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 811-21449
 
Nuveen Municipal High Income Opportunity 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:         1/31/13         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 

 
 
Item 1. Schedule of Investments
 
 
 
 
 
           
   
Portfolio of Investments (Unaudited) 
     
   
Nuveen Municipal High Income Opportunity Fund (NMZ) 
     
   
January 31, 2013 
     
 
 
 
 
 
Principal 
   
Optional Call 
   
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
   
Alabama – 1.1% (1.0% of Total Investments) 
     
$    1,000 
 
Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Green 
8/20 at 100.00 
N/R 
$   1,017,800 
   
Mountain Management LLC Project, Series 2010, 8.750%, 8/01/30 
     
1,000 
 
Alabama Industrial Development Authority, Solid Waste Disposal Revenue Bonds, Pine City Fiber 
4/13 at 100.00 
B2 
999,920 
   
Co. Project, Series 1993, 6.450%, 12/01/23 (Alternative Minimum Tax) 
     
1,880 
 
Bessemer, Alabama, General Obligation Warrants, Series 2007, 6.500%, 2/01/37 
2/17 at 102.00 
N/R 
1,739,132 
1,000 
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, 
No Opt. Call 
B
1,001,550 
   
Series 2004A, 5.250%, 1/01/14 
     
4,880 
 
Total Alabama 
   
4,758,402 
   
Arizona – 6.4% (5.8% of Total Investments) 
     
1,420 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender 
1/18 at 100.00 
AA– 
1,873,647 
   
Option Bond Trust 3256, 18.196%, 1/01/29 (IF) (4) 
     
1,760 
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender 
1/18 at 100.00 
AA– 
2,598,957 
   
Option Bond Trust 4695, 19.344%, 1/01/32 (IF) (4) 
     
339 
 
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment 
4/13 at 100.00 
N/R 
339,692 
   
Lien Bonds, Series 2001A, 7.875%, 7/01/25 
     
2,000 
 
Maricopa County Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, 
4/13 at 100.00 
N/R 
1,599,780 
   
Privado Park Apartments Project, Series 2010, 5.000%, 11/01/46 (Mandatory put 11/01/15) 
     
   
(Alternative Minimum Tax) (5) 
     
6,720 
 
Maricopa County Industrial Development Authority, Arizona, Senior Living Facility Revenue 
1/14 at 100.00 
CC 
5,316,595 
   
Bonds, Christian Care Mesa II Inc., Series 2004A, 6.625%, 1/01/34 (Alternative Minimum Tax) 
     
   
Phoenix Industrial Development Authority, Arizona, Educational Revenue Bonds, Keystone 
     
   
Montessori School, Series 2004A: 
     
50 
 
6.375%, 11/01/13 
4/13 at 103.00 
N/R 
50,382 
790 
 
7.250%, 11/01/23 
11/16 at 100.00 
N/R 
815,517 
1,715 
 
7.500%, 11/01/33 
11/16 at 100.00 
N/R 
1,770,789 
1,500 
 
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University 
6/22 at 100.00 
A+ 
2,068,440 
   
Project, Tender Option Bond Trust 1086, 17.359%, 6/01/42 – (IF) (4) 
     
550 
 
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Noah 
12/14 at 100.00 
BBB– 
559,708 
   
Webster Basic Schools Inc., Series 2004, 6.125%, 12/15/34 
     
200 
 
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Pointe 
No Opt. Call 
AA+ (6) 
216,974 
   
Educational Services Charter School, Series 2004, 6.250%, 7/01/14 (ETM) 
     
1,500 
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden 
1/22 at 100.00 
BBB– 
1,660,080 
   
Traditional Schools Project, Series 2012, 7.500%, 1/01/42 
     
   
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise 
     
   
Education Center Project, Series 2010: 
     
500 
 
6.000%, 6/01/40 
6/19 at 100.00 
BBB– 
521,035 
500 
 
6.100%, 6/01/45 
6/19 at 100.00 
BBB– 
521,785 
1,150 
 
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract 
4/13 at 100.00 
BBB– 
1,150,989 
   
Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.250%, 10/01/22 – ACA Insured 
     
1,000 
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series 
12/17 at 102.00 
CCC 
889,700 
   
2008, 7.000%, 12/01/27 
     
1,000 
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds, 
5/22 at 100.00 
N/R 
1,082,180 
   
Series 2012A, 9.750%, 5/01/25 
     
2,000 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
B
2,031,140 
   
Prepay Contract Obligations, Series 2007, 5.500%, 12/01/37 
     
1,000 
 
Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 
4/14 at 100.00 
A– 
1,014,110 
   
2007, 4.700%, 4/01/22 
     
1,000 
 
Tucson Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona 
9/14 at 100.00 
BB+ 
1,016,080 
   
Agribusiness and Equine Center Charter School, Series 2004A, 5.850%, 9/01/24 
     
26,694 
 
Total Arizona 
   
27,097,580 
   
California – 16.1% (14.5% of Total Investments) 
     
1,000 
 
California Enterprise Development Authority, Recovery Zone Facility Revenue Bonds, SunPower 
4/21 at 100.00 
N/R 
1,160,120 
   
Corporation – Headquarters Project, Series 2010, 8.500%, 4/01/31 
     
1,810 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma 
6/15 at 100.00 
B– 
1,590,013 
   
County Tobacco Securitization Corporation, Series 2005, 5.125%, 6/01/38 
     
1,250 
 
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital 
11/21 at 100.00 
AA– 
2,002,750 
   
and Clinics, Tender Option Bond Trust 3267, 19.279%, 5/15/31 (IF) (4) 
     
1,000 
 
California School Finance Authority, Educational Facilities Revenue Bonds, Tri-Valley Learning 
6/20 at 102.00 
N/R 
1,017,670 
   
Corporation, Series 2012A, 7.000%, 6/01/47 
     
3,425 
 
California State University, Systemwide Revenue Bonds, Tender Option Bond Trust 4696, 17.327%, 
5/15 at 100.00 
Aa2 
4,488,839 
   
11/01/35 – AMBAC Insured (IF) (4) 
     
1,000 
 
California Statewide Communities Development Authority, Community Facilities District 2012-01, 
9/22 at 100.00 
N/R 
992,790 
   
Fancher Creek, Special Tax Bonds, Series 2013A, 5.700%, 9/01/43 (WI/DD, Settling 2/07/13) 
     
4,000 
 
California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional 
No Opt. Call 
D
239,040 
   
Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (5) 
     
1,000 
 
California Statewide Communities Development Authority, Statewide Community Infrastructure 
9/21 at 100.00 
N/R 
1,066,280 
   
Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41 
     
2,915 
 
California Statewide Community Development Authority, Revenue Bonds, Epidaurus Project, Series 
3/14 at 102.00 
N/R 
3,032,970 
   
2004A, 7.750%, 3/01/34 
     
515 
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender 
5/18 at 100.00 
AA– 
762,066 
   
Option Bond Trust 3048, 17.662%, 11/15/38 (IF) 
     
   
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender 
     
   
Option Bond Trust 3102: 
     
745 
 
17.873%, 11/15/38 (IF) (4) 
5/18 at 100.00 
AA– 
1,104,977 
1,000 
 
18.966%, 11/15/48 (IF) (4) 
5/18 at 100.00 
AA– 
1,503,600 
1,005 
 
California Statewide Community Development Authority, Subordinate Lien Multifamily Housing 
1/14 at 100.00 
N/R 
1,011,623 
   
Revenue Bonds, Corona Park Apartments, Series 2004I-S, 7.750%, 1/01/34 (Alternative 
     
   
Minimum Tax) 
     
500 
 
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana 
4/13 at 100.00 
A+ 
543,320 
   
Redevelopment Project, Tender Option Bonds Trust 1013, 19.271%, 9/01/32 – AMBAC 
     
   
Insured (IF) (4) 
     
1,000 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
6/15 at 100.00 
AA+ 
1,184,710 
   
Asset-Backed Revenue Bonds, Tender Option Bonds Trust 3107, 17.762%, 6/01/45 – 
     
   
AMBAC Insured (IF) 
     
   
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
     
   
Asset-Backed Revenue Bonds, Tender Option Bond Trust 1011: 
     
500 
 
17.378%, 6/01/45 (IF) (4) 
6/15 at 100.00 
A2 
582,655 
750 
 
17.399%, 6/01/45 (IF) (4) 
6/15 at 100.00 
A2 
874,140 
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
     
   
Bonds, Series 2007A-1: 
     
2,000 
 
4.500%, 6/01/27 
6/17 at 100.00 
B
1,894,500 
1,750 
 
5.000%, 6/01/33 
6/17 at 100.00 
B
1,629,390 
500 
 
5.750%, 6/01/47 
6/17 at 100.00 
B
476,285 
1,000 
 
5.125%, 6/01/47 
6/17 at 100.00 
B
862,930 
1,500 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
6/22 at 100.00 
B
1,380,765 
   
Bonds, Series 2007A-2, 5.300%, 6/01/37 
     
1,500 
 
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust 
No Opt. Call 
Aa2 
2,874,420 
   
3253, 22.801%, 1/15/19 (IF) (4) 
     
1,200 
 
Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2003-2 Improvement 
9/13 at 102.00 
N/R 
1,227,828 
   
Area A, Canyon Hills, Series 2004A, 5.950%, 9/01/34 
     
335 
 
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment 
8/19 at 100.00 
BBB+ 
386,419 
   
Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39 
     
3,400 
 
Lee Lake Water District, Riverside County, California, Special Tax Bonds, Community Facilities 
9/13 at 102.00 
N/R 
3,494,962 
   
District 3, Series 2004, 5.950%, 9/01/34 
     
1,000 
 
Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 
No Opt. Call 
A
1,209,230 
   
2007A, 5.500%, 11/15/37 
     
1,125 
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International 
5/20 at 100.00 
AA 
1,724,265 
   
Airport, Tender Option Bond Trust 10-27B, 18.670%, 5/15/40 (IF) (4) 
     
1,000 
 
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series 
9/21 at 100.00 
A– 
1,203,990 
   
2011A, 7.000%, 9/01/31 
     
   
March Joint Powers Redevelopment Agency, California, March Air Force Base Redevelopment 
     
   
Project Tax Allocation Revenue Bonds, Series 2011A: 
     
1,000 
 
7.000%, 8/01/26 
8/21 at 100.00 
BBB+ 
1,205,570 
1,000 
 
7.500%, 8/01/41 
8/21 at 100.00 
BBB+ 
1,191,260 
1,000 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
A
1,389,140 
   
2009B, 6.500%, 11/01/39 
     
500 
 
National City Community Development Commission, California, Tax Allocation Bonds, National 
8/21 at 100.00 
A– 
622,915 
   
City Redevelopment Project, Series 2011, 7.000%, 8/01/32 
     
330 
 
Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment 
9/21 at 100.00 
BBB+ 
387,763 
   
Project, Series 2011, 6.750%, 9/01/40 
     
1,000 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 
11/20 at 100.00 
Baa3 
1,089,980 
   
6.000%, 11/01/41 
     
250 
 
Palomar Pomerado Health, California, General Obligation Bonds, Tender Option Bond Trust 4683, 
8/17 at 100.00 
A+ 
370,480 
   
17.862%, 8/01/37 – NPFG Insured (IF) (4) 
     
1,000 
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community 
9/18 at 100.00 
BBB– 
1,097,210 
   
Development Project, Refunding Series 2008A, 6.500%, 9/01/28 
     
890 
 
River Rock Entertainment Authority, California, Revenue Bonds, Senior Notes Series 2011B, 
11/15 at 104.00 
N/R 
850,146 
   
8.000%, 11/01/18 
     
1,000 
 
Riverside County Public Financing Authority, California, Tax Allocation Bonds, Multiple 
10/14 at 100.00 
BBB 
981,310 
   
Projects, Series 2004, 5.000%, 10/01/35 – SYNCORA GTY Insured 
     
1,200 
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project 
10/21 at 100.00 
A– 
1,384,452 
   
Area, Series 2011B, 6.750%, 10/01/30 
     
   
Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program 
     
   
Facilities Projects, Tender Option Bond Trust 4698: 
     
750 
 
18.244%, 12/01/30 – AMBAC Insured (IF) (4) 
No Opt. Call 
A
1,368,360 
2,015 
 
19.039%, 12/01/33 – AMBAC Insured (IF) (4) 
No Opt. Call 
A
3,627,645 
   
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011: 
     
960 
 
8.000%, 12/01/26 
12/21 at 100.00 
BB 
1,237,920 
1,000 
 
8.000%, 12/01/31 
12/21 at 100.00 
BB 
1,272,420 
1,000 
 
San Jose, California, Airport Revenue Bonds, Tender Option Bond Trust 3923, 17.913%, 9/01/31 – 
3/17 at 100.00 
AA– 
1,252,160 
   
AMBAC Insured (IF) (4) 
     
1,000 
 
Santee Community Development Commission, California, Santee Redevelopment Project Tax 
2/21 at 100.00 
A
1,204,050 
   
Allocation Bonds, Series 2011A, 7.000%, 8/01/41 
     
1,000 
 
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment 
4/13 at 100.00 
A– 
1,000,860 
   
Project 1, Series 2002, 5.250%, 8/01/36 – NPFG Insured 
     
500 
 
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed 
6/14 at 100.00 
BB+ 
456,650 
   
Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2001A, 
     
   
5.000%, 6/01/37 
     
650 
 
Twentynine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners Project 
9/21 at 100.00 
BBB+ 
776,003 
   
Area, Series 2011A, 7.650%, 9/01/42 
     
3,895 
 
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities 
9/13 at 103.00 
N/R 
3,900,717 
   
District 2001-1, Series 2004A, 6.125%, 9/01/39 
     
61,665 
 
Total California 
   
68,189,558 
   
Colorado – 6.8% (6.1% of Total Investments) 
     
1,015 
 
Bradburn Metropolitan District 3, Westminster, Adams County, Colorado, General Obligation 
12/13 at 102.00 
N/R 
1,045,897 
   
Limited Tax Refunding Bonds, Series 2010, 7.500%, 12/01/39 
     
 
Buffalo Ridge Metropolitan District, Colorado, Limited Obligation Assessment Bonds, Series 
12/13 at 101.00 
N/R (6) 
6,361 
   
2003, 7.500%, 12/01/33 (Pre-refunded 12/01/13) 
     
1,000 
 
Cimarron Metropolitan District, Arvada, Colorado, Limited Tax Revenue Bonds, Convertible to 
10/17 at 100.00 
N/R 
1,005,210 
   
Unlimited Tax, Series 2012, 6.000%, 12/01/22 
     
3,500 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Cesar 
5/14 at 101.00 
N/R 
2,449,685 
   
Chavez Academy, Series 2003, 8.000%, 5/01/34 (5) 
     
1,000 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
2/16 at 101.00 
N/R 
928,790 
   
Jefferson County School District R-1 – Compass Montessori Secondary School, Series 2006, 
     
   
5.625%, 2/15/36 
     
1,000 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Mountain 
10/22 at 100.00 
N/R 
987,560 
   
Phoenix Community School, Series 2012, 7.000%, 10/01/42 
     
1,350 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Colorado Senior Residences 
6/22 at 100.00 
N/R 
1,449,347 
   
Project, Series 2012, 6.750%, 6/01/32 
     
325 
 
Colorado Health Facilities Authority, Revenue Bonds, Craig Hospital Project, Tender Option 
12/22 at 100.00 
A– 
500,747 
   
Bond Trust 1131, 17.087%, 12/01/32 (IF) (4) 
     
1,000 
 
Compark Business Campus Metropolitan District, Douglas County, Colorado, General Obligation 
12/22 at 100.00 
N/R 
1,032,500 
   
Bonds, Series 2012A, 6.750%, 12/01/39 – RAAI Insured 
     
1,000 
 
Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007, 
12/17 at 100.00 
N/R 
839,120 
   
5.450%, 12/01/34 
     
2,000 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 – 
No Opt. Call 
BBB 
1,077,720 
   
NPFG Insured 
     
999 
 
Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue Bonds, 
12/19 at 100.00 
N/R 
1,051,158 
   
Series 2009A-1, 9.000%, 8/01/39 
     
3,145 
 
Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, 
1/18 at 100.00 
N/R 
3,286,022 
   
Series 2007, 6.750%, 1/01/34 
     
1,000 
 
Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 
12/16 at 100.00 
N/R 
846,710 
   
2007, 5.500%, 12/01/27 
     
1,980 
 
Park Creek Metropolitan District, Colorado, Limited Tax Obligation Revenue Bonds, Series 
12/13 at 100.00 
N/R 
2,033,440 
   
2003CR-2, 7.875%, 12/01/32 (Mandatory put 12/01/13) 
     
1,500 
 
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Series 2003, 
6/14 at 101.00 
N/R (6) 
1,665,225 
   
8.000%, 12/01/25 (Pre-refunded 6/01/14) 
     
3,565 
 
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs 
No Opt. Call 
A
4,840,165 
   
Utilities, Series 2008, 6.500%, 11/15/38 
     
500 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private 
7/20 at 100.00 
Baa3 
607,370 
   
Activity Bonds, Series 2010, 6.500%, 1/15/30 
     
625 
 
Rendezvous Residential Metropolitan District, Colorado, Limited Tax General Obligation Bonds, 
12/17 at 100.00 
N/R 
590,681 
   
Refunding Series 2007, 5.375%, 12/01/21 
     
1,000 
 
Stone Ridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax 
12/17 at 100.00 
N/R 
257,180 
   
Convertible to Unlimited, Series 2007, 7.250%, 12/01/31 
     
1,000 
 
Tallyn’s Reach Metropolitan District 3, Aurora, Colorado, Limited Tax General Obligation 
12/13 at 100.00 
N/R (6) 
1,054,580 
   
Bonds, Series 2004, 6.750%, 12/01/33 (Pre-refunded 12/01/13) 
     
1,000 
 
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax 
12/20 at 100.00 
N/R 
1,060,740 
   
Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39 
     
29,510 
 
Total Colorado 
   
28,616,208 
   
Connecticut – 0.6% (0.6% of Total Investments) 
     
1,000 
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue 
4/20 at 100.00 
N/R 
1,144,730 
   
Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39 
     
2,000 
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Lien Series 
4/13 at 100.00 
N/R 
927,660 
   
1997B, 5.750%, 9/01/27 (5) 
     
500 
 
Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 
4/21 at 100.00 
N/R 
537,530 
   
2011aA, 7.000%, 4/01/41 
     
3,500 
 
Total Connecticut 
   
2,609,920 
   
District of Columbia – 0.3% (0.3% of Total Investments) 
     
225 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
No Opt. Call 
Baa1 
265,142 
   
Series 2001, 6.500%, 5/15/33 
     
1,000 
 
District of Columbia, Revenue Bonds, Cesar Chavez Public Charter Schools for Public Policy, 
11/20 at 100.00 
BBB– 
1,158,150 
   
Series 2011, 7.500%, 11/15/31 
     
1,225 
 
Total District of Columbia 
   
1,423,292 
   
Florida – 12.7% (11.4% of Total Investments) 
     
1,000 
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series 
5/22 at 100.00 
N/R 
1,019,870 
   
2012, 6.700%, 5/01/42 
     
4,795 
 
Beacon Lakes Community Development District, Florida, Special Assessment Bonds, Series 2003A, 
5/13 at 101.00 
N/R 
4,869,706 
   
6.900%, 5/01/35 
     
700 
 
Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc., Series 2000, 7.500%, 
11/14 at 101.00 
Ba2 
743,862 
   
11/01/20 (Alternative Minimum Tax) 
     
875 
 
Capital Projects Finance Authority, Florida, Student Housing Revenue Bonds, Capital Projects 
4/13 at 101.00 
BBB 
869,689 
   
Loan Program, Series 2001F-1, 5.000%, 10/01/31 – NPFG Insured 
     
955 
 
Colonial Country Club Community Development District, Florida, Capital Improvement Revenue 
5/13 at 101.00 
A
976,593 
   
Bonds, Series 2003, 6.400%, 5/01/33 
     
1,000 
 
Cordoba Ranch Community Development District, Hillsborough County, Florida, Special Assessment 
5/16 at 100.00 
N/R 
885,240 
   
Revenue Bonds, Series 2006, 5.550%, 5/01/37 
     
1,000 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance 
6/21 at 100.00 
BB+ 
1,176,730 
   
Charter School, Inc. Projects, Series 2011A, 7.625%, 6/15/41 
     
500 
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special 
11/22 at 100.00 
N/R 
500,140 
   
Assessment Bonds, Doral Breeze Project Series 2012, 5.500%, 11/01/32 
     
7,835 
 
Harmony Community Development District, Florida, Special Assessment Bonds, Series 2001, 
5/14 at 103.25 
N/R 
8,198,387 
   
7.250%, 5/01/32 
     
3,000 
 
Jacksonville, Florida, Economic Development Commission Health Care Facilities Revenue Bonds, 
9/17 at 100.00 
N/R 
3,315,690 
   
Florida Proton Therapy Institute Project, Series 2007A, 6.250%, 9/01/27 
     
500 
 
Lake County, Florida, Industrial Development Revenue Bonds, Crane’s View Lodge Project, Series 
No Opt. Call 
N/R 
502,310 
   
2012A, 7.125%, 11/01/42 
     
2,000 
 
Martin County Industrial Development Authority, Florida, Industrial Development Revenue Bonds, 
6/13 at 100.00 
BB+ 
2,008,140 
   
Indiantown Cogeneration LP, Series 1994A, 7.875%, 12/15/25 (Alternative Minimum Tax) 
     
1,685 
 
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, 
2/21 at 100.00 
AA– 
2,005,858 
   
6.000%, 2/01/30 – AGM Insured 
     
1,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Series 2008, Trust 1145, 18.266%, 4/01/32 – 
10/18 at 100.00 
AA– 
1,321,560 
   
AGC Insured (Alternative Minimum Tax) (IF) (4) 
     
1,250 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Tender Option Bond Trust 
10/20 at 100.00 
Aa2 
1,855,550 
   
11834, 17.925%, 10/01/33 – AGM Insured (IF) 
     
1,000 
 
Mid-Bay Bridge Authority, Florida, Springing Lien Revenue Bonds, Series 2011, 7.250%, 10/01/34 
10/21 at 100.00 
BBB 
1,289,890 
3,420 
 
Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Lake 
4/13 at 100.00 
N/R 
3,420,889 
   
Delray Apartments, Series 1999A, 6.400%, 1/01/31 (Alternative Minimum Tax) 
     
1,100 
 
Palm Glades Community Development District, Florida, Special Assessment Bonds, Series 2006A, 
5/16 at 100.00 
N/R 
1,102,178 
   
5.300%, 5/01/36 
     
3,615 
 
Pine Island Community Development District, Florida, Special Assessment Bonds, Bella Collina, 
5/13 at 100.00 
N/R 
3,461,652 
   
Series 2004, 5.750%, 5/01/35 
     
1,000 
 
Reunion West Community Development District, Florida, Special Assessment Bonds, Series 
5/22 at 100.00 
N/R 
958,100 
   
2004A-1, 6.250%, 5/01/36 
     
475 
 
South Village Community Development District, Clay County, Florida, Capital Improvement 
5/13 at 100.00 
N/R 
437,366 
   
Revenue Bonds, Series 2005A, 5.700%, 5/01/35 
     
780 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/17 at 100.00 
N/R 
559,798 
   
Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 
     
2,270 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/19 at 100.00 
N/R 
1,307,951 
   
Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 
     
965 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/22 at 100.00 
N/R 
409,054 
   
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 
     
1,360 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 
5/18 at 100.00 
N/R 
14 
   
2007-3, 6.650%, 5/01/40 (5) 
     
180 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing 
5/18 at 100.00 
N/R 
96,937 
   
Parcel Series 2007-1. RMKT, 6.650%, 5/01/40 (5) 
     
2,365 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/17 at 100.00 
N/R 
2,342,722 
   
2012A-1, 6.650%, 5/01/40 
     
875 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006, 
5/14 at 101.00 
BB 
868,490 
   
5.400%, 5/01/37 
     
5,510 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, 
5/18 at 100.00 
N/R 
2,514,048 
   
Southern/Forbearance Parcel Series 2007-2, 6.650%, 5/01/40 (5) 
     
4,485 
 
Westchester Community Development District 1, Florida, Special Assessment Bonds, Series 2003, 
5/13 at 101.00 
N/R 
4,541,690 
   
6.125%, 5/01/35 
     
57,495 
 
Total Florida 
   
53,560,104 
   
Georgia – 0.9% (0.8% of Total Investments) 
     
1,000 
 
Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, Elderly Care, 
7/17 at 100.00 
N/R 
1,002,030 
   
Lenbrook Square Project, Series 2006A, 5.125%, 7/01/37 
     
1,115 
 
Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, Elderly Care, 
7/17 at 101.00 
N/R 
1,115,223 
   
Lenbrook Square Project, Series 2006B, 7.300%, 7/01/42 
     
1,780 
 
Fulton County Residential Care Facilities Authority, Georgia, Revenue Bonds, St. Anne’s 
12/13 at 102.00 
N/R 
1,848,299 
   
Terrace, Series 2003, 7.625%, 12/01/33 
     
3,895 
 
Total Georgia 
   
3,965,552 
   
Guam – 0.7% (0.6% of Total Investments) 
     
2,445 
 
Guam Government, General Obligation Bonds, 2009 Series A, 7.000%, 11/15/39 
11/19 at 100.00 
B+ 
2,763,095 
   
Hawaii – 0.7% (0.6% of Total Investments) 
     
940 
 
Hawaii Department of Budget and Finance, Private School Revenue Bonds, Montessori of Maui, 
2/17 at 100.00 
N/R 
916,763 
   
Series 2007, 5.500%, 1/01/37 
     
1,655 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaiian Electric 
7/19 at 100.00 
Baa1 
1,943,268 
   
Company, Inc. and Subsidiary Projects, Series 2009, 6.500%, 7/01/39 
     
2,595 
 
Total Hawaii 
   
2,860,031 
   
Idaho – 0.2% (0.1% of Total Investments) 
     
500 
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Tender 
3/22 at 100.00 
A
683,505 
   
Option Bond Trust 1102, 17.425%, 3/01/47 – AGM Insured (IF) (4) 
     
   
Illinois – 7.6% (6.8% of Total Investments) 
     
1,325 
 
CenterPoint Intermodal Center Program, Illinois, Trust Series 2004 Class A Certificates, 
No Opt. Call 
N/R 
1,325,159 
   
3.730%, 6/15/23 
     
984 
 
Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State 
No Opt. Call 
N/R 
987,757 
   
Redevelopment Project, Series 2012, 6.100%, 1/15/29 
     
475 
 
Chicago, Illinois, Certificates of Participation Tax Increment Revenue Notes, 
No Opt. Call 
N/R 
475,228 
   
Chicago/Kingsbury Redevelopment Project, Series 2004A, 6.570%, 2/15/13 
     
1,895 
 
Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds, 
4/13 at 100.00 
N/R 
1,521,287 
   
Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26 
     
1,000 
 
Evanston, Illinois, Educational Facility Revenue Bonds, Roycemore School Project, Series 2011, 
7/21 at 100.00 
N/R 
1,137,040 
   
8.250%, 7/01/41 
     
1,875 
 
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Series 2010A, 8.000%, 5/15/46 
5/20 at 100.00 
N/R 
2,241,431 
1,100 
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 
1/18 at 100.00 
Baa2 
1,226,522 
   
5.625%, 1/01/37 
     
1,000 
 
Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A, 
5/17 at 100.00 
N/R 
1,025,440 
   
5.750%, 5/15/38 
     
1,250 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Tender Option Bond Trust 
11/17 at 100.00 
A
1,777,750 
   
4702, 20.429%, 11/15/37 (IF) (4) 
     
1,000 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34 
8/19 at 100.00 
BBB+ 
1,279,020 
2,000 
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 
8/17 at 100.00 
BBB 
2,195,320 
   
5.500%, 8/01/37 
     
3,850 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 
8/19 at 100.00 
BBB+ 
4,607,796 
   
2009, 7.000%, 8/15/44 
     
   
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust 3908: 
     
250 
 
21.569%, 2/15/19 – AGM Insured (IF) (4) 
No Opt. Call 
AA– 
435,980 
1,685 
 
21.554%, 2/15/19 – AGM Insured (IF) (4) 
No Opt. Call 
AA– 
2,937,562 
4,000 
 
Illinois Finance Authority, Student Housing Revenue Bonds, MJH Education Assistance Illinois 
6/14 at 100.00 
Ca 
3,439,640 
   
IV LLC, Fullerton Village Project, Series 2004A, 5.125%, 6/01/35 (5) 
     
1,105 
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel 
1/16 at 100.00 
N/R 
750,251 
   
Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 
     
1,431 
 
Lombard Public Facilities Corporation, Illinois, Third Tier Conference Center and Hotel 
7/18 at 100.00 
N/R 
314,088 
   
Revenue Bonds, Series 2005C-3, 12.000%, 1/01/36 (5) 
     
1,917 
 
Plano Special Service Area 1, Illinois, Special Tax Bonds, Lakewood Springs Project, Series 
3/14 at 102.00 
N/R 
1,971,404 
   
2004A, 6.200%, 3/01/34 
     
985 
 
Volo Village, Illinois, Special Service Area 3 Special Tax Bonds, Symphony Meadows Project 1, 
3/16 at 102.00 
N/R 
881,211 
   
Series 2006-1, 6.000%, 3/01/36 (Mandatory put 3/01/18) 
     
935 
 
Yorkville United City Business District, Illinois, Storm Water and Water Improvement Project 
1/17 at 102.00 
N/R 
663,766 
   
Revenue Bonds, Series 2007, 6.000%, 1/01/26 
     
831 
 
Yorkville, Illinois, Special Service Area 2005-108 Assessment Bonds, Autumn Creek Project, 
3/16 at 102.00 
N/R 
799,854 
   
Series 2006, 6.000%, 3/01/36 
     
30,893 
 
Total Illinois 
   
31,993,506 
   
Indiana – 3.4% (3.1% of Total Investments) 
     
6,360 
 
Carmel Redevelopment District, Indiana, Tax Increment Revenue Bonds, Series 2004A, 
7/14 at 100.00 
N/R 
6,368,395 
   
6.650%, 1/15/24 
     
1,000 
 
Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, Tender Option 
No Opt. Call 
AA 
2,102,440 
   
Bond Trust 10-77W, 19.410%, 4/01/30 – AMBAC Insured (IF) (4) 
     
   
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Tender Option Bond 
     
   
Trust 3611: 
     
1,290 
 
18.051%, 6/01/17 (IF) (4) 
No Opt. Call 
AA 
1,795,680 
1,250 
 
19.051%, 6/01/17 (IF) (4) 
No Opt. Call 
AA 
1,850,000 
1,000 
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Ascension 
11/16 at 100.00 
AA+ 
1,319,480 
   
Health, Tender Option Bond Trust 3301, 18.202%, 11/15/30 (IF) (4) 
     
1,000 
 
St. Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village 
7/15 at 103.00 
N/R 
1,068,220 
   
Apartments, Series 2005A, 7.500%, 7/01/35 
     
11,900 
 
Total Indiana 
   
14,504,215 
   
Iowa – 0.5% (0.4% of Total Investments) 
     
1,000 
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A, 
7/16 at 100.00 
BB+ 
1,053,140 
   
5.500%, 7/01/25 
     
1,000 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project, 
8/22 at 100.00 
BBB– 
1,019,150 
   
Series 2012, 4.750%, 8/01/42 
     
2,000 
 
Total Iowa 
   
2,072,290 
   
Louisiana – 2.7% (2.5% of Total Investments) 
     
1,000 
 
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation 
12/21 at 100.00 
N/R 
1,123,330 
   
Project, Series 2011A, 7.750%, 12/15/31 
     
5,000 
 
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue 
11/17 at 100.00 
BBB– 
5,693,350 
   
Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 
     
980 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
6/16 at 101.00 
N/R 
1,003,128 
   
Revenue Bonds, CDF Healthcare of Louisiana LLC, Series 2006A, 7.000%, 6/01/36 
     
3,000 
 
Louisiana Local Government Environmental Facilities and Community Development Authority, 
12/17 at 100.00 
N/R 
1,347,150 
   
Revenue Bonds, Southgate Suites Hotel LLC Project, Series 2007A, 6.750%, 12/15/37 (5) 
     
   
Louisiana Local Government Environmental Facilities and Community Development Authority, 
     
   
Revenue Bonds, Women’s Hospital Foundation Project, Tender Option Bonds Trust 1012: 
     
750 
 
20.701%, 10/01/40 (IF) (4) 
10/20 at 100.00 
A3 
1,187,310 
750 
 
20.689%, 10/01/40 (IF) (4) 
10/20 at 100.00 
A3 
1,187,040 
11,480 
 
Total Louisiana 
   
11,541,308 
   
Maine – 0.8% (0.7% of Total Investments) 
     
3,155 
 
Portland Housing Development Corporation, Maine, Section 8 Assisted Senior Living Revenue 
2/14 at 102.00 
Baa2 
3,254,225 
   
Bonds, Avesta Housing Development Corporation, Series 2004A, 6.000%, 2/01/34 
     
   
Maryland – 1.0% (0.9% of Total Investments) 
     
1,000 
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 
9/16 at 100.00 
BB+ 
1,021,210 
   
9/01/39 – SYNCORA GTY Insured 
     
2,500 
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference 
12/16 at 100.00 
N/R 
1,808,125 
   
Center, Series 2006B, 5.250%, 12/01/31 
     
1,000 
 
Maryland Economic Development Corporation, Senior Lien Student Housing Revenue Bonds, 
10/13 at 100.00 
B3 
903,720 
   
University of Maryland – Baltimore, Series 2003A, 5.750%, 10/01/33 
     
435 
 
Prince George’s County, Maryland, Revenue Bonds, Dimensions Health Corporation, Series 1994, 
7/13 at 100.00 
B3 
426,087 
   
5.300%, 7/01/24 
     
4,935 
 
Total Maryland 
   
4,159,142 
   
Massachusetts – 0.5% (0.5% of Total Investments) 
     
255 
 
Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds, 
No Opt. Call 
N/R 
253,962 
   
Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax) 
     
1,000 
 
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street 
4/13 at 100.00 
BBB 
1,001,080 
   
Redevelopment, M/SRBC Project, Series 2002A, 5.125%, 2/01/34 – NPFG Insured 
     
429 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire 
4/13 at 103.00 
N/R 
366,742 
   
Community Services Inc., Series 2012A, 6.000%, 2/15/43 
     
334 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire 
4/13 at 103.00 
N/R 
33,348 
   
Community Services Inc., Series 2012B, 6.375%, 2/15/43 
     
513 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northern Berkshire 
4/13 at 103.00 
N/R 
5
   
Community Services Inc., Series 2012C, 6.625%, 2/15/43 
     
480 
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 
7/13 at 100.00 
N/R 
479,962 
   
2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax) 
     
3,011 
 
Total Massachusetts 
   
2,135,099 
   
Michigan – 4.1% (3.7% of Total Investments) 
     
1,110 
 
Countryside Charter School, Berrien County, Michigan, Charter School Revenue Bonds, Series 
4/13 at 100.00 
N/R 
1,110,555 
   
1999, 7.000%, 4/01/29 
     
795 
 
Countryside Charter School, Berrien County, Michigan, Charter School Revenue Bonds, Series 
4/13 at 100.00 
N/R 
797,154 
   
2000, 8.000%, 4/01/29 
     
   
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A: 
     
1,205 
 
5.500%, 5/01/21 
5/13 at 100.00 
B– 
1,117,951 
15 
 
5.500%, 5/01/21 – ACA Insured 
4/13 at 100.00 
B– 
13,916 
300 
 
Detroit Water Supply System, Michigan, Water Supply System Revenue Bonds, Refunding, Series 
No Opt. Call 
A
314,217 
   
2006D, 5.000%, 7/01/33 – NPFG Insured 
     
1,000 
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Tender Option Bond Trust 
No Opt. Call 
AA 
1,438,400 
   
3789, 18.529%, 5/01/18 (IF) (4) 
     
250 
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/16 – NPFG Insured 
4/13 at 100.00 
BBB 
246,280 
750 
 
Detroit, Michigan, General Obligation Bonds, Series 2004A-1, 5.250%, 4/01/19 – AMBAC Insured 
No Opt. Call 
B
681,593 
900 
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Second Lien Series 
No Opt. Call 
A
1,061,514 
   
2005B, 5.500%, 7/01/22 – NPFG Insured 
     
   
Garden City Hospital Finance Authority, Michigan, Revenue Bonds, Garden City Hospital 
     
   
Obligated Group, Series 2007A: 
     
1,000 
 
4.875%, 8/15/27 
8/17 at 100.00 
N/R 
982,110 
1,000 
 
5.000%, 8/15/38 
8/17 at 100.00 
N/R 
948,880 
1,000 
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope 
4/21 at 100.00 
BBB– 
1,179,020 
   
Academy Project, Series 2011, 8.125%, 4/01/41 
     
1,000 
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Voyageur 
7/21 at 100.00 
BB 
1,063,610 
   
Academy Project, Series 2011, 8.000%, 7/15/41 
     
1,000 
 
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Chandler 
11/15 at 100.00 
BBB 
1,026,890 
   
Park Academy Project, Series 2008, 6.500%, 11/01/35 
     
1,000 
 
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Richfield 
9/17 at 100.00 
BBB– 
975,610 
   
Public School Academy, Series 2007, 5.000%, 9/01/36 
     
1,500 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Hills and Dales General Hospital, 
11/15 at 102.00 
N/R 
1,558,035 
   
Series 2005A, 6.750%, 11/15/38 
     
1,000 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
A1 
1,280,750 
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 
     
1,000 
 
Summit Academy North, Michigan, Revenue Bonds, Public School Academy Series 2005, 
11/15 at 100.00 
BB 
982,130 
   
5.500%, 11/01/30 
     
500 
 
Summit Academy, Michigan, Revenue Bonds, Public School Academy Series 2005, 6.375%, 11/01/35 
11/15 at 100.00 
BB 
508,995 
16,325 
 
Total Michigan 
   
17,287,610 
   
Minnesota – 1.1% (1.0% of Total Investments) 
     
1,325 
 
Ramsey, Anoka County, Minnesota, Charter School Lease Revenue Bonds, PACT Charter School, 
6/14 at 102.00 
N/R 
1,373,230 
   
Series 2004A, 6.750%, 12/01/33 
     
1,110 
 
St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, Higher 
6/14 at 102.00 
N/R 
1,151,514 
   
Ground Academy Charter School, Series 2004A, 6.625%, 12/01/23 
     
1,100 
 
St. Paul Housing and Redevelopment Authority, Minnesota, Charter School Revenue Bonds, HOPE 
6/14 at 102.00 
N/R 
1,135,574 
   
Community Academy Charter School, Series 2004A, 6.750%, 12/01/33 
     
1,000 
 
St. Paul Port Authority, Minnesota, Lease Revenue Bonds, HealthEast Midway Campus, Series 
5/15 at 100.00 
N/R 
1,067,560 
   
2005B, 6.000%, 5/01/30 
     
4,535 
 
Total Minnesota 
   
4,727,878 
   
Mississippi – 0.4% (0.4% of Total Investments) 
     
833 
 
Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care 
10/19 at 101.00 
N/R 
709,564 
   
Apartments, Series 2004-2, 6.125%, 9/01/34 (Alternative Minimum Tax) 
     
1,000 
 
Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company 
9/18 at 100.00 
BBB 
1,153,110 
   
Project, Series 2008A, 6.500%, 9/01/32 
     
1,833 
 
Total Mississippi 
   
1,862,674 
   
Missouri – 1.6% (1.5% of Total Investments) 
     
5,935 
 
Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue 
12/16 at 100.00 
AA+ 
6,184,982 
   
Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – AMBAC Insured 
     
   
(Alternative Minimum Tax) (UB) (4) 
     
762 
 
Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Grace Lofts Redevelopment 
No Opt. Call 
N/R 
705,726 
   
Projects, Series 2007A, 6.000%, 12/31/26 
     
6,697 
 
Total Missouri 
   
6,890,708 
   
Montana – 0.6% (0.6% of Total Investments) 
     
2,700 
 
Montana Board of Investments, Exempt Facility Revenue Bonds, Stillwater Mining Company, Series 
4/13 at 100.00 
B
2,709,585 
   
2000, 8.000%, 7/01/20 (Alternative Minimum Tax) 
     
   
Nebraska – 2.7% (2.4% of Total Investments) 
     
6,485 
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2, 
2/17 at 100.00 
AA+ 
11,274,043 
   
Series 2006A, 19.958%, 8/01/40 – AMBAC Insured (IF) 
     
   
Nevada – 0.2% (0.2% of Total Investments) 
     
1,000 
 
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax 
6/18 at 100.00 
B2 
1,033,920 
   
Revenue Bonds Series 2008A, 6.750%, 6/15/28 
     
   
New Jersey – 2.3% (2.0% of Total Investments) 
     
1,050 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
8/22 at 101.00 
B
1,073,720 
   
Airlines Inc., Series 1999, 5.250%, 9/15/29 (Alternative Minimum Tax) 
     
1,000 
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental 
5/13 at 100.00 
B
1,003,780 
   
Airlines Inc., Series 2000, 7.000%, 11/15/30 (Alternative Minimum Tax) 
     
1,000 
 
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident 
6/20 at 100.00 
Baa3 
1,122,820 
   
Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 
     
   
2010A, 5.875%, 6/01/42 
     
600 
 
New Jersey Educational Facilities Authority, Revenue Refunding Bonds, University of Medicine 
6/19 at 100.00 
A– 
752,874 
   
and Dentistry of New Jersey, Series 2009B, 7.500%, 12/01/32 
     
2,000 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
7/18 at 100.00 
BB+ 
2,141,220 
   
University Hospital, Series 2007, 5.750%, 7/01/37 
     
2,000 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s 
7/18 at 100.00 
BBB– 
2,321,400 
   
Healthcare System Obligated Group Issue, Series 2008, 6.625%, 7/01/38 
     
1,000 
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A, 
6/18 at 100.00 
AA– 
1,114,550 
   
6.125%, 6/01/30 – AGC Insured (Alternative Minimum Tax) 
     
8,650 
 
Total New Jersey 
   
9,530,364 
   
New Mexico – 0.4% (0.4% of Total Investments) 
     
1,000 
 
Jicarilla Apache Nation, New Mexico, Revenue Bonds, Series 2002A, 5.500%, 9/01/23 
No Opt. Call 
N/R 
1,000,100 
1,000 
 
Mariposa East Public Improvement District, New Mexico, General Obligation Bonds, Series 2006, 
9/16 at 100.00 
N/R 
855,870 
   
6.000%, 9/01/32 
     
2,000 
 
Total New Mexico 
   
1,855,970 
   
New York – 1.9% (1.7% of Total Investments) 
     
1,000 
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
1/20 at 100.00 
BBB– 
1,185,610 
   
Bonds, Barclays Center Project, Series 2009, 6.375%, 7/15/43 
     
1,500 
 
New York City Industrial Development Agency, New York, American Airlines-JFK International 
No Opt. Call 
N/R 
1,561,841 
   
Airport Special Facility Revenue Bonds, Series 2005, 7.500%, 8/01/16 (Alternative Minimum Tax) 
     
   
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx 
     
   
Parking Development Company, LLC Project, Series 2007: 
     
1,000 
 
5.750%, 10/01/37 
10/17 at 100.00 
N/R 
460,070 
3,000 
 
5.875%, 10/01/46 
10/17 at 102.00 
N/R 
1,380,060 
1,700 
 
New York City Industrial Development Agency, New York, Special Facilities Revenue Bonds, 
4/13 at 100.00 
N/R 
1,654,236 
   
American Airlines Inc., Series 1994, 6.900%, 8/01/24 (Alternative Minimum Tax) (5) 
     
1,375 
 
New York Liberty Development Corporation, Second Priority Liberty Revenue Refunding Bonds, 
1/20 at 100.00 
A– 
1,637,721 
   
Bank of America Tower at One Bryant Park Project, Series 2010, 6.375%, 7/15/49 
     
265 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
12/20 at 100.00 
BBB– 
315,835 
   
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42 
     
9,840 
 
Total New York 
   
8,195,373 
   
North Carolina – 2.1% (1.9% of Total Investments) 
     
940 
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA 
No Opt. Call 
AA– 
1,477,877 
   
Carolinas HealthCare System, Tender Option Bond Trust 11963, 19.212%, 1/15/19 (IF) 
     
5,250 
 
North Carolina Capital Facilities Finance Agency, Solid Waste Facilities Revenue Bonds, 
7/16 at 100.00 
N/R 
5,185,583 
   
Liberty Tire Services of North Carolina LLC, Series 2004A, 6.750%, 7/01/29 
     
960 
 
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 
10/16 at 100.00 
AA+ 
2,124,490 
   
2008, Tender Option Bonds Trust 3248, 27.398%, 10/01/21 (IF) 
     
7,150 
 
Total North Carolina 
   
8,787,950 
   
Ohio – 3.6% (3.3% of Total Investments) 
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
     
   
Bonds, Senior Lien, Series 2007A-2: 
     
315 
 
5.125%, 6/01/24 
6/17 at 100.00 
B– 
292,052 
2,000 
 
5.875%, 6/01/30 
6/17 at 100.00 
B
1,834,020 
4,375 
 
5.750%, 6/01/34 
6/17 at 100.00 
B
3,910,813 
1,455 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/22 at 100.00 
B
1,383,458 
   
Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 
     
2,380 
 
Cleveland-Cuyahoga County Port Authority, Ohio, Development Revenue Bonds, Bond Fund Program – 
5/14 at 102.00 
BBB+ 
2,387,783 
   
Garfield Heights Project, Series 2004D, 5.250%, 5/15/23 
     
1,270 
 
Medina County Port Authority, Ohio, Development Revenue Bond, Fiber Network Project, Series 
12/20 at 100.00 
A+ 
1,458,151 
   
2010B, 6.000%, 12/01/30 
     
500 
 
Ohio, Environmental Facilities Revenue Bonds, Ford Motor Company, Series 2005, 5.750%, 4/01/35 
4/15 at 100.00 
Baa3 
520,065 
   
(Alternative Minimum Tax) 
     
3,000 
 
State of Ohio, Solid Waste Disposal Revenue Bonds (USG Corporation Project) Series 1997 
2/13 at 100.00 
B– 
2,954,550 
   
Remarketed, 5.600%, 8/01/32 (Alternative Minimum Tax) 
     
4,000 
 
Western Reserve Port Authority, Ohio, Solid Waste Facility Revenue Bonds, Central Waste Inc., 
7/17 at 102.00 
N/R 
561,400 
   
Series 2007A, 6.350%, 7/01/27 (Alternative Minimum Tax) (5) 
     
19,295 
 
Total Ohio 
   
15,302,292 
   
Oklahoma – 1.2% (1.1% of Total Investments) 
     
1,000 
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue 
8/21 at 100.00 
N/R 
1,107,570 
   
Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 
     
940 
 
Okeene Municipal Hospital and Schallmo Authority, Oklahoma, Revenue Bonds, Series 2006, 
1/16 at 101.00 
N/R 
946,702 
   
7.000%, 1/01/35 
     
1,445 
 
Tulsa Municipal Airport Trust, Oklahoma, Revenue Bonds, American Airlines Inc., Series 1995, 
6/13 at 100.00 
N/R 
1,448,540 
   
6.250%, 6/01/20 
     
1,500 
 
Tulsa Municipal Airport Trust, Oklahoma, Revenue Refunding Bonds, American Airlines Inc., 
No Opt. Call 
N/R 
1,636,785 
   
Series 2000A, 7.750%, 6/01/35 (Mandatory put 12/01/14) 
     
4,885 
 
Total Oklahoma 
   
5,139,597 
   
Pennsylvania – 2.1% (1.9% of Total Investments) 
     
   
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, West Penn 
     
   
Allegheny Health System, Series 2007A: 
     
500 
 
5.000%, 11/15/28 
11/17 at 100.00 
CC 
426,770 
2,500 
 
5.375%, 11/15/40 
11/17 at 100.00 
CC 
2,136,225 
275 
 
Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series 
No Opt. Call 
N/R 
280,561 
   
2005, 6.000%, 11/15/16 
     
925 
 
Berks County Industrial Development Authority, Pennsylvania, First Mortgage Revenue Bonds, One 
11/17 at 101.00 
N/R 
940,327 
   
Douglassville Properties Project, Series 2007A, 6.125%, 11/01/34 (Alternative Minimum Tax) 
     
2,000 
 
Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds, 
10/15 at 102.00 
N/R 
2,063,720 
   
Immaculata University, Series 2005, 5.750%, 10/15/37 
     
400 
 
Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School 
12/17 at 100.00 
BBB– 
421,464 
   
Revenue Bonds, Series 2007A, 6.375%, 12/15/37 
     
1,500 
 
Pennsylvania Economic Development Finance Authority, Solid Waste Disposal Revenue Bonds (USG 
6/13 at 100.00 
B– 
1,500,165 
   
Corporation Project) Series 1999, 6.000%, 6/01/31 (Alternative Minimum Tax) 
     
1,000 
 
Scranton, Pennsylvania, General Obligation Bonds, Series 2012A, 8.500%, 9/01/22 
No Opt. Call 
N/R 
971,940 
9,100 
 
Total Pennsylvania 
   
8,741,172 
   
Puerto Rico – 0.9% (0.8% of Total Investments) 
     
   
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Tender Option Bond 
     
   
Trust 1081: 
     
2,000 
 
20.969%, 8/01/57 (IF) (4) 
8/19 at 100.00 
AA– 
2,752,240 
500 
 
20.969%, 8/01/57 (IF) (4) 
8/19 at 100.00 
AA– 
688,060 
135 
 
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/20 – 
No Opt. Call 
BBB+ 
147,112 
   
NPFG Insured 
     
2,635 
 
Total Puerto Rico 
   
3,587,412 
   
Rhode Island – 0.8% (0.7% of Total Investments) 
     
1,000 
 
Rhode Island Student Loan Authority, Student Loan Program Revenue Bonds, Series 2008A, 6.750%, 
12/17 at 100.00 
A
1,111,810 
   
12/01/28 (Alternative Minimum Tax) 
     
2,035 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
4/13 at 100.00 
BBB– 
2,096,030 
   
Series 2002A, 6.250%, 6/01/42 
     
3,035 
 
Total Rhode Island 
   
3,207,840 
   
South Carolina – 0.7% (0.6% of Total Investments) 
     
4,000 
 
Lancaster County, South Carolina, Assessment Bonds, Edgewater II Improvement District, Series 
11/17 at 100.00 
N/R 
2,007,120 
   
2007A, 7.750%, 11/01/39 (5) 
     
625 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, 
8/21 at 100.00 
AA– 
767,769 
   
Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured 
     
4,625 
 
Total South Carolina 
   
2,774,889 
   
Tennessee – 2.0% (1.8% of Total Investments) 
     
2,500 
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, 
7/20 at 100.00 
BBB+ 
3,019,675 
   
Mountain States Health Alliance, Refunding Series 2010A, 6.500%, 7/01/38 
     
   
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding 
     
   
Bonds, Sumner Regional Health System Inc., Series 2007: 
     
2,000 
 
5.500%, 11/01/37 (5) 
11/17 at 100.00 
N/R 
5,020 
500 
 
5.500%, 11/01/46 (5) 
11/17 at 100.00 
N/R 
1,255 
4,000 
 
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26 
No Opt. Call 
BBB 
4,698,960 
965 
 
Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue Bonds, 
7/17 at 100.00 
N/R 
599,091 
   
Rutland Place, Series 2007A, 6.300%, 7/01/37 
     
9,965 
 
Total Tennessee 
   
8,324,001 
   
Texas – 9.8% (8.8% of Total Investments) 
     
2,000 
 
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Second Tier 
1/17 at 100.00 
Ba2 
2,091,700 
   
Series 2006B, 5.750%, 1/01/34 
     
1,665 
 
Austin Convention Enterprises Inc., Texas, Convention Center Hotel Revenue Bonds, Third Tier 
4/13 at 100.00 
N/R 
1,688,427 
   
Series 2001C, 9.750%, 1/01/26 
     
550 
 
Bexar County Housing Finance Corporation, Texas, Multifamily Housing Revenue Bonds, America 
No Opt. Call 
Baa2 
555,467 
   
Opportunity for Housing – Colinas LLC Project, Series 2001A, 5.800%, 1/01/31 – NPFG Insured 
     
5,200 
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
7/18 at 100.00 
CCC 
929,708 
   
Company, Series 2001D, 8.250%, 5/01/33 (Alternative Minimum Tax) 
     
1,500 
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Energy Company 
No Opt. Call 
CC 
1,399,125 
   
LLC, Series 2003A, 6.750%, 4/01/38 (Mandatory put 4/01/13) (Alternative Minimum Tax) 
     
1,000 
 
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011, 6.750%, 1/01/41 
1/21 at 100.00 
BB+ 
1,173,130 
2,000 
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Tejano Center 
2/18 at 100.00 
BBB– 
2,385,780 
   
for Community Concerns, Inc.-Raul Yzaguirre School for Success, Refunding Series 2009A, 
     
   
9.000%, 2/15/38 
     
2,000 
 
Dallas-Ft. Worth International Airport Facility Improvement Corporation, Texas, Revenue Bonds, 
4/13 at 100.00 
N/R 
1,878,200 
   
American Airlines Inc., Series 2007, 5.500%, 11/01/30 (Alternative Minimum Tax) (5) 
     
   
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2004A: 
     
1,840 
 
7.000%, 9/01/25 
9/14 at 100.00 
N/R 
1,951,890 
6,600 
 
7.125%, 9/01/34 
9/14 at 100.00 
N/R 
6,987,684 
585 
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo 
4/13 at 100.00 
BB+ 
586,030 
   
Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax) 
     
1,245 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G, 
4/13 at 100.00 
BBB 
1,246,706 
   
5.250%, 11/15/30 – NPFG Insured 
     
980 
 
Heart of Texas Education Finance Corporation, Texas, Gateway Charter Academy, Series 2006A, 
8/16 at 100.00 
N/R 
986,076 
   
6.000%, 2/15/36 
     
   
Houston, Texas, Airport System Special Facilities Revenue Bonds, Continental Air Lines Inc., 
     
   
Series 2001E: 
     
600 
 
7.375%, 7/01/22 (Alternative Minimum Tax) 
4/13 at 100.00 
B
602,562 
975 
 
6.750%, 7/01/29 (Alternative Minimum Tax) 
4/13 at 100.00 
B
978,988 
1,000 
 
Jefferson County Industrial Development Corporation, Texas, Hurricane Ike Disaster Area 
7/22 at 100.00 
N/R 
1,028,850 
   
Revenue Bonds, Port of Beaumont Petroleum Transload Terminal, LLC Project, Series 2012, 
     
   
8.250%, 7/01/32 
     
1,000 
 
La Vernia Education Financing Corporation, Texas, Charter School Revenue Bonds, Riverwalk 
4/13 at 100.00 
N/R 
925,180 
   
Education Foundation, Series 2007A, 5.450%, 8/15/36 
     
2,250 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Tender Option Bond Trust 
No Opt. Call 
AA 
3,982,590 
   
11946, 20.255%, 3/01/19 (IF) 
     
2,000 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series 
No Opt. Call 
A3 
2,176,120 
   
2012, 5.000%, 12/15/30 
     
4,500 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ 
6/20 at 100.00 
Baa3 
5,487,975 
   
Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010, 7.000%, 6/30/40 
     
1,810 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, 
12/19 at 100.00 
Baa2 
2,170,027 
   
NTE Mobility Partners LLC North Tarrant Express Managed Lanes Project, Series 2009, 
     
   
6.875%, 12/31/39 
     
340 
 
Trinity River Authority of Texas, Pollution Control Revenue Refunding Bonds, TXU Electric 
5/13 at 101.00 
CC 
40,807 
   
Company, Series 2003, 6.250%, 5/01/28 (Alternative Minimum Tax) 
     
41,640 
 
Total Texas 
   
41,253,022 
   
Utah – 0.8% (0.7% of Total Investments) 
     
965 
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Noah Webster 
6/17 at 100.00 
N/R 
981,849 
   
Academy, Series 2008A, 6.250%, 6/15/28 
     
1,980 
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Summit Academy High 
5/21 at 100.00 
N/R 
2,232,747 
   
School, Series 2011A, 8.125%, 5/15/31 
     
2,945 
 
Total Utah 
   
3,214,596 
   
Vermont – 0.3% (0.3% of Total Investments) 
     
1,155 
 
Vermont Educational and Health Buildings Financing Agency, Revenue Bonds, Vermont Law School 
1/21 at 100.00 
Baa2 
1,303,903 
   
Project, Series 2011A, 6.250%, 1/01/41 
     
   
Virgin Islands – 0.1% (0.1% of Total Investments) 
     
420 
 
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note – Diageo Project, 
10/19 at 100.00 
BBB 
495,314 
   
Series 2009A, 6.750%, 10/01/37 
     
   
Virginia – 1.2% (1.1% of Total Investments) 
     
870 
 
Celebrate Virginia North Community Development Authority, Special Assessment Revenue Bonds, 
3/14 at 102.00 
N/R 
634,839 
   
Series 2003B, 6.250%, 3/01/18 
     
1,000 
 
Giles County Industrial Development Authority, Virginia, Exempt Facility Revenue Bonds, 
4/13 at 100.00 
B+ 
1,000,810 
   
Hoechst Celanese Project, Series 1996, 6.450%, 5/01/26 
     
9,400 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Capital 
No Opt. Call 
BBB+ 
2,399,068 
   
Appreciation Series 2009B-2, 0.000%, 10/01/38 – AGC Insured 
     
1,000 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, 
6/17 at 100.00 
B2 
835,060 
   
Series 2007B1, 5.000%, 6/01/47 
     
   
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River 
     
   
Crossing, Opco LLC Project, Series 2012: 
     
100 
 
6.000%, 1/01/37 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB– 
115,306 
130 
 
5.500%, 1/01/42 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB– 
142,392 
12,500 
 
Total Virginia 
   
5,127,475 
   
Washington – 2.8% (2.5% of Total Investments) 
     
500 
 
FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information 
6/19 at 100.00 
AA 
759,900 
   
Services Project, Tender Option Bond Trust 11-14W-B, 20.060%, 6/01/39 (IF) (4) 
     
   
Vancouver Downtown Redevelopment Authority, Washington, Revenue Bonds, Conference Center 
     
   
Project, Series 2003A: 
     
1,780 
 
6.000%, 1/01/28 – ACA Insured 
1/14 at 100.00 
N/R 
1,695,699 
4,745 
 
6.000%, 1/01/34 – ACA Insured 
1/14 at 100.00 
N/R 
4,424,238 
2,955 
 
5.250%, 1/01/34 – ACA Insured 
1/14 at 100.00 
N/R 
2,491,065 
2,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and 
12/17 at 100.00 
N/R 
2,062,320 
   
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 
     
500 
 
Washington State Housing Finance Commission, Non-Profit Housing Revenue Bonds, Mirabella 
10/22 at 100.00 
N/R 
509,165 
   
Project, Series 2012A, 6.750%, 10/01/47 
     
12,480