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 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:         1/31/13         
 
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) 
     
   
January 31, 2013 
     
 
 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
   
Municipal Bonds – 148.1% (100.0% of Total Investments) 
     
   
Alabama – 1.2% (0.8% of Total Investments) 
     
$     10,500 
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, 
1/17 at 100.00 
AA+ 
$   10,937,535 
   
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 – 
2/13 at 100.00 
Ca 
7,652,265 
   
FGIC Insured (4) 
     
20,695 
 
Total Alabama 
   
18,589,800 
   
Arizona – 3.1% (2.1% of Total Investments) 
     
4,230 
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, 
3/22 at 100.00 
BBB 
4,402,711 
   
Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 
     
5,545 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 
1/22 at 100.00 
AA– 
6,197,480 
   
2012A, 5.000%, 1/01/43 
     
   
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– 
2,153,480 
2,000 
 
5.000%, 9/01/27 – AMBAC Insured 
3/15 at 100.00 
AA– 
2,151,120 
1,000 
 
Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured 
7/15 at 100.00 
Aa3 
1,090,110 
3,000 
 
Arizona State, Certificates of Participation, Department of Administration Series 2010B, 
4/20 at 100.00 
AA– 
3,368,790 
   
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) 
1,066,910 
   
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 
6,140,368 
   
15.285%, 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+ 
1,216,551 
   
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 
14,657,560 
   
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+ 
5,402,600 
   
Plaza Expansion Project, Series 2005A, 5.000%, 7/01/41 – FGIC Insured 
     
43,615 
 
Total Arizona 
   
47,847,680 
   
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 
2,879,849 
   
9/01/35 – AMBAC Insured 
     
   
California – 18.9% (12.8% of Total Investments) 
     
5,600 
 
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series 
No Opt. Call 
BBB+ 
4,442,536 
   
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 
32,570 
25 
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured 
12/14 at 100.00 
AAA 
27,142 
   
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project, 
     
   
Series 2005AC: 
     
3,670 
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured (UB) 
12/14 at 100.00 
AAA 
3,984,409 
2,795 
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured (UB) 
12/14 at 100.00 
AAA 
3,034,448 
3,000 
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard 
8/22 at 100.00 
AA 
3,366,120 
   
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 
 
9.273%, 2/15/20 (IF) (6) 
No opt. Call 
AA– 
4,005,938 
1,275 
 
9.273%, 2/15/20 (IF) 
No opt. Call 
AA– 
1,586,202 
1,215 
 
9.273%, 2/15/20 (IF) 
No opt. Call 
AA– 
1,511,290 
10,150 
 
California State, General Obligation Bonds, Series 2004, 5.000%, 6/01/31 – AMBAC Insured 
12/14 at 100.00 
A1 
10,820,205 
3,500 
 
Coachella Valley Unified School District, Riverside County, California, General Obligation 
8/15 at 100.00 
A1 
3,819,060 
   
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 
6,288,028 
   
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 
10,434,400 
   
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: 
     
15,545 
 
4.500%, 6/01/27 
6/17 at 100.00 
B 
14,725,001 
4,995 
 
5.000%, 6/01/33 
6/17 at 100.00 
B 
4,650,745 
1,520 
 
Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation Bonds, 
3/16 at 100.00 
A– 
1,543,119 
   
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 
3,652,656 
   
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 
3,121,956 
   
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) 
20,401,800 
   
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 
3,376,290 
   
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– 
4,561,544 
   
AGC Insured 
     
   
Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project, 
     
   
Series 2001: 
     
15,000 
 
5.200%, 6/15/30 – AMBAC Insured 
6/13 at 100.00 
N/R 
15,012,150 
6,000 
 
5.125%, 6/15/33 – AMBAC Insured 
6/13 at 100.00 
N/R 
6,003,660 
2,035 
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005, 
6/15 at 100.00 
A 
2,106,652 
   
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– 
6,096,900 
   
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 
3,274,574 
   
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 
2,792,600 
   
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+ 
1,351,394 
   
Series 2005A, 5.000%, 7/01/22 – NPFG Insured 
     
66,685 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll 
No Opt. Call 
Aaa 
58,436,066 
   
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 
7/13 at 100.00 
BBB 
31,126,232 
21,500 
 
0.000%, 1/15/32 – NPFG Insured 
No Opt. Call 
BBB 
7,947,045 
21,255 
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 
8/17 at 100.00 
BBB 
20,207,766 
   
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 
13,159,125 
   
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 
7,113,937 
   
6/01/25 – AGM Insured 
     
5,000 
 
Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation 
1/14 at 100.00 
A+ 
5,168,200 
   
District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured 
     
308,645 
 
Total California 
   
289,181,760 
   
Colorado – 4.2% (2.8% 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– 
1,100,272 
   
SYNCORA GTY Insured 
     
1,900 
 
Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open Space, Series 2005B, 5.250%, 11/01/24 
11/15 at 100.00 
Aa2 (5) 
2,149,584 
   
(Pre-refunded 11/01/15) – AGM Insured 
     
1,000 
 
Colorado Department of Transportation, Certificates of Participation, Series 2004, 5.000%, 
6/14 at 100.00 
AA– (5) 
1,064,410 
   
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) 
5,141,664 
   
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) 
1,889,744 
   
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 
24,179,641 
   
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 
5,388,600 
   
NPFG Insured 
     
4,520 
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%, 
12/14 at 100.00 
Aa2 (5) 
4,913,466 
   
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– 
4,309,337 
   
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) 
2,714,750 
   
5.000%, 12/01/24 (Pre-refunded 12/01/14) – FGIC Insured 
     
8,500 
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 
11/22 at 100.00 
A+ 
9,492,545 
   
5.000%, 11/15/42 
     
15 
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 – 
6/15 at 100.00 
Aa2 
16,296 
   
FGIC Insured 
     
   
University of Colorado, Enterprise System Revenue Bonds, Series 2005: 
     
645 
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured 
6/15 at 100.00 
Aa2 (5) 
708,758 
340 
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured 
6/15 at 100.00 
Aa2 (5) 
376,285 
77,520 
 
Total Colorado 
   
63,445,352 
   
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 
3,659,695 
   
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) 
5,162,750 
5,000 
 
5.125%, 10/01/25 (Pre-refunded 10/01/13) – FGIC Insured 
10/13 at 100.00 
AA (5) 
5,162,750 
2,670 
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, 
10/16 at 100.00 
AA+ 
3,096,719 
   
Tender Option Bond Trust 1606, 11.761%, 10/01/30 – AMBAC Insured (IF) (6) 
     
12,670 
 
Total District of Columbia 
   
13,422,219 
   
Florida – 19.8% (13.4% 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 
1,376,113 
3,820 
 
Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.250%, 
7/13 at 100.00 
Aa3 (5) 
3,900,717 
   
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+ 
1,363,154 
   
AMBAC Insured 
     
875 
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 
10/14 at 100.00 
A1 (5) 
942,323 
   
(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) 
4,644,270 
   
(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– 
6,770,340 
   
AGM Insured 
     
   
Clay County, Florida, Utility System Revenue Bonds, Series 2007: 
     
5,110 
 
5.000%, 11/01/27 – AGM Insured (UB) 
11/17 at 100.00 
Aa2 
5,817,377 
12,585 
 
5.000%, 11/01/32 – AGM Insured (UB) 
11/17 at 100.00 
Aa2 
14,149,316 
1,500 
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 
10/14 at 100.00 
AA– (5) 
1,616,715 
   
(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– 
3,257,580 
   
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) 
3/13 at 100.00 
AA+ 
1,233,173 
1,890 
 
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax) 
3/13 at 100.00 
AA+ 
1,892,892 
695 
 
Dade County, Florida, Seaport Revenue Refunding Bonds, Series 1995, 5.750%, 10/01/15 – 
4/13 at 100.00 
A2 
698,121 
   
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 
936,454 
475 
 
5.250%, 10/01/18 – AMBAC Insured 
10/13 at 100.00 
N/R 
487,198 
   
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 
1,288,300 
1,095 
 
5.000%, 10/01/23 – NPFG Insured 
10/13 at 100.00 
A1 
1,126,361 
1,225 
 
5.000%, 10/01/24 – NPFG Insured 
10/13 at 100.00 
A1 
1,259,423 
2,500 
 
Escambia County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 
2/15 at 100.00 
BBB 
2,592,700 
   
2/01/22 – NPFG Insured 
     
2,500 
 
Flagler County School Board, Florida, Certificates of Participation, Master Lease Revenue 
8/15 at 100.00 
AA– 
2,704,475 
   
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 
1,257,408 
   
NPFG Insured 
     
3,945 
 
Florida Governmental Utility Authority, Utility System Revenue Bonds, Citrus Project, Series 
10/13 at 100.00 
A– (5) 
4,071,477 
   
2003, 5.000%, 10/01/23 (Pre-refunded 10/01/13) – AMBAC Insured 
     
   
Florida Municipal Loan Council, Revenue Bonds, Series 2000B: 
     
250 
 
5.375%, 11/01/25 (Pre-refunded 5/01/13) – NPFG Insured 
5/13 at 100.00 
A– (5) 
253,195 
185 
 
5.375%, 11/01/30 (Pre-refunded 5/01/13) – NPFG Insured 
5/13 at 100.00 
A– (5) 
187,364 
120 
 
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18- NPFG Insured 
5/13 at 100.00 
Baa2 
120,341 
2,000 
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds, 
10/13 at 100.00 
AA– 
2,057,280 
   
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– 
2,075,056 
   
AGM Insured 
     
2,500 
 
Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue 
No Opt. Call 
Aaa 
3,067,775 
   
Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured (ETM) 
     
1,000 
 
Hillsborough County School Board, Florida, Certificates of Participation, Master Lease 
7/15 at 100.00 
Aa2 
1,086,610 
   
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) 
6,119,220 
   
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) 
2,091,280 
   
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+ 
1,114,050 
   
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+ 
2,835,686 
   
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 
1,709,583 
1,830 
 
5.000%, 5/01/27 – NPFG Insured 
5/15 at 102.00 
Baa2 
1,891,214 
1,480 
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.250%, 
10/13 at 100.00 
A1 (5) 
1,529,920 
   
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 
1,597,485 
   
5.000%, 10/01/24 – NPFG Insured 
     
1,450 
 
Jupiter, Florida, Water Revenue Bonds, Series 2003, 5.000%, 10/01/22 – AMBAC Insured 
10/13 at 100.00 
AAA 
1,495,095 
4,665 
 
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM 
8/21 at 100.00 
AA– 
5,309,423 
   
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 
1,281,180 
   
FGIC Insured 
     
1,505 
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/21 – 
10/14 at 100.00 
A– 
1,611,148 
   
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 
1,063,430 
   
NPFG Insured 
     
3,000 
 
Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured 
10/17 at 100.00 
Aa3 
3,306,060 
2,000 
 
Manatee County, Florida, Public Utilities Revenue Bonds, Series 2003, 5.125%, 10/01/20 
10/13 at 100.00 
Aa2 (5) 
2,065,100 
   
(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) 
1,395,063 
1,000 
 
5.250%, 10/01/18 (Pre-refunded 10/01/13) – NPFG Insured 
10/13 at 100.00 
Aa3 (5) 
1,033,380 
2,000 
 
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/27 – 
10/13 at 100.00 
Aa3 
2,052,080 
   
NPFG Insured 
     
   
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding 
     
   
Series 2012A: 
     
3,200 
 
5.000%, 10/01/30 (Alternative Minimum Tax) 
No Opt. Call 
A 
3,578,112 
1,545 
 
5.000%, 10/01/31 (Alternative Minimum Tax) 
No Opt. Call 
A 
1,720,867 
2,200 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002A, 
4/13 at 100.00 
AA– 
2,202,640 
   
5.125%, 10/01/35 – AGM Insured (Alternative Minimum Tax) 
     
12,930 
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series 
12/15 at 100.00 
Aa3 
13,506,549 
   
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 
5,694,049 
   
2005B, 5.000%, 6/01/25 – NPFG Insured 
     
3,000 
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 
7/18 at 100.00 
AA 
3,317,760 
   
7/01/35 – AGM Insured 
     
2,000 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B, 
No Opt. Call 
Aa2 
2,486,160 
   
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 
1,369,064 
2,145 
 
5.000%, 8/01/29 – NPFG Insured 
8/15 at 102.00 
BBB 
2,259,929 
2,000 
 
Okaloosa County, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 7/01/36 – 
7/16 at 100.00 
AA– 
2,200,780 
   
AGM Insured 
     
7,000 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc., 
4/22 at 100.00 
A 
7,715,960 
   
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 
1,132,870 
   
8/01/27 – FGIC Insured 
     
2,500 
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 – 
10/16 at 100.00 
AA– 
2,769,425 
   
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 
2,620,050 
7,820 
 
5.000%, 4/01/23 – NPFG Insured 
4/14 at 100.00 
Aa3 
8,162,751 
1,750 
 
Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay Utility Corporation, Series 2003, 
10/13 at 100.00 
Aa3 
1,801,923 
   
5.000%, 10/01/20 – NPFG Insured 
     
1,025 
 
Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, 
7/13at 100.00 
AA– 
1,026,650 
   
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) 
2,301,059 
   
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– 
3,398,610 
   
8/01/27 – NPFG Insured 
     
8,000 
 
Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%, 
No Opt. Call 
AA+ 
7,901,440 
   
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 
1,027,710 
500 
 
5.250%, 10/01/20 – NPFG Insured 
10/13 at 100.00 
A1 
513,855 
500 
 
5.250%, 10/01/21 – NPFG Insured 
10/13 at 100.00 
A1 
513,515 
3,000 
 
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%, 
4/16 at 100.00 
AA 
3,326,430 
   
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 
2,279,001 
1,300 
 
5.000%, 8/15/21 – AGM Insured 
8/13 at 100.00 
Aa3 
1,331,187 
1,170 
 
Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 5.000%, 10/01/24 – 
10/14 at 100.00 
Aa3 
1,240,223 
   
FGIC Insured 
     
1,000 
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B, 
7/17 at 100.00 
BBB 
1,050,210 
   
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– 
6,306,958 
8,500 
 
5.000%, 9/01/35 – AGC Insured 
9/18 at 100.00 
AA– 
9,644,865 
1,830 
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2003, 5.000%, 9/01/21 
9/13 at 100.00 
AA– (5) 
1,881,386 
   
(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) 
1,073,210 
   
(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 
2,054,047 
   
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– 
4,506,824 
   
Series 2004A, 5.000%, 7/01/24 – AGM Insured 
     
5,740 
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 
No Opt. Call 
Aa2 (5) 
6,936,216 
   
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 
3,767,322 
   
1992, 6.000%, 10/01/19 – NPFG Insured 
     
   
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993: 
     
3,850 
 
5.500%, 10/01/15 – FGIC Insured (ETM) 
No Opt. Call 
N/R (5) 
4,157,538 
1,200 
 
5.500%, 10/01/21 – FGIC Insured (ETM) 
No Opt. Call 
N/R (5) 
1,535,388 
   
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 
A1 
1,518,970 
1,555 
 
5.125%, 10/01/21 – AGM Insured 
10/13 at 100.00 
A1 
1,600,826 
2,500 
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured 
10/15 at 100.00 
AA 
2,716,675 
400 
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured 
10/19 at 100.00 
Aa2 
452,512 
1,765 
 
Tampa Sports Authority, Hillsborough County, Florida, Local Option Sales Tax Payments Revenue 
1/15 at 100.00 
AA+ 
1,913,648 
   
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 
6/13 at 100.00 
Aaa 
1,519,230 
   
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 
A3 
10,680,912 
16,095 
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 
No Opt. Call 
A– 
17,996,624 
   
2012B, 5.000%, 7/01/42 
     
1,390 
 
Venice, Florida, General Obligation Bonds, Series 2004, 5.000%, 2/01/24 – AMBAC Insured 
2/14 at 100.00 
AA+ 
1,453,440 
4,275 
 
Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%, 
8/15 at 100.00 
Aa3 
4,481,354 
   
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– 
2,151,100 
12,000 
 
Volusia County, Florida, School Board Certificates of Participation, Master Lease Program 
8/17 at 100.00 
Aa3 
12,756,240 
   
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 
A2 
1,920,196 
   
12/01/24 – AGM Insured 
     
281,450 
 
Total Florida 
   
303,208,165 
   
Georgia – 2.2% (1.5% 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– 
1,068,460 
   
AGM Insured 
     
10,000 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 – 
11/19 at 100.00 
AA– 
11,431,200 
   
AGM Insured 
     
1,155 
 
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 – 
10/14 at 100.00 
AA– 
1,234,487 
   
AGM Insured 
     
2,825 
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007, 
8/20 at 100.00 
AA 
3,123,122 
   
4.000%, 8/01/26 
     
1,520 
 
College Park Business and Industrial Development Authority, Georgia, Revenue Bonds, Public 
9/14 at 102.00 
AA– 
1,648,303 
   
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 
1,789,530 
1,135 
 
5.250%, 5/01/20 – NPFG Insured 
5/14 at 100.00 
Aa3 
1,201,386 
4,500 
 
5.000%, 5/01/36 – NPFG Insured 
5/14 at 100.00 
Aa3 
4,700,475 
5,295 
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health 
No Opt. Call 
A+ 
5,305,219 
   
East Issue, Series 2012, 4.250%, 11/15/42 
     
2,250 
 
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett 
7/19 at 100.00 
A+ 
2,551,478 
   
Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured 
     
31,375 
 
Total Georgia 
   
34,053,660 
   
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 
14,117,233 
   
2012A, 5.000%, 3/01/47 – AGM Insured 
     
   
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 
Aa3 
1,120,160 
1,065 
 
5.000%, 7/15/24 – NPFG Insured 
7/16 at 100.00 
Aa3 
1,192,970 
14,995 
 
Total Idaho 
   
16,430,363 
   
Illinois – 9.0% (6.1% 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– 
1,141,539 
7,000 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien 
1/20 at 100.00 
AA– 
8,031,170 
   
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 
7,988,328 
   
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 
11,331,100 
6,590 
 
De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell Community College District 540, 
12/17 at 100.00 
Aa2 
6,455,762 
   
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%, 
5/13 at 100.00 
Baa1 
10,625,706 
   
5/15/21 – NPFG Insured 
     
3,295 
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 
6/13 at 100.00 
Baa2 
3,299,877 
   
5.800%, 6/01/30 – NPFG Insured 
     
3,750 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38 
9/22 at 100.00 
A– 
4,032,038 
2,315 
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012, 
No Opt. Call 
AA 
2,623,844 
   
5.000%, 6/01/42 
     
6,720 
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 
8/21 at 100.00 
AA– 
7,969,786 
   
8/15/41 – AGM Insured 
     
14,965 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 
10/21 at 100.00 
Aa1 
16,683,281 
   
5.000%, 10/01/51 
     
   
Illinois State, General Obligation Bonds, Refunding Series 2012: 
     
3,160 
 
5.000%, 8/01/21 
No Opt. Call 
A2 
3,657,795 
1,225 
 
5.000%, 8/01/22 
No Opt. Call 
A2 
1,418,869 
2,740 
 
5.000%, 8/01/23 
No Opt. Call 
A2 
3,170,016 
1,055 
 
5.000%, 8/01/24 
8/22 at 100.00 
A2 
1,200,885 
270 
 
5.000%, 8/01/25 
8/22 at 100.00 
A2 
305,359 
5,405 
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1, 
7/16 at 100.00 
AA– 
6,084,895 
   
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 
4,246,000 
15,000 
 
0.000%, 6/15/46 – AGM Insured 
No Opt. Call 
AAA 
3,016,050 
20,045 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
AAA 
7,139,227 
   
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 
7,594,294 
   
Project, Tender Option Bond Trust 3861, 13.714%, 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 
4,625,934 
2,365 
 
5.000%, 12/01/23 (Pre-refunded 12/01/14) – FGIC Insured 
12/14 at 100.00 
Aaa 
2,568,154 
4,000 
 
Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, 
No Opt. Call 
A+ 
2,331,560 
   
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– 
1,189,796 
1,035 
 
7.000%, 12/01/22 – AGM Insured 
12/20 at 100.00 
AA– 
1,311,542 
1,155 
 
7.000%, 12/01/23 – AGM Insured 
12/20 at 100.00 
AA– 
1,456,813 
1,065 
 
7.000%, 12/01/26 – AGM Insured 
12/20 at 100.00 
AA– 
1,314,764 
2,085 
 
7.250%, 12/01/29 – AGM Insured 
12/20 at 100.00 
AA– 
2,576,539 
2,295 
 
7.250%, 12/01/30 – AGM Insured 
12/20 at 100.00 
AA– 
2,827,807 
167,475 
 
Total Illinois 
   
138,218,730 
   
Indiana – 5.8% (3.9% of Total Investments) 
     
2,030 
 
Decatur Township-Marion County Multi-School Building Corporation, Indiana, First Mortgage 
7/13 at 100.00 
AA+ (5) 
2,074,559 
   
Bonds, Series 2003, 5.000%, 7/15/20 (Pre-refunded 7/15/13) – FGIC Insured 
     
13,070 
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 
5/23 at 100.00 
A 
14,431,371 
   
2012A, 5.000%, 5/01/42 
     
3,450 
 
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric 
6/22 at 100.00 
BBB– 
3,677,562 
   
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 
5,490,000 
   
5.000%, 12/01/37 
     
11,200 
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana, 
5/15 at 100.00 
A+ (5) 
12,344,304 
   
Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured 
     
8,500 
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 – 
1/17 at 100.00 
A+ 
9,191,560 
   
NPFG Insured 
     
5,000 
 
Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project 
1/20 at 100.00 
AA 
5,853,400 
   
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 
12,358,800 
   
AMBAC Insured 
     
9,615 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 
1/19 at 100.00 
AA– 
10,928,601 
   
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) 
1,401,278 
   
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) 
5,109,300 
   
Project, Series 2003, 5.000%, 1/15/28 (Pre-refunded 7/15/13) – AMBAC Insured 
     
1,500 
 
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 
9/17 at 100.00 
N/R 
1,558,620 
   
5.800%, 9/01/47 
     
3,705 
 
Whitley County Middle School Building Corporation, Columbia City, Indiana, First Mortgage 
7/13 at 100.00 
A2 (5) 
3,786,325 
   
Bonds, Series 2003, 5.000%, 7/15/16 (Pre-refunded 7/15/13) – AGM Insured 
     
89,410 
 
Total Indiana 
   
88,205,680 
   
Iowa – 0.4% (0.3% of Total Investments) 
     
   
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
     
200 
 
5.375%, 6/01/38 
6/15 at 100.00 
B+ 
191,068 
670 
 
5.500%, 6/01/42 
6/15 at 100.00 
B+ 
640,855 
75 
 
5.625%, 6/01/46 
6/15 at 100.00 
B+ 
72,852 
5,600 
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
6/17 at 100.00 
B+ 
5,601,624 
   
5.600%, 6/01/34 
     
6,545 
 
Total Iowa 
   
6,506,399 
   
Kansas – 0.6% (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) 
2,228,627 
   
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 
A2 (5) 
2,304,867 
4,835 
 
5.000%, 9/01/29 (Pre-refunded 9/01/14) – AGM Insured 
9/14 at 100.00 
A2 (5) 
5,195,353 
9,035 
 
Total Kansas 
   
9,728,847 
   
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) 
4,112,262 
   
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– 
4,680,443 
10,000 
 
5.250%, 2/01/24 – AGC Insured 
2/19 at 100.00 
AA– 
11,760,900 
7,500 
 
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, 
7/16 at 100.00 
AA+ 
8,538,000 
   
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– 
4,526,800 
   
Initiatives, Series 2012A, 5.000%, 12/01/35 
     
29,230 
 
Total Kentucky 
   
33,618,405 
   
Louisiana – 4.4% (3.0% of Total Investments) 
     
3,330 
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical 
1/21 at 100.00 
AA– 
3,897,432 
   
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+ (5) 
3,282,125 
   
(Pre-refunded 11/01/14) – NPFG Insured 
     
4,180 
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 
7/14 at 100.00 
BBB (5) 
4,469,507 
   
2004, 5.250%, 7/01/24 (Pre-refunded 7/01/14) – 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) 
2,647,320 
4,415 
 
5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured 
5/15 at 100.00 
Aa1 (5) 
4,869,966 
5,000 
 
5.000%, 5/01/27 (Pre-refunded 5/01/15) – FGIC Insured 
5/15 at 100.00 
Aa1 (5) 
5,515,250 
   
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 
3,618,945 
35,725 
 
4.500%, 5/01/41 – FGIC Insured (UB) 
5/16 at 100.00 
Aa1 
38,379,368 
38 
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 16.255%, 
5/16 at 100.00 
Aa1 
49,722 
   
5/01/34 – FGIC Insured (IF) 
     
   
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Bonds, 
     
   
Series 2001B: 
     
225 
 
5.500%, 5/15/30 
5/13 at 100.00 
A1 
229,498 
250 
 
5.875%, 5/15/39 
5/13 at 100.00 
A– 
254,998 
61,888 
 
Total Louisiana 
   
67,214,131 
   
Maine – 0.3% (0.2% of Total Investments) 
     
2,015 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
7/23 at 100.00 
Baa1 
2,158,186 
   
Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 (WI/DD, Settling 2/13/13) 
     
3,000 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2003B, 5.000%, 
7/13 at 100.00 
AAA 
3,056,430 
   
7/01/28 (Pre-refunded 7/01/13) – AGM Insured 
     
5,015 
 
Total Maine 
   
5,214,616 
   
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+ 
5,502,838 
   
9/01/28 – SYNCORA GTY Insured 
     
   
Massachusetts – 3.5% (2.4% of Total Investments) 
     
4,500 
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, 
1/20 at 100.00 
AA+ 
5,086,800 
   
Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35 
     
3,225 
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, 
11/17 at 100.00 
BB+ 
3,309,269 
   
Covanta Energy Project, Series 2012B, 4.875%, 11/01/42 
     
5,330 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, 
12/19 at 100.00 
AAA 
8,164,601 
   
Tender Option Bond Trust 2010-20W, 13.972%, 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) 
12,295,580 
   
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) 
15,689,850 
   
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+ 
7,678,039 
   
8/01/46 – AGM Insured (UB) (6) 
     
1,500 
 
University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series 
11/14 at 100.00 
AA (5) 
1,632,510 
   
2004-1, 5.375%, 11/01/20 (Pre-refunded 11/01/14) – AMBAC Insured 
     
47,810 
 
Total Massachusetts 
   
53,856,649 
   
Michigan – 3.3% (2.3% of Total Investments) 
     
5,490 
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site 
No Opt. Call 
Aa2 
6,761,813 
   
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+ 
1,849,398 
   
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 
4/13 at 100.00 
Baa2 
5,671,500 
2,000 
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001D-2, 0.280%, 7/01/32 – 
7/13 at 100.00 
A 
1,420,391 
   
NPFG Insured (7) 
     
510 
 
Grand Rapids Community College, Kent County, Michigan, General Obligation Refunding Bonds, 
5/13 at 100.00 
Aa1 (5) 
516,426 
   
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 
3,214,890 
   
AGM Insured 
     
8,260 
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series 
10/21 at 100.00 
Aa3 
9,543,934 
   
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 
12,165,120 
   
2009C, 5.000%, 12/01/48 
     
10,000 
 
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, 
6/13 at 100.00 
BBB+ 
10,006,600 
   
Detroit Metropolitan Wayne County Airport, Series 2001A, 5.250%, 12/01/25 – NPFG Insured 
     
47,955 
 
Total Michigan 
   
51,150,072 
   
Minnesota – 0.8% (0.6% of Total Investments) 
     
510 
 
Central Minnesota Municipal Power Agency, Revenue Bonds, Brookings – Southeast Twin Cities 
1/22 at 100.00 
A– 
588,622 
   
Transmission Project, Series 2012, 5.000%, 1/01/32 
     
5,000 
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 
11/18 at 100.00 
AA– 
6,148,650 
   
2008B, 6.500%, 11/15/38 – AGC Insured 
     
5,020 
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D, 
No Opt. Call 
AA+ 
6,134,390 
   
5.000%, 8/01/18 
     
10,530 
 
Total Minnesota 
   
12,871,662 
   
Missouri – 0.9% (0.6% of Total Investments) 
     
7,250 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
2/22 at 100.00 
A1 
7,872,630 
   
Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43 
     
4,125 
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 
No Opt. Call 
A– 
5,157,323 
   
2005, 5.500%, 7/01/29 – NPFG Insured 
     
11,375 
 
Total Missouri 
   
13,029,953 
   
Montana – 0.2% (0.2% of Total Investments) 
     
3,000 
 
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefits Health System Obligated 
1/21 at 100.00 
AA– 
3,523,170 
   
Group, Series 2011A, 5.750%, 1/01/31 – AGM Insured 
     
   
Nebraska – 2.8% (1.9% of Total Investments) 
     
6,145 
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great 
No Opt. Call 
A– 
6,686,805 
   
Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 
     
27,125 
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC 
9/17 at 100.00 
AA 
29,064,709 
   
Insured (UB) (6) 
     
5,000 
 
Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, 
4/19 at 100.00 
AA+ 
5,833,700 
   
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 
7/15 at 100.00 
AA– (5) 
1,108,340 
   
(Pre-refunded 7/01/15) – AGM Insured 
     
39,270 
 
Total Nebraska 
   
42,693,554 
   
Nevada – 4.4% (3.0% of Total Investments) 
     
7,000 
 
Clark County School District, Nevada, General Obligation Bonds, Refunding Series 2005A, 
6/15 at 101.00 
AA– 
7,730,590 
   
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– 
3,707,515 
   
6/15/18 – AGM Insured 
     
3,000 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 
7/19 at 100.00 
AA– 
3,366,390 
   
7/01/26 – AGM Insured 
     
16,840 
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran 
1/20 at 100.00 
AA– 
18,983,058 
   
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+ 
7,770,265 
   
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) 
11,154,185 
   
12/01/14) – FGIC Insured 
     
14,985 
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 – NPFG Insured 
6/13 at 100.00 
BBB 
15,004,930 
62,980 
 
Total Nevada 
   
67,716,933 
   
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 
2,149,700 
2,250 
 
5.125%, 10/01/22 – NPFG Insured 
10/14 at 100.00 
Aa2 
2,416,455 
   
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 
4,064,099 
3,850 
 
5.000%, 7/01/23 – NPFG Insured 
7/14 at 100.00 
A 
4,064,099 
5,900 
 
5.000%, 7/01/29 – NPFG Insured 
7/14 at 100.00 
A 
6,212,228 
26,000 
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – 
No Opt. Call 
AA– 
33,237,880 
   
AGM Insured 
     
   
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A: 
     
8,250 
 
5.000%, 1/01/19 (Pre-refunded 7/01/13) – FGIC Insured 
7/13 at 100.00 
A+ (5) 
8,410,463 
2,000 
 
5.000%, 1/01/23 (Pre-refunded 7/01/13) – AGM Insured 
7/13 at 100.00 
AA– (5) 
2,040,180 
3,320 
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/21 – AGM Insured 
1/15 at 100.00 
AA– 
3,577,732 
   
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 
6,717,216 
790 
 
4.625%, 6/01/26 
6/17 at 100.00 
B1 
769,618 
640 
 
4.750%, 6/01/34 
6/17 at 100.00 
B2 
575,654 
1,330 
 
Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, 
No Opt. Call 
Aa3 
1,732,445 
   
Series 2005, 5.250%, 1/01/26 – AGM Insured 
     
66,895 
 
Total New Jersey 
   
75,967,769 
   
New Mexico – 1.3% (0.9% of Total Investments) 
     
3,660 
 
San Juan County, New Mexico, Subordinate Gross Receipts Tax Revenue Bonds, Series 2005, 
6/15 at 100.00 
A+ 
3,986,326 
   
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 
15,308,568 
   
5.000%, 6/01/36 – AGM Insured 
     
17,260 
 
Total New Mexico 
   
19,294,894 
   
New York – 7.3% (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 
2,018,011 
   
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 
8,480,777 
   
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 
3,644,021 
   
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 
3,962,944 
   
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 
13,856,750 
   
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 
7,146,192 
   
5/01/33 – NPFG Insured 
     
2,500 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 
5/21 at 100.00 
AA– 
2,826,800 
   
5/01/36 – AGM Insured 
     
3,025 
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue 
2/21 at 100.00 
Aa2 
3,501,922 
   
Bonds, Unity Hospital of Rochester 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– 
3,231,434 
   
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 
5,546,450 
   
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 
10,854,600 
   
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+ 
5,360,400 
   
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– 
15,284,360 
   
AGM Insured 
     
3,650 
 
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B, 
3/15 at 100.00 
AAA 
4,007,956 
   
5.000%, 3/15/25 (Pre-refunded 3/15/15) – AGM Insured (UB) 
     
   
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 
1,053,510 
5,000 
 
5.000%, 3/15/25 (Pre-refunded 3/15/14) – FGIC Insured 
3/14 at 100.00 
AAA 
5,267,550 
4,655 
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, St. Joseph’s Hospital Health 
7/22 at 100.00 
BB+ 
4,792,229 
   
Center Project, Series 2012, 5.000%, 7/01/42 
     
   
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding 
     
   
Subordinate Lien Bonds, Series 2013A: 
     
2,135 
 
5.000%, 11/15/28 
No Opt. Call 
A+ 
2,566,035 
2,560 
 
0.000%, 11/15/31 
No Opt. Call 
A+ 
1,298,406 
1,505 
 
3.125%, 11/15/32 
No Opt. Call 
A+ 
1,488,505 
1,815 
 
0.000%, 11/15/32 
No Opt. Call 
A+ 
883,397 
4,155 
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue 
5/13 at 100.00 
A+ 
4,168,462 
   
Refunding Bonds, Series 2002E, 5.000%, 11/15/32 – NPFG Insured 
     
104,275 
 
Total New York 
   
111,240,711 
   
North Carolina – 2.2% (1.5% 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) 
2,239,256 
2,575 
 
5.000%, 5/01/26 (Pre-refunded 5/01/14) – FGIC Insured 
5/14 at 100.00 
AA– (5) 
2,726,281 
13,800 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University 
6/22 at 100.00 
AA 
15,819,906 
   
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+ 
5,461,334 
   
Refunding Series 2012A, 5.000%, 6/01/36 
     
   
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 
3,442,747 
3,295 
 
5.000%, 5/01/24 – AMBAC Insured 
5/15 at 100.00 
Aa3 
3,539,423 
29,960 
 
Total North Carolina 
   
33,228,947 
   
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– 
4,593,120 
   
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 
2,418,495 
1,355 
 
5.000%, 12/15/23 – NPFG Insured 
12/15 at 100.00 
Aa3 
1,492,966 
3,000 
 
5.000%, 12/15/24 – NPFG Insured 
12/15 at 100.00 
Aa3 
3,319,800 
10,750 
 
Total North Dakota 
   
11,824,381 
   
Ohio – 5.6% (3.8% of Total Investments) 
     
1,730 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, 
5/22 at 100.00 
A1 
1,901,772 
   
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–