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:         1/31/16         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 

 
 
Item 1. Schedule of Investments
 
           
   
Portfolio of Investments
     
           
   
Nuveen Municipal High Income Opportunity Fund (NMZ)
     
   
January 31, 2016 (Unaudited)
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS 114.9% (100.0% of Total Investments)
     
           
   
MUNICIPAL BONDS 113.4% (98.7% of Total Investments)
     
           
   
Alabama – 1.7% (1.5% of Total Investments)
     
$ 1,000
 
Adamsville Solid Waste Disposal Authority, Alabama, Solid Waste Disposal Revenue Bonds, Green
8/20 at 100.00
N/R
$ 882,390
   
Mountain Management LLC Project, Series 2010, 8.750%, 8/01/30 (4)
     
1,000
 
Alabama Industrial Development Authority, Solid Waste Disposal Revenue Bonds, Pine City Fiber
4/16 at 100.00
B3
1,004,450
   
Co. Project, Series 1993, 6.450%, 12/01/23 (Alternative Minimum Tax)
     
2,000
 
Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds,
9/25 at 100.00
N/R
2,049,660
   
University of Mobile Project, Series 2015A, 6.000%, 9/01/45
     
1,770
 
Bessemer, Alabama, General Obligation Warrants, Series 2007, 6.500%, 2/01/37
2/17 at 101.00
N/R (5)
1,866,040
   
(Pre-refunded 2/01/17)
     
2,000
 
Jefferson County, Alabama, General Obligation Refunding Warrants, Series 2003A, 5.000%,
4/16 at 100.00
AA–
2,001,020
   
4/01/22 – NPFG Insured
     
1,000
 
Jefferson County, Alabama, General Obligation Warrants, Series 2004A, 5.000%, 4/01/24 –
4/16 at 100.00
AA–
1,012,300
   
NPFG Insured
     
1,000
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds,
7/16 at 100.00
A–
1,009,800
   
Series 2004A, 5.000%, 1/01/24
     
1,000
 
Jefferson County, Alabama, Sewer Revenue Warrants, Senior Lien Series 2013C, 0.000%,
10/23 at 105.00
AA
745,700
   
10/01/38 – AGM Insured
     
1,030
 
Selma Industrial Development Board, Alabama, Environmental Improvement Revenue Bonds, Zilkha
No Opt. Call
N/R
1,036,293
   
Biomass Selma LLC Project, Series 2015, 7.500%, 5/01/25 (Alternative Minimum Tax)
     
11,800
 
Total Alabama
   
11,607,653
   
Arizona – 4.3% (3.8% of Total Investments)
     
1,420
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender Option
1/18 at 100.00
AA–
1,738,818
   
Bond Trust 2015-XF2046, 18.223%, 1/01/29 (IF) (6)
     
1,760
 
Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Tender
1/18 at 100.00
AA–
2,213,394
   
Option Bond Trust 4695, 19.710%, 1/01/32 (IF) (6)
     
1,000
 
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation
7/17 at 100.00
N/R
1,038,380
   
Bonds, Series 2007, 6.200%, 7/15/32
     
243
 
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment
4/16 at 100.00
N/R
243,824
   
Lien Bonds, Series 2001A, 7.875%, 7/01/25
     
3,000
 
Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University
6/22 at 100.00
A
4,064,640
   
Project, Tender Option Bond Trust 1086, 17.212%, 6/01/42 (IF) (6)
     
25
 
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Choice
No Opt. Call
N/R
25,264
   
Education and Development, Series 2006, 6.000%, 6/01/16
     
1,000
 
Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Desert
5/24 at 100.00
N/R
1,088,820
   
Heights Charter School, Series 2014, 7.250%, 5/01/44
     
2,000
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San
2/24 at 100.00
N/R
2,035,900
   
Tan Montessori School Project, Series 2014A , 9.000%, 2/01/44
     
480
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds Legacy
7/19 at 100.00
N/R (5)
586,637
   
Traditional School Project, Series 2009, 8.500%, 7/01/39 (Pre-refunded 7/01/19)
     
2,250
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, American
7/17 at 100.00
BB
2,133,360
   
Charter School Foundation, Series 2007A, 5.625%, 7/01/38
     
2,500
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden
1/22 at 100.00
B
2,414,150
   
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:
     
1,315
 
6.000%, 6/01/40
6/19 at 100.00
BB+
1,363,050
500
 
6.100%, 6/01/45
6/19 at 100.00
BB+
519,015
1,150
 
Pinal County Industrial Development Authority, Arizona, Correctional Facilities Contract
4/16 at 100.00
BBB–
1,151,633
   
Revenue Bonds, Florence West Prison LLC, Series 2002A, 5.250%, 10/01/22 – ACA Insured
     
3,575
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Government Project Bonds, Series
12/17 at 102.00
B–
3,464,390
   
2008, 7.000%, 12/01/27
     
2,000
 
Quechan Indian Tribe of the Fort Yuma Reservation, Arizona, Tribal Economic Development Bonds,
5/22 at 100.00
B+
2,253,920
   
Series 2012A, 9.750%, 5/01/25
     
2,500
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc
No Opt. Call
BBB+
2,930,625
   
Prepay Contract Obligations, Series 2007, 5.500%, 12/01/37
     
1,000
 
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water &
12/17 at 100.00
N/R
956,270
   
Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)
     
27,718
 
Total Arizona
   
30,222,090
   
California – 15.9% (13.8% of Total Investments)
     
1,470
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender
No Opt. Call
AA
2,016,958
   
Option Bond Trust 2015-XF2179, 17.965%, 4/01/16 (IF)
     
1,000
 
California Enterprise Development Authority, Recovery Zone Facility Revenue Bonds, SunPower
4/21 at 100.00
N/R
1,146,840
   
Corporation – Headquarters Project, Series 2010, 8.500%, 4/01/31
     
2,205
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma
4/16 at 100.00
B–
2,126,414
   
County Tobacco Securitization Corporation, Series 2005, 5.125%, 6/01/38
     
   
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital
     
   
and Clinics, Tender Option Bond Trust 3267:
     
1,250
 
19.441%, 5/15/31 (IF) (6)
11/21 at 100.00
Aa3
2,210,200
1,875
 
20.442%, 11/15/40 (IF) (6)
11/21 at 100.00
Aa3
3,459,600
   
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and
     
   
Clinics, Tender Option Bond Trust 3294:
     
250
 
17.790%, 8/15/41 (IF) (6)
8/22 at 100.00
AA
359,680
1,000
 
17.785%, 8/15/41 (IF) (6)
8/22 at 100.00
AA
1,438,590
1,020
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable
8/24 at 100.00
N/R
1,133,822
   
Housing Inc Projects, Series 2014B, 5.875%, 8/15/49
     
1,000
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects
8/20 at 100.00
N/R
1,123,210
   
Series 2010B, 7.250%, 8/15/45
     
1,000
 
California Municipal Finance Authority, Revenue Bonds, Harbor Regional Center Project, Series
11/19 at 100.00
AA (5)
1,271,830
   
2009, 8.500%, 11/01/39 (Pre-refunded 11/01/19)
     
1,970
 
California School Finance Authority, Educational Facilities Revenue Bonds, Tri-Valley Learning
6/20 at 102.00
N/R
2,163,513
   
Corporation, Series 2012A, 7.000%, 6/01/47
     
1,300
 
California State, General Obligation Bonds, Tender Option Bond Trust 3162, 20.412%, 3/01/18 –
No Opt. Call
AA
2,148,848
   
AGM Insured (IF)
     
   
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda
     
   
University Medical Center, Series 2014A:
     
800
 
5.250%, 12/01/44
12/24 at 100.00
BB+
866,664
1,000
 
5.500%, 12/01/54
12/24 at 100.00
BB+
1,091,650
520
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist
10/19 at 100.00
BBB+
577,845
   
Homes of the West, Series 2010, 6.250%, 10/01/39
     
4,000
 
California Statewide Communities Development Authority, Revenue Bonds, EnerTech Regional
No Opt. Call
N/R
12,600
   
Biosolids Project, Series 2007A, 5.500%, 12/01/33 (Alternative Minimum Tax) (4)
     
1,000
 
California Statewide Communities Development Authority, Special Tax Bonds, Community
9/23 at 100.00
N/R
1,069,090
   
Facilities District 2012-01, Fancher Creek, Series 2013A, 5.700%, 9/01/43
     
1,650
 
California Statewide Communities Development Authority, Statewide Community Infrastructure
9/21 at 100.00
N/R
1,801,668
   
Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41
     
500
 
California Statewide Community Development Authority, Revenue Bonds, California Baptist
11/21 at 100.00
N/R
590,540
   
University, Series 2011A, 7.500%, 11/01/41
     
1,500
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
4/16 at 100.00
CCC
1,489,710
   
Health System, Series 2005A, 5.000%, 7/01/39 (8)
     
2,750
 
California Statewide Community Development Authority, Revenue Bonds, Epidaurus Project, Series
3/16 at 100.00
N/R
2,755,968
   
2004A, 7.750%, 3/01/34
     
1,250
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System,
7/18 at 100.00
AA–
1,386,163
   
Series 2007C, 5.750%, 7/01/47 – FGIC Insured
     
515
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender
5/18 at 100.00
AA–
688,483
   
Option Bond Trust 2015-XF2186, 17.867%, 11/15/38 (IF)
     
   
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender
     
   
Option Bond Trust 3102:
     
745
 
18.042%, 11/15/38 (IF) (6)
5/18 at 100.00
AA–
997,764
1,000
 
19.130%, 11/15/48 (IF) (6)
5/18 at 100.00
AA–
1,360,760
1,880
 
Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds,
12/17 at 100.00
N/R
1,933,392
   
Franciscan Mobile Home Park Project, Refunding Third Tier Series 2007C, 6.500%, 12/15/47
     
2,000
 
Daly City Housing Development Finance Agency, California, Mobile Home Park Revenue Bonds,
12/17 at 100.00
A
2,070,580
   
Franciscan Mobile Home Park, Refunding Series 2007A, 5.000%, 12/15/37
     
1,340
 
Elk Grove, California, Special Tax Bonds, Community Facilities District 2005-1, Series 2007,
9/16 at 101.00
N/R
1,359,095
   
5.250%, 9/01/37
     
500
 
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana
4/16 at 100.00
A+
523,780
   
Redevelopment Project, Tender Option Bonds Trust 1013, 18.609%, 9/01/32 – AMBAC
     
   
Insured (IF) (6)
     
1,000
 
Fontana, California, Special Tax Bonds, Community Facilities District 31 Citrus Heights North,
9/16 at 100.00
N/R
1,011,930
   
Series 2006, 5.000%, 9/01/26
     
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
     
   
Bonds, Series 2007A-1:
     
6,765
 
5.000%, 6/01/33
6/17 at 100.00
B
6,319,254
9,035
 
5.750%, 6/01/47
6/17 at 100.00
B
8,689,681
2,140
 
5.125%, 6/01/47
6/17 at 100.00
B
1,913,374
2,500
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/22 at 100.00
B
2,350,800
   
Bonds, Series 2007A-2, 5.300%, 6/01/37
     
860
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/25 at 100.00
A+
1,350,303
   
Bonds, Tender Option Bond Trust 2015-XF1038, 17.300%, 6/01/45 (IF) (6)
     
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
     
   
Bonds, Series 2015A:
     
2,000
 
5.000%, 6/01/40 (UB) (6)
6/25 at 100.00
A+
2,293,780
2,000
 
5.000%, 6/01/45 (WI/DD, Settling 2/04/16) (UB) (6)
6/25 at 100.00
A+
2,285,080
1,500
 
Grossmont Healthcare District, California, General Obligation Bonds, Tender Option Bond Trust
No Opt. Call
Aaa
3,119,460
   
3253, 22.944%, 1/15/19 (IF)
     
   
Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series2005:
     
1,000
 
5.000%, 8/01/25 – AMBAC Insured
4/16 at 100.00
N/R
1,000,630
1,000
 
5.000%, 8/01/35 – AMBAC Insured
4/16 at 100.00
N/R
1,000,390
145
 
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment
No Opt. Call
BBB
166,718
   
Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39
     
190
 
Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment
8/19 at 100.00
N/R (5)
229,149
   
Project Areas Housing Programs, Series 2009, 6.875%, 8/01/39 (Pre-refunded 8/01/19)
     
550
 
Lathrop Financing Authority, California, Revenue Bonds, Water Supply Project Series 2003,
4/16 at 100.00
N/R
559,575
   
6.000%, 6/01/35
     
495
 
Lee Lake Public Financing Authority, California, Junior Lien Revenue Bonds, Series 2013B,
9/23 at 100.00
N/R
551,346
   
5.250%, 9/01/32
     
850
 
Los Angeles County, California, Community Development Commission Headquarters Office Building,
9/21 at 100.00
Aa3
1,438,489
   
Lease Revenue Bonds, Community Development Properties Los Angeles County Inc., Tender Option
     
   
Bond Trust Series 2011-23B, 18.449%, 9/01/42 (IF) (6)
     
1,825
 
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
5/20 at 100.00
AA
2,813,420
   
Airport, Tender Option Bond Trust 10-27B, 18.366%, 5/15/40 (IF) (6)
     
1,000
 
Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series
9/21 at 100.00
A–
1,246,340
   
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
A–
1,276,780
1,500
 
7.500%, 8/01/41
8/21 at 100.00
A–
1,903,200
470
 
Moreno Valley Unified School District, Riverside County, California, Special Tax Bonds,
4/16 at 100.00
N/R
479,941
   
Community Facilities District 2005-3, Series 2007, 5.000%, 9/01/37
     
500
 
National City Community Development Commission, California, Tax Allocation Bonds, National
8/21 at 100.00
A
628,605
   
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+
401,118
   
Project, Series 2011, 6.750%, 9/01/40
     
   
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010:
     
550
 
5.250%, 11/01/21
11/20 at 100.00
Ba1
597,828
1,000
 
6.000%, 11/01/41
11/20 at 100.00
Ba1
1,069,670
250
 
Palomar Pomerado Health, California, General Obligation Bonds, Tender Option Bond Trust 4683,
8/17 at 100.00
AA–
302,910
   
18.028%, 8/01/37 – NPFG Insured (IF) (6)
     
1,000
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community
9/18 at 100.00
BBB–
1,096,210
   
Development Project, Refunding Series 2008A, 6.500%, 9/01/28
     
733
 
River Rock Entertainment Authority, California, Revenue Bonds, Senior Notes Series 2011B,
4/16 at 100.00
N/R
75,118
   
8.000%, 11/01/18 (4)
     
1,200
 
Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project
10/21 at 100.00
A
1,483,656
   
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
 
18.270%, 12/01/30 – AMBAC Insured (IF) (6)
No Opt. Call
A+
1,574,580
2,015
 
18.270%, 12/01/33 – AMBAC Insured (IF) (6)
No Opt. Call
A+
4,349,660
2,500
 
San Bernardino Community College District, California, General Obligation Bonds, Tender Option
8/16 at 100.00
AA (5)
2,736,800
   
Bond Trust 11780, 17.486%, 2/01/27 (Pre-refunded 8/01/16) – AGM Insured (IF)
     
   
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011:
     
960
 
8.000%, 12/01/26
12/21 at 100.00
BB+
1,262,966
1,000
 
8.000%, 12/01/31
12/21 at 100.00
BB+
1,272,990
1,000
 
San Jose, California, Airport Revenue Bonds, Tender Option Bond Trust 2015-XF01212, 17.477%,
3/17 at 100.00
AA
1,165,200
   
9/01/30 – AGM Insured (IF) (6)
     
1,000
 
Santa Margarita Water District, California, Special Tax Bonds, Community Facilities District
9/23 at 100.00
N/R
1,132,920
   
2013-1 Village of Sendero, Series 2013, 5.625%, 9/01/43
     
1,000
 
Santee Community Development Commission, California, Santee Redevelopment Project Tax
2/21 at 100.00
A
1,223,010
   
Allocation Bonds, Series 2011A, 7.000%, 8/01/41
     
1,000
 
Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities
9/16 at 100.00
N/R
1,002,650
   
District 03-02 Roripaugh, Series 2006, 5.450%, 9/01/26
     
1,000
 
Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment
4/16 at 100.00
AA–
1,001,770
   
Project 1, Series 2002, 5.250%, 8/01/36 – NPFG Insured
     
1,890
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
4/16 at 100.00
B–
1,776,959
   
Bonds, Series 2005A-1, 5.500%, 6/01/45
     
650
 
Twentynine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners Project
9/21 at 100.00
BBB+
820,339
   
Area, Series 2011A, 7.650%, 9/01/42
     
1,250
 
University of California, General Revenue Bonds, Tender Option Bond Trust 2013-24U, 18.290%,
5/23 at 100.00
AA
2,078,600
   
5/15/39 (IF) (6)
     
97,693
 
Total California
   
110,228,456
   
Colorado – 9.4% (8.2% of Total Investments)
     
2,000
 
Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax
7/18 at 100.00
N/R
2,040,860
   
Convertible to Unlimited Tax, Refunding Series 2013, 7.000%, 12/01/23
     
1,977
 
Cimarron Metropolitan District, Arvada, Colorado, Limited Tax Revenue Bonds, Convertible to
10/17 at 100.00
N/R
1,989,831
   
Unlimited Tax, Series 2012, 6.000%, 12/01/22
     
750
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,
7/18 at 100.00
BB
776,633
   
Community Leadership Academy Project, Series 2008, 6.250%, 7/01/28
     
1,000
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,
2/16 at 101.00
N/R
1,007,540
   
Jefferson County School District R-1 – Compass Montessori Secondary School, Series 2006,
     
   
5.625%, 2/15/36
     
2,320
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Mountain
10/22 at 100.00
N/R
2,513,279
   
Phoenix Community School, Series 2012, 7.000%, 10/01/42
     
200
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Skyview
7/24 at 100.00
BB+
212,076
   
Academy Project, Series 2014, 5.375%, 7/01/44
     
1,860
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Windsor
5/17 at 100.00
BBB–
1,890,225
   
Academy, Series 2007A, 5.700%, 5/01/37
     
1,825
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Pikes Peak School of
6/18 at 102.00
N/R (5)
2,029,510
   
Expeditionary Learning Charter School, Series 2008, 6.625%, 6/01/38 (Pre-refunded 6/01/18)
     
2,500
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes of the
2/24 at 100.00
N/R
3,011,800
   
Midwest Obligated Group, Series 2013, 8.000%, 8/01/43
     
1,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project,
2/26 at 100.00
N/R
1,013,800
   
Series 2016, 6.125%, 2/01/46
     
1,350
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Colorado Senior Residences
6/22 at 100.00
N/R
1,086,750
   
Project, Series 2012, 6.750%, 6/01/32 (4)
     
750
 
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of
No Opt. Call
AA–
1,167,090
   
Leavenworth Health Services Corporation, Tender Option Bond Trust 2015-XF0054,
     
   
19.047%, 1/01/18 (IF)
     
1,285
 
Colorado Health Facilities Authority, Revenue Bonds, Craig Hospital Project, Series 2012,
12/22 at 100.00
A
1,458,514
   
5.000%, 12/01/32 (UB) (6)
     
290
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan
6/16 at 100.00
BBB+
292,735
   
Society, Series 2006, 5.250%, 6/01/36
     
710
 
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan
6/16 at 100.00
N/R (5)
721,942
   
Society, Series 2006, 5.250%, 6/01/36 (Pre-refunded 6/01/16)
     
   
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series 2007:
     
518
 
5.000%, 9/01/16 (Alternative Minimum Tax) (4), (7)
No Opt. Call
N/R
461,259
5,045
 
6.750%, 4/01/27 (Alternative Minimum Tax) (4)
4/17 at 100.00
N/R
4,562,395
2,224
 
Colorado Housing and Finance Authority, Revenue Bonds, Confluence Energy LLC Project, Series
No Opt. Call
N/R
2,011,006
   
2013, 6.875%, 10/01/27 (Alternative Minimum Tax) (4)
     
2,000
 
Compark Business Campus Metropolitan District, Douglas County, Colorado, General Obligation
12/22 at 100.00
N/R
2,185,260
   
Bonds, Series 2012A, 6.750%, 12/01/39 – RAAI Insured
     
   
Confluence Metropolitan District, Colorado, General Obligation Limited Tax Bonds, Series 2007:
     
1,000
 
5.400%, 12/01/27
12/17 at 100.00
N/R
970,160
1,500
 
5.450%, 12/01/34
12/17 at 100.00
N/R
1,431,915
1,000
 
Denver City and County, Colorado, Special Facilities Airport Revenue Bonds, United Air Lines
10/17 at 100.00
BB–
1,039,550
   
Corporation, Series 2007A, 5.250%, 10/01/32 (Alternative Minimum Tax)
     
2,000
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 –
No Opt. Call
AA–
1,418,740
   
NPFG Insured
     
708
 
Erie Highlands Metropolitan District No. 1 (In the Town of Erie), Weld County, Colorado,
12/20 at 103.00
N/R
717,473
   
General Obligation Limited Tax Bonds, Series 2015B, 7.750%, 12/15/45
     
1,023
 
Fitzsimons Village Metropolitan District 1, Aurora, Arapahoe County, Colorado, Tax Increment
3/20 at 100.00
N/R
1,125,719
   
Public Improvement Fee Supported Revenue Bonds, Series 2010A, 7.500%, 3/01/40
     
1,000
 
Fitzsimons Village Metropolitan District 3, Arapahoe County, Colorado, Tax Increment/Public
No Opt. Call
N/R
1,018,520
   
Improvement Fee Supported Revenue Bonds, Series 2014A, 6.000%, 3/01/44
     
   
Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014:
     
1,000
 
5.750%, 12/01/30
12/24 at 100.00
N/R
1,082,220
1,080
 
6.000%, 12/01/38
12/24 at 100.00
N/R
1,165,720
1,989
 
Great Western Metropolitan District 5, Colorado, General Obligation Limited Tax Revenue Bonds,
12/19 at 100.00
N/R
2,081,608
   
Series 2009A-1, 9.000%, 8/01/39
     
2,000
 
Heritage Todd Creek Metropolitan District, Colorado, General Obligation Bonds Limited Tax,
12/24 at 100.00
N/R
2,083,060
   
Refunding & Improvement Series 2015, 6.125%, 12/01/44
     
970
 
Heritage Todd Creek Metropolitan District, Colorado, General Obligation Bonds Limited Tax,
12/17 at 100.00
N/R
971,940
   
Series 2007A, 5.500%, 12/01/37
     
1,000
 
Iliff Commons Metropolitan District 2, City of Aurora, Arapahoe County, Colorado, General
12/20 at 100.00
N/R
1,019,200
   
Obligation Bonds, Limited Tax Convertible to Unlimited Tax Series 2015, 6.250%, 12/01/44
     
2,000
 
Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Revenue Bonds,
12/20 at 103.00
N/R
2,029,900
   
Refunding Series 2015, 5.500%, 12/01/45
     
3,145
 
Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds,
1/18 at 100.00
N/R
3,280,550
   
Series 2007, 6.750%, 1/01/34
     
1,250
 
Lewis Pointe Metropolitan District, Thornton, Colorado, Limited Tax Convertible to Unlimited
12/20 at 100.00
N/R
1,270,550
   
Tax General Obligation Bonds, Series 2015A, 6.000%, 12/01/44
     
5
 
Maher Ranch Metropolitan District 4, Colorado, General Obligation Limited Tax Bonds, Series
12/17 at 100.00
AA
5,130
   
2007, 5.250%, 12/01/36 – RAAI Insured
     
   
Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds,
     
   
Series 2007:
     
976
 
5.500%, 12/01/27
12/16 at 100.00
N/R
957,739
1,000
 
5.625%, 12/01/37
12/16 at 100.00
N/R
986,800
2,000
 
Murphy Creek Metropolitan District 3, Aurora, Colorado, General Obligation Bonds, Refunding &
6/16 at 100.00
N/R
1,344,900
   
Improvement Series 2006, 6.125%, 12/01/35 (9)
     
1,080
 
Promenade at Castle Rock Metropolitan District 1, Colorado, General Obligation Bonds, Limited
12/20 at 103.00
N/R
1,120,964
   
Tax Series 2015A, 5.750%, 12/01/39
     
   
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private
     
   
Activity Bonds, Series 2010:
     
1,000
 
6.500%, 1/15/30
7/20 at 100.00
A–
1,164,170
1,000
 
6.000%, 1/15/41
7/20 at 100.00
A–
1,128,920
1,440
 
Rendezous Residential Metropolitan District, Colorado, Limited Tax General Obligation Bonds,
12/17 at 100.00
N/R
1,240,387
   
Refunding Series 2007, 5.375%, 12/01/21
     
1,000
 
STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General
12/19 at 103.00
N/R
985,240
   
Obligation Bonds, Series 2015A, 6.000%, 12/01/38
     
875
 
STC Metropolitan District 2, Superior, Boulder County, Colorado, Limited Tax General
12/19 at 103.00
N/R
881,361
   
Obligation Bonds, Series 2015B, 7.750%, 12/15/38
     
3,000
 
Stone Ridge Metropolitan District 2, Colorado, General Obligation Bonds, Limited Tax
12/17 at 100.00
N/R
660,090
   
Convertible to Unlimited, Series 2007, 7.250%, 12/01/31 (10)
     
1,815
 
Three Springs Metropolitan District 3, Durango, La Plata County, Colorado, Property Tax
12/20 at 100.00
N/R
1,953,938
   
Supported Revenue Bonds, Series 2010, 7.750%, 12/01/39
     
67,460
 
Total Colorado
   
65,568,969
   
Connecticut – 0.8% (0.7% of Total Investments)
     
2,500
 
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue
4/20 at 100.00
N/R
2,977,000
   
Bonds, Harbor Point Project, Series 2010A, 7.875%, 4/01/39
     
5,157
 
Mashantucket Western Pequot Tribe, Connecticut, Special Revenue Bonds, Subordinate Series
No Opt. Call
N/R
339,111
   
2013A, 6.050%, 7/01/31 (4)
     
1,000
 
Mohegan Tribe of Indians of Connecticut, Gaming Authority Priority Distribution Payment Public
7/16 at 100.00
B–
955,790
   
Improvement Bonds, Series 2003, 5.250%, 1/01/33
     
1,000
 
Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series
4/21 at 100.00
N/R (5)
1,282,190
   
2011aA, 7.000%, 4/01/41 (Pre-refunded 4/01/21)
     
9,657
 
Total Connecticut
   
5,554,091
   
Delaware – 0.4% (0.3% of Total Investments)
     
2,500
 
Delaware Economic Development Authority, Revenue Bonds, Odyssey Charter School Inc. Project,
3/25 at 100.00
N/R
2,528,675
   
Series 2015A, 7.000%, 9/01/45
     
   
District of Columbia – 0.7% (0.6% of Total Investments)
     
225
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,
No Opt. Call
Baa1
281,151
   
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–
1,155,010
   
Series 2011, 7.500%, 11/15/31
     
2,500
 
District of Columbia, Revenue Bonds, Howard University, Tender Option Bond Trust 1006,
4/21 at 100.00
BBB
3,219,800
   
23.003%, 10/01/37 (IF) (6)
     
250
 
District of Columbia, Revenue Bonds, KIPP DC Issue, Series 2013A, 6.000%, 7/01/33
7/23 at 100.00
BBB+
293,170
3,975
 
Total District of Columbia
   
4,949,131
   
Florida – 15.6% (13.6% of Total Investments)
     
1,500
 
Alachua County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Terraces
No Opt. Call
N/R
1,783,980
   
at Bonita Springs Project, Series 2011A, 8.125%, 11/15/46
     
885
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series
5/16 at 100.00
N/R
868,229
   
2006A, 5.125%, 5/01/38
     
1,925
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series
5/22 at 100.00
N/R
2,044,754
   
2012, 6.700%, 5/01/42
     
1,735
 
Ave Maria Stewardship Community District, Florida, Capital Improvement Revenue Bonds, Series
5/25 at 100.00
N/R
1,757,850
   
2015, 5.375%, 5/01/45
     
1,000
 
Babcock Ranch Community Independent Special District, Florida, Special Assessment Bonds,
11/25 at 100.00
N/R
1,003,080
   
Series 2015, 5.250%, 11/01/46
     
1,035
 
Beeline Community Development District, Palm Beach County, Florida, Special Assessment Bonds,
5/18 at 100.00
N/R
1,084,121
   
Series 2008A, 7.000%, 5/01/37
     
905
 
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Phase 1
11/24 at 100.00
N/R
1,013,555
   
Project, Series 2013A, 6.125%, 11/01/33
     
960
 
Boggy Creek Improvement District, Orlando, Florida, Special Assessment Revenue Bonds,
5/23 at 100.00
N/R
1,005,091
   
Refunding Series 2013, 5.125%, 5/01/43
     
2,700
 
Brevard County, Florida, Industrial Development Revenue Bonds, TUFF Florida Tech Project,
11/19 at 100.00
BB+
2,942,136
   
Series 2009, 6.500%, 11/01/29
     
700
 
Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc., Series 2000, 7.500%,
11/16 at 100.00
B2
704,928
   
11/01/20 (Alternative Minimum Tax)
     
1,435
 
Capital Projects Finance Authority, Student Housing Revenue Bonds, Capital Projects Loan
4/16 at 100.00
AA–
1,435,072
   
Program – Florida Universities, Series 2001F, 5.000%, 10/01/31 – NPFG Insured
     
1,000
 
Celebration Pointe Community Development District 1, Alachua County, Florida, Special
5/24 at 100.00
N/R
1,022,150
   
Assessment Revenue Bonds, Series 2014, 5.125%, 5/01/45
     
2,000
 
Collier County Industrial Development Authority, Florida, Continuing Care Community Revenue
5/24 at 100.00
N/R
2,351,640
   
Bonds, Arlington of Naples Project, Series 2014A, 7.750%, 5/15/35
     
1,000
 
Copperstone Community Development District, Manatee County, Florida, Capital Improvement
5/17 at 100.00
N/R
1,007,210
   
Revenue Bonds, Series 2007, 5.200%, 5/01/38
     
995
 
Cordoba Ranch Community Development District, Hillsborough County, Florida, Special Assessment
5/16 at 100.00
N/R
998,143
   
Revenue Bonds, Series 2006, 5.550%, 5/01/37
     
900
 
Fishhawk Community Development District IV, Hillsborough County, Florida, Special Assessment
5/23 at 100.00
N/R
983,610
   
Revenue Bonds, Series 2013A, 7.000%, 5/01/33
     
1,850
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Downtown Doral
7/24 at 100.00
N/R
1,945,275
   
Charter Elementary School Project, Series 2014A, 6.500%, 7/01/44
     
1,000
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance
9/20 at 100.00
BB+
1,044,990
   
Charter School, Inc. Projects, Series 2010A, 6.000%, 9/15/40
     
2,000
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance
6/21 at 100.00
BB–
2,368,900
   
Charter School, Inc. Projects, Series 2011A, 7.625%, 6/15/41
     
4,000
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance
6/23 at 100.00
N/R
4,671,760
   
Charter School, Inc. Projects, Series 2013A, 8.500%, 6/15/44
     
2,500
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special
11/22 at 100.00
N/R
2,623,225
   
Assessment Bonds, Doral Breeze Project Series 2012, 5.500%, 11/01/32
     
1,000
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special
5/24 at 100.00
N/R
1,009,090
   
Assessment Improvement Bonds, Assessment Area Two Project, Refunding Series 2014A-2,
     
   
6.500%, 5/01/39
     
845
 
Grand Hampton Community Development District, Florida, Capital Improvement Revenue Bonds,
4/16 at 100.00
N/R
845,237
   
Series 2005, 5.500%, 5/01/36
     
1,960
 
Harmony Community Development District, Florida, Capital Improvement Revenue Bonds, Special
5/24 at 100.00
N/R
2,014,037
   
Assessment, Refunding Series 2014, 5.250%, 5/01/32
     
2,700
 
Hawks Point Community Development District, Florida, Special Assessment Revenue Bonds, Series
5/17 at 100.00
N/R
2,739,771
   
2007A, 5.300%, 5/01/39
     
3,000
 
Jacksonville Economic Development Commission, Florida, Health Care Facilities Revenue Bonds,
9/17 at 100.00
N/R
3,158,700
   
Florida Proton Therapy Institute Project, Series 2007A, 6.250%, 9/01/27
     
1,000
 
Lakes by the Bay South Community Development District, Florida, Special Assessment Bonds,
11/22 at 100.00
N/R
1,052,390
   
Series 2012, 5.750%, 11/01/42
     
665
 
Lakewood Ranch Stewardship District, Florida, Special Assessment Revenue Bonds, Lakewood
No Opt. Call
N/R
678,373
   
Centre North Project, Series 2015, 4.875%, 5/01/45
     
2,000
 
Lee County Industrial Development Authority, Florida, Charter School Revenue Bonds, Lee County
6/17 at 100.00
BB
2,031,840
   
Community Charter Schools, Series 2007A, 5.375%, 6/15/37
     
1,000
 
Lee County Industrial Development Authority, Florida, Healthcare Facilities Revenue Bonds, Shell
5/17 at 100.00
BBB–
1,048,750
   
Point/Alliance Obligated Group, Shell Point Village/Alliance Community Project, Series 2007,
     
   
5.000%, 11/15/22
     
12,190
 
Miami Beach, Florida, Resort Tax Revenue Bonds, Series 2015, 5.000%, 9/01/45 (UB)
9/25 at 100.00
AA–
13,945,848
750
 
Miami-Dade County Industrial Development Authority, Florida, Revenue Bonds, Youth Co-Op
9/25 at 100.00
N/R
771,473
   
Charter Schools Project, Series 2015A, 6.000%, 9/15/45
     
1,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Series 2008, Trust 1145, 18.220%,
10/18 at 100.00
AA
1,374,000
   
10/01/38 – AGC Insured (Alternative Minimum Tax) (IF) (6)
     
1,250
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Tender Option Bond Trust
10/20 at 100.00
AA
1,939,100
   
11834, 18.095%, 10/01/33 – AGM Insured (IF)
     
1,880
 
Myrtle Creek Improvement District, Florida, Special Assessment Revenue Bonds, Series 2006A,
5/16 at 100.00
N/R
1,886,279
   
5.200%, 5/01/37
     
930
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds,
8/26 at 100.00
N/R
942,592
   
Development Unit 53, Series 2015, 5.500%, 8/01/46
     
   
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of Boca
     
   
Raton Project, Series 2014A:
     
620
 
7.000%, 6/01/29
6/22 at 102.00
N/R
735,531
3,110
 
7.500%, 6/01/49
6/22 at 102.00
N/R
3,807,511
1,510
 
Palm Glades Community Development District, Florida, Special Assessment Bonds, Series 2006A,
5/16 at 100.00
N/R
1,513,639
   
5.300%, 5/01/36
     
4,335
 
Pine Island Community Development District, Florida, Special Assessment Bonds, Bella Collina,
4/16 at 100.00
N/R
4,335,824
   
Series 2004, 5.750%, 5/01/35
     
990
 
Poinciana West Community Development District, Florida, Special Assessment Bonds, Series 2007,
5/17 at 100.00
N/R
1,006,978
   
6.000%, 5/01/37
     
450
 
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,
7/17 at 100.00
AA–
474,597
   
Series 2007, 5.000%, 7/01/33 – NPFG Insured
     
1,855
 
Reunion West Community Development District, Florida, Special Assessment Bonds, Series
5/22 at 100.00
N/R
1,960,865
   
2004A-1, 6.250%, 5/01/36
     
990
 
Shingle Creek Community Development District, Florida, Special Assessment Revenue Bonds,
11/25 at 100.00
N/R
1,002,702
   
Series 2015, 5.400%, 11/01/45
     
975
 
South Fork Community Development District, Florida, Capital Improvement Revenue Bonds, Series
4/16 at 100.00
N/R
975,351
   
2005, 5.350%, 5/01/36
     
1,190
 
Stoneybrook Venice Community Development District, Florida, Capital Improvement Revenue Bonds,
5/18 at 100.00
N/R
1,224,843
   
Series 2007, 6.750%, 5/01/38
     
1,095
 
Sweetwater Creek Community Development District, Saint John’s County, Florida, Capital
5/17 at 100.00
N/R
1,107,603
   
Improvement Revenue Bonds, Series 2007A, 5.500%, 5/01/38
     
1,250
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
5/17 at 100.00
N/R
1,003,038
   
Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39
     
2,515
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
5/19 at 100.00
N/R
1,509,428
   
Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40
     
1,540
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible,
5/22 at 100.00
N/R
685,023
   
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40
     
   
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note,
     
   
Series 2007-3:
     
120
 
6.375%, 5/01/17 (4)
No Opt. Call
N/R
1
1,360
 
6.650%, 5/01/40 (4)
5/18 at 100.00
N/R
14
2,845
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series
5/17 at 100.00
N/R
28
   
2007A-2, 5.250%, 5/01/39 (4)
     
120
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing
5/18 at 100.00
N/R
122,755
   
ParcelSeries 2007-1. RMKT, 6.650%, 5/01/40 (4)
     
735
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing
5/17 at 100.00
N/R
711,825
   
ParcelSeries 2007A-1. RMKT, 5.250%, 5/01/39 (5)
     
   
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding
     
   
Series 2012A-1:
     
90
 
6.375%, 5/01/17
No Opt. Call
N/R
89,931
535
 
5.250%, 5/01/39
5/17 at 100.00
N/R
537,418
2,350
 
6.650%, 5/01/40
5/17 at 100.00
N/R
2,381,984
3,740
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series
5/18 at 100.00
N/R
2,314,686
   
2015-1, 0.000%, 5/01/40 (4)
     
2,300
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series
5/18 at 100.00
N/R
1,204,648
   
2015-2, 0.000%, 5/01/40 (4)
     
2,505
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series
5/18 at 100.00
N/R
25
   
2015-3, 6.610%, 5/01/40 (4)
     
4,370
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2006,
4/16 at 100.00
N/R
4,374,064
   
5.400%, 5/01/37
     
970
 
Two Creeks Community Development District, Florida, Capital Improvement Revenue Bonds, Series
5/16 at 100.00
N/R
970,359
   
2006, 5.250%, 5/01/37
     
1,000
 
Venetian Parc Community Development District, Miami-Dade County, Florida, Special Assessment
11/28 at 100.00
N/R
1,280,230
   
Bonds, Area One Project, Series 2013, 6.500%, 11/01/43
     
1,000
 
Waterset North Community Development District, Hillsborough County, Florida, Special
11/24 at 100.00
N/R
1,019,160
   
Assessment Revenue Bonds, Series 2014, 5.500%, 11/01/45
     
975
 
West Villages Improvement District, Florida, Special Assessment Revenue Bonds, Series 2006,
4/16 at 100.00
N/R
975,283
   
5.500%, 5/01/37
     
1,000
 
Windsor at Westside Community Development District, Osceola County, Florida, Special
11/25 at 100.00
N/R
1,019,600
   
Assessment Bonds, Area 1 Project, Series 2015, 5.125%, 11/01/45
     
112,635
 
Total Florida
   
108,442,123
   
Georgia – 1.6% (1.4% of Total Investments)
     
1,000
 
Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds,
11/23 at 100.00
BBB+
1,023,150
   
Trestletree Village Apartments, Series 2013A, 5.000%, 11/01/48
     
860
 
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008A. Remarketed, 7.500%, 1/01/31
1/19 at 100.00
A2
996,516
1,250
 
Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air
6/20 at 100.00
BB
1,555,113
   
Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29
     
1,880
 
Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten Academy
10/23 at 100.00
N/R
2,073,245
   
Project, Series 2013A, 7.125%, 10/01/43
     
1,000
 
Fulton County Development Authority, Georgia, Revenue Bonds, Amana Academy Project, Series
4/23 at 100.00
N/R
1,018,700
   
2013A, 6.500%, 4/01/43
     
1,000
 
Fulton County Residential Care Facilities Elderly Authority, Georgia, First Mortgage Revenue
7/17 at 100.00
N/R
1,010,230
   
Bonds, Lenbrook Project, Series 2006A, 5.125%, 7/01/37
     
1,140
 
Fulton County Residential Care Facilities Elderly Authority, Georgia, First Mortgage Revenue
No Opt. Call
N/R
1,171,304
   
Bonds, Lenbrook Project, Series 2006B, 7.300%, 7/01/42
     
   
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:
     
392
 
5.500%, 7/15/23
7/21 at 100.00
N/R
401,737
767
 
5.500%, 7/15/30
7/21 at 100.00
N/R
786,378
842
 
5.500%, 1/15/36
7/21 at 100.00
N/R
863,305
10,131
 
Total Georgia
   
10,899,678
   
Guam – 0.5% (0.4% of Total Investments)
     
2,445
 
Guam Government, General Obligation Bonds, 2009 Series A, 7.000%, 11/15/39
11/19 at 100.00
N/R (5)
2,998,548
   
(Pre-refunded 11/15/19)
     
330
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43
10/23 at 100.00
BBB
390,047
   
(Alternative Minimum Tax)
     
2,775
 
Total Guam
   
3,388,595
   
Hawaii – 0.4% (0.3% of Total Investments)
     
855
 
Hawaii Department of Budget and Finance, Private School Revenue Bonds, Montessori of Maui,
2/17 at 100.00
N/R
864,174
   
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
1,877,780
   
Company, Inc. and Subsidiary Projects, Series 2009, 6.500%, 7/01/39
     
2,510
 
Total Hawaii
   
2,741,954
   
Idaho – 0.1% (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–
697,040
   
Option Bond Trust 1102, 16.799%, 3/01/47 (IF) (6)
     
   
Illinois – 8.5% (7.4% of Total Investments)
     
915
 
Bolingbrook, Illinois, Sales Tax Revenue Bonds, Series 2005, 6.250%, 1/01/24
1/17 at 100.00
N/R
916,931
1,752
 
Chicago, Illinois, Certificates of Participation Tax Increment Bonds, 35th and State
No Opt. Call
N/R
1,762,806
   
Redevelopment Project, Series 2012, 6.100%, 1/15/29
     
2,665
 
Chicago, Illinois, Certificates of Participation, Tax Increment Allocation Revenue Bonds,
4/16 at 100.00
N/R
1,872,855
   
Diversey-Narragansett Project, Series 2006, 7.460%, 2/15/26
     
1,000
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, 5.500%, 1/01/37
1/25 at 100.00
BBB+
1,011,900
900
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2014A, 5.250%, 1/01/30
1/24 at 100.00
BBB+
913,356
1,500
 
Chicago, Illinois, General Obligation Bonds, Variable Rate Demand Series 2007F, 5.500%, 1/01/42
1/25 at 100.00
BBB+
1,509,390
4,000
 
Cook County, Illinois, Recovery Zone Facility Revenue Bonds, Navistar International
10/20 at 100.00
Caa1
3,866,080
   
Corporation Project, Series 2010, 6.500%, 10/15/40
     
2,180
 
Evanston, Illinois, Educational Facility Revenue Bonds, Roycemore School Project, Series 2011,
7/21 at 100.00
N/R
2,270,601
   
8.250%, 7/01/41
     
3,370
 
Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation,
12/16 at 100.00
BBB
3,397,499
   
Series 2007, 5.000%, 12/01/36
     
1,000
 
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International
10/20 at 100.00
Caa1
966,520
   
Corporation Project, Series 2010, 6.500%, 10/15/40
     
   
Illinois Finance Authority, Revenue Bonds, Admiral at Lake Project, Series 2010A:
     
500
 
7.750%, 5/15/30
5/20 at 100.00
N/R
570,515
1,625
 
8.000%, 5/15/46
5/20 at 100.00
N/R
1,861,340
635
 
Illinois Finance Authority, Revenue Bonds, Christian Homes Inc., Refunding Series 2010,
3/16 at 100.00
BBB–
636,003
   
5.500%, 5/15/23
     
1,100
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A,
1/18 at 100.00
Baa2
1,174,481
   
5.625%, 1/01/37
     
1,000
 
Illinois Finance Authority, Revenue Bonds, Lake Forest College, Series 2012A, 6.000%, 10/01/48
10/22 at 100.00
BBB–
1,100,670
1,000
 
Illinois Finance Authority, Revenue Bonds, Montgomery Place Project, Series 2006A,
5/17 at 100.00
N/R
1,010,510
   
5.750%, 5/15/38
     
2,500
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Tender Option Bond Trust 4702,
11/17 at 100.00
A (5)
3,393,700
   
20.104%, 11/15/37 (Pre-refunded 11/15/17) (IF) (6)
     
2,900
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
BBB+
3,512,712
1,770
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%,
8/17 at 100.00
N/R (5)
1,899,688
   
8/01/37 (Pre-refunded 8/01/17)
     
   
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 2009:
     
2,000
 
6.875%, 8/15/38 (Pre-refunded 8/15/19)
8/19 at 100.00
N/R (5)
2,417,900
3,850
 
7.000%, 8/15/44 (Pre-refunded 8/15/19)
8/19 at 100.00
N/R (5)
4,671,244
   
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Tender Option Bond Trust
     
   
2015-XF0121:
     
250
 
21.477%, 2/15/19 – AGM Insured (IF) (6)
No Opt. Call
AA
441,560
1,685
 
21.461%, 2/15/35 – AGM Insured (IF) (6)
8/21 at 100.00
AA
2,975,154
6,020
 
Illinois Finance Authority, Student Housing Revenue Bonds, MJH Education Assistance Illinois
4/16 at 100.00
Caa2
5,417,699
   
IV LLC, Fullerton Village Project, Series 2004A, 5.125%, 6/01/35 (4)
     
200
 
Illinois State, General Obligation Bonds, Series 2012A, 5.000%, 3/01/36
3/22 at 100.00
A–
210,044
1,105
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue
4/16 at 100.00
N/R
518,234
   
Bonds, Series 2005A-1, 7.125%, 1/01/36 (11)
     
2,000
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel Revenue
4/16 at 100.00
CC
1,711,060
   
Bonds, Series 2005A-2, 5.500%, 1/01/36 – ACA Insured
     
   
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel Revenue
     
   
Bonds, Series 2005B:
     
285
 
5.250%, 1/01/25 (12)
4/16 at 100.00
D
93,762
1,175
 
5.250%, 1/01/36 (12)
4/16 at 100.00
D
386,563
1,430
 
Lombard Public Facilities Corporation, Illinois, Third Tier Conference Center and Hotel Revenue
7/18 at 100.00
N/R
143
   
Bonds, Series 2005C-3, 12.000%, 1/01/36 (4)
     
800
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, Series
6/21 at 100.00
A–
963,728
   
2010, 6.000%, 6/01/28
     
980
 
Rantoul, Champaign County, Illinois, Tax Increment Revenue Bonds, Evans Road Series 2013B,
12/23 at 100.00
N/R
1,049,727
   
7.000%, 12/01/33
     
1,000
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group,
11/23 at 100.00
AA
1,347,650
   
Inc., Series 2013, 7.125%, 11/01/43
     
750
 
Springfield, Sangamon County, Illinois, Special Service Area, Legacy Pointe, Special Assessment
3/17 at 102.00
N/R
780,577
   
Bonds, Series 2009, 7.875%, 3/01/32
     
953
 
Volo Village, Illinois, Special Service Area 3 Special Tax Bonds, Symphony Meadows Project 1,
3/16 at 102.00
N/R
962,606
   
Series 2006, 6.000%, 3/01/36 (Mandatory put 2/29/16)
     
895
 
Yorkville United City Business District, Illinois, Storm Water and Water Improvement Project
1/17 at 102.00
N/R
536,973
   
Revenue Bonds, Series 2007, 6.000%, 1/01/26 (13)
     
1,103
 
Yorkville, Illinois, Special Tax Bonds, Special Service Area 2005-108 Autumn Creek Project,
3/16 at 102.00
N/R
1,107,732
   
Series 2006, 6.000%, 3/01/36
     
58,793
 
Total Illinois
   
59,239,913
   
Indiana – 3.6% (3.1% of Total Investments)
     
5,600
 
Carmel Redevelopment District, Indiana, Tax Increment Revenue Bonds, Series 2004A,
7/16 at 100.00
N/R
5,640,264
   
6.650%, 1/15/24
     
1,000
 
Indiana Bond Bank, Special Program Bonds, Hendricks Regional Health Project, Tender Option
No Opt. Call
AA
2,089,620
   
Bond Trust 10-77W, 18.831%, 4/01/30 – AMBAC Insured (IF) (6)
     
1,250
 
Indiana Bond Bank, Special Program Gas Revenue Bonds, JP Morgan Ventures Energy Corporation
No Opt. Call
A
2,050,200
   
Guaranteed, Tender Option Bond Trust 2015-XF0115, 17.952%, 4/15/18 (IF) (6)
     
1,000
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Discovery Charter School Project,
12/25 at 100.00
N/R
1,005,470
   
Series 2015A, 7.250%, 12/01/45
     
1,000
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel
No Opt. Call
B+
698,790
   
Corporation Project, Refunding Series 2011, 6.000%, 12/01/19
     
2,000
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel
No Opt. Call
B+
1,165,700
   
Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax)
     
500
 
Indiana Finance Authority, Hospital Revenue Bonds, King’s Daughters’ Hospital and Health
8/20 at 100.00
BBB+
545,730
   
Services, Series 2010, 5.500%, 8/15/45
     
   
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group Revenue Bonds, Tender
     
   
Option Bond Trust 2015-XF0106:
     
1,290
 
17.888%, 6/01/32 (IF) (6)
12/20 at 100.00
AA
1,896,816
1,250
 
18.882%, 12/01/32 (IF) (6)
12/19 at 100.00
AA
1,879,050
1,000
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Ascension Health,
11/16 at 100.00
AA+
1,132,080
   
Tender Option Bond Trust 2015-XF0090, 18.047%, 5/15/33 (IF)
     
1,000
 
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 2013,
11/23 at 100.00
N/R
1,125,620
   
7.250%, 11/01/43 (Alternative Minimum Tax)
     
1,000
 
St. Joseph County, Indiana, Economic Development Revenue Bonds, Chicago Trail Village
7/18 at 100.00
N/R
1,032,470
   
Apartments, Series 2005A, 7.500%, 7/01/35
     
   
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007:
     
250
 
5.700%, 9/01/37
9/17 at 100.00
N/R
259,245
4,050
 
5.800%, 9/01/47
9/17 at 100.00
N/R
4,196,407
22,190
 
Total Indiana
   
24,717,462
   
Iowa – 1.2% (1.0% of Total Investments)
     
1,000
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A,
7/16 at 100.00
BB+
1,010,880
   
5.500%, 7/01/25
     
995
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc. Project,
8/22 at 100.00
BBB–
1,007,716
   
Series 2012, 4.750%, 8/01/42
     
2,000
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
12/23 at 100.00
BB–
2,189,800
   
Project, Series 2013, 5.250%, 12/01/25
     
   
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
     
1,000
 
5.375%, 6/01/38
4/16 at 100.00
B+
971,560
2,865
 
5.625%, 6/01/46
4/16 at 100.00
B+
2,864,714
7,860
 
Total Iowa
   
8,044,670
   
Kansas – 0.3% (0.3% of Total Investments)
     
2,000
 
University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health System,
9/25 at 100.00
A+
2,287,200
   
Refunding & Improvement, Series 2015, 5.000%, 9/01/45 (UB) (6)
     
   
Kentucky – 0.2% (0.2% of Total Investments)
     
500
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro
6/20 at 100.00
BBB+
574,735
   
Medical Health System, Series 2010A, 6.000%, 6/01/30
     
1,000
 
Kentucky Housing Corporation, Multifamily Housing Revenue Bonds, Heritage Green Apartments
5/25 at 100.00
N/R
1,018,320
   
Project, Series 2015, 5.625%, 5/01/45
     
1,500
 
Total Kentucky
   
1,593,055
   
Louisiana – 4.1% (3.6% of Total Investments)
     
2,350
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing
7/23 at 100.00
N/R
2,621,707
   
(US) LLC Project, Series 2013, 6.000%, 7/01/36
     
8,500
 
Louisiana Local Government Environmental Facilities & Community Development Authority,
11/17 at 100.00
BBB+
9,198,869
   
Revenue Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32
     
915
 
Louisiana Local Government Environmental Facilities and Community Development Authority,
6/16 at 101.00
N/R (5)
943,319
   
Revenue Bonds, CDF Healthcare of Louisiana LLC, Series 2006A, 7.000%, 6/01/36
     
   
(Pre-refunded 6/01/16)
     
   
Louisiana Local Government Environmental Facilities and Community Development Authority,
     
   
Revenue Bonds, Southgate Suites Retail Project, Series 2007A:
     
7,000
 
6.750%, 12/15/37 (4)
12/17 at 100.00
N/R
4,501,910
1,115
 
6.000%, 12/15/37 (4)
4/16 at 100.00
N/R
612,380
100
 
Louisiana Local Government Environmental Facilities and Community Development Authority,
No Opt. Call
N/R
54,923
   
Revenue Bonds, Southgate Suites Retail Project, Series 2007B, 9.000%, 12/15/14
     
500
 
Louisiana Local Government Environmental Facilities and Community Development Authority,
11/20 at 100.00
BBB+
594,065
   
Revenue Bonds, Westlake Chemical Corporation Projects, Series 2010A-1, 6.500%, 11/01/35
     
   
Louisiana Local Government Environmental Facilities and Community Development Authority,
     
   
Revenue Bonds, Woman’s Hospital Foundation Project, Tender Option Bonds Trust 1012:
     
750
 
20.555%, 10/01/40 (IF) (6)
10/20 at 100.00
A
1,206,630
750
 
20.543%, 10/01/40 (IF) (6)
10/20 at 100.00
A
1,206,345
1,000
 
Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US)
7/23 at 100.00
N/R
1,123,700
   
LLC Project, Series 2013, 6.500%, 7/01/36 (Alternative Minimum Tax)
     
2,000
 
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation
12/21 at 100.00
N/R
2,279,680
   
Project, Series 2011A, 7.750%, 12/15/31
     
2,110
 
Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter Academy
12/23 at 100.00
N/R
2,514,571
   
Foundation Project, Series 2013A, 8.125%, 12/15/33
     
2,000
 
Louisiana Public Facilities Authority, Solid Waste Disposal Facility Revenue Bonds, Louisiana
No Opt. Call
N/R
1,624,880
   
Pellets Inc Project, Series 2015, 7.000%, 7/01/24 (Alternative Minimum Tax) (4)
     
29,090
 
Total Louisiana
   
28,482,979
   
Maine – 0.5% (0.4% of Total Investments)
     
3,155
 
Portland Housing Development Corporation, Maine, Section 8 Assisted Senior Living Revenue
4/16 at 100.00
Baa2
3,159,827
   
Bonds, Avesta Housing Development Corporation, Series 2004A, 6.000%, 2/01/34
     
   
Maryland – 1.1% (1.0% of Total Investments)
     
1,210
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%,
9/16 at 100.00
Ba1
1,229,372
   
9/01/39 – SYNCORA GTY Insured
     
3,000
 
Maryland Economic Development Corporation, Port Facilities Revenue Bonds, CNX Marine
9/20 at 100.00
BB–
2,879,670
   
Terminals Inc. Port of Baltimore Facility, Refunding Series 2010, 5.750%, 9/01/25
     
4,000
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference
12/16 at 100.00
N/R
2,389,560
   
Center, Series 2006A, 5.000%, 12/01/31 (4)
     
2,500
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference
12/16 at 100.00
N/R
1,493,475
   
Center, Series 2006B, 5.250%, 12/01/31
     
10,710
 
Total Maryland
   
7,992,077
   
Massachusetts – 0.1% (0.1% of Total Investments)
     
90
 
Boston Industrial Development Financing Authority, Massachusetts, Senior Revenue Bonds,
4/16 at 100.00
Caa3
63,869
   
Crosstown Center Project, Series 2002, 6.500%, 9/01/35 (Alternative Minimum Tax)
     
419
 
Massachusetts Development Finance Agency, Revenue Bonds, Northern Berkshire Community
7/17 at 100.00
D
16,755
   
Services Inc., Series 2012A, 6.000%, 2/15/43 (4), (7)
     
333
 
Massachusetts Development Finance Agency, Revenue Bonds, Northern Berkshire Community
1/43 at 102.19
D
10,004
   
Services Inc., Series 2012B, 0.000%, 2/15/43 (4), (7)
     
475
 
Massachusetts Development Finance Agency, Revenue Bonds, Northern Berkshire Community
7/17 at 100.00
D
14,243
   
Services Inc., Series 2012C, 0.000%, 2/15/43 (4), (7)
     
480
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series
7/16 at 100.00
N/R
481,507
   
2001A, 5.000%, 1/01/27 – AMBAC Insured (Alternative Minimum Tax)
     
1,797
 
Total Massachusetts
   
586,378
   
Michigan – 3.0% (2.6% of Total Investments)
     
   
Detroit Local Development Finance Authority, Michigan, Tax Increment Bonds, Series 1998A:
     
900
 
5.500%, 5/01/21
5/16 at 100.00
B–
886,113
10
 
5.500%, 5/01/21 – ACA Insured
4/16 at 100.00
B–
9,846
4,000
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010,
11/20 at 100.00
AA
4,355,200
   
5.250%, 11/01/35
     
88
 
Detroit, Michigan, General Obligation Bonds, Series 2003A, 5.250%, 4/01/22
4/16 at 100.00
N/R
87,576
116
 
Detroit, Michigan, General Obligation Bonds, Series 2004A-1, 5.250%, 4/01/19 – AMBAC Insured
4/16 at 100.00
N/R
116,348
477
 
Michigan Finance Authority, Detroit, Michigan, Local Government Loan Program, Unlimited Tax
4/16 at 100.00
A–
477,468
   
General Obligation Bonds, Series 2014G-4A, 5.250%, 4/01/22 – SYNCORA GTY Insured
     
634
 
Michigan Finance Authority, Detroit, Michigan, Local Government Loan Program, Unlimited Tax
4/16 at 100.00
A–
634,282
   
General Obligation Bonds, Series 2014G-5A, 5.250%, 4/01/19 – AMBAC Insured
     
970
 
Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hope
4/21 at 100.00
BB–
850,418
   
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
B–
907,980
   
Academy Project, Series 2011, 8.000%, 7/15/41
     
1,670
 
Michigan Public Educational Facilities Authority, Charter School Revenue Bonds, American
12/17 at 100.00
N/R
1,700,127
   
Montessori Academy, Series 2007, 6.500%, 12/01/37
     
1,000
 
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, Chandler
4/16 at 100.00
BBB
1,001,800
   
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–
1,006,480
   
Public School Academy, Series 2007, 5.000%, 9/01/36
     
895
 
Michigan Public Educational Facilities Authority, Limited Obligation Revenue Bonds, David
6/17 at 100.00
N/R
899,368
   
Ellis Academy-West Charter School Project, Series 2007, 5.875%, 6/01/37
     
1,500
 
Michigan State Hospital Finance Authority, Revenue Bonds, Hills and Dales General Hospital,
11/17 at 100.00
N/R
1,532,085
   
Series 2005A, 6.750%, 11/15/38
     
970
 
Michigan Strategic Fund, Limited Obligation Revenue Bonds, Detroit Thermal LLC Project, Series
12/23 at 100.00
N/R
950,813
   
2013, 8.500%, 12/01/30 (Alternative Minimum Tax)
     
865
 
Michigan Strategic Fund, Solid Waste Facility Limited Obligation Revenue Bonds, Canton
No Opt. Call
N/R
900,733
   
Renewables, LLC Sauk Trail Hills Project, Series 2014, 6.750%, 7/01/22
     
   
(Alternative Minimum Tax)
     
1,000
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
9/18 at 100.00
Aaa
1,190,350
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
     
   
Summit Academy North, Michigan, Revenue Bonds, Public School Academy Series 2005:
     
1,000
 
5.500%, 11/01/30
4/16 at 100.00
BB
1,000,280
500
 
5.500%, 11/01/35
4/16 at 100.00
BB
500,060
500
 
Summit Academy, Michigan, Revenue Bonds, Public School Academy Series 2005, 6.375%, 11/01/35
4/16 at 100.00
BB
500,460
1,200
 
University of Michigan, General Revenue Bonds, Series 2015, 5.000%, 4/01/46 (UB) (6)
4/26 at 100.00
AAA
1,429,896
20,295
 
Total Michigan
   
20,937,683
   
Minnesota – 0.4% (0.3% of Total Investments)
     
665
 
Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Athlos Leadership Academy
7/25 at 100.00
N/R
679,683
   
Project, Series 2015A, 5.500%, 7/01/35
     
1,000
 
Columbus, Minnesota, Charter School Lease Revenue Bonds, New Millennium Academy Project,
7/25 at 100.00
BB
1,017,210
   
Series 2015A, 6.000%, 7/01/45
     
1,000
 
Saint Paul Port Authority, Minnesota, Solid Waste Disposal Revenue Bonds, Gerdau Saint Paul
10/22 at 100.00
BBB–
924,750
   
Steel Mill Project, Series 2012-7, 4.500%, 10/01/37 (Alternative Minimum Tax)
     
2,665
 
Total Minnesota
   
2,621,643
   
Mississippi – 0.3% (0.2% of Total Investments)
     
728
 
Mississippi Home Corporation, Multifamily Housing Revenue Bonds, Tupelo Personal Care
10/19 at 101.00
N/R
739,224
   
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
1,124,300
   
Project, Series 2008A, 6.500%, 9/01/32
     
1,728
 
Total Mississippi
   
1,863,524
   
Missouri – 2.3% (2.0% of Total Investments)
     
1,000
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri,
10/19 at 100.00
A–
1,118,240
   
Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36
     
2,000
 
Joplin Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Joplin Recovery
4/23 at 100.00
N/R
2,145,740
   
TIF Redevelopment Project, Series 2013B, 5.875%, 4/01/36
     
2,000
 
Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons
6/25 at 100.00
N/R
2,041,420
   
Project, Subordinate Lien Series 2015B, 8.500%, 6/15/46
     
5,935
 
Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue
12/16 at 100.00
AA+
6,024,737
   
Bonds, Missouri-American Water Company, Series 2006, 4.600%, 12/01/36 – AMBAC
     
   
Insured (Alternative Minimum Tax) (UB) (6)
     
1,100
 
Saint Louis Industrial Development Authority, Missouri, Confluence Academy Project, Series
6/18 at 100.00
N/R
1,103,916
   
2007A, 5.350%, 6/15/32
     
970
 
Saint Louis Land Clearance for Redevelopment Authority, Missouri, Tax-Exempt Recovery Zone
9/20 at 100.00
N/R
1,013,194
   
Facilities Improvement, Special Revenue Bonds, Kiel Opera House Project, Series 2010B,
     
   
7.000%, 9/01/35
     
1,640
 
Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Fashion Square Redevelopment
9/16 at 100.00
N/R
1,611,448
   
Project, Series 2008A, 6.300%, 8/22/26
     
732
 
Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Grace Lofts Redevelopment
6/16 at 100.00
N/R
698,218
   
Projects, Series 2007A, 6.000%, 3/27/26
     
15,377
 
Total Missouri
   
15,756,913
   
Nebraska – 1.5% (1.3% of Total Investments)
     
6,485
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska City 2,
2/17 at 100.00
AA+ (5)
10,615,880
   
Tender Option Bond Trust 11673, 20.228%, 8/01/40 (Pre-refunded 2/01/17) – BHAC Insured (IF)
     
   
Nevada – 0.9% (0.8% of Total Investments)
     
2,500
 
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan,
No Opt. Call
Aa1
3,347,700
   
Tender Option Bond Trust Series 2010-11836, 18.185%, 6/01/16 (IF)
     
500
 
Henderson, Nevada, Limited Obligation Bonds, Local Improvement District T-18, Inspirada Series
9/16 at 100.00
N/R
496,485
   
2006, 5.125%, 9/01/19
     
   
Sparks Tourism Improvement District 1, Legends at Sparks Marina, Nevada, Senior Sales Tax
     
   
Revenue Bonds Series 2008A:
     
660
 
6.500%, 6/15/20
6/18 at 100.00
B1
706,180
1,500
 
6.750%, 6/15/28
6/18 at 100.00
B1
1,602,810
5,160
 
Total Nevada
   
6,153,175
   
New Jersey – 2.3% (2.0% of Total Investments)
     
2,100
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental
9/22 at 101.00
BB–
2,312,205
   
Airlines Inc., Series 1999, 5.250%, 9/15/29 (Alternative Minimum Tax)
     
1,080
 
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental
3/24 at 101.00
BB–
1,228,284
   
Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax)
     
1,000
 
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident
6/20 at 100.00
Baa3
1,116,750
   
Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series
     
   
2010A, 5.875%, 6/01/42
     
600
 
New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and Dentistry
6/19 at 100.00
N/R (5)
726,858
   
of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19)
     
5,200
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters
7/18 at 100.00
BB+
5,397,548
   
University Hospital, Series 2007, 5.750%, 7/01/37
     
   
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s
     
   
Healthcare System Obligated Group Issue, Series 2008:
     
1,000
 
6.000%, 7/01/18
No Opt. Call
BBB–
1,049,350
2,000
 
6.625%, 7/01/38
7/18 at 100.00
BBB–
2,210,600
740
 
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2008A,
6/18 at 100.00
AA
800,118
   
6.125%, 6/01/30 – AGC Insured (Alternative Minimum Tax)