Unassociated Document



 
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 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:         7/31/12         
 
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 Municipal Opportunity Fund, Inc. (NIO) 
     
   
               July 31, 2012 
     
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Alabama – 1.1% (0.8% of Total Investments) 
     
$    10,500 
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, 
1/17 at 100.00 
AA+ 
$    10,871,595 
   
Series 2007A, 4.500%, 1/01/43 – BHAC Insured 
     
10,195 
 
Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A, 5.375%, 2/01/27 – 
8/12 at 100.00 
Caa3 
6,581,994 
   
FGIC Insured (4) 
     
20,695 
 
Total Alabama 
   
17,453,589 
   
Arizona – 2.8% (1.9% of Total Investments) 
     
4,230 
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, 
3/22 at 100.00 
BBB– 
4,396,874 
   
Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 
     
   
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– 
2,173,780 
2,000 
 
5.000%, 9/01/27 – AMBAC Insured 
3/15 at 100.00 
AA– 
2,171,660 
1,000 
 
Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured 
7/15 at 100.00 
Aa3 
1,096,650 
3,000 
 
Arizona State, Certificates of Participation, Department of Administration Series 2010B, 
4/20 at 100.00 
AA– 
3,363,330 
   
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 (5) 
1,090,460 
   
Series 2004A, 5.000%, 7/01/22 (Pre-refunded 7/01/14) – AGM Insured 
     
5,200 
 
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032-11034, 
7/17 at 100.00 
Aa2 
6,046,352 
   
14.880%, 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+ 
1,228,913 
   
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 
14,827,803 
   
2005, 4.750%, 7/01/25 – NPFG Insured 
     
5,000 
 
Phoenix Civic Improvement Corporation, Arizona, Subordinate Excise Tax Revenue Bonds, Civic 
7/15 at 100.00 
AA+ 
5,439,900 
   
Plaza Expansion Project, Series 2005A, 5.000%, 7/01/41 – FGIC Insured 
     
38,070 
 
Total Arizona 
   
41,835,722 
   
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 
2,805,449 
   
9/01/35 – AMBAC Insured 
     
   
California – 20.8% (14.0% of Total Investments) 
     
5,600 
 
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 
No Opt. Call 
BBB+ 
4,109,672 
   
2004A, 0.000%, 10/01/20 – AMBAC Insured 
     
   
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 
33,270 
25 
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured 
12/14 at 100.00 
AAA 
27,725 
   
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 
4,023,788 
2,795 
 
5.000%, 12/01/27 – NPFG Insured (UB) 
12/14 at 100.00 
AAA 
3,059,463 
3,000 
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard 
8/22 at 100.00 
AA 
3,260,220 
   
Children’s Hospital, Series 2012A, 5.000%, 8/15/51 
     
   
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and 
     
   
Clinics, Tender Option Bond Trust 3294: 
     
3,220 
 
9.230%, 2/15/20 (IF) (6) 
No Opt. Call 
AA– 
3,857,045 
1,275 
 
9.230%, 2/15/20 (IF) 
No Opt. Call 
AA– 
1,527,246 
1,215 
 
9.230%, 2/15/20 (IF) 
No Opt. Call 
AA– 
1,455,157 
10,150 
 
California State, General Obligation Bonds, Series 2004, 5.000%, 6/01/31 – AMBAC Insured 
12/14 at 100.00 
A1 
10,753,316 
10,920 
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente, 
4/22 at 100.00 
A+ 
11,985,246 
   
Series 2012A, 5.000%, 4/01/42 
     
3,500 
 
Coachella Valley Unified School District, Riverside County, California, General Obligation 
8/15 at 100.00 
A1 
3,856,405 
   
Bonds, Series 2005A, 5.000%, 8/01/26 – FGIC Insured 
     
5,750 
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water 
6/15 at 100.00 
AAA 
6,338,973 
   
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 
10,241,900 
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/38 – FGIC Insured 
     
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
     
   
Bonds, Series 2007A-1: 
     
15,510 
 
4.500%, 6/01/27 
6/17 at 100.00 
BB– 
13,313,164 
3,760 
 
5.000%, 6/01/33 
6/17 at 100.00 
BB– 
3,018,603 
1,520 
 
Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation 
3/16 at 100.00 
A– 
1,536,066 
   
Bonds, 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 
Aa2 
3,544,800 
   
11/01/24 – AGM Insured 
     
2,740 
 
Los Angeles Harbors Department, California, Revenue Bonds, Series 2006A, 5.000%, 8/01/22 – 
8/16 at 102.00 
AA 
3,131,847 
   
FGIC Insured (Alternative Minimum Tax) 
     
20,000 
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A, 
7/13 at 100.00 
Aa2 (5) 
20,883,400 
   
5.000%, 7/01/21 (Pre-refunded 7/01/13) – AGM Insured 
     
3,000 
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F, 
7/16 at 100.00 
Aa2 
3,385,950 
   
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– 
4,451,044 
   
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 
5,559,010 
   
(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 (5) 
698,204 
   
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 
12/12 at 100.00 
N/R 
15,046,800 
6,000 
 
5.125%, 6/15/33 – AMBAC Insured 
12/12 at 100.00 
N/R 
6,013,080 
2,035 
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 
6/15 at 100.00 
A 
2,112,941 
   
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– 
6,185,640 
   
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 
3,341,102 
   
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 
2,791,550 
   
2005B, 4.750%, 12/01/21 – FGIC Insured 
     
1,220 
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding 
7/15 at 100.00 
AA+ 
1,361,984 
   
Series 2005A, 5.000%, 7/01/22 – NPFG Insured 
     
3,030 
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 
1/13 at 100.00 
AA+ 
3,040,696 
   
2001, 5.125%, 7/01/36 – AMBAC Insured 
     
66,685 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll 
No Opt. Call 
Aaa 
56,991,663 
   
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 
1/13 at 100.00 
BBB 
31,613,416 
21,500 
 
0.000%, 1/15/32 – NPFG Insured 
No Opt. Call 
BBB 
7,244,640 
21,255 
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 
8/17 at 100.00 
BBB 
19,627,080 
   
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 
BBB 
13,080,600 
   
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 
Aa1 
7,154,850 
   
6/01/25 – AGM Insured 
     
9,375 
 
University of California, General Revenue Bonds, Limited Project Series 2012G, 5.000%, 5/15/37 
5/22 at 100.00 
Aa2 
10,855,781 
   
(WI/DD, Settling 8/09/12) 
     
5,000 
 
Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation 
1/14 at 100.00 
A+ 
5,124,600 
   
District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured 
     
336,905 
 
Total California 
   
315,637,937 
   
Colorado – 3.4% (2.3% 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– 
1,095,844 
   
SYNCORA GTY Insured 
     
1,900 
 
Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open Space, Series 2005B, 5.250%, 
11/15 at 100.00 
Aa2 
2,142,060 
   
11/01/24 – AGM Insured 
     
1,000 
 
Colorado Department of Transportation, Certificates of Participation, Series 2004, 5.000%, 
6/14 at 100.00 
AA– (5) 
1,087,070 
   
6/15/25 (Pre-refunded 6/15/14) – NPFG Insured 
     
4,950 
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, 
12/13 at 100.00 
N/R (5) 
5,254,871 
   
Senior Lien 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 (5) 
1,927,033 
   
Bonds, Series 2005B, 5.000%, 12/15/28 (Pre-refunded 12/15/14) – AGM Insured 
     
35,995 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 
No Opt. Call 
BBB 
21,951,911 
   
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 
BBB 
4,786,400 
   
NPFG Insured 
     
4,520 
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 
12/14 at 100.00 
Aa2 (5) 
5,017,200 
   
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– 
4,883,031 
   
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 (5) 
2,769,600 
   
5.000%, 12/01/24 (Pre-refunded 12/01/14) – FGIC Insured 
     
355 
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – 
6/15 at 100.00 
Aa2 
389,801 
   
FGIC Insured 
     
645 
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 
6/15 at 100.00 
Aa2 (5) 
727,876 
   
(Pre-refunded 6/01/15) – FGIC Insured 
     
69,020 
 
Total Colorado 
   
52,032,697 
   
Connecticut – 0.2% (0.2% of Total Investments) 
     
3,250 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, 
7/20 at 100.00 
AA 
3,676,823 
   
Series 2010G, 5.000%, 7/01/39 
     
   
District of Columbia – 0.9% (0.6% of Total Investments) 
     
   
District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Subordinate 
     
   
Lien Series 2003: 
     
5,000 
 
5.125%, 10/01/24 (Pre-refunded 10/01/13) – FGIC Insured 
10/13 at 100.00 
AA (5) 
5,284,050 
5,000 
 
5.125%, 10/01/25 (Pre-refunded 10/01/13) – FGIC Insured 
10/13 at 100.00 
AA (5) 
5,284,050 
2,670 
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, 
10/16 at 100.00 
AA+ 
3,077,576 
   
Tender Option Bond Trust 1606, 11.436%, 10/01/30 – AMBAC Insured (IF) 
     
12,670 
 
Total District of Columbia 
   
13,645,676 
   
Florida – 22.7% (15.3% 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 
1,336,700 
3,820 
 
Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.250%, 
7/13 at 100.00 
Aa3 (5) 
3,995,682 
   
7/01/19 (Pre-refunded 7/01/13) – NPFG Insured 
     
1,275 
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 – 
10/14 at 100.00 
A+ 
1,344,602 
   
AMBAC Insured 
     
875 
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 
10/14 at 100.00 
A1 (5) 
958,046 
   
(Pre-refunded 10/01/14) – AMBAC Insured 
     
4,500 
 
Broward County, Florida, Water and Sewer Utility Revenue Bonds, Series 2003, 5.000%, 10/01/24 
10/13 at 100.00 
AA+ (5) 
4,751,820 
   
(Pre-refunded 10/01/13) – NPFG Insured 
     
6,000 
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – 
10/21 at 100.00 
AA– 
6,727,740 
   
AGM Insured 
     
   
Clay County, Florida, Uiltity System Revenue Bonds, Series 2007: 
     
5,110 
 
5.000%, 11/01/27 – AGM Insured (UB) 
11/17 at 100.00 
AAA 
5,609,278 
12,585 
 
5.000%, 11/01/32 – AGM Insured (UB) 
11/17 at 100.00 
AAA 
13,648,936 
1,500 
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 
10/14 at 100.00 
AA– (5) 
1,649,895 
   
(Pre-refunded 10/01/14) – 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 
AA– 
3,284,700 
   
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) 
9/12 at 100.00 
AA+ 
1,232,829 
1,890 
 
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax) 
9/12 at 100.00 
AA+ 
1,892,646 
900 
 
Dade County, Florida, Seaport Revenue Refunding Bonds, Series 1995, 5.750%, 10/01/15 – 
10/12 at 100.00 
A2 
903,960 
   
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 
952,588 
475 
 
5.250%, 10/01/18 – AMBAC Insured 
10/13 at 100.00 
N/R 
493,273 
   
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 
1,287,850 
1,095 
 
5.000%, 10/01/23 – NPFG Insured 
10/13 at 100.00 
A1 
1,127,872 
1,225 
 
5.000%, 10/01/24 – NPFG Insured 
10/13 at 100.00 
A1 
1,260,746 
2,500 
 
Escambia County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 
2/15 at 100.00 
BBB 
2,604,725 
   
2/01/22 – NPFG Insured 
     
2,500 
 
Flagler County School Board, Florida, Certificates of Participation, Master Lease Revenue 
8/15 at 100.00 
AA– 
2,726,100 
   
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 
1,262,472 
   
NPFG Insured 
     
3,945 
 
Florida Governmental Utility Authority, Utility System Revenue Bonds, Citrus Project, Series 
10/13 at 100.00 
A– (5) 
4,165,762 
   
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, 
1/13 at 100.00 
N/R 
1,000,560 
   
Series 1999, 5.000%, 7/01/29 – AMBAC Insured 
     
   
Florida Municipal Loan Council, Revenue Bonds, Series 2000B: 
     
250 
 
5.375%, 11/01/25 – NPFG Insured 
11/12 at 100.00 
A– 
250,478 
185 
 
5.375%, 11/01/30 – NPFG Insured 
11/12 at 100.00 
A– 
185,300 
180 
 
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18 – 
11/12 at 100.00 
Baa2 
181,370 
   
NPFG Insured 
     
2,000 
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, 
10/13 at 100.00 
AA– 
2,092,100 
   
Series 2003A, 5.000%, 10/01/17 – AGM Insured 
     
1,915 
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 – 
6/18 at 100.00 
AA– 
2,070,785 
   
AGM Insured 
     
2,500 
 
Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue 
No Opt. Call 
BBB 
3,123,425 
   
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 
1,096,650 
   
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) 
6,262,200 
   
7/01/29 (Pre-refunded 7/01/13) – NPFG Insured 
     
2,000 
 
Hillsborough County, Florida, Community Investment Tax Revenue Bonds, Series 2004, 5.000%, 
11/13 at 101.00 
AA (5) 
2,139,600 
   
5/01/23 (Pre-refunded 11/01/13) – AMBAC Insured 
     
1,000 
 
Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%, 
10/15 at 100.00 
AA+ 
1,104,720 
   
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+ 
2,786,563 
   
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 
Baa2 
1,709,797 
1,830 
 
5.000%, 5/01/27 – NPFG Insured 
5/15 at 102.00 
Baa2 
1,888,999 
1,480 
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.250%, 
10/13 at 100.00 
A1 (5) 
1,565,337 
   
10/01/20 (Pre-refunded 10/01/13) – NPFG Insured 
     
1,500 
 
JEA, Florida, Water and Sewerage System Revenue Bonds, Crossover Refunding Series 2007B, 
10/14 at 100.00 
AA 
1,615,650 
   
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 
AA 
1,054,000 
   
FGIC Insured 
     
1,450 
 
Jupiter, Florida, Water Revenue Bonds, Series 2003, 5.000%, 10/01/22 – AMBAC Insured 
10/13 at 100.00 
AAA 
1,522,529 
   
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B: 
     
1,730 
 
5.000%, 10/01/18 – AMBAC Insured 
10/12 at 100.00 
N/R 
1,737,128 
2,000 
 
5.000%, 10/01/19 – AMBAC Insured 
10/12 at 100.00 
N/R 
2,007,660 
4,665 
 
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM 
8/21 at 100.00 
AA– 
5,237,722 
   
Insured (Alternative Minimum Tax) 
     
1,230 
 
Lee County, Florida, Local Option Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/20 – 
10/14 at 100.00 
A2 
1,292,213 
   
FGIC Insured 
     
1,505 
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/21 – 
10/14 at 100.00 
A– 
1,597,362 
   
AMBAC Insured 
     
1,000 
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – 
4/17 at 100.00 
A 
1,041,920 
   
NPFG Insured 
     
3,000 
 
Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured 
10/17 at 100.00 
Aa3 
3,214,530 
2,000 
 
Manatee County, Florida, Public Utilities Revenue Bonds, Series 2003, 5.125%, 10/01/20 
10/13 at 100.00 
Aa2 (5) 
2,113,620 
   
(Pre-refunded 10/01/13) – NPFG Insured 
     
   
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003: 
     
1,350 
 
5.250%, 10/01/17 (Pre-refunded 10/01/13) – NPFG Insured 
10/13 at 100.00 
Aa3 (5) 
1,428,665 
1,000 
 
5.250%, 10/01/18 (Pre-refunded 10/01/13) – NPFG Insured 
10/13 at 100.00 
Aa3 (5) 
1,058,270 
2,000 
 
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/27 – 
10/13 at 100.00 
Aa3 
2,085,960 
   
NPFG Insured 
     
2,200 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002A, 
10/12 at 100.00 
AA– 
2,204,466 
   
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 
5,649,813 
35,920 
 
5.375%, 10/01/32 – FGIC Insured (Alternative Minimum Tax) 
10/12 at 100.00 
A2 
36,003,331 
12,930 
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 
12/15 at 100.00 
Aa3 
13,270,706 
   
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 
5,507,636 
   
2005B, 5.000%, 6/01/25 – NPFG Insured 
     
18,000 
 
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Series 1997A, 0.000%, 
10/12 at 62.21 
A+ 
11,105,640 
   
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 
3,279,600 
   
7/01/35 – AGM Insured 
     
2,000 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 
No Opt. Call 
Aa2 
2,547,700 
   
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 
BBB 
1,374,237 
2,145 
 
5.000%, 8/01/29 – NPFG Insured 
8/15 at 102.00 
BBB 
2,264,133 
2,000 
 
Okaloosa County, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 7/01/36 – 
7/16 at 100.00 
AA– 
2,124,280 
   
AGM Insured 
     
7,000 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., 
4/22 at 100.00 
A 
7,565,040 
   
Series 2012A, 5.000%, 10/01/42 
     
1,000 
 
Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%, 
8/17 at 100.00 
AA 
1,103,700 
   
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+ 
3,237,685 
2,500 
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – 
10/16 at 100.00 
AA– 
2,644,600 
   
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 
2,660,125 
7,820 
 
5.000%, 4/01/23 – NPFG Insured 
4/14 at 100.00 
Aa3 
8,263,394 
1,750 
 
Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay Utility Corporation, Series 2003, 
10/13 at 100.00 
Aa3 
1,835,015 
   
5.000%, 10/01/20 – NPFG Insured 
     
1,065 
 
Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, 
1/13 at 100.00 
AA– 
1,066,598 
   
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– (5) 
2,299,490 
   
8/01/24 (Pre-refunded 8/01/14) – FGIC Insured 
     
3,000 
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 
8/17 at 100.00 
AA– 
3,337,770 
   
8/01/27 – NPFG Insured 
     
8,000 
 
Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 
No Opt. Call 
AA+ 
7,840,800 
   
10/01/14 – AMBAC 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 
A1 
1,043,820 
500 
 
5.250%, 10/01/20 – NPFG Insured 
10/13 at 100.00 
A1 
521,910 
500 
 
5.250%, 10/01/21 – NPFG Insured 
10/13 at 100.00 
A1 
521,195 
3,000 
 
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%, 
4/16 at 100.00 
AA 
3,347,580 
   
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 
2,322,945 
1,300 
 
5.000%, 8/15/21 – AGM Insured 
8/13 at 100.00 
Aa3 
1,356,394 
1,170 
 
Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 5.000%, 10/01/24 – 
10/14 at 100.00 
Aa3 
1,252,029 
   
FGIC Insured 
     
1,000 
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, 
7/17 at 100.00 
BBB 
1,035,620 
   
Series 2007, 5.000%, 7/01/33 – NPFG Insured 
     
   
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009: 
     
5,450 
 
5.250%, 9/01/35 – AGC Insured 
9/18 at 100.00 
AA– 
6,077,350 
8,500 
 
5.000%, 9/01/35 – AGC Insured 
9/18 at 100.00 
AA– 
9,307,500 
1,830 
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2003, 5.000%, 9/01/21 
9/13 at 100.00 
AA– (5) 
1,925,252 
   
(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 
AA– (5) 
1,070,130 
   
(Pre-refunded 9/01/14) – NPFG Insured 
     
1,895 
 
Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation 
6/15 at 100.00 
Aa3 
2,075,233 
   
Bonds, Series 2005B, 5.000%, 6/01/25 – AMBAC Insured 
     
4,260 
 
Saint Lucie County School Board, Florida, Certificates of Participation, Master Lease Program, 
7/14 at 100.00 
AA– 
4,572,088 
   
Series 2004A, 5.000%, 7/01/24 – AGM Insured 
     
   
Sebring, Florida, Water and Wastewater Revenue Refunding Bonds, Series 2002: 
     
1,360 
 
5.250%, 1/01/17 (Pre-refunded 1/01/13) – FGIC Insured 
1/13 at 100.00 
AA– (5) 
1,388,043 
770 
 
5.250%, 1/01/18 (Pre-refunded 1/01/13) – FGIC Insured 
1/13 at 100.00 
AA– (5) 
785,877 
500 
 
5.250%, 1/01/20 (Pre-refunded 1/01/13) – FGIC Insured 
1/13 at 100.00 
AA– (5) 
510,310 
5,740 
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 
No Opt. Call 
Aa2 (5) 
7,008,770 
   
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 
Aa2 
3,830,121 
   
1992, 6.000%, 10/01/19 – NPFG Insured 
     
   
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993: 
     
5,005 
 
5.500%, 10/01/15 – FGIC Insured (ETM) 
No Opt. Call 
N/R (5) 
5,409,354 
1,200 
 
5.500%, 10/01/21 – FGIC Insured (ETM) 
No Opt. Call 
N/R (5) 
1,522,740 
   
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 
1,546,479 
1,555 
 
5.125%, 10/01/21 – AGM Insured 
10/13 at 100.00 
Aa3 
1,628,863 
2,500 
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured 
10/15 at 100.00 
AA 
2,738,225 
400 
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured 
10/19 at 100.00 
Aa2 
451,640 
1,765 
 
Tampa Sports Authority, Hillsborough County, Florida, Local Option Sales Tax Payments Revenue 
1/15 at 100.00 
AA+ 
1,923,162 
   
Bonds, Stadium Project, Series 2005, 5.000%, 1/01/22 – AGM Insured 
     
1,500 
 
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s 
12/12 at 100.00 
Aaa 
1,519,800 
   
Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM) 
     
10,335 
 
Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 – CIFG Insured 
4/16 at 100.00 
Aa3 
10,656,935 
1,390 
 
Venice, Florida, General Obligation Bonds, Series 2004, 5.000%, 2/01/24 – AMBAC Insured 
2/14 at 100.00 
AA+ 
1,470,425 
4,275 
 
Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 
8/15 at 100.00 
Aa3 
4,509,484 
   
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– 
2,171,460 
12,000 
 
Volusia County, Florida, School Board Certificates of Participation, Master Lease Program 
8/17 at 100.00 
Aa3 
12,748,440 
   
Series 2007, 5.000%, 8/01/32 – AGM Insured 
     
1,785 
 
Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%, 
12/14 at 100.00 
Aa3 
1,867,592 
   
12/01/24 – AGM Insured 
     
333,145 
 
Total Florida 
   
344,985,860 
   
Georgia – 1.9% (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– 
1,070,180 
   
AGM Insured 
     
10,000 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – 
11/19 at 100.00 
AA– 
11,435,100 
   
AGM Insured 
     
1,155 
 
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – 
10/14 at 100.00 
AA– 
1,246,765 
   
AGM Insured 
     
2,825 
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 
8/20 at 100.00 
AA 
3,128,151 
   
4.000%, 8/01/26 
     
1,520 
 
College Park Business and Industrial Development Authority, Georgia, Revenue Bonds, Public 
9/14 at 102.00 
AA– 
1,673,414 
   
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 
1,811,819 
1,135 
 
5.250%, 5/01/20 – NPFG Insured 
5/14 at 100.00 
Aa3 
1,210,148 
4,500 
 
5.000%, 5/01/36 – NPFG Insured 
5/14 at 100.00 
Aa3 
4,623,795 
2,250 
 
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett 
7/19 at 100.00 
Aa3 
2,535,300 
   
Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured 
     
26,080 
 
Total Georgia 
   
28,734,672 
   
Idaho – 1.1% (0.7% of Total Investments) 
     
12,930 
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 
3/22 at 100.00 
A 
13,920,567 
   
2012A, 5.000%, 3/01/47 – AGM Insured 
     
50 
 
Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1995B, 6.600%, 7/01/27 
1/13 at 100.00 
Aaa 
50,233 
   
(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 
1,129,730 
1,065 
 
5.000%, 7/15/24 – NPFG Insured 
7/16 at 100.00 
Aa2 
1,203,162 
15,045 
 
Total Idaho 
   
16,303,692 
   
Illinois – 8.6% (5.8% 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– 
1,160,040 
7,000 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien 
1/20 at 100.00 
AA– 
7,849,730 
   
Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured 
     
7,200 
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport, 
1/16 at 100.00 
A2 
7,985,304 
   
Series 2005A, 5.250%, 1/01/24 – NPFG Insured 
     
10,000 
 
Chicago, Illinois, Water Revenue Bonds, Refunding Second Lien Series 2012-2, 5.000%, 11/01/42 
11/22 at 100.00 
AA 
11,407,000 
6,775 
 
De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell Community College District 540, 
12/17 at 100.00 
Aa2 
6,601,696 
   
Illinois, General Obligation Bonds, Series 2007, 3.000%, 12/01/26 – AGM Insured 
     
10,580 
 
Illinois Development Finance Authority, Revenue Bonds, Provena Health, Series 1998A, 5.500%, 
11/12 at 100.00 
Baa1 
10,626,340 
   
5/15/21 – NPFG Insured 
     
3,295 
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 
12/12 at 100.00 
Baa2 
3,299,448 
   
5.800%, 6/01/30 – NPFG Insured 
     
6,720 
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 
8/21 at 100.00 
AA– 
7,794,528 
   
8/15/41 – AGM Insured 
     
14,965 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 
10/21 at 100.00 
Aa1 
16,956,243 
   
5.000%, 10/01/51 
     
   
Illinois State, General Obligation Bonds, Refunding Series 2012: 
     
3,160 
 
5.000%, 8/01/21 
No Opt. Call 
A 
3,629,987 
1,225 
 
5.000%, 8/01/22 
No Opt. Call 
A 
1,411,984 
2,740 
 
5.000%, 8/01/23 
No Opt. Call 
A 
3,152,041 
1,055 
 
5.000%, 8/01/24 
No Opt. Call 
A 
1,193,743 
270 
 
5.000%, 8/01/25 
No Opt. Call 
A 
303,078 
5,405 
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 
7/16 at 100.00 
AA– 
6,093,759 
   
5.000%, 1/01/24 – AGM Insured 
     
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
     
   
Project, Capital Appreciation Refunding Series 2010B-1: 
     
20,000 
 
0.000%, 6/15/45 – AGM Insured 
No Opt. Call 
AAA 
3,801,800 
15,000 
 
0.000%, 6/15/46 – AGM Insured 
No Opt. Call 
AAA 
2,693,100 
20,045 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
AAA 
6,577,566 
   
Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured 
     
5,920 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
6/20 at 100.00 
AAA 
7,400,947 
   
Project, Tender Option Bond Trust 3861, 13.577%, 6/15/42 (IF) (6) 
     
   
Schaumburg, Illinois, General Obligation Bonds, Series 2004B: 
     
4,260 
 
5.000%, 12/01/22 (Pre-refunded 12/01/14) – FGIC Insured 
12/14 at 100.00 
Aaa 
4,719,398 
2,365 
 
5.000%, 12/01/23 (Pre-refunded 12/01/14) – FGIC Insured 
12/14 at 100.00 
Aaa 
2,620,042 
4,000 
 
Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, 
No Opt. Call 
A+ 
2,230,080 
   
Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured 
     
   
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General 
     
   
Obligation Bonds, Series 2011: 
     
930 
 
7.000%, 12/01/21 – AGM Insured 
12/20 at 100.00 
AA– 
1,175,297 
1,035 
 
7.000%, 12/01/22 – AGM Insured 
12/20 at 100.00 
AA– 
1,281,299 
1,155 
 
7.000%, 12/01/23 – AGM Insured 
12/20 at 100.00 
AA– 
1,427,880 
1,065 
 
7.000%, 12/01/26 – AGM Insured 
12/20 at 100.00 
AA– 
1,297,724 
2,085 
 
7.250%, 12/01/29 – AGM Insured 
12/20 at 100.00 
AA– 
2,549,788 
2,295 
 
7.250%, 12/01/30 – AGM Insured 
12/20 at 100.00 
AA– 
2,794,438 
161,595 
 
Total Illinois 
   
130,034,280 
   
Indiana – 3.9% (2.6% of Total Investments) 
     
2,030 
 
Decatur Township-Marion County Multi-School Building Corporation, Indiana, First Mortgage 
7/13 at 100.00 
AA+ (5) 
2,123,421 
   
Bonds, Series 2003, 5.000%, 7/15/20 (Pre-refunded 7/15/13) – FGIC Insured 
     
3,450 
 
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric 
6/22 at 100.00 
BBB– 
3,594,003 
   
Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured 
     
5,000 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 
12/20 at 100.00 
AA 
5,456,600 
   
5.000%, 12/01/37 
     
8,500 
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – 
1/17 at 100.00 
A+ 
9,163,425 
   
NPFG Insured 
     
5,000 
 
Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project 
1/20 at 100.00 
AA 
5,687,100 
   
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 
11,390,800 
   
AMBAC Insured 
     
9,615 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 
1/19 at 100.00 
AA– 
10,927,159 
   
5.500%, 1/01/38 – AGC Insured 
     
1,340 
 
Monroe-Gregg Grade School Building Corporation, Morgan County, Indiana, First Mortgage Bonds, 
1/14 at 100.00 
AA+ (5) 
1,432,648 
   
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– (5) 
5,229,100 
   
Project, Series 2003, 5.000%, 1/15/28 (Pre-refunded 7/15/13) – AMBAC Insured 
     
3,705 
 
Whitley County Middle School Building Corporation, Columbia City, Indiana, First Mortgage 
7/13 at 100.00 
Aa3 (5) 
3,875,504 
   
Bonds, Series 2003, 5.000%, 7/15/16 (Pre-refunded 7/15/13) – AGM Insured 
     
63,640 
 
Total Indiana 
   
58,879,760 
   
Kansas – 0.7% (0.4% of Total Investments) 
     
2,055 
 
Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/23 (Pre-refunded 
9/14 at 101.00 
AA– (5) 
2,275,625 
   
9/01/14) – AGM Insured 
     
   
Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006: 
     
2,145 
 
5.000%, 9/01/27 (Pre-refunded 9/01/14) – AGM Insured 
9/14 at 100.00 
Aa3 (5) 
2,353,044 
4,835 
 
5.000%, 9/01/29 (Pre-refunded 9/01/14) – AGM Insured 
9/14 at 100.00 
Aa3 (5) 
5,303,947 
9,035 
 
Total Kansas 
   
9,932,616 
   
Kentucky – 2.2% (1.5% of Total Investments) 
     
3,870 
 
Kenton County School District Finance Corporation, Kentucky, School Building Revenue Bonds, 
6/14 at 100.00 
Aa3 (5) 
4,200,266 
   
Series 2004, 5.000%, 6/01/20 (Pre-refunded 6/01/14) – 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– 
4,719,004 
10,000 
 
5.250%, 2/01/24 – AGC Insured 
2/19 at 100.00 
AA– 
11,838,600 
7,500 
 
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, 
7/16 at 100.00 
AA+ 
8,514,675 
   
Series 2006B, 5.000%, 7/01/25 – AMBAC Insured 
     
4,000 
 
Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health 
6/22 at 100.00 
AA 
4,493,600 
   
Initiatives, Series 2012A, 5.000%, 12/01/35 
     
29,230 
 
Total Kentucky 
   
33,766,145 
   
Louisiana – 4.4% (2.9% of Total Investments) 
     
3,330 
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical 
1/21 at 100.00 
AA– 
3,883,413 
   
Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured 
     
3,025 
 
Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/22 – 
11/14 at 100.00 
A+ 
3,276,045 
   
NPFG Insured 
     
4,515 
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 
7/14 at 100.00 
BBB 
4,780,301 
   
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 (Pre-refunded 5/01/15) – FGIC Insured 
5/15 at 100.00 
Aa1 (5) 
2,699,640 
4,415 
 
5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured 
5/15 at 100.00 
Aa1 (5) 
4,966,213 
5,000 
 
5.000%, 5/01/27 (Pre-refunded 5/01/15) – FGIC Insured 
5/15 at 100.00 
Aa1 (5) 
5,624,250 
   
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 
Aa1 
3,543,012 
35,725 
 
4.500%, 5/01/41 – FGIC Insured (UB) 
5/16 at 100.00 
Aa1 
37,411,577 
38 
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.835%, 
5/16 at 100.00 
Aa1 
45,570 
   
5/01/34 – FGIC Insured (IF) 
     
61,748 
 
Total Louisiana 
   
66,230,021 
   
Maine – 0.2% (0.1% of Total Investments) 
     
3,000 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2003B, 5.000%, 
7/13 at 100.00 
Aaa 
3,124,020 
   
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 
BB+ 
5,484,772 
   
9/01/28 – SYNCORA GTY Insured 
     
   
Massachusetts – 3.4% (2.3% of Total Investments) 
     
4,500 
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, 
1/20 at 100.00 
AA+ 
5,092,785 
   
Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35 
     
5,330 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, 
12/19 at 100.00 
AAA 
8,127,504 
   
Tender Option Bond Trust 2010-20W, 13.855%, 12/15/34 (IF) (6) 
     
11,000 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A, 
8/15 at 100.00 
AA+ (5) 
12,525,040 
   
5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured (UB) 
     
15,000 
 
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 
1/14 at 100.00 
A1 (5) 
16,052,100 
   
1/01/23 (Pre-refunded 1/01/14) – FGIC Insured 
     
7,255 
 
Massachusetts Water Resources Authority, General Revenue Bonds Series 2007A, 4.500%, 8/01/46 – 
2/17 at 100.00 
AA+ 
7,594,679 
   
AGM Insured (UB) (6) 
     
1,500 
 
University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 
11/14 at 100.00 
AA (5) 
1,667,880 
   
2004-1, 5.375%, 11/01/20 (Pre-refunded 11/01/14) – AMBAC Insured 
     
44,585 
 
Total Massachusetts 
   
51,059,988 
   
Michigan – 3.4% (2.3% of Total Investments) 
     
5,490 
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site 
No Opt. Call 
Aa2 
6,824,454 
   
Improvement Bonds, Series 2001A 6.000%, 5/01/29 – AGM Insured (UB) 
     
1,695 
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A+ 
1,790,869 
   
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 
     
6,000 
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured 
10/12 at 100.00 
BBB 
5,764,560 
2,000 
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001D-2, 5.500%, 7/01/32 – 
1/13 at 100.00 
A 
1,372,393 
   
NPFG Insured (7) 
     
575 
 
Grand Rapids Community College, Kent County, Michigan, General Obligation Refunding Bonds, 
5/13 at 100.00 
Aa1 
595,470 
   
Series 2003, 5.250%, 5/01/20 – AMBAC Insured 
     
510 
 
Grand Rapids Community College, Kent County, Michigan, General Obligation Refunding Bonds, 
5/13 at 100.00 
Aa1 (5) 
529,273 
   
Series 2003, 5.250%, 5/01/20 (Pre-refunded 5/01/13) – AMBAC Insured 
     
3,000 
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 – 
1/22 at 100.00 
A2 
3,183,780 
   
AGM Insured 
     
8,260 
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 
10/21 at 100.00 
Aa3 
9,515,024 
   
2011-II-A, 5.375%, 10/15/41 
     
11,000 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 
6/22 at 100.00 
AA 
12,055,230 
   
2009C, 5.000%, 12/01/48 
     
10,000 
 
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, 
12/12 at 100.00 
BBB+ 
10,045,900 
   
Detroit Metropolitan Wayne County Airport, Series 2001A, 5.250%, 12/01/25 – NPFG Insured 
     
48,530 
 
Total Michigan 
   
51,676,953 
   
Minnesota – 1.1% (0.8% of Total Investments) 
     
   
Central Minnesota Municipal Power Agency, Revenue Bonds, Brookings – Southeast Twin Cities 
     
   
Transmission Project, Series 2012: 
     
610 
 
5.000%, 1/01/32 
1/22 at 100.00 
A– 
700,518 
145 
 
5.000%, 1/01/42 
1/22 at 100.00 
A– 
162,009 
5,000 
 
Minneapolis, Minnesota, Health Care System Revenue Bonds,S Fairview Health Services, Series 
11/18 at 100.00 
AA– 
6,000,650 
   
2008B, 6.500%, 11/15/38 – AGC Insured 
     
5,020 
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 
No Opt. Call 
AA+ 
6,212,601 
   
5.000%, 8/01/18 
     
4,000 
 
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series 
No Opt. Call 
AA– 
4,412,960 
   
2009A, 5.000%, 1/01/15 – AGC Insured 
     
14,775 
 
Total Minnesota 
   
17,488,738 
   
Missouri – 0.3% (0.2% of Total Investments) 
     
4,125 
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 
No Opt. Call 
A– 
4,877,359 
   
2005, 5.500%, 7/01/29 – NPFG Insured 
     
   
Montana – 0.2% (0.2% of Total Investments) 
     
3,000 
 
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated 
1/21 at 100.00 
AA– 
3,513,360 
   
Group, Series 2011A, 5.750%, 1/01/31 – AGM Insured 
     
   
Nebraska – 2.4% (1.6% of Total Investments) 
     
27,125 
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.750%, 9/01/37 – 
9/17 at 100.00 
AA 
28,891,109 
   
FGIC Insured (UB) (6) 
     
5,000 
 
Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 
4/19 at 100.00 
AA+ 
5,759,750 
   
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– 
1,082,130 
   
AGM Insured 
     
33,125 
 
Total Nebraska 
   
35,732,989 
   
Nevada – 5.3% (3.6% of Total Investments) 
     
7,000 
 
Clark County School District, Nevada, General Obligation Bonds, Refunding Series 2005A, 
6/15 at 101.00 
AA– 
7,832,650 
   
5.000%, 6/15/19 – FGIC Insured 
     
3,500 
 
Clark County School District, Nevada, General Obligation Bonds, Series 2004B, 5.000%, 
6/14 at 100.00 
AA– 
3,790,920 
   
6/15/18 – AGM Insured 
     
3,000 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – 
7/19 at 100.00 
AA– 
3,373,200 
   
AGM Insured 
     
   
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan, 
     
   
Series 2002: 
     
3,630 
 
5.000%, 6/01/32 (Pre-refunded 12/01/12) – NPFG Insured 
12/12 at 100.00 
AA+ (5) 
3,688,625 
8,475 
 
5.000%, 6/01/32 (Pre-refunded 12/01/12) – NPFG Insured 
12/12 at 100.00 
AA+ (5) 
8,611,532 
16,840 
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran 
1/20 at 100.00 
AA– 
18,907,784 
   
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 
A+ 
7,857,599 
   
7/01/25 – FGIC Insured 
     
10,285 
 
Henderson, Nevada, General Obligation Sewer Bonds, Series 2004, 5.000%, 6/01/34 (Pre-refunded 
12/14 at 100.00 
AA (5) 
11,396,089 
   
12/01/14) – FGIC Insured 
     
14,985 
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 – NPFG Insured 
1/13 at 100.00 
A3 
15,003,132 
75,085 
 
Total Nevada 
   
80,461,531 
   
New Jersey – 5.0% (3.3% 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 
2,183,140 
2,250 
 
5.125%, 10/01/22 – NPFG Insured 
10/14 at 100.00 
Aa2 
2,452,973 
   
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 
4,119,885 
3,850 
 
5.000%, 7/01/23 – NPFG Insured 
7/14 at 100.00 
A 
4,119,885 
5,900 
 
5.000%, 7/01/29 – NPFG Insured 
7/14 at 100.00 
A 
6,287,512 
26,000 
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – 
No Opt. Call 
AA– 
33,099,817 
   
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+ 
8,577,443 
2,000 
 
5.000%, 1/01/23 – AGM Insured 
7/13 at 100.00 
AA– 
2,069,800 
3,320 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/21 – AGM Insured 
1/15 at 100.00 
AA– 
3,578,694 
   
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
     
   
Series 2007-1A: 
     
6,715 
 
4.500%, 6/01/23 
6/17 at 100.00 
B1 
6,409,333 
605 
 
4.625%, 6/01/26 
6/17 at 100.00 
B1 
550,865 
1,330 
 
Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, 
No Opt. Call 
Aa3 
1,749,136 
   
Series 2005, 5.250%, 1/01/26 – AGM Insured 
     
66,070 
 
Total New Jersey 
   
75,198,483 
   
New Mexico – 1.2% (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 
A+ 
4,024,719 
   
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 
14,888,464 
   
5.000%, 6/01/36 – AGM Insured 
     
17,260 
 
Total New Mexico 
   
18,913,183 
   
New York – 7.2% (4.9% 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 
2,030,362 
   
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 
8,360,337 
   
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 
3,690,077 
   
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 
3,931,277 
   
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 
13,959,625 
   
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 
7,144,605 
   
5/01/33 – NPFG Insured 
     
2,800 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 
5/21 at 100.00 
AA– 
3,144,344 
   
5/01/36 – AGM Insured 
     
3,025 
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue 
2/21 at 100.00 
Aa2 
3,495,962 
   
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– 
3,215,744 
   
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 
5,637,950 
   
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 
11,028,900 
   
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+ 
5,466,900 
   
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– 
15,471,260 
   
AGM Insured 
     
2,000 
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and 
6/13 at 100.00 
AA– 
2,080,700 
   
State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 – AMBAC Insured 
     
   
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, 
     
   
Series 2004A-1: 
     
1,000 
 
5.000%, 3/15/23 (Pre-refunded 3/15/14) – FGIC Insured 
3/14 at 100.00 
AAA 
1,077,000 
5,000 
 
5.000%, 3/15/25 (Pre-refunded 3/15/14) – FGIC Insured 
3/14 at 100.00 
AAA 
5,385,000 
3,650 
 
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B, 
3/15 at 100.00 
AAA 
4,094,351 
   
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 
A+ 
10,110,500 
   
Refunding Bonds, Series 2002E, 5.000%, 11/15/32 – NPFG Insured 
     
99,750 
 
Total New York 
   
109,324,894 
   
North Carolina – 2.5% (1.7% of Total Investments) 
     
   
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004: 
     
2,115 
 
5.000%, 5/01/22 (Pre-refunded 5/01/14) – FGIC Insured 
5/14 at 100.00 
AA– (5) 
2,287,669 
2,575 
 
5.000%, 5/01/26 (Pre-refunded 5/01/14) – FGIC Insured 
5/14 at 100.00 
AA– (5) 
2,785,223 
13,800 
 
North Carlolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University 
6/22 at 100.00 
AA 
15,502,920 
   
Health System, Series 2012A, 5.000%, 6/01/42 
     
4,970 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, 
6/22 at 100.00 
A+ 
5,470,280 
   
Refunding Series 2012A, 5.000%, 6/01/36 
     
5,250 
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%, 
1/13 at 100.00 
AA– 
5,357,783 
   
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 
3,470,086 
3,295 
 
5.000%, 5/01/24 – AMBAC Insured 
5/15 at 100.00 
Aa3 
3,567,529 
35,210 
 
Total North Carolina 
   
38,441,490 
   
North Dakota – 0.8% (0.5% of Total Investments) 
     
4,200 
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated 
12/21 at 100.00 
A– 
4,546,374 
   
Group, Series 2012, 5.000%, 12/01/35 
     
   
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 
2,441,850 
1,355 
 
5.000%, 12/15/23 – NPFG Insured 
12/15 at 100.00 
Aa3 
1,507,383 
3,000 
 
5.000%, 12/15/24 – NPFG Insured 
12/15 at 100.00 
Aa3 
3,349,740 
10,750 
 
Total North Dakota 
   
11,845,347 
   
Ohio – 4.9% (3.3% of Total Investments) 
     
1,730 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, 
5/22 at 100.00 
A1 
1,876,929 
   
Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42 
     
   
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and 
     
   
Improvement Series 2012A: 
     
1,930 
 
5.000%, 5/01/33 
5/22 at 100.00 
AA– 
2,161,368 
3,115 
 
4.000%, 5/01/33 
5/22 at 100.00 
AA– 
3,151,259 
2,420 
 
5.000%, 5/01/42 
5/22 at 100.00 
AA– 
2,645,350 
580 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/17 at 100.00 
B 
486,800 
   
Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24 
     
2,650 
 
Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/24 
6/14 at 100.00 
A+ (5) 
2,831,472 
   
(Pre-refunded 6/01/14) – FGIC Insured 
     
2,000 
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004, 
12/14 at 100.00 
AA+ (5) 
2,225,780 
   
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%, 
6/14 at 100.00 
BBB+ 
2,486,840 
   
12/01/22 – AMBAC Insured