N-Q 1 nq.htm NZF



 
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 811-10345
 
Nuveen Municipal Credit Income Fund
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Gifford R. Zimmerman
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:         1/31/17         
 
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 Credit Income Fund (NZF) 
 
 
 
 
 
January 31, 2017 (Unaudited) 
 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 156.9% (99.9% of Total Investments) 
 
 
 
 
 
 
MUNICIPAL BONDS – 156.7% (99.8% of Total Investments) 
 
 
 
 
 
 
Alabama – 1.4% (0.9% of Total Investments) 
 
 
 
$ 8,585 
 
Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, 
9/25 at 100.00 
N/R 
$ 8,526,450 
 
 
University of Mobile Project, Series 2015A, 6.000%, 9/01/45 
 
 
 
10,690 
 
Alabama Special Care Facilities Financing Authority, Birmingham, Hospital Revenue Bonds, 
4/17 at 100.00 
Aaa 
10,727,522 
 
 
Daughters of Charity National Health System – Providence Hospital and St. Vincent’s Hospital, 
 
 
 
 
 
Series 1995, 5.000%, 11/01/25 (ETM) 
 
 
 
1,500 
 
Jefferson County, Alabama, Limited Obligation School Warrants, Education Tax Revenue Bonds, 
7/17 at 100.00 
A2 
1,506,105 
 
 
Series 2004A, 5.250%, 1/01/23 – AGM Insured 
 
 
 
5,835 
 
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 
No Opt. Call 
A3 
6,686,268 
2,375 
 
Selma Industrial Development Board, Alabama, Gulf Opportunity Zone Revenue Bonds, 
5/20 at 100.00 
BBB 
2,645,228 
 
 
International Paper Company Project, Series 2010A, 5.800%, 5/01/34 
 
 
 
28,985 
 
Total Alabama 
 
 
30,091,573 
 
 
Alaska – 0.7% (0.5% of Total Investments) 
 
 
 
 
 
Alaska Industrial Development and Export Authority, Power Revenue Bonds, Snettisham 
 
 
 
 
 
Hydroelectric Project, Refunding Series 2015: 
 
 
 
1,000 
 
5.000%, 1/01/31 (Alternative Minimum Tax) 
7/25 at 100.00 
Baa2 
1,076,020 
2,950 
 
5.000%, 1/01/33 (Alternative Minimum Tax) 
7/25 at 100.00 
Baa2 
3,152,429 
2,900 
 
5.000%, 1/01/34 (Alternative Minimum Tax) 
7/25 at 100.00 
Baa2 
3,084,092 
2,290 
 
Anchorage, Alaska, Water Revenue Bonds, Refunding Series 2007, 5.000%, 5/01/37 – 
5/17 at 100.00 
A3 
2,310,106 
 
 
NPFG Insured 
 
 
 
 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
 
Series 2006A: 
 
 
 
560 
 
4.625%, 6/01/23 
6/17 at 100.00 
Ba2 
562,789 
7,010 
 
5.000%, 6/01/46 
6/17 at 100.00 
B3 
5,944,620 
16,710 
 
Total Alaska 
 
 
16,130,056 
 
 
Arizona – 3.1% (2.0% of Total Investments) 
 
 
 
1,300 
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, 
3/22 at 100.00 
BBB+ 
1,365,585 
 
 
Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 
 
 
 
3,465 
 
Arizona Board of Regents, Certificates of Participation, Arizona State University, Refunding 
7/17 at 100.00 
A1 
3,520,960 
 
 
Series 2006, 5.000%, 7/01/25 – NPFG Insured 
 
 
 
2,820 
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, 
12/24 at 100.00 
A2 
3,077,212 
 
 
Refunding Series 2014A, 5.000%, 12/01/39 
 
 
 
10,450 
 
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility 
7/22 at 100.00 
11,243,782 
 
 
Project, Refunding Senior Series 2012A, 5.000%, 7/01/30 
 
 
 
3,390 
 
Arizona State Transportation Board, Highway Revenue Bonds, Tender Option Bond Trust 3151, 
7/18 at 100.00 
Aa1 (4) 
3,946,774 
 
 
12.367%, 7/01/33 (Pre-refunded 7/01/18) (IF) 
 
 
 
3,185 
 
Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 
7/25 at 100.00 
N/R 
3,083,876 
 
 
2015, 5.000%, 7/15/39 
 
 
 
4,905 
 
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, 
7/17 at 100.00 
A3 (4) 
4,996,429 
 
 
Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32 (Pre-refunded 7/01/17) 
 
 
 
4,500 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 
7/20 at 100.00 
A+ 
4,886,955 
 
 
2010A, 5.000%, 7/01/40 
 
 
 
10,700 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 
7/18 at 100.00 
AA– 
11,190,488 
 
 
2008A, 5.000%, 7/01/38 
 
 
 
 
 
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, 
 
 
 
 
 
Series 2012: 
 
 
 
400 
 
5.000%, 7/01/27 (Alternative Minimum Tax) 
7/22 at 100.00 
A1 
441,612 
950 
 
5.000%, 7/01/32 (Alternative Minimum Tax) 
7/22 at 100.00 
A1 
1,029,971 
 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue and 
 
 
 
 
 
Refunding Bonds, Edkey Charter Schools Project, Series 2013: 
 
 
 
335 
 
6.000%, 7/01/33 
7/20 at 102.00 
BB 
338,481 
345 
 
6.000%, 7/01/43 
7/20 at 102.00 
BB 
343,634 
205 
 
6.000%, 7/01/48 
7/20 at 102.00 
BB 
202,704 
580 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey 
No Opt. Call 
BB 
613,710 
 
 
Charter Schools Project, Series 2014A, 7.375%, 7/01/49 
 
 
 
 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey 
 
 
 
 
 
Charter Schools Project, Series 2016: 
 
 
 
1,790 
 
5.375%, 7/01/46 
7/26 at 100.00 
BB 
1,608,261 
2,140 
 
5.500%, 7/01/51 
7/26 at 100.00 
BB 
1,923,646 
595 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San 
2/24 at 100.00 
N/R 
553,999 
 
 
Tan Montessori School Project, Series 2016, 6.500%, 2/01/48 
 
 
 
650 
 
Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise 
6/19 at 100.00 
BB+ (4) 
721,065 
 
 
Education Center Project, Series 2010, 6.100%, 6/01/45 (Pre-refunded 6/01/19) 
 
 
 
3,710 
 
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 
7/21 at 100.00 
A (4) 
4,297,182 
 
 
2011, 5.250%, 7/01/41 (Pre-refunded 7/01/21) 
 
 
 
7,235 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
No Opt. Call 
BBB+ 
8,206,588 
 
 
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37 
 
 
 
63,650 
 
Total Arizona 
 
 
67,592,914 
 
 
California – 20.7% (13.2% of Total Investments) 
 
 
 
1,500 
 
ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue 
5/20 at 100.00 
AA– 
1,676,925 
 
 
Bonds, Channing House, Series 2010, 6.000%, 5/15/30 
 
 
 
2,000 
 
ABC Unified School District, Los Angeles County, California, General Obligation Bonds, Series 
No Opt. Call 
AA– 
1,702,220 
 
 
2000B, 0.000%, 8/01/23 – FGIC Insured 
 
 
 
3,500 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate 
10/17 at 100.00 
BBB+ (4) 
3,608,080 
 
 
Lien Series 2004A, 5.450%, 10/01/25 (Pre-refunded 10/01/17) – AMBAC Insured 
 
 
 
4,225 
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series 
No Opt. Call 
AA 
2,948,247 
 
 
2005B, 0.000%, 8/01/28 – AGM Insured 
 
 
 
8,000 
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
9/17 at 100.00 
A1 
8,004,560 
 
 
Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured 
 
 
 
535 
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41 
3/26 at 100.00 
Ba3 
506,672 
1,900 
 
Blythe Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Redevelopment 
11/25 at 100.00 
N/R 
1,959,641 
 
 
Project 1, Refunding Series 2015, 5.000%, 5/01/38 
 
 
 
 
 
Calexico Unified School District, Imperial County, California, General Obligation Bonds, 
 
 
 
 
 
Series 2005B: 
 
 
 
4,070 
 
0.000%, 8/01/32 – FGIC Insured 
No Opt. Call 
A3 
2,066,787 
6,410 
 
0.000%, 8/01/34 – FGIC Insured 
No Opt. Call 
A3 
2,941,998 
1,295 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Golden 
6/17 at 100.00 
N/R 
1,231,726 
 
 
Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/36 
 
 
 
 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los 
 
 
 
 
 
Angeles County Securitization Corporation, Series 2006A: 
 
 
 
3,280 
 
5.450%, 6/01/28 
12/18 at 100.00 
B3 
3,325,854 
13,500 
 
5.600%, 6/01/36 
12/18 at 100.00 
B3 
13,738,275 
12,025 
 
5.650%, 6/01/41 
12/18 at 100.00 
B2 
12,237,362 
595 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Merced 
6/17 at 100.00 
Baa2 
595,131 
 
 
County Tobacco Funding Corporation, Series 2005A, 5.000%, 6/01/26 
 
 
 
3,400 
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, 
10/19 at 100.00 
AA– 
3,705,558 
 
 
Series 2009B, 5.500%, 10/01/39 
 
 
 
 
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, 
 
 
 
 
 
Series 2013A: 
 
 
 
3,840 
 
5.000%, 7/01/33 
7/23 at 100.00 
AA– 
4,294,656 
710 
 
5.000%, 7/01/37 
7/23 at 100.00 
AA– 
786,190 
7,040 
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option 
5/18 at 100.00 
AA– 
9,202,970 
 
 
Bond Trust 2015-XF0078, 12.652%, 11/15/48 (IF) 
 
 
 
825 
 
California Municipal Finance Authority, Charter School Lease Revenue Bonds, Santa Rosa Academy 
7/25 at 100.00 
BB+ 
845,724 
 
 
Project, Series 2015, 5.375%, 7/01/45 
 
 
 
1,365 
 
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects 
8/20 at 100.00 
BBB 
1,499,712 
 
 
Series 2010A, 6.400%, 8/15/45 
 
 
 
10,250 
 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego 
No Opt. Call 
Baa3 
10,255,125 
 
 
County Water Authority Desalination Project Pipeline, Series 2012, 5.000%, 11/21/45 
 
 
 
2,000 
 
California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep – 
6/26 at 100.00 
N/R 
1,901,160 
 
 
Obligated Group, Series 2016, 5.000%, 6/01/51 
 
 
 
2,000 
 
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, 
3/23 at 100.00 
A+ 
2,219,680 
 
 
Various Projects Series 2013A, 5.000%, 3/01/38 
 
 
 
1,220 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
11/19 at 100.00 
A+ (4) 
1,392,166 
 
 
2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19) 
 
 
 
1,500 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
3/20 at 100.00 
A+ 
1,681,080 
 
 
2010A-1, 5.750%, 3/01/30 
 
 
 
4,500 
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 
10/21 at 100.00 
A+ 
5,076,360 
 
 
2011A, 5.125%, 10/01/31 
 
 
 
 
 
California State, General Obligation Bonds, Various Purpose Series 2007: 
 
 
 
9,730 
 
5.000%, 6/01/37 (Pre-refunded 6/01/17) 
6/17 at 100.00 
AA+ (4) 
9,869,723 
6,270 
 
5.000%, 6/01/37 (Pre-refunded 6/01/17) 
6/17 at 100.00 
AA+ (4) 
6,360,037 
 
 
California State, General Obligation Bonds, Various Purpose Series 2010: 
 
 
 
1,000 
 
5.500%, 3/01/40 
3/20 at 100.00 
AA– 
1,111,490 
8,500 
 
5.250%, 11/01/40 
11/20 at 100.00 
AA– 
9,531,645 
3,000 
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 10/01/32 
10/21 at 100.00 
AA– 
3,430,830 
9,320 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
12/24 at 100.00 
BB 
9,772,113 
 
 
University Medical Center, Series 2014A, 5.500%, 12/01/54 
 
 
 
 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
 
 
 
 
 
University Medical Center, Series 2016A: 
 
 
 
12,045 
 
5.000%, 12/01/46 
6/26 at 100.00 
BB 
12,360,459 
17,040 
 
5.250%, 12/01/56 
6/26 at 100.00 
BB 
17,597,378 
1,030 
 
California Statewide Communities Development Authority, Revenue Bonds, American Baptist Homes 
10/19 at 100.00 
BBB+ 
1,123,699 
 
 
of the West, Series 2010, 6.250%, 10/01/39 
 
 
 
1,050 
 
California Statewide Communities Development Authority, School Facility Revenue Bonds, Aspire 
1/19 at 100.00 
N/R (4) 
1,145,204 
 
 
Public Schools, Series 2010, 6.000%, 7/01/40 (Pre-refunded 1/01/19) 
 
 
 
1,000 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
7/17 at 100.00 
CCC 
887,070 
 
 
Health System, Series 2005A, 5.500%, 7/01/39 (5) 
 
 
 
835 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
7/17 at 100.00 
CCC 
815,394 
 
 
Health System, Series 2005H, 5.250%, 7/01/25 (5) 
 
 
 
2,455 
 
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital 
8/19 at 100.00 
N/R (4) 
2,788,512 
 
 
Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19) 
 
 
 
20 
 
California, General Obligation Veterans Welfare Bonds, Series 2001BZ, 5.350%, 12/01/21 – NPFG 
6/17 at 100.00 
AA– 
20,056 
 
 
Insured (Alternative Minimum Tax) 
 
 
 
9,955 
 
Capistrano Unified School District, Orange County, California, Special Tax Bonds, Community 
No Opt. Call 
A3 
5,402,778 
 
 
Facilities District 98-2, Series 2005, 0.000%, 9/01/31 – FGIC Insured 
 
 
 
3,000 
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Election 
8/23 at 100.00 
AA 
3,380,250 
 
 
2012 Series 2013B, 5.000%, 8/01/38 
 
 
 
4,000 
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series 
No Opt. Call 
AA 
3,540,400 
 
 
2005, 0.000%, 8/01/22 – NPFG Insured 
 
 
 
3,795 
 
Colton Joint Unified School District, San Bernardino County, California, General Obligation 
No Opt. Call 
A1 
1,617,429 
 
 
Bonds, Series 2006C, 0.000%, 2/01/37 – FGIC Insured 
 
 
 
4,270 
 
Contra Costa County, California, GNMA Mortgage-Backed Securities Program Home Mortgage 
No Opt. Call 
AA+ (4) 
4,949,613 
 
 
Revenue Bonds, Series 1989, 7.750%, 5/01/22 (Alternative Minimum Tax) (ETM) 
 
 
 
1,320 
 
Davis, California, Special Tax Bonds, Community Facilities District 2015-1 Series 2015, 
9/25 at 100.00 
N/R 
1,398,329 
 
 
5.000%, 9/01/40 
 
 
 
2,510 
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation 
No Opt. Call 
AA– 
1,607,705 
 
 
Bonds, School Facilities Improvement District 1, Series 2004B, 0.000%, 10/01/28 – NPFG Insured 
 
 
 
3,360 
 
Folsom Cordova Unified School District, Sacramento County, California, General Obligation 
No Opt. Call 
AA– (4) 
2,323,003 
 
 
Bonds, School Facilities Improvement District 2, Series 2002A, 0.000%, 7/01/27 – 
 
 
 
 
 
NPFG Insured (ETM) 
 
 
 
3,725 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
No Opt. Call 
BBB– 
1,836,425 
 
 
Refunding Senior Lien Series 2015A, 0.000%, 1/15/34 – AGM Insured 
 
 
 
 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
 
 
 
 
 
Refunding Series 2013A: 
 
 
 
3,000 
 
0.000%, 1/15/26 (6) 
No Opt. Call 
Ba1 
2,371,890 
1,560 
 
5.750%, 1/15/46 
1/24 at 100.00 
Ba1 
1,783,486 
3,560 
 
6.000%, 1/15/49 
1/24 at 100.00 
Ba1 
4,079,653 
4,505 
 
Foothill-De Anza Community College District, Santa Clara County, California, Election of 1999 
No Opt. Call 
AAA 
2,845,809 
 
 
General Obligation Bonds, Series A, 0.000%, 8/01/30 – NPFG Insured 
 
 
 
2,315 
 
Gateway Unified School District, California, General Obligation Bonds, Series 2004B, 0.000%, 
No Opt. Call 
A1 
1,226,626 
 
 
8/01/32 – FGIC Insured 
 
 
 
1,000 
 
Gavilan Joint Community College District, Santa Clara and San Benito Counties, California, 
8/21 at 100.00 
AA– 
1,141,060 
 
 
General Obligation Bonds, Election of 2004 Series 2011D, 5.750%, 8/01/35 
 
 
 
3,170 
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement 
No Opt. Call 
A1 
2,350,270 
 
 
Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured 
 
 
 
 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2007A-1: 
 
 
 
4,150 
 
4.500%, 6/01/27 
6/17 at 100.00 
4,175,440 
13,680 
 
5.000%, 6/01/33 
6/17 at 100.00 
B– 
13,326,098 
3,000 
 
5.750%, 6/01/47 
6/17 at 100.00 
B– 
2,968,290 
13,550 
 
5.125%, 6/01/47 
6/17 at 100.00 
B– 
12,695,266 
7,150 
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B, 6.125%, 
7/21 at 100.00 
Aaa 
8,581,645 
 
 
7/15/40 (Pre-refunded 7/15/21) 
 
 
 
3,190 
 
Hillsborough City School District, San Mateo County, California, General Obligation Bonds, 
No Opt. Call 
AAA 
2,275,714 
 
 
Series 2006B, 0.000%, 9/01/27 
 
 
 
5,000 
 
Huntington Beach Union High School District, Orange County, California, General Obligation 
No Opt. Call 
AA– 
2,819,550 
 
 
Bonds, Series 2005, 0.000%, 8/01/31 – NPFG Insured 
 
 
 
2,500 
 
Huntington Beach Union High School District, Orange County, California, General Obligation 
No Opt. Call 
AA– 
1,344,925 
 
 
Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured 
 
 
 
14,000 
 
Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed 
6/17 at 13.65 
N/R 
1,679,300 
 
 
Bonds, Series 2007C-2, 0.000%, 6/01/47 
 
 
 
10,600 
 
Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed 
6/17 at 28.99 
N/R 
2,580,570 
 
 
Bonds, Series 2007, 0.000%, 6/01/36 
 
 
 
2,750 
 
Los Angeles Regional Airports Improvement Corporation, California, Lease Revenue Refunding 
1/22 at 100.00 
2,938,485 
 
 
Bonds, LAXFUEL Corporation at Los Angeles International Airport, Series 2012, 4.500%, 
 
 
 
 
 
1/01/27 (Alternative Minimum Tax) 
 
 
 
540 
 
Madera County, California, Certificates of Participation, Children’s Hospital Central 
3/20 at 100.00 
A1 
582,957 
 
 
California, Series 2010, 5.375%, 3/15/36 
 
 
 
2,000 
 
Martinez Unified School District, Contra Costa County, California, General Obligation Bonds, 
8/24 at 100.00 
AA 
2,455,940 
 
 
Series 2011, 5.875%, 8/01/31 
 
 
 
1,000 
 
Mendocino-Lake Community College District, Mendocino and Lake Counties, California, General 
8/26 at 100.00 
A1 
1,214,830 
 
 
Obligation Bonds, Election 2006, Series 2011B, 5.600%, 8/01/31 – AGM Insured 
 
 
 
 
 
Mount San Antonio Community College District, Los Angeles County, California, General 
 
 
 
 
 
Obligation Bonds, Election of 2008, Series 2013A: 
 
 
 
1,030 
 
0.000%, 8/01/28 (6) 
2/28 at 100.00 
AA 
931,079 
2,320 
 
0.000%, 8/01/43 (6) 
8/35 at 100.00 
AA 
1,642,398 
5,420 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
BBB+ 
7,244,372 
 
 
2009B, 6.500%, 11/01/39 
 
 
 
 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, 
 
 
 
 
 
Series 2009C: 
 
 
 
2,700 
 
7.000%, 11/01/34 
No Opt. Call 
BBB+ 
3,730,644 
2,200 
 
6.500%, 11/01/39 
No Opt. Call 
BBB+ 
2,940,520 
 
 
North Orange County Community College District, California, General Obligation Bonds, Election 
 
 
 
 
 
of 2002 Series 2003B: 
 
 
 
7,735 
 
0.000%, 8/01/25 – FGIC Insured 
No Opt. Call 
AA+ 
6,011,255 
4,180 
 
0.000%, 8/01/26 – FGIC Insured 
No Opt. Call 
AA+ 
3,110,087 
10,885 
 
Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation 
No Opt. Call 
AA– 
8,201,412 
 
 
Bonds, Election of 2002 Series 2005B, 0.000%, 8/01/25 – FGIC Insured 
 
 
 
3,000 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009, 
11/19 at 100.00 
Ba1 (4) 
3,441,390 
 
 
6.625%, 11/01/29 (Pre-refunded 11/01/19) 
 
 
 
940 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 
11/20 at 100.00 
Ba1 
991,136 
 
 
5.250%, 11/01/21 
 
 
 
6,000 
 
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election 
No Opt. Call 
A2 
4,764,660 
 
 
of 2004, Series 2007A, 0.000%, 8/01/24 – NPFG Insured 
 
 
 
12,210 
 
Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital 
8/30 at 100.00 
12,967,753 
 
 
Appreciation, Election 2004 Series 2010A, 0.000%, 8/01/40 (6) 
 
 
 
5,000 
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – 
8/29 at 100.00 
A2 
5,696,900 
 
 
AGC Insured (6) 
 
 
 
1,750 
 
Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
A1 
1,462,300 
 
 
Series 2001B, 0.000%, 9/01/23 – AGM Insured 
 
 
 
2,000 
 
Pasadena, California, Certificates of Participation, Refunding Series 2008C, 5.000%, 2/01/33 
2/18 at 100.00 
AA (4) 
2,081,280 
 
 
(Pre-refunded 2/01/18) 
 
 
 
9,315 
 
Perris, California, GNMA Mortgage-Backed Securities Program Single Family Mortgage Revenue 
No Opt. Call 
AA+ (4) 
12,260,589 
 
 
Bonds, Series 1989A, 7.600%, 1/01/23 (Alternative Minimum Tax) (ETM) 
 
 
 
2,500 
 
Petaluma, Sonoma County, California, Wastewater Revenue Bonds, Refunding Series 2011, 
5/21 at 100.00 
A1 
2,813,450 
 
 
5.500%, 5/01/32 
 
 
 
3,850 
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of 
10/25 at 100.00 
A2 
4,486,675 
 
 
Participation, Refunding Series 2011, 6.000%, 10/01/28 – AGM Insured 
 
 
 
2,000 
 
Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical 
7/17 at 100.00 
Baa2 
2,016,440 
 
 
Center, Refunding Series 2007A, 5.000%, 7/01/47 
 
 
 
3,200 
 
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, 
No Opt. Call 
A2 
2,219,168 
 
 
Series 2003, 0.000%, 7/01/27 – AGM Insured 
 
 
 
2,000 
 
Ridgecrest Redevelopment Agency, California, Ridgecrest Redevelopment Project Tax Allocation 
6/20 at 100.00 
A– 
2,265,120 
 
 
Bonds, Refunding Series 2010, 6.125%, 6/30/37 
 
 
 
205 
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 
6/23 at 100.00 
BBB– 
229,875 
 
 
2013A, 5.750%, 6/01/44 
 
 
 
2,755 
 
Sacramento City Unified School District, Sacramento County, California, General Obligation 
No Opt. Call 
A1 
2,147,853 
 
 
Bonds, Series 2007, 0.000%, 7/01/25 – AGM Insured 
 
 
 
3,550 
 
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 
12/21 at 100.00 
Ba2 
4,138,377 
 
 
7.500%, 12/01/41 
 
 
 
165 
 
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 
9/25 at 100.00 
N/R 
173,857 
 
 
Marblehead Coastal, Series 2015, 5.000%, 9/01/40 
 
 
 
3,000 
 
San Diego Community College District, California, General Obligation Bonds, Tender Option Bond 
8/21 at 100.00 
AA+ (4) 
4,377,000 
 
 
Trust 2016-XG0053, 12.112%, 8/01/41 (Pre-refunded 8/01/21) (IF) (7) 
 
 
 
1,830 
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, 
8/19 at 100.00 
AA– (4) 
2,611,026 
 
 
Tender Option Bond Trust 2015-XF0098, 17.813%, 8/01/39 (Pre-refunded 8/01/19) (IF) 
 
 
 
670 
 
San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, 
8/19 at 100.00 
A– (4) 
757,971 
 
 
Mission Bay North Redevelopment Project, Series 2009C, 6.500%, 8/01/39 (Pre-refunded 8/01/19) 
 
 
 
4,150 
 
San Joaquin Delta Community College District, California, General Obligation Bonds, Election 
8/18 at 53.32 
AA– 
2,167,172 
 
 
2004 Series 2008B, 0.000%, 8/01/29 – AGM Insured 
 
 
 
2,700 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
1/25 at 100.00 
BB+ 
2,861,892 
 
 
Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/44 
 
 
 
 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
 
 
 
 
 
Bonds, Refunding Senior Lien Series 2014A: 
 
 
 
6,630 
 
5.000%, 1/15/44 
1/25 at 100.00 
BBB– 
7,120,355 
3,160 
 
5.000%, 1/15/50 
1/25 at 100.00 
BBB– 
3,384,581 
7,205 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
No Opt. Call 
BBB– 
5,925,464 
 
 
Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured 
 
 
 
5,000 
 
San Jose, California, Airport Revenue Bonds, Series 2007A, 6.000%, 3/01/47 – AMBAC Insured 
3/17 at 100.00 
A– 
5,020,100 
 
 
(Alternative Minimum Tax) 
 
 
 
4,000 
 
San Luis Obispo County Financing Authority, California, Revenue Bonds, Nacimiento Water 
9/17 at 100.00 
A+ 
4,392,280 
 
 
Project, Tender Option Bond Trust 2015-XF2185, 16.164%, 9/01/38 – BHAC Insured (IF) (7) 
 
 
 
5,760 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding 
No Opt. Call 
A1 
1,421,050 
 
 
Series 2015, 0.000%, 8/01/45 
 
 
 
690 
 
Semitrophic Improvement District of Semitrophic Water Storage District, Kern County, 
12/19 at 100.00 
A+ 
750,009 
 
 
California, Revenue Bonds, Refunding Series 2009A, 5.000%, 12/01/38 
 
 
 
37,555 
 
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed 
6/17 at 18.52 
N/R 
4,639,920 
 
 
Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/47 
 
 
 
 
 
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A: 
 
 
 
11,595 
 
5.000%, 6/01/37 
6/17 at 100.00 
B2 
11,303,850 
3,090 
 
5.125%, 6/01/46 
6/17 at 100.00 
B2 
2,975,917 
1,800 
 
Walnut Valley Unified School District, Los Angeles County, California, General Obligation 
No Opt. Call 
AA– 
1,276,380 
 
 
Bonds, Election 2000 Series 2003D, 0.000%, 8/01/27 – FGIC Insured 
 
 
 
4,005 
 
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 
8/31 at 100.00 
Aa3 
3,168,916 
 
 
2011B, 0.000%, 8/01/36 – AGM Insured (6) 
 
 
 
3,900 
 
Wiseburn School District, Los Angeles County, California, General Obligation Bonds, Series 
8/21 at 100.00 
Aa3 (4) 
4,602,468 
 
 
2011B, 5.625%, 5/01/41 (Pre-refunded 8/01/21) – AGM Insured 
 
 
 
3,000 
 
Yuba Community College District, California, General Obligation Bonds, Election 2006 Series 
8/21 at 100.00 
Aa2 
3,366,390 
 
 
2011C, 5.250%, 8/01/47 
 
 
 
519,585 
 
Total California 
 
 
447,802,536 
 
 
Colorado – 6.8% (4.4% of Total Investments) 
 
 
 
1,250 
 
Adams County School District 1, Mapleton Public Schools, Colorado, General Obligation Bonds, 
12/20 at 100.00 
AA– (4) 
1,472,988 
 
 
Series 2010, 6.250%, 12/01/35 (Pre-refunded 12/01/20) 
 
 
 
1,500 
 
Anthem West Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2015, 
12/25 at 100.00 
Baa2 
1,640,985 
 
 
5.000%, 12/01/35 – BAM Insured 
 
 
 
1,600 
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 – 
4/17 at 100.00 
BBB– 
1,602,544 
 
 
SYNCORA GTY Insured 
 
 
 
1,215 
 
Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding Series 
12/21 at 103.00 
N/R 
1,221,537 
 
 
2016A, 5.500%, 12/01/36 
 
 
 
700 
 
Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax 
7/18 at 100.00 
N/R 
701,792 
 
 
Convertible to Unlimited Tax, Refunding Series 2013, 7.000%, 12/01/23 
 
 
 
500 
 
Castle Oaks Metropolitan District 3, Castle Rock, Douglas County, Colorado, General Obligation 
12/20 at 103.00 
N/R 
482,320 
 
 
Limited Tax Bonds, Series 2016, 5.500%, 12/01/45 
 
 
 
625 
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding 
12/23 at 100.00 
BBB– 
713,488 
 
 
Series 2013A, 6.000%, 12/01/38 
 
 
 
1,000 
 
Cherry Creek Corporate Center Metropolitan District, Arapahoe County, Colorado, Revenue Bonds, 
12/25 at 100.00 
N/R 
971,340 
 
 
Refunding Senior Lien Series 2015A, 5.000%, 6/01/37 
 
 
 
1,240 
 
Colorado City Metropolitan District, Oueblo county, Colorado, Water and Wastewater Enterprise 
No Opt. Call 
BBB+ 
1,272,438 
 
 
Revenue Bonds, Refunding & Improvement Series 2012, 4.500%, 12/01/34 
 
 
 
1,000 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Pinnacle 
12/19 at 100.00 
BBB 
1,033,370 
 
 
Charter School, Inc. High School Project, Series 2010, 5.000%, 12/01/29 
 
 
 
2,315 
 
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Montessori Peaks 
5/18 at 100.00 
N/R 
2,267,982 
 
 
Academy, Series 2006A, 5.400%, 5/01/26 
 
 
 
9,440 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
3/17 at 100.00 
BBB+ 
9,460,862 
 
 
Series 2006A, 4.500%, 9/01/38 
 
 
 
3,335 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
7/19 at 100.00 
BBB+ 
3,466,166 
 
 
Series 2009A, 5.500%, 7/01/34 
 
 
 
9,335 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
1/23 at 100.00 
BBB+ 
9,888,566 
 
 
Series 2013A, 5.250%, 1/01/45 
 
 
 
2,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Children’s Hospital Colorado 
12/23 at 100.00 
A+ 
2,183,380 
 
 
Project, Series 2013A, 5.000%, 12/01/36 
 
 
 
2,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Craig Hospital Project, Series 
No Opt. Call 
2,005,080 
 
 
2012, 4.000%, 12/01/42 
 
 
 
3,655 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
No Opt. Call 
Baa2 
3,760,118 
 
 
Samaritan Society Project, Series 2013A, 5.000%, 6/01/45 
 
 
 
585 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
6/23 at 100.00 
Baa2 
618,567 
 
 
Samaritan Society Project, Series 2013, 5.625%, 6/01/43 
 
 
 
1,150 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, 
9/18 at 102.00 
Aa3 
1,216,436 
 
 
Series 2005C, 5.250%, 3/01/40 – AGM Insured 
 
 
 
11,500 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
12,303,620 
 
 
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
3,500 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital 
5/17 at 100.00 
A– 
3,527,720 
 
 
Association, Series 2007, 5.250%, 5/15/42 
 
 
 
3,250 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center, 
9/17 at 100.00 
BBB+ 
3,292,510 
 
 
Series 2007, 5.125%, 9/15/29 
 
 
 
2,250 
 
Colorado Springs, Colorado, Utilities System Revenue Bonds, Improvement Series 2013B-1, 
11/23 at 100.00 
AA 
2,552,535 
 
 
5.000%, 11/15/38 
 
 
 
20 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
3/19 at 100.00 
AA– 
21,294 
 
 
Revenue Bonds, Series 2009A, 5.000%, 3/01/34 
 
 
 
 
 
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System 
 
 
 
 
 
Revenue Bonds, Series 2009A: 
 
 
 
1,175 
 
5.000%, 3/01/34 (Pre-refunded 3/01/19) 
3/19 at 100.00 
N/R (4) 
1,267,108 
 
5.000%, 3/01/34 (Pre-refunded 3/01/19) 
3/19 at 100.00 
N/R (4) 
5,395 
1,945 
 
Commerce City, Colorado, Sales and Use Tax Revenue Bonds, Refunding Series 2015, 5.000%, 
8/25 at 100.00 
A1 
2,171,534 
 
 
8/01/36 – BAM Insured 
 
 
 
5,000 
 
Compark Business Campus Metropolitan District, Colorado, General Obligation Limited Tax Bonds, 
12/17 at 100.00 
AA 
5,023,750 
 
 
Series 2007A, 5.600%, 12/01/34 – RAAI Insured 
 
 
 
1,000 
 
Concord Metropolitan District, Douglas County, Colorado, General Obligation Bonds, Refunding 
12/20 at 100.00 
BBB+ 
1,045,830 
 
 
Series 2010, 5.375%, 12/01/40 
 
 
 
500 
 
Copperleaf Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 
12/20 at 103.00 
N/R 
506,245 
 
 
2006, 5.250%, 12/01/30 
 
 
 
2,200 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/32 
11/22 at 100.00 
A+ 
2,484,526 
3,870 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 
11/23 at 100.00 
4,249,763 
 
 
5.000%, 11/15/43 
 
 
 
10,000 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 
No Opt. Call 
BBB 
3,242,900 
 
 
2010A, 0.000%, 9/01/41 
 
 
 
8,845 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 
No Opt. Call 
BBB 
6,274,555 
 
 
9/01/26 – NPFG Insured 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
7,550 
 
0.000%, 9/01/29 – NPFG Insured 
No Opt. Call 
BBB 
4,658,048 
11,100 
 
0.000%, 9/01/31 – NPFG Insured 
No Opt. Call 
BBB 
6,216,555 
10,000 
 
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
BBB 
5,341,300 
8,135 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/28 – 
9/20 at 63.98 
BBB 
4,584,479 
 
 
NPFG Insured 
 
 
 
 
 
Eaton Area Park and Recreation District, Colorado, General Obligation Limited Tax Bonds, 
 
 
 
 
 
Series 2015: 
 
 
 
475 
 
5.500%, 12/01/30 
12/22 at 100.00 
N/R 
496,290 
180 
 
5.250%, 12/01/34 
12/22 at 100.00 
N/R 
182,644 
500 
 
Erie Highlands Metropolitan District No. 1 (In the Town of Erie), Weld County, Colorado, 
12/20 at 103.00 
N/R 
478,095 
 
 
General Obligation Limited Tax Bonds, Series 2015A, 5.750%, 12/01/45 
 
 
 
985 
 
Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation Limited 
12/21 at 103.00 
N/R 
909,963 
 
 
Tax Bonds, Series 2016, 5.125%, 12/01/46 
 
 
 
 
 
Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014: 
 
 
 
1,125 
 
5.750%, 12/01/30 
12/24 at 100.00 
N/R 
1,165,061 
1,000 
 
6.000%, 12/01/38 
12/24 at 100.00 
N/R 
1,025,630 
770 
 
Great Western Park Metropolitan District 2, Broomfield City and County, Colorado, General 
12/21 at 103.00 
N/R 
718,502 
 
 
Obligation Bonds, Series 2016A, 5.000%, 12/01/46 
 
 
 
 
 
Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A: 
 
 
 
1,590 
 
5.250%, 12/01/36 
12/21 at 103.00 
N/R 
1,407,230 
6,130 
 
5.375%, 12/01/46 
12/21 at 103.00 
N/R 
5,356,088 
 
 
Maher Ranch Metropolitan District 4, Colorado, General Obligation Limited Tax Bonds, 
 
 
 
 
 
Series 2007: 
 
 
 
950 
 
5.125%, 12/01/27 (Pre-refunded 12/01/17) – RAAI Insured 
12/17 at 100.00 
A3 (4) 
983,003 
2,000 
 
5.250%, 12/01/36 (Pre-refunded 12/01/17) – RAAI Insured 
12/17 at 100.00 
A3 (4) 
2,071,560 
1,000 
 
Meridian Metropolitan District, Douglas County, Colorado, General Obligation Refunding Bonds, 
12/21 at 100.00 
A– 
1,049,780 
 
 
Series 2011A, 5.000%, 12/01/41 
 
 
 
1,870 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/25 at 100.00 
BBB 
1,995,701 
 
 
Bonds, Refunding Series 2015A, 5.000%, 12/01/45 
 
 
 
3,015 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/20 at 100.00 
A2 (4) 
3,533,912 
 
 
Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
500 
 
Parker Automotive Metropolitan District (In the Town of Parker, Colorado), General Obligation 
12/26 at 100.00 
N/R 
454,110 
 
 
Bonds, Refunding Series 2016, 5.000%, 12/01/45 
 
 
 
1,590 
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 
6/20 at 100.00 
1,749,413 
 
 
5.375%, 6/01/31 
 
 
 
 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private 
 
 
 
 
 
Activity Bonds, Series 2010: 
 
 
 
4,355 
 
6.000%, 1/15/34 
7/20 at 100.00 
Baa3 
4,837,142 
2,365 
 
6.000%, 1/15/41 
7/20 at 100.00 
Baa3 
2,619,569 
1,045 
 
Reserve Metropolitan District 2, Mount Crested Butte, Colorado, Limited Tax General Obligation 
12/26 at 100.00 
N/R 
917,144 
 
 
Bonds, Refunding Series 2016A, 5.000%, 12/01/45 
 
 
 
525 
 
Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation Bonds, 
12/21 at 103.00 
N/R 
525,121 
 
 
Limited Tax Series 2016A, 5.500%, 12/01/46 
 
 
 
650 
 
Thompson Crossing Metropolitan District No. 6 in the Town of Johnstown, Larimer County, 
12/20 at 103.00 
N/R 
626,633 
 
 
Colorado, General Obligation Limited Tax Bonds Series 2015A, 6.000%, 12/01/44 
 
 
 
55 
 
Water Valley Metropolitan District 1, Colorado, General Obligation Bonds, Refunding Series 
12/26 at 100.00 
N/R 
56,527 
 
 
2016, 5.250%, 12/01/40 
 
 
 
105 
 
Water Valley Metropolitan District 2, Windsor, Colorado, General Obligation Bonds, Refunding 
12/26 at 100.00 
N/R 
108,996 
 
 
Series 2016, 5.250%, 12/01/40 
 
 
 
169,070 
 
Total Colorado 
 
 
148,017,740 
 
 
Connecticut – 0.1% (0.0% of Total Investments) 
 
 
 
1,500 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, 
7/21 at 100.00 
1,588,770 
 
 
Series 2011A, 5.000%, 7/01/41 
 
 
 
 
 
District of Columbia – 0.2% (0.1% of Total Investments) 
 
 
 
5,000 
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds, 
4/17 at 100.00 
5,011,050 
 
 
Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured 
 
 
 
 
 
Florida – 5.8% (3.7% of Total Investments) 
 
 
 
1,250 
 
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter 
9/20 at 100.00 
BBB– 
1,297,538 
 
 
Academy, Inc. Project, Series 2010A, 6.000%, 9/01/40 
 
 
 
 
 
Bay County, Florida, Educational Facilities Revenue Refunding Bonds, Bay Haven Charter 
 
 
 
 
 
Academy, Inc. Project, Series 2013A: 
 
 
 
1,005 
 
5.000%, 9/01/43 
9/23 at 100.00 
BBB– 
1,007,754 
865 
 
5.000%, 9/01/45 
9/23 at 100.00 
BBB– 
862,353 
775 
 
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Series 
11/27 at 100.00 
N/R 
780,789 
 
 
2016A, 5.375%, 11/01/36 
 
 
 
535 
 
Belmont Community Development District, Florida, Capital Improvement Revenue Bonds, Series 
No Opt. Call 
N/R 
537,723 
 
 
2016B, 5.625%, 11/01/35 
 
 
 
665 
 
Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue 
5/26 at 100.00 
N/R 
617,699 
 
 
Bonds, Series 2016, 4.700%, 5/01/36 
 
 
 
2,115 
 
Brevard County Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Health 
4/19 at 100.00 
A (4) 
2,377,768 
 
 
First, Inc. Project, Series 2009B, 7.000%, 4/01/39 (Pre-refunded 4/01/19) 
 
 
 
3,430 
 
Broward County, Florida, Airport Facility Revenue Bonds, Learjet Inc., Series 2000, 7.500%, 
5/17 at 100.00 
B3 
3,435,282 
 
 
11/01/20 (Alternative Minimum Tax) 
 
 
 
5,005 
 
Broward County, Florida, Airport System Revenue Bonds, Refunding Series 2009O, 5.375%, 10/01/29 
10/19 at 100.00 
5,477,622 
1,480 
 
Brwoard County, Florida, Fuel System Revenue Bonds, Fort Lauderdale Fuel Facilities LLC 
4/23 at 100.00 
AA 
1,591,059 
 
 
Project, Series 2013A, 5.000%, 4/01/33 – AGM Insured (Alternative Minimum Tax) 
 
 
 
4,390 
 
Capital Trust Agency, Florida, Multifamily Housing Revenue Bonds, The Gardens Apartments 
7/25 at 100.00 
4,244,603 
 
 
Project, Series 2015A, 5.000%, 7/04/50 
 
 
 
 
 
Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, 
 
 
 
 
 
Area 1 Project, Series 2016A-1: 
 
 
 
125 
 
5.250%, 11/01/37 
11/28 at 100.00 
N/R 
128,750 
160 
 
5.600%, 11/01/46 
11/28 at 100.00 
N/R 
163,624 
690 
 
Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, 
No Opt. Call 
N/R 
711,066 
 
 
Area 1 Project, Series 2016A-2, 5.625%, 11/01/35 
 
 
 
 
 
Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015: 
 
 
 
555 
 
5.250%, 5/01/35 
5/26 at 100.00 
N/R 
554,950 
620 
 
5.300%, 5/01/36 
5/26 at 100.00 
N/R 
618,462 
955 
 
5.500%, 5/01/45 
5/26 at 100.00 
N/R 
952,192 
1,310 
 
5.500%, 5/01/46 
5/26 at 100.00 
N/R 
1,298,577 
560 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance 
6/25 at 100.00 
N/R 
562,346 
 
 
Charter School Income Projects, Series 2015A, 6.125%, 6/15/46 
 
 
 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter 
 
 
 
 
 
Foundation Inc. Projects, Series 2016A: 
 
 
 
1,015 
 
6.250%, 6/15/36 
6/26 at 100.00 
N/R 
1,021,120 
1,420 
 
4.750%, 7/15/36 
7/26 at 100.00 
N/R 
1,261,059 
2,575 
 
6.375%, 6/15/46 
6/26 at 100.00 
N/R 
2,592,227 
1,465 
 
5.000%, 7/15/46 
7/26 at 100.00 
N/R 
1,284,131 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Pepin Academies 
 
 
 
 
 
Inc., Series 2016A: 
 
 
 
1,000 
 
5.000%, 7/01/36 
7/26 at 100.00 
N/R 
901,010 
6,785 
 
5.125%, 7/01/46 
7/26 at 100.00 
N/R 
5,983,827 
900 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance 
6/25 at 100.00 
N/R 
905,805 
 
 
Charter School Income Projects, Series 2015A, 6.000%, 6/15/35 
 
 
 
1,100 
 
Florida Higher Educational Facilities Financing Authority, Revenue Bonds, Nova Southeastern 
4/21 at 100.00 
Baa1 
1,256,739 
 
 
University, Refunding Series 2011, 6.375%, 4/01/31 
 
 
 
385 
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special 
5/26 at 100.00 
N/R 
375,487 
 
 
Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 
 
 
 
4,695 
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, 
10/24 at 100.00 
A– 
5,108,770 
 
 
Series 2015A, 5.000%, 10/01/44 
 
 
 
1,750 
 
Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport, 
10/24 at 100.00 
A+ 
1,890,858 
 
 
Subordinate Lien Series 2015B, 5.000%, 10/01/40 (Alternative Minimum Tax) 
 
 
 
2,000 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding 
10/24 at 100.00 
2,207,180 
 
 
Series 2014B, 5.000%, 10/01/37 
 
 
 
2,490 
 
Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 
10/22 at 100.00 
A2 
2,731,306 
 
 
5.000%, 10/01/37 
 
 
 
7,045 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 
10/22 at 100.00 
A+ 
7,797,195 
 
 
5.000%, 10/01/42 
 
 
 
1,000 
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, 
8/17 at 100.00 
N/R (4) 
1,022,450 
 
 
Development Unit 46B, Series 2007A, 5.350%, 8/01/41 (Pre-refunded 8/01/17) 
 
 
 
2,140 
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, 
8/26 at 100.00 
N/R 
2,122,645 
 
 
Development Unit 53, Series 2015, 5.350%, 8/01/35 
 
 
 
2,185 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, 
4/22 at 100.00 
2,327,943 
 
 
Inc., Series 2012A, 5.000%, 10/01/42 
 
 
 
2,335 
 
Orlando, Florida, Capital Improvement Special Revenue Bonds, Series 2014B, 5.000%, 10/01/46 
10/24 at 100.00 
AA 
2,581,856 
85 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of 
6/22 at 102.00 
N/R 
98,384 
 
 
Boca Raton Project, Series 2014A, 7.250%, 6/01/34 
 
 
 
 
 
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1, 
 
 
 
 
 
Series 2007B: 
 
 
 
1,795 
 
5.000%, 7/01/33 (Pre-refunded 7/01/17) – NPFG Insured 
7/17 at 100.00 
A3 (4) 
1,826,520 
1,500 
 
5.000%, 7/01/40 (Pre-refunded 7/01/17) – NPFG Insured 
7/17 at 100.00 
A3 (4) 
1,526,340 
560 
 
Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 
11/26 at 100.00 
N/R 
507,360 
 
 
Project, Series 2016, 5.000%, 11/01/46 
 
 
 
5,000 
 
Seminole Tribe of Florida, Special Obligation Bonds, Series 2007A, 144A, 5.250%, 10/01/27 
10/17 at 100.00 
Ba1 
5,085,800 
 
 
Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, 
 
 
 
 
 
Assessment Area 2, Series 2016: 
 
 
 
180 
 
4.750%, 11/01/28 
11/27 at 100.00 
N/R 
177,439 
300 
 
5.375%, 11/01/36 
11/27 at 100.00 
N/R 
292,317 
590 
 
South Broward Hospital District, Florida, Hospital Revenue Bonds, Memorial Health System, 
5/18 at 100.00 
Aa3 (4) 
619,164 
 
 
Refunding Series 2008, 5.000%, 5/01/28 (Pre-refunded 5/01/18) 
 
 
 
25,640 
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System 
8/17 at 100.00 
AA– 
25,936,654 
 
 
Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (7) 
 
 
 
375 
 
South Village Community Development District, Clay County, Florida, Capital Improvement 
5/26 at 100.00 
BBB 
332,501 
 
 
Revenue Bonds, Refunding Series 2016A1, 3.625%, 5/01/35 
 
 
 
 
 
South Village Community Development District, Clay County, Florida, Capital Improvement 
 
 
 
 
 
Revenue Bonds, Refunding Series 2016A2: 
 
 
 
170 
 
4.350%, 5/01/26 
No Opt. Call 
N/R 
161,526 
100 
 
4.875%, 5/01/35 
5/26 at 100.00 
N/R 
92,351 
1,350 
 
Sumter County Industrial Development Authority, Florida, Hospital Revenue Bonds, Central 
1/24 at 100.00 
A– 
1,455,300 
 
 
Florida Health Alliance Projects, Series 2014A, 5.125%, 7/01/34 
 
 
 
11,000 
 
Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1998, 5.000%, 10/01/28 – 
10/18 at 100.00 
AA– 
11,627,440 
 
 
AMBAC Insured 
 
 
 
3,300 
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 
5/22 at 100.00 
Aa2 
3,635,676 
 
 
5.000%, 11/15/33 
 
 
 
70 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/17 at 100.00 
N/R 
55,661 
 
 
Capital Appreciation, Series 2012A-2, 0.000%, 5/01/39 (6) 
 
 
 
200 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/19 at 100.00 
N/R 
118,814 
 
 
Capital Appreciation, Series 2012A-3, 0.000%, 5/01/40 (6) 
 
 
 
85 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Convertible, 
5/22 at 100.00 
N/R 
37,331 
 
 
Capital Appreciation, Series 2012A-4, 0.000%, 5/01/40 (6) 
 
 
 
110 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Hope Note, Series 
5/18 at 100.00 
N/R 
 
 
2007-3, 6.650%, 5/01/40 (8) 
 
 
 
10 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Non Performing 
5/18 at 100.00 
N/R 
10,049 
 
 
ParcelSeries 2007-1. RMKT, 6.650%, 5/01/40 
 
 
 
195 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/17 at 100.00 
N/R 
195,021 
 
 
2012A-1, 6.650%, 5/01/40 
 
 
 
295 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
180,275 
 
 
2015-1, 0.000%, 5/01/40 
 
 
 
180 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
92,669 
 
 
2015-2, 0.000%, 5/01/40 (8) 
 
 
 
195 
 
Tolomato Community Development District, Florida, Special Assessment Bonds, Refunding Series 
5/18 at 100.00 
N/R 
 
 
2015-3, 6.610%, 5/01/40 (8) 
 
 
 
300 
 
Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 
11/27 at 100.00 
N/R 
294,639 
 
 
2016A-1, 5.375%, 11/01/37 
 
 
 
515 
 
Union Park Community Development District, Florida, Capital Improvement Revenue Bonds, Series 
No Opt. Call 
N/R 
506,461 
 
 
2016A-2, 5.625%, 11/01/35 
 
 
 
122,875 
 
Total Florida 
 
 
125,457,460 
 
 
Georgia – 2.4% (1.5% of Total Investments) 
 
 
 
2,725 
 
Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, 
7/25 at 100.00 
A+ 
3,112,659 
 
 
Senior Lien Series 2015A-1, 5.250%, 7/01/40 
 
 
 
15,000 
 
Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2010C, 5.250%, 1/01/30 
1/21 at 100.00 
Aa3 
16,731,450 
1,500 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 5.250%, 
11/19 at 100.00 
A+ 
1,647,525 
 
 
11/01/34 – AGM Insured 
 
 
 
4,400 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 – 
No Opt. Call 
A+ 
5,173,212 
 
 
FGIC Insured 
 
 
 
3,250 
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb 
9/20 at 100.00 
BBB– 
3,601,748 
 
 
Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 
 
 
 
2,500 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
2/20 at 100.00 
2,673,250 
 
 
Northeast Georgia Health Services Inc., Series 2010A, 5.000%, 2/15/30 
 
 
 
 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
 
 
 
 
 
Northeast Georgia Health Services Inc., Series 2010B: 
 
 
 
2,000 
 
5.250%, 2/15/37 
2/20 at 100.00 
AA– 
2,142,980 
5,000 
 
5.125%, 2/15/40 
2/20 at 100.00 
AA– 
5,324,300 
4,810 
 
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1993B, 5.700%, 
No Opt. Call 
A1 (4) 
5,185,998 
 
 
1/01/19 – FGIC Insured (ETM) 
 
 
 
4,010 
 
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 
7/25 at 100.00 
A2 
4,332,083 
 
 
5.000%, 7/01/60 
 
 
 
2,500 
 
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus 
8/18 at 100.00 
BB+ (4) 
2,655,850 
 
 
Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 (Pre-refunded 
 
 
 
 
 
8/01/18) – AGC Insured 
 
 
 
47,695 
 
Total Georgia 
 
 
52,581,055 
 
 
Guam – 0.2% (0.1% of Total Investments) 
 
 
 
4,000 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 
7/20 at 100.00 
BBB– 
4,272,680 
 
 
5.500%, 7/01/30 
 
 
 
810 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 
7/23 at 100.00 
BBB– 
887,250 
 
 
5.500%, 7/01/43 
 
 
 
4,810 
 
Total Guam 
 
 
5,159,930 
 
 
Hawaii – 0.3% (0.2% of Total Investments) 
 
 
 
1,000 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health 
7/20 at 100.00 
1,073,850 
 
 
Obligated Group, Series 2010A, 5.500%, 7/01/40 
 
 
 
3,000 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health 
7/23 at 100.00 
3,353,040 
 
 
Obligated Group, Series 2013A, 5.500%, 7/01/43 
 
 
 
1,175 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/23 at 100.00 
BB 
1,264,805 
 
 
University, Series 2013A, 6.625%, 7/01/33 
 
 
 
5,175 
 
Total Hawaii 
 
 
5,691,695 
 
 
Idaho – 0.0% (0.0% of Total Investments) 
 
 
 
175 
 
Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding 
9/26 at 100.00 
BB+ 
186,158 
 
 
Series 2016, 5.000%, 9/01/37 
 
 
 
595 
 
Idaho Water Resource Board, Water Resource Loan Program Revenue, Ground Water Rights 
9/22 at 100.00 
Baa1 
639,893 
 
 
Mitigation Series 2012A, 5.000%, 9/01/32 
 
 
 
770 
 
Total Idaho 
 
 
826,051 
 
 
Illinois – 26.9% (17.2% of Total Investments) 
 
 
 
50,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement 
4/27 at 100.00 
50,070,500 
 
 
Revenues, Series 2016, 6.000%, 4/01/46 
 
 
 
1,000 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 
No Opt. Call 
B3 
804,760 
 
 
2011A, 5.500%, 12/01/39 
 
 
 
 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, 
 
 
 
 
 
Series 2016A: 
 
 
 
1,800 
 
7.000%, 12/01/26 
12/25 at 100.00 
1,719,774 
51,780 
 
7.000%, 12/01/44 
12/25 at 100.00 
49,367,570 
450 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 
No Opt. Call 
B+ 
281,196 
 
 
12/01/26 – NPFG Insured 
 
 
 
2,950 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated 
6/17 at 100.00 
B+ 
2,986,728 
 
 
Revenues, Refunding Series 2004A, 5.000%, 12/01/20 – NPFG Insured 
 
 
 
 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
 
 
 
 
 
Revenues, Series 1998B-1: 
 
 
 
1,715 
 
0.000%, 12/01/26 – NPFG Insured 
No Opt. Call 
B+ 
1,071,669 
10,060 
 
0.000%, 12/01/28 – FGIC Insured 
No Opt. Call 
B+ 
5,524,348 
1,765 
 
0.000%, 12/01/30 – NPFG Insured 
No Opt. Call 
B+ 
857,649 
 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
 
 
 
 
 
Revenues, Series 1999A: 
 
 
 
2,585 
 
0.000%, 12/01/27 – NPFG Insured 
No Opt. Call 
B+ 
1,521,298 
7,240 
 
0.000%, 12/01/31 – FGIC Insured 
No Opt. Call 
B+ 
3,312,083 
4,300 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 
12/21 at 100.00 
A1 
4,590,336 
 
 
5.250%, 12/01/40 
 
 
 
3,220 
 
Chicago, Illinois, FHA/GNMA Collateralized Multifamily Housing Revenue Bonds, Stone Terrace 
6/17 at 100.00 
AA 
3,224,283 
 
 
Apartments, Series 2001A, 5.750%, 12/20/42 (Alternative Minimum Tax) 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: 
 
 
 
25,755 
 
0.000%, 1/01/29 – NPFG Insured 
No Opt. Call 
BBB– 
14,298,146 
8,765 
 
0.000%, 1/01/34 – FGIC Insured 
No Opt. Call 
BBB– 
3,576,295 
17,310 
 
0.000%, 1/01/37 – FGIC Insured 
No Opt. Call 
BBB– 
5,931,964 
670 
 
Chicago, Illinois, General Obligation Bonds, Neighborhoods Alive 21 Program, Series 2002B, 
1/25 at 100.00 
Ba1 
662,911 
 
 
5.500%, 1/01/31 
 
 
 
3,000 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 
7/17 at 100.00 
BBB– 
3,006,900 
 
 
1/01/31 – AGM Insured 
 
 
 
2,695 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.000%, 1/01/35 
1/24 at 100.00 
Ba1 
2,525,053 
13,205 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 
1/27 at 100.00 
BBB– 
13,243,295 
 
 
(WI/DD, Settling 2/01/17) 
 
 
 
2,000 
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2005D, 
1/25 at 100.00 
Ba1 
1,929,260 
 
 
5.500%, 1/01/40 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C: 
 
 
 
1,450 
 
5.000%, 1/01/34 
No Opt. Call 
Ba1 
1,364,668 
590 
 
5.000%, 1/01/40 
No Opt. Call 
Ba1 
541,030 
 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2011A: 
 
 
 
4,930 
 
5.250%, 1/01/35 
No Opt. Call 
Ba1 
4,725,405 
2,335 
 
5.000%, 1/01/40 
No Opt. Call 
Ba1 
2,141,195 
 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2012A: 
 
 
 
1,155 
 
5.000%, 1/01/33 
No Opt. Call 
Ba1 
1,089,535 
550 
 
5.000%, 1/01/34 
No Opt. Call 
Ba1 
517,633 
4,390 
 
Chicago, Illinois, General Obligation Bonds, Refunding Project Series 2005B, 4.750%, 1/01/32 – 
No Opt. Call 
BBB– 
4,400,492 
 
 
AGM Insured 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2007E: 
 
 
 
10,115 
 
5.500%, 1/01/35 
1/25 at 100.00 
Ba1 
9,889,233 
5,890 
 
5.500%, 1/01/42 
1/25 at 100.00 
Ba1 
5,673,307 
295 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2008A, 5.250%, 1/01/37 – 
1/18 at 100.00 
Ba1 
279,636 
 
 
FGIC Insured 
 
 
 
765 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/35 
1/26 at 100.00 
BBB– 
717,585 
1,610 
 
Chicago, Illinois, General Obligation Bonds, Series 1999, 0.000%, 1/01/30 – AGM Insured 
No Opt. Call 
A2 
845,395 
3,965 
 
Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured 
7/17 at 100.00 
BBB– 
3,975,468 
 
 
Chicago, Illinois, General Obligation Bonds, Series 2015A: 
 
 
 
1,000 
 
5.500%, 1/01/35 
1/25 at 100.00 
BBB– 
977,680 
9,800 
 
5.500%, 1/01/39 
1/25 at 100.00 
BBB– 
9,496,396 
5,630 
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.250%, 1/01/38 
No Opt. Call 
Ba1 
5,799,182 
1,250 
 
Cook County Forest Preserve District, Illinois, General Obligation Bonds, Personal Property 
6/22 at 100.00 
A2 
1,328,463 
 
 
Replacement Tax Alternate Source, Series 2012C, 5.000%, 12/15/37 – AGM Insured 
 
 
 
25,375 
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33 
11/20 at 100.00 
A2 
26,890,395 
 
 
Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, 
 
 
 
 
 
Series 2007: 
 
 
 
340 
 
5.000%, 12/01/26 
6/17 at 100.00 
BBB 
340,255 
405 
 
5.000%, 12/01/36 
6/17 at 100.00 
BBB 
405,097 
800 
 
Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont 
12/25 at 100.00 
N/R 
783,264 
 
 
School Project, Series 2015A, 5.500%, 12/01/30 
 
 
 
 
 
Illinois Finance Authority, Charter School Revenue Bonds, Uno Charter School Network, 
 
 
 
 
 
Refunding and Improvement Series 2011A: 
 
 
 
1,590 
 
6.875%, 10/01/31 
10/21 at 100.00 
BB+ 
1,731,494 
2,535 
 
7.125%, 10/01/41 
10/21 at 100.00 
BB+ 
2,774,634 
1,500 
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 
11/19 at 100.00 
Aa2 
1,653,750 
 
 
5.500%, 11/01/39 
 
 
 
1,000 
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009, 5.250%, 11/01/39 
11/19 at 100.00 
Aa2 
1,072,880 
2,000 
 
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%, 
8/18 at 100.00 
A+ 
2,090,660 
 
 
8/15/47 – AGC Insured (UB) 
 
 
 
2,675 
 
Illinois Finance Authority, Revenue Bonds, Columbia College Chicago, Series 2015A, 
12/25 at 100.00 
BBB+ 
2,749,820 
 
 
5.000%, 12/01/37 
 
 
 
5,220 
 
Illinois Finance Authority, Revenue Bonds, DePaul University, Series 2011A, 5.750%, 10/01/27 
4/21 at 100.00 
A (4) 
6,108,131 
 
 
(Pre-refunded 4/01/21) 
 
 
 
8,000 
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 
1/18 at 100.00 
Baa2 (4) 
8,333,680 
 
 
1/01/37 (Pre-refunded 1/01/18) 
 
 
 
845 
 
Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding Series 
9/26 at 100.00 
Baa1 
903,356 
 
 
2016, 5.000%, 9/01/46 
 
 
 
5,015 
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 5.000%, 5/15/43 
5/22 at 100.00 
Baa1 
5,164,798 
1,130 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 
5/20 at 100.00 
1,243,554 
 
 
6.000%, 5/15/39 
 
 
 
2,030 
 
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Refunding Series 2010A, 
5/20 at 100.00 
N/R (4) 
2,328,410 
 
 
6.000%, 5/15/39 (Pre-refunded 5/15/20) 
 
 
 
10,270 
 
Illinois Finance Authority, Revenue Bonds, Palos Community Hospital, Series 2007A, 5.000%, 
5/17 at 100.00 
A3 (4) 
10,395,191 
 
 
5/15/32 (Pre-refunded 5/15/17) – NPFG Insured 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A: 
 
 
 
 
7.750%, 8/15/34 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (4) 
5,791 
495 
 
7.750%, 8/15/34 (Pre-refunded 8/15/19) 
8/19 at 100.00 
BBB– (4) 
574,923 
 
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A: 
 
 
 
415 
 
5.500%, 7/01/28 
7/23 at 100.00 
A– 
469,191 
905 
 
6.000%, 7/01/43 
7/23 at 100.00 
A– 
1,030,089 
100 
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding 
5/19 at 100.00 
N/R (4) 
111,141 
 
 
Series 2009, 6.125%, 5/15/25 (Pre-refunded 5/15/19) 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care Corporation, Refunding 
 
 
 
 
 
Series 2009: 
 
 
 
90 
 
6.125%, 5/15/25 (Pre-refunded 5/15/19) 
5/19 at 100.00 
N/R (4) 
99,918 
2,810 
 
6.125%, 5/15/25 (Pre-refunded 5/15/19) 
5/19 at 100.00 
BBB– (4) 
3,123,062 
1,665 
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
5/19 at 100.00 
Aaa 
1,863,901 
 
 
Series 2009C, 6.625%, 11/01/39 (Pre-refunded 5/01/19) 
 
 
 
9,195 
 
Illinois Finance Authority, Revenue Bonds, Sherman Health Systems, Series 2007A, 5.500%, 
8/17 at 100.00 
N/R (4) 
9,406,853 
 
 
8/01/37 (Pre-refunded 8/01/17) 
 
 
 
4,000 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
8/18 at 100.00 
BBB+ 
4,216,800 
 
 
Refunding Series 2008A, 6.000%, 8/15/23 
 
 
 
1,050 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
8/25 at 100.00 
Baa1 
1,102,815 
 
 
Refunding Series 2015C, 5.000%, 8/15/44 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
 
 
 
 
 
Series 2009: 
 
 
 
7,000 
 
6.875%, 8/15/38 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (4) 
7,969,150 
2,000 
 
7.000%, 8/15/44 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (4) 
2,284,480 
500 
 
Illinois Finance Authority, Revenue Bonds, Southern Illinois Healthcare Enterprises, Inc., 
3/20 at 100.00 
A2 
538,645 
 
 
Series 2005 Remarketed, 5.250%, 3/01/30 – AGM Insured 
 
 
 
2,500 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series 
2/21 at 100.00 
AA– (4) 
2,888,350 
 
 
2011C, 5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (7) 
 
 
 
4,125 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 
10/21 at 100.00 
AA– 
4,447,575 
 
 
5.000%, 10/01/51 
 
 
 
8,395 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust 
7/17 at 100.00 
AA– (4) 
8,688,993 
 
 
2015-XF0248, 8.612%, 7/01/46 (Pre-refunded 7/01/17) (IF) (7) 
 
 
 
3,000 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2015A, 5.000%, 
10/25 at 100.00 
AA– 
3,292,890 
 
 
10/01/46 (UB) (7) 
 
 
 
7,875 
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., 
5/17 at 100.00 
Baa3 
7,897,523 
 
 
Refunding Series 2007A, 5.250%, 5/01/34 
 
 
 
6,785 
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., 
5/17 at 100.00 
Baa3 
6,802,437 
 
 
University Center Project, Series 2006B, 5.000%, 5/01/30 
 
 
 
 
 
Illinois State, General Obligation Bonds, February Series 2014: 
 
 
 
1,600 
 
5.250%, 2/01/32 
2/24 at 100.00 
BBB 
1,633,792 
1,000 
 
5.250%, 2/01/33 
2/24 at 100.00 
BBB 
1,020,530 
1,130 
 
5.250%, 2/01/34 
2/24 at 100.00 
BBB 
1,150,521 
1,000 
 
5.000%, 2/01/39 
2/24 at 100.00 
BBB 
997,350 
7,565 
 
Illinois State, General Obligation Bonds, January Series 2016, 5.000%, 1/01/22 
No Opt. Call 
BBB 
7,958,002 
8,565 
 
Illinois State, General Obligation Bonds, June Series 2016, 5.000%, 6/01/26 
No Opt. Call 
BBB 
8,908,457 
1,500 
 
Illinois State, General Obligation Bonds, May Series 2014, 5.000%, 5/01/23 
No Opt. Call 
BBB 
1,575,960 
2,400 
 
Illinois State, General Obligation Bonds, November Series 2016, 5.000%, 11/01/40 
11/26 at 100.00 
BBB 
2,393,208 
4,900 
 
Illinois State, General Obligation Bonds, October Series 2016, 5.000%, 2/01/26 
No Opt. Call 
BBB 
5,099,577 
 
 
Illinois State, General Obligation Bonds, Refunding Series 2012: 
 
 
 
2,925 
 
5.000%, 8/01/22 
No Opt. Call 
BBB 
3,082,921 
2,615 
 
5.000%, 8/01/25 
8/22 at 100.00 
BBB 
2,694,993 
27,215 
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 
7/23 at 100.00 
BBB 
28,179,227 
7,250 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 
1/23 at 100.00 
AA– 
7,981,018 
 
 
5.000%, 1/01/38 
 
 
 
2,755 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 
7/25 at 100.00 
AA– 
3,034,936 
 
 
5.000%, 1/01/40 
 
 
 
560 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 
1/23 at 100.00 
AA– 
786,016 
 
 
2015-XF0051, 16.057%, 1/01/38 (IF) 
 
 
 
2,500 
 
Kane & DeKalb Counties Community Unit School District 301, Illinois, General Obligation Bonds, 
No Opt. Call 
Aa3 
2,010,175 
 
 
Series 2006, 0.000%, 12/01/23 – NPFG Insured 
 
 
 
9,795 
 
Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington, 
No Opt. Call 
A2 
10,808,978 
 
 
Illinois, General Obligation Bonds, Series 2002, 5.250%, 12/01/19 – AGM Insured (UB) 
 
 
 
7,000 
 
Lombard Public Facilities Corporation, Illinois, First Tier Conference Center and Hotel 
7/17 at 100.00 
N/R 
3,072,160 
 
 
Revenue Bonds, Series 2005A-1, 7.125%, 1/01/36 (9) 
 
 
 
1,245 
 
Mc Henry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General 
2/20 at 100.00 
A1 (4) 
1,424,815 
 
 
Obligation Bonds, Series 2011B, 6.250%, 2/01/21 (Pre-refunded 2/01/20) – AGM Insured 
 
 
 
1,315 
 
McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois, 
No Opt. Call 
A3 
1,198,386 
 
 
General Obligation Bonds, Series 2003, 0.000%, 1/01/21 – FGIC Insured 
 
 
 
 
 
McHenry and Lake Counties Community Consolidated School District 26, Cary, Illinois, General 
 
 
 
 
 
Obligation Bonds, Series 2011A: 
 
 
 
1,000 
 
6.000%, 2/01/24 (Pre-refunded 2/01/20) – AGM Insured 
2/20 at 100.00 
A1 (4) 
1,137,100 
1,030 
 
6.000%, 2/01/25 (Pre-refunded 2/01/20) – AGM Insured 
2/20 at 100.00 
A1 (4) 
1,171,213 
2,500 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
6/22 at 100.00 
BBB– 
2,533,925 
 
 
Refunding Series 2012B, 5.000%, 6/15/52 
 
 
 
5,400 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
12/25 at 100.00 
BBB– 
5,512,212 
 
 
Refunding Series 2015B, 5.000%, 6/15/52 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
 
 
 
 
 
Series 2015A: 
 
 
 
23,110 
 
0.000%, 12/15/52 
No Opt. Call 
BBB– 
2,909,087 
1,230 
 
5.000%, 6/15/53 
12/25 at 100.00 
BBB– 
1,255,559 
12,000 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/20 at 100.00 
BBB– 
12,420,240 
 
 
Refunding Bonds, Series 2010A, 5.500%, 6/15/50 
 
 
 
45,000 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
BBB– 
11,576,700 
 
 
Project, Capital Appreciation Refunding Series 2010B-1, 0.000%, 6/15/43 – AGM Insured 
 
 
 
7,075 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
BBB– 
5,257,008 
 
 
Project, Refunding Series 1996A, 0.000%, 6/15/24 – NPFG Insured 
 
 
 
2,680 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
A3 
3,162,829 
 
 
Project, Refunding Series 1998A, 5.500%, 6/15/29 – NPFG Insured 
 
 
 
145 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
A3 (4) 
179,174 
 
 
Project, Refunding Series 1998A, 5.500%, 6/15/29 – NPFG Insured (ETM) 
 
 
 
1,730 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
6/17 at 101.00 
BBB– 
1,775,983 
 
 
Project, Refunding Series 2002B, 5.550%, 6/15/21 – NPFG Insured 
 
 
 
770 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
6/17 at 101.00 
A3 (4) 
791,337 
 
 
Project, Refunding Series 2002B, 5.550%, 6/15/21 (Pre-refunded 6/15/17) – NPFG Insured 
 
 
 
1,165 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
A3 
1,001,970 
 
 
Project, Series 1993A, 0.000%, 6/15/21 – FGIC Insured 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
 
 
 
 
 
Project, Series 2002A: 
 
 
 
9,500 
 
0.000%, 6/15/24 – NPFG Insured (6) 
6/22 at 101.00 
BBB– 
10,479,925 
10,000 
 
0.000%, 12/15/29 – NPFG Insured 
No Opt. Call 
BBB– 
5,581,100 
8,400 
 
0.000%, 12/15/30 – NPFG Insured 
No Opt. Call 
BBB– 
4,425,120 
21,915 
 
0.000%, 6/15/34 – NPFG Insured 
No Opt. Call 
BBB– 
9,475,827 
10,000 
 
0.000%, 12/15/36 – NPFG Insured 
No Opt. Call 
BBB– 
3,780,700 
36,040 
 
0.000%, 6/15/40 – NPFG Insured 
No Opt. Call 
BBB– 
11,385,757 
3,720 
 
0.000%, 6/15/41 – NPFG Insured 
No Opt. Call 
BBB– 
1,123,031 
2,746 
 
Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2007, 4.700%, 
3/17 at 100.00 
AA 
2,748,444 
 
 
3/01/30 – RAAI Insured 
 
 
 
 
 
Quad Cities Regional Economic Development Authority, Illinois, Revenue Bonds, Augustana 
 
 
 
 
 
College, Series 2012: 
 
 
 
480 
 
5.000%, 10/01/25 
10/22 at 100.00 
Baa1 
533,232 
400 
 
5.000%, 10/01/26 
10/22 at 100.00 
Baa1 
443,092 
 
 
Railsplitter Tobacco Settlement Authority, Illinois, Tobacco Settlement Revenue Bonds, 
 
 
 
 
 
Series 2010: 
 
 
 
780 
 
5.250%, 6/01/21 
No Opt. Call 
884,177 
2,000 
 
6.250%, 6/01/24 
6/17 at 100.00 
2,005,720 
3,475 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
Aa3 
3,906,421 
 
 
Illinois, General Obligation Bonds, Series 1990A, 7.200%, 11/01/20 – AMBAC Insured 
 
 
 
3,815 
 
Southwestern Illinois Development Authority, Environmental Improvement Revenue Bonds, US Steel 
8/22 at 100.00 
Caa1 
3,439,108 
 
 
Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax) 
 
 
 
1,580 
 
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013, 
10/23 at 100.00 
A3 
1,820,065 
 
 
6.000%, 10/01/32 
 
 
 
11,350 
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation 
No Opt. Call 
A2 
8,340,094 
 
 
Bonds, Series 2006, 0.000%, 1/01/24 – AGM Insured 
 
 
 
727,496 
 
Total Illinois 
 
 
582,119,389 
 
 
Indiana – 5.3% (3.4% of Total Investments) 
 
 
 
 
 
Carmel Redevelopment Authority, Indiana, Lease Rent Revenue Bonds, Series 2005: 
 
 
 
1,950 
 
0.000%, 2/01/24 
No Opt. Call 
Aa3 
1,618,442 
2,705 
 
0.000%, 2/01/25 
No Opt. Call 
Aa3 
2,151,882 
4,400 
 
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point 
No Opt. Call 
A3 
3,669,776 
 
 
Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured 
 
 
 
680 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Butler University Project, 
2/22 at 100.00 
A– 
741,220 
 
 
Refunding Series 2012B, 5.000%, 2/01/29 
 
 
 
1,050 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Drexel Foundation For 
10/19 at 100.00 
B– 
958,062 
 
 
Educational Excellence, Inc., Series 2009A, 7.000%, 10/01/39 
 
 
 
520 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
6/20 at 100.00 
Caa1 
509,272 
 
 
Corporation Project, Refunding Series 2010, 6.000%, 12/01/26 
 
 
 
1,230 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
No Opt. Call 
Caa1 
1,108,808 
 
 
Corporation Project, Series 2012, 5.750%, 8/01/42 (Alternative Minimum Tax) 
 
 
 
11,000 
 
Indiana Finance Authority, Health System Revenue Bonds, Franciscan Alliance, Inc Obligated 
11/25 at 100.00 
Aa3 
10,532,940 
 
 
Group, Series 2016A, 4.000%, 11/01/51 
 
 
 
4,465 
 
Indiana Finance Authority, Health System Revenue Bonds, Sisters of Saint Francis Health 
11/19 at 100.00 
Aa3 
4,820,101 
 
 
Services, Inc. Obligated Group, Series 2009, 5.250%, 11/01/39 
 
 
 
1,815 
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 
5/23 at 100.00 
1,946,533 
 
 
2012A, 5.000%, 5/01/42 
 
 
 
1,500 
 
Indiana Finance Authority, Hospital Revenue Bonds, Floyd Memorial Hospital and Health Services 
3/20 at 100.00 
BBB– (4) 
1,669,290 
 
 
Project, Refunding Series 2010, 5.125%, 3/01/30 (Pre-refunded 3/02/20) 
 
 
 
1,875 
 
Indiana Finance Authority, Hospital Revenue Bonds, Indiana Unversity Health Obligation Group, 
6/25 at 100.00 
AA– 
1,889,475 
 
 
Refunding 2015A, 4.000%, 12/01/40 
 
 
 
9,300 
 
Indiana Finance Authority, Hospital Revenue Bonds, Major Hospital Project, Series 2014A, 
10/23 at 100.00 
Baa2 
9,923,100 
 
 
5.000%, 10/01/44 
 
 
 
 
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing 
 
 
 
 
 
Project, Series 2013A: 
 
 
 
5,380 
 
5.000%, 7/01/44 (Alternative Minimum Tax) 
7/23 at 100.00 
BBB 
5,582,934 
5,100 
 
5.000%, 7/01/48 (Alternative Minimum Tax) 
7/23 at 100.00 
BBB 
5,206,641 
5,370 
 
5.250%, 1/01/51 (Alternative Minimum Tax) 
7/23 at 100.00 
BBB 
5,556,124 
6,730 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2009A, 
12/19 at 100.00 
AA– 
7,296,397 
 
 
5.250%, 12/01/38 
 
 
 
 
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project, 
 
 
 
 
 
Series 2014: 
 
 
 
605 
 
5.250%, 9/01/34 (Alternative Minimum Tax) 
9/24 at 100.00 
619,290 
3,165 
 
5.250%, 9/01/40 (Alternative Minimum Tax) 
9/24 at 100.00 
3,231,908 
7,000 
 
5.000%, 9/01/46 (Alternative Minimum Tax) 
9/24 at 100.00 
7,078,540 
6,700 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 
10/21 at 100.00 
A3 
7,415,359 
 
 
2011B, 5.000%, 10/01/41 
 
 
 
13,000 
 
Indiana Finance Authority, Water Utility Revenue Bonds, Citizens Energy Group Project, First 
10/24 at 100.00 
14,411,280 
 
 
Lien Series 2014A, 5.000%, 10/01/44 
 
 
 
10,000 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 – 
No Opt. Call 
7,588,800 
 
 
AMBAC Insured 
 
 
 
1,000 
 
Merrillville, Indiana, Economic Development Revenue Bonds, Belvedere Housing Project, Series 
4/24 at 102.00 
N/R 
934,450 
 
 
2016, 5.750%, 4/01/36 
 
 
 
1,250 
 
Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series 
11/23 at 100.00 
N/R 
1,426,988 
 
 
2013, 7.250%, 11/01/43 (Alternative Minimum Tax) 
 
 
 
830 
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013, 
1/24 at 100.00 
N/R 
991,294 
 
 
7.000%, 1/01/44 (Alternative Minimum Tax) 
 
 
 
 
 
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007: 
 
 
 
2,500 
 
5.750%, 9/01/42 (Pre-refunded 9/01/17) 
9/17 at 100.00 
N/R (4) 
2,570,900 
2,500 
 
5.800%, 9/01/47 (Pre-refunded 9/01/17) 
9/17 at 100.00 
N/R (4) 
2,571,625 
113,620 
 
Total Indiana 
 
 
114,021,431 
 
 
Iowa – 1.7% (1.1% of Total Investments) 
 
 
 
 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
 
 
 
 
 
Project, Series 2013: 
 
 
 
1,710 
 
5.000%, 12/01/19 
No Opt. Call 
B– 
1,718,892 
7,055 
 
5.500%, 12/01/22 
12/18 at 100.00 
B– 
7,095,143 
1,255 
 
5.250%, 12/01/25 
12/23 at 100.00 
B– 
1,256,694 
1,470 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
6/19 at 105.00 
1,489,904 
 
 
Project, Series 2016, 5.875%, 12/01/27 
 
 
 
1,630 
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, University of 
10/21 at 100.00 
BBB 
1,768,143 
 
 
Dubuque Project, Refunding Series 2011, 6.000%, 10/01/31 
 
 
 
1,900 
 
Iowa Higher Education Loan Authority, Private College Facility Revenue Bonds, Upper Iowa 
9/23 at 100.00 
N/R (4) 
2,259,803 
 
 
University Project, Series 2012, 5.000%, 9/01/43 (Pre-refunded 9/01/23) 
 
 
 
2,000 
 
Iowa Student Loan Liquidity Corporation, Student Loan Revenue Bonds, Refunding Series 2009-2, 
12/19 at 100.00 
2,132,180 
 
 
5.500%, 12/01/25 
 
 
 
 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
6,425 
 
5.375%, 6/01/38 
6/17 at 100.00 
B2 
6,180,079 
525 
 
5.500%, 6/01/42 
6/17 at 100.00 
B2 
511,933 
5,045 
 
5.625%, 6/01/46 
6/17 at 100.00 
B2 
4,952,878 
6,590 
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
6/17 at 100.00 
B2 
6,589,802 
 
 
5.600%, 6/01/34 
 
 
 
35,605 
 
Total Iowa 
 
 
35,955,451 
 
 
Kansas – 0.7% (0.5% of Total Investments) 
 
 
 
 
 
Johnson and Miami Counties Unified School District 230, Kansas, General Obligation Bonds, 
 
 
 
 
 
Series 2011A: 
 
 
 
2,000 
 
5.000%, 9/01/26 (Pre-refunded 9/01/21) 
9/21 at 100.00 
Aa3 (4) 
2,282,180 
1,000 
 
5.000%, 9/01/27 (Pre-refunded 9/01/21) 
9/21 at 100.00 
Aa3 (4) 
1,141,090 
2,000 
 
Kansas Development Finance Authority, Hospital Revenue Bonds, Adventist Health System/Sunbelt 
5/22 at 100.00 
AA 
2,260,620 
 
 
Obligated Group, Series 2012A, 5.000%, 11/15/28 
 
 
 
1,485 
 
Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 
12/20 at 100.00 
A3 
1,558,047 
 
 
2012A, 5.000%, 12/01/31 
 
 
 
2,415 
 
Overland Park Development Corporation, Kansas, First Tier Revenue Bonds, Overland Park 
7/17 at 100.00 
BB+ 
2,415,700 
 
 
Convention Center, Series 2007A, 5.125%, 1/01/22 – AMBAC Insured 
 
 
 
530 
 
Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park 
4/20 at 100.00 
BBB 
545,598 
 
 
Mall Project, Series 2010, 5.900%, 4/01/32 
 
 
 
 
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, 
 
 
 
 
 
Vacation Village Project Area 1 and 2A, Series 2015: 
 
 
 
3,865 
 
5.750%, 9/01/32 
9/25 at 100.00 
N/R 
3,779,274 
1,840 
 
6.000%, 9/01/35 
9/25 at 100.00 
N/R 
1,781,893 
15,135 
 
Total Kansas 
 
 
15,764,402 
 
 
Kentucky – 2.1% (1.3% of Total Investments) 
 
 
 
 
 
Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 2016: 
 
 
 
5,000 
 
5.375%, 2/01/36 
2/26 at 100.00 
BB+ 
4,976,450 
435 
 
5.500%, 2/01/44 
2/26 at 100.00 
BB+ 
430,176 
1,000 
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro 
6/20 at 100.00 
Baa3 
1,091,840 
 
 
Medical Health System, Series 2010A, 6.000%, 6/01/30 
 
 
 
6,015 
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro 
6/20 at 100.00 
Baa3 
6,554,245 
 
 
Medical Health System, Series 2010B, 6.375%, 3/01/40 
 
 
 
1,500 
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare 
8/19 at 100.00 
A3 
1,578,915 
 
 
System Obligated Group, Series 2009A, 5.375%, 8/15/24 
 
 
 
 
 
Kentucky Economic Development Finance Authority, Kentucky, Healthcare Facilities Revenue 
 
 
 
 
 
Bonds, Rosedale Green Project, Refunding Series 2015: 
 
 
 
500 
 
5.750%, 11/15/45 
11/25 at 100.00 
N/R 
502,005 
2,250 
 
5.750%, 11/15/50 
11/25 at 100.00 
N/R 
2,233,193 
 
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, 
 
 
 
 
 
Louisville Arena Authority, Inc., Series 2008-A1: 
 
 
 
1,000 
 
6.000%, 12/01/33 – AGC Insured 
6/18 at 100.00 
A3 
1,047,030 
1,000 
 
6.000%, 12/01/38 – AGC Insured 
6/18 at 100.00 
A3 
1,045,820 
1,100 
 
6.000%, 12/01/42 – AGC Insured 
6/18 at 100.00 
A3 
1,150,402 
 
 
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 
 
 
 
 
 
Information Highway Project, Senior Series 2015A: 
 
 
 
2,130 
 
5.000%, 7/01/40 
7/25 at 100.00 
Baa2 
2,220,994 
2,940 
 
5.000%, 1/01/45 
7/25 at 100.00 
Baa2 
3,046,663 
 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
 
 
 
 
 
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C: 
 
 
 
1,335 
 
0.000%, 7/01/43 (6) 
7/31 at 100.00 
Baa3 
1,080,108 
2,295 
 
0.000%, 7/01/46 (6) 
7/31 at 100.00 
Baa3 
1,864,527 
 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
 
 
 
 
 
Downtown Crossing Project, Series 2013A: 
 
 
 
3,080 
 
5.750%, 7/01/49 
7/23 at 100.00 
Baa3 
3,374,972 
615 
 
6.000%, 7/01/53 
7/23 at 100.00 
Baa3 
688,019 
5,400 
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease 
6/21 at 100.00 
5,969,862 
 
 
Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29 
 
 
 
5,000 
 
Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc. Project, 
3/21 at 100.00 
A3 
5,648,700 
 
 
Improvement and Refunding Series 2011, 6.250%, 3/01/31 
 
 
 
215 
 
Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community 
10/22 at 100.00 
A+ 
222,319 
 
 
Hospital Corporation, Series 2012A, 4.000%, 10/01/29 
 
 
 
42,810 
 
Total Kentucky 
 
 
44,726,240 
 
 
Louisiana – 2.4% (1.5% of Total Investments) 
 
 
 
2,000 
 
Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East 
7/21 at 100.00 
Ba3 
2,113,760 
 
 
Jefferson General Hospital, Refunding Series 2011, 6.375%, 7/01/41 
 
 
 
3,000 
 
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue 
11/17 at 100.00 
Baa3 
3,094,230 
 
 
Bonds, Westlake Chemical Corporation Project, Series 2007, 6.750%, 11/01/32 
 
 
 
7,445 
 
Louisiana Public Facilities Authority, Dock and Wharf Revenue Bonds, Impala Warehousing (US) 
7/23 at 100.00 
N/R 
7,984,911 
 
 
LLC Project, Series 2013, 6.500%, 7/01/36 (Alternative Minimum Tax) 
 
 
 
1,460 
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our 
7/25 at 100.00 
A2 
1,586,246 
 
 
Lady Health System, Refunding Series 2015A, 5.000%, 7/01/39 
 
 
 
11,960 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/17 at 100.00 
Baa1 
12,058,790 
 
 
Series 2007A, 5.500%, 5/15/47 
 
 
 
4,540 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/17 at 100.00 
N/R (4) 
4,600,927 
 
 
Series 2007A, 5.500%, 5/15/47 (Pre-refunded 5/15/17) 
 
 
 
4,425 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/21 at 100.00 
Baa1 (4) 
5,367,968 
 
 
Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21) 
 
 
 
1,060 
 
Louisiana Public Facilities Authority, Revenue Bonds, Southwest Louisiana Charter Academy 
12/23 at 100.00 
N/R 
1,184,751 
 
 
Foundation Project, Series 2013A, 8.375%, 12/15/43 
 
 
 
2,235 
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 
7/23 at 100.00 
A3 
2,434,161 
 
 
5.000%, 7/01/36 
 
 
 
5,100 
 
New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015B, 
1/25 at 100.00 
A– 
5,435,835 
 
 
5.000%, 1/01/45 (Alternative Minimum Tax) 
 
 
 
2,560 
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44 
6/24 at 100.00 
A– 
2,802,893 
2,145 
 
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 
6/17 at 100.00 
Ba1 
2,150,298 
 
 
5.125%, 6/01/37 
 
 
 
47,930 
 
Total Louisiana 
 
 
50,814,770 
 
 
Maine – 0.4% (0.3% of Total Investments) 
 
 
 
4,965 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
7/26 at 100.00 
Baa3 
5,001,890 
 
 
Center Obligated Group Issue, Series 2016A, 5.000%, 7/01/46 
 
 
 
 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical 
 
 
 
 
 
Center, Series 2011: 
 
 
 
2,000 
 
6.750%, 7/01/36 
7/21 at 100.00 
Ba2 
2,172,160 
1,050 
 
6.750%, 7/01/41 
7/21 at 100.00 
Ba2 
1,139,082 
1,250 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2010A, 
7/20 at 100.00 
A1 
1,357,913 
 
 
5.000%, 7/01/40 
 
 
 
9,265 
 
Total Maine 
 
 
9,671,045 
 
 
Maryland – 0.6% (0.4% of Total Investments) 
 
 
 
1,000 
 
Howard County, Maryland, Retirement Community Revenue Bonds, Vantage House, Series 2007B, 
4/17 at 100.00 
N/R 
1,005,380 
 
 
5.250%, 4/01/37 
 
 
 
2,000 
 
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference 
6/17 at 100.00 
N/R 
1,193,100 
 
 
Center, Series 2006A, 5.000%, 12/01/31 (8) 
 
 
 
7,145 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist 
1/27 at 100.00 
Baa3 
7,843,138 
 
 
Healthcare, Series 2016A, 5.500%, 1/01/46 
 
 
 
555 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge 
7/17 at 100.00 
A– 
557,015 
 
 
Retirement Community, Series 2007, 4.750%, 7/01/34 
 
 
 
2,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional 
7/24 at 100.00 
2,141,780 
 
 
Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 
 
 
 
355 
 
Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor 
1/26 at 100.00 
N/R 
337,783 
 
 
Road Project, Series 2016, 5.000%, 7/01/46 
 
 
 
13,055 
 
Total Maryland 
 
 
13,078,196 
 
 
Massachusetts – 3.2% (2.0% of Total Investments) 
 
 
 
8,825 
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, 
1/20 at 100.00 
A3 
9,602,747 
 
 
Refunding Senior Lien Series 2010B, 5.000%, 1/01/32 
 
 
 
475 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green 
No Opt. Call 
BBB 
496,209 
 
 
Bonds, Series 2015D, 5.000%, 7/01/44 
 
 
 
1,525 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 
1/25 at 100.00 
Baa2 
1,529,987 
 
 
4.500%, 1/01/45 
 
 
 
2,375 
 
Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Series 2007, 
4/17 at 101.00 
N/R 
2,388,086 
 
 
5.250%, 10/01/26 
 
 
 
31,120 
 
Massachusetts Educational Financing Authority, Educaton Loan Revenue Bonds, Series 2016J, 
No Opt. Call 
27,801,986 
 
 
3.500%, 7/01/33 (Alternative Minimum Tax) 
 
 
 
1,500 
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare 
7/19 at 100.00 
AA– 
1,611,540 
 
 
System, Series 2010J-1, 5.000%, 7/01/39 
 
 
 
620 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., 
7/18 at 100.00 
A– (4) 
655,793 
 
 
Series 2008E-1 &2, 5.125%, 7/01/33 (Pre-refunded 7/01/18) 
 
 
 
5,800 
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk 
7/19 at 100.00 
BBB 
6,239,350 
 
 
University Issue, Series 2009A, 5.750%, 7/01/39 
 
 
 
400 
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 
7/21 at 100.00 
A3 
432,668 
 
 
5.125%, 7/01/41 
 
 
 
5,000 
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, Delta Air Lines Inc., Series 
7/17 at 100.00 
N/R 
5,011,800 
 
 
2001A, 5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax) 
 
 
 
4,560 
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 
5/23 at 100.00 
Aa2 
5,117,825 
 
 
2013A, 5.000%, 5/15/43 
 
 
 
7,175 
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking 
7/21 at 100.00 
A+ 
7,947,532 
 
 
Revenue Bonds, Series 2011, 5.000%, 7/01/41 
 
 
 
69,375 
 
Total Massachusetts 
 
 
68,835,523 
 
 
Michigan – 3.3% (2.1% of Total Investments) 
 
 
 
 
 
Detroit Academy of Arts and Sciences, Michigan, Public School Academy Revenue Bonds, Refunding 
 
 
 
 
 
Series 2013: 
 
 
 
990 
 
6.000%, 10/01/33 
10/23 at 100.00 
N/R 
903,355 
1,250 
 
6.000%, 10/01/43 
10/23 at 100.00 
N/R 
1,093,025 
15,000 
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2001A, 
No Opt. Call 
AA– 
18,004,950 
 
 
6.000%, 5/01/29 – AGM Insured (UB) 
 
 
 
1,930 
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A– 
2,083,416 
 
 
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 
 
 
 
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 4.500%, 
7/16 at 100.00 
A3 
5,010 
 
 
7/01/35 – NPFG Insured 
 
 
 
3,000 
 
Detroit, Michigan, Senior Lien Sewerage Disposal System Revenue Bonds, Series 2001B, 5.500%, 
No Opt. Call 
A3 
3,540,240 
 
 
7/01/29 – FGIC Insured 
 
 
 
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%, 
7/17 at 100.00 
A3 
5,013 
 
 
7/01/36 – NPFG Insured 
 
 
 
2,000 
 
Detroit, Michigan, Water Supply System Revenue Bonds, Senior Lien Series 2011A, 5.250%, 7/01/41 
7/21 at 100.00 
A– 
2,132,740 
2,000 
 
Garden City Hospital Finance Authority, Michigan, Revenue Bonds, Garden City Hospital 
8/17 at 100.00 
N/R (4) 
2,044,500 
 
 
Obligated Group, Series 2007A, 5.000%, 8/15/38 (Pre-refunded 8/15/17) 
 
 
 
2,000 
 
Grand Traverse County Hospital Financal Authority, Michigan, Revenue Bonds, Munson Healthcare, 
No Opt. Call 
A1 
2,145,780 
 
 
Series 2014A, 5.000%, 7/01/47 
 
 
 
1,500 
 
Jackson County Hospital Finance Authority, Michigan, Hospital Revenue Bonds, W.A. Foote 
6/20 at 100.00 
AA (4) 
1,674,360 
 
 
Memorial Hospital, Refunding Series 2006B-2, 5.000%, 6/01/27 (Pre-refunded 6/01/20) – 
 
 
 
 
 
AGM Insured 
 
 
 
3,080 
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist 
5/20 at 100.00 
A2 
3,362,744 
 
 
Hospital, Refunding Series 2010, 5.500%, 5/15/36 
 
 
 
3,800 
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Bonds, Bronson Methodist 
5/20 at 100.00 
N/R (4) 
4,301,714 
 
 
Hospital, Refunding Series 2010, 5.500%, 5/15/36 (Pre-refunded 5/15/20) 
 
 
 
3,580 
 
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 
7/21 at 100.00 
AA– 
4,054,457 
 
 
5.500%, 7/01/41 
 
 
 
1,000 
 
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & 
7/24 at 100.00 
A3 
1,089,710 
 
 
Sewerage Department Water Supply System Local Project, Series 2014D-6, 5.000%, 
 
 
 
 
 
7/01/36 – NPFG Insured 
 
 
 
4,980 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 
12/21 at 100.00 
AA– 
5,584,323 
 
 
5.000%, 12/01/39 
 
 
 
20 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 
12/21 at 100.00 
N/R (4) 
23,133 
 
 
5.000%, 12/01/39 (Pre-refunded 12/01/21) 
 
 
 
3,670 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2015, 
6/22 at 100.00 
AA– 
4,096,197 
 
 
5.000%, 12/01/32 
 
 
 
2,860 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D, 
4/22 at 100.00 
AA 
2,865,234 
 
 
3.650%, 10/01/32 
 
 
 
2,500 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2009-I, 
No Opt. Call 
AA– 
2,716,575 
 
 
5.000%, 10/15/23 – AGC Insured 
 
 
 
2,250 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 
10/21 at 100.00 
A+ 
2,502,518 
 
 
2011-I-A, 5.375%, 10/15/41 
 
 
 
3,220 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
11/19 at 100.00 
A3 (4) 
3,605,273 
 
 
Refunding Series 2009, 5.750%, 11/15/39 (Pre-refunded 11/15/19) 
 
 
 
1,525 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/18 at 100.00 
B2 
1,534,379 
 
 
Series 2008A, 6.875%, 6/01/42 
 
 
 
2,000 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County 
No Opt. Call 
A– 
2,127,640 
 
 
Airport, Series 2012A, 5.000%, 12/01/37 
 
 
 
64,165 
 
Total Michigan 
 
 
71,496,286 
 
 
Minnesota – 1.2% (0.8% of Total Investments) 
 
 
 
700 
 
City of Ham Lake, Minnesota, Charter School Lease Revenue Bonds, DaVinci Academy 
7/24 at 102.00 
N/R 
650,496 
 
 
Project,Series 2016A, 5.000%, 7/01/47 
 
 
 
2,000 
 
Dakota County Community Development Agency, Minnesota, GNMA Collateralized Multifamily Housing 
4/17 at 100.00 
Aa1 
2,003,280 
 
 
Revenue Bonds, Rose Apartments Project, Series 2001, 6.350%, 10/20/37 (Alternative Minimum Tax) 
 
 
 
1,000 
 
Duluth Housing & Redevelopment Authority, Minnesota, Lease Revenue Bonds, Duluth Public 
11/20 at 100.00 
BB+ 
1,028,290 
 
 
Schools Academy, Series 2010A, 5.875%, 11/01/40 
 
 
 
1,500 
 
Forest Lake, Minnesota, Charter School Lease Revenue Bonds, Lakes International Language 
8/22 at 100.00 
BB+ 
1,599,315 
 
 
Academy, Series 2014A, 5.750%, 8/01/44 
 
 
 
795 
 
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 
7/24 at 102.00 
N/R 
751,521 
 
 
2016A, 5.000%, 7/01/36 
 
 
 
4,230 
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 
11/18 at 100.00 
A2 
4,570,388 
 
 
2008B, 6.500%, 11/15/38 – AGC Insured 
 
 
 
770 
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 
11/18 at 100.00 
A2 (4) 
843,443 
 
 
2008B, 6.500%, 11/15/38 (Pre-refunded 11/15/18) – AGC Insured 
 
 
 
 
 
Saint Paul Housing & Redevelopment Authority, Minnesota, Charter School Lease Revenue Bonds, 
 
 
 
 
 
Hmong College Prep Academy Project, Series 2016A: 
 
 
 
750 
 
5.750%, 9/01/46 
9/26 at 100.00 
BB+ 
751,673 
4,000 
 
6.000%, 9/01/51 
9/26 at 100.00 
BB+ 
4,041,360 
5,265 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, 
7/25 at 100.00 
5,868,790 
 
 
HealthPartners Obligated Group, Refunding Series 2015A, 5.000%, 7/01/33 
 
 
 
4,250 
 
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds, Regions Hospital Parking Ramp 
2/17 at 100.00 
N/R 
4,250,850 
 
 
Project, Series 2007-1, 5.000%, 8/01/36 
 
 
 
25,260 
 
Total Minnesota 
 
 
26,359,406 
 
 
Mississippi – 0.3% (0.2% of Total Investments) 
 
 
 
620 
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System 
4/17 at 100.00 
Baa3 
623,088 
 
 
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22 
 
 
 
5,215 
 
Mississippi State, General Obligation Bonds, Refunding Series 2002A, 5.500%, 12/01/18 
No Opt. Call 
AA 
5,679,604 
1,000 
 
Warren County, Mississippi, Gulf Opportunity Zone Revenue Bonds, International Paper Company 
9/18 at 100.00 
BBB 
1,066,240 
 
 
Project, Series 2008A, 6.500%, 9/01/32 
 
 
 
6,835 
 
Total Mississippi 
 
 
7,368,932 
 
 
Missouri – 2.3% (1.4% of Total Investments) 
 
 
 
1,400 
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales 
10/22 at 100.00 
Aa3 
1,542,562 
 
 
Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44 
 
 
 
3,495 
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue 
6/17 at 100.00 
BB+ 
3,410,141 
 
 
Bonds, Southeast Missouri Hospital Association, Series 2007, 5.000%, 6/01/36 
 
 
 
1,270 
 
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue 
3/23 at 103.00 
N/R 
1,310,551 
 
 
Bonds, Southeasthealth, Series 2016A, 6.000%, 3/01/33 
 
 
 
1,000 
 
Clinton County Industrial Development Authority, Missouri, Revenue Bonds, Cameron Regional 
12/17 at 100.00 
N/R 
1,001,950 
 
 
Medical Center, Series 2007, 5.000%, 12/01/32 
 
 
 
1,000 
 
Hanley Road Corridor Transportation Development District, Brentwood and Maplewood, Missouri, 
10/19 at 100.00 
A– 
1,077,970 
 
 
Transportation Sales Revenue Bonds, Refunding Series 2009A, 5.875%, 10/01/36 
 
 
 
135 
 
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway 
4/26 at 100.00 
N/R 
118,072 
 
 
Center Community Improvement District, Senior Refunding & Improvement Series 2016, 
 
 
 
 
 
5.000%, 4/01/46 
 
 
 
12,005 
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 
No Opt. Call 
A1 
7,785,843 
 
 
2004B-1, 0.000%, 4/15/29 – AMBAC Insured 
 
 
 
1,000 
 
Liberty Public School District 53,Clay County, Missouri, Lease Participation Certificates, 
4/22 at 100.00 
AA– 
1,105,110 
 
 
School Boards Association, Series 2014, 5.000%, 4/01/31 
 
 
 
 
 
Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty 
 
 
 
 
 
Commons Project, Series 2015A: 
 
 
 
1,560 
 
5.125%, 6/01/25 
No Opt. Call 
N/R 
1,532,622 
3,810 
 
5.750%, 6/01/35 
6/25 at 100.00 
N/R 
3,670,173 
3,695 
 
6.000%, 6/01/46 
6/25 at 100.00 
N/R 
3,554,331 
 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
 
 
 
 
 
Kansas City University of Medicine and Biosciences, Series 2013A: 
 
 
 
1,590 
 
5.000%, 6/01/30 
6/23 at 100.00 
A1 
1,744,389 
2,700 
 
5.000%, 6/01/33 
6/23 at 100.00 
A1 
2,934,549 
665 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
5/23 at 100.00 
BBB 
718,153 
 
 
Saint Louis College of Pharmacy, Series 2013, 5.250%, 5/01/33 
 
 
 
505 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
10/23 at 100.00 
A+ 
558,843 
 
 
University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 
 
 
 
 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
 
 
 
 
 
CoxHealth, Series 2013A: 
 
 
 
50 
 
5.000%, 11/15/44 
11/23 at 100.00 
A2 
53,744 
6,930 
 
5.000%, 11/15/48 
11/23 at 100.00 
A2 
7,440,256 
2,000 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy 
11/24 at 100.00 
AA– 
2,181,520 
 
 
Health, Series 2014F, 5.000%, 11/15/45 
 
 
 
2,500 
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, 
11/21 at 100.00 
AAA 
2,788,875 
 
 
Series 2011B, 5.000%, 11/15/37 
 
 
 
 
 
Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue 
 
 
 
 
 
Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016: 
 
 
 
1,275 
 
5.000%, 11/15/41 
11/25 at 100.00 
N/R 
1,242,194 
1,105 
 
5.000%, 11/15/46 
11/25 at 100.00 
N/R 
1,049,982 
430 
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village 
9/23 at 100.00 
A– 
479,403 
 
 
of Sunset Hills, Series 2013A, 5.875%, 9/01/43 
 
 
 
 
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew’s 
 
 
 
 
 
Resources for Seniors, Series 2015A: 
 
 
 
450 
 
5.000%, 12/01/35 
12/25 at 100.00 
N/R 
440,829 
130 
 
5.125%, 12/01/45 
12/25 at 100.00 
N/R 
126,367 
980 
 
Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, 
3/23 at 103.00 
N/R 
998,267 
 
 
Southeasthealth, Series 2016B, 6.000%, 3/01/37 
 
 
 
51,680 
 
Total Missouri 
 
 
48,866,696 
 
 
Nebraska – 0.4% (0.3% of Total Investments) 
 
 
 
580 
 
Douglas County Hospital Authority 2, Nebraska, Health Facilities Revenue Bonds, Nebraska 
11/25 at 100.00 
A– 
620,664 
 
 
Methodist Health System, Refunding Series 2015, 5.000%, 11/01/45 
 
 
 
 
 
Douglas County Hospital Authority 2, Nebraska, Hospital Revenue Bonds, Madonna Rehabilitation 
 
 
 
 
 
Hospital Project, Series 2014: 
 
 
 
1,930 
 
5.000%, 5/15/27 
5/24 at 100.00 
BBB+ 
2,138,845 
3,000 
 
5.000%, 5/15/36 
5/24 at 100.00 
BBB+ 
3,183,990 
 
 
Douglas County Hospital Authority 3, Nebraska, Health Facilities Revenue Bonds, Nebraska 
 
 
 
 
 
Methodist Health System, Refunding Series 2015: 
 
 
 
650 
 
5.000%, 11/01/45 
11/25 at 100.00 
A– 
695,572 
2,110 
 
5.000%, 11/01/48 
11/25 at 100.00 
A– 
2,255,379 
500 
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great 
No Opt. Call 
A– 
530,285 
 
 
Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 
 
 
 
8,770 
 
Total Nebraska 
 
 
9,424,735 
 
 
Nevada – 4.3% (2.7% of Total Investments) 
 
 
 
29,000 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42 
1/20 at 100.00 
A+ 
32,310,350 
6,000 
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran 
1/20 at 100.00 
A+ 
6,494,640 
 
 
International Airport, Series 2010A, 5.250%, 7/01/42 
 
 
 
23,000 
 
Henderson, Nevada, Healthcare Facility Revenue Refunding Bonds, Catholic Healthcare West, 
7/17 at 100.00 
A (4) 
23,428,720 
 
 
Series 2007B, 5.250%, 7/01/31 – BHAC Insured (Pre-refunded 7/01/17) (UB) (7) 
 
 
 
1,700 
 
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%, 
6/19 at 100.00 
BBB+ (4) 
1,963,789 
 
 
6/15/30 (Pre-refunded 6/15/19) 
 
 
 
10,000 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2011C, 
6/21 at 100.00 
AA 
11,060,500 
 
 
5.000%, 6/01/38 
 
 
 
4,000 
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Refunding Series 2015, 
12/24 at 100.00 
AA 
4,518,880 
 
 
5.000%, 6/01/39 
 
 
 
5,000 
 
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured 
5/17 at 100.00 
B+ 
5,001,300 
7,000 
 
Reno, Nevada, Health Facilty Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 
7/17 at 100.00 
A (4) 
7,130,760 
 
 
7/01/31 – BHAC Insured (Pre-refunded 7/01/17) (UB) (7) 
 
 
 
85,700 
 
Total Nevada 
 
 
91,908,939 
 
 
New Hampshire – 0.1% (0.0% of Total Investments) 
 
 
 
1,500 
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group 
10/19 at 100.00 
BBB (4) 
1,690,110 
 
 
Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 
 
 
 
 
 
New Jersey – 4.2% (2.7% of Total Investments) 
 
 
 
615 
 
Gloucester County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue 
No Opt. Call 
Ba1 
663,573 
 
 
Bonds, Logan Project, Refunding Series 2014A, 5.000%, 12/01/24 (Alternative Minimum Tax) 
 
 
 
1,100 
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge 
7/17 at 100.00 
BBB 
1,197,658 
 
 
Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax) 
 
 
 
5,050 
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series 
7/17 at 100.00 
A3 
5,181,199 
 
 
2004A, 5.250%, 7/01/33 – NPFG Insured 
 
 
 
3,050 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
3/21 at 100.00 
BBB+ 
3,143,239 
 
 
Bonds, Refunding Series 2011GG, 5.000%, 9/01/24 
 
 
 
17,580 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
12/26 at 100.00 
BBB+ 
18,693,869 
 
 
Bonds, Refunding Series 2016BBB, 5.500%, 6/15/31 
 
 
 
 
 
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident 
 
 
 
 
 
Group-Montclair Properties LLC, Montclair State University Student Housing Project, 
 
 
 
 
 
Series 2010A: 
 
 
 
835 
 
5.750%, 6/01/31 
6/20 at 100.00 
Baa3 
905,624 
3,000 
 
5.875%, 6/01/42 
6/20 at 100.00 
Baa3 
3,244,260 
1,120 
 
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 
7/23 at 100.00 
A– 
1,242,931 
 
 
2013D, 5.000%, 7/01/33 
 
 
 
600 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
7/21 at 100.00 
BB+ 
637,140 
 
 
University Hospital, Refunding Series 2011, 6.000%, 7/01/26 
 
 
 
405 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital 
7/25 at 100.00 
BBB 
432,196 
 
 
Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
 
 
 
 
 
Appreciation Series 2010A: 
 
 
 
3,130 
 
0.000%, 12/15/28 
No Opt. Call 
BBB+ 
1,738,965 
3,000 
 
0.000%, 12/15/31 
No Opt. Call 
BBB+ 
1,399,140 
12,715 
 
0.000%, 12/15/33 
No Opt. Call 
BBB+ 
5,230,188 
610 
 
0.000%, 12/15/34 
No Opt. Call 
BBB+ 
235,576 
2,480 
 
0.000%, 12/15/40 
No Opt. Call 
BBB+ 
670,468 
20,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 
No Opt. Call 
A– 
9,021,000 
 
 
2006C, 0.000%, 12/15/33 – AGM Insured 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2008A: 
 
 
 
19,175 
 
0.000%, 12/15/35 
No Opt. Call 
BBB+ 
6,952,663 
5,600 
 
0.000%, 12/15/36 
No Opt. Call 
BBB+ 
1,903,272 
17,215 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A, 
No Opt. Call 
BBB+ 
4,927,277 
 
 
0.000%, 12/15/39 
 
 
 
5,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009C, 
12/24 at 100.00 
BBB+ 
5,145,750 
 
 
5.250%, 6/15/32 
 
 
 
6,305 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA, 
6/25 at 100.00 
BBB+ 
6,266,792 
 
 
5.000%, 6/15/45 
 
 
 
12,870 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 100.00 
B– 
11,583,386 
 
 
Series 2007-1A, 5.000%, 6/01/41 
 
 
 
141,455 
 
Total New Jersey 
 
 
90,416,166 
 
 
New Mexico – 0.3% (0.2% of Total Investments) 
 
 
 
1,500 
 
New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena 
7/20 at 100.00 
BBB– 
1,568,355 
 
 
Project, Series 2010A, 6.125%, 7/01/40 
 
 
 
4,180 
 
Winrock Town Center Tax Increment Development District, Albuquerque, New Mexico, Gross 
5/20 at 103.00 
N/R 
4,255,533 
 
 
Receipts Tax Increment Bonds, Senior Lien Series 2015, 5.750%, 5/01/30 
 
 
 
5,680 
 
Total New Mexico 
 
 
5,823,888 
 
 
New York – 13.1% (8.4% of Total Investments) 
 
 
 
1,755 
 
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter 
4/17 at 100.00 
1,507,896 
 
 
Schools, Series 2007A, 5.000%, 4/01/32 
 
 
 
 
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
 
 
 
 
 
Bonds, Barclays Center Project, Series 2009: 
 
 
 
3,400 
 
0.000%, 7/15/44 
No Opt. Call 
BBB– 
980,696 
12,020 
 
0.000%, 7/15/46 
No Opt. Call 
BBB– 
3,103,564 
 
 
Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue 
 
 
 
 
 
Bonds, Barclays Center Project, Series 2009: 
 
 
 
3,220 
 
6.000%, 7/15/30 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ (4) 
3,657,791 
3,065 
 
6.250%, 7/15/40 (Pre-refunded 1/15/20) 
1/20 at 100.00 
AA+ (4) 
3,503,847 
450 
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, 
7/25 at 100.00 
BBB+ 
492,876 
 
 
Catholic Health System, Inc. Project, Series 2015, 5.250%, 7/01/35 
 
 
 
200 
 
Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New 
11/24 at 100.00 
BB 
185,868 
 
 
York, Series 2014, 5.000%, 11/01/39 
 
 
 
3,170 
 
Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 
7/25 at 100.00 
A– 
3,458,438 
 
 
2015A, 5.000%, 7/01/50 
 
 
 
15,270 
 
Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & 
12/26 at 100.00 
BB– 
15,009,036 
 
 
Technology, Series 2016A, 5.500%, 12/01/46 
 
 
 
4,675 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General 
3/21 at 100.00 
Aa1 
5,141,892 
 
 
Purpose Series 2011C, 5.000%, 3/15/41 
 
 
 
69,130 
 
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement 
6/17 at 17.60 
N/R 
8,207,114 
 
 
Asset-Backed Bonds, 1st Subordinate Series 2005B, 0.000%, 6/01/47 
 
 
 
81,270 
 
Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement 
6/17 at 12.61 
N/R 
5,797,802 
 
 
Asset-Backed Bonds, Series 2005C, 0.000%, 6/01/50 
 
 
 
 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 
 
 
 
 
 
Series 2011A: 
 
 
 
2,100 
 
5.750%, 2/15/47 
2/21 at 100.00 
2,379,531 
6,160 
 
5.250%, 2/15/47 
2/21 at 100.00 
6,816,594 
4,070 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%, 
2/17 at 100.00 
A2 
4,077,814 
 
 
2/15/47 – NPFG Insured 
 
 
 
3,000 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 
9/24 at 100.00 
A– 
3,305,760 
 
 
5.000%, 9/01/39 
 
 
 
1,200 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 
5/21 at 100.00 
A– 
1,319,208 
 
 
5/01/36 – AGM Insured 
 
 
 
6,000 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 
9/22 at 100.00 
A– 
6,487,440 
 
 
5.000%, 9/01/42 
 
 
 
1,070 
 
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2009B, 
11/19 at 100.00 
AA 
1,166,760 
 
 
5.000%, 11/15/34 
 
 
 
750 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A, 
11/21 at 100.00 
835,943 
 
 
5.000%, 11/15/41 
 
 
 
2,500 
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 
5/23 at 100.00 
2,760,375 
 
 
5.000%, 11/15/38 
 
 
 
16,290 
 
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball 
7/17 at 100.00 
Baa3 
16,324,535 
 
 
Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured 
 
 
 
4,375 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue 
12/20 at 100.00 
AA+ 
4,938,981 
 
 
Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 
 
 
 
3,750 
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second 
6/24 at 100.00 
AA+ 
3,841,350 
 
 
General Resolution Revenue Bonds, Fiscal 2015 Series AA, 4.000%, 6/15/44 
 
 
 
10,000 
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate 
5/23 at 100.00 
Aa1 
11,308,100 
 
 
Fiscal 2013 Series I, 5.000%, 5/01/38 
 
 
 
10 
 
New York City, New York, General Obligation Bonds, Fiscal Series 2002G, 5.625%, 8/01/20 – 
2/17 at 100.00 
AA 
10,040 
 
 
NPFG Insured 
 
 
 
67,290 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
70,307,284 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44 
 
 
 
 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade 
 
 
 
 
 
Center Project, Series 2011: 
 
 
 
1,870 
 
5.000%, 11/15/44 
11/21 at 100.00 
2,053,185 
2,000 
 
5.750%, 11/15/51 
No Opt. Call 
2,279,160 
3,000 
 
New York State Power Authority, General Revenue Bonds, Series 2011A, 5.000%, 11/15/38 
11/21 at 100.00 
AA 
3,365,220 
15,265 
 
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, 
8/21 at 100.00 
BB– (4) 
15,838,964 
 
 
American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016, 
 
 
 
 
 
5.000%, 8/01/31 (Alternative Minimum Tax) 
 
 
 
 
 
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport 
 
 
 
 
 
Terminal B Redevelopment Project, Series 2016A: 
 
 
 
10,680 
 
5.000%, 7/01/41 (Alternative Minimum Tax) 
7/24 at 100.00 
Baa3 
11,302,964 
21,810 
 
5.000%, 7/01/46 (Alternative Minimum Tax) 
7/24 at 100.00 
Baa3 
22,817,840 
24,150 
 
5.250%, 1/01/50 (Alternative Minimum Tax) 
7/24 at 100.00 
Baa3 
25,555,047 
 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
 
 
 
 
 
Terminal LLC Project, Eighth Series 2010: 
 
 
 
6,065 
 
6.500%, 12/01/28 
6/17 at 100.00 
BBB 
6,185,572 
3,430 
 
6.000%, 12/01/36 
12/20 at 100.00 
BBB 
3,874,528 
795 
 
6.000%, 12/01/42 
12/20 at 100.00 
BBB 
895,766 
2,500 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding 
5/25 at 100.00 
AA– 
2,813,625 
 
 
Series 2015A, 5.000%, 11/15/50 
 
 
 
417,755 
 
Total New York 
 
 
283,908,406 
 
 
North Carolina – 0.5% (0.3% of Total Investments) 
 
 
 
1,710 
 
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue 
1/18 at 100.00 
AA– (4) 
1,908,770 
 
 
Bonds, Tender Option Bond Trust 2016-XG0005, 13.955%, 1/15/47 (Pre-refunded 1/15/18) (IF) (7) 
 
 
 
3,500 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University 
6/19 at 100.00 
Aa2 (4) 
3,807,195 
 
 
Health System, Series 2009A, 5.000%, 6/01/42 (Pre-refunded 6/01/19) 
 
 
 
3,300 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, 
10/22 at 100.00 
A2 
3,627,030 
 
 
Refunding Series 2012A, 5.000%, 10/01/31 
 
 
 
1,900 
 
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A, 
1/19 at 100.00 
BBB– 
2,026,977 
 
 
5.750%, 1/01/39 – AGC Insured 
 
 
 
10,410 
 
Total North Carolina 
 
 
11,369,972 
 
 
North Dakota – 0.6% (0.4% of Total Investments) 
 
 
 
1,000 
 
Burleigh County, North Dakota, Health Care Revenue Bonds, Saint Alexius Medical Center 
7/21 at 100.00 
N/R (4) 
1,141,660 
 
 
Project, Series 2014A, 5.000%, 7/01/35 (Pre-refunded 7/01/21) 
 
 
 
 
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011: 
 
 
 
1,500 
 
6.000%, 11/01/28 
11/21 at 100.00 
A+ 
1,752,735 
2,190 
 
6.250%, 11/01/31 
11/21 at 100.00 
A+ 
2,564,140 
 
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated 
 
 
 
 
 
Group, Series 2012: 
 
 
 
3,000 
 
5.000%, 12/01/29 
12/21 at 100.00 
Baa1 
3,242,010 
1,875 
 
5.000%, 12/01/32 
12/21 at 100.00 
Baa1 
2,001,563 
2,350 
 
Ward County Health Care, North Dakota, Revenue Bonds, Trinity Obligated Group, Series 2006, 
7/17 at 100.00 
BBB– 
2,355,687 
 
 
5.125%, 7/01/25 
 
 
 
11,915 
 
Total North Dakota 
 
 
13,057,795 
 
 
Ohio – 8.7% (5.5% of Total Investments) 
 
 
 
800 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and 
5/22 at 100.00 
A2 
860,632 
 
 
Improvement Series 2012A, 5.000%, 5/01/42 
 
 
 
9,405 
 
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 
2/18 at 100.00 
N/R (4) 
9,820,795 
 
 
2008A, 5.250%, 2/15/43 (Pre-refunded 2/15/18) 
 
 
 
595 
 
American Municipal Power Ohio Inc., Prairie State Energy Campus Project Revenue Bonds, Series 
2/18 at 100.00 
616,099 
 
 
2008A, 5.250%, 2/15/43 
 
 
 
 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
 
 
 
 
 
Bonds, Senior Lien, Series 2007A-2: 
 
 
 
685 
 
5.375%, 6/01/24 
6/17 at 100.00 
Caa1 
637,447 
500 
 
5.125%, 6/01/24 
6/17 at 100.00 
Caa1 
455,340 
16,555 
 
5.875%, 6/01/30 
6/17 at 100.00 
Caa1 
15,132,429 
22,985 
 
5.750%, 6/01/34 
6/17 at 100.00 
Caa1 
20,963,010 
5,240 
 
6.000%, 6/01/42 
6/17 at 100.00 
B– 
4,844,747 
44,590 
 
6.500%, 6/01/47 
6/17 at 100.00 
B– 
43,928,730 
24,975 
 
5.875%, 6/01/47 
6/17 at 100.00 
B– 
22,974,503 
17,550 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/22 at 100.00 
Caa1 
16,726,554 
 
 
Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 
 
 
 
2,000 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 
11/20 at 100.00 
2,197,880 
 
 
5.250%, 11/01/29 
 
 
 
3,000 
 
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010, 5.750%, 
11/20 at 100.00 
A (4) 
3,470,250 
 
 
11/01/40 (Pre-refunded 11/01/20) 
 
 
 
3,040 
 
Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement 
7/21 at 100.00 
BBB– 
3,266,024 
 
 
Services, Improvement Series 2010A, 5.625%, 7/01/26 
 
 
 
5,800 
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 
11/21 at 100.00 
Aa2 
6,289,346 
 
 
5.000%, 11/15/41 
 
 
 
3,055 
 
Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, 
12/20 at 100.00 
Caa1 
2,935,947 
 
 
United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40 
 
 
 
4,615 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
AA– 
5,337,294 
 
 
2011A, 6.000%, 11/15/41 
 
 
 
1,000 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
413,580 
 
 
Nuclear Generation Project, Refunding Series 2008C, 3.950%, 11/01/32 (Mandatory put 
 
 
 
 
 
5/01/20) (Alternative Minimum Tax) 
 
 
 
7,850 
 
Ohio Air Quality Development Authority, Ohio, Revenue Bonds, Ohio Valley Electric Corporation 
No Opt. Call 
Ba1 
8,362,527 
 
 
Project, Series 2009E, 5.625%, 10/01/19 
 
 
 
10 
 
Ohio Air Quality Development Authority, Revenue Refunding Bonds, AK Steel Holding Corporation, 
2/22 at 100.00 
Caa1 
10,067 
 
 
Series 2012A, 6.750%, 6/01/24 (Alternative Minimum Tax) 
 
 
 
2,000 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 
2/23 at 100.00 
A+ 
2,270,480 
 
 
2013A-1, 5.250%, 2/15/33 
 
 
 
330 
 
Ohio Water Development Authority, Ohio, Environmental Improvement Bonds, United States Steel 
No Opt. Call 
Caa1 
318,166 
 
 
Corporation Project, Refunding Series 2011, 6.600%, 5/01/29 
 
 
 
3,000 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
1,240,740 
 
 
Nuclear Generating Corporation Project, Series 2008C, 3.950%, 11/01/32 (Mandatory put 
 
 
 
 
 
5/01/20) (Alternative Minimum Tax) 
 
 
 
13,350 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
CCC+ 
12,304,695 
 
 
Nuclear Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory put 6/01/22) 
 
 
 
2,500 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
CCC+ 
2,304,250 
 
 
Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory put 6/01/22) 
 
 
 
195,430 
 
Total Ohio 
 
 
187,681,532 
 
 
Oklahoma – 1.3% (0.8% of Total Investments) 
 
 
 
2,000 
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue 
8/21 at 100.00 
N/R 
2,299,420 
 
 
Bonds, Fort Sill Apache Casino, Series 2011A, 8.500%, 8/25/26 
 
 
 
3,500 
 
Grand River Dam Authority, Oklahoma, Revenue Bonds, Series 2010A, 5.250%, 6/01/40 
6/20 at 100.00 
A1 
3,853,535 
1,675 
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical 
8/18 at 100.00 
AA– (4) 
1,782,183 
 
 
Center, Series 2008B, 5.250%, 8/15/38 (Pre-refunded 8/15/18) 
 
 
 
 
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007: 
 
 
 
4,390 
 
5.000%, 2/15/37 
2/17 at 100.00 
A2 
4,393,029 
13,295 
 
5.000%, 2/15/42 
2/17 at 100.00 
A2 
13,303,775 
2,055 
 
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A, 
6/23 at 100.00 
Baa1 
2,318,718 
 
 
5.375%, 6/01/33 – BAM Insured (Alternative Minimum Tax) 
 
 
 
26,915 
 
Total Oklahoma 
 
 
27,950,660 
 
 
Oregon – 0.2% (0.1% of Total Investments) 
 
 
 
1,270 
 
Forest Grove, Oregon, Campus Improvement Revenue Bonds, Pacific University Project, Refunding 
5/22 at 100.00 
BBB 
1,328,306 
 
 
Series 2014A, 5.000%, 5/01/40 
 
 
 
790 
 
Oregon Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 
10/17 at 100.00 
806,132 
 
 
5.000%, 10/01/36 
 
 
 
2,210 
 
Oregon Facilities Authority, Revenue Bonds, Willamette University, Series 2007A, 5.000%, 
10/17 at 100.00 
N/R (4) 
2,271,195 
 
 
10/01/36 (Pre-refunded 10/01/17) 
 
 
 
4,270 
 
Total Oregon 
 
 
4,405,633 
 
 
Pennsylvania – 4.7% (3.0% of Total Investments) 
 
 
 
 
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement 
 
 
 
 
 
Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009: 
 
 
 
120 
 
6.750%, 11/01/24 
11/19 at 100.00 
Caa1 
124,110 
95 
 
6.875%, 5/01/30 
11/19 at 100.00 
Caa1 
93,649 
380 
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement 
No Opt. Call 
Caa1 
342,559 
 
 
Revenue Bonds, United States Steel Corporation Project, Series 2012, 5.750%, 8/01/42 
 
 
 
 
 
(Alternative Minimum Tax) 
 
 
 
5,000 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of 
8/19 at 100.00 
A+ 
5,428,300 
 
 
Pittsburgh Medical Center, Series 2009A, 5.625%, 8/15/39 
 
 
 
10,650 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
CCC+ 
9,816,105 
 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 
 
 
 
 
 
(Mandatory put 7/01/22) 
 
 
 
32,785 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
13,556,925 
 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35 
 
 
 
 
 
(Mandatory put 6/01/20) 
 
 
 
1,500 
 
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane 
3/17 at 100.00 
BBB– (4) 
1,507,185 
 
 
Charter School, Series 2007A, 5.000%, 3/15/37 (Pre-refunded 3/15/17) 
 
 
 
100 
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
BBB+ 
108,189 
 
 
Ministries Project, Series 2009, 6.125%, 1/01/29 
 
 
 
900 
 
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social 
1/19 at 100.00 
N/R (4) 
984,627 
 
 
Ministries Project, Series 2009, 6.125%, 1/01/29 (Pre-refunded 1/01/19) 
 
 
 
2,080 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social 
1/25 at 100.00 
BBB+ 
2,193,880 
 
 
Ministries Project, Series 2015, 5.000%, 1/01/38 
 
 
 
 
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008: 
 
 
 
605 
 
5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured 
12/18 at 100.00 
A2 (4) 
648,058 
3,160 
 
5.000%, 12/01/43 (Pre-refunded 12/01/18) – AGM Insured 
12/18 at 100.00 
A2 (4) 
3,384,897 
960 
 
Erie Water Authority, Erie County, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 
12/18 at 100.00 
A2 
1,013,213 
 
 
12/01/43 – AGM Insured 
 
 
 
 
 
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, 
 
 
 
 
 
Albert Einstein Healthcare Network Issue, Series 2015A: 
 
 
 
6,190 
 
5.250%, 1/15/36 
1/25 at 100.00 
Baa2 
6,565,424 
3,535 
 
5.250%, 1/15/45 
1/25 at 100.00 
Baa2 
3,727,481 
2,206 
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, 
4/17 at 100.00 
N/R 
881,143 
 
 
Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23, PIK, (8) 
 
 
 
215 
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds, 
4/17 at 100.00 
N/R 
85,975 
 
 
Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23, PIK, (8) 
 
 
 
4,135 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, 
11/24 at 100.00 
N/R 
4,374,995 
 
 
National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax) 
 
 
 
11,750 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding 
9/25 at 100.00 
BB– 
11,877,370 
 
 
Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 
 
 
 
1,085 
 
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds, 
6/26 at 100.00 
BBB 
1,146,704 
 
 
Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 12/31/38 (Alternative 
 
 
 
 
 
Minimum Tax) 
 
 
 
600 
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University 
7/20 at 100.00 
N/R (4) 
690,456 
 
 
Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20) 
 
 
 
1,500 
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006A, 
4/17 at 100.00 
AA+ 
1,500,975 
 
 
4.650%, 10/01/31 (Alternative Minimum Tax) (UB) (7) 
 
 
 
1,435 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue 
6/21 at 100.00 
A2 
1,601,905 
 
 
Bonds, Series 2010A, 5.500%, 12/01/34 
 
 
 
315 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue 
12/20 at 100.00 
N/R (4) 
362,543 
 
 
Bonds, Series 2010A, 5.500%, 12/01/34 (Pre-refunded 12/01/20) 
 
 
 
5,140 
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special 
No Opt. Call 
A2 
5,618,483 
 
 
Revenue, Series 2011B, 5.000%, 12/01/34 
 
 
 
5,660 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45 
6/25 at 100.00 
6,183,210 
3,170 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1, 
12/25 at 100.00 
A3 
3,423,378 
 
 
5.000%, 12/01/46 
 
 
 
1,595 
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System 
5/20 at 100.00 
N/R (4) 
1,776,766 
 
 
Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40 (Pre-refunded 5/15/20) 
 
 
 
5,445 
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.000%, 8/01/36 
8/20 at 100.00 
A– 
6,194,668 
1,425 
 
Philadelphia, Pennsylvania, General Obligation Bonds, Refunding Series 2011, 6.500%, 8/01/41 
8/20 at 100.00 
A– (4) 
1,672,295 
 
 
(Pre-refunded 8/01/20) 
 
 
 
 
 
The Redevelopment Authority of the City of Scranton, Lackawanna County, Pennsylvania, 
 
 
 
 
 
Guaranteed Lease Revenue Bonds, Series 2016A: 
 
 
 
705 
 
5.000%, 11/15/21 
No Opt. Call 
BB 
724,021 
1,255 
 
5.000%, 11/15/28 
5/24 at 100.00 
BB 
1,279,711 
1,670 
 
Union County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Evangelical Community 
No Opt. Call 
A– 
1,767,561 
 
 
Hospital Project, Refunding & Improvement Series 2011, 5.250%, 8/01/19 
 
 
 
117,366 
 
Total Pennsylvania 
 
 
100,656,761 
 
 
Puerto Rico – 0.4% (0.2% of Total Investments) 
 
 
 
215 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.500%, 
No Opt. Call 
CC 
227,294 
 
 
7/01/29 – AMBAC Insured 
 
 
 
30,000 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 
No Opt. Call 
3,268,500 
 
 
8/01/54 – AMBAC Insured 
 
 
 
3,975 
 
Puerto Rico, General Obligation Bonds, Public Improvement Series 2002A, 5.500%, 7/01/20 – 
No Opt. Call 
4,213,023 
 
 
NPFG Insured 
 
 
 
34,190 
 
Total Puerto Rico 
 
 
7,708,817 
 
 
Rhode Island – 0.1% (0.1% of Total Investments) 
 
 
 
25,000 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 12.63 
CCC+ 
1,895,500 
 
 
Series 2007A, 0.000%, 6/01/52 
 
 
 
 
 
South Carolina – 2.4% (1.5% of Total Investments) 
 
 
 
5,000 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Refunding Series 
No Opt. Call 
A3 
5,835,150 
 
 
1991, 6.250%, 1/01/21 – FGIC Insured 
 
 
 
 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2: 
 
 
 
1,220 
 
0.000%, 1/01/23 – FGIC Insured 
No Opt. Call 
A3 
1,044,942 
21,570 
 
0.000%, 1/01/30 – AMBAC Insured 
No Opt. Call 
A– 
13,407,912 
5,560 
 
0.000%, 1/01/31 – AMBAC Insured 
No Opt. Call 
A3 
3,363,244 
 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding & 
 
 
 
 
 
Improvement Series 2015A: 
 
 
 
5,000 
 
5.000%, 12/01/50 
6/25 at 100.00 
A1 
5,384,150 
5,000 
 
5.000%, 12/01/55 
6/25 at 100.00 
A1 
5,410,050 
6,930 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series 
12/24 at 100.00 
A1 
7,646,493 
 
 
2014C, 5.000%, 12/01/46 
 
 
 
9,155 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 
6/24 at 100.00 
A1 
10,329,770 
 
 
5.500%, 12/01/54 
 
 
 
59,435 
 
Total South Carolina 
 
 
52,421,711 
 
 
South Dakota – 0.4% (0.2% of Total Investments) 
 
 
 
2,945 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, 
5/17 at 100.00 
A1 (4) 
2,976,453 
 
 
Series 2007, 5.000%, 11/01/40 (Pre-refunded 5/01/17) 
 
 
 
4,455 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, 
11/24 at 100.00 
A+ 
4,767,474 
 
 
Series 2014B, 5.000%, 11/01/44 
 
 
 
7,400 
 
Total South Dakota 
 
 
7,743,927 
 
 
Tennessee – 0.6% (0.4% of Total Investments) 
 
 
 
8,890 
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, 
1/23 at 100.00 
BBB+ 
9,265,425 
 
 
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 
 
 
 
2,395 
 
Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger 
10/24 at 100.00 
Baa2 
2,500,188 
 
 
Health System, Refunding Series 2014A, 5.000%, 10/01/44 
 
 
 
1,000 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, 
12/17 at 100.00 
N/R 
1,052,160 
 
 
Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series 1996, 
 
 
 
 
 
6.000%, 12/01/19 – AMBAC Insured 
 
 
 
12,285 
 
Total Tennessee 
 
 
12,817,773 
 
 
Texas – 16.3% (10.4% of Total Investments) 
 
 
 
495 
 
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Wayside Schools, 
8/21 at 100.00 
BB+ 
451,787 
 
 
Series 2016A, 4.375%, 8/15/36 
 
 
 
 
 
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift 
 
 
 
 
 
Education, Series 2016A: 
 
 
 
165 
 
5.000%, 12/01/36 
12/26 at 100.00 
BBB– 
175,405 
130 
 
5.000%, 12/01/46 
12/26 at 100.00 
BBB– 
136,700 
760 
 
5.000%, 12/01/51 
12/26 at 100.00 
BBB– 
796,070 
975 
 
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public 
3/23 at 103.00 
N/R 
939,608 
 
 
Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 
 
 
 
870 
 
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public 
3/23 at 103.00 
N/R 
842,412 
 
 
Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40 
 
 
 
 
 
Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage 
 
 
 
 
 
Revenue Bonds, Refunding & Improvement Series 2015: 
 
 
 
3,135 
 
5.250%, 12/01/35 
12/25 at 100.00 
BB 
3,281,812 
3,340 
 
5.000%, 12/01/40 
12/25 at 100.00 
BB 
3,391,035 
6,000 
 
Brazos River Authority, Texas, Revenue Refunding Bonds, Houston Lighting and Power Company, 
No Opt. Call 
6,269,400 
 
 
Series 1998, 5.050%, 11/01/18 – AMBAC Insured (Alternative Minimum Tax) 
 
 
 
2,000 
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The 
4/20 at 100.00 
Baa1 
2,214,820 
 
 
Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45 
 
 
 
1,075 
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District 
3/23 at 103.00 
N/R 
1,047,878 
 
 
Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 
 
 
 
1,885 
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District 
3/23 at 103.00 
N/R 
1,843,492 
 
 
Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, 8.250%, 9/01/40 
 
 
 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011: 
 
 
 
3,250 
 
6.000%, 1/01/41 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa2 (4) 
3,793,433 
2,700 
 
6.250%, 1/01/46 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa2 (4) 
3,177,009 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A: 
 
 
 
2,000 
 
5.000%, 1/01/40 
7/25 at 100.00 
Baa2 
2,155,000 
3,625 
 
5.000%, 1/01/45 
7/25 at 100.00 
Baa2 
3,892,489 
 
 
Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement 
 
 
 
 
 
Area 1 Project, Series 2016: 
 
 
 
550 
 
6.250%, 9/01/35 
9/23 at 103.00 
N/R 
516,060 
520 
 
6.500%, 9/01/46 
9/23 at 103.00 
N/R 
482,076 
4,500 
 
Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011, 
1/21 at 100.00 
A1 
4,940,100 
 
 
5.000%, 1/01/36 
 
 
 
4,000 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C, 
11/22 at 100.00 
4,286,160 
 
 
5.000%, 11/01/38 (Alternative Minimum Tax) 
 
 
 
2,600 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement 
11/21 at 100.00 
2,825,212 
 
 
Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured 
 
 
 
1,000 
 
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. 
11/22 at 100.00 
Baa3 
1,017,340 
 
 
Project, Series 2012A. RMKT, 4.750%, 5/01/38 
 
 
 
2,335 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series 
10/23 at 100.00 
BBB 
2,529,879 
 
 
2013A, 5.125%, 10/01/43 
 
 
 
17,000 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien 
10/23 at 100.00 
AA– 
19,197,420 
 
 
Series 2013B, 5.250%, 10/01/51 
 
 
 
1,140 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond 
10/23 at 100.00 
AA– 
1,611,903 
 
 
Trust 2015-XF0228, 16.268%, 4/01/53 (IF) 
 
 
 
10,000 
 
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo 
4/17 at 100.00 
B3 
10,015,600 
 
 
Petroleum Corporation Project, Series 1998, 8.000%, 4/01/28 (Alternative Minimum Tax) 
 
 
 
 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston 
 
 
 
 
 
Methodist Hospital System, Series 2015: 
 
 
 
3,480 
 
5.000%, 12/01/45 
6/25 at 100.00 
AA 
3,778,306 
1,895 
 
4.000%, 12/01/45 
6/25 at 100.00 
AA 
1,909,629 
 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding 
 
 
 
 
 
Senior Lien Series 2014A: 
 
 
 
295 
 
0.000%, 11/15/41 – AGM Insured 
11/31 at 62.66 
A2 
98,147 
590 
 
0.000%, 11/15/42 – AGM Insured 
11/31 at 59.73 
A2 
186,853 
1,000 
 
0.000%, 11/15/43 – AGM Insured 
11/31 at 56.93 
A2 
300,180 
2,000 
 
0.000%, 11/15/44 – AGM Insured 
11/31 at 54.25 
A2 
571,260 
2,600 
 
0.000%, 11/15/45 – AGM Insured 
11/31 at 51.48 
A2 
703,638 
4,180 
 
0.000%, 11/15/53 – AGM Insured 
11/31 at 33.96 
A2 
736,683 
1,920 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H, 
11/31 at 69.08 
A3 
678,163 
 
 
0.000%, 11/15/37 – NPFG Insured 
 
 
 
2,000 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 
11/24 at 100.00 
A– 
2,262,200 
 
 
2014A, 5.000%, 11/15/29 
 
 
 
4,565 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 
11/24 at 52.47 
A3 
1,724,429 
 
 
0.000%, 11/15/35 – NPFG Insured 
 
 
 
40,500 
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien 
11/30 at 54.04 
A2 
12,927,600 
 
 
Series 2001A, 0.000%, 11/15/40 – NPFG Insured 
 
 
 
3,855 
 
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series Series 2012A, 
7/22 at 100.00 
4,145,821 
 
 
5.000%, 7/01/32 (Alternative Minimum Tax) 
 
 
 
235 
 
Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc. 
7/24 at 100.00 
BB– 
247,187 
 
 
Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax) 
 
 
 
10,000 
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D, 
11/21 at 100.00 
AA 
11,155,500 
 
 
5.000%, 11/15/40 
 
 
 
705 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
3/17 at 100.00 
A– 
707,348 
 
 
Facilities Department, Refunding Series 2011B, 5.250%, 9/01/27 
 
 
 
 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
 
 
 
 
 
Project, Series 2001B: 
 
 
 
28,305 
 
0.000%, 9/01/28 – AMBAC Insured 
No Opt. Call 
A– 
18,159,922 
5,000 
 
0.000%, 9/01/30 – AMBAC Insured 
No Opt. Call 
A– 
2,929,400 
5,765 
 
0.000%, 9/01/31 – AMBAC Insured 
No Opt. Call 
A– 
3,196,577 
6,000 
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2001B, 
No Opt. Call 
AA+ (4) 
7,859,940 
 
 
5.500%, 12/01/29 – NPFG Insured (ETM) 
 
 
 
7,500 
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A, 
No Opt. Call 
A2 (4) 
10,278,900 
 
 
5.750%, 12/01/32 – AGM Insured (ETM) 
 
 
 
720 
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson 
8/25 at 100.00 
BBB+ 
766,274 
 
 
Memorial Hospital Project, Series 2015, 5.000%, 8/15/35 
 
 
 
535 
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
8/17 at 27.35 
AAA 
144,894 
 
 
Bonds, Series 2008, 0.000%, 8/15/39 
 
 
 
12,975 
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation 
8/17 at 27.35 
N/R (4) 
3,526,216 
 
 
Bonds, Series 2008, 0.000%, 8/15/39 (Pre-refunded 8/15/17) 
 
 
 
8,000 
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission 
5/20 at 100.00 
8,669,360 
 
 
Services Corporation Project, Refunding & Improvement Series 2010, 5.000%, 5/15/40 
 
 
 
2,750 
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission 
5/25 at 100.00 
3,048,595 
 
 
Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/40 
 
 
 
1,750 
 
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series 
4/21 at 100.00 
BBB 
1,902,110 
 
 
2011A, 7.250%, 4/01/36 
 
 
 
2,505 
 
Matagorda County Navigation District 1, Texas, Collateralized Revenue Refunding Bonds, Houston 
No Opt. Call 
2,926,291 
 
 
Light and Power Company, Series 1997, 5.125%, 11/01/28 – AMBAC Insured (Alternative 
 
 
 
 
 
Minimum Tax) 
 
 
 
1,955 
 
Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series 
10/18 at 103.00 
BB– 
2,023,112 
 
 
2016B, 5.750%, 10/01/31 (Alternative Minimum Tax) 
 
 
 
15,600 
 
Mission Economic Development Corporation, Texas, Water Supply Revenue Bonds, Enviro Water 
1/26 at 102.00 
N/R 
14,784,276 
 
 
Minerals Project, Green Bonds, Series 2015, 7.750%, 1/01/45 (Alternative Minimum Tax) 
 
 
 
150 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
4/26 at 100.00 
BBB– 
155,261 
 
 
Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus Christi 
 
 
 
 
 
Project, Series 2016A, 5.000%, 4/01/48 
 
 
 
565 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
4/26 at 100.00 
BBB– 
586,962 
 
 
Bonds, CHF-Collegiate Housing Foundation – San Antonio 1, L.L.C. – Texas A&M University – 
 
 
 
 
 
San Antonio Project, Series 2016A, 5.000%, 4/01/48 
 
 
 
 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital 
 
 
 
 
 
Appreciation Series 2011C: 
 
 
 
6,330 
 
0.000%, 9/01/43 (6) 
9/31 at 100.00 
AA– 
6,339,305 
9,130 
 
0.000%, 9/01/45 (6) 
9/31 at 100.00 
AA– 
9,956,448 
205 
 
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 
1/19 at 100.00 
221,703 
895 
 
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A, 6.250%, 1/01/39 
1/19 at 100.00 
N/R (4) 
981,269 
 
 
(Pre-refunded 1/01/19) 
 
 
 
 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation 
 
 
 
 
 
Series 2008I: 
 
 
 
2,555 
 
6.200%, 1/01/42 – AGC Insured 
1/25 at 100.00 
A1 
3,132,123 
7,000 
 
6.500%, 1/01/43 
1/25 at 100.00 
8,587,530 
140 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A, 
1/18 at 100.00 
A1 
145,041 
 
 
5.750%, 1/01/40 – AGC Insured 
 
 
 
 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A: 
 
 
 
545 
 
5.750%, 1/01/40 (Pre-refunded 1/01/18) – AGC Insured 
1/18 at 100.00 
A1 (4) 
568,817 
415 
 
5.750%, 1/01/40 (Pre-refunded 1/01/18) – AGC Insured 
1/18 at 100.00 
A1 (4) 
433,136 
10,000 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D, 
No Opt. Call 
A1 
6,726,900 
 
 
0.000%, 1/01/28 – AGC Insured 
 
 
 
 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B: 
 
 
 
2,870 
 
5.000%, 1/01/40 
1/23 at 100.00 
3,175,712 
4,880 
 
5.000%, 1/01/45 
1/25 at 100.00 
5,414,262 
8,400 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F, 
1/18 at 100.00 
A– (4) 
8,767,080 
 
 
5.750%, 1/01/38 (Pre-refunded 1/01/18) 
 
 
 
 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A: 
 
 
 
7,855 
 
5.000%, 1/01/33 
1/25 at 100.00 
A– 
8,766,887 
2,205 
 
5.000%, 1/01/34 
1/25 at 100.00 
A– 
2,451,232 
1,000 
 
5.000%, 1/01/35 
1/25 at 100.00 
A– 
1,108,010 
2,345 
 
5.000%, 1/01/38 
1/25 at 100.00 
A– 
2,582,924 
1,570 
 
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 
2/24 at 100.00 
Ba2 
1,607,225 
 
 
5.000%, 2/01/34 
 
 
 
3,500 
 
Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist University, 
10/20 at 100.00 
AA– 
3,845,555 
 
 
Series 2010, 5.000%, 10/01/41 
 
 
 
 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
 
 
 
 
 
Bonds, Scott & White Healthcare Project, Series 2010: 
 
 
 
425 
 
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
N/R (4) 
484,207 
5,410 
 
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
AA– (4) 
6,163,667 
1,980 
 
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior 
No Opt. Call 
BBB+ 
2,340,301 
 
 
Lien Series 2008D, 6.250%, 12/15/26 
 
 
 
 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
2,500 
 
5.000%, 12/15/27 
No Opt. Call 
BBB 
2,716,750 
4,835 
 
5.000%, 12/15/28 
No Opt. Call 
BBB 
5,232,775 
13,235 
 
5.000%, 12/15/29 
No Opt. Call 
BBB 
14,280,036 
435 
 
5.000%, 12/15/32 
No Opt. Call 
BBB 
462,931 
1,620 
 
Texas Private Activity Bond Surface Transportation Corporation, Revenue Bonds, NTE Mobility 
12/19 at 100.00 
BBB– 
1,833,759 
 
 
Partners LLC North Tarrant Express Managed Lanes Project, Senior Lien Series 2009, 
 
 
 
 
 
6.875%, 12/31/39 
 
 
 
 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, LBJ 
 
 
 
 
 
Infrastructure Group LLC IH-635 Managed Lanes Project, Series 2010: 
 
 
 
2,000 
 
7.000%, 6/30/34 
6/20 at 100.00 
Baa3 
2,288,680 
500 
 
7.000%, 6/30/40 
6/20 at 100.00 
Baa3 
572,630 
2,000 
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE 
9/23 at 100.00 
BBB– 
2,276,440 
 
 
Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013, 7.000%, 12/31/38 
 
 
 
 
 
(Alternative Minimum Tax) 
 
 
 
1,000 
 
Texas Public Finance Authority, Charter School Finance Corporation Revenue Bonds, Idea Public 
8/17 at 100.00 
BBB (4) 
1,022,580 
 
 
School Project, Series 2007A, 5.000%, 8/15/37 (Pre-refunded 8/15/17) – ACA Insured 
 
 
 
3,395 
 
Texas State, General Obligation Bonds, Series 2008, Tender Option Bond Trust 3213, 12.552%, 
4/17 at 100.00 
Aaa 
4,622,259 
 
 
4/01/33 (Pre-refunded 4/01/17) (IF) 
 
 
 
5,355 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier 
8/22 at 100.00 
A– 
5,843,483 
 
 
Refunding Series 2012A, 5.000%, 8/15/41 
 
 
 
 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier 
 
 
 
 
 
Refunding Series 2015C: 
 
 
 
4,000 
 
5.000%, 8/15/32 
8/24 at 100.00 
BBB 
4,384,640 
1,875 
 
5.000%, 8/15/37 
8/24 at 100.00 
BBB 
2,035,931 
4,590 
 
5.000%, 8/15/42 
8/24 at 100.00 
BBB 
4,979,370 
 
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 2002A: 
 
 
 
1,020 
 
0.000%, 8/15/21 – AMBAC Insured 
No Opt. Call 
A– 
923,896 
3,600 
 
0.000%, 8/15/25 – AMBAC Insured 
No Opt. Call 
A– 
2,760,876 
300 
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 
No Opt. Call 
A3 (4) 
275,451 
 
 
2002A, 0.000%, 8/15/21 – AMBAC Insured (ETM) 
 
 
 
6,100 
 
Travis County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, 
4/17 at 100.00 
Aaa 
6,435,744 
 
 
Daughters of Charity National Health System, Series 1993B, 6.000%, 11/15/22 (ETM) 
 
 
 
393,960 
 
Total Texas 
 
 
351,668,699 
 
 
Utah – 0.3% (0.2% of Total Investments) 
 
 
 
3,000 
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41 
8/19 at 100.00 
AA+ 
3,183,360 
810 
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, North Davis 
7/20 at 100.00 
BBB– 
863,282 
 
 
Preparatory Academy, Series 2010, 6.375%, 7/15/40 
 
 
 
1,555 
 
Utah State Charter School Finance Authority, Charter School Revenue Bonds, Paradigm High 
7/20 at 100.00 
BB 
1,620,792 
 
 
School, Series 2010A, 6.375%, 7/15/40 
 
 
 
5,365 
 
Total Utah 
 
 
5,667,434 
 
 
Virginia – 1.2% (0.8% of Total Investments) 
 
 
 
540 
 
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, 
3/25 at 100.00 
N/R 
536,193 
 
 
Series 2015, 5.600%, 3/01/45 
 
 
 
1,800 
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health 
No Opt. Call 
1,991,088 
 
 
System Obligated Group, Series 2013, 5.000%, 11/01/30 
 
 
 
3,390 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
4/22 at 100.00 
BBB+ 
3,536,889 
 
 
Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 
 
 
 
 
 
5.000%, 10/01/53 
 
 
 
6,000 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, 
6/17 at 100.00 
B– 
5,297,100 
 
 
Series 2007B1, 5.000%, 6/01/47 
 
 
 
2,855 
 
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 100.00 
B– 
2,551,742 
 
 
Series 2007B2, 5.200%, 6/01/46 
 
 
 
1,810 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC 
1/22 at 100.00 
BBB– 
1,846,164 
 
 
Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax) 
 
 
 
 
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River 
 
 
 
 
 
Crossing, Opco LLC Project, Series 2012: 
 
 
 
1,885 
 
5.250%, 1/01/32 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
2,023,340 
4,480 
 
6.000%, 1/01/37 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
5,030,458 
3,810 
 
5.500%, 1/01/42 (Alternative Minimum Tax) 
7/22 at 100.00 
BBB 
4,080,548 
26,570 
 
Total Virginia 
 
 
26,893,522 
 
 
Washington – 2.3% (1.5% of Total Investments) 
 
 
 
1,260 
 
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise 
2/17 at 100.00 
AAA 
1,332,526 
 
 
Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured 
 
 
 
6,000 
 
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Series 
7/25 at 100.00 
AA– 
6,786,480 
 
 
2015A, 5.000%, 7/01/38 (UB) (7) 
 
 
 
2,500 
 
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42 
1/19 at 100.00 
Aa2 (4) 
2,696,225 
 
 
(Pre-refunded 1/01/19) 
 
 
 
10,000 
 
Washington Health Care Facilities Authority, Revenue Bonds, Catholic Health, Series 2011A, 
2/21 at 100.00 
BBB+ 
10,343,869 
 
 
5.000%, 2/01/41 
 
 
 
6,065 
 
Washington Health Care Facilities Authority, Revenue Bonds, Central Washington Health Services 
7/25 at 100.00 
Baa1 
5,857,941 
 
 
Association, Refunding Series 2015, 4.000%, 7/01/36 
 
 
 
7,190 
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research 
1/21 at 100.00 
A3 
7,793,744 
 
 
Center, Series 2011A, 5.625%, 1/01/35 
 
 
 
2,940 
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center, 
12/20 at 100.00 
N/R (4) 
3,374,238 
 
 
Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20) 
 
 
 
2,185 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, 
10/22 at 100.00 
Aa2 
2,408,700 
 
 
Series 2012A, 5.000%, 10/01/42 
 
 
 
4,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer 
7/19 at 100.00 
A3 (4) 
4,436,680 
 
 
Research Center, Series 2009A, 6.000%, 1/01/33 (Pre-refunded 7/01/19) 
 
 
 
2,000 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and 
12/17 at 100.00 
N/R (4) 
2,078,420 
 
 
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32 (Pre-refunded 12/04/17) 
 
 
 
1,595 
 
Washington State Health Care Facilities Authority, Revenue Bonds, Virginia Mason Medical 
8/17 at 100.00 
BBB 
1,623,854 
 
 
Center, Series 2007B, 5.750%, 8/15/37 – ACA Insured 
 
 
 
1,410 
 
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%, 
No Opt. Call 
AA+ 
1,150,574 
 
 
12/01/24 – NPFG Insured 
 
 
 
47,145 
 
Total Washington 
 
 
49,883,251 
 
 
West Virginia – 0.5% (0.3% of Total Investments) 
 
 
 
2,950 
 
West Virginia Economic Development Authority, Solid Waste Disposal Facilities Revenue Bonds, 
12/20 at 100.00 
BBB+ 
3,226,032 
 
 
Appalachian Power Company Amos Project, Series 2010, 5.375%, 12/01/38 
 
 
 
1,950 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, Charleston Area Medical 
9/19 at 100.00 
Baa1 
2,079,285 
 
 
Center, Series 2009A, 5.625%, 9/01/32 
 
 
 
5,160 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health 
6/23 at 100.00 
5,741,429 
 
 
System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
10,060 
 
Total West Virginia 
 
 
11,046,746 
 
 
Wisconsin – 1.7% (1.0% of Total Investments) 
 
 
 
815 
 
Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc., 
2/19 at 100.00 
A3 (4) 
892,335 
 
 
Series 2009, 5.875%, 2/15/39 (Pre-refunded 2/15/19) 
 
 
 
1,000 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy 
5/26 at 100.00 
N/R 
927,160 
 
 
Project, Series 2016A, 5.125%, 5/01/36 
 
 
 
 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, North Carolina Charter 
 
 
 
 
 
Educational Foundation Project, Series 2016A: 
 
 
 
5,375 
 
5.000%, 6/15/36 
6/26 at 100.00 
N/R 
4,924,951 
2,335 
 
5.000%, 6/15/46 
6/26 at 100.00 
N/R 
2,052,021 
1,055 
 
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum 
11/24 at 100.00 
N/R 
1,111,854 
 
 
Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax) 
 
 
 
1,200 
 
Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum 
8/26 at 100.00 
N/R 
1,124,340 
 
 
Company Project, Refunding Series 2016, 4.000%, 8/01/35 (Alternative Minimum Tax) 
 
 
 
1,000 
 
Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, 
5/26 at 100.00 
BBB– 
984,130 
 
 
Refunding Series 2016C, 4.300%, 11/01/30 (Alternative Minimum Tax) 
 
 
 
3,000 
 
Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, 
No Opt. Call 
A2 (4) 
3,351,000 
 
 
Series 1998A, 5.500%, 12/15/19 – NPFG Insured (ETM) 
 
 
 
1,400 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, 
4/20 at 100.00 
A– 
1,470,308 
 
 
Inc., Series 2010B, 5.000%, 4/01/30 
 
 
 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of 
9/17 at 100.00 
BBB+ 
1,009,950 
 
 
Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33 
 
 
 
1,250 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
2/22 at 100.00 
A– 
1,323,475 
 
 
Series 2012B, 5.000%, 2/15/32 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., 
 
 
 
 
 
Series 2012: 
 
 
 
2,105 
 
5.000%, 6/01/32 
6/22 at 100.00 
A3 
2,277,526 
2,500 
 
5.000%, 6/01/39 
6/22 at 100.00 
A3 
2,667,100 
4,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. 
8/24 at 100.00 
A+ 
4,342,040 
 
 
Obligated Group, Refunding Series 2015, 5.000%, 8/15/39 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial 
 
 
 
 
 
Hospital, Inc., Series 2014A: 
 
 
 
1,415 
 
5.000%, 7/01/27 
7/24 at 100.00 
BBB+ 
1,575,532 
1,310 
 
5.000%, 7/01/29 
7/24 at 100.00 
BBB+ 
1,438,262 
3,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial 
7/24 at 100.00 
BBB+ 
3,155,400 
 
 
Hospital, Inc., Series 2014B, 5.000%, 7/01/44 
 
 
 
1,120 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson 
10/22 at 102.00 
N/R 
1,123,415 
 
 
Hollow Project. Series 2014, 5.250%, 10/01/39 
 
 
 
34,880 
 
Total Wisconsin 
 
 
35,750,799 
$ 3,891,512 
 
Total Municipal Bonds (cost $3,205,072,642) 
 
 
3,386,821,373 
 
           
Principal 
 
 
 
 
 
Amount (000) 
Description (1) 
Coupon 
Maturity 
Ratings (3) 
Value 
 
CORPORATE BONDS – 0.0% (0.0% of Total Investments) 
 
 
 
 
 
 
Transportation – 0.0% (0.0% of Total Investments) 
 
 
 
 
$ 601 
Las Vegas Monorail Company, Senior Interest Bonds (10), (11) 
5.500% 
7/15/19 
N/R 
$ 362,036 
160 
Las Vegas Monorail Company, Senior Interest Bonds (10), (11) 
5.500% 
7/15/55 
N/R 
79,024 
$ 761 
Total Corporate Bonds (cost $68,179) 
 
 
 
441,060 
 
Shares 
Description (1), (12) 
 
 
 
Value 
 
INVESTMENT COMPANIES – 0.2% (0.1% of Total Investments) 
 
 
 
 
6,266 
BlackRock MuniHoldings Fund Inc. 
 
 
 
$ 104,893 
131,278 
Deutsche Municipal Income Trust 
 
 
 
1,795,883 
26,880 
Dreyfus Strategic Municipal Fund 
 
 
 
232,512 
43,020 
Invesco VK Investment Grade Municipal Trust 
 
 
 
560,981 
30,000 
Invesco VK Municipal Opportunity Trust 
 
 
 
393,000 
43,420 
PIMCO Municipal Income Fund II 
 
 
 
546,224 
 
Total Investment Companies (cost $3,325,133) 
 
 
 
3,633,493 
 
Total Long-Term Investments (cost $3,208,465,954) 
 
 
 
3,390,895,926 
 
         
Principal 
 
Optional Call 
 
 
Amount (000) 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
SHORT-TERM INVESTMENTS – 0.1% (0.1% of Total Investments) 
 
 
 
 
 
MUNICIPAL BONDS – 0.1% (0.1% of Total Investments)
 
 
 
 
 
Illinois – 0.1% (0.1% of Total Investments) 
 
 
 
$ 2,350 
Chicago Board of Education, Illinois, General Obligation Bonds, Variable Rate Demand Obligations, 
1/17 at 100.00 
B3 
$ 2,349,460 
 
  Dedicated Revenues Series 2011C-1, 0.960%, 3/01/32 (Mandatory Put 3/01/16) (13) 
 
 
 
$ 2,350 
Total Short-Term Investments (cost $2,350,000) 
 
 
2,349,460 
 
Total Investments (cost $3,210,815,954) – 157.0% 
 
 
3,393,245,386 
 
Floating Rate Obligations – (2.9)% 
 
 
(62,680,000) 
 
Institutional MuniFund Term Preferred Shares, at Liquidation Preference – (6.9)% (14) 
 
 
(150,000,000) 
 
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (15.5)% (15) 
 
 
(336,000,000) 
 
Variable Rate Demand Preferred Shares, at Liquidation Preference – (33.6)% (16) 
 
 
(727,000,000) 
 
Other Assets Less Liabilities – 1.9% 
 
 
43,275,063 
 
Net Assets Applicable to Common Shares – 100% 
 
 
$ 2,160,840,449 
 

Fair Value Measurements
Fair value is defined as the price that would be received 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 
$           — 
$3,386,821,373 
$        — 
$3,386,821,373 
Corporate Bonds 
— 
— 
441,060 
441,060 
Investment Companies 
3,633,493 
— 
— 
3,633,493 
Short-Term Investments: 
 
 
 
 
Municipal Bonds 
— 
2,349,460 
— 
2,349,460 
Total 
$3,633,493 
$3,389,170,833 
$441,060 
$3,393,245,386 
 
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.
As of January 31, 2017, the cost of investments was $3,145,399,782.
Gross unrealized appreciation and gross unrealized depreciation of investments as of January 31, 2017, were as follows:
   
Gross unrealized: 
 
Appreciation 
$243,379,172 
Depreciation 
(58,213,610) 
Net unrealized appreciation (depreciation) of investments 
$185,165,562 
 
(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) 
 
The ratings disclosed are the lowest 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) 
 
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. 
(5) 
 
The coupon for this security increased 0.25% effective January 1, 2016 and increased an additional 
 
 
0.25% effective May 11, 2016. 
(6) 
 
Step-up coupon. The rate shown is the coupon as of the end of the reporting period. 
(7) 
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for 
 
 
investments in inverse floating rate transactions. 
(8) 
 
As of, or subsequent to, the end of the reporting period, this security is non-income producing. 
 
 
Non-income producing, in the case of a fixed-income security, 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 ceased accruing additional income on the Fund’s records. 
(9) 
 
On January 7, 2015, the Fund's Adviser determined it was unlikely that this borrower would fulfill its 
 
 
entire obligation on this security, and therefore reduced the security's interest rate of accrual from 
 
 
7.125% to 5.700% and again on November 11, 2015, further reduced the security's interest rate of 
 
 
accrual from 5.700% to 4.275%. 
(10) 
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the 
 
 
Board. For fair value measurement disclosure purposes, investment categorized as Level 3. 
(11) 
 
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy 
 
 
protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the 
 
 
acceptance of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization 
 
 
plan, the Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in 
 
 
turn received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% 
 
 
maturing on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after 
 
 
December 31, 2015) maturing on July 15, 2055. The Fund is not accruing income for either senior interest 
 
 
corporate bond. On January 18, 2017, the Fund’s Adviser determined it was likely that this senior interest 
 
 
corporate bond would fulfill its obligation on this security maturing on July 15, 2019, and therefore began 
 
 
accruing income on the Fund’s records. 
(12) 
 
A copy of the most recent financial statements for these investment companies can be obtained directly 
 
 
from the Securities and Exchange Commission on its website at http://www.sec.gov. 
(13) 
 
Investment has a maturity of greater than one year, but has variable rate and demand features which 
 
 
qualify it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. 
 
 
This rate changes periodically based on market conditions or a specified market index. 
(14) 
 
Institutional MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total 
 
 
Investments is 4.4%. 
(15) 
 
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total 
 
 
Investments is 9.9%. 
(16) 
 
Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total 
 
 
Investments is 21.4%. 
(ETM) 
 
Escrowed to maturity. 
(IF) 
 
Inverse floating rate investment. 
(UB) 
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction. 
(WI/DD) 
 
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis. 
PIK 
 
All or a portion of this security is payment-in-kind. 
144A 
 
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. 
 
 
These investments may only be resold in transactions exempt from registration, which are normally those 
 
 
transactions with qualified institutional buyers. 

 
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 Credit Income Fund 
 
By (Signature and Title) /s/ Gifford R. Zimmerman            
       Gifford R. Zimmerman
     Vice President and Secretary
                                         
Date:         March 31, 2017        
 
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/ Cedric H. Antosiewicz            
       Cedric H. Antosiewicz
     Chief Administrative Officer (principal executive officer)
                        
Date:         March 31, 2017        
 
By (Signature and Title) /s/ Stephen D. Foy                         
 
     Stephen D. Foy
     Vice President and Controller (principal financial officer)
                                                                                         
Date:         March 31, 2017