13 at 100.00
Aa3
1,308,710
1,170
 
Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 5.000%, 10/01/24 –
10/14 at 100.00
Aa3
1,177,114
   
FGIC Insured
     
1,000
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,
7/17 at 100.00
Baa1
838,130
   
Series 2007, 5.000%, 7/01/33 – NPFG Insured
     
   
Port St. Lucie, Florida, Stormwater Utility System Revenue Refunding Bonds, Series 2002:
     
1,190
 
5.250%, 5/01/15 – NPFG Insured
5/12 at 100.00
Aa3
1,239,944
1,980
 
5.250%, 5/01/17 – NPFG Insured
5/12 at 100.00
Aa3
2,063,101
   
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:
     
3,500
 
5.000%, 9/01/35 – AGC Insured
9/18 at 100.00
AA+
3,308,270
3,775
 
5.250%, 9/01/35 – AGC Insured
9/18 at 100.00
AA+
3,650,916
10,000
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2001, 0.000%, 9/01/29
9/11 at 34.97
AA– (4)
3,486,200
   
(Pre-refunded 9/01/11) – NPFG Insured
     
1,830
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2003, 5.000%, 9/01/21
9/13 at 100.00
BBB (4)
2,024,529
   
(Pre-refunded 9/01/13) – NPFG Insured
     
1,000
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2004, 5.000%, 9/01/21 –
9/14 at 100.00
Aa3
1,026,490
   
NPFG Insured
     
1,895
 
Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation
6/15 at 100.00
Aa3
1,897,066
   
Bonds, Series 2005B, 5.000%, 6/01/25 – AMBAC Insured
     
   
Sebring, Florida, Water and Wastewater Revenue Refunding Bonds, Series 2002:
     
1,360
 
5.250%, 1/01/17 – FGIC Insured
1/13 at 100.00
BBB
1,443,477
770
 
5.250%, 1/01/18 – FGIC Insured
1/13 at 100.00
BBB
808,631
500
 
5.250%, 1/01/20 – FGIC Insured
1/13 at 100.00
BBB
519,000
5,730
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series
No Opt. Call
A (4)
6,715,904
   
1992, 6.000%, 10/01/19 – NPFG Insured (ETM)
     
3,530
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series
No Opt. Call
Baa1
4,017,881
   
1992, 6.000%, 10/01/19 – NPFG Insured
     
4,260
 
St. Lucie County School Board, Florida, Certificates of Participation, Master Lease Program,
7/14 at 100.00
AA+
4,263,791
   
Series 2004A, 5.000%, 7/01/24 – AGM Insured
     
   
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993:
     
5,000
 
5.500%, 10/01/15 – FGIC Insured (ETM)
No Opt. Call
N/R (4)
5,559,900
1,200
 
5.500%, 10/01/21 – FGIC Insured (ETM)
No Opt. Call
N/R (4)
1,392,096
   
St. Petersburg, Florida, Sales Tax Revenue Bonds, Professional Sports Facility, Series 2003:
     
1,475
 
5.125%, 10/01/20 – AGM Insured
10/13 at 100.00
Aa3
1,565,521
1,555
 
5.125%, 10/01/21 – AGM Insured
10/13 at 100.00
Aa3
1,625,675
2,500
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured
10/15 at 100.00
AA
2,411,600
1,245
 
Tamarac, Florida, Sales Tax Revenue Bonds, Series 2002, 5.000%, 4/01/22 – FGIC Insured
4/12 at 100.00
A+
1,255,944
400
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
AA+
387,540
1,500
 
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s
6/11 at 100.00
Aaa
1,520,205
   
Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM)
     
10,255
 
Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 – CIFG Insured
4/16 at 100.00
N/R
8,649,785
1,390
 
Venice, Florida, General Obligation Bonds, Series 2004, 5.000%, 2/01/24 – AMBAC Insured
2/14 at 100.00
Aa2
1,407,667
4,275
 
Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%,
8/15 at 100.00
Aa3
4,161,670
   
8/01/24 – AGM Insured
     
2,000
 
Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/21 – AGM Insured
10/14 at 100.00
AA+
2,049,500
12,000
 
Volusia County, Florida, School Board Certificates of Participation, Series 2007, 5.000%,
8/17 at 100.00
Aa3
10,763,880
   
8/01/32 – AGM Insured (UB)
     
1,785
 
Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%,
12/14 at 100.00
Aa3
1,799,851
   
12/01/24 – AGM Insured
     
355,645
 
Total Florida
   
331,958,033
   
Georgia – 2.0% (1.3% of Total Investments)
     
1,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 –
11/14 at 100.00
AA+
1,019,770
   
AGM Insured
     
10,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 –
11/19 at 100.00
AA+
9,919,500
   
AGM Insured
     
2,825
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007,
8/20 at 100.00
Aa2
2,560,580
   
4.000%, 8/01/26
     
1,520
 
College Park Business and Industrial Development Authority, Georgia, Revenue Bonds, Public
9/14 at 102.00
AA–
1,596,562
   
Safety Project, Series 2004, 5.250%, 9/01/23 – NPFG Insured
     
   
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science
     
   
Building, Series 2004:
     
1,695
 
5.250%, 5/01/19 – NPFG Insured
5/14 at 100.00
Aa3
1,813,531
1,135
 
5.250%, 5/01/20 – NPFG Insured
5/14 at 100.00
Aa3
1,197,164
4,500
 
5.000%, 5/01/36 – NPFG Insured
5/14 at 100.00
Aa3
4,261,995
960
 
Glynn-Brunswick Memorial Hospital Authority, Georgia, Revenue Bonds, Southeast Georgia Health
2/11 at 100.00
A–
961,814
   
Systems, Series 1996, 5.250%, 8/01/13 – NPFG Insured
     
2,250
 
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett
7/19 at 100.00
Aa3
2,159,438
   
Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured (Alternative
     
   
Minimum Tax)
     
25,885
 
Total Georgia
   
25,490,354
   
Idaho – 0.2% (0.1% of Total Investments)
     
50
 
Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1994B-1, 6.750%, 7/01/22
No Opt. Call
Aaa
52,327
30
 
Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1994B-2, 6.900%, 7/01/26
No Opt. Call
Aaa
30,476
   
(Alternative Minimum Tax)
     
125
 
Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1995B, 6.600%, 7/01/27
7/11 at 100.00
Aaa
125,689
   
(Alternative Minimum Tax)
     
   
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway
     
   
Trust Funds, Series 2006:
     
1,000
 
5.000%, 7/15/23 – NPFG Insured
7/16 at 100.00
Aa2
1,031,690
1,065
 
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
Aa2
1,089,910
2,270
 
Total Idaho
   
2,330,092
   
Illinois – 6.2% (4.0% of Total Investments)
     
1,050
 
Bedford Park, Illinois, General Obligation Bonds, Series 2004A, 5.250%, 12/15/20 – AGM Insured
12/14 at 100.00
AA+
1,111,583
7,000
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien
No Opt. Call
AA+
6,732,390
   
Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
     
   
Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Refunding Bonds, O’Hare
     
   
International Airport, Series 2001E:
     
4,615
 
5.500%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax)
1/12 at 100.00
A2
4,666,596
4,870
 
5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax)
1/12 at 100.00
A2
4,921,135
7,200
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,
1/16 at 100.00
A1
7,252,344
   
Series 2005A, 5.250%, 1/01/24 – NPFG Insured
     
7,025
 
De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell Community College District 540,
12/17 at 100.00
Aa2
5,248,518
   
Illinois, General Obligation Bonds, Series 2007, 3.000%, 12/01/26 – AGM Insured
     
10,000
 
Illinois Development Finance Authority, Revenue Bonds, Provena Health, Series 1998A, 5.500%,
5/11 at 100.00
Baa1
9,991,300
   
5/15/21 – NPFG Insured
     
2,095
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000,
6/11 at 100.00
Baa1
1,964,209
   
5.800%, 6/01/30 – NPFG Insured
     
22,510
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.125%, 2/01/27 –
2/12 at 100.00
A+
20,697,495
   
FGIC Insured
     
20,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
No Opt. Call
AAA
1,904,200
   
Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/45 – AGM Insured
     
20,045
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
No Opt. Call
AAA
3,699,906
   
Project, Series 2002A, 0.000%, 12/15/35 – NPFG Insured
     
5,920
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
6/20 at 100.00
AAA
2,826,386
   
Project, Tender Option Bond Trust 3861, 13.454%, 6/15/42 (WI/DD, Settling 2/03/11) (IF)
     
   
Schaumburg, Illinois, General Obligation Bonds, Series 2004B:
     
4,260
 
5.000%, 12/01/22 – FGIC Insured
12/14 at 100.00
Aaa
4,396,022
2,365
 
5.000%, 12/01/23 – FGIC Insured
12/14 at 100.00
Aaa
2,421,358
4,000
 
Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2,
No Opt. Call
AAA
1,564,280
   
Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured
     
122,955
 
Total Illinois
   
79,397,722
   
Indiana – 4.4% (2.8% of Total Investments)
     
2,030
 
Decatur Township-Marion County Multi-School Building Corporation, Indiana, First Mortgage
7/13 at 100.00
AA+ (4)
2,227,458
   
Bonds, Series 2003, 5.000%, 7/15/20 (Pre-refunded 7/15/13) – FGIC Insured
     
5,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B.,
12/20 at 100.00
AA
4,384,950
   
5.000%, 12/01/37
     
8,000
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 –
1/17 at 100.00
A+
7,232,880
   
NPFG Insured
     
5,000
 
Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project
No Opt. Call
AA+
4,801,050
   
Revenue Bonds, Series 2010F, 5.000%, 1/01/35 – AGM Insured
     
20,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/28 –
No Opt. Call
AA
7,591,800
   
AMBAC Insured
     
5,300
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A,
1/19 at 100.00
AA+
5,441,616
   
5.500%, 1/01/38 – AGC Insured
     
3,250
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A,
7/12 at 100.00
AAA
3,465,475
   
5.250%, 7/01/33 (Pre-refunded 7/01/12) – NPFG Insured
     
1,340
 
Monroe-Gregg Grade School Building Corporation, Morgan County, Indiana, First Mortgage Bonds,
1/14 at 100.00
AA+ (4)
1,491,554
   
Series 2004, 5.000%, 1/15/25 (Pre-refunded 1/15/14) – AGM Insured
     
5,000
 
Noblesville Redevelopment Authority, Indiana, Economic Development Lease Rental Bonds, Exit 10
7/13 at 100.00
AA–
4,977,250
   
Project, Series 2003, 5.000%, 1/15/28 – AMBAC Insured
     
10,000
 
Purdue University, Indiana, Student Fee Bonds, Series 2002O, 5.000%, 7/01/19 (Pre-refunded
1/12 at 100.00
Aaa
10,418,100
   
1/01/12) – NPFG Insured
     
3,705
 
Whitley County Middle School Building Corporation, Columbia City, Indiana, First Mortgage
7/13 at 100.00
Aa3 (4)
4,081,576
   
Bonds, Series 2003, 5.000%, 7/15/16 (Pre-refunded 7/15/13) – AGM Insured
     
68,625
 
Total Indiana
   
56,113,709
   
Kansas – 0.7% (0.4% of Total Investments)
     
2,055
 
Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/23 – AGM Insured
9/14 at 101.00
AA+
2,147,886
   
Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006:
     
2,145
 
5.000%, 9/01/27 – AGM Insured
9/14 at 100.00
Aa3
2,127,025
4,835
 
5.000%, 9/01/29 – AGM Insured
9/14 at 100.00
Aa3
4,684,051
9,035
 
Total Kansas
   
8,958,962
   
Kentucky – 3.1% (2.0% of Total Investments)
     
3,870
 
Kenton County School District Finance Corporation, Kentucky, School Building Revenue Bonds,
6/14 at 100.00
Aa2
4,037,571
   
Series 2004, 5.000%, 6/01/20 – NPFG Insured
     
   
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding
     
   
Series 2009:
     
3,860
 
5.250%, 2/01/20 – AGC Insured
2/19 at 100.00
AA+
4,263,717
10,000
 
5.250%, 2/01/24 – AGC Insured
2/19 at 100.00
AA+
10,441,200
7,500
 
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project,
7/16 at 100.00
AA+
7,645,725
   
Series 2006B, 5.000%, 7/01/25 – AMBAC Insured
     
12,980
 
Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage
11/11 at 101.00
AA–
13,068,783
   
System Revenue Bonds, Series 2001A, 5.500%, 5/15/34 – NPFG Insured
     
38,210
 
Total Kentucky
   
39,456,996
   
Louisiana – 4.6% (2.9% of Total Investments)
     
5,000
 
DeSoto Parish, Louisiana, Pollution Control Revenue Refunding Bonds, Cleco Utility Group Inc.
3/11 at 101.00
BBB
4,766,250
   
Project, Series 1999, 5.875%, 9/01/29 – AMBAC Insured
     
3,025
 
Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/22 –
11/14 at 100.00
A+
3,168,597
   
NPFG Insured
     
4,530
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series
7/14 at 100.00
Baa1
4,535,391
   
2004, 5.250%, 7/01/24 – NPFG Insured
     
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
     
2,400
 
5.000%, 5/01/25 – FGIC Insured
5/15 at 100.00
Aa1
2,433,552
4,415
 
5.000%, 5/01/26 – FGIC Insured
5/15 at 100.00
Aa1
4,454,161
5,000
 
5.000%, 5/01/27 – FGIC Insured
5/15 at 100.00
Aa1
5,023,350
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
     
3,300
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
AA+
3,006,234
35,725
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
30,922,845
38
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.655%,
5/16 at 100.00
Aa1
17,722
   
5/01/34 – FGIC Insured (IF)
     
63,433
 
Total Louisiana
   
58,328,102
   
Maine – 0.3% (0.2% of Total Investments)
     
3,000
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2003B, 5.000%,
7/13 at 100.00
Aaa
3,262,830
   
7/01/28 (Pre-refunded 7/01/13) – AGM Insured
     
   
Maryland – 0.4% (0.2% of Total Investments)
     
5,345
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%,
9/16 at 100.00
Baa3
4,610,384
   
9/01/28 – SYNCORA GTY Insured
     
   
Massachusetts – 5.5% (3.5% of Total Investments)
     
4,500
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds,
1/20 at 100.00
AA
4,501,395
   
Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
     
22,500
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation,
1/12 at 101.00
A (4)
23,666,850
   
Series 2002A, 5.375%, 1/01/42 (Pre-refunded 1/01/12) – AMBAC Insured
     
5,330
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University,
12/19 at 100.00
AAA
5,668,082
   
Tender Option Bond Trust 2010-20W, 13.253%, 12/15/34 (IF)
     
11,000
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A,
8/15 at 100.00
AA+
11,504,350
   
5.000%, 8/15/23 – AGM Insured (UB)
     
15,000
 
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%,
1/14 at 100.00
A1 (4)
16,765,800
   
1/01/23 (Pre-refunded 1/01/14) – FGIC Insured
     
7,255
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%,
2/17 at 100.00
AA+
6,363,288
   
8/01/46 – AGM Insured (UB) (5)
     
1,500
 
University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series
11/14 at 100.00
A+ (4)
1,719,480
   
2004-1, 5.375%, 11/01/20 (Pre-refunded 11/01/14) – AMBAC Insured
     
67,085
 
Total Massachusetts
   
70,189,245
   
Michigan – 2.2% (1.4% of Total Investments)
     
5,490
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site
No Opt. Call
AA+
5,449,703
   
Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)
     
6,000
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured
10/11 at 100.00
Baa1
5,643,720
7,420
 
Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%,
4/11 at 100.00
A+
6,855,709
   
7/01/27 – NPFG Insured
     
1,085
 
Grand Rapids Community College, Kent County, Michigan, General Obligation Refunding Bonds,
5/13 at 100.00
Aa1
1,161,427
   
Series 2003, 5.250%, 5/01/20 – AMBAC Insured
     
10,000
 
Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit
12/11 at 101.00
A–
9,311,000
   
Metropolitan Wayne County Airport, Series 2001A, 5.250%, 12/01/25 – NPFG Insured
     
29,995
 
Total Michigan
   
28,421,559
   
Minnesota – 2.3% (1.5% of Total Investments)
     
5,000
 
Minneapolis, Minnesota, Health Care System Revenue Bonds,S Fairview Health Services, Series
11/18 at 100.00
AA+
5,256,250
   
2008B, 6.500%, 11/15/38 – AGC Insured
     
5,000
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D,
No Opt. Call
AAA
5,804,400
   
5.000%, 8/01/18
     
4,000
 
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series
No Opt. Call
AA+
4,355,200
   
2009A, 5.000%, 1/01/15 – AGC Insured
     
12,950
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds,
12/11 at 102.00
N/R (4)
13,896,645
   
Marian Center Project, Series 2001A, 6.450%, 6/20/43 (Pre-refunded 12/20/11)
     
26,950
 
Total Minnesota
   
29,312,495
   
Nebraska – 2.4% (1.5% of Total Investments)
     
27,125
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 –
9/17 at 100.00
AA
24,604,545
   
FGIC Insured (UB)
     
5,000
 
Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds,
4/19 at 100.00
AA+
5,055,600
   
Series 2009A, 5.375%, 4/01/39 – BHAC Insured
     
1,000
 
Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25 –
1/15 at 100.00
AA+
1,012,360
   
AGM Insured
     
33,125
 
Total Nebraska
   
30,672,505
   
Nevada – 7.0% (4.5% of Total Investments)
     
8,475
 
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan,
12/12 at 100.00
AA+
8,257,447
   
Series 2002, 5.000%, 6/01/32 – NPFG Insured
     
3,630
 
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan,
12/12 at 100.00
AA+ (4)
3,921,090
   
Series 2002, 5.000%, 6/01/32 (Pre-refunded 12/01/12) – NPFG Insured
     
14,140
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
1/20 at 100.00
AA+
13,136,626
   
International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
     
7,370
 
Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%,
7/14 at 100.00
Aa3
7,211,766
   
7/01/25 – FGIC Insured
     
   
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas
     
   
Monorail Project, First Tier, Series 2000:
     
15,000
 
5.625%, 1/01/34 – AMBAC Insured (6)
1/12 at 100.00
N/R
3,357,300
11,400
 
5.375%, 1/01/40 – AMBAC Insured (6)
7/11 at 100.00
N/R
2,550,978
14,985
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 – FGIC Insured
6/12 at 100.00
A
13,049,537
25,300
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 (Pre-refunded
6/12 at 100.00
A3 (4)
26,911,608
   
6/01/12) – FGIC Insured
     
10,000
 
Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno Transportation Rail Access
6/12 at 100.00
N/R (4)
10,596,900
   
Corridor Project, Series 2002, 5.125%, 6/01/27 (Pre-refunded 6/01/12) – AMBAC Insured
     
110,300
 
Total Nevada
   
88,993,252
   
New Jersey – 4.3% (2.8% of Total Investments)
     
   
Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project
     
   
Consolidation, Series 2004:
     
2,000
 
5.125%, 10/01/21 – NPFG Insured
10/14 at 100.00
Aa2
2,038,920
2,250
 
5.125%, 10/01/22 – NPFG Insured
10/14 at 100.00
Aa2
2,290,748
   
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge,
     
   
Series 2004A:
     
3,850
 
5.000%, 7/01/22 – NPFG Insured
7/14 at 100.00
A
3,932,198
3,850
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
3,908,982
26,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 –
No Opt. Call
AA+
26,926,118
   
AGM Insured
     
   
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A:
     
8,250
 
5.000%, 1/01/19 – FGIC Insured
7/13 at 100.00
A+
8,753,333
2,000
 
5.000%, 1/01/23 (WI/DD, Settling 2/03/11) – AGM Insured
7/13 at 100.00
AA+
2,061,100
3,320
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/21 (WI/DD, Settling
1/15 at 100.00
AA+
3,511,298
   
2/03/11) – AGM Insured
     
1,330
 
Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds,
No Opt. Call
Aa2
1,454,940
   
Series 2005, 5.250%, 1/01/26 – AGM Insured
     
52,850
 
Total New Jersey
   
54,877,637
   
New Mexico – 1.3% (0.8% of Total Investments)
     
3,660
 
San Juan County, New Mexico, Subordinate Gross Receipts Tax Revenue Bonds, Series 2005,
6/15 at 100.00
Aa3
3,695,539
   
5.000%, 6/15/25 – NPFG Insured
     
13,600
 
University of New Mexico, System Improvement Subordinated Lien Revenue Bonds, Series 2007A,
6/17 at 100.00
AA+
13,079,664
   
5.000%, 6/01/36 – AGM Insured
     
17,260
 
Total New Mexico
   
16,775,203
   
New York – 7.8% (5.0% of Total Investments)
     
1,880
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore
2/15 at 100.00
BBB
1,891,976
   
Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
     
7,225
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell
7/20 at 100.00
Aa1
7,209,539
   
University, Series 2010A, 5.000%, 7/01/35
     
3,335
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series
3/15 at 100.00
AAA
3,442,387
   
2005F, 5.000%, 3/15/24 – AMBAC Insured
     
3,820
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,
2/17 at 100.00
A
2,897,279
   
2/15/47 – NPFG Insured
     
12,500
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A,
6/16 at 100.00
A–
12,528,125
   
5.000%, 12/01/25 – FGIC Insured
     
6,900
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%,
11/16 at 100.00
A–
5,898,258
   
5/01/33 – NPFG Insured
     
   
Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds,
     
   
Series 2002A:
     
1,500
 
5.000%, 7/01/21 – FGIC Insured
7/12 at 100.00
AA–
1,564,950
5,000
 
5.000%, 7/01/25 – FGIC Insured
7/12 at 100.00
AA–
5,000,450
3,025
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue
2/21 at 100.00
Aa2
3,023,155
   
Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.500%, 8/15/40
     
2,615
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project
3/19 at 100.00
AA+
2,846,532
   
PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
     
5,000
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21 –
9/15 at 100.00
AA
5,217,750
   
AMBAC Insured
     
10,000
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 –
4/15 at 100.00
AA
10,034,700
   
FGIC Insured
     
5,000
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/26 –
1/15 at 100.00
A+
4,979,000
   
AMBAC Insured
     
14,000
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 –
7/15 at 100.00
AA+
13,822,340
   
AGM Insured
     
   
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds,
     
   
Series 2004A-1:
     
1,000
 
5.000%, 3/15/23 – FGIC Insured
3/14 at 100.00
AAA
1,040,540
5,000
 
5.000%, 3/15/25 – FGIC Insured
3/14 at 100.00
AAA
5,095,600
3,650
 
New York State Urban Development Corporation, State Contract Revenue Bonds, Series 2005B,
3/15 at 100.00
AAA
3,720,664
   
5.000%, 3/15/25 – AGM Insured (UB)
     
10,000
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue
11/12 at 100.00
Aa3
9,772,100
   
Refunding Bonds, Series 2002E, 5.000%, 11/15/32 – NPFG Insured
     
101,450
 
Total New York
   
99,985,345
   
North Carolina – 1.3% (0.9% of Total Investments)
     
   
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004:
     
2,115
 
5.000%, 5/01/22 – FGIC Insured
5/14 at 100.00
AA–
2,190,484
2,575
 
5.000%, 5/01/26 – FGIC Insured
5/14 at 100.00
AA–
2,580,923
5,250
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%,
1/13 at 100.00
AA+
5,608,155
   
1/01/16 – AGM Insured
     
   
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A:
     
3,205
 
5.000%, 5/01/23 – AMBAC Insured
5/15 at 100.00
Aa3
3,275,734
3,295
 
5.000%, 5/01/24 – AMBAC Insured
5/15 at 100.00
Aa3
3,351,872
16,440
 
Total North Carolina
   
17,007,168
   
North Dakota – 0.5% (0.3% of Total Investments)
     
   
Grand Forks, North Dakota, Sales Tax Revenue Bonds, Alerus Project, Series 2005A:
     
2,195
 
5.000%, 12/15/22 – NPFG Insured
12/15 at 100.00
Aa3
2,277,510
1,355
 
5.000%, 12/15/23 – NPFG Insured
12/15 at 100.00
Aa3
1,392,994
3,000
 
5.000%, 12/15/24 – NPFG Insured
12/15 at 100.00
Aa3
3,056,940
6,550
 
Total North Dakota
   
6,727,444
   
Ohio – 3.9% (2.5% of Total Investments)
     
2,650
 
Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/24 –
6/14 at 100.00
A+
2,677,216
   
FGIC Insured
     
2,000
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004,
12/14 at 100.00
AA+ (4)
2,292,900
   
5.250%, 12/01/25 (Pre-refunded 12/01/14) – AGM Insured
     
2,385
 
Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 2004A, 5.000%, 12/01/22 –
6/14 at 100.00
BBB+
2,412,547
   
AMBAC Insured
     
2,205
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 –
6/15 at 100.00
Baa1
2,225,529
   
NPFG Insured
     
19,595
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 4.250%, 12/01/32 –
12/16 at 100.00
A1
16,134,131
   
AMBAC Insured
     
20,100
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 1999,
5/11 at 100.50
AA–
18,411,600
   
5.375%, 11/15/39 – AMBAC Insured
     
3,000
 
Ross Local School District, Butler County, Ohio, General Obligation Bonds, Series 2003,
12/13 at 100.00
Aa2 (4)
3,347,940
   
5.000%, 12/01/28 (Pre-refunded 12/01/13) – AGM Insured
     
2,000
 
University of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds,
1/20 at 100.00
AA+
1,936,660
   
Series 2010B, 5.000%, 1/01/29 – AGM Insured
     
53,935
 
Total Ohio
   
49,438,523
   
Oklahoma – 2.4% (1.5% of Total Investments)
     
3,500
 
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%,
7/15 at 100.00
AA
3,569,965
   
7/01/24 – AMBAC Insured
     
   
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2010:
     
1,500
 
5.000%, 7/01/40 (WI/DD, Settling 2/09/11)
7/21 at 100.00
AAA
1,507,800
1,000
 
5.375%, 7/01/40 (WI/DD, Settling 2/09/11)
No Opt. Call
AAA
1,042,910
1,560
 
Oklahoma Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds,
No Opt. Call
AAA
1,587,316
   
Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax)
     
21,000
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%,
1/17 at 100.00
A
17,639,160
   
1/01/47 – FGIC Insured
     
4,880
 
University of Oklahoma, Student Housing Revenue Bonds, Series 2004, 5.000%, 7/01/22 –
7/14 at 100.00
Aa3
4,913,282
   
AMBAC Insured
     
33,440
 
Total Oklahoma
   
30,260,433
   
Oregon – 0.2% (0.1% of Total Investments)
     
2,535
 
Oregon Department of Administrative Services, Certificates of Participation, Series 2005A,
5/15 at 100.00
AA+
2,571,808
   
5.000%, 5/01/25 – AGM Insured
     
   
Pennsylvania – 5.2% (3.3% of Total Investments)
     
2,165
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2010,
No Opt. Call
AA+
2,074,936
   
5.000%, 6/01/40 – AGM Insured
     
7,925
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A,
6/16 at 100.00
AA+
7,996,404
   
5.000%, 6/01/26 – AGM Insured (UB)
     
5,250
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
1/20 at 100.00
AA+
5,040,578
   
5.000%, 1/01/40 – AGM Insured
     
1,565
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue
8/20 at 100.00
AA
1,539,616
   
Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
     
1,800
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series
5/15 at 100.00
A+
1,753,182
   
2005A, 5.000%, 5/01/28 – NPFG Insured
     
11,740
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of
12/16 at 100.00
AA+
10,437,682
   
Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)
     
2,625
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 –
6/16 at 100.00
Aa3
2,651,723
   
AMBAC Insured
     
10,000
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured
6/20 at 100.00
AA+
9,555,100
7,055
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room
8/20 at 100.00
AA+
6,517,409
   
Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured
     
5,180
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax
8/20 at 100.00
AA+
5,058,425
   
Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
     
6,335
 
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds,
8/15 at 100.00
Aa2
6,369,336
   
Series 2005B, 5.000%, 2/15/30 – AGM Insured
     
3,285
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005,
1/16 at 100.00
AA+
3,418,240
   
5.000%, 1/15/22 (WI/DD, Settling 2/04/11) – AGM Insured
     
3,450
 
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005,
1/16 at 100.00
AA+
3,567,714
   
5.000%, 1/15/25 – AGM Insured (UB)
     
68,375
 
Total Pennsylvania
   
65,980,345
   
Puerto Rico – 0.8% (0.5% of Total Investments)
     
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/30
7/15 at 100.00
AAA
2,881,225
   
(Pre-refunded 7/01/15) – SYNCORA GTY Insured
     
2,000
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%,
7/13 at 100.00
A3
2,005,520
   
7/01/19 – FGIC Insured
     
1,550
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
A3
1,527,773
36,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,
No Opt. Call
Aa2
4,390,920
   
8/01/42 – NPFG Insured
     
42,050
 
Total Puerto Rico
   
10,805,438
   
Rhode Island – 0.3% (0.2% of Total Investments)
     
2,195
 
Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted
7/11 at 100.00
Baa1
2,197,919
   
Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%, 7/01/25 –
     
   
NPFG Insured
     
1,405
 
Rhode Island Health & Educational Building Corporation, Higher Education Auxiliary Enterprise
9/14 at 100.00
A1
1,442,949
   
Revenue Bonds, Series 2004A, 5.500%, 9/15/24 – AMBAC Insured
     
3,600
 
Total Rhode Island
   
3,640,868
   
South Carolina – 5.4% (3.5% of Total Investments)
     
14,650
 
Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008,
No Opt. Call
AA+
14,743,467
   
Trust 1181, 9.466%, 8/01/15 – AGM Insured (IF)
     
10,000
 
Beaufort County, South Carolina, Tax Increment Bonds, New River Redevelopment Project, Series
12/12 at 100.00
A+
9,802,500
   
2002, 5.000%, 6/01/27 – NPFG Insured
     
   
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds,
     
   
Series 2004A:
     
2,000
 
5.250%, 8/15/22 – NPFG Insured
8/14 at 100.00
Baa1
2,043,600
2,605
 
5.250%, 8/15/23 – NPFG Insured
8/14 at 100.00
Baa1
2,640,897
2,385
 
5.250%, 8/15/25 – NPFG Insured
8/14 at 100.00
Baa1
2,397,164
375
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1988A, 0.000%,
No Opt. Call
Aaa
333,071
   
1/01/13 – AMBAC Insured (ETM)
     
5,880
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1988A, 0.000%,
No Opt. Call
N/R
5,372,732
   
1/01/13 – AMBAC Insured
     
8,000
 
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina
11/12 at 100.00
A
8,004,640
   
Electric and Gas Company, Series 2002A, 5.200%, 11/01/27 – AMBAC Insured
     
10,000
 
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina
11/12 at 100.00
A
9,067,800
   
Electric and Gas Company, Series 2002B, 5.450%, 11/01/32 – AMBAC Insured (Alternative
     
   
Minimum Tax)
     
17,500
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%,
10/16 at 100.00
A1
15,032,500
   
10/01/34 – SYNCORA GTY Insured
     
73,395
 
Total South Carolina
   
69,438,371
   
Tennessee – 0.5% (0.3% of Total Investments)
     
6,455
 
Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2001A,
3/11 at 100.00
AA+
6,463,650
   
5.500%, 3/01/18 – AGM Insured (Alternative Minimum Tax)
     
   
Texas – 9.6% (6.2% of Total Investments)
     
4,405
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 –
8/19 at 100.00
AA+
4,294,831
   
AGM Insured
     
436
 
Capital Area Housing Finance Corporation, Texas, FNMA Backed Single Family Mortgage Revenue
4/12 at 106.00
Aaa
446,733
   
Refunding Bonds, Series 2002A-2, 6.300%, 4/01/35 – AMBAC Insured (Alternative Minimum Tax)
     
12,500
 
Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Series 2000A, 6.125%,
5/11 at 100.00
A+
12,505,125
   
11/01/35 – NPFG Insured (Alternative Minimum Tax)
     
25,000
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series
11/11 at 100.00
Baa1
20,420,500
   
2001B, 5.250%, 11/15/40 – NPFG Insured
     
4,671
 
Houston Housing Finance Corporation, Texas, GNMA Collateralized Mortgage Multifamily Housing
9/11 at 105.00
Aaa
4,708,321
   
Revenue Bonds, RRG Apartments Project, Series 2001, 6.350%, 3/20/42
     
   
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A:
     
4,000
 
5.250%, 5/15/24 – FGIC Insured
5/14 at 100.00
AA
4,166,800
5,000
 
5.250%, 5/15/25 – NPFG Insured
5/14 at 100.00
AA
5,146,200
17,500
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment
9/11 at 100.00
A2
15,065,925
   
Project, Series 2001B, 5.250%, 9/01/33 – AMBAC Insured
     
900
 
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.625%, 7/01/30 –
7/11 at 100.00
AA+
873,081
   
AGM Insured (Alternative Minimum Tax)
     
23,865
 
Jefferson County Health Facilities Development Corporation, Texas, FHA-Insured Mortgage
8/11 at 100.00
N/R (4)
24,461,625
   
Revenue Bonds, Baptist Hospital of Southeast Texas, Series 2001, 5.500%, 8/15/41 (Pre-refunded
     
   
8/15/11) – AMBAC Insured
     
   
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A:
     
140
 
5.000%, 5/15/21 (Pre-refunded 5/15/11) – NPFG Insured
5/11 at 100.00
A1 (4)
141,865
5,105
 
5.000%, 5/15/21 (Pre-refunded 5/15/11) – NPFG Insured
5/11 at 100.00
A1 (4)
5,172,999
2,960
 
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A,
5/11 at 100.00
A1
2,985,634
   
5.000%, 5/15/21 – NPFG Insured
     
   
Port of Houston Authority, Harris County, Texas, General Obligation Port Improvement Bonds,