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:         1/31/15         
 
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
 
     
 
Nuveen Municipal Opportunity Fund, Inc. (NIO)
 
 
January 31, 2015 (Unaudited)
 
 
Principal
Amount (000)
 
Description (1)
Optional Call
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 148.1% (100.0% of Total Investments)
     
           
   
MUNICIPAL BONDS – 148.1% (100.0% of Total Investments)
     
           
   
Alabama – 0.5% (0.3% of Total Investments)
     
$ 6,850
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds,
1/17 at 100.00
AA+
$ 7,250,725
   
Series 2007A, 4.500%, 1/01/43 – BHAC Insured
     
   
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+
4,601,267
   
Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
     
4,545
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series
1/22 at 100.00
AA–
5,130,260
   
2012A, 5.000%, 1/01/43
     
5,465
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project,
12/24 at 100.00
A2
6,321,311
   
Series 2014A, 5.000%, 12/01/42
     
1,000
 
Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured
7/15 at 100.00
Aa3
1,019,500
3,000
 
Arizona State, Certificates of Participation, Department of Administration Series 2010B,
4/20 at 100.00
AA
3,443,430
   
5.000%, 10/01/29 – AGC Insured
     
5,200
 
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032- 11034,
7/17 at 100.00
AA
5,826,496
   
15.509%, 7/01/26 – AGM Insured (IF)
     
5,015
 
Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Civic Plaza
7/15 at 100.00
AA+
5,107,025
   
Expansion Project, Subordinate Series 2005A, 5.000%, 7/01/41 – FGIC Insured
     
13,490
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series
7/15 at 100.00
AAA
13,752,111
   
2005, 4.750%, 7/01/25 (Pre-refunded 7/01/15) – NPFG Insured
     
2,000
 
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai
8/23 at 100.00
Baa1
2,300,700
   
Regional Medical Center, Series 2013A, 5.250%, 8/01/33
     
43,945
 
Total Arizona
   
47,502,100
   
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
2,726,207
   
9/01/35 – AMBAC Insured
     
   
California – 16.1% (10.9% of Total Investments)
     
3,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard
8/22 at 100.00
AA
3,372,090
   
Children’s Hospital, Series 2012A, 5.000%, 8/15/51
     
710
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System,
7/23 at 100.00
AA–
831,069
   
Series 2013A, 5.000%, 7/01/37
     
   
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and
     
   
Clinics, Tender Option Bond Trust 3294:
     
3,220
 
9.333%, 2/15/20 (IF) (5)
No Opt. Call
AA
4,102,087
1,275
 
9.333%, 2/15/20 (IF) (5)
No Opt. Call
AA
1,624,274
1,215
 
9.325%, 2/15/20 (IF) (5)
No Opt. Call
AA
1,547,533
875
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda
12/24 at 100.00
BBB
980,175
   
University Medical Center, Series 2014A, 5.250%, 12/01/44
     
3,500
 
Coachella Valley Unified School District, Riverside County, California, General Obligation
8/15 at 100.00
AA– (4)
3,586,170
   
Bonds, Series 2005A, 5.000%, 8/01/26 (Pre-refunded 8/01/15) – FGIC Insured
     
2,985
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water
6/15 at 100.00
AAA
3,033,059
   
System Revenue Bonds, Subordinated Series 2005A, 5.000%, 6/01/27 – NPFG Insured
     
2,765
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water
6/15 at 100.00
AA– (4)
2,810,595
   
System Revenue Bonds, Subordinated Series 2005A, 5.000%, 6/01/27 (Pre-refunded 6/01/15) –
     
   
NPFG Insured
     
   
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
     
   
Refunding Series 2013A:
     
2,400
 
5.750%, 1/15/46
1/24 at 100.00
BBB–
2,846,640
5,400
 
6.000%, 1/15/49
1/24 at 100.00
BBB–
6,480,972
10,050
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
A1
10,213,313
   
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:
     
12,670
 
4.500%, 6/01/27
6/17 at 100.00
B
12,457,397
5,290
 
5.000%, 6/01/33
6/17 at 100.00
B
4,607,220
1,520
 
Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation
3/16 at 100.00
A–
1,546,159
   
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
AA
4,387,880
   
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
2,983,915
   
FGIC Insured (Alternative Minimum Tax)
     
3,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F,
7/16 at 100.00
Aa2 (4)
3,201,990
   
5.000%, 7/01/24 (Pre-refunded 7/01/16) – FGIC Insured
     
5,720
 
Mount San Antonio Community College District, Los Angeles County, California, General
8/35 at 100.00
AA
4,132,242
   
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
     
5,200
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 –
8/29 at 100.00
AA
5,691,036
   
AGC Insured
     
   
Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project,
     
   
Series 2001:
     
15,000
 
5.200%, 6/15/30 – AMBAC Insured
6/15 at 100.00
N/R
15,027,600
6,000
 
5.125%, 6/15/33 – AMBAC Insured
6/15 at 100.00
N/R
6,009,960
2,035
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005,
6/15 at 100.00
AA–
2,049,754
   
5.000%, 6/01/30 – FGIC Insured
     
6,000
 
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds,
4/15 at 100.00
AA
6,022,500
   
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 (4)
3,043,300
   
5.000%, 8/01/22 (Pre-refunded 8/01/15) – AGM Insured
     
510
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series
6/23 at 100.00
BBB–
600,143
   
2013A, 5.750%, 6/01/48
     
2,500
 
Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series
12/15 at 100.00
AA (4)
2,596,700
   
2005B, 4.750%, 12/01/21 (Pre-refunded 12/01/15) – FGIC Insured
     
4,000
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International
5/23 at 100.00
A+
4,644,280
   
Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43
     
10,000
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International
5/24 at 100.00
A+
11,844,600
   
Airport, Second Series 2014B, 5.000%, 5/01/44
     
66,685
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll
No Opt. Call
Aaa
61,815,661
   
Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM)
     
   
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue
     
   
Bonds, Refunding Senior Lien Series 2014A:
     
2,680
 
5.000%, 1/15/44
1/25 at 100.00
BBB–
2,986,646
8,275
 
5.000%, 1/15/50
1/25 at 100.00
BBB–
9,034,397
21,255
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
8/17 at 100.00
AA–
21,767,246
   
Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
     
5,625
 
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and
No Opt. Call
AA–
7,268,850
   
Housing Facility, Series 1994A, 6.250%, 7/01/24
     
5,625
 
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and
No Opt. Call
AA– (4)
7,301,981
   
Housing Facility, Series 1994A, 6.250%, 7/01/24 (ETM)
     
6,785
 
Santa Clara Valley Water District, California, Water Revenue Bonds, Series 2006A, 3.750%,
6/16 at 100.00
Aa1
6,957,950
   
6/01/25 – AGM Insured
     
245,080
 
Total California
   
249,407,384
   
Colorado – 4.6% (3.1% of Total Investments)
     
1,080
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%,
10/16 at 100.00
BBB–
1,099,958
   
10/01/40 – SYNCORA GTY Insured
     
1,900
 
Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open Space, Series 2005B, 5.250%,
11/15 at 100.00
AA (4)
1,973,245
   
11/01/24 (Pre-refunded 11/01/15) – AGM Insured
     
195
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding
12/23 at 100.00
BB+
205,867
   
Series 2014, 5.000%, 12/01/43
     
6,630
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,
1/23 at 100.00
A+
7,661,761
   
Series 2013A, 5.250%, 1/01/45
     
550
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good
6/23 at 100.00
A3
643,159
   
Samaritan Society Project, Series 2013, 5.625%, 6/01/43
     
7,415
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B,
11/23 at 100.00
A
8,553,277
   
5.000%, 11/15/43
     
35,995
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/23 –
No Opt. Call
AA–
29,067,762
   
NPFG Insured
     
10,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 –
No Opt. Call
AA–
6,752,000
   
NPFG Insured
     
4,335
 
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds,
12/20 at 100.00
AA
4,764,165
   
Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured
     
8,500
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A,
11/22 at 100.00
AA–
9,513,115
   
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
15,228
   
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 (4)
655,552
340
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
Aa2 (4)
345,562
77,600
 
Total Colorado
   
71,250,651
   
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
3,769,220
   
Series 2010G, 5.000%, 7/01/39
     
   
District of Columbia – 1.0% (0.7% of Total Investments)
     
2,880
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC
10/22 at 100.00
BBB–
3,030,912
   
Issue, Series 2013, 5.000%, 10/01/45
     
8,435
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles
4/22 at 100.00
BBB+
9,302,793
   
Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A,
     
   
5.000%, 10/01/53
     
2,670
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds,
10/16 at 100.00
AA+
3,126,971
   
Tender Option Bond Trust 1606, 11.921%, 10/01/30 – AMBAC Insured (IF) (5)
     
13,985
 
Total District of Columbia
   
15,460,676
   
Florida – 13.5% (9.1% of Total Investments)
     
1,250
 
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/24 –
9/15 at 100.00
Aa3
1,284,550
   
AMBAC Insured
     
1,275
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 –
4/15 at 100.00
A+
1,280,024
   
AMBAC Insured
     
6,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%,
10/21 at 100.00
AA
6,953,520
   
10/01/41 – 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
AA
5,654,164
12,585
 
5.000%, 11/01/32 – AGM Insured (UB)
11/17 at 100.00
AA
13,793,160
3,000
 
Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%, 6/01/22 (Pre-refunded
6/15 at 100.00
AA– (4)
3,049,470
   
6/01/15) – AMBAC Insured
     
   
Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta
     
   
Pointe Apartments Project, Series 1997A:
     
775
 
5.650%, 9/01/17 – AGM Insured (Alternative Minimum Tax)
3/15 at 100.00
AA+
777,325
1,890
 
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)
3/15 at 100.00
AA+
1,893,534
2,500
 
Flagler County School Board, Florida, Certificates of Participation, Master Lease Revenue
8/15 at 100.00
AA (4)
2,561,425
   
Program, Series 2005A, 5.000%, 8/01/30 (Pre-refunded 8/01/15) – AGM Insured
     
1,200
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 –
10/15 at 100.00
AA–
1,217,664
   
NPFG Insured
     
90
 
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18
4/15 at 100.00
A3
90,284
1,915
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 –
6/18 at 100.00
AA
2,138,098
   
AGM Insured
     
2,500
 
Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue
No Opt. Call
Aaa
2,857,825
   
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
1,019,680
   
Program, Series 2005A, 5.000%, 7/01/26 – NPFG Insured
     
1,000
 
Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%,
10/15 at 100.00
AA+
1,032,240
   
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
AA– (4)
2,647,912
   
7/01/22 (Pre-refunded 7/01/15) – 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
A3
1,689,612
1,830
 
5.000%, 5/01/27 – NPFG Insured
5/15 at 102.00
A3
1,878,422
4,665
 
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM
8/21 at 100.00
AA
5,305,225
   
Insured (Alternative Minimum Tax)
     
1,000
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 –
4/17 at 100.00
AA–
1,067,100
   
NPFG Insured
     
3,000
 
Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured
10/17 at 100.00
AA–
3,278,640
3,230
 
Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, 5.000%, 10/01/43
10/24 at 100.00
BBB+
3,669,797
5,000
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series
7/24 at 100.00
A–
5,761,950
   
2014A, 5.000%, 7/01/44
     
3,200
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding
No Opt. Call
A
3,675,616
   
Series 2012A, 5.000%, 10/01/30 (Alternative Minimum Tax)
     
12,930
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series
12/15 at 100.00
AA–
13,072,877
   
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
AA–
5,394,267
   
2005B, 5.000%, 6/01/25 – NPFG Insured
     
3,015
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%,
7/18 at 100.00
AA
3,353,193
   
7/01/35 – AGM Insured
     
6,305
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A,
10/22 at 100.00
Aa3
7,228,052
   
5.000%, 10/01/42
     
   
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds,
     
   
Development Unit 9B, Series 2005:
     
1,290
 
5.000%, 8/01/23 – NPFG Insured
8/15 at 102.00
AA–
1,329,655
2,145
 
5.000%, 8/01/29 – NPFG Insured
8/15 at 102.00
AA–
2,207,312
2,000
 
Okaloosa County, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 7/01/36 –
7/16 at 100.00
AA
2,111,740
   
AGM Insured
     
3,500
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health,
4/22 at 100.00
A
3,854,655
   
Inc., 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 (4)
1,109,480
   
8/01/27 (Pre-refunded 8/01/17) – 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–
2,660,050
   
SYNCORA GTY Insured
     
170
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of
6/22 at 102.00
N/R
196,534
   
Boca Raton Project, Series 2014A, 7.250%, 6/01/34
     
3,000
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%,
8/17 at 100.00
AA–
3,283,020
   
8/01/27 – NPFG Insured
     
3,000
 
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%,
4/16 at 100.00
AA+
3,152,310
   
10/01/36 – AGM Insured
     
1,000
 
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,
7/17 at 100.00
AA–
1,083,100
   
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
6,166,294
8,530
 
5.000%, 9/01/35 – AGC Insured
9/18 at 100.00
AA
9,567,333
1,895
 
Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation
6/15 at 100.00
Aa3
1,924,941
   
Bonds, Series 2005B, 5.000%, 6/01/25 – AMBAC Insured
     
5,740
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series
No Opt. Call
Aa2 (4)
6,537,401
   
1992, 6.000%, 10/01/19 – NPFG Insured (ETM)
     
765
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series
No Opt. Call
Aa2
788,776
   
1992, 6.000%, 10/01/19 – NPFG Insured
     
   
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993:
     
1,355
 
5.500%, 10/01/15 – FGIC Insured (ETM)
No Opt. Call
N/R (4)
1,403,902
1,200
 
5.500%, 10/01/21 – FGIC Insured (ETM)
No Opt. Call
N/R (4)
1,492,764
2,500
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured
10/15 at 100.00
AA
2,582,125
400
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
AA
461,336
1,470
 
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s
4/15 at 100.00
Aaa
1,486,155
   
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
10,523,717
21,095
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series
No Opt. Call
A
24,093,232
   
2012B, 5.000%, 7/01/42
     
12,000
 
Volusia County School Board, Florida, Certificates of Participation, Master Lease Program
8/17 at 100.00
Aa3
12,565,680
   
Series 2007, 5.000%, 8/01/32 – AGM Insured
     
4,275
 
Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%,
8/15 at 100.00
Aa3
4,375,676
   
8/01/24 – AGM Insured
     
192,440
 
Total Florida
   
208,582,814
   
Georgia – 2.7% (1.8% of Total Investments)
     
10,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 –
11/19 at 100.00
AA
11,606,200
   
AGM Insured
     
2,825
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007,
8/20 at 100.00
AA
3,089,759
   
4.000%, 8/01/26
     
16,805
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates,
2/25 at 100.00
AA–
20,133,734
   
Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54
     
3,385
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health
No Opt. Call
AA
3,633,087
   
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+
2,529,720
   
Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured
     
35,265
 
Total Georgia
   
40,992,500
   
Hawaii – 0.4% (0.3% of Total Investments)
     
170
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific
7/23 at 100.00
BB+
196,064
   
University, Series 2013A, 6.875%, 7/01/43
     
5,775
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queen’s Health
7/25 at 100.00
AA–
5,928,557
   
Systems, Series 2015A, 4.000%, 7/01/40
     
5,945
 
Total Hawaii
   
6,124,621
   
Idaho – 0.6% (0.4% of Total Investments)
     
6,085
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series
3/22 at 100.00
A–
6,806,742
   
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
A+
1,064,000
1,065
 
5.000%, 7/15/24 – NPFG Insured
7/16 at 100.00
A+
1,131,871
8,150
 
Total Idaho
   
9,002,613
   
Illinois – 11.3% (7.6% of Total Investments)
     
8,470
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014,
No Opt. Call
AA
9,972,578
   
5.250%, 12/01/49
     
7,700
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien
1/20 at 100.00
AA
8,804,642
   
Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
     
7,200
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien
1/16 at 100.00
AA–
7,523,568
   
Series 2005A, 5.250%, 1/01/24 – NPFG Insured
     
7,095
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City
12/23 at 100.00
AA
8,253,968
   
Colleges, Series 2013, 5.250%, 12/01/43
     
6,160
 
De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell Community College District 540,
12/17 at 100.00
Aa2
6,073,575
   
Illinois, General Obligation Bonds, Series 2007, 3.000%, 12/01/26 – AGM Insured
     
3,400
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History,
11/23 at 100.00
A2
3,886,608
   
Series 2002, 5.500%, 11/01/36
     
3,295
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000,
6/15 at 100.00
A3
3,340,174
   
5.800%, 6/01/30 – NPFG Insured
     
2,315
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012,
No Opt. Call
AA
2,609,630
   
5.000%, 6/01/42
     
5,750
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38
9/22 at 100.00
BBB
6,218,568
5,070
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A,
9/24 at 100.00
BBB
5,531,421
   
5.000%, 9/01/42
     
1,435
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A,
7/23 at 100.00
A–
1,726,520
   
6.000%, 7/01/43
     
6,720
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 –
8/21 at 100.00
AA
7,977,312
   
AGM Insured
     
14,975
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A,
10/21 at 100.00
AA+
16,672,117
   
5.000%, 10/01/51
     
   
Illinois State, General Obligation Bonds, February Series 2014:
     
3,200
 
5.250%, 2/01/32
2/24 at 100.00
A–
3,584,640
2,000
 
5.250%, 2/01/33
2/24 at 100.00
A–
2,232,280
1,575
 
5.250%, 2/01/34
2/24 at 100.00
A–
1,754,093
7,000
 
5.000%, 2/01/39
2/24 at 100.00
A–
7,590,940
   
Illinois State, General Obligation Bonds, May Series 2014:
     
510
 
5.000%, 5/01/36
5/24 at 100.00
A–
556,920
1,630
 
5.000%, 5/01/39
5/24 at 100.00
A–
1,770,685
   
Illinois State, General Obligation Bonds, Refunding Series 2012:
     
3,160
 
5.000%, 8/01/21
No Opt. Call
A–
3,637,444
1,225
 
5.000%, 8/01/22
No Opt. Call
A–
1,412,364
2,740
 
5.000%, 8/01/23
No Opt. Call
A–
3,174,400
270
 
5.000%, 8/01/25
8/22 at 100.00
A–
303,674
1,425
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
A–
1,623,431
5,405
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1,
7/16 at 100.00
AA (4)
5,764,162
   
5.000%, 1/01/24 (Pre-refunded 7/01/16) – AGM Insured
     
1,395
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust
1/23 at 100.00
AA–
2,249,172
   
2015-XF0051, 18.039%, 1/01/21 (IF)
     
5,000
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds,
No Opt. Call
AAA
6,714,200
   
Tender Option Bond Trust 3861, 15.379%, 6/15/18 (IF) (5)
     
   
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
5,245,600
10,000
 
0.000%, 6/15/46 – AGM Insured
No Opt. Call
AAA
2,502,000
20,045
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
No Opt. Call
AAA
8,323,285
   
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
7,285,922
   
Project, Tender Option Bond Trust 3861, 13.770%, 6/15/42 (IF) (5)
     
5,345
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group,
11/23 at 100.00
BB+
6,754,477
   
Inc., Series 2013, 7.625%, 11/01/48
     
4,000
 
Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2,
No Opt. Call
AA–
2,725,000
   
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
1,183,769
1,035
 
7.000%, 12/01/22 – AGM Insured
12/20 at 100.00
AA
1,302,682
1,155
 
7.000%, 12/01/23 – AGM Insured
12/20 at 100.00
AA
1,453,718
1,065
 
7.000%, 12/01/26 – AGM Insured
12/20 at 100.00
AA
1,324,615
2,085
 
7.250%, 12/01/29 – AGM Insured
12/20 at 100.00
AA
2,613,881
2,295
 
7.250%, 12/01/30 – AGM Insured
12/20 at 100.00
AA
2,877,150
189,995
 
Total Illinois
   
174,551,185
   
Indiana – 8.4% (5.7% of Total Investments)
     
12,040
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University
10/24 at 100.00
A2
14,003,724
   
Project, Series 2014, 5.000%, 10/01/44
     
12,360
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series
5/23 at 100.00
A
13,899,809
   
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–
3,740,283
   
Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
     
14,760
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing
7/23 at 100.00
BBB
16,492,234
   
Project, Series 2013A, 5.250%, 1/01/51 (Alternative Minimum Tax)
     
5,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B.,
12/20 at 100.00
AA
5,727,300
   
5.000%, 12/01/37
     
17,970
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series
10/24 at 100.00
AA
20,982,850
   
2014A, 5.000%, 10/01/44
     
11,200
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana,
5/15 at 100.00
N/R (4)
11,338,432
   
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
AA–
9,054,030
   
NPFG Insured
     
5,000
 
Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project
1/20 at 100.00
AA
5,681,800
   
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
13,763,200
   
AMBAC Insured
     
9,615
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A,
1/19 at 100.00
AA
10,955,331
   
5.500%, 1/01/38 – AGC Insured
     
935
 
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series
11/23 at 100.00
N/R
1,065,835
   
2013, 7.250%, 11/01/43 (Alternative Minimum Tax)
     
2,040
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013,
1/24 at 100.00
N/R
2,550,918
   
7.000%, 1/01/44 (Alternative Minimum Tax)
     
1,500
 
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007,
9/17 at 100.00
N/R
1,578,240
   
5.800%, 9/01/47
     
124,370
 
Total Indiana
   
130,833,986
   
Iowa – 1.3% (0.9% of Total Investments)
     
10,000
 
Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series
2/23 at 100.00
Aa3
11,573,700
   
2013A, 5.250%, 2/15/44
     
   
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
     
2,060
 
5.375%, 6/01/38
6/15 at 100.00
B+
1,840,013
1,230
 
5.500%, 6/01/42
6/15 at 100.00
B+
1,105,290
445
 
5.625%, 6/01/46
6/15 at 100.00
B+
405,230
5,600
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
6/17 at 100.00
B+
5,354,440
   
5.600%, 6/01/34
     
19,335
 
Total Iowa
   
20,278,673
   
Kansas – 0.2% (0.1% of Total Investments)
     
2,865
 
Wyandotte County/Kansas City Unified Government Board of Public Utilities, Kansas, Utility
9/24 at 100.00
A+
3,321,108
   
System Revenue Bonds, Refunding & Improvement Series 2014A, 5.000%, 9/01/44
     
   
Kentucky – 2.5% (1.7% of Total Investments)
     
5,170
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro
6/20 at 100.00
BBB+
6,058,620
   
Medical Health System, Series 2010A, 6.000%, 6/01/30
     
   
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
     
   
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
     
3,330
 
0.000%, 7/01/43
7/31 at 100.00
Baa3
2,474,523
5,735
 
0.000%, 7/01/46
7/31 at 100.00
Baa3
4,266,553
   
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
     
   
Downtown Crossing Project, Series 2013A:
     
1,445
 
5.750%, 7/01/49
7/23 at 100.00
Baa3
1,703,496
290
 
6.000%, 7/01/53
7/23 at 100.00
Baa3
344,755
   
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
4,513,537
10,000
 
5.250%, 2/01/24 – AGC Insured
2/19 at 100.00
AA
11,608,300
7,500
 
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project,
7/16 at 100.00
AA+
7,981,425
   
Series 2006B, 5.000%, 7/01/25 – AMBAC Insured
     
37,330
 
Total Kentucky
   
38,951,209
   
Louisiana – 3.7% (2.5% of Total Investments)
     
3,330
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical
1/21 at 100.00
AA
3,958,438
   
Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM 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 (4)
2,429,736
4,415
 
5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
Aa1 (4)
4,469,702
5,000
 
5.000%, 5/01/27 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
Aa1 (4)
5,061,950
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
     
3,300
 
4.750%, 5/01/39 – AGM Insured
5/16 at 100.00
Aa1
3,458,466
35,725
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
37,270,107
38
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 16.495%,
5/16 at 100.00
Aa1
44,962
   
5/01/34 – NPFG Insured (IF)
     
54,208
 
Total Louisiana
   
56,693,361
   
Maine – 0.8% (0.5% of Total Investments)
     
1,015
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical
7/23 at 100.00
Baa1
1,110,065
   
Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
     
10,000
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth Issue,
No Opt. Call
A+
11,440,500
   
Series 2015, 5.000%, 7/01/39
     
11,015
 
Total Maine
   
12,550,565
   
Maryland – 1.3% (0.9% of Total Investments)
     
5,345
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%,
9/16 at 100.00
Ba1
5,510,054
   
9/01/28 – SYNCORA GTY Insured
     
10,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health
2/25 at 100.00
A2
11,605,800
   
Issue, Series 2015, 5.000%, 8/15/42 (WI/DD, Settling 2/11/15)
     
2,440
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional
7/24 at 100.00
A
2,832,352
   
Medical Center Issue, Series 2015, 5.000%, 7/01/45 (WI/DD, Settling 2/05/15)
     
17,785
 
Total Maryland
   
19,948,206
   
Massachusetts – 3.1% (2.1% of Total Investments)
     
10,405
 
Massachsetts Development Finance Agency Revenue Bonds, Partners HealthCare System Issue,
7/25 at 100.00
AA
12,316,399
   
Series 2015-O1, 5.000%, 7/01/45
     
4,500
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds,
1/20 at 100.00
AA+
5,188,725
   
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+
3,330,812
   
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
8,056,775
   
Tender Option Bond Trust 2010-20W, 13.696%, 12/15/34 (IF) (5)
     
11,000
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A,
8/15 at 100.00
AA+ (4)
11,291,830
   
5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured (UB)
     
7,255
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%,
2/17 at 100.00
AA+
7,507,692
   
8/01/46 – AGM Insured (UB) (5)
     
41,715
 
Total Massachusetts
   
47,692,233
   
Michigan – 3.2% (2.2% of Total Investments)
     
5,490
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site
No Opt. Call
AA
6,697,141
   
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
BBB+
1,868,670
   
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
     
930
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18
10/15 at 100.00
A3
930,828
5,070
 
Michigan Finance Authority, Detroit, Michigan, Local Government Loan Program, Unlimited Tax
10/15 at 100.00
A–
5,074,512
   
General Obligation Bonds, Series 2014G-2A, 5.375%, 4/01/18
     
3,000
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
A2
3,305,310
8,260
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
10/21 at 100.00
Aa3
9,593,329
   
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
12,218,800
   
2009C, 5.000%, 12/01/48
     
10,000
 
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds,
4/15 at 100.00
AA–
10,010,100
   
Detroit Metropolitan Wayne County Airport, Series 2001A, 5.250%, 12/01/25 – NPFG Insured
     
45,445
 
Total Michigan
   
49,698,690
   
Minnesota – 0.8% (0.5% of Total Investments)
     
5,465
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series
11/18 at 100.00
AA
6,475,861
   
2008B, 6.500%, 11/15/38 – AGC Insured
     
5,020
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D,
No Opt. Call
AA+
5,764,617
   
5.000%, 8/01/18
     
10,485
 
Total Minnesota
   
12,240,478
   
Missouri – 0.5% (0.3% of Total Investments)
     
2,250
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
2/22 at 100.00
A1
2,498,265
   
Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43
     
305
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village
9/23 at 100.00
A–
345,608
   
of Sunset Hills, Series 2013A, 5.875%, 9/01/43
     
4,125
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series
No Opt. Call
AA–
5,192,055
   
2005, 5.500%, 7/01/29 – NPFG Insured
     
6,680
 
Total Missouri
   
8,035,928
   
Montana – 0.2% (0.1% of Total Investments)
     
3,000
 
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated
1/21 at 100.00
AA
3,484,050
   
Group, Series 2011A, 5.750%, 1/01/31 – AGM Insured
     
   
Nebraska – 4.1% (2.8% of Total Investments)
     
4,010
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great
No Opt. Call
A–
4,497,656
   
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
9/16 at 100.00
AA
27,911,625
   
Insured (UB) (5)
     
5,000
 
Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds,
4/19 at 100.00
AA+
5,770,400
   
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 (4)
1,020,480
   
(Pre-refunded 7/01/15) – AGM Insured
     
2,460
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Refunding Subordinated
2/24 at 100.00
AA–
2,620,810
   
Lien Series 2014CC, 4.000%, 2/01/38
     
21,000
 
Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series
1/17 at 100.00
A2
21,853,020
   
2007A, 5.000%, 1/01/37 – AMBAC Insured
     
60,595
 
Total Nebraska
   
63,673,991
   
Nevada – 1.9% (1.3% of Total Investments)
     
7,000
 
Clark County School District, Nevada, General Obligation Bonds, Refunding Series 2005A,
6/15 at 101.00
AA–
7,194,320
   
5.000%, 6/15/19 – FGIC Insured
     
3,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 –
7/19 at 100.00
AA
3,450,180
   
AGM Insured
     
16,890
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
1/20 at 100.00
AA
19,355,602
   
International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
     
26,890
 
Total Nevada
   
30,000,102
   
New Jersey – 3.5% (2.4% of Total Investments)
     
   
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge,
     
   
Series 2004A:
     
3,850
 
5.000%, 7/01/22 – NPFG Insured
4/15 at 100.00
AA–
3,911,985
3,850
 
5.000%, 7/01/23 – NPFG Insured
4/15 at 100.00
AA–
3,911,985
5,900
 
5.000%, 7/01/29 – NPFG Insured
4/15 at 100.00
AA–
5,994,990
26,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 –
No Opt. Call
AA
33,310,680
   
AGM Insured
     
   
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
     
   
Series 2007-1A:
     
3,320
 
4.500%, 6/01/23
6/17 at 100.00
BB
3,337,961
1,545
 
4.625%, 6/01/26
6/17 at 100.00
B+
1,487,464
1,470
 
4.750%, 6/01/34
6/17 at 100.00
B2
1,167,062
1,330
 
Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds,
No Opt. Call
Aa3
1,756,691
   
Series 2005, 5.250%, 1/01/26 – AGM Insured
     
47,265
 
Total New Jersey
   
54,878,818
   
New Mexico – 1.2% (0.8% of Total Investments)
     
3,660
 
San Juan County, New Mexico, Gross Receipts Tax Revenue Bonds, Refunding Subordinate Series
6/15 at 100.00
AA–
3,724,453
   
2005, 5.000%, 6/15/25 – NPFG Insured
     
13,600
 
University of New Mexico, Revenue Bonds, System Improvement Subordinated Lien Series 2007A,
6/17 at 100.00
AA
14,740,904
   
5.000%, 6/01/36 – AGM Insured
     
17,260
 
Total New Mexico
   
18,465,357
   
New York – 7.1% (4.8% of Total Investments)
     
1,880
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore
2/15 at 100.00
AA–
1,887,313
   
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
8,419,798
   
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
3,355,410
   
2005F, 5.000%, 3/15/24 (Pre-refunded 3/15/15) – AMBAC Insured
     
3,720
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,
2/17 at 100.00
AA–
3,936,988
   
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
AA–
13,161,250
   
5.000%, 12/01/25 – FGIC Insured
     
6,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C,
9/16 at 100.00
AA–
6,371,700
   
5.000%, 9/01/35 – NPFG Insured
     
2,500
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%,
5/21 at 100.00
AA
2,830,225
   
5/01/36 – AGM Insured
     
10,610
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A,
9/22 at 100.00
A–
11,993,862
   
5.000%, 9/01/42
     
3,025
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue
2/21 at 100.00
Aa2
3,605,951
   
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
3,165,667
   
PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
     
85
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21 –
9/15 at 100.00
AA
87,412
   
AMBAC Insured
     
4,915
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21
9/15 at 100.00
Aa2 (4)
5,055,618
   
(Pre-refunded 9/01/15) – 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
10,081,000
   
FGIC Insured
     
7,870
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
11/24 at 100.00
N/R
8,449,153
   
Center Project, Class 1 Series 2014, 5.000%, 11/15/44
     
14,000
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30
7/15 at 100.00
AA (4)
14,283,080
   
(Pre-refunded 7/01/15) – AGM Insured
     
3,650
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds,
3/15 at 100.00
AAA
3,672,192
   
Series 2005B, 5.000%, 3/15/25 (Pre-refunded 3/15/15) – AGM Insured
     
4,655
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital
7/22 at 100.00
BB
4,844,971
   
Health Center Project, Series 2012, 5.000%, 7/01/42
     
   
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding
     
   
Subordinate Lien Series 2013A:
     
2,135
 
5.000%, 11/15/28
No Opt. Call
A+
2,549,596
2,430
 
0.000%, 11/15/31
No Opt. Call
A+
1,412,729
1,460
 
0.000%, 11/15/32
No Opt. Call
A+
811,760
104,610
 
Total New York
   
109,975,675
   
North Carolina – 1.6% (1.1% of Total Investments)
     
750
 
Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina,
8/15 at 100.00
N/R
752,520
   
National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%,
     
   
8/01/35 (Alternative Minimum Tax)
     
10,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University
6/22 at 100.00
AA
11,600,400
   
Health System, Series 2012A, 5.000%, 6/01/42
     
4,715
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health,
6/22 at 100.00
A+
5,339,926
   
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
3,242,755
3,295
 
5.000%, 5/01/24 – AMBAC Insured
5/15 at 100.00
Aa3
3,333,815
830
 
University of North Carolina, Greensboro, General Revenue Bonds, Series 2014A, 5.000%, 4/01/39
4/24 at 100.00
Aa3
981,151
22,795
 
Total North Carolina
   
25,250,567
   
North Dakota – 0.7% (0.5% of Total Investments)
     
2,245
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated
12/21 at 100.00
A–
2,471,723
   
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
2,284,161
1,355
 
5.000%, 12/15/23 – NPFG Insured
12/15 at 100.00
Aa3
1,410,040
3,000
 
5.000%, 12/15/24 – NPFG Insured
12/15 at 100.00
Aa3
3,121,290
1,890
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC
9/23 at 100.00
N/R
2,014,003
   
Project, Series 2013, 7.750%, 9/01/38
     
10,685
 
Total North Dakota
   
11,301,217
   
Ohio – 7.7% (5.2% of Total Investments)
     
1,730
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds,
5/22 at 100.00
A1
1,931,597
   
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–
2,206,878
2,540
 
4.000%, 5/01/33
5/22 at 100.00
AA–
2,627,198
2,420
 
5.000%, 5/01/42
5/22 at 100.00
AA–
2,724,872
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
     
   
Bonds, Senior Lien, Series 2007A-2:
     
16,945
 
5.125%, 6/01/24
6/17 at 100.00
B–
14,682,843
370
 
5.875%, 6/01/30
6/17 at 100.00
B–
321,845
11,600
 
5.750%, 6/01/34
6/17 at 100.00
B–
9,825,548
1,060
 
5.875%, 6/01/47
6/17 at 100.00
B
906,745
8,310
 
Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds,
6/23 at 100.00
AA
9,318,585
   
School Improvement Series 2014, 5.000%, 12/01/51
     
6,000
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project,
5/22 at 100.00
Aa2
6,714,420
   
Improvement Series 2012A, 5.000%, 11/01/42
     
2,205
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 –
6/15 at 100.00
A3
2,239,486
   
NPFG Insured
     
19,535
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 –
12/16 at 100.00
A+
19,988,603
   
AMBAC Insured
     
6,425
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series
1/23 at 100.00
AA
7,412,780
   
2013A, 5.000%, 1/01/38 (UB) (5)
     
   
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender
     
   
Option Bond Trust 1157:
     
1,725
 
17.677%, 1/01/38 (IF) (5)
1/23 at 100.00
AA
2,785,806
1,250
 
17.677%, 1/01/38 (IF) (5)
1/23 at 100.00
AA
2,018,700
625
 
17.677%, 1/01/38 (IF) (5)
1/23 at 100.00
AA
1,009,350
1,750
 
17.668%, 1/01/38 (IF) (5)
1/23 at 100.00
AA
2,825,568
390
 
17.546%, 1/01/38 (IF) (5)
1/23 at 100.00
AA
628,001
2,000
 
16.691%, 1/01/38 (IF) (5)
1/23 at 100.00
AA
3,229,920
   
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding
     
   
Series 2007:
     
4,380
 
5.250%, 12/01/27 – AGM Insured
No Opt. Call
A2
5,512,186
6,000
 
5.250%, 12/01/31 – AGM Insured
No Opt. Call
A2
7,746,240
9,235
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated
2/23 at 100.00
BB+
9,654,269
   
Group Project, Series 2013, 5.000%, 2/15/48
     
   
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System
     
   
Obligated Group Project, Refunding and Improvement Series 2012:
     
665
 
5.750%, 12/01/32
12/22 at 100.00
N/R
722,310
660
 
6.000%, 12/01/42
12/22 at 100.00
N/R
717,004
2,000
 
University of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds,
1/20 at 100.00
AA
2,294,900
   
Series 2010B, 5.000%, 1/01/29 – AGM Insured
     
111,750
 
Total Ohio
   
120,045,654
   
Oklahoma – 2.4% (1.6% of Total Investments)
     
   
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F:
     
3,500
 
5.000%, 7/01/24 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 100.00
AA (4)
3,571,960
7,500
 
5.000%, 7/01/27 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 100.00
AA (4)
7,654,200
   
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2010:
     
1,000
 
5.375%, 7/01/40
7/21 at 100.00
AAA
1,185,150
1,500
 
5.000%, 7/01/40
7/21 at 100.00
AAA
1,735,545
3,500
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Refunding Series
1/25 at 100.00
A
4,172,840
   
2014A, 5.000%, 1/01/38
     
19,060
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%,
1/17 at 100.00
AA–
19,508,291
   
1/01/47 – FGIC Insured
     
36,060
 
Total Oklahoma
   
37,827,986
   
Oregon – 0.5% (0.3% of Total Investments)
     
2,535
 
Oregon Department of Administrative Services, Certificates of Participation, Series 2005A,
5/15 at 100.00
AA (4)
2,566,333
   
5.000%, 5/01/25 (Pre-refunded 5/01/15) – AGM Insured
     
4,000
 
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A,
4/21 at 100.00
AAA
4,763,680
   
5.250%, 4/01/31
     
6,535
 
Total Oregon
   
7,330,013
   
Pennsylvania – 5.4% (3.7% of Total Investments)
     
2,165
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2010, 5.000%,
12/20 at 100.00
AA
2,504,537
   
6/01/40 – AGM Insured
     
7,925
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A,
6/16 at 100.00
AA
8,405,651
   
5.000%, 6/01/26 – AGM Insured (UB)
     
7,630
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health
6/22 at 100.00
A
8,450,378
   
System Project, Series 2012A, 5.000%, 6/01/42
     
5,250
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
1/20 at 100.00
AA
5,971,140
   
5.000%, 1/01/40 – AGM Insured
     
1,560
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage
8/20 at 100.00
AA
1,825,075
   
Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
     
365
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,
11/24 at 100.00
N/R
379,063
   
National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
     
1,800
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series
5/15 at 100.00
AA–
1,820,124
   
2005A, 5.000%, 5/01/28 – NPFG Insured
     
11,100
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of
12/16 at 100.00
AA
11,642,568
   
Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
     
2,625
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 –
6/16 at 100.00
A+
2,780,138
   
AMBAC Insured
     
1,300
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital
7/22 at 100.00
BB+
1,408,381
   
Revenue Bonds, Temple University Health System Obligated Group, Series 2012A,
     
   
5.625%, 7/01/42
     
10,000
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured
6/20 at 100.00
AA
11,336,400
7,055
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room
8/20 at 100.00
AA
8,007,002
   
Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured
     
5,180
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax
8/20 at 100.00
AA
5,973,110
   
Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
     
6,335
 
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds,
8/15 at 100.00
Aa1 (4)
6,502,624
   
Series 2005B, 5.000%, 2/15/30 (Pre-refunded 8/15/15) – AGM Insured
     
   
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005:
     
3,285
 
5.000%, 1/15/22 – AGM Insured
1/16 at 100.00
AA
3,433,482
3,450
 
5.000%, 1/15/23 – AGM Insured
1/16 at 100.00
AA
3,605,561
77,025
 
Total Pennsylvania
   
84,045,234
   
Puerto Rico – 0.6% (0.4% of Total Investments)
     
2,500
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/30
7/15 at 100.00
AA+ (4)
2,550,450
   
(Pre-refunded 7/01/15) – SYNCORA GTY Insured
     
1,550
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured
No Opt. Call
AA
1,564,865
   
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
     
14,195
 
0.000%, 8/01/45 – NPFG Insured
No Opt. Call
AA–
2,062,534
5,900
 
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
BBB
755,377
36,550
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
BBB
2,915,228
60,695
 
Total Puerto Rico
   
9,848,454
   
Rhode Island – 1.0% (0.7% of Total Investments)
     
2,125
 
Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted
7/15 at 100.00
AA–
2,131,800
   
Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%,
     
   
7/01/25 – NPFG Insured
     
   
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,
     
   
Series 2002A:
     
910
 
6.125%, 6/01/32
4/15 at 100.00
BBB+
913,913
11,935
 
6.250%, 6/01/42
4/15 at 100.00
BBB–
11,989,304
14,970
 
Total Rhode Island
   
15,035,017
   
South Carolina – 6.0% (4.1% of Total Investments)
     
14,650
 
Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008,
2/18 at 100.00
Aa1
17,947,129
   
Trust 1181, 9.786%, 8/01/15 – AGM Insured (IF)
     
4,085
 
Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment
4/21 at 100.00
AA
4,645,830
   
Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 4/01/44 –
     
   
AGC Insured
     
4,100
 
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina
2/23 at 100.00
A
4,480,275
   
Electric and Gas Company, Series 2013, 4.000%, 2/01/28
     
1,250
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health,
8/21 at 100.00
AA
1,516,188
   
Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
     
20,790
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series
12/24 at 100.00
AA–
24,232,616
   
2014C, 5.000%, 12/01/46
     
10,195
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A,
6/24 at 100.00
AA–
12,183,127
   
5.500%, 12/01/54
     
15,795
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%,
10/16 at 100.00
A1
16,605,284
   
10/01/34 – SYNCORA GTY Insured
     
10,250
 
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue
4/22 at 100.00
A1
11,759,108
   
Refunding Bonds, Series 2012A, 5.000%, 4/15/32
     
81,115
 
Total South Carolina
   
93,369,557
   
South Dakota – 0.2% (0.1% of Total Investments)
     
2,055
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health,
11/24 at 100.00
A+
2,365,490
   
Series 2014B, 5.000%, 11/01/44
     
   
Tennessee – 0.5% (0.3% of Total Investments)
     
6,160
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds,
1/23 at 100.00
A+
7,118,619
   
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
     
   
Texas – 8.1% (5.5% of Total Investments)
     
4,405
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 –
8/19 at 100.00
AA
4,986,812
   
AGM Insured
     
12,700
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C,
11/22 at 100.00
A+
14,338,300
   
5.125%, 11/01/43 (Alternative Minimum Tax)
     
9,035
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement
11/21 at 100.00
A+
10,196,540
   
Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
     
4,330
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond
10/23 at 100.00
AA+
6,534,057
   
Trust 2013-9A, 18.425%, 4/01/53 (IF)
     
6,000
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series
11/24 at 100.00
A2
6,819,300
   
2014A, 5.000%, 11/15/53
     
590
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc.
7/24 at 100.00
B
645,112
   
Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29
     
6,700
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds,
8/21 at 100.00
A
7,418,910
   
Refunding Series 2012A, 5.000%, 8/01/46
     
3,500
 
Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B, 5.000%, 8/15/43
8/19 at 100.00
BBB+
3,688,545
50
 
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2001, 5.000%, 5/15/21 –
No Opt. Call
AA–
50,187
   
NPFG Insured
     
   
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
     
2,355
 
5.750%, 12/01/33
12/25 at 100.00
Baa2
2,731,258
2,385
 
6.125%, 12/01/38
12/25 at 100.00
Baa2
2,768,818
8,425
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds,
8/22 at 100.00
Aa2
9,714,278
   
Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
     
24,330
 
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding & Improvement Series
3/22 at 100.00
AAA
27,735,227
   
2012, 5.000%, 3/01/52
     
1,750
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series
No Opt. Call
A3
1,976,783
   
2012, 5.000%, 12/15/30
     
4,200
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier
8/24 at 100.00
A–
4,881,114
   
Refunding Series 2015B, 5.000%, 8/15/37 (WI/DD, Settling 2/04/15)
     
10,165
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier
8/24 at 100.00
BBB+
11,569,498
   
Refunding Series 2015C, 5.000%, 8/15/42 (WI/DD, Settling 2/04/15)
     
7,600
 
Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA
8/16 at 100.00
AA– (4)
8,140,740
   
Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 (Pre-refunded 8/01/16) –
     
   
NPFG Insured
     
1,840
 
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding
5/15 at 100.00
AA–
1,867,471
   
Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured
     
110,360
 
Total Texas
   
126,062,950
   
Utah – 1.1% (0.7% of Total Investments)
     
15,000
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 – AGM
6/18 at 100.00
AAA
16,869,000
   
Insured (UB) (5)
     
   
Virginia – 1.9% (1.3% of Total Investments)
     
10,000
 
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova
5/22 at 100.00
AA+
11,491,300
   
Health System, Series 2012A, 5.000%, 5/15/40
     
985
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health
7/20 at 100.00
AA
1,092,976
   
System Obligated Group, Series 2005B, 5.000%, 7/01/38
     
15
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health
7/20 at 100.00
AA (4)
18,074