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 811-21213
 
Nuveen AMT-Free Municipal Income Fund
(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:         1/31/14         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 

 
 
Item 1. Schedule of Investments
 
 
           
   
Portfolio of Investments (Unaudited)
     
           
   
Nuveen AMT-Free Municipal Income Fund (NEA)
     
   
   January 31, 2014
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 146.2% (99.7% of Total Investments)
     
   
MUNICIPAL BONDS – 146.2% (99.7% of Total Investments)
     
   
Alabama – 1.6% (1.1% of Total Investments)
     
$ 1,000
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series
11/16 at 100.00
AA+
$ 1,013,290
   
2006C-2, 5.000%, 11/15/36 (UB)
     
2,200
 
Auburn, Alabama, General Obligation Warrants, Series 2005, 5.000%, 8/01/30 (Pre-refunded
8/15 at 100.00
AA+ (4)
2,356,926
   
8/01/15) – AMBAC Insured
     
5,375
 
Colbert County-Northwest Health Care Authority, Alabama, Revenue Bonds, Helen Keller Hospital,
6/14 at 100.00
Ba2
4,959,996
   
Series 2003, 5.750%, 6/01/27
     
3,750
 
Huntsville Healthcare Authority, Alabama, Revenue Bonds, Series 2005A, 5.000%, 6/01/24
6/15 at 100.00
A1 (4)
3,987,825
   
(Pre-refunded 6/01/15) – NPFG Insured
     
   
Jefferson County, Alabama, General Obligation Warrants, Series 2004A:
     
1,395
 
5.000%, 4/01/22 – NPFG Insured
4/14 at 100.00
A
1,391,206
1,040
 
5.000%, 4/01/23 – NPFG Insured
4/14 at 100.00
A
1,025,658
2,590
 
Montgomery Water and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds, Series
3/15 at 100.00
AAA
2,725,120
   
2005, 5.000%, 3/01/25 (Pre-refunded 3/01/15) – AGM Insured
     
17,350
 
Total Alabama
   
17,460,021
   
Alaska – 0.2% (0.1% of Total Investments)
     
2,540
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
6/14 at 100.00
B2
1,954,428
   
Series 2006A, 5.000%, 6/01/32
     
   
Arizona – 4.8% (3.3% of Total Investments)
     
1,460
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds,
3/22 at 100.00
Baa1
1,438,918
   
Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
     
2,455
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series
1/22 at 100.00
AA–
2,513,724
   
2012A, 5.000%, 1/01/43
     
   
Arizona State, Certificates of Participation, Series 2010A:
     
2,800
 
5.250%, 10/01/28 – AGM Insured
10/19 at 100.00
AA–
3,061,044
3,500
 
5.000%, 10/01/29 – AGM Insured
10/19 at 100.00
AA–
3,764,775
7,500
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured
1/20 at 100.00
AA
8,036,250
   
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds,
     
   
Series 2005:
     
4,370
 
4.750%, 7/01/25 – NPFG Insured
7/15 at 100.00
AAA
4,622,892
12,365
 
4.750%, 7/01/27 – NPFG Insured (UB)
7/15 at 100.00
AAA
12,996,852
   
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B:
     
6,545
 
5.500%, 7/01/37 – FGIC Insured
No Opt. Call
AA
7,419,412
5,000
 
5.500%, 7/01/40 – FGIC Insured
No Opt. Call
AA
5,630,050
3,530
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc.
No Opt. Call
A–
3,574,090
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
     
49,525
 
Total Arizona
   
53,058,007
   
Arkansas – 1.3% (0.9% of Total Investments)
     
5,745
 
Arkansas Development Finance Authority, State Facility Revenue Bonds, Donaghey Plaza Project,
6/14 at 100.00
AA– (4)
5,843,010
   
Series 2004, 5.250%, 6/01/25 (Pre-refunded 6/01/14) – AGM Insured
     
4,020
 
Northwest Community College District, Arkansas, General Obligation Bonds, Series 2005, 5.000%,
5/15 at 100.00
A+
4,225,744
   
5/15/23 – AMBAC Insured
     
   
University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B:
     
2,000
 
5.000%, 11/01/27 (Pre-refunded 11/01/14) – NPFG Insured
11/14 at 100.00
Aa2 (4)
2,072,700
2,000
 
5.000%, 11/01/28 (Pre-refunded 11/01/14) – NPFG Insured
11/14 at 100.00
Aa2 (4)
2,072,700
13,765
 
Total Arkansas
   
14,214,154
   
California – 19.8% (13.5% of Total Investments)
     
22,880
 
Alameda Corridor Transportation Authority, California, Senior Lien Revenue Bonds, Series
No Opt. Call
A
8,712,246
   
1999A, 0.000%, 10/01/32 – NPFG Insured
     
2,735
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
4/23 at 100.00
A+
2,838,274
   
2013S-4, 5.250%, 4/01/53
     
   
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,
     
   
Series 2005AC:
     
20
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
20,812
110
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
Aa1 (4)
114,466
1,870
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
1,945,922
10
 
5.000%, 12/01/26 (Pre-refunded 12/01/14) – NPFG Insured
12/14 at 100.00
AAA
10,406
50
 
5.000%, 12/01/26 (Pre-refunded 12/01/14)
12/14 at 100.00
Aa1 (4)
52,030
940
 
5.000%, 12/01/26 (Pre-refunded 12/01/14)
12/14 at 100.00
AAA
978,164
1,300
 
California Educational Facilities Authority, Revenue Bonds, Occidental College, Series 2005A,
10/15 at 100.00
Aa3 (4)
1,403,766
   
5.000%, 10/01/33 (Pre-refunded 10/01/15) – NPFG Insured
     
   
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard
     
   
Children’s Hospital, Series 2012A:
     
2,000
 
5.000%, 8/15/51
8/22 at 100.00
AA
2,046,700
3,000
 
5.000%, 8/15/51 (UB) (5)
8/22 at 100.00
AA
3,070,050
530
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System,
7/23 at 100.00
AA–
550,760
   
Series 2013A, 5.000%, 7/01/37
     
1,710
 
California Health Facilities Financing Authority, Revenue Bonds, Scripps Health, Series 2012A,
11/21 at 100.00
AA–
1,757,059
   
5.000%, 11/15/40
     
   
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and
     
   
Clinics, Tender Option Bond Trust 3294:
     
1,285
 
9.333%, 2/15/20 (IF) (5)
No Opt. Call
AA–
1,335,937
525
 
9.333%, 2/15/20 (IF) (5)
No Opt. Call
AA–
545,811
485
 
9.325%, 2/15/20 (IF) (5)
No Opt. Call
AA–
504,206
5,000
 
California State Public Works Board, Lease Revenue Bonds, Department of General Services,
6/14 at 100.00
A2
5,014,400
   
Capital East End Project, Series 2002A, 5.000%, 12/01/27 – AMBAC Insured
     
5
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured
4/14 at 100.00
A1
5,031
7,495
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 (Pre-refunded
4/14 at 100.00
AA+ (4)
7,556,234
   
4/01/14) – AMBAC Insured
     
10,000
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series
8/20 at 100.00
AA–
11,510,200
   
2011A, 6.000%, 8/15/42
     
   
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
     
   
Health System, Series 2005A:
     
3,895
 
5.250%, 7/01/30
7/15 at 100.00
BBB–
3,918,019
5,000
 
5.250%, 7/01/35
7/15 at 100.00
BBB–
5,001,100
5,000
 
5.000%, 7/01/39
7/15 at 100.00
BBB–
4,653,200
2,910
 
Cathedral City Public Financing Authority, California, Tax Allocation Bonds, Housing Set-Aside,
8/14 at 100.00
A
2,916,809
   
Series 2002D, 5.000%, 8/01/26 – NPFG Insured
     
4,775
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series
No Opt. Call
AA+ (4)
3,327,077
   
2001A, 0.000%, 8/01/25 – FGIC Insured (ETM)
     
1,665
 
Contra Costa Community College District, Contra Costa County, California, General Obligation
8/23 at 100.00
Aa1
1,786,678
   
Bonds, Election of 2006, Series 2013, 5.000%, 8/01/38
     
1,005
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation
10/14 at 100.00
AA– (4)
1,037,602
   
Bonds, School Facilities Improvement District 2, Series 2004B, 5.000%, 10/01/26 (Pre-refunded
     
   
10/01/14) – AGM Insured
     
   
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding
     
   
Bonds, Series 2013A:
     
1,510
 
5.750%, 1/15/46
1/24 at 100.00
BBB–
1,517,565
4,510
 
6.000%, 1/15/49
1/24 at 100.00
BBB–
4,560,332
1,735
 
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005,
9/15 at 100.00
A
1,775,720
   
5.000%, 9/01/27 – AMBAC Insured
     
15,065
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
6/15 at 100.00
A2
15,095,733
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/35 – FGIC Insured
     
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
     
   
Bonds, Series 2007A-1:
     
8,790
 
4.500%, 6/01/27
6/17 at 100.00
B
7,569,157
3,990
 
5.000%, 6/01/33
6/17 at 100.00
B
3,065,557
250
 
5.125%, 6/01/47
6/17 at 100.00
B
181,118
3,040
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%,
No Opt. Call
Aa2
2,114,138
   
11/01/23 – AGM Insured
     
2,110
 
La Verne-Grand Terrace Housing Finance Agency, California, Single Family Residential Mortgage
No Opt. Call
Aaa
2,495,413
   
Revenue Bonds, Series 1984A, 10.250%, 7/01/17 (ETM)
     
6,000
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series
7/22 at 100.00
AA–
6,356,820
   
2012B, 5.000%, 7/01/43
     
4,000
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F,
7/16 at 100.00
Aa2
4,388,120
   
5.000%, 7/01/24 – FGIC Insured
     
3,545
 
Mount San Antonio Community College District, Los Angeles County, California, General
8/35 at 100.00
AA
1,772,606
   
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
     
3,515
 
Newport Beach, California, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Series 2011A,
12/21 at 100.00
AA (4)
4,472,275
   
5.875%, 12/01/30 (Pre-refunded 12/01/21)
     
5,000
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue
No Opt. Call
A
5,855,950
   
Refunding Bonds, Redevelopment Project 1, Series 1995, 7.400%, 8/01/25 – NPFG Insured
     
   
Orange County Water District, California, Revenue Certificates of Participation, Series 2003B:
     
1,745
 
5.000%, 8/15/34 – NPFG Insured (ETM)
No Opt. Call
AAA
2,014,777
1,490
 
5.000%, 8/15/34 – NPFG Insured (ETM)
No Opt. Call
AAA
1,717,598
   
Plumas County, California, Certificates of Participation, Capital Improvement Program, Series 2003A:
     
1,130
 
5.250%, 6/01/19 – AMBAC Insured
6/14 at 100.00
A
1,140,283
1,255
 
5.250%, 6/01/21 – AMBAC Insured
6/14 at 100.00
A
1,270,612
7,255
 
Pomona, California, GNMA/FHLMC Collateralized Single Family Mortgage Revenue Refunding Bonds,
No Opt. Call
Aaa
9,350,679
   
Series 1990B, 7.500%, 8/01/23 (ETM)
     
1,800
 
Rialto Unified School District, San Bernardino County, California, General Obligation Bonds,
No Opt. Call
AA–
863,568
   
Series 2011A, 0.000%, 8/01/28
     
1,000
 
Rim of the World Unified School District, San Bernardino County, California, General Obligation
8/21 at 100.00
AA–
1,038,950
   
Bonds, Series 2011C, 5.000%, 8/01/38 – AGM Insured
     
390
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series
6/23 at 100.00
BBB–
401,170
   
2013A, 5.750%, 6/01/44
     
735
 
Sacramento City Financing Authority, California, Capital Improvement Revenue Bonds, Solid
6/14 at 100.00
N/R
736,419
   
Waste and Redevelopment Projects, Series 1999, 5.800%, 12/01/19 – AMBAC Insured
     
7,170
 
San Bernardino, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage
No Opt. Call
Aaa
9,224,779
   
Revenue Refunding Bonds, Series 1990A, 7.500%, 5/01/23 (ETM)
     
2,250
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011,
12/21 at 100.00
BB
2,523,915
   
7.500%, 12/01/41
     
   
San Diego County, California, Certificates of Participation, Edgemoor Facility Project and
     
   
Regional System, Series 2005:
     
1,675
 
5.000%, 2/01/24 – AMBAC Insured
2/15 at 100.00
AA+
1,740,543
720
 
5.000%, 2/01/25 – AMBAC Insured
2/15 at 100.00
AA+
747,151
4,000
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International
5/23 at 100.00
A+
4,126,760
   
Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43
     
   
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue
     
   
Refunding Bonds, Series 1997A:
     
29,000
 
0.000%, 1/15/31 – NPFG Insured
No Opt. Call
A
10,205,970
3,825
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
A
1,250,393
23,900
 
0.000%, 1/15/34 – NPFG Insured
No Opt. Call
A
6,765,851
4,000
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
8/14 at 100.00
A
4,048,920
   
Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
     
12,580
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
8/17 at 100.00
A
11,299,230
   
Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
     
4,455
 
San Mateo County Community College District, California, General Obligation Bonds, Series
No Opt. Call
Aaa
3,620,623
   
2006A, 0.000%, 9/01/21 – NPFG Insured
     
1,055
 
Turlock Irrigation District, California, Certificates of Participation, Series 2003A, 5.000%,
7/14 at 100.00
A+
1,058,661
   
1/01/28 – NPFG Insured
     
3,600
 
Ventura County Community College District, California, General Obligation Bonds, Series 2005B,
8/15 at 100.00
AA (4)
3,858,120
   
5.000%, 8/01/28 (Pre-refunded 8/01/15) – NPFG Insured
     
3,900
 
West Hills Community College District, California, General Obligation Bonds, School Facilities
8/21 at 100.00
AA–
4,433,052
   
Improvement District 3, 2008 Election Series 2011, 6.500%, 8/01/41 – AGM Insured
     
268,190
 
Total California
   
217,271,487
   
Colorado – 6.7% (4.6% of Total Investments)
     
1,450
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,
8/14 at 100.00
A
1,465,211
   
Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/24 – SYNCORA GTY Insured
     
3,405
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Classical Academy
6/14 at 100.00
A
3,409,256
   
Charter School, Series 2003, 5.250%, 12/01/23 – SYNCORA GTY Insured
     
7,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,
4/18 at 100.00
AA
7,926,975
   
Series 2006C-1, Trust 1090, 15.081%, 10/01/41 – AGM Insured (IF) (5)
     
5,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,
1/23 at 100.00
A+
5,121,350
   
Series 2013A, 5.250%, 1/01/45
     
425
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good
6/23 at 100.00
A–
442,336
   
Samaritan Society Project, Series 2013, 5.625%, 6/01/43
     
5,000
 
Colorado Health Facilities Authority, Revenue Bonds, Children’s Hospital Colorado Project,
12/23 at 100.00
A+
5,120,650
   
Series 2013A, 5.000%, 12/01/36
     
2,915
 
Commerce City Northern Infrastructure General Improvement District, Colorado, General
12/22 at 100.00
AA–
3,209,328
   
Obligation Bonds, Series 2013, 5.000%, 12/01/27 – AGM Insured
     
4,835
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B,
11/23 at 100.00
A
4,999,197
   
5.000%, 11/15/43
     
35,285
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%,
No Opt. Call
A
14,119,646
   
9/01/30 – NPFG Insured
     
2,900
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/34 –
No Opt. Call
A
870,986
   
NPFG Insured
     
4,405
 
Garfield, Eagle and Pitkin Counties School District RE-1, Roaring Fork, Colorado, General
12/14 at 100.00
Aa2 (4)
4,591,772
   
Obligation Bonds, Series 2005A, 5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured
     
   
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004:
     
2,500
 
5.000%, 12/15/22 (Pre-refunded 12/15/14) – AGM Insured
12/14 at 100.00
Aa2 (4)
2,605,575
5,125
 
5.000%, 12/15/23 (Pre-refunded 12/15/14) – AGM Insured
12/14 at 100.00
Aa2 (4)
5,341,429
4,065
 
5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured
12/14 at 100.00
Aa2 (4)
4,236,665
2,640
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue
12/20 at 100.00
AA–
2,874,379
   
Refunding Bonds, Series 2011, 6.125%, 12/01/41 – AGM Insured
     
1,390
 
Teller County School District RE-2, Woodland Park, Colorado, General Obligation Bonds, Series
12/14 at 100.00
Aa2 (4)
1,446,434
   
2004, 5.000%, 12/01/22 (Pre-refunded 12/01/14) – NPFG Insured
     
4,000
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 5.000%, 11/15/42
11/22 at 100.00
A+
4,045,080
25
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 –
6/15 at 100.00
Aa2
26,050
   
FGIC Insured
     
   
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
     
1,285
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
Aa2 (4)
1,365,235
690
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
Aa2 (4)
733,084
94,840
 
Total Colorado
   
73,950,638
   
Delaware – 0.3% (0.2% of Total Investments)
     
3,250
 
Delaware Health Facilities Authority, Revenue Bonds, Nanticoke Memorial Hospital, Series 2013,
7/23 at 100.00
BBB–
2,971,703
   
5.000%, 7/01/32
     
   
District of Columbia – 1.2% (0.8% of Total Investments)
     
1,250
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC
10/22 at 100.00
BBB–
1,084,675
   
Issue, Series 2013, 5.000%, 10/01/45
     
10,150
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 –
4/21 at 100.00
A–
8,288,795
   
AMBAC Insured
     
7,000
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Second Senior
No Opt. Call
AA–
1,899,170
   
Lien Revenue Bonds, Series 2009B, 0.000%, 10/01/36 – AGC Insured
     
2,395
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds,
10/16 at 100.00
AA+
2,507,349
   
Tender Option Bond Trust 1606, 11.881%, 10/01/30 – AMBAC Insured (IF) (5)
     
20,795
 
Total District of Columbia
   
13,779,989
   
Florida – 10.4% (7.1% of Total Investments)
     
1,000
 
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/25 – AMBAC Insured
9/15 at 100.00
Aa3
1,062,150
11,000
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 –
10/21 at 100.00
AA–
11,401,390
   
AGM Insured
     
   
Clay County, Florida, Utility System Revenue Bonds, Series 2007:
     
1,500
 
5.000%, 11/01/27 – AGM Insured (UB)
11/17 at 100.00
AA
1,642,200
3,000
 
5.000%, 11/01/32 – AGM Insured (UB)
11/17 at 100.00
AA
3,167,730
3,570
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University,
11/23 at 100.00
BBB–
3,576,069
   
Series 2013, 6.125%, 11/01/43
     
400
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23
10/14 at 100.00
AA– (4)
412,508
   
(Pre-refunded 10/01/14) – NPFG Insured
     
   
Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project,
     
   
Refunding Series 2013A:
     
8,555
 
6.000%, 4/01/42
4/23 at 100.00
Baa1
9,051,532
4,280
 
5.625%, 4/01/43
4/23 at 100.00
Baa1
4,406,260
500
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 –
10/15 at 100.00
A
508,480
   
NPFG Insured
     
50
 
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds,
No Opt. Call
AA+
54,015
   
Series 1987G-1, 8.595%, 11/01/17
     
2,100
 
Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 5.000%, 2/01/23
2/15 at 100.00
A
2,171,064
185
 
Florida Municipal Loan Council, Revenue Bonds, Series 2005A, 5.000%, 2/01/23
2/15 at 100.00
A (4)
193,758
   
(Pre-refunded 2/01/15)
     
2,500
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond
No Opt. Call
AAA
3,182,475
   
Trust 2929, 17.566%, 12/01/16 – AGC Insured (IF) (5)
     
2,240
 
FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic
No Opt. Call
A1
2,308,678
   
Facilities Improvements, Series 2004, 5.000%, 10/01/14 – AMBAC Insured
     
350
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 –
6/18 at 100.00
AA–
362,226
   
AGM Insured
     
180
 
Highlands County Health Facilities Authority, Florida, Hospital Revenue Bonds, Adventist
11/15 at 100.00
AA– (4)
195,005
   
Health System, Series 2005D, 5.000%, 11/15/35 (Pre-refunded 11/15/15) – NPFG Insured
     
400
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012,
10/22 at 100.00
A1
424,664
   
5.000%, 10/01/30
     
1,530
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series
11/21 at 100.00
A2
1,632,235
   
2011, 5.000%, 11/15/24
     
1,730
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/22 –
10/14 at 100.00
A–
1,771,001
   
AMBAC Insured
     
500
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 –
4/17 at 100.00
A
507,270
   
NPFG Insured
     
1,200
 
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A,
2/21 at 100.00
AA–
1,339,464
   
6.000%, 2/01/30 – AGM Insured
     
10,000
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2010A,
7/20 at 100.00
AA–
10,408,500
   
5.000%, 7/01/35
     
6,350
 
Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006A, 5.000%,
11/16 at 100.00
AA+
6,723,253
   
11/01/31 – AGM Insured
     
4,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B,
10/20 at 100.00
AA–
4,131,280
   
5.000%, 10/01/35 – AGM Insured
     
5,720
 
Miami-Dade County, Florida, General Obligation Bonds, Series 2005, 5.000%, 7/01/33 –
7/15 at 100.00
AA
5,950,745
   
AGM Insured
     
1,850
 
Miami-Dade County, Florida, Subordinate Special Obligation Refunding Bonds Series 2012B,
10/22 at 100.00
A+
1,887,037
   
5.000%, 10/01/37
     
1,550
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012,
7/22 at 100.00
AA
1,603,196
   
5.000%, 7/01/42
     
500
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B,
No Opt. Call
AA–
589,035
   
5.250%, 10/01/22 – AGM Insured
     
5,770
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A,
10/22 at 100.00
Aa3
5,943,504
   
5.000%, 10/01/42
     
750
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc.,
4/22 at 100.00
A
720,173
   
Series 2012A, 5.000%, 10/01/42
     
3,335
 
Palm Bay, Florida, Local Optional Gas Tax Revenue Bonds, Series 2004, 5.250%, 10/01/20 –
10/14 at 100.00
AA–
3,442,454
   
NPFG Insured
     
1,095
 
Palm Bay, Florida, Utility System Revenue Bonds, Series 2004, 5.250%, 10/01/20 – NPFG Insured
10/14 at 100.00
Aa3
1,130,730
1,000
 
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,
7/17 at 100.00
A
1,020,240
   
Series 2007, 5.000%, 7/01/33 – NPFG Insured
     
480
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009, 5.250%, 9/01/35 –
9/18 at 100.00
AA–
527,894
   
AGC Insured
     
1,730
 
Saint John’s County, Florida, Sales Tax Revenue Bonds, Series 2004A, 5.000%, 10/01/24
10/14 at 100.00
A+ (4)
1,785,412
   
(Pre-refunded 10/01/14) – AMBAC Insured
     
4,000
 
Saint Lucie County School Board, Florida, Certificates of Participation, Master Lease Program,
7/14 at 100.00
AA– (4)
4,081,040
   
Series 2004A, 5.000%, 7/01/24 (Pre-refunded 7/01/14) – AGM Insured
     
2,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/28 – NPFG Insured
10/15 at 100.00
AA
2,110,340
1,200
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured
10/19 at 100.00
Aa2
1,259,928
9,720
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series
No Opt. Call
A
10,005,476
   
2012B, 5.000%, 7/01/42
     
1,500
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle
10/21 at 100.00
AA–
1,586,805
   
Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured
     
109,320
 
Total Florida
   
114,277,216
   
Georgia – 2.6% (1.8% of Total Investments)
     
2,700
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2004G, 5.000%, 1/01/25 – AGM Insured
1/15 at 100.00
AA–
2,801,709
6,950
 
Atlanta, Georgia, Airport General Revenue Refunding Bonds, Series 2010A, 5.000%, 1/01/40 –
1/20 at 100.00
AA–
7,173,999
   
AGM Insured
     
3,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 –
11/19 at 100.00
AA–
3,150,840
   
AGM Insured
     
1,535
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007,
8/20 at 100.00
AA
1,604,029
   
4.000%, 8/01/26
     
4,000
 
Cobb County Development Authority, Georgia, Parking Revenue Bonds, Kennesaw State University,
7/14 at 100.00
A1
4,084,480
   
Series 2004, 5.000%, 7/15/24 – NPFG Insured
     
1,410
 
DeKalb County, Georgia, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/35 –
10/16 at 100.00
Aa2
1,481,727
   
AGM Insured
     
1,075
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health
No Opt. Call
Aa2
973,101
   
East Issue, Series 2012, 4.250%, 11/15/42
     
2,805
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36
2/18 at 100.00
AAA
3,052,597
1,350
 
Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2005, 5.250%,
No Opt. Call
AA+
1,642,694
   
2/01/27 – BHAC Insured
     
2,615
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia
10/21 at 100.00
Aa2
2,675,825
   
Medical Center Project, Series 2011B, 5.000%, 10/01/41
     
27,440
 
Total Georgia
   
28,641,001
   
Guam – 0.2% (0.1% of Total Investments)
     
2,030
 
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013,
7/23 at 100.00
A–
2,050,706
   
5.500%, 7/01/43
     
   
Hawaii – 0.0% (0.0% of Total Investments)
     
   
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific
     
   
University, Series 2013A:
     
200
 
6.625%, 7/01/33
7/23 at 100.00
BB+
203,026
125
 
6.875%, 7/01/43
7/23 at 100.00
BB+
126,739
325
 
Total Hawaii
   
329,765
   
Idaho – 0.2% (0.1% of Total Investments)
     
2,110
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series
3/22 at 100.00
A
2,140,743
   
2012A, 5.000%, 3/01/47 – AGM Insured
     
   
Illinois – 13.0% (8.8% of Total Investments)
     
4,000
 
Bolingbrook, Illinois, General Obligation Refunding Bonds, Series 2002B, 0.000%, 1/01/34 –
No Opt. Call
Aa3
1,384,120
   
FGIC Insured
     
2,240
 
Chicago Board of Education, Illinois, General Obligation Lease Certificates, Series 1992A,
No Opt. Call
A
2,319,654
   
6.250%, 1/01/15 – NPFG Insured
     
3,500
 
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit
6/21 at 100.00
AA–
3,832,745
   
Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%,
     
   
6/01/26 – AGM Insured
     
13,100
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien
1/20 at 100.00
AA–
13,464,442
   
Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
     
1,450
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,
1/16 at 100.00
A
1,538,291
   
Series 2005A, 5.250%, 1/01/24 – NPFG Insured
     
4,735
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City
12/23 at 100.00
AA
4,898,263
   
Colleges, Series 2013, 5.250%, 12/01/43
     
   
Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004:
     
1,650
 
5.125%, 12/01/20 – AGM Insured (ETM)
12/14 at 100.00
A2 (4)
1,693,412
1,475
 
5.125%, 12/01/23 – AGM Insured (ETM)
12/14 at 100.00
A2 (4)
1,504,397
   
Cook County School District 145, Arbor Park, Illinois, General Obligation Bonds, Series 2004:
     
1,635
 
5.125%, 12/01/20 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
A2 (4)
1,702,803
1,465
 
5.125%, 12/01/23 (Pre-refunded 12/01/14) – AGM Insured
12/14 at 100.00
A2 (4)
1,525,754
21,860
 
Illinois Development Finance Authority, Local Government Program Revenue Bonds, Kane, Cook and
No Opt. Call
Aa3
20,686,973
   
DuPage Counties School District U46 – Elgin, Series 2002, 0.000%, 1/01/17 – AGM Insured
     
2,050
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History,
11/23 at 100.00
A2
2,116,174
   
Series 2002, 5.500%, 11/01/36
     
4,200
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38
9/22 at 100.00
A–
4,067,028
5,020
 
Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012,
No Opt. Call
AA
5,124,265
   
5.000%, 6/01/42
     
2,910
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43
5/22 at 100.00
Baa1
2,683,340
1,015
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A,
7/23 at 100.00
A–
1,079,463
   
6.000%, 7/01/43
     
3,560
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 –
8/21 at 100.00
AA–
3,876,769
   
AGM Insured
     
1,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series
2/21 at 100.00
AA–
1,057,580
   
2011C, 5.500%, 8/15/41
     
9,510
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A, 5.000%, 10/01/51
10/21 at 100.00
Aa1
9,705,050
5,045
 
Illinois Health Facilities Authority, Revenue Bonds, Lutheran General Health System, Series
No Opt. Call
AA (4)
5,746,305
   
1993A, 6.250%, 4/01/18 – AGM Insured (ETM)
     
1,950
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, SSM Healthcare System, Series
No Opt. Call
AA– (4)
1,991,730
   
1992AA, 6.550%, 6/01/14 – NPFG Insured (ETM)
     
6,500
 
Illinois Municipal Electric Agency, Power Supply System Revenue Bonds, Series 2007A, 5.000%,
2/17 at 100.00
A+
6,614,920
   
2/01/35 – FGIC Insured
     
   
Illinois State, General Obligation Bonds, Series 2012A:
     
2,500
 
5.000%, 3/01/25
3/22 at 100.00
A–
2,703,500
4,500
 
5.000%, 3/01/27
3/22 at 100.00
A–
4,750,380
1,125
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
A–
1,174,084
5,000
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A,
1/21 at 100.00
A2
5,237,200
   
5.250%, 1/01/39 – AGM Insured
     
5,000
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
6/22 at 100.00
AAA
4,919,450
   
Refunding Bonds, Series 2012B, 5.000%, 6/15/52 (UB) (5)
     
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
     
   
Project, Capital Appreciation Refunding Series 2010B-1:
     
33,000
 
0.000%, 6/15/45 – AGM Insured
No Opt. Call
AAA
5,590,530
5,000
 
0.000%, 6/15/46 – AGM Insured
No Opt. Call
AAA
783,050
5,725
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
6/22 at 101.00
AAA
5,185,419
   
Project, Series 2002A, 0.000%, 6/15/27 – NPFG Insured
     
5,010
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place
No Opt. Call
AA–
3,747,731
   
Expansion Project, Series 1996A, 0.000%, 12/15/21 – NPFG Insured
     
3,500
 
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.000%, 12/01/41 (Pre-refunded
12/14 at 100.00
AAA
3,640,945
   
12/01/14) – AGM Insured
     
4,050
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group,
11/23 at 100.00
BB+
4,032,140
   
Inc., Series 2013, 7.625%, 11/01/48
     
1,895
 
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General
12/20 at 100.00
AA–
2,205,136
   
Obligation Bonds, Series 2011, 7.250%, 12/01/28 – AGM Insured
     
176,175
 
Total Illinois
   
142,583,043
   
Indiana – 6.0% (4.1% of Total Investments)
     
   
Hamilton County Public Building Corporation, Indiana, First Mortgage Bonds, Series 2004:
     
2,105
 
5.000%, 8/01/23 (Pre-refunded 8/01/14) – AGM Insured
8/14 at 100.00
Aaa
2,156,257
2,215
 
5.000%, 8/01/24 (Pre-refunded 8/01/14) – AGM Insured
8/14 at 100.00
Aaa
2,268,935
4,725
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series
5/23 at 100.00
A
4,696,319
   
2012A, 5.000%, 5/01/42
     
1,500
 
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric
6/22 at 100.00
BBB–
1,421,550
   
Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
     
10,000
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A,
12/19 at 100.00
Aa2
10,586,500
   
5.250%, 12/01/38 (UB)
     
5,000
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series
10/21 at 100.00
AA–
5,139,050
   
2011B, 5.000%, 10/01/41
     
3,075
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series
10/22 at 100.00
AA
3,216,727
   
2012A, 5.000%, 10/01/37
     
2,045
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana,
5/15 at 100.00
N/R (4)
2,166,902
   
Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured
     
8,310
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 –
1/17 at 100.00
A+
8,517,750
   
NPFG Insured
     
   
Indiana University, Parking Facility Revenue Bonds, Series 2004:
     
1,015
 
5.250%, 11/15/19 (Pre-refunded 11/15/14) – AMBAC Insured
11/14 at 100.00
Aaa
1,055,935
1,060
 
5.250%, 11/15/20 (Pre-refunded 11/15/14) – AMBAC Insured
11/14 at 100.00
Aaa
1,102,750
1,100
 
5.250%, 11/15/21 (Pre-refunded 11/15/14) – AMBAC Insured
11/14 at 100.00
Aaa
1,144,363
9,255
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/25 –
No Opt. Call
AA
6,198,999
   
AMBAC Insured
     
   
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A:
     
3,000
 
5.500%, 1/01/38 – AGC Insured
1/19 at 100.00
AA–
3,192,750
5,000
 
5.500%, 1/01/38 – AGC Insured (UB)
1/19 at 100.00
AA
5,321,250
1,000
 
Metropolitan School District Steuben County K-5 Building Corporation, Indiana, First Mortgage
7/14 at 102.00
AA–
1,042,460
   
Bonds, Series 2003, 5.250%, 1/15/21 – AGM Insured
     
7,860
 
Saint Joseph County Hospital Authority, Indiana, Revenue Bonds, Beacon Health System Obligated
8/23 at 100.00
AA–
6,717,706
   
Group, Series 2013C, 4.000%, 8/15/44
     
500
 
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007,
9/17 at 100.00
N/R
464,430
   
5.800%, 9/01/47
     
68,765
 
Total Indiana
   
66,410,633
   
Iowa – 1.4% (1.0% of Total Investments)
     
4,000
 
Ames, Iowa, Hospital Revenue Bonds, Mary Greeley Medical Center, Series 2011, 5.250%, 6/15/36
6/20 at 100.00
A2
4,113,040
425
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
12/23 at 100.00
BB–
396,185
   
Project, Series 2013, 5.250%, 12/01/25
     
   
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
     
7,125
 
5.375%, 6/01/38
6/15 at 100.00
B+
5,550,233
185
 
5.625%, 6/01/46
6/15 at 100.00
B+
143,917
6,600
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
6/17 at 100.00
B+
5,614,620
   
5.600%, 6/01/34
     
18,335
 
Total Iowa
   
15,817,995
   
Kansas – 0.3% (0.2% of Total Investments)
     
630
 
Kansas Development Finance Authority, Board of Regents, Revenue Bonds, Scientific Research and
4/14 at 101.50
AA
645,070
   
Development Facilities Projects, Series 2003C, Reg S, 5.000%, 10/01/22 – AMBAC Insured
     
2,010
 
Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health
11/22 at 100.00
A2
2,047,064
   
Care Inc., Series 2013J, 5.000%, 11/15/38
     
   
Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006:
     
470
 
5.000%, 9/01/31 (Pre-refunded 9/01/14) – AGM Insured
9/14 at 100.00
A2 (4)
483,310
515
 
5.000%, 9/01/31 (Pre-refunded 9/01/14)
9/14 at 100.00
A2 (4)
529,626
3,625
 
Total Kansas
   
3,705,070
   
Kentucky – 1.2% (0.8% of Total Investments)
     
6,010
 
Kentucky Economic Development Finance Authority, Health System Revenue Bonds, Norton
No Opt. Call
A
2,896,159
   
Healthcare Inc., Series 2000B, 0.000%, 10/01/28 – NPFG Insured
     
5,000
 
Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project
9/17 at 100.00
A
5,144,200
   
Series 2007A, 5.000%, 9/01/37 – NPFG Insured
     
   
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown
     
   
Crossing Project, Convertible Capital Appreciation Series 2013C:
     
2,575
 
0.000%, 7/01/43
7/31 at 100.00
Baa3
1,453,021
4,430
 
0.000%, 7/01/46
7/31 at 100.00
Baa3
2,475,041
   
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown
     
   
Crossing Project, Series 2013A:
     
1,115
 
5.750%, 7/01/49
7/23 at 100.00
Baa3
1,151,349
220
 
6.000%, 7/01/53
7/23 at 100.00
Baa3
229,200
19,350
 
Total Kentucky
   
13,348,970
   
Louisiana – 5.4% (3.7% of Total Investments)
     
4,690
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing
7/23 at 100.00
N/R
4,365,358
   
(US) LLC Project, Series 2013, 6.000%, 7/01/36
     
670
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical
1/21 at 100.00
AA–
719,258
   
Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured
     
5,000
 
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities
10/20 at 100.00
AA–
5,351,750
   
Inc. Project, Series 2010, 5.500%, 10/01/41 – AGM Insured
     
4,450
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series
7/14 at 100.00
A (4)
4,540,202
   
2004, 5.250%, 7/01/24 (Pre-refunded 7/01/14) – NPFG Insured
     
5,870
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A,
7/23 at 100.00
A
6,063,475
   
5.000%, 7/01/36
     
2,000
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B,
5/20 at 100.00
AA
2,090,940
   
5.000%, 5/01/45
     
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
     
1,010
 
5.000%, 5/01/25 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
Aa1 (4)
1,070,731
2,210
 
5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured
5/15 at 100.00
Aa1 (4)
2,342,887
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
     
9,000
 
5.000%, 5/01/36 – AGM Insured
No Opt. Call
Aa1
9,519,750
8,480
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
Aa1
8,634,675
14,265
 
4.500%, 5/01/41 – FGIC Insured (UB)
5/16 at 100.00
Aa1
14,277,696
57,645
 
Total Louisiana
   
58,976,722
   
Maine – 0.1% (0.1% of Total Investments)
     
1,010
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical
7/23 at 100.00
Baa1
976,741
   
Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
     
   
Maryland – 0.5% (0.4% of Total Investments)
     
1,865
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%,
9/16 at 100.00
BB+
1,838,759
   
9/01/26 – SYNCORA GTY Insured
     
1,200
 
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds,
6/16 at 100.00
AA–
1,225,212
   
University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/28 – CIFG Insured
     
2,705
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of
7/22 at 100.00
A2
2,732,645
   
Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43
     
5,770
 
Total Maryland
   
5,796,616
   
Massachusetts – 3.2% (2.2% of Total Investments)
     
5,500
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds,
1/20 at 100.00
AA+
5,821,200
   
Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
     
1,430
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds,
11/17 at 100.00
BB+
1,267,709
   
Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
     
3,000
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation,
No Opt. Call
A
3,440,220
   
Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
     
3,335
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare
7/19 at 100.00
AA
3,750,808
   
System, Tender Option Bond Trust 3627, 13.956%, 7/01/29 (IF)
     
4,400
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A,
8/15 at 100.00
AA+ (4)
4,723,136
   
5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured (UB)
     
7,500
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond
No Opt. Call
AA+
9,969,450
   
Trust 14021, 9.343%, 2/15/20 (IF)
     
3,335
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Tender Option Bond
8/17 at 100.00
AA+
3,914,690
   
Trust 3091, 13.494%, 8/15/37 – AMBAC Insured (IF)
     
1,725
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%,
2/17 at 100.00
AA+
1,746,476
   
8/01/46 – AGM Insured (UB) (5)
     
500
 
Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding
11/20 at 100.00
AA–
543,845
   
Series 2010B, 5.000%, 11/15/30 – AGC Insured
     
30,725
 
Total Massachusetts
   
35,177,534
   
Michigan – 2.3% (1.6% of Total Investments)
     
1,220
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
7/22 at 100.00
BBB+
1,129,622
   
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
     
10,000
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41
7/21 at 100.00
BB–
9,242,500
4,465
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2003C,
7/14 at 100.00
A
4,373,289
   
5.000%, 7/01/22 – NPFG Insured
     
1,315
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43
1/22 at 100.00
A2
1,333,397
2,000
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series
6/22 at 100.00
Aa2
2,031,880
   
2009C, 5.000%, 12/01/48
     
   
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2006A:
     
180
 
5.000%, 12/01/31 (Pre-refunded 12/01/16) (UB)
12/16 at 100.00
N/R (4)
202,468
820
 
5.000%, 12/01/31 (UB)
12/16 at 100.00
Aa2
836,539
6,500
 
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds,
6/14 at 100.00
A
6,501,690
   
Detroit Metropolitan Wayne County Airport, Series 2001A, 5.000%, 12/01/30 – NPFG Insured
     
26,500
 
Total Michigan
   
25,651,385
   
Minnesota – 0.1% (0.0% of Total Investments)
     
870
 
Wayzata, Minnesota, Senior Housing Entrance Deposit Revenue Bonds, Folkestone Senior Living
5/14 at 100.00
N/R
874,272
   
Community, Series 2012B, 4.875%, 5/01/19
     
   
Missouri – 0.7% (0.5% of Total Investments)
     
1,000
 
Jackson County Reorganized School District R-7, Lees Summit, Missouri, General Obligation
3/16 at 100.00
Aa1 (4)
1,101,810
   
Bonds, Series 2006, 5.250%, 3/01/25 (Pre-refunded 3/01/16) – NPFG Insured
     
6,165
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds,
5/23 at 100.00
BBB+
6,365,178
   
Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43
     
220
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village
9/23 at 100.00
A–
226,235
   
of Sunset Hills, Series 2013A, 5.875%, 9/01/43
     
7,385
 
Total Missouri
   
7,693,223
   
Montana – 0.1% (0.1% of Total Investments)
     
1,460
 
Montana State University, General Revenue Bonds, Series 2013A, 4.500%, 11/15/38
11/23 at 100.00
Aa3
1,509,596
   
Nebraska – 0.4% (0.2% of Total Investments)
     
2,560
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great
No Opt. Call
A–
2,592,614
   
Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42
     
865
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2,
2/17 at 100.00
AA+
1,338,492
   
Tender Option Bond Trust 11673, 20.138%, 8/01/40 – AMBAC Insured (IF)
     
3,425
 
Total Nebraska
   
3,931,106
   
Nevada – 1.8% (1.2% of Total Investments)
     
2,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 –
7/19 at 100.00
AA–
2,195,720
   
AGM Insured
     
12,260
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
1/20 at 100.00
AA–
12,819,914
   
International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
     
3,280
 
Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%, 7/01/24 –
7/14 at 100.00
A+
3,337,334
   
FGIC Insured
     
950
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B,
6/22 at 100.00
AA+
995,087
   
5.000%, 6/01/42
     
18,490
 
Total Nevada
   
19,348,055
   
New Jersey – 7.1% (4.9% of Total Investments)
     
   
Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project
     
   
Consolidation, Series 2004:
     
1,275
 
5.125%, 10/01/21 – NPFG Insured
10/14 at 100.00
Aa2
1,315,889
2,250
 
5.125%, 10/01/22 – NPFG Insured
10/14 at 100.00
Aa2
2,321,843
1,560
 
Mount Olive Township Board of Education, Morris County, New Jersey, General Obligation Bonds,
1/15 at 100.00
Aa3
1,617,361
   
Series 2004, 5.000%, 1/15/22 – NPFG Insured
     
   
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 2004A:
     
2,675
 
5.000%, 7/01/22 – NPFG Insured
7/14 at 100.00
A
2,722,749
4,445
 
5.000%, 7/01/23 – NPFG Insured
7/14 at 100.00
A
4,520,609
1,200
 
5.000%, 7/01/29 – NPFG Insured
7/14 at 100.00
A
1,217,508
720
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson
7/23 at 100.00
A
763,394
   
University Hospital, Series 2013A, 5.500%, 7/01/43
     
3,075
 
New Jersey Transit Corporation, Certificates of Participation Refunding, Series 2003, 5.500%,
No Opt. Call
AA–
3,324,475
   
10/01/15 – AGM Insured
     
5,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital
No Opt. Call
A+
2,775,100
   
Appreciation Series 2010A, 0.000%, 12/15/26
     
   
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
     
25,000
 
0.000%, 12/15/35 – AMBAC Insured
No Opt. Call
A+
7,598,000
10,000
 
0.000%, 12/15/36 – AMBAC Insured
No Opt. Call
A+
2,827,400
10,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2007A,
12/17 at 100.00
AA
10,939,320
   
5.000%, 12/15/34 – AMBAC Insured
     
9,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012AA,
No Opt. Call
A+
9,358,290
   
5.000%, 6/15/38
     
14,000
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 –
No Opt. Call
AA–
16,347,800
   
AGM Insured
     
1,500
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/25 – AGM Insured
1/15 at 100.00
AA–
1,551,030
330
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.579%,
7/22 at 100.00
A+
382,681
   
1/01/43 (IF) (5)
     
   
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
     
   
Series 2007-1A:
     
2,065
 
4.500%, 6/01/23
6/17 at 100.00
B1
1,944,466
785
 
4.625%, 6/01/26
6/17 at 100.00
B1
681,270
3,300
 
4.750%, 6/01/34
6/17 at 100.00
B2
2,439,624
5,000
 
5.000%, 6/01/41
6/17 at 100.00
B2
3,701,200
103,680
 
Total New Jersey
   
78,350,009
   
New Mexico – 0.9% (0.6% of Total Investments)
     
   
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C:
     
1,415
 
5.000%, 6/01/22 (Pre-refunded 6/01/14) – AMBAC Insured
6/14 at 100.00
AAA
1,437,767
1,050
 
5.000%, 6/01/24 (Pre-refunded 6/01/14) – AMBAC Insured
6/14 at 100.00
AAA
1,066,895
2,000
 
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2005E,
6/15 at 100.00
Aa2
2,100,020
   
5.000%, 6/15/25 – NPFG Insured
     
1,975
 
New Mexico State University, Revenue Bonds, Series 2004B, 5.000%, 4/01/19 (Pre-refunded
4/14 at 100.00
AA (4)
1,991,136
   
4/01/14) – AMBAC Insured
     
2,725
 
Rio Rancho, New Mexico, Water and Wastewater Revenue Bonds, Refunding Series 2009, 5.000%,
5/19 at 100.00
AA–
3,110,724
   
5/15/21 – AGM Insured
     
9,165
 
Total New Mexico
   
9,706,542
   
New York – 8.0% (5.5% of Total Investments)
     
2,115
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore
2/15 at 100.00
A
2,193,255
   
Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
     
3,000
 
Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series
4/21 at 100.00
AAA
3,240,450
   
2011A, 5.000%, 10/01/41
     
7,435
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series
7/20 at 100.00
AA–
7,928,238
   
2010, 5.500%, 7/01/43 – AGM Insured
     
3,200
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series
7/22 at 100.00
AA–
3,383,296
   
2012A, 5.000%, 7/01/42
     
1,000
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series
3/15 at 100.00
AAA
1,045,770
   
2005F, 5.000%, 3/15/24 – AMBAC Insured
     
1,300
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series
2/21 at 100.00
A
1,406,808
   
2011A, 5.750%, 2/15/47
     
8,160
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,
2/17 at 100.00
A
8,095,618
   
2/15/47 – NPFG Insured
     
11,415
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A,
6/16 at 100.00
A
12,294,868
   
5.000%, 12/01/25 – FGIC Insured
     
2,830
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A,
5/21 at 100.00
A–
2,924,465
   
5.000%, 5/01/38
     
5,000
 
New York City Sales Tax Asset Receivable Corporation, New York, Dedicated Revenue Bonds, Local
10/14 at 100.00
AAA
5,167,100
   
Government Assistance Corporation, Series 2004A, 5.000%, 10/15/21 – NPFG Insured
     
3,490
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/21 –
No Opt. Call
AA
3,611,278
   
AGM Insured
     
1,510
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004E, 5.000%, 11/01/21
11/14 at 100.00
Aa2 (4)
1,565,206
   
(Pre-refunded 11/01/14) – AGM Insured
     
665
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005D, 5.000%, 11/01/24
11/14 at 100.00
AA
685,562
585
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005D, 5.000%, 11/01/24
11/14 at 100.00
AA (4)
606,388
   
(Pre-refunded 11/01/14)
     
6,165
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005,
11/15 at 100.00
AA+
6,253,529
   
5.000%, 11/15/44 – AMBAC Insured
     
10,000
 
New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue,
No Opt. Call
A
10,720,600
   
Series 2005, 5.250%, 10/01/35
     
4,045
 
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water
6/22 at 100.00
AAA
5,883,736
   
Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects,
     
   
Tender Option Bond Trust 2012-9W, 13.874%, 6/15/26 (IF) (5)
     
355
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project,
5/14 at 100.00
AA–
355,820
   
Series 1996A, 6.125%, 11/01/20 – AGM Insured
     
1,850
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series
3/15 at 100.00
AAA
1,950,492
   
2005B, 5.000%, 3/15/25 (Pre-refunded 3/15/15) – AGM Insured
     
3,335
 
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Tender
3/17 at 100.00
AAA
3,725,362
   
Option Bond Trust 09-6W, 13.241%, 3/15/37 (IF) (5)
     
2,105
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, St. Joseph’s Hospital Health
7/22 at 100.00
BB
1,769,337
   
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:
     
775
 
5.000%, 11/15/28
No Opt. Call
A+
855,794
5,545
 
0.000%, 11/15/31
No Opt. Call
A+
2,462,313
405
 
0.000%, 11/15/32
No Opt. Call
A+
169,164
86,285
 
Total New York
   
88,294,449
   
North Carolina – 2.1% (1.4% of Total Investments)
     
785
 
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.000%, 7/15/30
7/15 at 100.00
Aa3
815,026
465
 
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.000%, 7/15/30
7/15 at 100.00
Aa3 (4)
497,364
   
(Pre-refunded 7/15/15)
     
3,555
 
Charlotte, North Carolina, Water and Sewer System Refunding Bonds, Tender Option Bond Trust
7/20 at 100.00
AAA
4,374,641
   
43W, 13.725%, 7/01/38 (IF) (5)
     
1,195
 
Dare County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/15
6/14 at 100.00
AA– (4)
1,215,303
   
(Pre-refunded 6/01/14) – AMBAC Insured
     
   
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004:
     
2,225
 
5.000%, 5/01/23 (Pre-refunded 5/01/14) – FGIC Insured
5/14 at 100.00
AA– (4)
2,252,123
2,335
 
5.000%, 5/01/24 (Pre-refunded 5/01/14) – FGIC Insured
5/14 at 100.00
AA– (4)
2,363,464
5,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University
6/22 at 100.00
AA
5,201,800
   
Health System, Series 2012A, 5.000%, 6/01/42
     
1,455
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health,
6/22 at 100.00
A+
1,489,760
   
Refunding Series 2012A, 5.000%, 6/01/36
     
1,500
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds,
10/22 at 100.00
AA–
1,529,490
   
WakeMed, Series 2012A, 5.000%, 10/01/38
     
3,050
 
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A, 5.000%,
5/15 at 100.00
Aa3
3,184,444
   
5/01/22 – AMBAC Insured
     
21,565
 
Total North Carolina
   
22,923,415
   
North Dakota – 0.7% (0.5% of Total Investments)
     
5,000
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center
7/22 at 100.00
BBB+
4,859,450
   
Project, Refunding Series 2012A, 4.500%, 7/01/32
     
1,130
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated
12/21 at 100.00
A–
1,129,921
   
Group, Series 2012, 5.000%, 12/01/35
     
1,420
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC
9/23 at 100.00
N/R
1,422,698
   
Project, Series 2013, 7.750%, 9/01/38
     
7,550
 
Total North Dakota
   
7,412,069
   
Ohio – 6.0% (4.1% of Total Investments)
     
320
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds,
5/22 at 100.00
A1
323,875
   
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:
     
650
 
5.000%, 5/01/33
5/22 at 100.00
AA–
681,512
960
 
4.000%, 5/01/33
5/22 at 100.00
AA–
896,803
800
 
5.000%, 5/01/42
5/22 at 100.00
AA–
824,200
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
     
   
Bonds, Senior Lien, Series 2007A-2:
     
25
 
5.375%, 6/01/24
6/17 at 100.00
B–
21,695
3,755
 
5.125%, 6/01/24
6/17 at 100.00
B–
3,166,254
710
 
5.875%, 6/01/30
6/17 at 100.00
B
572,530
13,445
 
5.750%, 6/01/34
6/17 at 100.00
B
10,469,353
2,485
 
5.875%, 6/01/47
6/17 at 100.00
B
1,985,018
5,975
 
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project,
6/23 at 100.00
Baa2
5,947,276
   
Series 2013, 5.000%, 6/15/43
     
1,465
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project,
5/22 at 100.00
Aa2
1,504,247
   
Improvement Series 2012A, 5.000%, 11/01/42
     
   
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A:
     
7,825
 
4.250%, 12/01/32 – AMBAC Insured
12/16 at 100.00
A+
7,827,739
4,605
 
4.250%, 12/01/32 – AMBAC Insured (UB)
12/16 at 100.00
A+
4,606,612
6,920
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series
1/23 at 100.00
AA
7,205,104
   
2013A, 5.000%, 1/01/38 (Mandatory put 1/01/23)
     
6,000
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding
No Opt. Call
A2
6,854,160
   
Series 2007, 5.250%, 12/01/31 – AGM Insured
     
4,795
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series
2/23 at 100.00
A+
4,896,175
   
2013A-1, 5.000%, 2/15/48
     
3,960
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien
2/31 at 100.00
A+
2,580,811
   
Convertible Series 2013A-3, 0.000%, 2/15/36
     
   
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System
     
   
Obligated Group Project, Refunding and Improvement Series 2012:
     
400
 
5.750%, 12/01/32
12/22 at 100.00
N/R
377,160
260
 
6.000%, 12/01/42
12/22 at 100.00
N/R
244,096
4,190
 
Springboro Community City School District, Warren County, Ohio, General Obligation Bonds,
No Opt. Call
AA–
4,925,177
   
Refunding Series 2007, 5.250%, 12/01/26 – AGM Insured
     
69,545
 
Total Ohio
   
65,909,797
   
Oklahoma – 0.7% (0.5% of Total Investments)
     
   
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F:
     
6,000
 
5.000%, 7/01/24 – AMBAC Insured
7/15 at 100.00
AA
6,350,760
1,610
 
5.000%, 7/01/27 – AMBAC Insured
7/15 at 100.00
AA
1,692,770
7,610
 
Total Oklahoma
   
8,043,530
   
Oregon – 0.3% (0.2% of Total Investments)
     
2,500
 
Oregon Health and Science University, Revenue Bonds, Series 2012E, 5.000%, 7/01/32
No Opt. Call
A+
2,672,475
1,000
 
Tigard, Washington County, Oregon, Water System Revenue Bonds, Series 2012, 5.000%, 8/01/42
8/22 at 100.00
AA–
1,057,060
3,500
 
Total Oregon
   
3,729,535
   
Pennsylvania – 7.8% (5.3% of Total Investments)
     
3,545
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2005A, 5.000%,
12/15 at 100.00
A1
3,786,202
   
12/01/23 – NPFG Insured
     
7,000
 
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System
5/20 at 100.00
AA
7,160,510
   
Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40
     
4,000
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A,
6/16 at 100.00
AA
4,318,840
   
5.000%, 6/01/26 – AGM Insured (UB)
     
2,150
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health
6/22 at 100.00
A
2,167,351
   
System Project, Series 2012A, 5.000%, 6/01/42
     
4,235
 
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006,
8/16 at 100.00
A+
4,637,240
   
5.000%, 8/01/24 – AMBAC Insured
     
3,500
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
1/20 at 100.00
AA–
3,636,850
   
5.000%, 1/01/40 – AGM Insured
     
4,000
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2011A, 4.625%,
12/21 at 100.00
A1
3,986,720
   
12/01/44 – AGM Insured
     
4,585
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown
12/23 at 100.00
A
4,655,655
   
Concession, Series 2013A, 5.125%, 12/01/47
     
1,045
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue
8/20 at 100.00
AA
1,116,969
   
Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38 (UB) (5)
     
5,235
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series
5/15 at 100.00
A
5,462,199
   
2005A, 5.000%, 5/01/28 – NPFG Insured
     
7,275
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of
12/16 at 100.00
AA–
7,277,474
   
Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
     
2,100
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 –
6/16 at 100.00
A+
2,258,361
   
AMBAC Insured
     
3,500
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%,
6/26 at 100.00
AA
3,534,020
   
6/01/33 – AGM Insured
     
   
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1:
     
5,235
 
5.000%, 9/01/24 – AGM Insured
9/14 at 100.00
AA–
5,348,338
3,000
 
5.000%, 9/01/25 – AGM Insured