UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-06379
 
Nuveen Municipal Opportunity Fund, Inc.
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:             10/31          
 
Date of reporting period:          7/31/12         
 
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 Opportunity Fund, Inc. (NIO)  
     
   
               July 31, 2012  
     
Principal  
   
Optional Call  
   
Amount (000)  
 
Description (1)  
Provisions (2)  
Ratings (3)  
Value  
   
Alabama – 1.1% (0.8% of Total Investments)  
     
$    10,500  
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds,  
1/17 at 100.00  
AA+  
$    10,871,595  
   
Series 2007A, 4.500%, 1/01/43 – BHAC Insured  
     
10,195  
 
Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A, 5.375%, 2/01/27 –  
8/12 at 100.00  
Caa3  
6,581,994  
   
FGIC Insured (4)  
     
20,695  
 
Total Alabama  
   
17,453,589  
   
Arizona – 2.8% (1.9% of Total Investments)  
     
4,230  
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds,  
3/22 at 100.00  
BBB–  
4,396,874  
   
Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30  
     
   
Arizona State University, Certificates of Participation, Resh Infrastructure Projects,  
     
   
Series 2005A:  
     
2,000  
 
5.000%, 9/01/25 – AMBAC Insured  
3/15 at 100.00  
AA–  
2,173,780  
2,000  
 
5.000%, 9/01/27 – AMBAC Insured  
3/15 at 100.00  
AA–  
2,171,660  
1,000  
 
Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured  
7/15 at 100.00  
Aa3  
1,096,650  
3,000  
 
Arizona State, Certificates of Participation, Department of Administration Series 2010B,  
4/20 at 100.00  
AA–  
3,363,330  
   
5.000%, 10/01/29 – AGC Insured  
     
1,000  
 
Maricopa County Union High School District 210, Phoenix, Arizona, General Obligation Bonds,  
7/14 at 100.00  
AA (5)  
1,090,460  
   
Series 2004A, 5.000%, 7/01/22 (Pre-refunded 7/01/14) – AGM Insured  
     
5,200  
 
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032-11034,  
7/17 at 100.00  
Aa2  
6,046,352  
   
14.880%, 7/01/26 – AGM Insured (IF)  
     
1,150  
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds,  
7/14 at 100.00  
AA+  
1,228,913  
   
Series 2004, 5.000%, 7/01/27 – NPFG Insured  
     
13,490  
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series  
7/15 at 100.00  
AAA  
14,827,803  
   
2005, 4.750%, 7/01/25 – NPFG Insured  
     
5,000  
 
Phoenix Civic Improvement Corporation, Arizona, Subordinate Excise Tax Revenue Bonds, Civic  
7/15 at 100.00  
AA+  
5,439,900  
   
Plaza Expansion Project, Series 2005A, 5.000%, 7/01/41 – FGIC Insured  
     
38,070  
 
Total Arizona  
   
41,835,722  
   
Arkansas – 0.2% (0.1% of Total Investments)  
     
2,660  
 
Arkansas State University, Student Fee Revenue Bonds, Beebe Campus, Series 2006, 5.000%,  
9/15 at 100.00  
A1  
2,805,449  
   
9/01/35 – AMBAC Insured  
     
   
California – 20.8% (14.0% of Total Investments)  
     
5,600  
 
Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series  
No Opt. Call  
BBB+  
4,109,672  
   
2004A, 0.000%, 10/01/20 – AMBAC Insured  
     
   
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,  
     
   
Series 2005AC:  
     
30  
 
5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured  
12/14 at 100.00  
AAA  
33,270  
25  
 
5.000%, 12/01/27 (Pre-refunded 12/01/14) – NPFG Insured  
12/14 at 100.00  
AAA  
27,725  
   
California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,  
     
   
Series 2005AC:  
     
3,670  
 
5.000%, 12/01/24 – NPFG Insured (UB)  
12/14 at 100.00  
AAA  
4,023,788  
2,795  
 
5.000%, 12/01/27 – NPFG Insured (UB)  
12/14 at 100.00  
AAA  
3,059,463  
3,000  
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard  
8/22 at 100.00  
AA  
3,260,220  
   
Children’s Hospital, Series 2012A, 5.000%, 8/15/51  
     
   
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and  
     
   
Clinics, Tender Option Bond Trust 3294:  
     
3,220  
 
9.230%, 2/15/20 (IF) (6)  
No Opt. Call  
AA–  
3,857,045  
1,275  
 
9.230%, 2/15/20 (IF)  
No Opt. Call  
AA–  
1,527,246  
1,215  
 
9.230%, 2/15/20 (IF)  
No Opt. Call  
AA–  
1,455,157  
10,150  
 
California State, General Obligation Bonds, Series 2004, 5.000%, 6/01/31 – AMBAC Insured  
12/14 at 100.00  
A1  
10,753,316  
10,920  
 
California Statewide Communities Development Authority, Revenue Bonds, Kaiser Permanente,  
4/22 at 100.00  
A+  
11,985,246  
   
Series 2012A, 5.000%, 4/01/42  
     
3,500  
 
Coachella Valley Unified School District, Riverside County, California, General Obligation  
8/15 at 100.00  
A1  
3,856,405  
   
Bonds, Series 2005A, 5.000%, 8/01/26 – FGIC Insured  
     
5,750  
 
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water  
6/15 at 100.00  
AAA  
6,338,973  
   
System Subordinated Revenue Bonds, Series 2005A, 5.000%, 6/01/27 – NPFG Insured  
     
10,000  
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement  
6/15 at 100.00  
A2  
10,241,900  
   
Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/38 – FGIC Insured  
     
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  
     
   
Bonds, Series 2007A-1:  
     
15,510  
 
4.500%, 6/01/27  
6/17 at 100.00  
BB–  
13,313,164  
3,760  
 
5.000%, 6/01/33  
6/17 at 100.00  
BB–  
3,018,603  
1,520  
 
Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation  
3/16 at 100.00  
A–  
1,536,066  
   
Bonds, Series 2006, 5.000%, 3/01/36 – SYNCORA GTY Insured  
     
5,600  
 
Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%,  
No Opt. Call  
Aa2  
3,544,800  
   
11/01/24 – AGM Insured  
     
2,740  
 
Los Angeles Harbors Department, California, Revenue Bonds, Series 2006A, 5.000%, 8/01/22 –  
8/16 at 102.00  
AA  
3,131,847  
   
FGIC Insured (Alternative Minimum Tax)  
     
20,000  
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A,  
7/13 at 100.00  
Aa2 (5)  
20,883,400  
   
5.000%, 7/01/21 (Pre-refunded 7/01/13) – AGM Insured  
     
3,000  
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F,  
7/16 at 100.00  
Aa2  
3,385,950  
   
5.000%, 7/01/24 – FGIC Insured  
     
5,200  
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 –  
8/29 at 100.00  
AA–  
4,451,044  
   
AGC Insured  
     
5,515  
 
Port of Oakland, California, Revenue Bonds, Series 2002L, 5.000%, 11/01/22 – FGIC Insured  
11/12 at 100.00  
A  
5,559,010  
   
(Alternative Minimum Tax)  
     
690  
 
Port of Oakland, California, Revenue Bonds, Series 2002L, 5.000%, 11/01/22 (Pre-refunded  
11/12 at 100.00  
A (5)  
698,204  
   
11/01/12) – FGIC Insured  
     
   
Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project,  
     
   
Series 2001:  
     
15,000  
 
5.200%, 6/15/30 – AMBAC Insured  
12/12 at 100.00  
N/R  
15,046,800  
6,000  
 
5.125%, 6/15/33 – AMBAC Insured  
12/12 at 100.00  
N/R  
6,013,080  
2,035  
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005,  
6/15 at 100.00  
A  
2,112,941  
   
5.000%, 6/01/30 – FGIC Insured  
     
6,000  
 
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds,  
7/13 at 100.00  
AA–  
6,185,640  
   
Series 2003, 5.000%, 7/01/26 – AGM Insured  
     
2,970  
 
Riverside Community College District, California, General Obligation Bonds, Series 2005,  
8/15 at 100.00  
AA  
3,341,102  
   
5.000%, 8/01/22 – AGM Insured  
     
2,500  
 
Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series  
12/15 at 100.00  
AA  
2,791,550  
   
2005B, 4.750%, 12/01/21 – FGIC Insured  
     
1,220  
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Refunding  
7/15 at 100.00  
AA+  
1,361,984  
   
Series 2005A, 5.000%, 7/01/22 – NPFG Insured  
     
3,030  
 
San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series  
1/13 at 100.00  
AA+  
3,040,696  
   
2001, 5.125%, 7/01/36 – AMBAC Insured  
     
66,685  
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll  
No Opt. Call  
Aaa  
56,991,663  
   
Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM)  
     
   
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue  
     
   
Refunding Bonds, Series 1997A:  
     
31,615  
 
5.250%, 1/15/30 – NPFG Insured  
1/13 at 100.00  
BBB  
31,613,416  
21,500  
 
0.000%, 1/15/32 – NPFG Insured  
No Opt. Call  
BBB  
7,244,640  
21,255  
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment  
8/17 at 100.00  
BBB  
19,627,080  
   
Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured  
     
11,250  
 
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and  
No Opt. Call  
BBB  
13,080,600  
   
Housing Facility, Series 1994A, 6.250%, 7/01/24 – NPFG Insured  
     
6,785  
 
Santa Clara Valley Water District, California, Water Revenue Bonds, Series 2006A, 3.750%,  
6/16 at 100.00  
Aa1  
7,154,850  
   
6/01/25 – AGM Insured  
     
9,375  
 
University of California, General Revenue Bonds, Limited Project Series 2012G, 5.000%, 5/15/37  
5/22 at 100.00  
Aa2  
10,855,781  
   
(WI/DD, Settling 8/09/12)  
     
5,000  
 
Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation  
1/14 at 100.00  
A+  
5,124,600  
   
District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured  
     
336,905  
 
Total California  
   
315,637,937  
   
Colorado – 3.4% (2.3% of Total Investments)  
     
1,080  
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 –  
10/16 at 100.00  
BBB–  
1,095,844  
   
SYNCORA GTY Insured  
     
1,900  
 
Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open Space, Series 2005B, 5.250%,  
11/15 at 100.00  
Aa2  
2,142,060  
   
11/01/24 – AGM Insured  
     
1,000  
 
Colorado Department of Transportation, Certificates of Participation, Series 2004, 5.000%,  
6/14 at 100.00  
AA– (5)  
1,087,070  
   
6/15/25 (Pre-refunded 6/15/14) – NPFG Insured  
     
4,950  
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel,  
12/13 at 100.00  
N/R (5)  
5,254,871  
   
Senior Lien Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured  
     
1,740  
 
Douglas County School District RE1, Douglas and Elbert Counties, Colorado, General Obligation  
12/14 at 100.00  
Aa1 (5)  
1,927,033  
   
Bonds, Series 2005B, 5.000%, 12/15/28 (Pre-refunded 12/15/14) – AGM Insured  
     
35,995  
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%,  
No Opt. Call  
BBB  
21,951,911  
   
9/01/23 – NPFG Insured  
     
10,000  
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 –  
No Opt. Call  
BBB  
4,786,400  
   
NPFG Insured  
     
4,520  
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%,  
12/14 at 100.00  
Aa2 (5)  
5,017,200  
   
12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)  
     
4,335  
 
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds,  
12/20 at 100.00  
AA–  
4,883,031  
   
Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured  
     
2,500  
 
Summit County School District RE-1, Summit, Colorado, General Obligation Bonds, Series 2004B,  
12/14 at 100.00  
Aa2 (5)  
2,769,600  
   
5.000%, 12/01/24 (Pre-refunded 12/01/14) – FGIC Insured  
     
355  
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 –  
6/15 at 100.00  
Aa2  
389,801  
   
FGIC Insured  
     
645  
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30  
6/15 at 100.00  
Aa2 (5)  
727,876  
   
(Pre-refunded 6/01/15) – FGIC Insured  
     
69,020  
 
Total Colorado  
   
52,032,697  
   
Connecticut – 0.2% (0.2% of Total Investments)  
     
3,250  
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University,  
7/20 at 100.00  
AA  
3,676,823  
   
Series 2010G, 5.000%, 7/01/39  
     
   
District of Columbia – 0.9% (0.6% of Total Investments)  
     
   
District of Columbia Water and Sewerage Authority, Public Utility Revenue Bonds, Subordinate  
     
   
Lien Series 2003:  
     
5,000  
 
5.125%, 10/01/24 (Pre-refunded 10/01/13) – FGIC Insured  
10/13 at 100.00  
AA (5)  
5,284,050  
5,000  
 
5.125%, 10/01/25 (Pre-refunded 10/01/13) – FGIC Insured  
10/13 at 100.00  
AA (5)  
5,284,050  
2,670  
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds,  
10/16 at 100.00  
AA+  
3,077,576  
   
Tender Option Bond Trust 1606, 11.436%, 10/01/30 – AMBAC Insured (IF)  
     
12,670  
 
Total District of Columbia  
   
13,645,676  
   
Florida – 22.7% (15.3% of Total Investments)  
     
1,250  
 
Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/24 – AMBAC Insured  
9/15 at 100.00  
A1  
1,336,700  
3,820  
 
Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.250%,  
7/13 at 100.00  
Aa3 (5)  
3,995,682  
   
7/01/19 (Pre-refunded 7/01/13) – NPFG Insured  
     
1,275  
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 –  
10/14 at 100.00  
A+  
1,344,602  
   
AMBAC Insured  
     
875  
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23  
10/14 at 100.00  
A1 (5)  
958,046  
   
(Pre-refunded 10/01/14) – AMBAC Insured  
     
4,500  
 
Broward County, Florida, Water and Sewer Utility Revenue Bonds, Series 2003, 5.000%, 10/01/24  
10/13 at 100.00  
AA+ (5)  
4,751,820  
   
(Pre-refunded 10/01/13) – NPFG Insured  
     
6,000  
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 –  
10/21 at 100.00  
AA–  
6,727,740  
   
AGM Insured  
     
   
Clay County, Florida, Uiltity System Revenue Bonds, Series 2007:  
     
5,110  
 
5.000%, 11/01/27 – AGM Insured (UB)  
11/17 at 100.00  
AAA  
5,609,278  
12,585  
 
5.000%, 11/01/32 – AGM Insured (UB)  
11/17 at 100.00  
AAA  
13,648,936  
1,500  
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23  
10/14 at 100.00  
AA– (5)  
1,649,895  
   
(Pre-refunded 10/01/14) – NPFG Insured  
     
3,000  
 
Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%, 6/01/22 – AMBAC Insured  
6/15 at 100.00  
AA–  
3,284,700  
   
Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta  
     
   
Pointe Apartments Project, Series 1997A:  
     
1,230  
 
5.650%, 9/01/17 – AGM Insured (Alternative Minimum Tax)  
9/12 at 100.00  
AA+  
1,232,829  
1,890  
 
5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)  
9/12 at 100.00  
AA+  
1,892,646  
900  
 
Dade County, Florida, Seaport Revenue Refunding Bonds, Series 1995, 5.750%, 10/01/15 –  
10/12 at 100.00  
A2  
903,960  
   
NPFG Insured  
     
   
Davie, Florida, Water and Sewerage Revenue Refunding and Improvement Bonds, Series 2003:  
     
910  
 
5.250%, 10/01/17 – AMBAC Insured  
10/13 at 100.00  
N/R  
952,588  
475  
 
5.250%, 10/01/18 – AMBAC Insured  
10/13 at 100.00  
N/R  
493,273  
   
Deltona, Florida, Utility Systems Water and Sewer Revenue Bonds, Series 2003:  
     
1,250  
 
5.250%, 10/01/22 – NPFG Insured  
10/13 at 100.00  
A1  
1,287,850  
1,095  
 
5.000%, 10/01/23 – NPFG Insured  
10/13 at 100.00  
A1  
1,127,872  
1,225  
 
5.000%, 10/01/24 – NPFG Insured  
10/13 at 100.00  
A1  
1,260,746  
2,500  
 
Escambia County School Board, Florida, Certificates of Participation, Series 2004, 5.000%,  
2/15 at 100.00  
BBB  
2,604,725  
   
2/01/22 – NPFG Insured  
     
2,500  
 
Flagler County School Board, Florida, Certificates of Participation, Master Lease Revenue  
8/15 at 100.00  
AA–  
2,726,100  
   
Program, Series 2005A, 5.000%, 8/01/30 – AGM Insured  
     
1,200  
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 –  
10/15 at 100.00  
A  
1,262,472  
   
NPFG Insured  
     
3,945  
 
Florida Governmental Utility Authority, Utility System Revenue Bonds, Citrus Project, Series  
10/13 at 100.00  
A– (5)  
4,165,762  
   
2003, 5.000%, 10/01/23 (Pre-refunded 10/01/13) – AMBAC Insured  
     
1,000  
 
Florida Governmental Utility Authority, Utility System Revenue Bonds, Golden Gate Project,  
1/13 at 100.00  
N/R  
1,000,560  
   
Series 1999, 5.000%, 7/01/29 – AMBAC Insured  
     
   
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:  
     
250  
 
5.375%, 11/01/25 – NPFG Insured  
11/12 at 100.00  
A–  
250,478  
185  
 
5.375%, 11/01/30 – NPFG Insured  
11/12 at 100.00  
A–  
185,300  
180  
 
Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18 –  
11/12 at 100.00  
Baa2  
181,370  
   
NPFG Insured  
     
2,000  
 
Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds,  
10/13 at 100.00  
AA–  
2,092,100  
   
Series 2003A, 5.000%, 10/01/17 – AGM Insured  
     
1,915  
 
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 –  
6/18 at 100.00  
AA–  
2,070,785  
   
AGM Insured  
     
2,500  
 
Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue  
No Opt. Call  
BBB  
3,123,425  
   
Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured  
     
1,000  
 
Hillsborough County School Board, Florida, Certificates of Participation, Master Lease  
7/15 at 100.00  
Aa2  
1,096,650  
   
Program, Series 2005A, 5.000%, 7/01/26 – NPFG Insured  
     
6,000  
 
Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%,  
7/13 at 100.00  
Aa2 (5)  
6,262,200  
   
7/01/29 (Pre-refunded 7/01/13) – NPFG Insured  
     
2,000  
 
Hillsborough County, Florida, Community Investment Tax Revenue Bonds, Series 2004, 5.000%,  
11/13 at 101.00  
AA (5)  
2,139,600  
   
5/01/23 (Pre-refunded 11/01/13) – AMBAC Insured  
     
1,000  
 
Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%,  
10/15 at 100.00  
AA+  
1,104,720  
   
10/01/25 – FGIC Insured  
     
2,595  
 
Indian River County School Board, Florida, Certificates of Participation, Series 2005, 5.000%,  
7/15 at 100.00  
A+  
2,786,563  
   
7/01/22 – NPFG Insured  
     
   
Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds,  
     
   
Series 2005:  
     
1,645  
 
5.000%, 5/01/25 – NPFG Insured  
5/15 at 102.00  
Baa2  
1,709,797  
1,830  
 
5.000%, 5/01/27 – NPFG Insured  
5/15 at 102.00  
Baa2  
1,888,999  
1,480  
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.250%,  
10/13 at 100.00  
A1 (5)  
1,565,337  
   
10/01/20 (Pre-refunded 10/01/13) – NPFG Insured  
     
1,500  
 
JEA, Florida, Water and Sewerage System Revenue Bonds, Crossover Refunding Series 2007B,  
10/14 at 100.00  
AA  
1,615,650  
   
5.000%, 10/01/24 – NPFG Insured  
     
1,000  
 
JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 5.000%, 10/01/14 –  
10/13 at 100.00  
AA  
1,054,000  
   
FGIC Insured  
     
1,450  
 
Jupiter, Florida, Water Revenue Bonds, Series 2003, 5.000%, 10/01/22 – AMBAC Insured  
10/13 at 100.00  
AAA  
1,522,529  
   
Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B:  
     
1,730  
 
5.000%, 10/01/18 – AMBAC Insured  
10/12 at 100.00  
N/R  
1,737,128  
2,000  
 
5.000%, 10/01/19 – AMBAC Insured  
10/12 at 100.00  
N/R  
2,007,660  
4,665  
 
Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM  
8/21 at 100.00  
AA–  
5,237,722  
   
Insured (Alternative Minimum Tax)  
     
1,230  
 
Lee County, Florida, Local Option Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/20 –  
10/14 at 100.00  
A2  
1,292,213  
   
FGIC Insured  
     
1,505  
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/21 –  
10/14 at 100.00  
A–  
1,597,362  
   
AMBAC Insured  
     
1,000  
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 –  
4/17 at 100.00  
A  
1,041,920  
   
NPFG Insured  
     
3,000  
 
Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured  
10/17 at 100.00  
Aa3  
3,214,530  
2,000  
 
Manatee County, Florida, Public Utilities Revenue Bonds, Series 2003, 5.125%, 10/01/20  
10/13 at 100.00  
Aa2 (5)  
2,113,620  
   
(Pre-refunded 10/01/13) – NPFG Insured  
     
   
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003:  
     
1,350  
 
5.250%, 10/01/17 (Pre-refunded 10/01/13) – NPFG Insured  
10/13 at 100.00  
Aa3 (5)  
1,428,665  
1,000  
 
5.250%, 10/01/18 (Pre-refunded 10/01/13) – NPFG Insured  
10/13 at 100.00  
Aa3 (5)  
1,058,270  
2,000  
 
Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003, 5.000%, 10/01/27 –  
10/13 at 100.00  
Aa3  
2,085,960  
   
NPFG Insured  
     
2,200  
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002A,  
10/12 at 100.00  
AA–  
2,204,466  
   
5.125%, 10/01/35 – AGM Insured (Alternative Minimum Tax)  
     
   
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002:  
     
5,615  
 
5.750%, 10/01/19 – FGIC Insured (Alternative Minimum Tax)  
10/12 at 100.00  
A2  
5,649,813  
35,920  
 
5.375%, 10/01/32 – FGIC Insured (Alternative Minimum Tax)  
10/12 at 100.00  
A2  
36,003,331  
12,930  
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series  
12/15 at 100.00  
Aa3  
13,270,706  
   
2005A, 5.000%, 6/01/32 – NPFG Insured  
     
5,320  
 
Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series  
6/15 at 100.00  
Aa3  
5,507,636  
   
2005B, 5.000%, 6/01/25 – NPFG Insured  
     
18,000  
 
Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Series 1997A, 0.000%,  
10/12 at 62.21  
A+  
11,105,640  
   
10/01/21 – NPFG Insured  
     
3,000  
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%,  
7/18 at 100.00  
AA  
3,279,600  
   
7/01/35 – AGM Insured  
     
2,000  
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Refunding Series 2008B,  
No Opt. Call  
Aa2  
2,547,700  
   
5.250%, 10/01/22 – AGM Insured  
     
   
Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and  
     
   
Improvement Development Unit 9B, Series 2005:  
     
1,290  
 
5.000%, 8/01/23 – NPFG Insured  
8/15 at 102.00  
BBB  
1,374,237  
2,145  
 
5.000%, 8/01/29 – NPFG Insured  
8/15 at 102.00  
BBB  
2,264,133  
2,000  
 
Okaloosa County, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 7/01/36 –  
7/16 at 100.00  
AA–  
2,124,280  
   
AGM Insured  
     
7,000  
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, Inc.,  
4/22 at 100.00  
A  
7,565,040  
   
Series 2012A, 5.000%, 10/01/42  
     
1,000  
 
Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%,  
8/17 at 100.00  
AA  
1,103,700  
   
8/01/27 – FGIC Insured  
     
3,180  
 
Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/19 – FGIC Insured  
1/13 at 100.00  
AA+  
3,237,685  
2,500  
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 –  
10/16 at 100.00  
AA–  
2,644,600  
   
SYNCORA GTY Insured  
     
   
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004:  
     
2,500  
 
5.000%, 4/01/21 – NPFG Insured  
4/14 at 100.00  
Aa3  
2,660,125  
7,820  
 
5.000%, 4/01/23 – NPFG Insured  
4/14 at 100.00  
Aa3  
8,263,394  
1,750  
 
Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay Utility Corporation, Series 2003,  
10/13 at 100.00  
Aa3  
1,835,015  
   
5.000%, 10/01/20 – NPFG Insured  
     
1,065  
 
Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds,  
1/13 at 100.00  
AA–  
1,066,598  
   
Westlake Apartments Phase II, Series 2002, 5.150%, 7/01/22 – AGM Insured (Alternative  
     
   
Minimum Tax)  
     
2,150  
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%,  
8/14 at 100.00  
AA– (5)  
2,299,490  
   
8/01/24 (Pre-refunded 8/01/14) – FGIC Insured  
     
3,000  
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%,  
8/17 at 100.00  
AA–  
3,337,770  
   
8/01/27 – NPFG Insured  
     
8,000  
 
Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%,  
No Opt. Call  
AA+  
7,840,800  
   
10/01/14 – AMBAC Insured  
     
   
Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003:  
     
1,000  
 
5.250%, 10/01/19 – NPFG Insured  
10/13 at 100.00  
A1  
1,043,820  
500  
 
5.250%, 10/01/20 – NPFG Insured  
10/13 at 100.00  
A1  
521,910  
500  
 
5.250%, 10/01/21 – NPFG Insured  
10/13 at 100.00  
A1  
521,195  
3,000  
 
Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%,  
4/16 at 100.00  
AA  
3,347,580  
   
10/01/36 – AGM Insured  
     
   
Plantation, Florida, Non-Ad Valorem Revenue Refunding and Improvement Bonds, Series 2003:  
     
2,225  
 
5.000%, 8/15/18 – AGM Insured  
8/13 at 100.00  
Aa3  
2,322,945  
1,300  
 
5.000%, 8/15/21 – AGM Insured  
8/13 at 100.00  
Aa3  
1,356,394  
1,170  
 
Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 5.000%, 10/01/24 –  
10/14 at 100.00  
Aa3  
1,252,029  
   
FGIC Insured  
     
1,000  
 
Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,  
7/17 at 100.00  
BBB  
1,035,620  
   
Series 2007, 5.000%, 7/01/33 – NPFG Insured  
     
   
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:  
     
5,450  
 
5.250%, 9/01/35 – AGC Insured  
9/18 at 100.00  
AA–  
6,077,350  
8,500  
 
5.000%, 9/01/35 – AGC Insured  
9/18 at 100.00  
AA–  
9,307,500  
1,830  
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2003, 5.000%, 9/01/21  
9/13 at 100.00  
AA– (5)  
1,925,252  
   
(Pre-refunded 9/01/13) – NPFG Insured  
     
1,000  
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2004, 5.000%, 9/01/21  
9/14 at 100.00  
AA– (5)  
1,070,130  
   
(Pre-refunded 9/01/14) – NPFG Insured  
     
1,895  
 
Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation  
6/15 at 100.00  
Aa3  
2,075,233  
   
Bonds, Series 2005B, 5.000%, 6/01/25 – AMBAC Insured  
     
4,260  
 
Saint Lucie County School Board, Florida, Certificates of Participation, Master Lease Program,  
7/14 at 100.00  
AA–  
4,572,088  
   
Series 2004A, 5.000%, 7/01/24 – AGM Insured  
     
   
Sebring, Florida, Water and Wastewater Revenue Refunding Bonds, Series 2002:  
     
1,360  
 
5.250%, 1/01/17 (Pre-refunded 1/01/13) – FGIC Insured  
1/13 at 100.00  
AA– (5)  
1,388,043  
770  
 
5.250%, 1/01/18 (Pre-refunded 1/01/13) – FGIC Insured  
1/13 at 100.00  
AA– (5)  
785,877  
500  
 
5.250%, 1/01/20 (Pre-refunded 1/01/13) – FGIC Insured  
1/13 at 100.00  
AA– (5)  
510,310  
5,740  
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series  
No Opt. Call  
Aa2 (5)  
7,008,770  
   
1992, 6.000%, 10/01/19 – NPFG Insured (ETM)  
     
3,530  
 
Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series  
No Opt. Call  
Aa2  
3,830,121  
   
1992, 6.000%, 10/01/19 – NPFG Insured  
     
   
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993:  
     
5,005  
 
5.500%, 10/01/15 – FGIC Insured (ETM)  
No Opt. Call  
N/R (5)  
5,409,354  
1,200  
 
5.500%, 10/01/21 – FGIC Insured (ETM)  
No Opt. Call  
N/R (5)  
1,522,740  
   
St. Petersburg, Florida, Sales Tax Revenue Bonds, Professional Sports Facility, Series 2003:  
     
1,475  
 
5.125%, 10/01/20 – AGM Insured  
10/13 at 100.00  
Aa3  
1,546,479  
1,555  
 
5.125%, 10/01/21 – AGM Insured  
10/13 at 100.00  
Aa3  
1,628,863  
2,500  
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured  
10/15 at 100.00  
AA  
2,738,225  
400  
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured  
10/19 at 100.00  
Aa2  
451,640  
1,765  
 
Tampa Sports Authority, Hillsborough County, Florida, Local Option Sales Tax Payments Revenue  
1/15 at 100.00  
AA+  
1,923,162  
   
Bonds, Stadium Project, Series 2005, 5.000%, 1/01/22 – AGM Insured  
     
1,500  
 
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s  
12/12 at 100.00  
Aaa  
1,519,800  
   
Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM)  
     
10,335  
 
Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 – CIFG Insured  
4/16 at 100.00  
Aa3  
10,656,935  
1,390  
 
Venice, Florida, General Obligation Bonds, Series 2004, 5.000%, 2/01/24 – AMBAC Insured  
2/14 at 100.00  
AA+  
1,470,425  
4,275  
 
Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%,  
8/15 at 100.00  
Aa3  
4,509,484  
   
8/01/24 – AGM Insured  
     
2,000  
 
Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/21 – AGM Insured  
10/14 at 100.00  
AA–  
2,171,460  
12,000  
 
Volusia County, Florida, School Board Certificates of Participation, Master Lease Program  
8/17 at 100.00  
Aa3  
12,748,440  
   
Series 2007, 5.000%, 8/01/32 – AGM Insured  
     
1,785  
 
Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%,  
12/14 at 100.00  
Aa3  
1,867,592  
   
12/01/24 – AGM Insured  
     
333,145  
 
Total Florida  
   
344,985,860  
   
Georgia – 1.9% (1.3% of Total Investments)  
     
1,000  
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 –  
11/14 at 100.00  
AA–  
1,070,180  
   
AGM Insured  
     
10,000  
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 –  
11/19 at 100.00  
AA–  
11,435,100  
   
AGM Insured  
     
1,155  
 
Augusta, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.250%, 10/01/39 –  
10/14 at 100.00  
AA–  
1,246,765  
   
AGM Insured  
     
2,825  
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007,  
8/20 at 100.00  
AA  
3,128,151  
   
4.000%, 8/01/26  
     
1,520  
 
College Park Business and Industrial Development Authority, Georgia, Revenue Bonds, Public  
9/14 at 102.00  
AA–  
1,673,414  
   
Safety Project, Series 2004, 5.250%, 9/01/23 – NPFG Insured  
     
   
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science  
     
   
Building, Series 2004:  
     
1,695  
 
5.250%, 5/01/19 – NPFG Insured  
5/14 at 100.00  
Aa3  
1,811,819  
1,135  
 
5.250%, 5/01/20 – NPFG Insured  
5/14 at 100.00  
Aa3  
1,210,148  
4,500  
 
5.000%, 5/01/36 – NPFG Insured  
5/14 at 100.00  
Aa3  
4,623,795  
2,250  
 
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett  
7/19 at 100.00  
Aa3  
2,535,300  
   
Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured  
     
26,080  
 
Total Georgia  
   
28,734,672  
   
Idaho – 1.1% (0.7% of Total Investments)  
     
12,930  
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series  
3/22 at 100.00  
A  
13,920,567  
   
2012A, 5.000%, 3/01/47 – AGM Insured  
     
50  
 
Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1995B, 6.600%, 7/01/27  
1/13 at 100.00  
Aaa  
50,233  
   
(Alternative Minimum Tax)  
     
   
Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway  
     
   
Trust Funds, Series 2006:  
     
1,000  
 
5.000%, 7/15/23 – NPFG Insured  
7/16 at 100.00  
Aa2  
1,129,730  
1,065  
 
5.000%, 7/15/24 – NPFG Insured  
7/16 at 100.00  
Aa2  
1,203,162  
15,045  
 
Total Idaho  
   
16,303,692  
   
Illinois – 8.6% (5.8% of Total Investments)  
     
1,050  
 
Bedford Park, Illinois, General Obligation Bonds, Series 2004A, 5.250%, 12/15/20 – AGM Insured  
12/14 at 100.00  
AA–  
1,160,040  
7,000  
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien  
1/20 at 100.00  
AA–  
7,849,730  
   
Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured  
     
7,200  
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,  
1/16 at 100.00  
A2  
7,985,304  
   
Series 2005A, 5.250%, 1/01/24 – NPFG Insured  
     
10,000  
 
Chicago, Illinois, Water Revenue Bonds, Refunding Second Lien Series 2012-2, 5.000%, 11/01/42  
11/22 at 100.00  
AA  
11,407,000  
6,775  
 
De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell Community College District 540,  
12/17 at 100.00  
Aa2  
6,601,696  
   
Illinois, General Obligation Bonds, Series 2007, 3.000%, 12/01/26 – AGM Insured  
     
10,580  
 
Illinois Development Finance Authority, Revenue Bonds, Provena Health, Series 1998A, 5.500%,  
11/12 at 100.00  
Baa1  
10,626,340  
   
5/15/21 – NPFG Insured  
     
3,295  
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000,  
12/12 at 100.00  
Baa2  
3,299,448  
   
5.800%, 6/01/30 – NPFG Insured  
     
6,720  
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%,  
8/21 at 100.00  
AA–  
7,794,528  
   
8/15/41 – AGM Insured  
     
14,965  
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A,  
10/21 at 100.00  
Aa1  
16,956,243  
   
5.000%, 10/01/51  
     
   
Illinois State, General Obligation Bonds, Refunding Series 2012:  
     
3,160  
 
5.000%, 8/01/21  
No Opt. Call  
A  
3,629,987  
1,225  
 
5.000%, 8/01/22  
No Opt. Call  
A  
1,411,984  
2,740  
 
5.000%, 8/01/23  
No Opt. Call  
A  
3,152,041  
1,055  
 
5.000%, 8/01/24  
No Opt. Call  
A  
1,193,743  
270  
 
5.000%, 8/01/25  
No Opt. Call  
A  
303,078  
5,405  
 
Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1,  
7/16 at 100.00  
AA–  
6,093,759  
   
5.000%, 1/01/24 – AGM Insured  
     
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion  
     
   
Project, Capital Appreciation Refunding Series 2010B-1:  
     
20,000  
 
0.000%, 6/15/45 – AGM Insured  
No Opt. Call  
AAA  
3,801,800  
15,000  
 
0.000%, 6/15/46 – AGM Insured  
No Opt. Call  
AAA  
2,693,100  
20,045  
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion  
No Opt. Call  
AAA  
6,577,566  
   
Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured  
     
5,920  
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion  
6/20 at 100.00  
AAA  
7,400,947  
   
Project, Tender Option Bond Trust 3861, 13.577%, 6/15/42 (IF) (6)  
     
   
Schaumburg, Illinois, General Obligation Bonds, Series 2004B:  
     
4,260  
 
5.000%, 12/01/22 (Pre-refunded 12/01/14) – FGIC Insured  
12/14 at 100.00  
Aaa  
4,719,398  
2,365  
 
5.000%, 12/01/23 (Pre-refunded 12/01/14) – FGIC Insured  
12/14 at 100.00  
Aaa  
2,620,042  
4,000  
 
Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2,  
No Opt. Call  
A+  
2,230,080  
   
Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured  
     
   
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General  
     
   
Obligation Bonds, Series 2011:  
     
930  
 
7.000%, 12/01/21 – AGM Insured  
12/20 at 100.00  
AA–  
1,175,297  
1,035  
 
7.000%, 12/01/22 – AGM Insured  
12/20 at 100.00  
AA–  
1,281,299  
1,155  
 
7.000%, 12/01/23 – AGM Insured  
12/20 at 100.00  
AA–  
1,427,880  
1,065  
 
7.000%, 12/01/26 – AGM Insured  
12/20 at 100.00  
AA–  
1,297,724  
2,085  
 
7.250%, 12/01/29 – AGM Insured  
12/20 at 100.00  
AA–  
2,549,788  
2,295  
 
7.250%, 12/01/30 – AGM Insured  
12/20 at 100.00  
AA–  
2,794,438  
161,595  
 
Total Illinois  
   
130,034,280  
   
Indiana – 3.9% (2.6% of Total Investments)  
     
2,030  
 
Decatur Township-Marion County Multi-School Building Corporation, Indiana, First Mortgage  
7/13 at 100.00  
AA+ (5)  
2,123,421  
   
Bonds, Series 2003, 5.000%, 7/15/20 (Pre-refunded 7/15/13) – FGIC Insured  
     
3,450  
 
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric  
6/22 at 100.00  
BBB–  
3,594,003  
   
Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured  
     
5,000  
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B.,  
12/20 at 100.00  
AA  
5,456,600  
   
5.000%, 12/01/37  
     
8,500  
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 –  
1/17 at 100.00  
A+  
9,163,425  
   
NPFG Insured  
     
5,000  
 
Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project  
1/20 at 100.00  
AA  
5,687,100  
   
Revenue Bonds, Series 2010F, 5.000%, 1/01/35 – AGM Insured  
     
20,000  
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/28 –  
No Opt. Call  
AA  
11,390,800  
   
AMBAC Insured  
     
9,615  
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A,  
1/19 at 100.00  
AA–  
10,927,159  
   
5.500%, 1/01/38 – AGC Insured  
     
1,340  
 
Monroe-Gregg Grade School Building Corporation, Morgan County, Indiana, First Mortgage Bonds,  
1/14 at 100.00  
AA+ (5)  
1,432,648  
   
Series 2004, 5.000%, 1/15/25 (Pre-refunded 1/15/14) – AGM Insured  
     
5,000  
 
Noblesville Redevelopment Authority, Indiana, Economic Development Lease Rental Bonds, Exit 10  
7/13 at 100.00  
AA– (5)  
5,229,100  
   
Project, Series 2003, 5.000%, 1/15/28 (Pre-refunded 7/15/13) – AMBAC Insured  
     
3,705  
 
Whitley County Middle School Building Corporation, Columbia City, Indiana, First Mortgage  
7/13 at 100.00  
Aa3 (5)  
3,875,504  
   
Bonds, Series 2003, 5.000%, 7/15/16 (Pre-refunded 7/15/13) – AGM Insured  
     
63,640  
 
Total Indiana  
   
58,879,760  
   
Kansas – 0.7% (0.4% of Total Investments)  
     
2,055  
 
Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/23 (Pre-refunded  
9/14 at 101.00  
AA– (5)  
2,275,625  
   
9/01/14) – AGM Insured  
     
   
Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006:  
     
2,145  
 
5.000%, 9/01/27 (Pre-refunded 9/01/14) – AGM Insured  
9/14 at 100.00  
Aa3 (5)  
2,353,044  
4,835  
 
5.000%, 9/01/29 (Pre-refunded 9/01/14) – AGM Insured  
9/14 at 100.00  
Aa3 (5)  
5,303,947  
9,035  
 
Total Kansas  
   
9,932,616  
   
Kentucky – 2.2% (1.5% of Total Investments)  
     
3,870  
 
Kenton County School District Finance Corporation, Kentucky, School Building Revenue Bonds,  
6/14 at 100.00  
Aa3 (5)  
4,200,266  
   
Series 2004, 5.000%, 6/01/20 (Pre-refunded 6/01/14) – NPFG Insured  
     
   
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding  
     
   
Series 2009:  
     
3,860  
 
5.250%, 2/01/20 – AGC Insured  
2/19 at 100.00  
AA–  
4,719,004  
10,000  
 
5.250%, 2/01/24 – AGC Insured  
2/19 at 100.00  
AA–  
11,838,600  
7,500  
 
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project,  
7/16 at 100.00  
AA+  
8,514,675  
   
Series 2006B, 5.000%, 7/01/25 – AMBAC Insured  
     
4,000  
 
Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health  
6/22 at 100.00  
AA  
4,493,600  
   
Initiatives, Series 2012A, 5.000%, 12/01/35  
     
29,230  
 
Total Kentucky  
   
33,766,145  
   
Louisiana – 4.4% (2.9% of Total Investments)  
     
3,330  
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical  
1/21 at 100.00  
AA–  
3,883,413  
   
Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured  
     
3,025  
 
Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/22 –  
11/14 at 100.00  
A+  
3,276,045  
   
NPFG Insured  
     
4,515  
 
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series  
7/14 at 100.00  
BBB  
4,780,301  
   
2004, 5.250%, 7/01/24 – NPFG Insured  
     
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:  
     
2,400  
 
5.000%, 5/01/25 (Pre-refunded 5/01/15) – FGIC Insured  
5/15 at 100.00  
Aa1 (5)  
2,699,640  
4,415  
 
5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured  
5/15 at 100.00  
Aa1 (5)  
4,966,213  
5,000  
 
5.000%, 5/01/27 (Pre-refunded 5/01/15) – FGIC Insured  
5/15 at 100.00  
Aa1 (5)  
5,624,250  
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:  
     
3,300  
 
4.750%, 5/01/39 – AGM Insured (UB)  
5/16 at 100.00  
Aa1  
3,543,012  
35,725  
 
4.500%, 5/01/41 – FGIC Insured (UB)  
5/16 at 100.00  
Aa1  
37,411,577  
38  
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.835%,  
5/16 at 100.00  
Aa1  
45,570  
   
5/01/34 – FGIC Insured (IF)  
     
61,748  
 
Total Louisiana  
   
66,230,021  
   
Maine – 0.2% (0.1% of Total Investments)  
     
3,000  
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2003B, 5.000%,  
7/13 at 100.00  
Aaa  
3,124,020  
   
7/01/28 (Pre-refunded 7/01/13) – AGM Insured  
     
   
Maryland – 0.4% (0.2% of Total Investments)  
     
5,345  
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%,  
9/16 at 100.00  
BB+  
5,484,772  
   
9/01/28 – SYNCORA GTY Insured  
     
   
Massachusetts – 3.4% (2.3% of Total Investments)  
     
4,500  
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds,  
1/20 at 100.00  
AA+  
5,092,785  
   
Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35  
     
5,330  
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University,  
12/19 at 100.00  
AAA  
8,127,504  
   
Tender Option Bond Trust 2010-20W, 13.855%, 12/15/34 (IF) (6)  
     
11,000  
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A,  
8/15 at 100.00  
AA+ (5)  
12,525,040  
   
5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured (UB)  
     
15,000  
 
Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%,  
1/14 at 100.00  
A1 (5)  
16,052,100  
   
1/01/23 (Pre-refunded 1/01/14) – FGIC Insured  
     
7,255  
 
Massachusetts Water Resources Authority, General Revenue Bonds Series 2007A, 4.500%, 8/01/46 –  
2/17 at 100.00  
AA+  
7,594,679  
   
AGM Insured (UB) (6)  
     
1,500  
 
University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series  
11/14 at 100.00  
AA (5)  
1,667,880  
   
2004-1, 5.375%, 11/01/20 (Pre-refunded 11/01/14) – AMBAC Insured  
     
44,585  
 
Total Massachusetts  
   
51,059,988  
   
Michigan – 3.4% (2.3% of Total Investments)  
     
5,490  
 
Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site  
No Opt. Call  
Aa2  
6,824,454  
   
Improvement Bonds, Series 2001A 6.000%, 5/01/29 – AGM Insured (UB)  
     
1,695  
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,  
7/22 at 100.00  
A+  
1,790,869  
   
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39  
     
6,000  
 
Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured  
10/12 at 100.00  
BBB  
5,764,560  
2,000  
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Series 2001D-2, 5.500%, 7/01/32 –  
1/13 at 100.00  
A  
1,372,393  
   
NPFG Insured (7)  
     
575  
 
Grand Rapids Community College, Kent County, Michigan, General Obligation Refunding Bonds,  
5/13 at 100.00  
Aa1  
595,470  
   
Series 2003, 5.250%, 5/01/20 – AMBAC Insured  
     
510  
 
Grand Rapids Community College, Kent County, Michigan, General Obligation Refunding Bonds,  
5/13 at 100.00  
Aa1 (5)  
529,273  
   
Series 2003, 5.250%, 5/01/20 (Pre-refunded 5/01/13) – AMBAC Insured  
     
3,000  
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 –  
1/22 at 100.00  
A2  
3,183,780  
   
AGM Insured  
     
8,260  
 
Michigan State Building Authority, Revenue Refunding Bonds, Facilities Program, Series  
10/21 at 100.00  
Aa3  
9,515,024  
   
2011-II-A, 5.375%, 10/15/41  
     
11,000  
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series  
6/22 at 100.00  
AA  
12,055,230  
   
2009C, 5.000%, 12/01/48  
     
10,000  
 
Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds,  
12/12 at 100.00  
BBB+  
10,045,900  
   
Detroit Metropolitan Wayne County Airport, Series 2001A, 5.250%, 12/01/25 – NPFG Insured  
     
48,530  
 
Total Michigan  
   
51,676,953  
   
Minnesota – 1.1% (0.8% of Total Investments)  
     
   
Central Minnesota Municipal Power Agency, Revenue Bonds, Brookings – Southeast Twin Cities  
     
   
Transmission Project, Series 2012:  
     
610  
 
5.000%, 1/01/32  
1/22 at 100.00  
A–  
700,518  
145  
 
5.000%, 1/01/42  
1/22 at 100.00  
A–  
162,009  
5,000  
 
Minneapolis, Minnesota, Health Care System Revenue Bonds,S Fairview Health Services, Series  
11/18 at 100.00  
AA–  
6,000,650  
   
2008B, 6.500%, 11/15/38 – AGC Insured  
     
5,020  
 
Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D,  
No Opt. Call  
AA+  
6,212,601  
   
5.000%, 8/01/18  
     
4,000  
 
Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series  
No Opt. Call  
AA–  
4,412,960  
   
2009A, 5.000%, 1/01/15 – AGC Insured  
     
14,775  
 
Total Minnesota  
   
17,488,738  
   
Missouri – 0.3% (0.2% of Total Investments)  
     
4,125  
 
St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series  
No Opt. Call  
A–  
4,877,359  
   
2005, 5.500%, 7/01/29 – NPFG Insured  
     
   
Montana – 0.2% (0.2% of Total Investments)  
     
3,000  
 
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated  
1/21 at 100.00  
AA–  
3,513,360  
   
Group, Series 2011A, 5.750%, 1/01/31 – AGM Insured  
     
   
Nebraska – 2.4% (1.6% of Total Investments)  
     
27,125  
 
Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.750%, 9/01/37 –  
9/17 at 100.00  
AA  
28,891,109  
   
FGIC Insured (UB) (6)  
     
5,000  
 
Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series  
4/19 at 100.00  
AA+  
5,759,750  
   
2009A, 5.375%, 4/01/39 – BHAC Insured  
     
1,000  
 
Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25 –  
1/15 at 100.00  
AA–  
1,082,130  
   
AGM Insured  
     
33,125  
 
Total Nebraska  
   
35,732,989  
   
Nevada – 5.3% (3.6% of Total Investments)  
     
7,000  
 
Clark County School District, Nevada, General Obligation Bonds, Refunding Series 2005A,  
6/15 at 101.00  
AA–  
7,832,650  
   
5.000%, 6/15/19 – FGIC Insured  
     
3,500  
 
Clark County School District, Nevada, General Obligation Bonds, Series 2004B, 5.000%,  
6/14 at 100.00  
AA–  
3,790,920  
   
6/15/18 – AGM Insured  
     
3,000  
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 –  
7/19 at 100.00  
AA–  
3,373,200  
   
AGM Insured  
     
   
Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan,  
     
   
Series 2002:  
     
3,630  
 
5.000%, 6/01/32 (Pre-refunded 12/01/12) – NPFG Insured  
12/12 at 100.00  
AA+ (5)  
3,688,625  
8,475  
 
5.000%, 6/01/32 (Pre-refunded 12/01/12) – NPFG Insured  
12/12 at 100.00  
AA+ (5)  
8,611,532  
16,840  
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran  
1/20 at 100.00  
AA–  
18,907,784  
   
International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured  
     
7,370  
 
Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%,  
7/14 at 100.00  
A+  
7,857,599  
   
7/01/25 – FGIC Insured  
     
10,285  
 
Henderson, Nevada, General Obligation Sewer Bonds, Series 2004, 5.000%, 6/01/34 (Pre-refunded  
12/14 at 100.00  
AA (5)  
11,396,089  
   
12/01/14) – FGIC Insured  
     
14,985  
 
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 – NPFG Insured  
1/13 at 100.00  
A3  
15,003,132  
75,085  
 
Total Nevada  
   
80,461,531  
   
New Jersey – 5.0% (3.3% of Total Investments)  
     
   
Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project  
     
   
Consolidation, Series 2004:  
     
2,000  
 
5.125%, 10/01/21 – NPFG Insured  
10/14 at 100.00  
Aa2  
2,183,140  
2,250  
 
5.125%, 10/01/22 – NPFG Insured  
10/14 at 100.00  
Aa2  
2,452,973  
   
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge,  
     
   
Series 2004A:  
     
3,850  
 
5.000%, 7/01/22 – NPFG Insured  
7/14 at 100.00  
A  
4,119,885  
3,850  
 
5.000%, 7/01/23 – NPFG Insured  
7/14 at 100.00  
A  
4,119,885  
5,900  
 
5.000%, 7/01/29 – NPFG Insured  
7/14 at 100.00  
A  
6,287,512  
26,000  
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 –  
No Opt. Call  
AA–  
33,099,817  
   
AGM Insured  
     
   
New Jersey Turnpike Authority, Revenue Bonds, Series 2003A:  
     
8,250  
 
5.000%, 1/01/19 – FGIC Insured  
7/13 at 100.00  
A+  
8,577,443  
2,000  
 
5.000%, 1/01/23 – AGM Insured  
7/13 at 100.00  
AA–  
2,069,800  
3,320  
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/21 – AGM Insured  
1/15 at 100.00  
AA–  
3,578,694  
   
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,  
     
   
Series 2007-1A:  
     
6,715  
 
4.500%, 6/01/23  
6/17 at 100.00  
B1  
6,409,333  
605  
 
4.625%, 6/01/26  
6/17 at 100.00  
B1  
550,865  
1,330  
 
Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds,  
No Opt. Call  
Aa3  
1,749,136  
   
Series 2005, 5.250%, 1/01/26 – AGM Insured  
     
66,070  
 
Total New Jersey  
   
75,198,483  
   
New Mexico – 1.2% (0.8% of Total Investments)  
     
3,660  
 
San Juan County, New Mexico, Subordinate Gross Receipts Tax Revenue Bonds, Series 2005,  
6/15 at 100.00  
A+  
4,024,719  
   
5.000%, 6/15/25 – NPFG Insured  
     
13,600  
 
University of New Mexico, System Improvement Subordinated Lien Revenue Bonds, Series 2007A,  
6/17 at 100.00  
AA  
14,888,464  
   
5.000%, 6/01/36 – AGM Insured  
     
17,260  
 
Total New Mexico  
   
18,913,183  
   
New York – 7.2% (4.9% of Total Investments)  
     
1,880  
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore  
2/15 at 100.00  
BBB  
2,030,362  
   
Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured  
     
7,225  
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell  
7/20 at 100.00  
Aa1  
8,360,337  
   
University, Series 2010A, 5.000%, 7/01/35  
     
3,335  
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series  
3/15 at 100.00  
AAA  
3,690,077  
   
2005F, 5.000%, 3/15/24 – AMBAC Insured  
     
3,820  
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,  
2/17 at 100.00  
A  
3,931,277  
   
2/15/47 – NPFG Insured  
     
12,500  
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A,  
6/16 at 100.00  
A  
13,959,625  
   
5.000%, 12/01/25 – FGIC Insured  
     
6,900  
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%,  
11/16 at 100.00  
A  
7,144,605  
   
5/01/33 – NPFG Insured  
     
2,800  
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%,  
5/21 at 100.00  
AA–  
3,144,344  
   
5/01/36 – AGM Insured  
     
3,025  
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue  
2/21 at 100.00  
Aa2  
3,495,962  
   
Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.500%, 8/15/40  
     
2,615  
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project  
3/19 at 100.00  
AA–  
3,215,744  
   
PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured  
     
5,000  
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21 –  
9/15 at 100.00  
AA  
5,637,950  
   
AMBAC Insured  
     
10,000  
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 –  
4/15 at 100.00  
AA  
11,028,900  
   
FGIC Insured  
     
5,000  
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/26 –  
1/15 at 100.00  
A+  
5,466,900  
   
AMBAC Insured  
     
14,000  
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 –  
7/15 at 100.00  
AA–  
15,471,260  
   
AGM Insured  
     
2,000  
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and  
6/13 at 100.00  
AA–  
2,080,700  
   
State Contingency Contract-Backed Bonds, Series 2003A-1, 5.250%, 6/01/22 – AMBAC Insured  
     
   
New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds,  
     
   
Series 2004A-1:  
     
1,000  
 
5.000%, 3/15/23 (Pre-refunded 3/15/14) – FGIC Insured  
3/14 at 100.00  
AAA  
1,077,000  
5,000  
 
5.000%, 3/15/25 (Pre-refunded 3/15/14) – FGIC Insured  
3/14 at 100.00  
AAA  
5,385,000  
3,650  
 
New York State Urban Development Corporation, Service Contract Revenue Bonds, Series 2005B,  
3/15 at 100.00  
AAA  
4,094,351  
   
5.000%, 3/15/25 – AGM Insured (UB)  
     
10,000  
 
Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue  
11/12 at 100.00  
A+  
10,110,500  
   
Refunding Bonds, Series 2002E, 5.000%, 11/15/32 – NPFG Insured  
     
99,750  
 
Total New York  
   
109,324,894  
   
North Carolina – 2.5% (1.7% of Total Investments)  
     
   
Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004:  
     
2,115  
 
5.000%, 5/01/22 (Pre-refunded 5/01/14) – FGIC Insured  
5/14 at 100.00  
AA– (5)  
2,287,669  
2,575  
 
5.000%, 5/01/26 (Pre-refunded 5/01/14) – FGIC Insured  
5/14 at 100.00  
AA– (5)  
2,785,223  
13,800  
 
North Carlolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University  
6/22 at 100.00  
AA  
15,502,920  
   
Health System, Series 2012A, 5.000%, 6/01/42  
     
4,970  
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health,  
6/22 at 100.00  
A+  
5,470,280  
   
Refunding Series 2012A, 5.000%, 6/01/36  
     
5,250  
 
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%,  
1/13 at 100.00  
AA–  
5,357,783  
   
1/01/16 – AGM Insured  
     
   
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A:  
     
3,205  
 
5.000%, 5/01/23 – AMBAC Insured  
5/15 at 100.00  
Aa3  
3,470,086  
3,295  
 
5.000%, 5/01/24 – AMBAC Insured  
5/15 at 100.00  
Aa3  
3,567,529  
35,210  
 
Total North Carolina  
   
38,441,490  
   
North Dakota – 0.8% (0.5% of Total Investments)  
     
4,200  
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated  
12/21 at 100.00  
A–  
4,546,374  
   
Group, Series 2012, 5.000%, 12/01/35  
     
   
Grand Forks, North Dakota, Sales Tax Revenue Bonds, Alerus Project, Series 2005A:  
     
2,195  
 
5.000%, 12/15/22 – NPFG Insured  
12/15 at 100.00  
Aa3  
2,441,850  
1,355  
 
5.000%, 12/15/23 – NPFG Insured  
12/15 at 100.00  
Aa3  
1,507,383  
3,000  
 
5.000%, 12/15/24 – NPFG Insured  
12/15 at 100.00  
Aa3  
3,349,740  
10,750  
 
Total North Dakota  
   
11,845,347  
   
Ohio – 4.9% (3.3% of Total Investments)  
     
1,730  
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds,  
5/22 at 100.00  
A1  
1,876,929  
   
Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42  
     
   
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and  
     
   
Improvement Series 2012A:  
     
1,930  
 
5.000%, 5/01/33  
5/22 at 100.00  
AA–  
2,161,368  
3,115  
 
4.000%, 5/01/33  
5/22 at 100.00  
AA–  
3,151,259  
2,420  
 
5.000%, 5/01/42  
5/22 at 100.00  
AA–  
2,645,350  
580  
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue  
6/17 at 100.00  
B  
486,800  
   
Bonds, Senior Lien, Series 2007A-2, 5.125%, 6/01/24  
     
2,650  
 
Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/24  
6/14 at 100.00  
A+ (5)  
2,831,472  
   
(Pre-refunded 6/01/14) – FGIC Insured  
     
2,000  
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004,  
12/14 at 100.00  
AA+ (5)  
2,225,780  
   
5.250%, 12/01/25 (Pre-refunded 12/01/14) – AGM Insured  
     
2,385  
 
Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 2004A, 5.000%,  
6/14 at 100.00  
BBB+  
2,486,840  
   
12/01/22 – AMBAC Insured  
     
6,000  
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project,  
5/22 at 100.00  
Aa2  
6,677,400  
   
Improvement Series 2012A, 5.000%, 11/01/42  
     
2,205  
 
Hamilton City School District, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 –  
6/15 at 100.00  
Baa2  
2,349,075  
   
NPFG Insured  
     
19,595  
 
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 –  
12/16 at 100.00  
A+  
20,173,248  
   
AMBAC Insured  
     
   
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding  
     
   
Series 2007:  
     
4,380  
 
5.250%, 12/01/27 – AGM Insured  
No Opt. Call  
Aa3  
5,472,109  
6,000  
 
5.250%, 12/01/31 – AGM Insured  
No Opt. Call  
Aa3  
7,667,160  
4,475  
 
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, Cleveland Clinic  
1/22 at 100.00  
Aa2  
4,996,114  
   
Health System Obligated Group, Series 2012A, 5.000%, 1/01/38  
     
3,000  
 
Ross Local School District, Butler County, Ohio, General Obligation Bonds, Series 2003,  
12/13 at 100.00  
Aa2 (5)  
3,191,010  
   
5.000%, 12/01/28 (Pre-refunded 12/01/13) – AGM Insured  
     
   
Southeastern Ohio Port Authority, Hosptial Facilities Revenue Bonds, Memorial Health System  
     
   
Obligated Group Project, Refunding and Improvement Series 2012:  
     
2,000  
 
5.750%, 12/01/32  
12/22 at 100.00  
N/R  
2,101,620  
1,320  
 
6.000%, 12/01/42  
12/22 at 100.00  
N/R  
1,396,996  
2,000  
 
University of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds,  
1/20 at 100.00  
AA–  
2,260,620  
   
Series 2010B, 5.000%, 1/01/29 – AGM Insured  
     
67,785  
 
Total Ohio  
   
74,151,150  
   
Oklahoma – 2.8% (1.9% of Total Investments)  
     
   
Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F:  
     
3,500  
 
5.000%, 7/01/24 – AMBAC Insured  
7/15 at 100.00  
AA  
3,877,405  
7,500  
 
5.000%, 7/01/27 – AMBAC Insured  
7/15 at 100.00  
AA  
8,274,600  
   
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2010:  
     
1,000  
 
5.375%, 7/01/40  
7/21 at 100.00  
AAA  
1,206,740  
1,500  
 
5.000%, 7/01/40  
7/21 at 100.00  
AAA  
1,752,960  
760  
 
Oklahoma Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds,  
No Opt. Call  
AA+  
776,978  
   
Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax)  
     
21,000  
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%,  
1/17 at 100.00  
A  
21,879,900  
   
1/01/47 – FGIC Insured  
     
4,880  
 
University of Oklahoma, Student Housing Revenue Bonds, Series 2004, 5.000%, 7/01/22 –  
7/14 at 100.00  
Aa3  
5,231,750  
   
AMBAC Insured  
     
40,140  
 
Total Oklahoma  
   
43,000,333  
   
Oregon – 0.5% (0.3% of Total Investments)  
     
2,535  
 
Oregon Department of Administrative Services, Certificates of Participation, Series 2005A,  
5/15 at 100.00  
AA  
2,793,469  
   
5.000%, 5/01/25 – AGM Insured  
     
4,000  
 
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A,  
4/21 at 100.00  
AAA  
4,871,360  
   
5.250%, 4/01/31  
     
6,535  
 
Total Oregon  
   
7,664,829  
   
Pennsylvania – 5.3% (3.6% of Total Investments)  
     
2,165  
 
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2010,  
12/20 at 100.00  
AA–  
2,433,677  
   
5.000%, 6/01/40 – AGM Insured  
     
7,925  
 
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A,  
6/16 at 100.00  
AA  
8,875,445  
   
5.000%, 6/01/26 – AGM Insured (UB)  
     
4,175  
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health  
6/22 at 100.00  
A  
4,509,710  
   
System Project, Series 2012, 5.000%, 6/01/42 (WI/DD, Settling 8/07/12)  
     
5,250  
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,  
1/20 at 100.00  
AA–  
5,787,390  
   
5.000%, 1/01/40 – AGM Insured  
     
1,565  
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage  
8/20 at 100.00  
AA  
1,800,595  
   
Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38  
     
1,800  
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series  
5/15 at 100.00  
A  
1,889,154  
   
2005A, 5.000%, 5/01/28 – NPFG Insured  
     
5,000  
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of  
12/16 at 100.00  
AA  
5,220,700  
   
Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured  
     
6,740  
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of  
12/16 at 100.00  
AA  
7,037,504  
   
Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)  
     
2,625  
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 –  
6/16 at 100.00  
Aa3  
2,951,130  
   
AMBAC Insured  
     
1,300  
 
Philadelphia Hospitals and Higher Education Facilities Authoirty, Pennsylvania, Hospital Revenue  
7/22 at 100.00  
BBB–  
1,362,335  
   
Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42  
     
10,000  
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured  
6/20 at 100.00  
AA–  
10,969,900  
7,055  
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room  
8/20 at 100.00  
AA–  
7,626,737  
   
Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured  
     
5,180  
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax  
8/20 at 100.00  
AA–  
5,835,477  
   
Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured  
     
6,335  
 
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds,  
8/15 at 100.00  
Aa2  
6,988,265  
   
Series 2005B, 5.000%, 2/15/30 – AGM Insured  
     
   
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005:  
     
3,285  
 
5.000%, 1/15/22 – AGM Insured  
1/16 at 100.00  
AA–  
3,625,293  
3,450  
 
5.000%, 1/15/23 – AGM Insured  
1/16 at 100.00  
AA–  
3,784,443  
73,850  
 
Total Pennsylvania  
   
80,697,755  
   
Puerto Rico – 0.9% (0.6% of Total Investments)  
     
2,500  
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/30  
7/15 at 100.00  
AA+ (5)  
2,845,275  
   
(Pre-refunded 7/01/15) – SYNCORA GTY Insured  
     
670  
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%,  
7/13 at 100.00  
Baa1  
697,108  
   
7/01/19 – FGIC Insured  
     
1,330  
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%,  
7/13 at 100.00  
Baa1 (5)  
1,391,286  
   
7/01/19 (Pre-refunded 7/01/13) – FGIC Insured  
     
1,550  
 
Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured  
No Opt. Call  
AA–  
1,740,185  
36,000  
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,  
No Opt. Call  
AA–  
7,005,960  
   
8/01/42 – FGIC Insured  
     
42,050  
 
Total Puerto Rico  
   
13,679,814  
   
Rhode Island – 0.2% (0.2% of Total Investments)  
     
2,195  
 
Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted  
1/13 at 100.00  
BBB  
2,201,431  
   
Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%,  
     
   
7/01/25 – NPFG Insured  
     
1,405  
 
Rhode Island Health & Educational Building Corporation, Higher Education Auxiliary Enterprise  
9/14 at 100.00  
A1  
1,517,077  
   
Revenue Bonds, Series 2004A, 5.500%, 9/15/24 – AMBAC Insured  
     
3,600  
 
Total Rhode Island  
   
3,718,508  
   
South Carolina – 6.1% (4.1% of Total Investments)  
     
14,650  
 
Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008,  
No Opt. Call  
Aa1  
17,680,499  
   
Trust 1181, 9.704%, 8/01/15 – AGM Insured (IF)  
     
10,000  
 
Beaufort County, South Carolina, Tax Increment Bonds, New River Redevelopment Project, Series  
12/12 at 100.00  
A+  
10,066,000  
   
2002, 5.000%, 6/01/27 – NPFG Insured  
     
   
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds,  
     
   
Series 2004A:  
     
2,000  
 
5.250%, 8/15/22 – NPFG Insured  
8/14 at 100.00  
BBB  
2,143,260  
2,605  
 
5.250%, 8/15/23 – NPFG Insured  
8/14 at 100.00  
BBB  
2,791,596  
2,385  
 
5.250%, 8/15/25 – NPFG Insured  
8/14 at 100.00  
BBB  
2,555,838  
3,005  
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1988A, 0.000%,  
No Opt. Call  
N/R  
2,991,237  
   
1/01/13 – AMBAC Insured  
     
4,500  
 
Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment  
4/21 at 100.00  
AA–  
4,976,010  
   
Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 4/01/44 –  
     
   
AGC Insured  
     
8,000  
 
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina  
11/12 at 100.00  
A  
8,077,520  
   
Electric and Gas Company, Series 2002A, 5.200%, 11/01/27 – AMBAC Insured  
     
10,000  
 
South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina  
11/12 at 100.00  
A  
10,037,200  
   
Electric and Gas Company, Series 2002B, 5.450%, 11/01/32 – AMBAC Insured (Alternative  
     
   
Minimum Tax)  
     
1,250  
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health,  
8/21 at 100.00  
AA–  
1,515,325  
   
Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured  
     
17,500  
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%,  
10/16 at 100.00  
A1  
18,286,275  
   
10/01/34 – SYNCORA GTY Insured  
     
10,250  
 
Spartanburg Regional Health Services District, Inc., South Carolina, Hosptial Refunding Revenue  
4/22 at 100.00  
A1  
11,545,908  
   
Bonds, Series 2012A, 5.000%, 4/15/32  
     
86,145  
 
Total South Carolina  
   
92,666,668  
   
Tennessee – 0.1% (0.0% of Total Investments)  
     
720  
 
Shelby County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds,  
5/22 at 100.00  
A+  
782,158  
   
Methodist Le Bonheur Healthcare, Series 2012, 5.000%, 5/01/42  
     
   
Texas – 7.3% (4.9% of Total Investments)  
     
4,405  
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 –  
8/19 at 100.00  
AA–  
4,949,194  
   
AGM Insured  
     
8,700  
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement  
11/21 at 100.00  
A+  
9,697,716  
   
Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured  
     
4,600  
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2000A, 6.125%,  
11/12 at 100.00  
A+ (5)  
4,617,526  
   
11/01/35 (Pre-refunded 11/01/12) – FGIC Insured (Alternative Minimum Tax)  
     
25,000  
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series  
11/12 at 100.00  
BBB  
25,006,000  
   
2001B, 5.250%, 11/15/40 – NPFG Insured  
     
   
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A:  
     
4,000  
 
5.250%, 5/15/24 – FGIC Insured  
5/14 at 100.00  
AA  
4,295,640  
5,000  
 
5.250%, 5/15/25 – NPFG Insured  
5/14 at 100.00  
AA  
5,369,550  
6,700  
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds,  
8/21 at 100.00  
A  
7,299,985  
   
Refunding Series 2012A, 5.000%, 8/01/46  
     
1,765  
 
Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A,  
8/12 at 100.00  
A1  
1,796,117  
   
5.000%, 5/15/21 – NPFG Insured  
     
8,425  
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds,  
8/22 at 100.00  
AA  
9,528,759  
   
Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32  
     
24,330  
 
Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding and Improvement Series  
3/22 at 100.00  
AAA  
27,628,902  
   
2012, 5.000%, 3/01/52  
     
7,550  
 
Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA  
8/16 at 100.00  
BBB  
8,248,300  
   
Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 – NPFG Insured  
     
1,840  
 
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding  
11/12 at 100.00  
AA–  
1,862,742  
   
Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured  
     
102,315  
 
Total Texas  
   
110,300,431  
   
Utah – 1.3% (0.9% of Total Investments)  
     
2,000  
 
Clearfield City, Utah, Sales Tax Revenue Bonds, Series 2003, 5.000%, 7/01/28 (Pre-refunded  
7/13 at 100.00  
AA– (5)  
2,086,460  
   
7/01/13) – FGIC Insured  
     
15,000  
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 –  
6/18 at 100.00  
AAA  
17,243,550  
   
AGM Insured (UB)  
     
17,000  
 
Total Utah  
   
19,330,010  
   
Virginia – 1.0% (0.7% of Total Investments)  
     
1,035  
 
Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety  
6/14 at 100.00  
AA+  
1,119,963  
   
Facilities, Series 2003A, 5.250%, 12/15/20 – AGM Insured  
     
4,540  
 
Norfolk Economic Development Authority, Virginia, Health Care Facilities Revenue Bonds,  
11/22 at 100.00  
AA  
5,124,162  
   
Sentara Healthcare, Refunding Series 2012B, 5.000%, 11/01/43  
     
985  
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health  
7/20 at 100.00  
AA–  
1,080,299  
   
System Obligated Group, Series 2005B, 5.000%, 7/01/38  
     
15  
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health  
7/20 at 100.00  
AA– (5)  
19,001  
   
System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20)  
     
2,300  
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC  
1/22 at 100.00  
BBB–  
2,430,801  
   
Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)  
     
5,030  
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River  
7/22 at 100.00  
BBB–  
5,560,011  
   
Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)  
     
13,905  
 
Total Virginia  
   
15,334,237  
   
Washington – 6.7% (4.5% of Total Investments)  
     
10,000  
 
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise  
2/13 at 100.00  
AAA  
10,071,000  
   
Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured  
     
2,500  
 
Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric  
1/15 at 100.00  
AA (5)  
2,779,175  
   
Development, Series 2005A, 5.000%, 1/01/29 (Pre-refunded 1/01/15) – FGIC Insured  
     
3,500  
 
King County School District 401, Highline, Washington, General Obligation Bonds, Series 2004,  
12/14 at 100.00  
AA+ (5)  
3,879,155  
   
5.000%, 10/01/24 (Pre-refunded 12/01/14) – FGIC Insured  
     
7,500  
 
King County, Washington, General Obligation Sewer Bonds, Series 2009, Trust 1W, 9.721%,  
1/19 at 100.00  
Aa1  
10,537,950  
   
1/01/39 – AGC Insured (IF) (6)  
     
17,000  
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 – AGM Insured  
7/17 at 100.00  
AA+  
19,274,260  
4,345  
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.161%,  
7/17 at 100.00  
AA+  
6,105,768  
   
7/01/32 – AGM Insured (IF)  
     
11,000  
 
Port of Seattle, Washington, Revenue Bonds, Series 2005A, 5.000%, 3/01/35 – NPFG Insured  
3/15 at 100.00  
Aa3  
11,903,320  
4,250  
 
Snohomish County Public Utility District 1, Washington, Generation System Revenue Bonds,  
No Opt. Call  
Aaa  
5,142,883  
   
Series 1989, 6.650%, 1/01/16 – FGIC Insured (ETM)  
     
   
Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series 2006:  
     
3,890  
 
5.000%, 12/01/24 – SYNCORA GTY Insured  
12/16 at 100.00  
AA  
4,461,713  
4,085  
 
5.000%, 12/01/25 – SYNCORA GTY Insured  
12/16 at 100.00  
AA  
4,652,733  
4,290  
 
5.000%, 12/01/26 – SYNCORA GTY Insured  
12/16 at 100.00  
AA  
4,886,224  
2,510  
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital,  
No Opt. Call  
AA  
2,881,731  
   
Refunding Series 2012B, 5.000%, 10/01/30  
     
6,540  
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital,  
No Opt. Call  
AA  
7,240,042  
   
Series 2012A, 5.000%, 10/01/42  
     
5,945  
 
Washington State, General Obligation Bonds, Series 2009, Trust 1212, 13.266%, 7/01/14 –  
No Opt. Call  
AA+  
8,011,720  
   
AGM Insured (IF)  
     
87,355  
 
Total Washington  
   
101,827,674  
   
West Virginia – 0.7% (0.5% of Total Investments)  
     
10,000  
 
West Virginia Economic Development Authority, State Lottery Revenue Bonds, Series 2010A,  
6/20 at 100.00  
AAA  
11,195,500  
   
5.000%, 6/15/40  
     
   
Wisconsin – 2.4% (1.6% of Total Investments)  
     
8,460  
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care,  
7/21 at 100.00  
A  
9,530,782  
   
Inc., Series 2012A, 5.000%, 7/15/25  
     
10,300  
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran,  
10/21 at 100.00  
A+  
11,336,907  
   
Series 2011A, 5.250%, 10/15/39  
     
290  
 
Wisconsin State, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 – FGIC Insured  
5/14 at 100.00  
AA  
313,840  
2,600  
 
Wisconsin State, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 (Pre-refunded  
5/14 at 100.00  
Aa2 (5)  
2,821,213  
   
5/01/14) – FGIC Insured  
     
10,945  
 
Wisconsin State, General Obligation Bonds, Series 2004-4, 5.000%, 5/01/20 – NPFG Insured  
5/14 at 100.00  
AA  
11,796,964  
32,595  
 
Total Wisconsin  
   
35,799,706  
$ 2,227,393  
 
Total Investments (cost $2,063,216,705) – 148.5%  
   
2,253,246,819  
   
Floating Rate Obligations – (6.9)%  
   
(104,433,333)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (44.0)% (8)  
   
(667,200,000)
   
Other Assets Less Liabilities – 2.4%  
   
35,924,664  
   
Net Assets Applicable to Common Shares – 100%  
   
$ 1,517,538,150  
 
 
 

 
Fair Value Measurements
 
Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
     Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
     Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
     Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
 
         
 
Level 1  
Level 2  
Level 3  
Total  
Long-Term Investments:  
       
Municipal Bonds  
$ —  
$2,251,874,426  
$1,372,393  
$2,253,246,819  
 
 
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
 
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
 
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
At July 31, 2012, the cost of investments was $1,965,895,646.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at July 31, 2012, were as follows:
 
   
Gross unrealized:  
 
Appreciation  
$197,569,836  
Depreciation  
(14,651,723)
Net unrealized appreciation (depreciation) of investments  
$182,918,113  
 
 
     
(1)  
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to Common  
   
shares unless otherwise noted.  
(2)  
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.  
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities  
   
may be subject to periodic principal paydowns.  
(3)  
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors  
   
Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa  
   
by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are  
   
not rated by any of these national rating agencies.  
(4)  
 
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income  
   
producing security, in the case of a bond, generally denotes that the issuer has (1) defaulted on the  
   
payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the  
   
Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations  
   
and has directed the Fund’s custodian to cease accruing additional income on the Fund’s records.  
(5)  
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency  
   
securities, which ensure the timely payment of principal and interest. Certain bonds backed by U.S.  
   
Government or agency securities are regarded as having an implied rating equal to the rating of  
   
such securities.  
(6)  
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations of  
   
investments in inverse floating rate transactions.  
(7)  
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the  
   
Board of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3.  
(8)  
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 29.6%.  
N/R  
 
Not rated.  
WI/DD  
 
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.  
(ETM)  
 
Escrowed to maturity.  
(IF)  
 
Inverse floating rate investment.  
(UB)  
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
 
 
 
 
 

 
 
Item 2. Controls and Procedures.

a.  
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
 
 
b.  
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
 
Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)), exactly as set forth below: See EX-99 CERT attached hereto.

 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)   Nuveen Municipal Opportunity Fund, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:          September 28, 2012        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:          September 28, 2012        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:          September 28, 2012        
 

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