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:         1/31/16         
 
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, 2016 (Unaudited)
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 149.4% (100.0% of Total Investments)
     
 
   
MUNICIPALS BONDS – 149.4% (100.0% of Total Investments)
     
 
   
Alabama – 1.1% (0.7% of Total Investments)
     
$       3,645
 
Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds,
9/25 at 100.00
N/R
$        3,735,505
   
University of Mobile Project, Series 2015A, 6.000%, 9/01/45
     
6,850
 
Birmingham Waterworks and Sewer Board, Alabama, Water and Sewer Revenue Bonds, Series 2007A,
1/17 at 100.00
AA+
7,053,445
   
4.500%, 1/01/43 – BHAC Insured
     
6,315
 
Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill
4/25 at 100.00
N/R
6,026,657
   
College Project, Series 2015, 5.875%, 4/15/45
     
16,810
 
Total Alabama
   
16,815,607
   
Arizona – 1.8% (1.2% of Total Investments)
     
4,230
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds,
3/22 at 100.00
A3
4,612,561
   
Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
     
5,465
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project,
12/24 at 100.00
A2
6,196,654
   
Series 2014A, 5.000%, 12/01/42
     
3,000
 
Arizona State, Certificates of Participation, Department of Administration Series 2010B,
4/20 at 100.00
AA
3,382,860
   
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
5,593,952
   
15.454%, 7/01/28 – AGM Insured (IF)
     
   
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis
     
   
Schools, Inc. Projects, Series 2016A:
     
375
 
5.000%, 7/01/35
7/25 at 100.00
BB
396,690
615
 
5.000%, 7/01/46
7/25 at 100.00
BB
636,408
3,825
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc.
No Opt. Call
BBB+
4,603,885
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
     
2,000
 
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai
8/23 at 100.00
Baa1
2,262,380
   
Regional Medical Center, Series 2013A, 5.250%, 8/01/33
     
24,710
 
Total Arizona
   
27,685,390
   
California – 13.6% (9.1% of Total Investments)
     
710
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System,
7/23 at 100.00
AA–
823,813
   
Series 2013A, 5.000%, 7/01/37
     
6,665
 
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and
8/25 at 100.00
AA
7,675,614
   
Clinics, Series 2015A, 5.000%, 8/15/54 (UB) (4)
     
   
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and
     
   
Clinics, Tender Option Bond Trust 3294:
     
3,220
 
9.223%, 2/15/20 (IF) (4)
No Opt. Call
AA
3,926,339
1,275
 
9.223%, 2/15/20 (IF) (4)
No Opt. Call
AA
1,554,684
1,215
 
9.215%, 2/15/20 (IF) (4)
No Opt. Call
AA
1,481,279
465
 
California School Finance Authority, Charter School Revenue Bonds, Rocketship Education ?
6/25 at 100.00
N/R
479,299
   
Obligated Group, Series 2016A, 5.000%, 6/01/36 (WI/DD, Settling 2/05/16)
     
4,000
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda
12/24 at 100.00
BB+
4,366,600
   
University Medical Center, Series 2014A, 5.500%, 12/01/54
     
2,500
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
4/16 at 100.00
CCC
2,480,350
   
Health System, Series 2005A, 5.250%, 7/01/35 (8)
     
   
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–
2,816,040
5,400
 
6.000%, 1/15/49
1/24 at 100.00
BBB–
6,409,260
   
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+
12,708,136
6,290
 
5.000%, 6/01/33
6/17 at 100.00
B
5,875,552
5,575
 
5.125%, 6/01/47
6/17 at 100.00
B
4,984,608
1,520
 
Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation Bonds,
3/16 at 100.00
A
1,522,098
   
Series 2006, 5.000%, 3/01/36 – SYNCORA GTY Insured
     
5,600
 
Kern Community College District, California, General Obligation Bonds, Safety, Repair &
No Opt. Call
AA
4,617,648
   
Improvement, Election 2002 Series 2006, 0.000%, 11/01/24 – AGM Insured
     
3,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Election of 2004,
7/16 at 100.00
Aa2 (5)
3,060,660
   
Series 2006F, 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
4,222,618
   
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
     
   
Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 Esencia
     
   
Village, Series 2015A:
     
2,405
 
4.250%, 8/15/38
8/25 at 100.00
N/R
2,572,941
405
 
5.250%, 8/15/45
8/25 at 100.00
N/R
467,905
5,200
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 –
8/29 at 100.00
AA
5,820,204
   
AGC Insured
     
6,000
 
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds,
4/16 at 100.00
AA
6,023,400
   
Series 2003, 5.000%, 7/01/26 – AGM Insured
     
510
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series
6/23 at 100.00
BBB–
590,106
   
2013A, 5.750%, 6/01/48
     
   
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1
     
   
Marblehead Coastal, Series 2015:
     
200
 
5.000%, 9/01/40
9/25 at 100.00
N/R
226,400
250
 
5.000%, 9/01/46
9/25 at 100.00
N/R
281,618
4,000
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International
5/23 at 100.00
A+
4,571,200
   
Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43
     
66,685
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll
No Opt. Call
Aaa
62,733,246
   
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–
2,956,522
8,275
 
5.000%, 1/15/50
1/25 at 100.00
BBB–
9,055,995
21,255
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
8/17 at 100.00
AA–
21,786,800
   
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–
7,194,769
   
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– (5)
7,184,306
   
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
6,834,802
   
6/01/25 – AGM Insured
     
204,125
 
Total California
   
207,304,812
   
Colorado – 5.8% (3.9% 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–
1,096,870
   
SYNCORA GTY Insured
     
195
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding
12/23 at 100.00
BB+
205,403
   
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+
7,469,955
   
Series 2013A, 5.250%, 1/01/45
     
   
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good
     
   
Samaritan Society Project, Series 2013A:
     
5,855
 
5.000%, 6/01/40
No Opt. Call
A–
6,438,978
5,145
 
5.000%, 6/01/45
No Opt. Call
A–
5,645,403
550
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good
6/23 at 100.00
BBB+
641,883
   
Samaritan Society Project, Series 2013, 5.625%, 6/01/43
     
500
 
Copperleaf Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series
12/20 at 103.00
N/R
525,065
   
2006, 5.250%, 12/01/30
     
7,415
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B,
11/23 at 100.00
A
8,416,544
   
5.000%, 11/15/43
     
35,995
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%,
No Opt. Call
AA–
29,739,068
   
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
AA–
7,093,700
   
NPFG Insured
     
500
 
Erie Highlands Metropolitan District No. 1 (In the Town of Erie), Weld County, Colorado,
12/20 at 103.00
N/R
507,400
   
General Obligation Limited Tax Bonds, Series 2015A, 5.750%, 12/01/45
     
1,740
 
Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Revenue Bonds,
12/20 at 103.00
N/R
1,766,013
   
Refunding Series 2015, 5.500%, 12/01/45
     
   
Lambertson Farms Metropolitan District 1, Colorado, Revenue Bonds, Refunding & Improvement
     
   
Series 2015:
     
1,005
 
5.750%, 12/15/46
12/23 at 100.00
N/R
1,018,025
2,815
 
6.000%, 12/15/50
12/23 at 100.00
N/R
2,851,116
4,335
 
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds,
12/20 at 100.00
AA
4,807,125
   
Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured
     
1,000
 
Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported
12/20 at 103.00
N/R
1,008,100
   
Revenue Bonds, Senior Series 2015A, 5.750%, 12/01/45
     
8,500
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A,
11/22 at 100.00
AA–
9,435,510
   
5.000%, 11/15/42
     
93,260
 
Total Colorado
   
88,666,158
   
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
3,698,338
   
Series 2010G, 5.000%, 7/01/39
     
   
District of Columbia – 0.4% (0.3% of Total Investments)
     
2,880
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC
10/22 at 100.00
BB+
2,853,389
   
Issue, Series 2013, 5.000%, 10/01/45
     
2,670
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds,
10/16 at 100.00
AA+
2,855,885
   
Tender Option Bond Trust 1606, 11.876%, 10/01/30 – BHAC Insured (IF) (4)
     
5,550
 
Total District of Columbia
   
5,709,274
   
Florida – 10.5% (7.0% of Total Investments)
     
1,250
 
Bay County, Florida, Water System Revenue Bonds, Refunding Series 2005, 5.000%, 9/01/24 –
4/16 at 100.00
Aa3
1,255,163
   
AMBAC 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
6,953,400
   
AGM Insured
     
3,640
 
City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41
9/25 at 100.00
AA–
4,167,545
   
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
     
5,110
 
5.000%, 11/01/27 (Pre-refunded 11/01/17) – AGM Insured (UB)
11/17 at 100.00
AA (5)
5,497,440
12,585
 
5.000%, 11/01/32 (Pre-refunded 11/01/17) – AGM Insured (UB)
11/17 at 100.00
AA (5)
13,539,195
   
Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta
     
   
Pointe Apartments Project, Series 1997A:
     
535
 
5.650%, 9/01/17 – AGM Insured (Alternative Minimum Tax)
3/16 at 100.00
AA+
536,744
1,890
 
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)
3/16 at 100.00
AA+
1,893,799
   
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance
     
   
Charter School Income Projects, Series 2015A:
     
2,410
 
6.000%, 6/15/35
6/25 at 100.00
N/R
2,472,323
810
 
6.125%, 6/15/46
6/25 at 100.00
N/R
822,004
75
 
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18
No Opt. Call
A3
75,248
1,915
 
Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2006,
6/18 at 100.00
AA
2,071,934
   
5.500%, 6/01/38 – AGM Insured
     
2,060
 
Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue
No Opt. Call
Aaa
2,291,317
   
Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured (ETM)
     
   
Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds,
     
   
Series 2005:
     
1,645
 
5.000%, 5/01/25 – NPFG Insured
5/17 at 100.00
A3
1,682,095
1,830
 
5.000%, 5/01/27 – NPFG Insured
5/17 at 100.00
A3
1,870,827
4,665
 
Lee County, Florida, Airport Revenue Bonds, Refunding Series 2011A, 5.375%, 10/01/32 – AGM
8/21 at 100.00
AA
5,313,855
   
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–
1,035,860
   
NPFG Insured
     
3,000
 
Leesburg, Florida, Utility System Revenue Bonds, Series 2007A, 5.000%, 10/01/37 – NPFG Insured
10/17 at 100.00
AA–
3,183,090
5,465
 
Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, 5.000%, 10/01/43
10/24 at 100.00
BBB+
6,112,384
5,000
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series
7/24 at 100.00
A2
5,644,000
   
2014A, 5.000%, 7/01/44
     
3,015
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%,
7/18 at 100.00
AA
3,269,225
   
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
7,123,137
   
5.000%, 10/01/42
     
2,745
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds,
8/26 at 100.00
N/R
2,782,442
   
Development Unit 53, Series 2015, 5.350%, 8/01/35
     
2,000
 
Okaloosa County, Florida, Water and Sewer Revenue Bonds, Refunding Series 2006, 5.000%,
7/16 at 100.00
AA (5)
2,040,020
   
7/01/36 (Pre-refunded 7/01/16) – AGM Insured
     
3,500
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health,
4/22 at 100.00
A
3,757,845
   
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 (5)
1,066,160
   
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
2,569,725
   
SYNCORA GTY Insured
     
170
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of
6/22 at 102.00
N/R
204,724
   
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– (5)
3,197,850
   
8/01/27 (Pre-refunded 8/01/17) – NPFG Insured
     
2,940
 
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%, 10/01/36
4/16 at 100.00
AA (5)
2,963,902
   
(Pre-refunded 4/01/16) – AGM Insured
     
60
 
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%,
4/16 at 100.00
AA+
60,464
   
10/01/36 – AGM Insured
     
900
 
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,
7/17 at 100.00
AA–
949,194
   
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
6,003,557
8,530
 
5.000%, 9/01/35 – AGC Insured
9/18 at 100.00
AA
9,323,972
5,190
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992,
No Opt. Call
Aa2 (5)
5,732,615
   
6.000%, 10/01/19 – NPFG Insured (ETM)
     
1,200
 
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993, 5.500%,
No Opt. Call
N/R (5)
1,467,708
   
10/01/21 – FGIC Insured (ETM)
     
4,580
 
Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial HealthCare Inc.
12/25 at 100.00
Baa1
5,005,482
   
Project, Series 2016A, 5.000%, 12/01/55 (WI/DD, Settling 2/02/16)
     
400
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
AA
445,580
1,455
 
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s
4/16 at 100.00
Aaa
1,468,561
   
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 (Pre-refunded
4/16 at 100.00
A3 (5)
10,420,263
   
4/01/16) – CIFG Insured
     
10,095
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series
No Opt. Call
A
11,210,195
   
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 (5)
12,793,920
   
Series 2007, 5.000%, 8/01/32 (Pre-refunded 8/01/17) – AGM Insured
     
148,255
 
Total Florida
   
160,274,764
   
Georgia – 3.8% (2.6% of Total Investments)
     
10,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.375%,
11/19 at 100.00
AA
11,319,400
   
11/01/39 – AGM Insured
     
2,825
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007,
8/20 at 100.00
AA
3,089,929
   
4.000%, 8/01/26
     
15,305
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates,
2/25 at 100.00
AA–
18,278,454
   
Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54
     
10,825
 
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A,
7/25 at 100.00
A+
12,011,528
   
5.000%, 7/01/60
     
2,250
 
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett
7/19 at 100.00
A+
2,505,240
   
Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured
     
10,090
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series
10/25 at 100.00
Baa2
11,191,223
   
2015, 5.000%, 10/01/40
     
51,295
 
Total Georgia
   
58,395,774
   
Hawaii – 0.5% (0.3% of Total Investments)
     
900
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade University
1/25 at 100.00
BB+
914,211
   
of Honolulu, Series 2015A, 5.000%, 1/01/45
     
170
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific
7/23 at 100.00
BB+
193,020
   
University, Series 2013A, 6.875%, 7/01/43
     
5,775
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems,
7/25 at 100.00
AA–
6,071,258
   
Series 2015A, 4.000%, 7/01/40
     
6,845
 
Total Hawaii
   
7,178,489
   
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–
6,684,494
   
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 (Pre-refunded 7/15/16) – NPFG Insured
7/16 at 100.00
A+ (5)
1,021,750
1,065
 
5.000%, 7/15/24 (Pre-refunded 7/15/16) – NPFG Insured
7/16 at 100.00
A+ (5)
1,088,164
8,150
 
Total Idaho
   
8,794,408
   
Illinois – 19.0% (12.7% of Total Investments)
     
8,470
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014,
No Opt. Call
AA
9,546,961
   
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
8,642,480
   
Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
     
1,000
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007A, 5.000%,
No Opt. Call
BBB+
1,012,830
   
1/01/27 – AMBAC Insured
     
2,500
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2014A,
1/24 at 100.00
BBB+
2,509,525
   
5.250%, 1/01/33
     
1,000
 
Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35
No Opt. Call
BBB+
1,004,690
6,100
 
Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33
No Opt. Call
BBB+
5,923,466
1,390
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38
1/26 at 100.00
BBB+
1,334,511
2,915
 
Chicago, Illinois, General Obligation Bonds, Series 2015A, 5.500%, 1/01/39
1/25 at 100.00
BBB+
2,945,578
1,805
 
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C,
1/25 at 100.00
AA
1,967,558
   
5.000%, 1/01/39
     
7,095
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City
12/23 at 100.00
AA
8,006,849
   
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
6,113,738
   
Illinois, General Obligation Bonds, Series 2007, 3.000%, 12/01/26 – AGM Insured
     
15,000
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A,
7/25 at 100.00
AA–
17,286,450
   
5.000%, 1/01/40
     
   
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History,
     
   
Series 2002:
     
3,400
 
5.500%, 11/01/36
11/23 at 100.00
A2
3,821,328
1,950
 
4.450%, 11/01/36
11/25 at 102.00
A2
2,036,775
3,295
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000,
6/16 at 100.00
A3
3,342,151
   
5.800%, 6/01/30 – NPFG Insured
     
1,020
 
Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont
12/25 at 100.00
N/R
1,029,098
   
School Project, Series 2015A, 5.750%, 12/01/35
     
1,830
 
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International
10/20 at 100.00
Caa1
1,768,732
   
Corporation Project, Series 2010, 6.500%, 10/15/40
     
2,315
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012,
No Opt. Call
AA
2,574,720
   
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
6,171,188
13,775
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A,
9/24 at 100.00
BBB
15,236,802
   
5.000%, 9/01/42
     
1,435
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A,
7/23 at 100.00
A–
1,718,987
   
6.000%, 7/01/43
     
4,400
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers,
8/25 at 100.00
Baa1
4,869,436
   
Refunding Series 2015C, 5.000%, 8/15/44
     
6,720
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%,
8/21 at 100.00
AA
8,007,283
   
8/15/41 – AGM Insured
     
14,975
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A,
10/21 at 100.00
AA+
16,447,941
   
5.000%, 10/01/51
     
20,000
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2015A, 5.000%,
10/25 at 100.00
Aa2
22,752,800
   
10/01/46 (UB) (4)
     
   
Illinois State, General Obligation Bonds, February Series 2014:
     
3,200
 
5.250%, 2/01/32
2/24 at 100.00
A–
3,494,624
2,000
 
5.250%, 2/01/33
2/24 at 100.00
A–
2,178,400
1,575
 
5.250%, 2/01/34
2/24 at 100.00
A–
1,709,852
7,000
 
5.000%, 2/01/39
2/24 at 100.00
A–
7,377,370
   
Illinois State, General Obligation Bonds, May Series 2014:
     
510
 
5.000%, 5/01/36
5/24 at 100.00
A–
543,313
2,245
 
5.000%, 5/01/39
5/24 at 100.00
A–
2,369,059
   
Illinois State, General Obligation Bonds, Refunding Series 2012:
     
3,160
 
5.000%, 8/01/21
No Opt. Call
A–
3,583,345
1,225
 
5.000%, 8/01/22
No Opt. Call
A–
1,398,619
2,740
 
5.000%, 8/01/23
No Opt. Call
A–
3,124,641
270
 
5.000%, 8/01/25
8/22 at 100.00
A–
297,132
1,425
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
A–
1,581,323
5,405
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1,
7/16 at 100.00
AA (5)
5,512,668
   
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
No Opt. Call
AA–
2,088,245
   
2015-XF0051, 17.999%, 1/01/21 (IF)
     
2,500
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds,
6/22 at 100.00
BBB+
2,624,950
   
Refunding Series 2012B, 5.000%, 6/15/52
     
3,890
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds,
12/25 at 100.00
BBB+
4,126,045
   
Series 2015A, 5.000%, 6/15/53
     
15,000
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
6/20 at 100.00
BBB+
16,075,050
   
Refunding Bonds, Series 2010A, 5.500%, 6/15/50
     
   
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
AA
5,265,000
10,000
 
0.000%, 6/15/46 – AGM Insured
No Opt. Call
AA
2,508,200
26,015
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
6/20 at 100.00
BBB+
27,038,429
   
Project, Refunding Series 2010B-2, 5.000%, 6/15/50
     
20,045
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
No Opt. Call
AA
8,512,911
   
Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured
     
5,345
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group,
11/23 at 100.00
AA
7,396,197
   
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–
2,862,360
   
Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured
     
9,420
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 –
3/25 at 100.00
AA
10,684,258
   
AGM 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
1,151,647
1,035
 
7.000%, 12/01/22 – AGM Insured
12/20 at 100.00
AA
1,267,502
1,155
 
7.000%, 12/01/23 – AGM Insured
12/20 at 100.00
AA
1,410,833
1,065
 
7.000%, 12/01/26 – AGM Insured
12/20 at 100.00
AA
1,287,819
2,085
 
7.250%, 12/01/29 – AGM Insured
12/20 at 100.00
AA
2,552,811
2,295
 
7.250%, 12/01/30 – AGM Insured
12/20 at 100.00
AA
2,809,929
298,930
 
Total Illinois
   
288,904,409
   
Indiana – 6.5% (4.4% of Total Investments)
     
12,040
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University
10/24 at 100.00
A2
13,466,258
   
Project, Series 2014, 5.000%, 10/01/44
     
10,190
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series
5/23 at 100.00
A
11,295,615
   
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–
3,627,503
   
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
5,588,000
   
5.000%, 12/01/37
     
17,970
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series
10/24 at 100.00
AA
20,577,626
   
2014A, 5.000%, 10/01/44
     
8,500
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42
1/17 at 100.00
AA– (5)
8,847,820
   
(Pre-refunded 1/01/17) – NPFG Insured
     
5,000
 
Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project
1/20 at 100.00
AA
5,609,300
   
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
14,411,400
   
AMBAC Insured
     
9,615
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A,
1/19 at 100.00
AA
10,860,912
   
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
1,052,455
   
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
2,522,236
   
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
1,554,225
   
5.800%, 9/01/47
     
96,240
 
Total Indiana
   
99,413,350
   
Iowa – 1.4% (0.9% of Total Investments)
     
10,000
 
Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series
2/23 at 100.00
Aa3
11,351,100
   
2013A, 5.250%, 2/15/44
     
   
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
     
2,260
 
5.375%, 6/01/38
4/16 at 100.00
B+
2,195,726
1,255
 
5.500%, 6/01/42
4/16 at 100.00
B+
1,218,881
470
 
5.625%, 6/01/46
4/16 at 100.00
B+
469,953
5,600
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
6/17 at 100.00
B+
5,606,664
   
5.600%, 6/01/34
     
19,585
 
Total Iowa
   
20,842,324
   
Kansas – 0.8% (0.5% of Total Investments)
     
2,865
 
Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds,
9/24 at 100.00
A+
3,244,928
   
Refunding & Improvement Series 2014A, 5.000%, 9/01/44
     
   
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds,
     
   
Vacation Village Project Area 1 and 2A, Series 2015:
     
3,320
 
5.000%, 9/01/27
9/25 at 100.00
N/R
3,376,872
3,270
 
5.750%, 9/01/32
9/25 at 100.00
N/R
3,320,652
1,560
 
6.000%, 9/01/35
9/25 at 100.00
N/R
1,581,949
11,015
 
Total Kansas
   
11,524,401
   
Kentucky – 3.5% (2.3% of Total Investments)
     
5,240
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro
6/20 at 100.00
BBB+
6,023,223
   
Medical Health System, Series 2010A, 6.000%, 6/01/30
     
   
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky
     
   
Information Highway Project, Senior Series 2015A:
     
5,755
 
5.000%, 7/01/40
7/25 at 100.00
BBB+
6,328,543
8,005
 
5.000%, 1/01/45
7/25 at 100.00
BBB+
8,796,054
   
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
2,523,541
5,735
 
0.000%, 7/01/46
7/31 at 100.00
Baa3
4,342,829
   
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
1,647,748
290
 
6.000%, 7/01/53
7/23 at 100.00
Baa3
335,753
   
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
4,361,414
10,000
 
5.250%, 2/01/24 – AGC Insured
2/19 at 100.00
AA
11,249,700
7,500
 
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project,
7/16 at 100.00
AA (5)
7,651,050
   
Series 2006B, 5.000%, 7/01/25 (Pre-refunded 7/01/16) – AMBAC Insured
     
51,160
 
Total Kentucky
   
53,259,855
   
Louisiana – 3.5% (2.3% of Total Investments)
     
1,500
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing
7/23 at 100.00
N/R
1,673,430
   
(US) LLC Project, Series 2013, 6.000%, 7/01/36
     
3,330
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical
1/21 at 100.00
AA (5)
4,085,477
   
Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured
     
   
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,
     
   
Series 2015:
     
1,000
 
4.250%, 5/15/40
5/25 at 100.00
Baa1
1,045,680
5,875
 
5.000%, 5/15/47
5/25 at 100.00
Baa1
6,467,729
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
     
3,300
 
4.750%, 5/01/39 (Pre-refunded 5/01/16) – AGM Insured
5/16 at 100.00
Aa1 (5)
3,337,917
35,725
 
4.500%, 5/01/41 (Pre-refunded 5/01/16) – NPFG Insured (UB)
5/16 at 100.00
AA (5)
36,112,617
38
 
Louisiana State, Gasoline and Fuel Tax Revenue Bonds, Series 2006, Residuals 660-1, 16.434%,
5/16 at 100.00
AA (5)
39,996
   
5/01/34 (Pre-refunded 5/01/16) – NPFG Insured (IF)
     
50,768
 
Total Louisiana
   
52,762,846
   
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
BBB
1,099,590
   
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+
11,291,900
   
Series 2015, 5.000%, 7/01/39
     
11,015
 
Total Maine
   
12,391,490
   
Maryland – 1.1% (0.7% of Total Investments)
     
5,345
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%,
9/16 at 100.00
Ba1
5,432,177
   
9/01/28 – SYNCORA GTY Insured
     
10,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health
7/25 at 100.00
A+
11,355,200
   
System, Series 2015, 5.000%, 7/01/47
     
15,345
 
Total Maryland
   
16,787,377
   
Massachusetts – 2.2% (1.5% of Total Investments)
     
4,500
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds,
1/20 at 100.00
AA+
5,112,450
   
Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
     
8,935
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta
11/17 at 100.00
BB+
8,961,894
   
Energy Project, Series 2012B, 4.875%, 11/01/42
     
1,270
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green
No Opt. Call
BBB
1,416,888
   
Bonds, Series 2015D, 5.000%, 7/01/44
     
3,265
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015,
1/25 at 100.00
BBB+
3,418,847
   
4.500%, 1/01/45
     
5,330
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University,
12/19 at 100.00
AAA
7,769,061
   
Tender Option Bond Trust 2010-20W, 13.641%, 12/15/34 (IF) (4)
     
7,255
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%,
2/17 at 100.00
AA+
7,370,645
   
8/01/46 – AGM Insured (UB) (4)
     
30,555
 
Total Massachusetts
   
34,049,785
   
Michigan – 2.9% (1.9% of Total Investments)
     
5,490
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2001A,
No Opt. Call
Aa1
6,939,525
   
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–
1,886,908
   
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
     
930
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured
4/16 at 100.00
A3
932,344
5,070
 
Michigan Finance Authority, Detroit, Michigan, Local Government Loan Program, Unlimited Tax
4/16 at 100.00
AA–
5,082,776
   
General Obligation Bonds, Series 2014G-2A, 5.375%, 4/01/18 – NPFG Insured
     
3,000
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
A2
3,232,080
8,260
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series
10/21 at 100.00
Aa2
9,333,139
   
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
12,086,250
   
2009C, 5.000%, 12/01/48
     
   
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County
     
   
Airport, Series 2015D:
     
1,865
 
5.000%, 12/01/40
12/25 at 100.00
A
2,104,354
2,165
 
5.000%, 12/01/45
12/25 at 100.00
A
2,427,506
39,475
 
Total Michigan
   
44,024,882
   
Minnesota – 1.0% (0.6% of Total Investments)
     
1,340
 
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series
7/25 at 100.00
BB+
1,388,776
   
2015A, 5.500%, 7/01/50
     
4,625
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series
11/18 at 100.00
AA
5,247,433
   
2008B, 6.500%, 11/15/38 – AGC Insured
     
840
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series
11/18 at 100.00
AA (5)
970,015
   
2008B, 6.500%, 11/15/38 (Pre-refunded 11/15/18) – AGC Insured
     
   
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast
     
   
Inc., Series 2015A:
     
365
 
5.250%, 11/15/35
11/20 at 100.00
BBB–
407,884
2,785
 
5.000%, 11/15/40
11/25 at 100.00
BBB–
3,184,620
3,190
 
5.000%, 11/15/44
11/25 at 100.00
BBB–
3,627,668
13,145
 
Total Minnesota
   
14,826,396
   
Missouri – 0.8% (0.6% of Total Investments)
     
   
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds,
     
   
Saint Louis College of Pharmacy, Series 2015B:
     
850
 
5.000%, 5/01/40
11/23 at 100.00
BBB+
910,248
1,205
 
5.000%, 5/01/45
11/23 at 100.00
BBB+
1,282,120
2,250
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
2/22 at 100.00
A1
2,456,078
   
Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43
     
790
 
Plaza at Noah’s Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and
5/21 at 100.00
N/R
818,732
   
Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30
     
4,125
 
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series
No Opt. Call
AA–
5,267,996
   
2005, 5.500%, 7/01/29 – NPFG Insured
     
305
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village
9/23 at 100.00
A–
350,381
   
of Sunset Hills, Series 2013A, 5.875%, 9/01/43
     
   
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew’s
     
   
Resources for Seniors, Series 2015A:
     
1,210
 
5.000%, 12/01/35
12/25 at 100.00
N/R
1,251,757
355
 
5.125%, 12/01/45
12/25 at 100.00
N/R
363,662
11,090
 
Total Missouri
   
12,700,974
   
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
3,514,050
   
Group, Series 2011A, 5.750%, 1/01/31 – AGM Insured
     
   
Nebraska – 4.2% (2.8% of Total Investments)
     
   
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska
     
   
Methodist Health System, Refunding Series 2015:
     
1,000
 
4.125%, 11/01/36
11/25 at 100.00
A–
1,043,240
1,425
 
5.000%, 11/01/48
11/25 at 100.00
A–
1,605,448
4,010
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great
No Opt. Call
A–
4,413,807
   
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 –
9/16 at 100.00
AA
27,648,513
   
NPFG Insured (UB) (4)
     
5,000
 
Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series
4/19 at 100.00
AA+
5,607,100
   
2009A, 5.375%, 4/01/39 – BHAC Insured
     
2,460
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Refunding Subordinated
2/24 at 100.00
AA–
2,606,936
   
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
21,648,900
   
2007A, 5.000%, 1/01/37 – AMBAC Insured
     
62,020
 
Total Nebraska
   
64,573,944
   
Nevada – 1.5% (1.0% of Total Investments)
     
3,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 –
7/19 at 100.00
AA
3,369,390
   
AGM Insured
     
17,135
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
1/20 at 100.00
AA
19,266,765
   
International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
     
20,135
 
Total Nevada
   
22,636,155
   
New Jersey – 6.0% (4.0% of Total Investments)
     
   
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge,
     
   
Series 2004A:
     
3,850
 
5.000%, 7/01/22 – NPFG Insured
4/16 at 100.00
AA–
3,899,319
3,850
 
5.000%, 7/01/23 – NPFG Insured
4/16 at 100.00
AA–
3,899,319
5,900
 
5.000%, 7/01/29 – NPFG Insured
4/16 at 100.00
AA–
5,930,680
8,620
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program
6/25 at 100.00
A–
9,343,046
   
Bonds, Refunding Series 2015WW, 5.250%, 6/15/40
     
2,325
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health,
7/24 at 100.00
A–
2,589,097
   
Refunding Series 2014A, 5.000%, 7/01/44
     
   
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA:
     
6,730
 
4.750%, 6/15/38
6/25 at 100.00
A–
6,987,759
2,465
 
5.250%, 6/15/41
6/25 at 100.00
A–
2,665,799
5,135
 
5.000%, 6/15/45
6/25 at 100.00
A–
5,421,944
26,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 –
No Opt. Call
AA
33,193,679
   
AGM Insured
     
   
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
     
   
Series 2007-1A:
     
3,090
 
4.500%, 6/01/23
6/17 at 100.00
BB
3,134,280
1,580
 
4.625%, 6/01/26
6/17 at 100.00
B+
1,584,203
10,790
 
5.000%, 6/01/29
6/17 at 100.00
B
10,244,889
1,470
 
4.750%, 6/01/34
6/17 at 100.00
B–
1,234,462
1,330
 
Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds,
No Opt. Call
A2
1,684,379
   
Series 2005, 5.250%, 1/01/26 – AGM Insured
     
83,135
 
Total New Jersey
   
91,812,855
   
New Mexico – 0.9% (0.6% of Total Investments)
     
13,600
 
University of New Mexico, Revenue Bonds, System Improvement Subordinated Lien Series 2007A,
6/17 at 100.00
AA
14,339,840
   
5.000%, 6/01/36 – AGM Insured
     
   
New York – 5.2% (3.5% of Total Investments)
     
5,000
 
Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine,
9/25 at 100.00
N/R
5,409,600
   
Inc., Series 2015, 5.500%, 9/01/45
     
1,880
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore
4/16 at 100.00
AA–
1,887,614
   
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
8,278,044
   
University, Series 2010A, 5.000%, 7/01/35
     
   
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center
     
   
Obligated Group, Series 2015:
     
2,700
 
5.000%, 12/01/40
No Opt. Call
Ba1
2,886,813
5,600
 
5.000%, 12/01/45
No Opt. Call
Ba1
5,894,168
4,030
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,
2/17 at 100.00
AA–
4,157,509
   
2/15/47 – NPFG Insured
     
6,000
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C,
9/16 at 100.00
AA– (5)
6,159,960
   
5.000%, 9/01/35 (Pre-refunded 9/01/16) – NPFG Insured
     
2,500
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%,
5/21 at 100.00
AA
2,856,225
   
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–
11,729,567
   
5.000%, 9/01/42
     
3,025
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue
2/21 at 100.00
AA
3,547,448
   
Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40
     
1,665
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds,
6/16 at 100.00
B
1,513,019
   
Series 2006A-3, 5.000%, 6/01/35
     
2,615
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project
3/19 at 100.00
AA
3,064,885
   
PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
     
5
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 –
4/16 at 100.00
AA
5,021
   
FGIC Insured
     
13,370
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade
11/24 at 100.00
N/R
14,250,146
   
Center Project, Class 1 Series 2014, 5.000%, 11/15/44
     
4,655
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital
7/22 at 100.00
BB (5)
5,729,141
   
Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22)
     
   
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding
     
   
Subordinate Lien Series 2013A:
     
2,430
 
0.000%, 11/15/31
No Opt. Call
A+
1,510,877
1,435
 
0.000%, 11/15/32
No Opt. Call
A+
862,579
74,745
 
Total New York
   
79,742,616
   
North Carolina – 1.2% (0.8% of Total Investments)
     
750
 
Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina,
4/16 at 100.00
N/R
751,470
   
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
11,469,400
   
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+
5,280,046
   
Refunding Series 2012A, 5.000%, 6/01/36
     
830
 
University of North Carolina, Greensboro, General Revenue Bonds, Series 2014A, 5.000%, 4/01/39
4/24 at 100.00
Aa3
959,248
16,295
 
Total North Carolina
   
18,460,164
   
North Dakota – 0.3% (0.2% of Total Investments)
     
2,245
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated
12/21 at 100.00
A–
2,465,459
   
Group, Series 2012, 5.000%, 12/01/35
     
1,890
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC
9/23 at 100.00
N/R
1,755,564
   
Project, Series 2013, 7.750%, 9/01/38
     
4,135
 
Total North Dakota
   
4,221,023
   
Ohio – 8.4% (5.7% of Total Investments)
     
1,730
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds,
5/22 at 100.00
A1
1,898,416
   
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–
2,185,436
2,540
 
4.000%, 5/01/33
5/22 at 100.00
AA–
2,663,596
2,420
 
5.000%, 5/01/42
5/22 at 100.00
AA–
2,686,781
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
     
   
Bonds, Senior Lien, Series 2007A-2:
     
21,985
 
5.125%, 6/01/24
6/17 at 100.00
B–
20,153,430
505
 
5.875%, 6/01/30
6/17 at 100.00
B–
455,480
16,615
 
5.750%, 6/01/34
6/17 at 100.00
B–
14,727,370
1,905
 
5.875%, 6/01/47
6/17 at 100.00
B
1,687,563
8,310
 
Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds,
6/23 at 100.00
AA
9,098,619
   
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
6,611,160
   
Improvement Series 2012A, 5.000%, 11/01/42
     
19,535
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 –
12/16 at 100.00
A+
19,754,573
   
AMBAC Insured
     
6,425
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series
1/23 at 100.00
AA
7,339,149
   
2013A, 5.000%, 1/01/38 (UB) (4)
     
   
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender
     
   
Option Bond Trust 1157:
     
1,725
 
17.399%, 1/01/38 (IF) (4)
1/23 at 100.00
AA
2,706,732
1,250
 
17.399%, 1/01/38 (IF) (4)
1/23 at 100.00
AA
1,961,400
2,000
 
17.399%, 1/01/38 (IF) (4)
1/23 at 100.00
AA
3,138,240
625
 
17.399%, 1/01/38 (IF) (4)
1/23 at 100.00
AA
980,700
1,750
 
17.389%, 1/01/38 (IF) (4)
1/23 at 100.00
AA
2,745,400
390
 
17.271%, 1/01/38 (IF) (4)
1/23 at 100.00
AA
610,260
805
 
Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds,
12/20 at 100.00
B+
485,101
   
United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40
     
   
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
5,646,127
6,000
 
5.250%, 12/01/31 – AGM Insured
No Opt. Call
A2
7,744,740
9,235
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated
2/23 at 100.00
BB+
9,569,953
   
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:
     
795
 
5.750%, 12/01/32
12/22 at 100.00
BB
866,312
660
 
6.000%, 12/01/42
12/22 at 100.00
BB
723,373
2,000
 
University of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds,
1/20 at 100.00
AA
2,249,380
   
Series 2010B, 5.000%, 1/01/29 – AGM Insured
     
121,515
 
Total Ohio
   
128,689,291
   
Oklahoma – 1.7% (1.2% of Total Investments)
     
   
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
1,181,340
1,500
 
5.000%, 7/01/40
7/21 at 100.00
AAA
1,731,375
3,500
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Refunding Series 2014A,
1/25 at 100.00
A
4,089,085
   
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–
19,246,597
   
1/01/47 – FGIC Insured
     
25,060
 
Total Oklahoma
   
26,248,397
   
Oregon – 0.3% (0.2% of Total Investments)
     
4,000
 
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A,
4/21 at 100.00
AAA
4,681,240
   
5.250%, 4/01/31
     
   
Pennsylvania – 7.0% (4.7% of Total Investments)
     
2,165
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2010,
12/20 at 100.00
AA
2,464,398
   
5.000%, 6/01/40 – AGM Insured
     
7,925
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A,
6/16 at 100.00
AA (5)
8,051,800
   
5.000%, 6/01/26 (Pre-refunded 6/01/16) – AGM Insured
     
7,630
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health
6/22 at 100.00
A
8,377,587
   
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
5,860,155
   
5.000%, 1/01/40 – AGM Insured
     
1,560
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue
8/20 at 100.00
AA (5)
1,860,940
   
Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (Pre-refunded 8/01/20)
     
   
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds,
     
   
Albert Einstein Healthcare Network Issue, Series 2015A:
     
7,250
 
5.250%, 1/15/45
1/25 at 100.00
Baa2
7,998,563
1,150
 
5.250%, 1/15/46
1/25 at 100.00
Baa2
1,267,818
365
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,
11/24 at 100.00
N/R
382,265
   
National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
     
5,675
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding
9/25 at 100.00
Ba3
6,004,945
   
Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38
     
1,800
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series
4/16 at 100.00
AA–
1,806,912
   
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
11,359,296
   
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
A1 (5)
2,667,578
   
(Pre-refunded 6/01/16) – AMBAC Insured
     
15,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1,
12/25 at 100.00
A–
16,818,750
   
5.000%, 12/01/45
     
6,330
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital
7/22 at 100.00
BBB–
6,862,543
   
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
11,225,300
7,055
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room
8/20 at 100.00
AA
7,937,439
   
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
5,882,253
   
Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
     
98,060
 
Total Pennsylvania
   
106,828,542
   
Rhode Island – 0.1% (0.1% of Total Investments)
     
1,970
 
Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted
7/16 at 100.00
AA–
1,976,895
   
Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%,
     
   
7/01/25 – NPFG Insured
     
   
South Carolina – 8.2% (5.5% of Total Investments)
     
29,300
 
Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008,
2/18 at 100.00
Aa1
31,646,051
   
5.250%, 2/01/38 – AGM Insured
     
4,085
 
Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment
4/21 at 100.00
AA
4,536,597
   
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
4,486,056
   
Electric and Gas Company, Series 2013, 4.000%, 2/01/28
     
3,360
 
South Carolina Jobs-Economic Development Authority, Economic Development Revenue Bonds,
10/25 at 100.00
AA–
3,865,579
   
Furman University, Refunding Series 2015, 5.000%, 10/01/45
     
1,250
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health,
8/21 at 100.00
AA
1,530,175
   
Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
     
34,790
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series
12/24 at 100.00
AA–
39,205,547
   
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–
11,753,714
   
5.500%, 12/01/54
     
15,795
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%,
10/16 at 100.00
A1
16,136,646
   
10/01/34 – SYNCORA GTY Insured
     
10,250
 
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue
4/22 at 100.00
A+
11,555,030
   
Refunding Bonds, Series 2012A, 5.000%, 4/15/32
     
113,125
 
Total South Carolina
   
124,715,395
   
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+
2,324,513
   
Series 2014B, 5.000%, 11/01/44
     
   
Tennessee – 0.7% (0.5% of Total Investments)
     
9,160
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds,
1/23 at 100.00
A+
10,320,480
   
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
     
   
Texas – 9.8% (6.5% of Total Investments)
     
2,620
 
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public
3/23 at 103.00
N/R
2,668,365
   
Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45
     
2,345
 
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public
3/23 at 103.00
N/R
2,385,123
   
Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40
     
4,405
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 –
8/19 at 100.00
AA
4,891,356
   
AGM Insured
     
1,180
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District
3/23 at 103.00
N/R
1,209,559
   
Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45
     
2,075
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District
3/23 at 103.00
N/R
2,124,613
   
Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, 8.250%, 9/01/40
     
315
 
Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District
9/24 at 100.00
N/R
319,262
   
Neighborhood Improvement Area 1 Project, Series 2015, 6.250%, 9/01/45
     
6,965
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A,
7/25 at 100.00
BBB+
7,868,848
   
5.000%, 1/01/45
     
9,035
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement
11/21 at 100.00
A+
10,008,431
   
Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
     
4,540
 
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc.
11/22 at 100.00
Baa3
4,572,824
   
Project, Series 2012B, 4.750%, 11/01/42
     
8,000
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Series 2013B,
10/23 at 100.00
AA+
8,914,240
   
5.000%, 4/01/53 (UB)
     
4,330
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond
10/23 at 100.00
AA+
6,309,893
   
Trust 2015-XF0228, 18.208%, 4/01/53 (IF)
     
6,000
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series
11/24 at 100.00
A2
6,608,160
   
2014A, 5.000%, 11/15/53
     
590
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc.
7/24 at 100.00
BB–
644,162
   
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
7,234,124
   
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+
3,623,900
50
 
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2001, 5.000%, 5/15/21 –
No Opt. Call
AA–
50,195
   
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
2,688,397
2,385
 
6.125%, 12/01/38
12/25 at 100.00
Baa2
2,727,963
24,330
 
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding & Improvement Series
3/22 at 100.00
AAA
27,704,328
   
2012, 5.000%, 3/01/52