N-Q 1 nq.htm NVG



 
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 811-09475
 
Nuveen AMT-Free 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 AMT-Free Municipal Credit Income Fund (NVG) 
 
 
 
 
 
January 31, 2017 (Unaudited) 
 
 
 
 
 
Principal 
 
 
Optional Call 
 
 
Amount (000) 
 
Description (1) 
Provisions (2) 
Ratings (3) 
Value 
 
 
LONG-TERM INVESTMENTS – 158.0% (100.0% of Total Investments) 
 
 
 
 
 
 
MUNICIPAL BONDS – 157.9% (100.0% of Total Investments) 
 
 
 
 
 
 
Alabama – 1.8% (1.1% of Total Investments) 
 
 
 
$ 3,645 
 
Alabama Private Colleges and University Facilities Authority, Limited Obligation Bonds, 
9/25 at 100.00 
N/R 
$ 3,620,141 
 
 
University of Mobile Project, Series 2015A, 6.000%, 9/01/45 
 
 
 
35,355 
 
Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46 
No Opt. Call 
A3 
40,512,941 
8,100 
 
Mobile Spring Hill College Educational Building Authority, Alabama, Revenue Bonds, Spring Hill 
4/25 at 100.00 
N/R 
7,745,220 
 
 
College Project, Series 2015, 5.875%, 4/15/45 
 
 
 
 
 
Opelika Utilities Board, Alabama, Utility Revenue Bonds, Series 2011B: 
 
 
 
1,250 
 
4.000%, 6/01/29 – AGM Insured 
6/21 at 100.00 
Aa3 
1,290,888 
1,000 
 
4.250%, 6/01/31 – AGM Insured 
6/21 at 100.00 
Aa3 
1,038,030 
 
 
The Improvement District of the City of Mobile – McGowin Park Project, Alabama, Sales 
 
 
 
 
 
Tax Revenue Bonds, Series 2016A: 
 
 
 
1,000 
 
5.250%, 8/01/30 
8/26 at 100.00 
N/R 
1,012,630 
1,300 
 
5.500%, 8/01/35 
8/26 at 100.00 
N/R 
1,308,840 
51,650 
 
Total Alabama 
 
 
56,528,690 
 
 
Alaska – 0.6% (0.4% of Total Investments) 
 
 
 
 
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
 
Series 2006A: 
 
 
 
7,010 
 
5.000%, 6/01/32 
6/17 at 100.00 
B3 
6,580,427 
13,965 
 
5.000%, 6/01/46 
6/17 at 100.00 
B3 
11,842,599 
20,975 
 
Total Alaska 
 
 
18,423,026 
 
 
Arizona – 3.2% (2.0% of Total Investments) 
 
 
 
4,230 
 
Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds, 
3/22 at 100.00 
BBB+ 
4,443,404 
 
 
Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30 
 
 
 
1,485 
 
Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project, 
12/24 at 100.00 
A2 
1,499,880 
 
 
Refunding Series 2014A, 4.000%, 12/01/39 
 
 
 
10,000 
 
Arizona Sports and Tourism Authority, Tax Revenue Bonds, Multipurpose Stadium Facility 
7/22 at 100.00 
10,739,100 
 
 
Project, Refunding Senior Series 2012A, 5.000%, 7/01/31 
 
 
 
3,000 
 
Arizona State, Certificates of Participation, Department of Administration Series 2010B, 
4/20 at 100.00 
Aa3 
3,255,510 
 
 
5.000%, 10/01/29 – AGC Insured 
 
 
 
 
 
Arizona State, Certificates of Participation, Series 2010A: 
 
 
 
1,200 
 
5.250%, 10/01/28 – AGM Insured 
10/19 at 100.00 
Aa3 
1,308,768 
1,500 
 
5.000%, 10/01/29 – AGM Insured 
10/19 at 100.00 
Aa3 
1,624,185 
7,070 
 
Arizona State, State Lottery Revenue Bonds, Series 2010A, 5.000%, 7/01/29 – AGC Insured 
1/20 at 100.00 
A1 
7,657,446 
1,190 
 
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, 
7/17 at 100.00 
A3 (4) 
1,212,182 
 
 
Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32 (Pre-refunded 7/01/17) 
 
 
 
5,200 
 
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF2216, 13.249%, 
7/17 at 100.00 
AA (4) 
5,502,224 
 
 
7/01/31 – AGM Insured (Pre-refunded 7/01/17) (IF) 
 
 
 
2,750 
 
Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF2217, 13.249%, 
7/17 at 100.00 
AA (4) 
2,909,830 
 
 
7/01/31 – AGM Insured (Pre-refunded 7/01/17) (IF) 
 
 
 
630 
 
Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 – 
No Opt. Call 
AA– (4) 
641,794 
 
 
FGIC Insured (ETM) 
 
 
 
370 
 
Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 – 
No Opt. Call 
AA– 
376,801 
 
 
FGIC Insured 
 
 
 
7,780 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series 
7/20 at 100.00 
A+ 
8,449,002 
 
 
2010A, 5.000%, 7/01/40 
 
 
 
2,350 
 
Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 
7/18 at 100.00 
AA– 
2,457,724 
 
 
2008A, 5.000%, 7/01/33 
 
 
 
 
 
Phoenix Civic Improvement Corporation, Arizona, Revenue Bonds, Civic Plaza Expansion Project, 
 
 
 
 
 
Series 2005B: 
 
 
 
6,000 
 
5.500%, 7/01/37 – FGIC Insured 
No Opt. Call 
AA 
7,381,080 
8,755 
 
5.500%, 7/01/39 – FGIC Insured 
No Opt. Call 
AA 
10,895,685 
 
 
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis 
 
 
 
 
 
Schools, Inc. Projects, Series 2016A: 
 
 
 
620 
 
5.000%, 7/01/35 
7/25 at 100.00 
BB 
621,445 
1,025 
 
5.000%, 7/01/46 
7/25 at 100.00 
BB 
1,006,366 
2,065 
 
Phoenix Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds, Deer 
7/24 at 101.00 
N/R 
1,854,721 
 
 
Valley Veterans Assisted Living Project, Series 2016A, 5.125%, 7/01/36 
 
 
 
 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue and 
 
 
 
 
 
Refunding Bonds, Edkey Charter Schools Project, Series 2013: 
 
 
 
490 
 
6.000%, 7/01/33 
7/20 at 102.00 
BB 
495,091 
500 
 
6.000%, 7/01/43 
7/20 at 102.00 
BB 
498,020 
300 
 
6.000%, 7/01/48 
7/20 at 102.00 
BB 
296,640 
1,375 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Edkey 
No Opt. Call 
BB 
1,454,915 
 
 
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: 
 
 
 
1,130 
 
5.250%, 7/01/36 
7/26 at 100.00 
BB 
1,039,577 
1,850 
 
5.375%, 7/01/46 
7/26 at 100.00 
BB 
1,662,170 
2,135 
 
5.500%, 7/01/51 
7/26 at 100.00 
BB 
1,919,152 
885 
 
Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San 
2/24 at 100.00 
N/R 
824,015 
 
 
Tan Montessori School Project, Series 2016, 6.500%, 2/01/48 
 
 
 
1,000 
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power 
10/20 at 100.00 
BBB+ 
1,097,030 
 
 
Company, Series 2010A, 5.250%, 10/01/40 
 
 
 
 
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc 
 
 
 
 
 
Prepay Contract Obligations, Series 2007: 
 
 
 
7,930 
 
5.000%, 12/01/32 
No Opt. Call 
BBB+ 
8,922,757 
5,215 
 
5.000%, 12/01/37 
No Opt. Call 
BBB+ 
5,915,322 
800 
 
The Industrial Development Authority of the County of Maricopa, Arizona, Education Revenue 
7/26 at 100.00 
Baa3 
829,264 
 
 
Bonds, Reid Traditional School Projects, Series 2016, 5.000%, 7/01/47 
 
 
 
2,000 
 
Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai 
8/23 at 100.00 
Baa1 
2,174,040 
 
 
Regional Medical Center, Series 2013A, 5.250%, 8/01/33 
 
 
 
92,830 
 
Total Arizona 
 
 
100,965,140 
 
 
Arkansas – 0.2% (0.1% of Total Investments) 
 
 
 
 
 
Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer 
 
 
 
 
 
Research Center Project, Series 2006: 
 
 
 
2,500 
 
0.000%, 7/01/36 – AMBAC Insured 
No Opt. Call 
Aa2 
1,108,025 
20,460 
 
0.000%, 7/01/46 – AMBAC Insured 
No Opt. Call 
Aa2 
5,454,636 
22,960 
 
Total Arkansas 
 
 
6,562,661 
 
 
California – 19.1% (12.1% of Total Investments) 
 
 
 
45 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate 
No Opt. Call 
Baa2 
41,719 
 
 
Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured 
 
 
 
2,120 
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate 
No Opt. Call 
Baa2 (4) 
2,002,573 
 
 
Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured (ETM) 
 
 
 
6,135 
 
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds, 
No Opt. Call 
AA 
3,680,141 
 
 
Capital Appreciation Series 2009B, 0.000%, 8/01/30 – AGC Insured 
 
 
 
12,550 
 
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement 
No Opt. Call 
A2 
5,908,666 
 
 
Project, Series 1997C, 0.000%, 9/01/35 – AGM Insured 
 
 
 
4,100 
 
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A, 5.000%, 3/01/41 
3/26 at 100.00 
Ba3 
3,882,905 
5,000 
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 
4/23 at 100.00 
A1 
5,597,800 
 
 
2013S-4, 5.000%, 4/01/38 
 
 
 
 
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los 
 
 
 
 
 
Angeles County Securitization Corporation, Series 2006A: 
 
 
 
3,275 
 
5.450%, 6/01/28 
12/18 at 100.00 
B3 
3,320,785 
2,975 
 
5.650%, 6/01/41 
12/18 at 100.00 
B2 
3,027,539 
10,040 
 
California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2007, 
No Opt. Call 
AAA 
12,686,142 
 
 
5.000%, 3/15/39 (UB) (5) 
 
 
 
20,085 
 
California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 
No Opt. Call 
AAA 
26,019,314 
 
 
20014U-6, 5.000% 5/01/45 (UB) (5) 
 
 
 
13,465 
 
California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 
No Opt. Call 
AAA 
17,503,557 
 
 
2016U-7, 5.000%, 6/01/46 (UB) (5) 
 
 
 
10,000 
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard 
8/22 at 100.00 
AA– 
11,018,800 
 
 
Children’s Hospital, Series 2012A, 5.000%, 8/15/51 
 
 
 
1,600 
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System, 
7/23 at 100.00 
AA– 
1,771,696 
 
 
Series 2013A, 5.000%, 7/01/37 
 
 
 
6,665 
 
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and 
8/25 at 100.00 
AA 
7,319,503 
 
 
Clinics, Series 2015A, 5.000%, 8/15/54 (UB) (5) 
 
 
 
 
 
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and 
 
 
 
 
 
Clinics, Tender Option Bond Trust 2016-XG0049: 
 
 
 
1,650 
 
8.533%, 8/15/51 (IF) (5) 
8/22 at 100.00 
AA– 
1,958,022 
4,075 
 
8.533%, 8/15/51 (IF) (5) 
8/22 at 100.00 
AA– 
4,835,721 
1,555 
 
8.527%, 8/15/51 (IF) (5) 
8/22 at 100.00 
AA– 
1,845,023 
5,000 
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2013A, 
8/23 at 100.00 
AA– 
5,395,350 
 
 
5.000%, 8/15/52 
 
 
 
 
 
California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace 
 
 
 
 
 
Academy Project, Series 2016A: 
 
 
 
2,750 
 
5.000%, 7/01/31 
7/26 at 100.00 
BB 
2,822,628 
1,000 
 
5.000%, 7/01/36 
7/26 at 100.00 
BB 
1,008,180 
555 
 
5.000%, 7/01/41 
7/26 at 100.00 
BB 
555,805 
195 
 
5.000%, 7/01/46 
7/26 at 100.00 
BB 
194,171 
 
 
California Municipal Finance Authority, Education Revenue Bonds, American Heritage Foundation 
 
 
 
 
 
Project, Series 2016A: 
 
 
 
260 
 
5.000%, 6/01/36 
6/26 at 100.00 
BBB– 
275,538 
435 
 
5.000%, 6/01/46 
6/26 at 100.00 
BBB– 
456,202 
2,335 
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series 
7/20 at 100.00 
Baa2 
2,536,440 
 
 
2010A, 5.750%, 7/01/40 
 
 
 
4,500 
 
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego 
No Opt. Call 
Baa3 
4,502,250 
 
 
County Water Authority Desalination Project Pipeline, Series 2012, 5.000%, 11/21/45 
 
 
 
2,050 
 
California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017, 
10/26 at 100.00 
BBB– 
2,161,049 
 
 
5.000%, 10/15/47 (WI/DD, Settling 2/03/17) 
 
 
 
735 
 
California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep – 
6/26 at 100.00 
N/R 
709,959 
 
 
Obligated Group, Series 2016, 5.000%, 6/01/46 
 
 
 
715 
 
California School Finance Authority, Charter School Revenue Bonds, Rocketship Education – 
6/25 at 100.00 
N/R 
696,789 
 
 
Obligated Group, Series 2016A, 5.000%, 6/01/36 
 
 
 
80 
 
California State, General Obligation Bonds, Series 2002, 5.000%, 10/01/32 – NPFG Insured 
4/17 at 100.00 
AA– 
80,245 
 
California State, General Obligation Bonds, Series 2004, 5.000%, 4/01/31 – AMBAC Insured 
4/17 at 100.00 
AA– 
5,015 
 
 
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: 
 
 
 
3,500 
 
5.250%, 3/01/30 
3/20 at 100.00 
AA– 
3,867,955 
10,000 
 
5.500%, 11/01/35 
11/20 at 100.00 
AA– 
11,342,600 
18,710 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
12/24 at 100.00 
BB 
19,617,622 
 
 
University Medical Center, Series 2014A, 5.500%, 12/01/54 
 
 
 
60,105 
 
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda 
6/26 at 100.00 
BB 
62,071,035 
 
 
University Medical Center, Series 2016A, 5.250%, 12/01/56 
 
 
 
4,000 
 
California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial 
7/24 at 100.00 
A– 
3,930,080 
 
 
Hospital, Refunding Series 2014B, 4.000%, 7/01/39 
 
 
 
7,000 
 
California Statewide Communities Development Authority, Revenue Bonds, Sutter Health, Series 
8/20 at 100.00 
AA– 
7,980,280 
 
 
2011A, 6.000%, 8/15/42 
 
 
 
1,000 
 
California Statewide Community Development Authority, Revenue Bonds, Childrens Hospital of Los 
8/17 at 100.00 
Baa2 
1,009,580 
 
 
Angeles, Series 2007, 5.000%, 8/15/47 
 
 
 
 
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity 
 
 
 
 
 
Health System, Series 2005A: 
 
 
 
1,535 
 
5.750%, 7/01/30 (6) 
7/17 at 100.00 
CCC 
1,469,916 
4,430 
 
5.500%, 7/01/35 (6) 
7/17 at 100.00 
CCC 
4,138,949 
3,600 
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System, 
7/18 at 100.00 
A1 (4) 
3,843,612 
 
 
Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured 
 
 
 
5,000 
 
Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series 
No Opt. Call 
A3 (4) 
4,041,650 
 
 
2001A, 0.000%, 8/01/25 – FGIC Insured (ETM) 
 
 
 
3,400 
 
Coachella Valley Unified School District, Riverside County, California, General Obligation 
No Opt. Call 
A2 
1,685,040 
 
 
Bonds, Election 2005 Series 2010C, 0.000%, 8/01/33 – AGM Insured 
 
 
 
14,345 
 
Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, 
No Opt. Call 
AA 
5,521,821 
 
 
Capital Appreciation, Election 2006 Refunding Series 2009C, 0.000%, 8/01/39 – AGM Insured 
 
 
 
 
 
El Rancho Unified School District, Los Angeles County, California, General Obligation Bonds, 
 
 
 
 
 
Election 2010 Series 2011A: 
 
 
 
2,615 
 
0.000%, 8/01/31 – AGM Insured (7) 
8/28 at 100.00 
A2 
2,314,249 
3,600 
 
0.000%, 8/01/34 – AGM Insured (7) 
8/28 at 100.00 
A2 
3,144,888 
 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
 
 
 
 
 
Refunding Senior Lien Series 2015A: 
 
 
 
3,960 
 
0.000%, 1/15/34 – AGM Insured 
No Opt. Call 
BBB– 
1,952,280 
5,000 
 
0.000%, 1/15/35 – AGM Insured 
No Opt. Call 
BBB– 
2,347,700 
 
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, 
 
 
 
 
 
Refunding Series 2013A: 
 
 
 
910 
 
6.850%, 1/15/42 
1/31 at 100.00 
Ba1 
734,470 
3,610 
 
5.750%, 1/15/46 
1/24 at 100.00 
Ba1 
4,127,169 
6,610 
 
6.000%, 1/15/49 
1/24 at 100.00 
Ba1 
7,574,862 
2,425 
 
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005, 
3/17 at 100.00 
2,432,833 
 
 
5.000%, 9/01/27 – AMBAC Insured 
 
 
 
 
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2007A-1: 
 
 
 
26,875 
 
4.500%, 6/01/27 
6/17 at 100.00 
27,039,744 
26,455 
 
5.000%, 6/01/33 
6/17 at 100.00 
B– 
25,770,609 
6,155 
 
5.750%, 6/01/47 
6/17 at 100.00 
B– 
6,089,942 
8,440 
 
5.125%, 6/01/47 
6/17 at 100.00 
B– 
7,907,605 
 
 
Kern Community College District, California, General Obligation Bonds, Safety, Repair & 
 
 
 
 
 
Improvement, Election 2002 Series 2006: 
 
 
 
5,600 
 
0.000%, 11/01/24 – AGM Insured 
No Opt. Call 
AA 
4,606,728 
5,795 
 
0.000%, 11/01/25 – AGM Insured 
No Opt. Call 
AA 
4,599,318 
1,195 
 
Lincoln Public Financing Authority, Placer County, California, Twelve Bridges Limited 
9/21 at 100.00 
AA 
1,284,135 
 
 
Obligation Revenue Bonds, Refunding Series 2011A, 4.375%, 9/02/25 – AGM Insured 
 
 
 
7,575 
 
Mount San Antonio Community College District, Los Angeles County, California, General 
8/35 at 100.00 
AA 
5,362,570 
 
 
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7) 
 
 
 
3,300 
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 
No Opt. Call 
BBB+ 
4,410,780 
 
 
2009B, 6.500%, 11/01/39 
 
 
 
 
 
Oceanside Unified School District, San Diego County, California, General Obligation Bonds, 
 
 
 
 
 
Capital Appreciation, 2008 Election Series 2009A: 
 
 
 
5,905 
 
0.000%, 8/01/26 – AGC Insured 
No Opt. Call 
Aa3 
4,300,080 
2,220 
 
0.000%, 8/01/28 – AGC Insured 
No Opt. Call 
Aa3 
1,465,355 
2,735 
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue Bonds, 
4/17 at 100.00 
AA– (4) 
2,904,324 
 
 
Redevelopment Project 1, Series 1993, 5.850%, 8/01/22 – NPFG Insured (ETM) 
 
 
 
 
 
Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 Esencia 
 
 
 
 
 
Village, Series 2015A: 
 
 
 
4,000 
 
4.250%, 8/15/38 
8/25 at 100.00 
N/R 
4,028,440 
675 
 
5.250%, 8/15/45 
8/25 at 100.00 
N/R 
726,408 
5,000 
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 
11/20 at 100.00 
Ba1 
5,402,900 
 
 
6.000%, 11/01/30 
 
 
 
3,700 
 
Palomar Pomerado Health, California, General Obligation Bonds, Capital Appreciation, Election 
No Opt. Call 
A2 
2,809,817 
 
 
of 2004, Series 2007A, 0.000%, 8/01/25 – NPFG Insured 
 
 
 
7,875 
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 – 
8/29 at 100.00 
A2 
8,972,618 
 
 
AGC Insured (7) 
 
 
 
9,145 
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community 
No Opt. Call 
5,334,736 
 
 
Development Project, Series 1999, 0.000%, 8/01/30 – AMBAC Insured 
 
 
 
4,150 
 
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of 
10/25 at 100.00 
A2 
4,836,286 
 
 
Participation, Refunding Series 2011, 6.000%, 10/01/28 – AGM Insured 
 
 
 
6,000 
 
Redlands Unified School District, San Bernardino County, California, General Obligation Bonds, 
3/17 at 100.00 
A2 
6,020,400 
 
 
Series 2003, 5.000%, 7/01/26 – AGM Insured 
 
 
 
670 
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 
6/23 at 100.00 
BBB– 
750,896 
 
 
2013A, 5.750%, 6/01/48 
 
 
 
 
 
San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 
 
 
 
 
 
Marblehead Coastal, Series 2015: 
 
 
 
495 
 
5.000%, 9/01/40 
9/25 at 100.00 
N/R 
521,572 
920 
 
5.000%, 9/01/46 
9/25 at 100.00 
N/R 
966,460 
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) 
 
 
 
4,000 
 
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International 
5/23 at 100.00 
A+ 
4,395,240 
 
 
Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43 
 
 
 
66,685 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll 
No Opt. Call 
AA+ (4) 
62,310,464 
 
 
Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM) 
 
 
 
 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
 
 
 
 
 
Bonds, Refunding Senior Lien Series 2014A: 
 
 
 
2,680 
 
5.000%, 1/15/44 
1/25 at 100.00 
BBB– 
2,878,213 
8,275 
 
5.000%, 1/15/50 
1/25 at 100.00 
BBB– 
8,863,104 
7,210 
 
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue 
No Opt. Call 
BBB– 
5,929,576 
 
 
Bonds, Refunding Series 1997A, 0.000%, 1/15/23 – NPFG Insured 
 
 
 
37,040 
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment 
8/17 at 100.00 
BBB 
37,272,982 
 
 
Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured 
 
 
 
4,175 
 
San Mateo County Community College District, California, General Obligation Bonds, Series 
No Opt. Call 
AAA 
2,629,290 
 
 
2006C, 0.000%, 9/01/30 – NPFG Insured 
 
 
 
4,325 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997 
No Opt. Call 
AA 
2,022,759 
 
 
Election Series 2012G, 0.000%, 8/01/34 – AGM Insured 
 
 
 
5,690 
 
San Ysidro School District, San Diego County, California, General Obligation Bonds, Refunding 
No Opt. Call 
A1 
1,651,921 
 
 
Series 2015, 0.000%, 8/01/42 
 
 
 
5,625 
 
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and 
No Opt. Call 
A3 
6,853,894 
 
 
Housing Facility, Series 1994A, 6.250%, 7/01/24 
 
 
 
5,625 
 
Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and 
No Opt. Call 
A3 (4) 
6,807,994 
 
 
Housing Facility, Series 1994A, 6.250%, 7/01/24 (ETM) 
 
 
 
3,500 
 
Saugus Union School District, Los Angeles County, California, General Obligation Bonds, Series 
No Opt. Call 
AA– 
2,933,350 
 
 
2006, 0.000%, 8/01/23 – FGIC Insured 
 
 
 
4,495 
 
Stockton-East Water District, California, Certificates of Participation, Refunding Series 
4/17 at 51.52 
A3 
2,293,978 
 
 
2002B, 0.000%, 4/01/28 – FGIC Insured 
 
 
 
 
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, Series 2005A-1: 
 
 
 
1,220 
 
4.750%, 6/01/23 
6/17 at 100.00 
B+ 
1,224,124 
1,500 
 
5.500%, 6/01/45 
6/17 at 100.00 
B– 
1,430,835 
 
 
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed 
 
 
 
 
 
Bonds, San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A: 
 
 
 
1,240 
 
4.750%, 6/01/25 
6/17 at 100.00 
BBB 
1,252,375 
5,865 
 
5.125%, 6/01/46 
6/17 at 100.00 
B2 
5,648,464 
623,165 
 
Total California 
 
 
600,319,190 
 
 
Colorado – 8.1% (5.1% of Total Investments) 
 
 
 
 
 
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006: 
 
 
 
750 
 
5.250%, 10/01/32 – SYNCORA GTY Insured 
4/17 at 100.00 
BBB– 
751,305 
1,080 
 
5.250%, 10/01/40 – SYNCORA GTY Insured 
4/17 at 100.00 
BBB– 
1,081,717 
 
 
Base Village Metropolitan District 2, Colorado, General Obligation Bonds, Refunding 
 
 
 
 
 
Series 2016A: 
 
 
 
890 
 
5.500%, 12/01/36 
12/21 at 103.00 
N/R 
894,788 
1,175 
 
5.750%, 12/01/46 
12/21 at 103.00 
N/R 
1,184,952 
195 
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding 
12/23 at 100.00 
BB 
197,843 
 
 
Series 2014, 5.000%, 12/01/43 
 
 
 
1,180 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, 
8/26 at 100.00 
1,020,960 
 
 
Flagstaff Academy Project, Refunding Series 2016, 3.625%, 8/01/46 
 
 
 
1,165 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, James 
12/24 at 100.00 
1,241,005 
 
 
Irwin Educational Foundation Project, Refunding & Improvement Series 2007, 5.000%, 12/01/38 
 
 
 
7,430 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Vanguard 
6/26 at 100.00 
6,643,089 
 
 
School Project, Refunding & Improvement Series 2016, 3.750%, 6/15/47 
 
 
 
1,750 
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Weld 
6/26 at 100.00 
1,421,140 
 
 
County School District 6 – Frontier Academy, Refunding & Improvement Series 2016, 
 
 
 
 
 
3.250%, 6/01/46 
 
 
 
 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
 
 
 
 
 
Series 2006A: 
 
 
 
1,500 
 
5.000%, 9/01/36 
3/17 at 100.00 
BBB+ 
1,504,035 
3,350 
 
4.500%, 9/01/38 
3/17 at 100.00 
BBB+ 
3,357,404 
3,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
2/21 at 100.00 
BBB+ 
3,106,530 
 
 
Series 2011A, 5.000%, 2/01/41 
 
 
 
11,520 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, 
1/23 at 100.00 
BBB+ 
12,203,136 
 
 
Series 2013A, 5.250%, 1/01/45 
 
 
 
 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement Communities 
 
 
 
 
 
Inc., Refunding Series 2012B: 
 
 
 
1,640 
 
5.000%, 12/01/22 
No Opt. Call 
BBB+ 
1,842,245 
2,895 
 
5.000%, 12/01/23 
12/22 at 100.00 
BBB+ 
3,214,203 
4,200 
 
5.000%, 12/01/24 
12/22 at 100.00 
BBB+ 
4,615,380 
 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
 
 
 
 
 
Samaritan Society Project, Series 2013A: 
 
 
 
1,410 
 
5.000%, 6/01/32 
No Opt. Call 
Baa2 
1,489,566 
2,000 
 
5.000%, 6/01/33 
No Opt. Call 
Baa2 
2,097,060 
5,855 
 
5.000%, 6/01/40 
No Opt. Call 
Baa2 
6,038,086 
5,145 
 
5.000%, 6/01/45 
No Opt. Call 
Baa2 
5,292,970 
 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good 
 
 
 
 
 
Samaritan Society Project, Series 2013: 
 
 
 
690 
 
5.500%, 6/01/33 
6/23 at 100.00 
Baa2 
742,964 
720 
 
5.625%, 6/01/43 
6/23 at 100.00 
Baa2 
761,314 
1,000 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, 
9/18 at 102.00 
Aa3 
1,057,770 
 
 
Series 2005C, 5.250%, 3/01/40 – AGM Insured 
 
 
 
11,830 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of 
1/20 at 100.00 
AA– 
12,656,680 
 
 
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
1,500 
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital 
5/17 at 100.00 
A– 
1,511,880 
 
 
Association, Series 2007, 5.250%, 5/15/42 
 
 
 
500 
 
Copperleaf Metropolitan District 2, Arapahoe County, Colorado, General Obligation Bonds, 
12/20 at 103.00 
N/R 
509,950 
 
 
Refunding Limited Tax Convertible to Unlimited Tax Series 2015, 5.750%, 12/01/45 
 
 
 
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 
 
 
 
500 
 
Crystal Crossing Metropolitan District, Colorado, General Obligation Limited Tax Bonds, 
12/25 at 100.00 
N/R 
467,005 
 
 
Refunding Series 2016, 5.250%, 12/01/40 
 
 
 
10,640 
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 
11/23 at 100.00 
11,684,103 
 
 
5.000%, 11/15/43 
 
 
 
1,070 
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel, 
12/26 at 100.00 
BBB– 
1,158,040 
 
 
Refunding Senior Lien Series 2016, 5.000%, 12/01/40 
 
 
 
11,700 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series 
No Opt. Call 
BBB 
3,794,193 
 
 
2010A, 0.000%, 9/01/41 
 
 
 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B: 
 
 
 
35,995 
 
0.000%, 9/01/23 – NPFG Insured 
No Opt. Call 
BBB 
29,278,693 
6,525 
 
0.000%, 9/01/26 – NPFG Insured 
No Opt. Call 
BBB 
4,628,770 
 
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B: 
 
 
 
17,030 
 
0.000%, 9/01/25 – NPFG Insured 
No Opt. Call 
BBB 
12,649,033 
9,915 
 
0.000%, 9/01/32 – NPFG Insured 
No Opt. Call 
BBB 
5,295,899 
43,090 
 
0.000%, 9/01/33 – NPFG Insured 
No Opt. Call 
BBB 
21,928,932 
 
 
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A: 
 
 
 
20,000 
 
0.000%, 9/01/27 – NPFG Insured 
No Opt. Call 
BBB 
13,547,000 
1,150 
 
0.000%, 9/01/28 – NPFG Insured 
No Opt. Call 
BBB 
745,131 
7,000 
 
0.000%, 9/01/34 – NPFG Insured 
No Opt. Call 
BBB 
3,379,180 
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 
 
 
 
500 
 
Flatiron Meadows Metropolitan District, Boulder County, Colorado, General Obligation Limited 
12/21 at 103.00 
N/R 
461,910 
 
 
Tax Bonds, Series 2016, 5.125%, 12/01/46 
 
 
 
590 
 
Foothills Metropolitan District, Fort Collins, Colorado, Special Revenue Bonds, Series 2014, 
12/24 at 100.00 
N/R 
605,122 
 
 
6.000%, 12/01/38 
 
 
 
825 
 
Forest Trace Metropolitan District 3, Aurora City, Arapahoe County, Colorado, General 
No Opt. Call 
N/R 
775,599 
 
 
Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Series 2016A, 5.000%, 12/01/46 
 
 
 
1,125 
 
Great Western Park Metropolitan District 2, Broomfield City and County, Colorado, General 
12/21 at 103.00 
N/R 
1,049,760 
 
 
Obligation Bonds, Series 2016A, 5.000%, 12/01/46 
 
 
 
500 
 
Green Gables Metropolitan District No. 1, Jefferson County, Colorado, General Obligation 
12/21 at 103.00 
N/R 
463,620 
 
 
Bonds, Series 2016A, 5.300%, 12/01/46 
 
 
 
3,740 
 
Jefferson Center Metropolitan District 1, Arvada, Jefferson County, Colorado, Revenue Bonds, 
12/20 at 103.00 
N/R 
3,571,850 
 
 
Refunding Series 2015, 5.500%, 12/01/45 
 
 
 
 
 
Johnstown Plaza Metropolitan District, Colorado, Special Revenue Bonds, Series 2016A: 
 
 
 
2,325 
 
5.250%, 12/01/36 
12/21 at 103.00 
N/R 
2,057,741 
8,955 
 
5.375%, 12/01/46 
12/21 at 103.00 
N/R 
7,824,431 
 
 
Lambertson Farms Metropolitan District 1, Colorado, Revenue Bonds, Refunding & Improvement 
 
 
 
 
 
Series 2015: 
 
 
 
1,005 
 
5.750%, 12/15/46 
12/23 at 100.00 
N/R 
983,865 
5,355 
 
6.000%, 12/15/50 
12/23 at 100.00 
N/R 
5,225,837 
980 
 
Leyden Rock Metropolitan District No. 10, In the City of Arvada, Colorado, Limited Tax General 
12/21 at 103.00 
N/R 
909,607 
 
 
Obligation Bonds, Refunding and Improvement Series 20016A, 5.000%, 12/01/45 
 
 
 
500 
 
Littleton Village Metropolitan District No. 2, Colorado, Limited Tax General Obligation and 
12/20 at 103.00 
N/R 
475,260 
 
 
Special Revenue Bonds, Series 2015, 5.375%, 12/01/45 
 
 
 
860 
 
Mountain Shadows Metropolitan District, Colorado, General Obligation Limited Tax Bonds, 
12/25 at 100.00 
N/R 
852,690 
 
 
Refunding Series 2016, 5.000%, 12/01/35 
 
 
 
6,345 
 
North Range Metropolitan District 1, Adams County, Colorado, General Obligation Bonds, Series 
12/25 at 100.00 
Baa1 
5,449,403 
 
 
2016B, 3.500%, 12/01/45 
 
 
 
585 
 
Overlook Metropolitan District in the Town of Parker, Douglas County, Colorado, General 
12/21 at 103.00 
N/R 
530,607 
 
 
Obligation Limited Tax Bonds, Series 2016A, 5.500%, 12/01/46 
 
 
 
 
 
Park 70 Metropolitan District, City of Aurora, Colorado, General Obligation Refunding and 
 
 
 
 
 
Improvement Bonds, Series 2016: 
 
 
 
660 
 
5.000%, 12/01/36 
12/26 at 100.00 
Baa3 
695,699 
1,060 
 
5.000%, 12/01/46 
12/26 at 100.00 
Baa3 
1,110,265 
660 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/25 at 100.00 
BBB 
704,365 
 
 
Bonds, Refunding Series 2015A, 5.000%, 12/01/45 
 
 
 
880 
 
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue 
12/20 at 100.00 
A2 (4) 
1,031,457 
 
 
Refunding Bonds, Series 2011, 6.125%, 12/01/41 (Pre-refunded 12/01/20) – AGM Insured 
 
 
 
5,435 
 
Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds, 
12/20 at 100.00 
AA 
5,789,090 
 
 
Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured 
 
 
 
1,180 
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A, 
6/20 at 100.00 
1,298,307 
 
 
5.375%, 6/01/31 
 
 
 
 
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private 
 
 
 
 
 
Activity Bonds, Series 2010: 
 
 
 
6,500 
 
6.500%, 1/15/30 
7/20 at 100.00 
Baa3 
7,331,350 
3,750 
 
6.000%, 1/15/41 
7/20 at 100.00 
Baa3 
4,153,650 
1,280 
 
Sierra Ridge Metropolitan District 2, Douglas County, Colorado, General Obligation Bonds, 
12/21 at 103.00 
N/R 
1,280,294 
 
 
Limited Tax Series 2016A, 5.500%, 12/01/46 
 
 
 
930 
 
SouthGlenn Metropolitan District, Colorado, Special Revenue Bonds, Refunding Series 2016, 
12/21 at 103.00 
N/R 
899,440 
 
 
5.000%, 12/01/46 
 
 
 
 
 
Sterling Ranch Community Authority Board, Douglas County, Colorado, Limited Tax Supported 
 
 
 
 
 
Revenue Bonds, Senior Series 2015A: 
 
 
 
500 
 
5.500%, 12/01/35 
12/20 at 103.00 
N/R 
474,510 
1,000 
 
5.750%, 12/01/45 
12/20 at 103.00 
N/R 
942,360 
500 
 
Table Mountain Metropolitan District, Jefferson County, Colorado, Limited Tax General 
12/21 at 103.00 
N/R 
468,560 
 
 
Obligation Bonds, Series 2016A, 5.250%, 12/01/45 
 
 
 
8,500 
 
University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A, 
11/22 at 100.00 
AA– 
9,415,960 
 
 
5.000%, 11/15/42 
 
 
 
307,010 
 
Total Colorado 
 
 
252,810,900 
 
 
Connecticut – 0.5% (0.3% of Total Investments) 
 
 
 
 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility 
 
 
 
 
 
Expansion Church Home of Hartford Inc. Project, Series 2016A: 
 
 
 
590 
 
5.000%, 9/01/46 
9/26 at 100.00 
BB 
557,633 
740 
 
5.000%, 9/01/53 
9/26 at 100.00 
BB 
687,408 
10,000 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, 
7/25 at 100.00 
A– 
10,209,100 
 
 
Refunding Series 2015L, 4.125%, 7/01/41 
 
 
 
3,250 
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University, 
7/20 at 100.00 
Aa3 (4) 
3,641,300 
 
 
Series 2010G, 5.000%, 7/01/39 (Pre-refunded 7/01/20) 
 
 
 
14,580 
 
Total Connecticut 
 
 
15,095,441 
 
 
Delaware – 0.1% (0.1% of Total Investments) 
 
 
 
2,615 
 
Delaware Economic Development Authority, Exempt Facility Revenue Bonds, Indian River Power LLC 
10/20 at 100.00 
Baa3 
2,710,604 
 
 
Project, Series 2010, 5.375%, 10/01/45 
 
 
 
225 
 
Delaware Economic Development Authority, Revenue Bonds, Newark Charter School, Refunding 
9/26 at 100.00 
BBB 
231,575 
 
 
Series 2016A, 5.000%, 9/01/36 
 
 
 
2,840 
 
Total Delaware 
 
 
2,942,179 
 
 
District of Columbia – 1.2% (0.7% of Total Investments) 
 
 
 
3,780 
 
District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC 
10/22 at 100.00 
BB+ 
3,288,562 
 
 
Issue, Series 2013, 5.000%, 10/01/45 
 
 
 
8,180 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
No Opt. Call 
BBB 
9,316,529 
 
 
Series 2001, 6.500%, 5/15/33 
 
 
 
148,000 
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 16.78 
N/R 
16,926,760 
 
 
Series 2006A, 0.000%, 6/15/46 
 
 
 
6,810 
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 4.500%, 4/01/42 
4/17 at 100.00 
A (4) 
6,852,631 
 
 
(Pre-refunded 4/01/17) – AMBAC Insured 
 
 
 
166,770 
 
Total District of Columbia 
 
 
36,384,482 
 
 
Florida – 7.5% (4.8% of Total Investments) 
 
 
 
990 
 
Bexley Community Development District, Pasco County, Florida, Special Assessment Revenue 
5/26 at 100.00 
N/R 
919,581 
 
 
Bonds, Series 2016, 4.700%, 5/01/36 
 
 
 
19,000 
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%, 10/01/41 – 
10/21 at 100.00 
21,152,510 
 
 
AGM Insured 
 
 
 
4,670 
 
City of Miami Beach, Florida, Stormwater Revenue Bonds, Series 2015, 5.000%, 9/01/41 
9/25 at 100.00 
AA– 
5,148,955 
1,025 
 
Cityplace Community Development District, Florida, Special Assessment and Revenue Bonds, 
No Opt. Call 
1,131,067 
 
 
Refunding Series 2012, 5.000%, 5/01/26 
 
 
 
 
 
Clay County, Florida, Uiltity System Revenue Bonds, Series 2007: 
 
 
 
5,110 
 
5.000%, 11/01/27 – AGM Insured (Pre-refunded 11/01/17) (UB) 
11/17 at 100.00 
AA (4) 
5,268,614 
12,585 
 
5.000%, 11/01/32 – AGM Insured (Pre-refunded 11/01/17) (UB) 
11/17 at 100.00 
AA (4) 
12,975,638 
1,480 
 
Collier County Educational Facilities Authority, Florida, Revenue Bonds, Hodges University, 
11/23 at 100.00 
BBB– 
1,645,804 
 
 
Refunding Series 2013, 6.125%, 11/01/43 
 
 
 
 
 
Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, 
 
 
 
 
 
Area 1 Project, Series 2016A-1: 
 
 
 
245 
 
5.250%, 11/01/37 
11/28 at 100.00 
N/R 
252,350 
320 
 
5.600%, 11/01/46 
11/28 at 100.00 
N/R 
327,248 
685 
 
Creekside at Twin Creeks Community Development District, Florida, Special Assessment Bonds, 
No Opt. Call 
N/R 
705,913 
 
 
Area 1 Project, Series 2016A-2, 5.625%, 11/01/35 
 
 
 
 
 
Davie, Florida, Educational Facilities Revenue Bonds, Nova Southeastern University Project, 
 
 
 
 
 
Refunding Series 2013A: 
 
 
 
3,445 
 
6.000%, 4/01/42 
4/23 at 100.00 
Baa1 
3,910,626 
1,720 
 
5.625%, 4/01/43 
4/23 at 100.00 
Baa1 
1,909,991 
4,000 
 
Davie, Florida, Water and Sewerage Revenue Bonds, Series 2011, 5.000%, 10/01/41 – AGM Insured 
10/21 at 100.00 
Aa3 
4,322,280 
 
 
Downtown Doral Community Development District, Florida, Special Assessment Bonds, Series 2015: 
 
 
 
280 
 
5.250%, 5/01/35 
5/26 at 100.00 
N/R 
279,975 
315 
 
5.300%, 5/01/36 
5/26 at 100.00 
N/R 
314,219 
475 
 
5.500%, 5/01/45 
5/26 at 100.00 
N/R 
473,604 
655 
 
5.500%, 5/01/46 
5/26 at 100.00 
N/R 
649,288 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Classical 
 
 
 
 
 
Preparatory Incorporated Project, Series 2017A: 
 
 
 
255 
 
6.000%, 6/15/37 
6/26 at 100.00 
N/R 
252,613 
415 
 
6.125%, 6/15/46 
6/26 at 100.00 
N/R 
410,779 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Florida Charter 
 
 
 
 
 
Foundation Inc. Projects, Series 2016A: 
 
 
 
1,485 
 
6.250%, 6/15/36 
6/26 at 100.00 
N/R 
1,493,955 
2,075 
 
4.750%, 7/15/36 
7/26 at 100.00 
N/R 
1,842,745 
3,770 
 
6.375%, 6/15/46 
6/26 at 100.00 
N/R 
3,795,221 
1,335 
 
5.000%, 7/15/46 
7/26 at 100.00 
N/R 
1,170,181 
 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance 
 
 
 
 
 
Charter School Income Projects, Series 2015A: 
 
 
 
1,890 
 
6.125%, 6/15/46 
6/25 at 100.00 
N/R 
1,897,919 
3,090 
 
6.000%, 6/15/35 
6/25 at 100.00 
N/R 
3,109,931 
550 
 
Florida Development Finance Corporation, Educational Facilities Revenue Bonds, Renaissance 
6/24 at 100.00 
N/R 
547,421 
 
 
Charter School, Inc. Projects, Series 2014A, 6.125%, 6/15/44 
 
 
 
 
 
Florida Municipal Loan Council, Revenue Bonds, Series 2003B: 
 
 
 
165 
 
5.250%, 12/01/17 
6/17 at 100.00 
A3 
165,569 
100 
 
5.250%, 12/01/18 
6/17 at 100.00 
A3 
100,358 
2,550 
 
Florida State Board of Education, Public Education Capital Outlay Bonds, Tender Option Bond 
6/18 at 101.00 
Aa1 
3,124,133 
 
 
Trust 2016-XF2347, 16.342%, 6/01/38 – AGC Insured (IF) (5) 
 
 
 
1,710 
 
Grand Bay at Doral Community Development District, Miami-Dade County, Florida, Special 
5/26 at 100.00 
N/R 
1,667,746 
 
 
Assessment Bonds, South Parcel Assessment Area Project, Series 2016, 4.750%, 5/01/36 
 
 
 
1,915 
 
Halifax Hospital Medical Center, Daytona Beach, Florida, Hospital Revenue Bonds, Series 2006, 
6/18 at 100.00 
BBB+ (4) 
2,027,908 
 
 
5.500%, 6/01/38 (Pre-refunded 6/01/18) – AGM Insured 
 
 
 
1,590 
 
Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue 
No Opt. Call 
AA– (4) 
1,716,087 
 
 
Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured (ETM) 
 
 
 
 
 
Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds, 
 
 
 
 
 
Series 2005: 
 
 
 
1,645 
 
5.000%, 5/01/25 – NPFG Insured 
5/17 at 100.00 
A3 
1,660,710 
1,830 
 
5.000%, 5/01/27 – NPFG Insured 
5/17 at 100.00 
A3 
1,847,165 
600 
 
Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Refunding Series 2012, 
10/22 at 100.00 
A+ 
672,372 
 
 
5.000%, 10/01/30 
 
 
 
1,000 
 
Lakeland, Florida, Hospital System Revenue Bonds, Lakeland Regional Health, Refunding Series 
11/21 at 100.00 
A2 
1,100,400 
 
 
2011, 5.000%, 11/15/25 
 
 
 
1,000 
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 – 
4/17 at 100.00 
A2 
1,004,740 
 
 
NPFG Insured 
 
 
 
3,000 
 
Leesburg, Florida, Utility System Revenue Bonds, Series 2007A, 5.000%, 10/01/37 (Pre-refunded 
10/17 at 100.00 
AA– (4) 
3,083,250 
 
 
10/01/17) – NPFG Insured 
 
 
 
4,125 
 
Martin County Health Facilities Authority, Florida, Hospital Revenue Bonds, Martin Memorial 
11/24 at 100.00 
Baa1 
4,350,473 
 
 
Medical Center, Series 2015, 5.000%, 11/15/45 
 
 
 
5,965 
 
Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, 
10/24 at 100.00 
BBB 
6,445,123 
 
 
5.000%, 10/01/43 
 
 
 
2,130 
 
Miami Health Facilities Authority, Florida, Health Facilities Revenue Bonds, Miami Jewish 
7/27 at 100.00 
BBB 
2,209,130 
 
 
Health System Inc. Project, Series 2017, 5.125%, 7/01/46 
 
 
 
1,545 
 
Miami, Florida, Special Obligation Non-Ad Valorem Revenue Bonds, Refunding Series 2011A, 
2/21 at 100.00 
1,763,679 
 
 
6.000%, 2/01/31 – AGM Insured 
 
 
 
5,000 
 
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series 
7/24 at 100.00 
5,513,500 
 
 
2014A, 5.000%, 7/01/44 
 
 
 
10,085 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2008B, 
10/18 at 100.00 
A2 (4) 
10,742,139 
 
 
5.000%, 10/01/41 (Pre-refunded 10/01/18) – AGM Insured 
 
 
 
2,500 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 
10/20 at 100.00 
2,756,475 
 
 
2010A-1, 5.375%, 10/01/41 
 
 
 
2,500 
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B, 
10/20 at 100.00 
2,751,475 
 
 
5.000%, 10/01/30 
 
 
 
2,400 
 
Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B, 
10/22 at 100.00 
A2 
2,632,584 
 
 
5.000%, 10/01/37 
 
 
 
3,015 
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%, 
7/18 at 100.00 
A1 
3,150,404 
 
 
7/01/35 – AGM Insured 
 
 
 
6,305 
 
Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A, 
10/22 at 100.00 
A+ 
6,978,185 
 
 
5.000%, 10/01/42 
 
 
 
4,785 
 
Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds, 
8/26 at 100.00 
N/R 
4,746,194 
 
 
Development Unit 53, Series 2015, 5.350%, 8/01/35 
 
 
 
4,250 
 
Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health, 
4/22 at 100.00 
4,528,035 
 
 
Inc., Series 2012A, 5.000%, 10/01/42 
 
 
 
1,000 
 
Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%, 
8/17 at 100.00 
AA (4) 
1,021,110 
 
 
8/01/27 (Pre-refunded 8/01/17) – FGIC Insured 
 
 
 
5,000 
 
Orlando, Florida, Contract Tourist Development Tax Payments Revenue Bonds, Series 2014A, 
5/24 at 100.00 
Aa2 (4) 
5,966,600 
 
 
5.000%, 11/01/44 (Pre-refunded 5/01/24) 
 
 
 
230 
 
Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of 
6/22 at 102.00 
N/R 
266,216 
 
 
Boca Raton Project, Series 2014A, 7.250%, 6/01/34 
 
 
 
3,000 
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%, 
8/17 at 100.00 
AA– (4) 
3,063,480 
 
 
8/01/27 (Pre-refunded 8/01/17) – NPFG Insured 
 
 
 
60 
 
Pasco County, Florida, Water and Sewer Revenue Bonds, Refunding Series 2006, 5.000%, 
4/17 at 100.00 
Aa2 
60,184 
 
 
10/01/36 – AGM Insured 
 
 
 
3,590 
 
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1, 
7/17 at 100.00 
A3 (4) 
3,653,040 
 
 
Series 2007B, 5.000%, 7/01/33 (Pre-refunded 7/01/17) – NPFG Insured 
 
 
 
 
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009: 
 
 
 
4,935 
 
5.250%, 9/01/35 (Pre-refunded 9/01/18) – AGC Insured 
9/18 at 100.00 
A1 (4) 
5,259,279 
7,730 
 
5.000%, 9/01/35 (Pre-refunded 9/01/18) – AGC Insured 
9/18 at 100.00 
A1 (4) 
8,207,637 
 
 
Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009: 
 
 
 
515 
 
5.250%, 9/01/35 – AGC Insured 
9/18 at 100.00 
A1 
544,350 
800 
 
5.000%, 9/01/35 – AGC Insured 
9/18 at 100.00 
A1 
841,440 
840 
 
Reunion West Community Development District, Florida, Special Assessment Bonds, Area 3 
11/26 at 100.00 
N/R 
761,040 
 
 
Project, Series 2016, 5.000%, 11/01/46 
 
 
 
4,005 
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement 
No Opt. Call 
AA– (4) 
4,304,053 
 
 
Series 1992, 6.000%, 10/01/19 – NPFG Insured (ETM) 
 
 
 
 
 
Six Mile Creek Community Development District, Florida, Capital Improvement Revenue Bonds, 
 
 
 
 
 
Assessment Area 2, Series 2016: 
 
 
 
265 
 
4.750%, 11/01/28 
11/27 at 100.00 
N/R 
261,229 
440 
 
5.375%, 11/01/36 
11/27 at 100.00 
N/R 
428,732 
1,005 
 
South Fork III Community Development District, Florida, Special Assessment Revenue Bonds, 
5/27 at 100.00 
N/R 
944,037 
 
 
Refunding Series 2016, 5.375%, 5/01/37 
 
 
 
1,000 
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System 
8/17 at 100.00 
AA– 
1,011,570 
 
 
Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5) 
 
 
 
1,200 
 
St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993, 5.500%, 
No Opt. Call 
N/R (4) 
1,400,772 
 
 
10/01/21 – FGIC Insured (ETM) 
 
 
 
8,060 
 
Tallahassee, Florida, Health Facilities Revenue Bonds, Tallahassee Memorial HealthCare Inc. 
12/25 at 100.00 
Baa1 
8,458,406 
 
 
Project, Series 2016A, 5.000%, 12/01/55 
 
 
 
400 
 
Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 (Pre-refunded 
10/19 at 100.00 
AA (4) 
439,268 
 
 
10/01/19) – AGC Insured 
 
 
 
4,100 
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A, 
5/22 at 100.00 
Aa2 
4,517,052 
 
 
5.000%, 11/15/33 
 
 
 
1,295 
 
Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s 
4/17 at 100.00 
AA– (4) 
1,324,837 
 
 
Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM) 
 
 
 
10,095 
 
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series 
No Opt. Call 
11,049,684 
 
 
2012B, 5.000%, 7/01/42 
 
 
 
2,000 
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Embry-Riddle 
10/21 at 100.00 
A– 
2,219,620 
 
 
Aeronautical University, Inc. Project, Refunding Series 2011, 5.000%, 10/15/29 – AGM Insured 
 
 
 
5,000 
 
Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University 
6/25 at 100.00 
A– 
5,507,450 
 
 
Inc. Project, Series 2015, 5.000%, 6/01/40 
 
 
 
12,000 
 
Volusia County School Board, Florida, Certificates of Participation, Master Lease Program 
8/17 at 100.00 
A+ (4) 
12,252,720 
 
 
Series 2007, 5.000%, 8/01/32 (Pre-refunded 8/01/17) – AGM Insured 
 
 
 
222,140 
 
Total Florida 
 
 
236,410,068 
 
 
Georgia – 3.1% (2.0% of Total Investments) 
 
 
 
17,000 
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2009B, 
11/19 at 100.00 
A+ 
18,709,520 
 
 
5.375%, 11/01/39 – AGM Insured 
 
 
 
2,825 
 
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding 
8/20 at 100.00 
AA 
2,984,556 
 
 
Series 2007, 4.000%, 8/01/26 
 
 
 
2,000 
 
City of Fairburn, Georgia, General Obligation Bonds, Series 2011, 5.750%, 12/01/31 – 
12/21 at 100.00 
A2 
2,301,740 
 
 
AGM Insured 
 
 
 
4,000 
 
Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, 
4/23 at 100.00 
4,448,360 
 
 
Refunding Series 2012, 5.000%, 4/01/28 
 
 
 
1,250 
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb 
9/20 at 100.00 
BBB– 
1,385,288 
 
 
Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30 
 
 
 
 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
 
 
 
 
 
Northeast Georgia Health Services Inc., Series 2010B: 
 
 
 
5,000 
 
5.250%, 2/15/37 
2/20 at 100.00 
AA– 
5,357,450 
4,050 
 
5.125%, 2/15/40 
2/20 at 100.00 
AA– 
4,312,683 
15,305 
 
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, 
2/25 at 100.00 
AA– 
17,606,107 
 
 
Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54 
 
 
 
10,825 
 
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A, 
7/25 at 100.00 
A2 
11,694,464 
 
 
5.000%, 7/01/60 
 
 
 
2,250 
 
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett 
7/19 at 100.00 
A2 
2,408,940 
 
 
Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured 
 
 
 
7,030 
 
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 
2/18 at 100.00 
AAA 
7,315,277 
 
 
2/01/36 (Pre-refunded 2/01/18) 
 
 
 
5,000 
 
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus 
8/18 at 100.00 
BB+ (4) 
5,311,700 
 
 
Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 (Pre-refunded 
 
 
 
 
 
8/01/18) – AGC Insured 
 
 
 
1,000 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, 
10/22 at 100.00 
Baa2 
1,096,060 
 
 
Refunding Series 2012C, 5.250%, 10/01/27 
 
 
 
10,090 
 
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 
10/25 at 100.00 
Baa2 
10,648,280 
 
 
2015, 5.000%, 10/01/40 
 
 
 
1,710 
 
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia 
10/21 at 100.00 
AA– 
1,847,775 
 
 
Medical Center Project, Series 2011B, 5.000%, 10/01/41 
 
 
 
89,335 
 
Total Georgia 
 
 
97,428,200 
 
 
Guam – 0.0% (0.0% of Total Investments) 
 
 
 
650 
 
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, 
7/23 at 100.00 
BBB– 
711,991 
 
 
Series 2013, 5.500%, 7/01/43 
 
 
 
 
 
Hawaii – 0.4% (0.3% of Total Investments) 
 
 
 
1,500 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Chaminade University 
1/25 at 100.00 
Ba2 
1,420,125 
 
 
of Honolulu, Series 2015A, 5.000%, 1/01/45 
 
 
 
5,000 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health 
7/23 at 100.00 
5,588,400 
 
 
Obligated Group, Series 2013A, 5.500%, 7/01/43 
 
 
 
170 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific 
7/23 at 100.00 
BB 
184,370 
 
 
University, Series 2013A, 6.875%, 7/01/43 
 
 
 
5,075 
 
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queens Health Systems, 
7/25 at 100.00 
A1 
5,129,150 
 
 
Series 2015A, 4.000%, 7/01/40 
 
 
 
11,745 
 
Total Hawaii 
 
 
12,322,045 
 
 
Idaho – 0.3% (0.2% of Total Investments) 
 
 
 
250 
 
Idaho Health Facilities Authority, Revenue Bonds, Madison Memorial Hospital Project, Refunding 
9/26 at 100.00 
BB+ 
265,940 
 
 
Series 2016, 5.000%, 9/01/37 
 
 
 
8,980 
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 
3/22 at 100.00 
A– 
9,524,727 
 
 
2012A, 5.000%, 3/01/47 – AGM Insured 
 
 
 
1,000 
 
Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series 
3/24 at 100.00 
A– 
1,007,310 
 
 
2014A, 4.125%, 3/01/37 
 
 
 
10,230 
 
Total Idaho 
 
 
10,797,977 
 
 
Illinois – 23.0% (14.6% of Total Investments) 
 
 
 
 
 
Bolingbrook, Illinois, General Obligation Bonds, Refunding Series 2013A: 
 
 
 
675 
 
5.000%, 1/01/25 
7/23 at 100.00 
A2 
759,119 
1,170 
 
5.000%, 1/01/26 
7/23 at 100.00 
A2 
1,307,077 
63,700 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Capital Improvement 
4/27 at 100.00 
63,789,817 
 
 
Revenues, Series 2016, 6.000%, 4/01/46 
 
 
 
 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues 
 
 
 
 
 
Series 2011A: 
 
 
 
6,190 
 
5.500%, 12/01/39 
No Opt. Call 
B3 
4,981,464 
1,865 
 
5.000%, 12/01/41 
12/21 at 100.00 
B3 
1,474,674 
4,905 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series 
No Opt. Call 
B3 
3,879,266 
 
 
2012A, 5.000%, 12/01/42 
 
 
 
2,720 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
No Opt. Call 
B3 
2,190,171 
 
 
2008C, 5.000%, 12/01/29 
 
 
 
40,905 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/25 at 100.00 
38,999,236 
 
 
2016A, 7.000%, 12/01/44 
 
 
 
14,805 
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues, Series 
12/26 at 100.00 
13,373,357 
 
 
2016B, 6.500%, 12/01/46 
 
 
 
1,315 
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax 
No Opt. Call 
B+ 
638,985 
 
 
Revenues, Series 1998B-1, 0.000%, 12/01/30 – NPFG Insured 
 
 
 
2,235 
 
Chicago Transit Authority, Illinois, Capital Grant Receipts Revenue Bonds, Federal Transit 
6/21 at 100.00 
A2 
2,411,945 
 
 
Administration Section 5307 Urbanized Area Formula Funds, Refunding Series 2011, 5.250%, 
 
 
 
 
 
6/01/26 – AGM Insured 
 
 
 
1,100 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011, 
12/21 at 100.00 
A1 
1,174,272 
 
 
5.250%, 12/01/40 
 
 
 
12,215 
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014, 
No Opt. Call 
AA 
13,396,190 
 
 
5.250%, 12/01/49 
 
 
 
7,700 
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien 
1/20 at 100.00 
A2 
8,325,779 
 
 
Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured 
 
 
 
 
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999: 
 
 
 
1,500 
 
0.000%, 1/01/31 – NPFG Insured 
No Opt. Call 
BBB– 
735,210 
32,670 
 
0.000%, 1/01/32 – FGIC Insured 
No Opt. Call 
BBB– 
15,081,125 
12,360 
 
0.000%, 1/01/37 – FGIC Insured 
No Opt. Call 
BBB– 
4,235,648 
1,000 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2007A, 5.000%, 
No Opt. Call 
Ba1 
1,002,070 
 
 
1/01/27 – AMBAC Insured 
 
 
 
2,500 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2014A, 5.250%, 1/01/33 
1/24 at 100.00 
Ba1 
2,405,950 
17,605 
 
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2017A, 6.000%, 1/01/38 
1/27 at 100.00 
BBB– 
17,656,055 
 
 
(WI/DD, Settling 2/01/17) 
 
 
 
4,220 
 
Chicago, Illinois, General Obligation Bonds, Project and Refunding Series 2009C, 
No Opt. Call 
Ba1 
3,971,653 
 
 
5.000%, 1/01/34 
 
 
 
1,000 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2011A, 5.250%, 1/01/35 
No Opt. Call 
Ba1 
958,500 
10,200 
 
Chicago, Illinois, General Obligation Bonds, Project Series 2012A, 5.000%, 1/01/33 
No Opt. Call 
Ba1 
9,621,864 
2,605 
 
Chicago, Illinois, General Obligation Bonds, Refunding Series 2016C, 5.000%, 1/01/38 
1/26 at 100.00 
BBB– 
2,425,828 
7,750 
 
Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured 
4/17 at 100.00 
BBB– 
7,770,460 
3,000 
 
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Second Lien Series 2008C, 
1/25 at 100.00 
3,187,110 
 
 
5.000%, 1/01/39 
 
 
 
10,000 
 
Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City 
12/23 at 100.00 
A+ 
10,568,900 
 
 
Colleges, Series 2013, 5.250%, 12/01/43 
 
 
 
6,160 
 
De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell Community College District 540, 
12/17 at 100.00 
Aa2 
5,862,534 
 
 
Illinois, General Obligation Bonds, Series 2007, 3.000%, 12/01/26 – AGM Insured 
 
 
 
 
 
DeKalb, Kane, LaSalle, Lee, Ogle, Winnebago and Boone Counties Community College District 523, 
 
 
 
 
 
Illinois, General Obligation Bonds, Kishwaukee Community College, Series 2011B: 
 
 
 
2,500 
 
0.000%, 2/01/33 
2/21 at 100.00 
AA– 
980,400 
2,000 
 
0.000%, 2/01/34 
2/21 at 100.00 
AA– 
727,020 
 
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History, 
 
 
 
 
 
Series 2002: 
 
 
 
3,400 
 
5.500%, 11/01/36 
11/23 at 100.00 
3,700,968 
2,500 
 
4.450%, 11/01/36 
11/25 at 102.00 
2,568,750 
3,295 
 
Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000, 
6/17 at 100.00 
A3 
3,333,420 
 
 
5.800%, 6/01/30 – NPFG Insured 
 
 
 
595 
 
Illinois Finance Authority, Charter School Revenue Bonds, Chicago Charter School Foundation, 
6/17 at 100.00 
BBB 
595,143 
 
 
Series 2007, 5.000%, 12/01/36 
 
 
 
 
 
Illinois Finance Authority, Charter School Revenue Bonds, Intrinsic Charter Schools Belmont 
 
 
 
 
 
School Project, Series 2015A: 
 
 
 
1,700 
 
5.750%, 12/01/35 
12/25 at 100.00 
N/R 
1,657,891 
115 
 
6.000%, 12/01/45 
12/25 at 100.00 
N/R 
113,130 
6,500 
 
Illinois Finance Authority, Recovery Zone Facility Revenue Bonds, Navistar International 
10/20 at 100.00 
CCC 
6,641,440 
 
 
Corporation Project, Series 2010, 6.500%, 10/15/40 
 
 
 
5,750 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38 
9/22 at 100.00 
BBB 
5,959,243 
 
 
Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A: 
 
 
 
1,485 
 
5.000%, 9/01/34 
9/24 at 100.00 
BBB 
1,558,463 
19,025 
 
5.000%, 9/01/42 
9/24 at 100.00 
BBB 
19,605,072 
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) 
 
 
 
1,340 
 
Illinois Finance Authority, Revenue Bonds, Edward Health Services Corporation, Series 2008A, 
2/18 at 100.00 
A (4) 
1,399,094 
 
 
5.500%, 2/01/40 (Pre-refunded 2/01/18) – AMBAC Insured 
 
 
 
2,500 
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A, 5.625%, 
1/18 at 100.00 
Baa2 (4) 
2,604,275 
 
 
1/01/37 (Pre-refunded 1/01/18) 
 
 
 
1,230 
 
Illinois Finance Authority, Revenue Bonds, Illinois Wesleyan University, Refunding Series 
9/26 at 100.00 
Baa1 
1,314,944 
 
 
2016, 5.000%, 9/01/46 
 
 
 
1,725 
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%, 5/15/43 
5/22 at 100.00 
Baa1 
1,608,442 
4,300 
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34 
4/19 at 100.00 
A1 
4,561,827 
15,805 
 
Illinois Finance Authority, Revenue Bonds, Mercy Health Corporation, Series 2016, 
6/26 at 100.00 
A3 
16,634,763 
 
 
5.000%, 12/01/46 
 
 
 
1,630 
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013, 
8/22 at 100.00 
Aa2 
1,758,933 
 
 
5.000%, 8/15/37 
 
 
 
39,675 
 
Illinois Finance Authority, Revenue Bonds, Presence Health Network, Series 2016C, 
2/27 at 100.00 
BBB– 
33,088,157 
 
 
4.000%, 2/15/41 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A: 
 
 
 
25 
 
7.750%, 8/15/34 (Pre-refunded 8/15/19) 
8/19 at 100.00 
N/R (4) 
28,955 
2,475 
 
7.750%, 8/15/34 (Pre-refunded 8/15/19) 
8/19 at 100.00 
BBB– (4) 
2,874,614 
1,435 
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A, 
7/23 at 100.00 
A– 
1,633,346 
 
 
6.000%, 7/01/43 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B: 
 
 
 
320 
 
5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured 
5/18 at 100.00 
A2 (4) 
336,435 
4,680 
 
5.000%, 5/15/24 (Pre-refunded 5/15/18) – AGM Insured 
5/18 at 100.00 
A2 (4) 
4,920,365 
2,000 
 
Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group, 
5/25 at 100.00 
A+ 
1,982,180 
 
 
Series 2015A, 4.000%, 11/15/39 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, 
 
 
 
 
 
Refunding Series 2015C: 
 
 
 
560 
 
5.000%, 8/15/35 
8/25 at 100.00 
Baa1 
599,323 
6,140 
 
5.000%, 8/15/44 
8/25 at 100.00 
Baa1 
6,448,842 
5,725 
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series 
8/19 at 100.00 
N/R (4) 
6,539,324 
 
 
2009, 7.000%, 8/15/44 (Pre-refunded 8/15/19) 
 
 
 
8,960 
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 
8/21 at 100.00 
A2 
10,210,906 
 
 
8/15/41 – AGM Insured 
 
 
 
 
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, 
 
 
 
 
 
Series 2011C: 
 
 
 
1,150 
 
5.500%, 8/15/41 (Pre-refunded 2/15/21) 
2/21 at 100.00 
AA– (4) 
1,328,641 
4,500 
 
5.500%, 8/15/41 (Pre-refunded 2/15/21) (UB) (5) 
2/21 at 100.00 
AA– (4) 
5,199,030 
19,975 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A, 
10/21 at 100.00 
AA– 
21,537,045 
 
 
5.000%, 10/01/51 
 
 
 
20,000 
 
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2015A, 
10/25 at 100.00 
AA– 
21,952,600 
 
 
5.000%, 10/01/46 (UB) (5) 
 
 
 
4,065 
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc., 
5/17 at 100.00 
Baa3 
4,076,626 
 
 
Refunding Series 2007A, 5.250%, 5/01/34 
 
 
 
3,665 
 
Illinois Sports Facility Authority, State Tax Supported Bonds, Refunding Series 2014, 5.250%, 
6/24 at 100.00 
BBB– 
4,033,406 
 
 
6/15/31 – AGM Insured 
 
 
 
 
 
Illinois State, General Obligation Bonds, February Series 2014: 
 
 
 
3,200 
 
5.250%, 2/01/32 
2/24 at 100.00 
BBB 
3,267,584 
2,000 
 
5.250%, 2/01/33 
2/24 at 100.00 
BBB 
2,041,060 
1,575 
 
5.250%, 2/01/34 
2/24 at 100.00 
BBB 
1,603,602 
7,000 
 
5.000%, 2/01/39 
2/24 at 100.00 
BBB 
6,981,450 
5,000 
 
Illinois State, General Obligation Bonds, June Series 2016, 4.000%, 6/01/35 
6/26 at 100.00 
BBB 
4,217,300 
 
 
Illinois State, General Obligation Bonds, May Series 2014: 
 
 
 
510 
 
5.000%, 5/01/36 
5/24 at 100.00 
BBB 
509,959 
2,245 
 
5.000%, 5/01/39 
5/24 at 100.00 
BBB 
2,238,849 
 
 
Illinois State, General Obligation Bonds, November Series 2016: 
 
 
 
11,800 
 
5.000%, 11/01/40 
11/26 at 100.00 
BBB 
11,766,606 
13,200 
 
5.000%, 11/01/41 
11/26 at 100.00 
BBB 
13,143,240 
 
 
Illinois State, General Obligation Bonds, Refunding Series 2012: 
 
 
 
3,795 
 
5.000%, 8/01/21 
No Opt. Call 
BBB 
3,999,664 
1,725 
 
5.000%, 8/01/22 
No Opt. Call 
BBB 
1,818,133 
3,425 
 
5.000%, 8/01/23 
No Opt. Call 
BBB 
3,598,202 
1,095 
 
5.000%, 8/01/25 
8/22 at 100.00 
BBB 
1,128,496 
2,335 
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38 
7/23 at 100.00 
BBB 
2,417,729 
5,000 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A, 
1/23 at 100.00 
AA– 
5,526,900 
 
 
5.000%, 1/01/35 
 
 
 
18,920 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015A, 
7/25 at 100.00 
AA– 
20,842,461 
 
 
5.000%, 1/01/40 
 
 
 
1,395 
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 
1/23 at 100.00 
AA– 
1,958,022 
 
 
2015-XF0051, 16.057%, 1/01/38 (IF) 
 
 
 
7,400 
 
Macon County School District 61 Decatur, Illinois, General Obligation Bonds, Series 2011A, 
1/21 at 100.00 
A2 
7,982,380 
 
 
5.250%, 1/01/37 – AGM Insured 
 
 
 
17,500 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
6/22 at 100.00 
BBB– 
17,737,475 
 
 
Refunding Series 2012B, 5.000%, 6/15/52 
 
 
 
540 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
12/25 at 100.00 
BBB– 
551,221 
 
 
Refunding Series 2015B, 5.000%, 6/15/52 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, 
 
 
 
 
 
Series 2015A: 
 
 
 
2,890 
 
0.000%, 12/15/52 
No Opt. Call 
BBB– 
363,793 
5,185 
 
5.000%, 6/15/53 
12/25 at 100.00 
BBB– 
5,292,744 
15,000 
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project 
6/20 at 100.00 
BBB– 
15,525,300 
 
 
Refunding Bonds, Series 2010A, 5.500%, 6/15/50 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
 
 
 
 
 
Project, Capital Appreciation Refunding Series 2010B-1: 
 
 
 
25,000 
 
0.000%, 6/15/44 – AGM Insured 
No Opt. Call 
BBB– 
6,092,500 
43,200 
 
0.000%, 6/15/45 – AGM Insured 
No Opt. Call 
BBB– 
9,970,992 
10,000 
 
0.000%, 6/15/46 – AGM Insured 
No Opt. Call 
BBB– 
2,185,500 
41,150 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
6/20 at 100.00 
BBB– 
41,515,823 
 
 
Project, Refunding Series 2010B-2, 5.000%, 6/15/50 
 
 
 
8,750 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
No Opt. Call 
A3 
5,296,113 
 
 
Project, Series 1994B, 0.000%, 6/15/28 – NPFG Insured 
 
 
 
 
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion 
 
 
 
 
 
Project, Series 2002A: 
 
 
 
18,000 
 
0.000%, 12/15/24 – NPFG Insured 
No Opt. Call 
BBB– 
13,047,300 
20,045 
 
0.000%, 12/15/35 – AGM Insured 
No Opt. Call 
BBB– 
7,885,703 
695 
 
Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2007, 4.700%, 
3/17 at 100.00 
AA 
695,619 
 
 
3/01/30 – RAAI Insured 
 
 
 
1,846 
 
Plano, Illinois, Special Tax Bonds, Special Service Area 1 & 2 Lakewood Springs Project, 
3/24 at 100.00 
AA 
1,981,201 
 
 
Refunding Series 2014, 5.000%, 3/01/34 – AGM Insured 
 
 
 
2,600 
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties, 
No Opt. Call 
Aa3 
3,402,750 
 
 
Illinois, General Obligation Bonds, Series 2000A, 6.500%, 7/01/30 – NPFG Insured 
 
 
 
3,900 
 
Rosemont Village, Illinois, General Obligation Bonds, Corporate Purpose Series 2011A, 5.600%, 
12/20 at 100.00 
A2 
4,189,185 
 
 
12/01/35 – AGM Insured 
 
 
 
7,025 
 
Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group, 
11/23 at 100.00 
AA 
9,127,091 
 
 
Inc., Series 2013, 7.625%, 11/01/48 
 
 
 
4,000 
 
Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2, 
No Opt. Call 
A3 
3,037,240 
 
 
Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured 
 
 
 
12,125 
 
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/40 – 
3/25 at 100.00 
A2 
13,314,948 
 
 
AGM Insured 
 
 
 
2,550 
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation 
No Opt. Call 
A3 
2,157,249 
 
 
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured 
 
 
 
780 
 
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation 
No Opt. Call 
A3 (4) 
691,704 
 
 
Bonds, Capital Appreciation Series 2004, 0.000%, 11/01/22 – NPFG Insured (ETM) 
 
 
 
6,390 
 
Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Capital 
No Opt. Call 
Aa3 
4,971,548 
 
 
Appreciation School Series 2004D, 0.000%, 11/01/24 – AGM Insured 
 
 
 
 
 
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General 
 
 
 
 
 
Obligation Bonds, Series 2011: 
 
 
 
930 
 
7.000%, 12/01/21 – AGM Insured 
12/20 at 100.00 
A2 
1,088,463 
1,035 
 
7.000%, 12/01/22 – AGM Insured 
12/20 at 100.00 
A2 
1,197,485 
1,155 
 
7.000%, 12/01/23 – AGM Insured 
12/20 at 100.00 
A2 
1,336,323 
1,065 
 
7.000%, 12/01/26 – AGM Insured 
12/20 at 100.00 
A2 
1,223,802 
 
 
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General 
 
 
 
 
 
Obligation Bonds, Series 2011: 
 
 
 
2,085 
 
7.250%, 12/01/29 (Pre-refunded 12/01/20) – AGM Insured 
12/20 at 100.00 
A2 (4) 
2,532,670 
2,295 
 
7.250%, 12/01/30 (Pre-refunded 12/01/20) – AGM Insured 
12/20 at 100.00 
A2 (4) 
2,787,759 
828,171 
 
Total Illinois 
 
 
722,629,070 
 
 
Indiana – 4.3% (2.7% of Total Investments) 
 
 
 
 
 
Allen County, Indiana, Economic Development Revenue Bonds, Fort Wayne Project, Senior 
 
 
 
 
 
Series 2017A-1: 
 
 
 
425 
 
6.625%, 1/15/34 (WI/DD, Settling 2/16/17) 
1/24 at 104.00 
N/R 
423,088 
675 
 
6.750%, 1/15/43 (WI/DD, Settling 2/16/17) 
1/24 at 104.00 
N/R 
673,306 
1,605 
 
Chesterton, Indiana, Economic Development Revenue Bonds, Storypoint Chesterton Project, Series 
No Opt. Call 
N/R 
1,556,898 
 
 
2016, 6.250%, 1/15/43 
 
 
 
2,640 
 
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point 
No Opt. Call 
A3 
2,201,866 
 
 
Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured 
 
 
 
12,040 
 
Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University 
10/24 at 100.00 
A2 
13,059,186 
 
 
Project, Series 2014, 5.000%, 10/01/44 
 
 
 
365 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
6/20 at 100.00 
Caa1 
357,470 
 
 
Corporation Project, Refunding Series 2010, 6.000%, 12/01/26 
 
 
 
125 
 
Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel 
No Opt. Call 
Caa1 
128,733 
 
 
Corporation Project, Refunding Series 2011, 6.000%, 12/01/19 
 
 
 
15,000 
 
Indiana Finance Authority, Health System Revenue Bonds, Franciscan Alliance, Inc Obligated 
11/25 at 100.00 
Aa3 
14,363,100 
 
 
Group, Series 2016A, 4.000%, 11/01/51 
 
 
 
10,190 
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series 
5/23 at 100.00 
10,928,469 
 
 
2012A, 5.000%, 5/01/42 
 
 
 
4,500 
 
Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric 
6/22 at 100.00 
Ba1 
4,456,665 
 
 
Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured 
 
 
 
5,000 
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B., 
12/20 at 100.00 
AA– 
5,494,400 
 
 
5.000%, 12/01/37 
 
 
 
13,880 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 
10/21 at 100.00 
A3 
15,361,968 
 
 
2011B, 5.000%, 10/01/41 
 
 
 
17,970 
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series 
10/24 at 100.00 
19,959,279 
 
 
2014A, 5.000%, 10/01/44 
 
 
 
2,250 
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint 
5/18 at 100.00 
Aa3 (4) 
2,368,463 
 
 
Francis Health Services Inc, Series 2006E, 5.250%, 5/15/41 (Pre-refunded 5/01/18) – AGM Insured 
 
 
 
5,000 
 
Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project 
1/20 at 100.00 
AA 
5,411,000 
 
 
Revenue Bonds, Series 2010F, 5.000%, 1/01/35 – AGM Insured 
 
 
 
 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E: 
 
 
 
10,000 
 
0.000%, 2/01/26 – AMBAC Insured 
No Opt. Call 
7,588,800 
20,000 
 
0.000%, 2/01/28 – AMBAC Insured 
No Opt. Call 
13,968,000 
2,855 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 
1/19 at 100.00 
A2 (4) 
3,090,880 
 
 
5.500%, 1/01/38 (Pre-refunded 1/01/19) – AGC Insured 
 
 
 
11,760 
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A, 
1/19 at 100.00 
A2 
12,680,220 
 
 
5.500%, 1/01/38 – AGC Insured 
 
 
 
1,500 
 
Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007, 5.800%, 
9/17 at 100.00 
N/R (4) 
1,542,975 
 
 
9/01/47 (Pre-refunded 9/01/17) 
 
 
 
137,780 
 
Total Indiana 
 
 
135,614,766 
 
 
Iowa – 3.2% (2.0% of Total Investments) 
 
 
 
10,000 
 
Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series 
2/23 at 100.00 
Aa3 
10,939,300 
 
 
2013A, 5.250%, 2/15/44 
 
 
 
 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
 
 
 
 
 
Project, Series 2013: 
 
 
 
21,280 
 
5.000%, 12/01/19 
No Opt. Call 
B– 
21,390,656 
10,685 
 
5.250%, 12/01/25 
12/23 at 100.00 
B– 
10,699,425 
18,290 
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company 
6/19 at 105.00 
18,537,647 
 
 
Project, Series 2016, 5.875%, 12/01/27 
 
 
 
 
 
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C: 
 
 
 
8,285 
 
5.375%, 6/01/38 
6/17 at 100.00 
B2 
7,969,176 
2,200 
 
5.500%, 6/01/42 
6/17 at 100.00 
B2 
2,145,242 
21,325 
 
5.625%, 6/01/46 
6/17 at 100.00 
B2 
20,935,606 
8,400 
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 
6/17 at 100.00 
B2 
8,399,748 
 
 
5.600%, 6/01/34 
 
 
 
100,465 
 
Total Iowa 
 
 
101,016,800 
 
 
Kansas – 0.7% (0.5% of Total Investments) 
 
 
 
1,240 
 
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health 
1/20 at 100.00 
AA– 
1,322,324 
 
 
Services Corporation, Series 2010A, 5.000%, 1/01/40 
 
 
 
8,140 
 
Kansas Development Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health 
1/20 at 100.00 
N/R (4) 
8,986,804 
 
 
Services Corporation, Series 2010A, 5.000%, 1/01/40 (Pre-refunded 1/01/20) 
 
 
 
 
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, 
 
 
 
 
 
Vacation Village Project Area 1 and 2A, Series 2015: 
 
 
 
5,500 
 
5.000%, 9/01/27 
9/25 at 100.00 
N/R 
5,433,065 
5,435 
 
5.750%, 9/01/32 
9/25 at 100.00 
N/R 
5,314,452 
2,595 
 
6.000%, 9/01/35 
9/25 at 100.00 
N/R 
2,513,050 
22,910 
 
Total Kansas 
 
 
23,569,695 
 
 
Kentucky – 2.5% (1.6% of Total Investments) 
 
 
 
4,565 
 
Christian County, Kentucky, Hospital Revenue Bonds, Jennie Stuart Medical Center, Series 2016, 
2/26 at 100.00 
BB+ 
4,514,374 
 
 
5.500%, 2/01/44 
 
 
 
6,675 
 
Kentucky Bond Development Corporation, Tax Increment Revenue Bonds, Summit Lexington Project, 
No Opt. Call 
N/R 
6,355,067 
 
 
Series 2016A, 4.400%, 10/01/24 
 
 
 
5,240 
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro 
6/20 at 100.00 
Baa3 
5,721,242 
 
 
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 
 
 
 
1,000 
 
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, 
6/18 at 100.00 
A3 
1,047,030 
 
 
Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 – AGC Insured 
 
 
 
 
 
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky 
 
 
 
 
 
Information Highway Project, Senior Series 2015A: 
 
 
 
4,345 
 
5.000%, 7/01/37 
7/25 at 100.00 
Baa2 
4,533,703 
7,370 
 
5.000%, 7/01/40 
7/25 at 100.00 
Baa2 
7,684,846 
10,245 
 
5.000%, 1/01/45 
7/25 at 100.00 
Baa2 
10,616,689 
 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
 
 
 
 
 
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C: 
 
 
 
4,360 
 
0.000%, 7/01/43 (7) 
7/31 at 100.00 
Baa3 
3,527,545 
7,510 
 
0.000%, 7/01/46 (7) 
7/31 at 100.00 
Baa3 
6,101,349 
 
 
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, 
 
 
 
 
 
Downtown Crossing Project, Series 2013A: 
 
 
 
2,390 
 
5.750%, 7/01/49 
7/23 at 100.00 
Baa3 
2,618,890 
480 
 
6.000%, 7/01/53 
7/23 at 100.00 
Baa3 
536,990 
 
 
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding 
 
 
 
 
 
Series 2009: 
 
 
 
715 
 
5.250%, 2/01/20 – AGC Insured 
2/19 at 100.00 
AA 
769,569 
1,135 
 
5.250%, 2/01/24 – AGC Insured 
2/19 at 100.00 
AA 
1,217,424 
 
 
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding 
 
 
 
 
 
Series 2009: 
 
 
 
5,560 
 
5.250%, 2/01/20 (Pre-refunded 2/01/19) – AGC Insured 
2/19 at 100.00 
AA (4) 
6,007,691 
8,865 
 
5.250%, 2/01/24 (Pre-refunded 2/01/19) – AGC Insured 
2/19 at 100.00 
AA (4) 
9,578,810 
76,470 
 
Total Kentucky 
 
 
77,385,464 
 
 
Louisiana – 2.0% (1.3% of Total Investments) 
 
 
 
3,175 
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing 
7/23 at 100.00 
N/R 
3,385,471 
 
 
(US) LLC Project, Series 2013, 6.000%, 7/01/36 
 
 
 
4,330 
 
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical 
1/21 at 100.00 
A2 (4) 
5,054,019 
 
 
Center, Refunding Series 2011A, 6.000%, 1/01/39 (Pre-refunded 1/01/21) – AGM Insured 
 
 
 
5,000 
 
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin’ Cajun Facilities 
10/20 at 100.00 
AA 
5,529,150 
 
 
Inc. Housing & Parking Project, Series 2010, 5.500%, 10/01/41 – AGM Insured 
 
 
 
1,455 
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our 
7/25 at 100.00 
A2 
1,580,814 
 
 
Lady Health System, Refunding Series 2015A, 5.000%, 7/01/39 
 
 
 
10,000 
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our 
No Opt. Call 
A+ 
11,421,800 
 
 
Lady Health System, Series 1998A, 5.750%, 7/01/25 – AGM Insured (UB) 
 
 
 
10,000 
 
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding 
10/33 at 100.00 
BBB+ 
7,667,400 
 
 
Series 2017, 0.000%, 10/01/46 (7) 
 
 
 
6,520 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/17 at 100.00 
Baa1 
6,573,855 
 
 
Series 2007A, 5.500%, 5/15/47 
 
 
 
2,480 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
5/17 at 100.00 
N/R (4) 
2,513,282 
 
 
Series 2007A, 5.500%, 5/15/47 (Pre-refunded 5/15/17) 
 
 
 
 
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, 
 
 
 
 
 
Series 2015: 
 
 
 
1,000 
 
4.250%, 5/15/40 
5/25 at 100.00 
Baa1 
1,010,400 
6,970 
 
5.000%, 5/15/47 
5/25 at 100.00 
Baa1 
7,441,451 
1,000 
 
New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 4.250%, 6/01/34 
6/24 at 100.00 
A– 
1,030,460 
10,185 
 
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A, 
6/17 at 100.00 
Ba1 
10,210,157 
 
 
5.125%, 6/01/37 
 
 
 
62,115 
 
Total Louisiana 
 
 
63,418,259 
 
 
Maine – 1.0% (0.6% of Total Investments) 
 
 
 
7,530 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
7/23 at 100.00 
Baa3 
7,550,180 
 
 
Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43 
 
 
 
 
 
Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical 
 
 
 
 
 
Center Obligated Group Issue, Series 2016A: 
 
 
 
5,280 
 
4.000%, 7/01/41 
7/26 at 100.00 
Baa3 
4,467,461 
5,565 
 
4.000%, 7/01/46 
7/26 at 100.00 
Baa3 
4,586,005 
1,050 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical 
7/21 at 100.00 
Ba2 
1,139,082 
 
 
Center, Series 2011, 6.750%, 7/01/41 
 
 
 
 
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth Issue, 
 
 
 
 
 
Series 2015: 
 
 
 
10,000 
 
5.000%, 7/01/39 
No Opt. Call 
A+ 
10,775,600 
1,790 
 
4.000%, 7/01/44 
No Opt. Call 
A+ 
1,769,361 
31,215 
 
Total Maine 
 
 
30,287,689 
 
 
 
Maryland – 1.4% (0.9% of Total Investments) 
 
 
 
5,345 
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%, 
3/17 at 100.00 
BB 
5,356,492 
 
 
9/01/28 – SYNCORA GTY Insured 
 
 
 
2,500 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist 
1/22 at 100.00 
Baa3 
2,824,550 
 
 
Healthcare, Series 2011A, 6.000%, 1/01/26 
 
 
 
13,315 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist 
1/27 at 100.00 
Baa3 
14,616,009 
 
 
Healthcare, Series 2016A, 5.500%, 1/01/46 
 
 
 
10,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health 
7/25 at 100.00 
A+ 
10,985,600 
 
 
System, Series 2015, 5.000%, 7/01/47 
 
 
 
2,500 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional 
7/24 at 100.00 
2,677,225 
 
 
Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45 
 
 
 
3,000 
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of 
7/22 at 100.00 
A– 
3,252,540 
 
 
Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43 
 
 
 
 
 
Prince George’s County Revenue Authority, Maryland, Special Obligation Bonds, Suitland-Naylor 
 
 
 
 
 
Road Project, Series 2016: 
 
 
 
2,000 
 
4.750%, 7/01/36 
1/26 at 100.00 
N/R 
1,904,820 
2,300 
 
5.000%, 7/01/46 
1/26 at 100.00 
N/R 
2,188,450 
40,960 
 
Total Maryland 
 
 
43,805,686 
 
 
Massachusetts – 2.9% (1.8% of Total Investments) 
 
 
 
9,500 
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, 
1/20 at 100.00 
Aa2 
10,374,095 
 
 
Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35 
 
 
 
3,125 
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, 
1/20 at 100.00 
A3 
3,376,344 
 
 
Refunding Senior Lien Series 2010B, 5.000%, 1/01/37 
 
 
 
 
 
Massachusetts Development Finance Agency Revenue Bonds, Lawrence General Hospital Issue, 
 
 
 
 
 
Series 2014A: 
 
 
 
2,245 
 
5.250%, 7/01/34 
7/24 at 100.00 
BB+ 
2,370,383 
6,195 
 
5.500%, 7/01/44 
7/24 at 100.00 
BB+ 
6,577,727 
14,555 
 
Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds, Covanta 
11/17 at 100.00 
BB– 
14,603,032 
 
 
Energy Project, Series 2012B, 4.875%, 11/01/42 
 
 
 
1,270 
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green 
No Opt. Call 
BBB 
1,326,706 
 
 
Bonds, Series 2015D, 5.000%, 7/01/44 
 
 
 
 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015: 
 
 
 
2,950 
 
5.000%, 1/01/45 
1/25 at 100.00 
Baa2 
3,091,246 
4,020 
 
4.500%, 1/01/45 
1/25 at 100.00 
Baa2 
4,033,145 
6,200 
 
Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A, 
10/26 at 100.00 
Baa2 
5,761,908 
 
 
4.000%, 10/01/46 
 
 
 
6,000 
 
Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, 
No Opt. Call 
A+ 
7,801,260 
 
 
Series 2002A, 5.750%, 1/01/42 – AMBAC Insured 
 
 
 
500 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc., 
7/18 at 100.00 
A– (4) 
528,865 
 
 
Series 2008E-1 &2, 5.125%, 7/01/38 (Pre-refunded 7/01/18) 
 
 
 
5,330 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University, 
12/19 at 100.00 
AAA 
7,024,034 
 
 
Tender Option Bond Trust 2016-XL0017, 12.366%, 12/15/34 (Pre-refunded 12/15/19) (IF) (5) 
 
 
 
1,000 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye 
7/20 at 100.00 
BBB– 
1,066,500 
 
 
and Ear Infirmary, Series 2010C, 5.375%, 7/01/35 
 
 
 
7,405 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts 
No Opt. Call 
AAA 
9,665,672 
 
 
Institute of Technology, Series 2002K, 5.500%, 7/01/32 (UB) (5) 
 
 
 
3,335 
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts 
7/17 at 100.00 
AAA 
3,513,889 
 
 
Institute of Technology, Tender Option Bond Trust 2016-XG0029, 12.470%, 7/01/38 
 
 
 
 
 
(Pre-refunded 7/01/17) (IF) 
 
 
 
2,300 
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk 
7/19 at 100.00 
BBB 
2,474,225 
 
 
University Issue, Series 2009A, 5.750%, 7/01/39 
 
 
 
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 
 
 
 
425 
 
Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Subordinate 
2/17 at 100.00 
AAA 
426,666 
 
 
Series 1999A, 5.750%, 8/01/29 
 
 
 
1,245 
 
Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 
11/20 at 100.00 
A3 
1,378,377 
 
 
2010B, 5.000%, 11/15/30 – AGC Insured 
 
 
 
82,160 
 
Total Massachusetts 
 
 
90,511,899 
 
 
Michigan – 3.4% (2.1% of Total Investments) 
 
 
 
5,490 
 
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Series 2001A, 
No Opt. Call 
AA– 
6,589,812 
 
 
6.000%, 5/01/29 – AGM Insured (UB) 
 
 
 
2,985 
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds, 
7/22 at 100.00 
A– 
3,222,278 
 
 
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39 
 
 
 
2,150 
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%, 
7/18 at 100.00 
A– (4) 
2,282,290 
 
 
7/01/36 (Pre-refunded 7/01/18) – BHAC Insured 
 
 
 
1,500 
 
Grand Traverse County Hospital Financal Authority, Michigan, Revenue Bonds, Munson Healthcare, 
No Opt. Call 
A1 
1,609,335 
 
 
Series 2014A, 5.000%, 7/01/47 
 
 
 
895 
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson 
5/20 at 100.00 
A2 
958,447 
 
 
Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured 
 
 
 
1,105 
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson 
5/20 at 100.00 
A2 (4) 
1,242,042 
 
 
Methodist Hospital, Series 2010, 5.250%, 5/15/36 (Pre-refunded 5/15/20) – AGM Insured 
 
 
 
1,825 
 
Marysville Public School District, Saint Clair County, Michigan, General Obligation Bonds, 
5/17 at 100.00 
AA (4) 
1,844,309 
 
 
School Building & Site Series 2007, 5.000%, 5/01/28 (Pre-refunded 5/01/17) – AGM Insured 
 
 
 
 
 
Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding 
 
 
 
 
 
Series 2015: 
 
 
 
4,495 
 
4.000%, 11/15/35 
5/25 at 100.00 
A+ 
4,539,051 
2,550 
 
4.000%, 11/15/36 
5/25 at 100.00 
A+ 
2,567,799 
3,240 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 
12/21 at 100.00 
AA– 
3,633,174 
 
 
5.000%, 12/01/39 
 
 
 
10 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011, 
12/21 at 100.00 
N/R (4) 
11,567 
 
 
5.000%, 12/01/39 (Pre-refunded 12/01/21) 
 
 
 
10,000 
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Series 2016MI, 5.000%, 
6/26 at 100.00 
AA– 
10,968,000 
 
 
12/01/45 (UB) (5) 
 
 
 
500 
 
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B, 
2/17 at 100.00 
AAA 
509,245 
 
 
5.000%, 7/01/22 
 
 
 
3,770 
 
Michigan Housing Development Authority, Rental Housing Revenue Bonds, Series 2012D, 
4/22 at 100.00 
AA 
3,776,899 
 
 
3.650%, 10/01/32 
 
 
 
4,000 
 
Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 
1/22 at 100.00 
BBB 
4,196,840 
 
 
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding 
 
 
 
 
 
Series 2011-II-A: 
 
 
 
2,750 
 
5.375%, 10/15/36 
10/21 at 100.00 
A+ 
3,062,483 
8,260 
 
5.375%, 10/15/41 
10/21 at 100.00 
A+ 
9,187,020 
 
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, 
 
 
 
 
 
Refunding Series 2009: 
 
 
 
5,500 
 
5.625%, 11/15/29 (Pre-refunded 11/15/19) 
11/19 at 100.00 
A3 (4) 
6,139,320 
10,585 
 
5.750%, 11/15/39 (Pre-refunded 11/15/19) 
11/19 at 100.00 
A3 (4) 
11,851,495 
13,855 
 
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 
6/22 at 100.00 
AA– 
14,755,991 
 
 
2009C, 5.000%, 12/01/48 
 
 
 
3,050 
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, 
6/18 at 100.00 
B2 
3,068,758 
 
 
Series 2008A, 6.875%, 6/01/42 
 
 
 
1,150 
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont 
9/18 at 100.00 
Aaa 
1,278,490 
 
 
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18) 
 
 
 
 
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County 
 
 
 
 
 
Airport, Series 2015D: 
 
 
 
3,550 
 
5.000%, 12/01/40 
12/25 at 100.00 
A– 
3,872,518 
3,600 
 
5.000%, 12/01/45 
12/25 at 100.00 
A– 
3,912,948 
96,815 
 
Total Michigan 
 
 
105,080,111 
 
 
Minnesota – 0.9% (0.6% of Total Investments) 
 
 
 
 
 
Baytown Township, Minnesota Charter School Lease Revenue Bonds, Saint Croix Preparatory 
 
 
 
 
 
Academy, Refunding Series 2016A: 
 
 
 
155 
 
4.000%, 8/01/36 
8/26 at 100.00 
BB+ 
131,192 
440 
 
4.000%, 8/01/41 
8/26 at 100.00 
BB+ 
360,466 
2,000 
 
Brooklyn Park, Minnesota, Charter School Lease Revenue Bonds, Prairie Seeds Academy Project, 
3/25 at 100.00 
BB+ 
2,003,860 
 
 
Refunding Series 2015A, 5.000%, 3/01/34 
 
 
 
1,720 
 
Deephaven, Minnesota, Charter School Lease Revenue Bonds, Eagle Ridge Academy Project, Series 
7/25 at 100.00 
BB+ 
1,760,609 
 
 
2015A, 5.500%, 7/01/50 
 
 
 
4,250 
 
Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital 
5/17 at 100.00 
Baa1 
4,277,838 
 
 
Corporation, Series 2007, 5.250%, 5/01/37 
 
 
 
1,410 
 
Minneapolis, Minnesota, Charter School Lease Revenue Bonds, Hiawatha Academies Project, Series 
7/24 at 102.00 
N/R 
1,278,926 
 
 
2016A, 5.000%, 7/01/47 
 
 
 
4,625 
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 
11/18 at 100.00 
A2 
4,997,174 
 
 
2008B, 6.500%, 11/15/38 – AGC Insured 
 
 
 
840 
 
Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series 
11/18 at 100.00 
A2 (4) 
920,119 
 
 
2008B, 6.500%, 11/15/38 (Pre-refunded 11/15/18) – AGC Insured 
 
 
 
1,000 
 
Minneapolis-Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Revenue 
8/20 at 100.00 
A2 
1,060,820 
 
 
Bonds, Children’s Health Care, Series 2004A-1 Remarketed, 4.625%, 8/15/29 – AGM Insured 
 
 
 
 
 
Saint Cloud, Minnesota, Charter School Lease Revenue Bonds, Stride Academy Project, 
 
 
 
 
 
Series 2016A: 
 
 
 
405 
 
5.000%, 4/01/36 
4/26 at 100.00 
B– 
354,189 
605 
 
5.000%, 4/01/46 
4/26 at 100.00 
B– 
502,646 
2,500 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Health Care Facility Revenue Bonds, 
7/25 at 100.00 
2,530,275 
 
 
HealthPartners Obligated Group, Refunding Series 2015A, 4.000%, 7/01/35 
 
 
 
235 
 
Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds, 
4/23 at 100.00 
N/R 
235,115 
 
 
2700 University at Westgate Station, Series 2015B, 4.250%, 4/01/25 
 
 
 
 
 
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast 
 
 
 
 
 
Inc., Series 2015A: 
 
 
 
900 
 
5.250%, 11/15/35 
11/20 at 100.00 
BB+ 
955,710 
2,785 
 
5.000%, 11/15/40 
11/25 at 100.00 
BB+ 
2,957,670 
3,190 
 
5.000%, 11/15/44 
11/25 at 100.00 
BB+ 
3,375,754 
27,060 
 
Total Minnesota 
 
 
27,702,363 
 
 
Mississippi – 0.2% (0.1% of Total Investments) 
 
 
 
5,445 
 
Mississippi Development Bank, Special Obligation Bonds, Gulfport Water and Sewer System 
No Opt. Call 
A2 
6,242,638 
 
 
Project, Series 2005, 5.250%, 7/01/24 – AGM Insured 
 
 
 
 
 
Missouri – 1.9% (1.2% of Total Investments) 
 
 
 
890 
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales 
10/18 at 100.00 
Aa3 
941,371 
 
 
Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28 
 
 
 
2,820 
 
Chesterfield Valley Transportation Development District, Missouri, Transportation Sales Tax 
5/23 at 100.00 
A– 
2,755,507 
 
 
Revenue Bonds, Series 2015, 3.625%, 5/15/31 
 
 
 
 
 
Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway 
 
 
 
 
 
Center Community Improvement District, Senior Refunding & Improvement Series 2016: 
 
 
 
400 
 
5.000%, 4/01/36 
4/26 at 100.00 
N/R 
368,976 
1,520 
 
5.000%, 4/01/46 
4/26 at 100.00 
N/R 
1,329,407 
15,000 
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 
No Opt. Call 
A1 
10,149,600 
 
 
2004B-1, 0.000%, 4/15/28 – AMBAC Insured 
 
 
 
 
 
Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty 
 
 
 
 
 
Commons Project, Series 2015A: 
 
 
 
1,575 
 
5.750%, 6/01/35 
6/25 at 100.00 
N/R 
1,517,198 
1,055 
 
6.000%, 6/01/46 
6/25 at 100.00 
N/R 
1,014,836 
2,460 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
5/23 at 100.00 
BBB 
2,657,882 
 
 
Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 
 
 
 
 
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, 
 
 
 
 
 
Saint Louis College of Pharmacy, Series 2015B: 
 
 
 
1,410 
 
5.000%, 5/01/40 
11/23 at 100.00 
BBB 
1,468,882 
2,000 
 
5.000%, 5/01/45 
11/23 at 100.00 
BBB 
2,077,580 
6,665 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC 
No Opt. Call 
AA 
6,737,049 
 
 
Health System, Series 2015A, 4.000%, 1/01/45 
 
 
 
8,315 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
11/23 at 100.00 
A2 
8,927,233 
 
 
CoxHealth, Series 2013A, 5.000%, 11/15/48 
 
 
 
2,250 
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, 
2/22 at 100.00 
A1 
2,417,558 
 
 
Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43 
 
 
 
1,010 
 
Plaza at Noah’s Ark Community Improvement District, Saint Charles, Missouri, Tax Increment and 
5/21 at 100.00 
N/R 
1,020,969 
 
 
Improvement District Revenue Bonds, Series 2015, 5.000%, 5/01/30 
 
 
 
4,125 
 
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series 
No Opt. Call 
BBB+ 
4,980,071 
 
 
2005, 5.500%, 7/01/29 – NPFG Insured 
 
 
 
15,350 
 
Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park 
No Opt. Call 
N/R 
8,549,950 
 
 
Projects, Series 2000A, 0.000%, 6/01/30 – AMBAC Insured 
 
 
 
405 
 
St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village 
9/23 at 100.00 
A– 
451,530 
 
 
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: 
 
 
 
1,550 
 
5.000%, 12/01/35 
12/25 at 100.00 
N/R 
1,518,411 
455 
 
5.125%, 12/01/45 
12/25 at 100.00 
N/R 
442,283 
69,255 
 
Total Missouri 
 
 
59,326,293 
 
 
Montana – 0.1% (0.1% of Total Investments) 
 
 
 
125 
 
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated 
2/27 at 100.00 
A– 
115,463 
 
 
Group, Refunding Series 2016, 3.500%, 2/15/37 
 
 
 
3,000 
 
Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated 
1/21 at 100.00 
A2 (4) 
3,480,690 
 
 
Group, Series 2011A, 5.750%, 1/01/31 (Pre-refunded 1/01/21) – AGM Insured 
 
 
 
3,125 
 
Total Montana 
 
 
3,596,153 
 
 
Nebraska – 0.8% (0.5% of Total Investments) 
 
 
 
4,435 
 
Central Plains Energy Project, Nebraska, Gas Project 3 Revenue Bonds, Series 2012, 
9/22 at 100.00 
BBB+ 
4,776,628 
 
 
5.000%, 9/01/32 
 
 
 
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 3, Nebraska, Health Facilities Revenue Bonds, Nebraska 
 
 
 
 
 
Methodist Health System, Refunding Series 2015: 
 
 
 
2,090 
 
4.125%, 11/01/36 
11/25 at 100.00 
A– 
2,094,473 
2,325 
 
5.000%, 11/01/48 
11/25 at 100.00 
A– 
2,485,193 
4,010 
 
Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great 
No Opt. Call 
A– 
4,252,886 
 
 
Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42 
 
 
 
5,000 
 
Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series 
4/19 at 100.00 
A (4) 
5,447,900 
 
 
2009A, 5.375%, 4/01/39 (Pre-refunded 4/01/19) – BHAC Insured 
 
 
 
6,000 
 
Scotts Bluff County Hospital Authority 1, Nebraska, Hospital Revenue Bonds, Regional West 
2/27 at 100.00 
BBB+ 
6,304,920 
 
 
Medical Center Project, Refunding & Improvement Series 2016A, 5.250%, 2/20/37 
 
 
 
24,440 
 
Total Nebraska 
 
 
25,982,664 
 
 
Nevada – 2.0% (1.3% of Total Investments) 
 
 
 
5,350 
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 – 
7/19 at 100.00 
A1 
5,824,117 
 
 
AGM Insured 
 
 
 
 
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran 
 
 
 
 
 
International Airport, Series 2010A: 
 
 
 
24,020 
 
5.250%, 7/01/39 – AGM Insured 
1/20 at 100.00 
A1 
26,014,381 
14,515 
 
5.250%, 7/01/42 
1/20 at 100.00 
A+ 
15,711,617 
1,000 
 
Las Vegas, Neveda, Sales Tax Increment Revenue Bonds, Symphony Park Tourism Improvement 
6/21 at 100.00 
N/R 
898,690 
 
 
District, Series 2016, 4.375%, 6/15/35 
 
 
 
2,280 
 
North Las Veags, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006, 
4/17 at 100.00 
B+ 
2,280,570 
 
 
5.000%, 10/01/25 – NPFG Insured 
 
 
 
10,000 
 
Reno, Nevada, Health Facilty Revenue Bonds, Catholic Healthcare West, Series 2007A, 5.250%, 
7/17 at 100.00 
A (4) 
10,186,800 
 
 
7/01/31 – BHAC Insured (Pre-refunded 7/01/17) (UB) (5) 
 
 
 
1,100 
 
Washoe County, Nevada, Highway Revenue, Motor Vehicle Fuel Tax Bonds, Series 2013, 
2/19 at 100.00 
A+ 
1,164,933 
 
 
5.000%, 2/01/38 
 
 
 
58,265 
 
Total Nevada 
 
 
62,081,108 
 
 
New Hampshire – 0.2% (0.1% of Total Investments) 
 
 
 
5,000 
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group 
10/19 at 100.00 
BBB (4) 
5,633,700 
 
 
Issue, Series 2009A, 6.125%, 10/01/39 (Pre-refunded 10/01/19) 
 
 
 
500 
 
New Hampshire Health and Education Facilities Authority, Revenue Bonds, Kendal at Hanover, 
10/26 at 100.00 
BBB+ 
529,850 
 
 
Series 2016, 5.000%, 10/01/40 
 
 
 
5,500 
 
Total New Hampshire 
 
 
6,163,550 
 
 
New Jersey – 7.9% (5.0% of Total Investments) 
 
 
 
 
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, 
 
 
 
 
 
Series 2004A: 
 
 
 
5,550 
 
5.000%, 7/01/22 – NPFG Insured 
7/17 at 100.00 
A3 
5,683,422 
5,550 
 
5.000%, 7/01/23 – NPFG Insured 
7/17 at 100.00 
A3 
5,683,422 
7,800 
 
5.000%, 7/01/29 – NPFG Insured 
7/17 at 100.00 
A3 
7,987,512 
 
 
New Jersey Economic Development Authority, School Facilities Construction Bonds, 
 
 
 
 
 
Series 2005N-1: 
 
 
 
6,835 
 
5.500%, 9/01/24 – AMBAC Insured 
No Opt. Call 
BBB+ 
7,459,172 
5,000 
 
5.500%, 9/01/28 – NPFG Insured 
No Opt. Call 
A3 
5,803,850 
5,125 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
No Opt. Call 
BBB+ 
5,418,663 
 
 
Bonds, Refunding Series 2013NN, 5.000%, 3/01/23 
 
 
 
11,975 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
6/25 at 100.00 
BBB+ 
12,152,470 
 
 
Bonds, Refunding Series 2015WW, 5.250%, 6/15/40 
 
 
 
 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
 
 
 
 
 
Bonds, Refunding Series 2016BBB: 
 
 
 
34,310 
 
5.500%, 6/15/29 
12/26 at 100.00 
BBB+ 
36,800,220 
2,110 
 
5.500%, 6/15/30 
12/26 at 100.00 
BBB+ 
2,253,396 
2,335 
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program 
No Opt. Call 
BBB+ 
2,458,965 
 
 
Bonds, Series 2012K-K, 5.000%, 3/01/23 
 
 
 
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 
 
 
 
1,500 
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters 
7/18 at 100.00 
BB+ 
1,543,995 
 
 
University Hospital, Series 2007, 5.750%, 7/01/37 
 
 
 
2,325 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, 
7/24 at 100.00 
A+ 
2,519,417 
 
 
Refunding Series 2014A, 5.000%, 7/01/44 
 
 
 
1,610 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health 
7/26 at 100.00 
A+ 
1,752,372 
 
 
Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 
 
 
 
610 
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital 
7/25 at 100.00 
BBB 
650,962 
 
 
Issue, Refunding Series 2015A, 5.000%, 7/01/46 – AGM Insured 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, 
 
 
 
 
 
Series 2016A-1: 
 
 
 
5,945 
 
5.000%, 6/15/27 
6/26 at 100.00 
A3 
6,416,617 
4,000 
 
5.000%, 6/15/28 
6/26 at 100.00 
A3 
4,269,160 
2,015 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital 
No Opt. Call 
BBB+ 
1,261,390 
 
 
Appreciation Series 2010A, 0.000%, 12/15/26 
 
 
 
2,150 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 
No Opt. Call 
BBB+ 
2,299,490 
 
 
2006A, 5.250%, 12/15/20 
 
 
 
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 
 
 
 
3,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 
No Opt. Call 
BBB+ 
2,991,270 
 
 
5.000%, 6/15/42 
 
 
 
10,000 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA, 
6/23 at 100.00 
BBB+ 
9,955,100 
 
 
5.000%, 6/15/44 
 
 
 
10,040 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2014AA, 
6/24 at 100.00 
BBB+ 
9,994,920 
 
 
5.000%, 6/15/44 
 
 
 
 
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2015AA: 
 
 
 
13,680 
 
4.750%, 6/15/38 
6/25 at 100.00 
BBB+ 
13,163,717 
5,245 
 
5.250%, 6/15/41 
6/25 at 100.00 
BBB+ 
5,322,731 
8,230 
 
5.000%, 6/15/45 
6/25 at 100.00 
BBB+ 
8,180,126 
33,200 
 
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 – 
No Opt. Call 
A2 
40,161,044 
 
 
AGM Insured 
 
 
 
200 
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 
7/22 at 100.00 
278,824 
 
 
15.195%, 1/01/43 (IF) (5) 
 
 
 
1,135 
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 
5/23 at 100.00 
A+ 
1,264,129 
 
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, 
 
 
 
 
 
Series 2007-1A: 
 
 
 
1,460 
 
4.500%, 6/01/23 
6/17 at 100.00 
BB 
1,487,390 
1,580 
 
4.625%, 6/01/26 
6/17 at 100.00 
B+ 
1,585,562 
19,150 
 
5.000%, 6/01/29 
6/17 at 100.00 
18,736,743 
11,495 
 
4.750%, 6/01/34 
6/17 at 100.00 
B– 
10,207,445 
1,330 
 
Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds, 
No Opt. Call 
A2 
1,587,834 
 
 
Series 2005, 5.250%, 1/01/26 – AGM Insured 
 
 
 
247,090 
 
Total New Jersey 
 
 
246,989,470 
 
 
New Mexico – 0.4% (0.3% of Total Investments) 
 
 
 
13,600 
 
University of New Mexico, Revenue Bonds, System Improvement Subordinated Lien Series 2007A, 
6/17 at 100.00 
AA (4) 
13,792,304 
 
 
5.000%, 6/01/36 (Pre-refunded 6/01/17) – AGM Insured 
 
 
 
 
 
New York – 5.4% (3.4% of Total Investments) 
 
 
 
705 
 
Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, 
7/25 at 100.00 
BBB+ 
666,056 
 
 
Catholic Health System, Inc. Project, Series 2015, 4.000%, 7/01/45 
 
 
 
5,810 
 
Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc., 
9/25 at 100.00 
N/R 
6,232,038 
 
 
Series 2015, 5.500%, 9/01/45 
 
 
 
2,250 
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of 
No Opt. Call 
A3 
2,628,630 
 
 
Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured 
 
 
 
 
 
Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount 
 
 
 
 
 
Sinai, Refunding Series 2015A: 
 
 
 
400 
 
4.000%, 7/01/40 
7/25 at 100.00 
A– 
400,556 
4,070 
 
5.000%, 7/01/45 
7/25 at 100.00 
A– 
4,367,314 
7,225 
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell 
7/20 at 100.00 
AA 
7,981,385 
 
 
University, Series 2010A, 5.000%, 7/01/35 
 
 
 
5,005 
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Vassar 
7/17 at 100.00 
AA– 
5,078,874 
 
 
College, Series 2007, 5.000%, 7/01/46 
 
 
 
 
 
Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center 
 
 
 
 
 
Obligated Group, Series 2015: 
 
 
 
2,700 
 
5.000%, 12/01/40 
No Opt. Call 
BB+ 
2,855,277 
5,600 
 
5.000%, 12/01/45 
No Opt. Call 
BB+ 
5,901,896 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General 
2/19 at 100.00 
Aa1 (4) 
5,388 
 
 
Purpose, Series 2009A, 5.000%, 2/15/39 (Pre-refunded 2/15/19) 
 
 
 
 
 
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Tender 
 
 
 
 
 
Option Bond Trust 2016-XF0525: 
 
 
 
1,998 
 
12.343%, 2/15/39 (IF) 
2/19 at 100.00 
AA+ 
2,402,054 
1,335 
 
12.333%, 2/15/39 (IF) 
2/19 at 100.00 
AA+ 
1,605,030 
 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 
 
 
 
 
 
Series 2011A: 
 
 
 
850 
 
5.750%, 2/15/47 
2/21 at 100.00 
963,144 
2,400 
 
5.250%, 2/15/47 
2/21 at 100.00 
2,655,816 
 
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A: 
 
 
 
2,185 
 
5.000%, 2/15/47 – FGIC Insured 
2/17 at 100.00 
2,201,650 
10,955 
 
4.500%, 2/15/47 – NPFG Insured 
2/17 at 100.00 
A2 
10,976,034 
 
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A: 
 
 
 
550 
 
4.000%, 9/01/39 – AGM Insured 
9/24 at 100.00 
A– 
562,271 
390 
 
5.000%, 9/01/44 
9/24 at 100.00 
A– 
428,111 
6,075 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 
5/21 at 100.00 
A– 
6,678,491 
 
 
5/01/36 – AGM Insured 
 
 
 
10,000 
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A, 
9/22 at 100.00 
A– 
10,812,400 
 
 
5.000%, 9/01/42 
 
 
 
4,315 
 
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue 
2/21 at 100.00 
AA 
4,846,177 
 
 
Bonds, Unity Hospital of Rochester Project, Series 2010, 5.500%, 8/15/40 
 
 
 
1,000 
 
Nassau County Local Economic Assistance Corporation, New York, Revenue Bonds, Catholic Health 
7/24 at 100.00 
BBB+ 
1,086,320 
 
 
Services of Long Island Obligated Group Project, Series 2014, 5.000%, 7/01/31 
 
 
 
1,665 
 
Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 100.00 
B– 
1,574,274 
 
 
Series 2006A-3, 5.000%, 6/01/35 
 
 
 
4,050 
 
New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project 
3/19 at 100.00 
A3 
4,493,718 
 
 
PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured 
 
 
 
11,570 
 
New York City Municipal Water Authority, Water and Sewer System Second General Resolution 
6/25 at 100.00 
AA+ 
13,106,727 
 
 
Revenue Bonds, Fiscal 2016, Series 2015BB-1, 5.000%, 6/15/46 (UB) 
 
 
 
 
 
New York City, New York, General Obligation Bonds, Fiscal Series 2002G: 
 
 
 
10 
 
5.000%, 8/01/17 
2/17 at 100.00 
AA 
10,035 
75 
 
5.750%, 8/01/18 
2/17 at 100.00 
AA 
75,310 
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 – 
4/17 at 100.00 
AA 
5,017 
 
 
FGIC Insured 
 
 
 
31,615 
 
New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade 
11/24 at 100.00 
N/R 
33,032,617 
 
 
Center Project, Class 1 Series 2014, 5.000%, 11/15/44 
 
 
 
55 
 
New York State Housing Finance Agency, Mortgage Revenue Refunding Bonds, Housing Project, 
5/17 at 100.00 
A2 
55,153 
 
 
Series 1996A, 6.125%, 11/01/20 – AGM Insured 
 
 
 
5,655 
 
Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital 
7/22 at 100.00 
N/R (4) 
6,616,802 
 
 
Health Center Project, Series 2012, 5.000%, 7/01/42 (Pre-refunded 7/01/22) 
 
 
 
 
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air 
 
 
 
 
 
Terminal LLC Project, Eighth Series 2010: 
 
 
 
8,550 
 
5.500%, 12/01/31 
12/20 at 100.00 
BBB 
9,468,527 
3,155 
 
6.000%, 12/01/36 
12/20 at 100.00 
BBB 
3,563,888 
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 
 
 
 
 
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding 
 
 
 
 
 
Subordinate Lien Series 2013A: 
 
 
 
2,430 
 
0.000%, 11/15/31 
No Opt. Call 
A+ 
1,435,523 
1,435 
 
0.000%, 11/15/32 
No Opt. Call 
A+ 
811,062 
10,360 
 
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 
No Opt. Call 
N/R 
10,375,022 
1,190 
 
Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester 
11/25 at 100.00 
BBB 
1,253,689 
 
 
Medical Center Obligated Group Project, Refunding Series 2016, 5.000%, 11/01/46 
 
 
 
160,143 
 
Total New York 
 
 
170,025,901 
 
 
North Carolina – 1.0% (0.6% of Total Investments) 
 
 
 
3,000 
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA 
1/18 at 100.00 
AA– (4) 
3,116,280 
 
 
Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47 (Pre-refunded 1/15/18) 
 
 
 
1,255 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University 
6/19 at 100.00 
Aa2 (4) 
1,365,151 
 
 
Health System, Series 2009A, 5.000%, 6/01/39 (Pre-refunded 6/01/19) 
 
 
 
10,000 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University 
6/22 at 100.00 
AA 
11,056,400 
 
 
Health System, Series 2012A, 5.000%, 6/01/42 
 
 
 
4,715 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Vidant Health, 
6/22 at 100.00 
A+ 
5,111,060 
 
 
Refunding Series 2012A, 5.000%, 6/01/36 
 
 
 
2,150 
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, 
10/22 at 100.00 
A2 
2,340,877 
 
 
Refunding Series 2012A, 5.000%, 10/01/38 
 
 
 
 
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s 
 
 
 
 
 
Health System, Series 2007 
 
 
 
1,495 
 
4.500%, 10/01/31 (Pre-refunded 10/01/17) (UB) 
10/17 at 100.00 
N/R (4) 
1,531,583 
2,505 
 
4.500%, 10/01/31 (UB) 
10/17 at 100.00 
AA– 
2,544,704 
 
 
North Carolina Turnpike Authority, Monroe Expressway Toll Revenue Bonds, Series 2017A: 
 
 
 
1,330 
 
5.000%, 7/01/47 
7/26 at 100.00 
BBB– 
1,438,887 
1,690 
 
5.000%, 7/01/54 
7/26 at 100.00 
BBB– 
1,807,556 
540 
 
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009, 6.000%, 6/01/34 
6/19 at 100.00 
A2 (4) 
599,654 
 
 
(Pre-refunded 6/01/19) – AGC Insured 
 
 
 
830 
 
University of North Carolina, Greensboro, General Revenue Bonds, Series 2014, 5.000%, 4/01/39 
4/24 at 100.00 
A+ 
921,599 
29,510 
 
Total North Carolina 
 
 
31,833,751 
 
 
North Dakota – 0.6% (0.4% of Total Investments) 
 
 
 
 
 
Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated 
 
 
 
 
 
Group, Series 2012: 
 
 
 
7,000 
 
5.000%, 12/01/29 
12/21 at 100.00 
Baa1 
7,564,690 
3,000 
 
5.000%, 12/01/32 
12/21 at 100.00 
Baa1 
3,202,500 
2,245 
 
5.000%, 12/01/35 
12/21 at 100.00 
Baa1 
2,379,094 
 
 
Williston Parks and Recreation District, North Dakota, Sales Tax & Gross Revenue Bonds, 
 
 
 
 
 
Series 2012A: 
 
 
 
600 
 
3.000%, 3/01/18 
No Opt. Call 
BBB– 
600,024 
970 
 
4.000%, 3/01/19 
No Opt. Call 
BBB– 
988,352 
1,085 
 
5.000%, 3/01/21 
No Opt. Call 
BBB– 
1,149,742 
2,535 
 
Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC 
9/23 at 100.00 
N/R 
1,520,594 
 
 
Project, Series 2013, 7.750%, 9/01/38 (8) 
 
 
 
17,435 
 
Total North Dakota 
 
 
17,404,996 
 
 
Ohio – 9.4% (5.9% of Total Investments) 
 
 
 
4,185 
 
Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds, 
5/22 at 100.00 
A1 
4,423,336 
 
 
Children’s Hospital Medical Center, Improvement & Refunding Series 2012, 5.000%, 11/15/42 
 
 
 
 
 
Allen County, Ohio, Hospital Facilities Revenue Bonds, Catholic Health Partners, Refunding and 
 
 
 
 
 
Improvement Series 2012A: 
 
 
 
1,930 
 
5.000%, 5/01/33 
5/22 at 100.00 
A2 
2,098,508 
2,540 
 
4.000%, 5/01/33 
5/22 at 100.00 
A2 
2,577,160 
3,405 
 
5.000%, 5/01/42 
5/22 at 100.00 
A2 
3,663,065 
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: 
 
 
 
17,305 
 
5.375%, 6/01/24 
6/17 at 100.00 
Caa1 
16,103,687 
45,260 
 
5.125%, 6/01/24 
6/17 at 100.00 
Caa1 
41,217,377 
20,820 
 
5.875%, 6/01/30 
6/17 at 100.00 
Caa1 
19,030,937 
26,460 
 
5.750%, 6/01/34 
6/17 at 100.00 
Caa1 
24,132,314 
2,715 
 
6.000%, 6/01/42 
6/17 at 100.00 
B– 
2,510,208 
19,115 
 
5.875%, 6/01/47 
6/17 at 100.00 
B– 
17,583,889 
10,000 
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue 
6/22 at 100.00 
Caa1 
9,530,800 
 
 
Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37 
 
 
 
8,310 
 
Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds, 
6/23 at 100.00 
Aa3 
9,173,409 
 
 
School Improvement Series 2014, 5.000%, 12/01/51 
 
 
 
7,870 
 
Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project, 
5/22 at 100.00 
Aa2 
8,478,194 
 
 
Improvement Series 2012A, 5.000%, 11/01/42 
 
 
 
6,425 
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Series 
1/23 at 100.00 
AA 
7,091,080 
 
 
2013A, 5.000%, 1/01/38 (UB) 
 
 
 
 
 
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender 
 
 
 
 
 
Option Bond Trust 2016-XG0052: 
 
 
 
1,250 
 
15.852%, 1/01/38 (IF) (5) 
1/23 at 100.00 
AA 
1,768,350 
2,000 
 
15.852%, 1/01/38 (IF) (5) 
1/23 at 100.00 
AA 
2,829,360 
625 
 
15.852%, 1/01/38 (IF) (5) 
1/23 at 100.00 
AA 
884,175 
1,725 
 
15.852%, 1/01/38 (IF) (5) 
1/23 at 100.00 
AA 
2,440,323 
1,750 
 
15.844%, 1/01/38 (IF) (5) 
1/23 at 100.00 
AA 
2,475,288 
390 
 
15.741%, 1/01/38 (IF) (5) 
1/23 at 100.00 
AA 
550,489 
2,365 
 
Lorain County Port Authority, Ohio, Recovery Zone Facility Economic Development Revenue Bonds, 
12/20 at 100.00 
Caa1 
2,272,836 
 
 
United State Steel Corporation Project, Series 2010, 6.750%, 12/01/40 
 
 
 
2,885 
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 
11/21 at 100.00 
AA– 
3,336,531 
 
 
2011A, 6.000%, 11/15/41 
 
 
 
 
 
Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding 
 
 
 
 
 
Series 2007: 
 
 
 
4,380 
 
5.250%, 12/01/27 – AGM Insured 
No Opt. Call 
A2 
5,310,400 
6,000 
 
5.250%, 12/01/31 – AGM Insured 
No Opt. Call 
A2 
7,191,180 
12,000 
 
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated 
2/23 at 100.00 
Ba2 
12,362,520 
 
 
Group Project, Series 2013, 5.000%, 2/15/48 
 
 
 
18,200 
 
Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy 
No Opt. Call 
CCC+ 
16,774,940 
 
 
Nuclear Generation Project, Refunding Series 2009A, 4.375%, 6/01/33 (Mandatory put 6/01/22) 
 
 
 
4,975 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 
2/23 at 100.00 
A+ 
5,444,988 
 
 
2013A-1, 5.000%, 2/15/48 
 
 
 
1,240 
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien 
2/31 at 100.00 
A+ 
1,111,226 
 
 
Convertible Series 2013A-3, 0.000%, 2/15/36 (7) 
 
 
 
19,405 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
CCC+ 
17,885,589 
 
 
Nuclear Generating Corporation Project, Series 2009A, 4.375%, 6/01/33 (Mandatory put 6/01/22) 
 
 
 
20,010 
 
Ohio Water Development Authority, Pollution Control Revenue Refunding Bonds, FirstEnergy 
No Opt. Call 
CCC+ 
18,443,217 
 
 
Nuclear Generating Corporation Project, Series 2010B, 4.375%, 6/01/33 (Mandatory put 6/01/22) 
 
 
 
7,985 
 
Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern Ohio Medical Center, 
2/26 at 100.00 
A2 
7,388,361 
 
 
Refunding Series 2016, 3.500%, 2/15/38 
 
 
 
 
 
Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System 
 
 
 
 
 
Obligated Group Project, Refunding and Improvement Series 2012: 
 
 
 
1,095 
 
5.750%, 12/01/32 
12/22 at 100.00 
BB 
1,194,711 
870 
 
6.000%, 12/01/42 
12/22 at 100.00 
BB 
953,042 
1,365 
 
Toledo Lucas County Port Authority, Ohio, Revenue Bonds, Storypoint Waterville Project, Series 
No Opt. Call 
N/R 
1,284,151 
 
 
2016A-1, 6.125%, 1/15/34 
 
 
 
1,330 
 
Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities 
3/25 at 100.00 
N/R 
1,315,676 
 
 
Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45 
 
 
 
2,000 
 
University of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds, 
1/20 at 100.00 
A1 
2,174,480 
 
 
Series 2010B, 5.000%, 1/01/29 – AGM Insured 
 
 
 
300,185 
 
Total Ohio 
 
 
293,442,691 
 
 
Oklahoma – 0.6% (0.4% of Total Investments) 
 
 
 
1,400 
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue 
8/21 at 100.00 
N/R 
1,609,594 
 
 
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 
 
 
Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2011: 
 
 
 
1,000 
 
5.375%, 7/01/40 
7/21 at 100.00 
AAA 
1,128,660 
1,500 
 
5.000%, 7/01/40 
7/21 at 100.00 
AAA 
1,662,825 
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: 
 
 
 
2,300 
 
5.000%, 2/15/37 
2/17 at 100.00 
A2 
2,301,587 
5,840 
 
5.000%, 2/15/42 
2/17 at 100.00 
A2 
5,843,854 
17,215 
 
Total Oklahoma 
 
 
18,182,238 
 
 
Oregon – 0.4% (0.2% of Total Investments) 
 
 
 
 
 
Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Mirabella South 
 
 
 
 
 
Waterfront, Refunding Series 2014A: 
 
 
 
1,000 
 
5.400%, 10/01/44 
10/24 at 100.00 
N/R 
1,059,810 
800 
 
5.500%, 10/01/49 
10/24 at 100.00 
N/R 
841,640 
4,000 
 
Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A, 
4/21 at 100.00 
Aa2 
4,477,600 
 
 
5.250%, 4/01/31 
 
 
 
2,110 
 
Oregon Facilities Authority, Revenue Bonds, University of Portland Projects, Series 2015A, 
4/25 at 100.00 
A– 
2,131,902 
 
 
4.000%, 4/01/40 
 
 
 
3,000 
 
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series 
5/19 at 100.00 
Aa1 (4) 
3,256,800 
 
 
2009A, 5.000%, 11/15/33 (Pre-refunded 5/15/19) 
 
 
 
10,910 
 
Total Oregon 
 
 
11,767,752 
 
 
Pennsylvania – 6.6% (4.2% of Total Investments) 
 
 
 
 
 
Allegheny Country Industrial Development Authority, Pennsylvania, Environmental Improvement 
 
 
 
 
 
Revenue Bonds, United States Steel Corporation Project, Refunding Series 2009: 
 
 
 
170 
 
6.750%, 11/01/24 
11/19 at 100.00 
Caa1 
175,823 
195 
 
6.875%, 5/01/30 
11/19 at 100.00 
Caa1 
192,227 
2,000 
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of 
8/19 at 100.00 
A+ 
2,171,320 
 
 
Pittsburgh Medical Center, Series 2009A, 5.625%, 8/15/39 
 
 
 
3,330 
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Refunding Series 2010, 
12/20 at 100.00 
A1 
3,663,000 
 
 
5.000%, 6/01/40 – AGM Insured 
 
 
 
7,300 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
CCC+ 
6,726,293 
 
 
Refunding Bonds, FirstEnergy Generation Project, Series 2008B, 4.250%, 10/01/47 
 
 
 
 
 
(Mandatory put 4/01/21) 
 
 
 
13,235 
 
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue 
No Opt. Call 
CCC+ 
12,198,700 
 
 
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 4.375%, 1/01/35 
 
 
 
 
 
(Mandatory put 7/01/22) 
 
 
 
 
 
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane 
 
 
 
 
 
Charter School Project, Series 2016: 
 
 
 
2,410 
 
5.125%, 3/15/36 
3/27 at 100.00 
BBB– 
2,473,046 
6,420 
 
5.125%, 3/15/46 
3/27 at 100.00 
BBB– 
6,496,013 
6,015 
 
Chester County Health and Educational Facilities Authority, Pennsylvania, Health System 
5/20 at 100.00 
Aa3 
6,463,057 
 
 
Revenue Bonds, Jefferson Health System, Series 2010A, 5.000%, 5/15/40 
 
 
 
1,000 
 
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social 
1/25 at 100.00 
BBB+ 
1,092,070 
 
 
Ministries Project, Series 2015, 5.000%, 1/01/29 
 
 
 
7,630 
 
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health 
6/22 at 100.00 
A2 
8,182,031 
 
 
System Project, Series 2012A, 5.000%, 6/01/42 
 
 
 
8,750 
 
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 
1/20 at 100.00 
A2 
9,500,400 
 
 
5.000%, 1/01/40 – AGM Insured 
 
 
 
3,255 
 
Huntingdon County General Authority, Pennsylvania, Revenue Bonds, Juniata College, Series 
5/26 at 100.00 
BBB+ 
3,473,280 
 
 
2016OO2, 5.000%, 5/01/46 
 
 
 
1,250 
 
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Landis Homes Retirement 
7/25 at 100.00 
BBB– 
1,309,400 
 
 
Community Project, Refunding Series 2015A, 5.000%, 7/01/45 
 
 
 
1,500 
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession, 
12/23 at 100.00 
1,651,725 
 
 
Series 2013A, 5.125%, 12/01/47 
 
 
 
 
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue 
 
 
 
 
 
Bonds, New Regional Medical Center Project, Series 2010: 
 
 
 
7,970 
 
5.250%, 8/01/33 (Pre-refunded 8/01/20) 
8/20 at 100.00 
N/R (4) 
9,013,990 
5,295 
 
5.375%, 8/01/38 (Pre-refunded 8/01/20) 
8/20 at 100.00 
N/R (4) 
6,011,096 
 
 
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds, 
 
 
 
 
 
Albert Einstein Healthcare Network Issue, Series 2015A: 
 
 
 
10,450 
 
5.250%, 1/15/45 
1/25 at 100.00 
Baa2 
11,019,003 
1,150 
 
5.250%, 1/15/46 
1/25 at 100.00 
Baa2 
1,212,618 
11,810 
 
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding 
9/25 at 100.00 
BB– 
11,938,020 
 
 
Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38 
 
 
 
4,675 
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-120, 
10/25 at 100.00 
Aa2 
4,100,489 
 
 
3.200%, 4/01/40 
 
 
 
3,705 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015A-1, 5.000%, 12/01/45 
6/25 at 100.00 
4,047,490 
5,635 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45 
12/25 at 100.00 
A1 
6,186,892 
11,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 6.250%, 
6/26 at 100.00 
A2 
13,647,810 
 
 
6/01/33 – AGM Insured 
 
 
 
15,000 
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2015B-1, 
12/25 at 100.00 
A– 
16,152,450 
 
 
5.000%, 12/01/45 
 
 
 
10,080 
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital 
7/22 at 100.00 
Ba1 
10,767,053 
 
 
Revenue Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42 
 
 
 
 
 
Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A: 
 
 
 
5,000 
 
5.000%, 6/15/35 – AGM Insured 
6/20 at 100.00 
A2 
5,427,000 
17,850 
 
5.000%, 6/15/40 – AGM Insured 
6/20 at 100.00 
A2 
19,374,390 
7,055 
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room 
8/20 at 100.00 
A2 
7,676,122 
 
 
Excise Tax Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/35 – AGC Insured 
 
 
 
5,180 
 
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax 
8/20 at 100.00 
A1 
5,659,772 
 
 
Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured 
 
 
 
 
 
Scranton, Pennsylvania, Sewer Authority Revenue Bonds, Series 2011A: 
 
 
 
1,125 
 
5.250%, 12/01/31 (Pre-refunded 12/01/21) – AGM Insured 
12/21 at 100.00 
AA (4) 
1,313,696 
1,000 
 
5.500%, 12/01/35 (Pre-refunded 12/01/21) – AGM Insured 
12/21 at 100.00 
AA (4) 
1,179,300 
5,790 
 
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, 
No Opt. Call 
BB+ 
5,506,985 
 
 
Series 2012B, 4.000%, 1/01/33 
 
 
 
194,230 
 
Total Pennsylvania 
 
 
206,002,561 
 
 
Puerto Rico – 0.6% (0.4% of Total Investments) 
 
 
 
590 
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, 5.000%, 
4/17 at 100.00 
A3 
590,401 
 
 
7/01/29 – NPFG Insured 
 
 
 
 
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A: 
 
 
 
50,000 
 
0.000%, 8/01/47 – AMBAC Insured 
No Opt. Call 
7,720,000 
86,250 
 
0.000%, 8/01/54 – AMBAC Insured 
No Opt. Call 
9,396,938 
136,840 
 
Total Puerto Rico 
 
 
17,707,339 
 
 
Rhode Island – 0.9% (0.6% of Total Investments) 
 
 
 
1,810 
 
Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted 
7/17 at 100.00 
A3 
1,815,321 
 
 
Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%, 
 
 
 
 
 
7/01/25 – NPFG Insured 
 
 
 
1,000 
 
Rhode Island Health and Educational Building Corporation, Revenue Bonds, Care New England 
9/23 at 100.00 
BB (4) 
1,234,210 
 
 
Health System, Series 2013A, 6.000%, 9/01/33 (Pre-refunded 9/01/23) 
 
 
 
319,050 
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds, 
6/17 at 12.63 
CCC+ 
24,190,371 
 
 
Series 2007A, 0.000%, 6/01/52 
 
 
 
321,860 
 
Total Rhode Island 
 
 
27,239,902 
 
 
South Carolina – 2.9% (1.8% of Total Investments) 
 
 
 
7,600 
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2, 
No Opt. Call 
A– 
4,510,144 
 
 
0.000%, 1/01/31 – AMBAC Insured 
 
 
 
4,050 
 
Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment 
4/21 at 100.00 
A2 
4,409,235 
 
 
Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 4/01/44 – 
 
 
 
 
 
AGC Insured 
 
 
 
1,250 
 
South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health, 
8/21 at 100.00 
BBB+ 
1,458,663 
 
 
Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured 
 
 
 
34,790 
 
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper, 
12/24 at 100.00 
A+ 
38,386,938 
 
 
Series 2014C, 5.000%, 12/01/46 (UB) 
 
 
 
20 
 
South Carolina Public Service Authority, Revenue Obligation Bonds, Santee Cooper Electric 
1/19 at 100.00 
A1 (4) 
21,664 
 
 
System, Series 2008A, 5.500%, 1/01/38 (Pre-refunded 1/01/19) 
 
 
 
 
 
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 
6,000 
 
5.000%, 12/01/55 
6/25 at 100.00 
A1 
6,492,060 
5,000 
 
5.000%, 12/01/46 
12/24 at 100.00 
AA– 
5,516,950 
1,310 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A, 
12/23 at 100.00 
A1 
1,458,816 
 
 
5.125%, 12/01/43 
 
 
 
10,195 
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A, 
6/24 at 100.00 
A1 
11,503,222 
 
 
5.500%, 12/01/54 
 
 
 
10,250 
 
Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue 
4/22 at 100.00 
A2 
11,122,685 
 
 
Refunding Bonds, Series 2012A, 5.000%, 4/15/32 
 
 
 
85,465 
 
Total South Carolina 
 
 
90,264,527 
 
 
South Dakota – 0.3% (0.2% of Total Investments) 
 
 
 
 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, 
 
 
 
 
 
Series 2012A: 
 
 
 
250 
 
5.000%, 7/01/27 
7/21 at 100.00 
A1 
275,425 
4,350 
 
5.000%, 7/01/42 
7/21 at 100.00 
A1 
4,690,475 
2,055 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, 
11/24 at 100.00 
A+ 
2,199,138 
 
 
Series 2014B, 5.000%, 11/01/44 
 
 
 
910 
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health, 
11/25 at 100.00 
A+ 
982,154 
 
 
Series 2015, 5.000%, 11/01/45 
 
 
 
7,565 
 
Total South Dakota 
 
 
8,147,192 
 
 
Tennessee – 0.7% (0.4% of Total Investments) 
 
 
 
12,795 
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, 
1/23 at 100.00 
BBB+ 
13,335,333 
 
 
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 
 
 
 
2,350 
 
Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger 
10/24 at 100.00 
Baa2 
2,457,889 
 
 
Health System, Refunding Series 2014A, 5.000%, 10/01/39 
 
 
 
 
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, 
 
 
 
 
 
Tennessee, Revenue Bonds, Vanderbilt University Medical Center, Series 2016A: 
 
 
 
4,895 
 
5.000%, 7/01/40 
7/26 at 100.00 
A3 
5,352,144 
525 
 
5.000%, 7/01/46 
7/26 at 100.00 
A3 
571,426 
20,565 
 
Total Tennessee 
 
 
21,716,792 
 
 
Texas – 13.0% (8.3% of Total Investments) 
 
 
 
735 
 
Arlington Higher Education Finance Corporation, Texas, Education Revenue Bonds, Wayside Schools, 
8/21 at 100.00 
BB+ 
670,835 
 
 
Series 2016A, 4.375%, 8/15/36 
 
 
 
3,855 
 
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public 
3/23 at 103.00 
N/R 
3,715,064 
 
 
Improvement District Phase 1 Project, Series 2015, 7.250%, 9/01/45 
 
 
 
3,450 
 
Aubrey, Denton County, Texas, Special Assessment Revenue Bonds, Jackson Ridge Public 
3/23 at 103.00 
N/R 
3,340,601 
 
 
Improvement District Phases 2-3 Major Improvements Project, Series 2015, 8.250%, 9/01/40 
 
 
 
5,480 
 
Austin, Texas, Electric Utility System Revenue Bonds, Series 2015A, 5.000%, 11/15/45 (UB) (5) 
11/25 at 100.00 
AA– 
6,141,052 
6,685 
 
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 – 
8/19 at 100.00 
A– 
7,156,226 
 
 
AGM Insured 
 
 
 
2,500 
 
Board of Managers, Joint Guadalupe County-Seguin City Hospital, Texas, Hospital Mortgage 
12/25 at 100.00 
BB 
2,528,850 
 
 
Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 12/01/45 
 
 
 
2,440 
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District 
3/23 at 103.00 
N/R 
2,378,439 
 
 
Neighborhood Improvement Area 1 Project, Series 2015, 7.250%, 9/01/45 
 
 
 
4,300 
 
Celina, Texas, Special Assessment Revenue Bonds, Sutton Fields II Public Improvement District 
3/23 at 103.00 
N/R 
4,205,314 
 
 
Neighborhood Improvement Areas 2-5 Major Improvement Project, Series 2015, 8.250%, 9/01/40 
 
 
 
405 
 
Celina, Texas, Special Assessment Revenue Bonds, Wells South Public Improvement District 
9/24 at 100.00 
N/R 
402,412 
 
 
Neighborhood Improvement Area 1 Project, Series 2015, 6.250%, 9/01/45 
 
 
 
 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011: 
 
 
 
1,500 
 
5.750%, 1/01/31 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa2 (4) 
1,736,640 
1,700 
 
6.250%, 1/01/46 (Pre-refunded 1/01/21) 
1/21 at 100.00 
Baa2 (4) 
2,000,339 
13,685 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A, 
7/25 at 100.00 
Baa2 
14,694,816 
 
 
5.000%, 1/01/45 
 
 
 
18,925 
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2016, 
1/26 at 100.00 
Baa2 
15,813,162 
 
 
3.375%, 1/01/41 
 
 
 
1,500 
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Idea Public 
No Opt. Call 
BBB 
1,505,460 
 
 
Schools, Series 2012, 3.750%, 8/15/22 
 
 
 
 
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education 
 
 
 
 
 
Charter School, Series 2013A: 
 
 
 
765 
 
4.350%, 12/01/42 
12/22 at 100.00 
BBB– 
735,104 
685 
 
4.400%, 12/01/47 
12/22 at 100.00 
BBB– 
655,977 
4,000 
 
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education 
6/25 at 100.00 
BBB– 
4,184,160 
 
 
Charter School, Series 2015A, 5.000%, 12/01/45 
 
 
 
 
 
Club Municipal Management District 1, Texas, Special Assessment Revenue Bonds, Improvement 
 
 
 
 
 
Area 1 Project, Series 2016: 
 
 
 
765 
 
5.750%, 9/01/28 
9/23 at 103.00 
N/R 
728,311 
770 
 
6.500%, 9/01/46 
9/23 at 103.00 
N/R 
713,844 
11,735 
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement 
11/21 at 100.00 
12,751,486 
 
 
Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured 
 
 
 
2,330 
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2013A, 
9/23 at 100.00 
N/R 
2,609,507 
 
 
6.375%, 9/01/42 
 
 
 
400 
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2014A, 
9/24 at 100.00 
BB+ 
416,600 
 
 
5.250%, 9/01/44 
 
 
 
1,255 
 
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. 
11/22 at 100.00 
Baa3 
1,276,762 
 
 
Project, Series 2012A. RMKT, 4.750%, 5/01/38 
 
 
 
8,920 
 
Fort Bend County Industrial Development Corporation, Texas, Revenue Bonds, NRG Energy Inc. 
11/22 at 100.00 
Baa3 
9,028,556 
 
 
Project, Series 2012B, 4.750%, 11/01/42 
 
 
 
20,000 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien 
10/23 at 100.00 
AA– 
22,585,200 
 
 
Series 2013B, 5.250%, 10/01/51 
 
 
 
10,000 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Series 2013B, 
10/23 at 100.00 
AA– 
11,034,600 
 
 
5.000%, 4/01/53 (UB) 
 
 
 
5,470 
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond 
10/23 at 100.00 
AA– 
7,734,307 
 
 
Trust 2015-XF0228, 16.268%, 4/01/53 (IF) 
 
 
 
4,255 
 
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston 
6/25 at 100.00 
AA 
4,619,739 
 
 
Methodist Hospital System, Series 2015, 5.000%, 12/01/45 
 
 
 
1,545 
 
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds, Tender 
11/21 at 100.00 
AA+ 
2,073,514 
 
 
Option Bond Trust 2016-XG0054, 12.434%, 11/01/41 (IF) (5) 
 
 
 
4,080 
 
Harris County, Texas, General Obligtion Toll Road Revenue Bonds, Tender Option Bond Trust 
No Opt. Call 
AAA 
7,270,846 
 
 
2015-XF0074, 12.946%, 8/15/32 – AGM Insured (IF) 
 
 
 
6,000 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding 
11/31 at 44.13 
A2 
1,386,600 
 
 
Senior Lien Series 2014A, 0.000%, 11/15/48 
 
 
 
6,000 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series 
11/24 at 100.00 
A– 
6,434,880 
 
 
2014A, 5.000%, 11/15/53 
 
 
 
15,995 
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3, 
11/24 at 55.69 
A3 
6,414,795 
 
 
0.000%, 11/15/34 – NPFG Insured 
 
 
 
5,000 
 
Houston Higher Education Finance Corporation, Texas, Education Revenue Bonds, KIPP, Inc., 
8/25 at 100.00 
AAA 
5,083,250 
 
 
Refunding Series 2015, 4.000%, 8/15/44 
 
 
 
 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
 
 
 
 
 
Facilities Department, Refunding Series 2011B: 
 
 
 
495 
 
5.125%, 9/01/32 – AGM Insured 
3/17 at 100.00 
A2 
496,535 
290 
 
5.125%, 9/01/33 – AGM Insured 
3/17 at 100.00 
A2 
290,899 
 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment 
 
 
 
 
 
Project, Series 2001B: 
 
 
 
4,130 
 
0.000%, 9/01/26 – AMBAC Insured 
No Opt. Call 
A2 
2,992,061 
4,865 
 
0.000%, 9/01/27 – AGM Insured 
No Opt. Call 
A2 
3,369,207 
4,715 
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Refunding Series 2015, 
9/24 at 100.00 
A– 
5,172,496 
 
 
5.000%, 9/01/40 
 
 
 
17,000 
 
Houston, Texas, Water and Sewerage System Revenue Bonds, Refunding Junior Lien Series 2002A, 
No Opt. Call 
A2 (4) 
23,298,840 
 
 
5.750%, 12/01/32 – AGM Insured (ETM) 
 
 
 
6,700 
 
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds, 
8/21 at 100.00 
7,366,047 
 
 
Refunding Series 2012A, 5.000%, 8/01/46 
 
 
 
3,500 
 
Irving, Texas, Hotel Occupancy Tax Revenue Bonds, Series 2014B, 5.000%, 8/15/43 
8/19 at 100.00 
BBB+ 
3,609,235 
940 
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson 
8/25 at 100.00 
BBB+ 
1,019,270 
 
 
Memorial Hospital Project, Series 2015, 5.000%, 8/15/30 
 
 
 
1,000 
 
Lower Colorado River Authority, Texas, Transmission Contract Revenue Bonds, LCRA Transmission 
5/25 at 100.00 
1,103,280 
 
 
Services Corporation Project, Refunding Series 2015, 5.000%, 5/15/45 
 
 
 
 
 
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013: 
 
 
 
3,095 
 
5.750%, 12/01/33 
12/25 at 100.00 
Ba2 
3,339,103 
3,125 
 
6.125%, 12/01/38 
12/25 at 100.00 
Ba2 
3,390,750 
 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue 
 
 
 
 
 
Bonds, Legacy at Willow Bend Project, Series 2016: 
 
 
 
2,335 
 
5.000%, 11/01/46 
11/23 at 103.00 
BBB– 
2,341,982 
6,015 
 
5.000%, 11/01/51 
11/23 at 103.00 
BBB– 
6,030,218 
745 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Retirement Facility Revenue 
1/25 at 100.00 
N/R 
757,866 
 
 
Bonds, Wesleyan Homes, Inc. Project, Series 2014, 5.500%, 1/01/43 
 
 
 
210 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
4/26 at 100.00 
BBB– 
217,365 
 
 
Bonds, CHF-Collegiate Housing Corpus Christi II, L.L.C.-Texas A&M University-Corpus Christi 
 
 
 
 
 
Project, Series 2016A, 5.000%, 4/01/48 
 
 
 
4,530 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
4/24 at 100.00 
A2 
4,576,387 
 
 
Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University 
 
 
 
 
 
Project, Series 2014A, 4.100%, 4/01/34 – AGM Insured 
 
 
 
820 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
4/26 at 100.00 
BBB– 
851,873 
 
 
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 
 
 
 
 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
 
 
 
 
 
Bonds, CHF-Collegiate Housing Foundation – Stephenville II, L.L.C. – Tarleton State University 
 
 
 
 
 
Project, Series 2014A: 
 
 
 
1,000 
 
5.000%, 4/01/34 
4/24 at 100.00 
BBB– 
1,042,000 
2,200 
 
5.000%, 4/01/39 
4/24 at 100.00 
BBB– 
2,273,216 
1,600 
 
5.000%, 4/01/46 
4/24 at 100.00 
BBB– 
1,645,344 
5,540 
 
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue 
4/24 at 100.00 
Baa3 
5,738,110 
 
 
Bonds, CHF-Collegiate Housing Galveston-Texas A&M University at Galveston Project, 
 
 
 
 
 
Series 2014A, 5.000%, 4/01/39 
 
 
 
3,220 
 
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%, 
12/21 at 100.00 
A2 
3,499,142 
 
 
12/15/36 – AGM Insured 
 
 
 
 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital 
 
 
 
 
 
Appreciation Series 2011C: 
 
 
 
2,590 
 
0.000%, 9/01/43 (7) 
9/31 at 100.00 
AA– 
2,593,807 
3,910 
 
0.000%, 9/01/45 (7) 
9/31 at 100.00 
AA– 
4,263,933 
3,000 
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 
9/21 at 100.00 
AA– 
3,416,670 
 
 
5.500%, 9/01/41 (UB) (5) 
 
 
 
6,155 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2015B, 
1/23 at 100.00 
6,810,631 
 
 
5.000%, 1/01/40 
 
 
 
 
 
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2015A: 
 
 
 
4,900 
 
5.000%, 1/01/32 
1/25 at 100.00 
A– 
5,490,548 
2,205 
 
5.000%, 1/01/34 
1/25 at 100.00 
A– 
2,451,232 
2,000 
 
5.000%, 1/01/38 
1/25 at 100.00 
A– 
2,202,920 
610 
 
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A, 
2/24 at 100.00 
Ba2 
623,487 
 
 
5.125%, 2/01/39 
 
 
 
4,200 
 
Red River Education Finance Corporation, Texas, Higher Education Revenue Bonds, Saint Edward’s 
6/26 at 100.00 
Baa2 
3,956,358 
 
 
University Project, Series 2016, 4.000%, 6/01/41 
 
 
 
1,280 
 
San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Series 1992, 
No Opt. Call 
N/R (4) 
1,280,000 
 
 
5.000%, 2/01/17 (ETM) 
 
 
 
4,375 
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds, 
11/17 at 100.00 
AA 
4,572,225 
 
 
Tender Option Bond Trust 2016-XF0389, 8.655%, 11/15/47 (IF) (5) 
 
 
 
2,410 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
11/21 at 100.00 
AA– 
2,648,542 
 
 
Bonds, Baylor Health Care System, Series 2011A, 5.000%, 11/15/30 
 
 
 
1,870 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
9/23 at 100.00 
2,059,281 
 
 
Bonds, Hendrick Medical Center, Refunding Series 2013, 5.500%, 9/01/43 
 
 
 
 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
 
 
 
 
 
Bonds, Scott & White Healthcare Project, Series 2010: 
 
 
 
215 
 
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
N/R (4) 
244,952 
2,675 
 
5.500%, 8/15/45 (Pre-refunded 8/15/20) 
8/20 at 100.00 
AA– (4) 
3,047,654 
17,640 
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue 
5/26 at 100.00 
AA– 
19,559,586 
 
 
Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/45 (UB) 
 
 
 
7,430 
 
Texas City Industrial Development Corporation, Texas, Industrial Development Revenue Bonds, 
2/25 at 100.00 
Baa3 
6,776,234 
 
 
NRG Energy, Inc. Project, Fixed Rate Series 2012, 4.125%, 12/01/45 
 
 
 
 
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, 
 
 
 
 
 
Series 2012: 
 
 
 
3,635 
 
5.000%, 12/15/22 
No Opt. Call 
BBB 
4,054,733 
2,500 
 
5.000%, 12/15/26 
No Opt. Call 
BBB 
2,730,675 
2,500 
 
5.000%, 12/15/29 
No Opt. Call 
BBB 
2,697,400 
4,355 
 
5.000%, 12/15/30 
No Opt. Call 
BBB 
4,670,171 
2,975 
 
5.000%, 12/15/32 
No Opt. Call 
BBB 
3,166,025 
3,150 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier 
8/22 at 100.00 
A– 
3,437,343 
 
 
Refunding Series 2012A, 5.000%, 8/15/41 
 
 
 
 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier 
 
 
 
 
 
Refunding Series 2015B: 
 
 
 
10,000 
 
0.000%, 8/15/37 
8/24 at 56.94 
A– 
4,266,200 
11,280 
 
0.000%, 8/15/36 
8/24 at 59.60 
A– 
5,044,642 
 
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier 
 
 
 
 
 
Refunding Series 2015C: 
 
 
 
5,000 
 
5.000%, 8/15/37 
8/24 at 100.00 
BBB 
5,429,150 
31,810 
 
5.000%, 8/15/42 
8/24 at 100.00 
BBB 
34,508,442 
4,400 
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series 
No Opt. Call 
A– 
3,374,404 
 
 
2002A, 0.000%, 8/15/25 – AMBAC Insured 
 
 
 
2,480 
 
Wood County Central Hospital District, Texas, Revenue Bonds, East Texas Medical Center Quitman 
11/21 at 100.00 
Ba1 
2,616,698 
 
 
Project, Series 2011, 6.000%, 11/01/41 
 
 
 
1,840 
 
Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding 
5/17 at 100.00 
AA– 
1,863,239 
 
 
Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured 
 
 
 
408,590 
 
Total Texas 
 
 
408,305,656 
 
 
Utah – 0.8% (0.5% of Total Investments) 
 
 
 
4,865 
 
Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond 2015-XF0258, 12.686%, 
6/18 at 100.00 
Aa2 (4) 
5,653,422 
 
 
6/15/36 – AGM Insured (Pre-refunded 6/15/18) (IF) (5) 
 
 
 
3,615 
 
Utah Transit Authority, Sales Tax Revenue Bonds, Tender Option Bond Trust 2016-XG0023, 
6/18 at 100.00 
Aa2 (4) 
4,164,408 
 
 
11.649%, 6/15/32 – AGM Insured (Pre-refunded 6/15/18) (IF) 
 
 
 
15,000 
 
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 – AGM Insured 
6/18 at 100.00 
Aa2 (4) 
15,810,900 
 
 
(Pre-refunded 6/15/18) (UB) (5) 
 
 
 
23,480 
 
Total Utah 
 
 
25,628,730 
 
 
Virginia – 1.4% (0.9% of Total Investments) 
 
 
 
 
 
Embrey Mill Community Development Authority, Virginia, Special Assessment Revenue Bonds, 
 
 
 
 
 
Series 2015: 
 
 
 
1,200 
 
5.300%, 3/01/35 
3/25 at 100.00 
N/R 
1,161,456 
1,085 
 
5.600%, 3/01/45 
3/25 at 100.00 
N/R 
1,077,351 
10,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
10/28 at 100.00 
BBB+ 
11,073,000 
 
 
Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (7) 
 
 
 
14,945 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles 
4/22 at 100.00 
BBB+ 
15,592,567 
 
 
Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A, 
 
 
 
 
 
5.000%, 10/01/53 
 
 
 
11,000 
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien 
10/26 at 100.00 
A3 
14,039,300 
 
 
Revenue Bonds, Series 2009C, 6.500%, 10/01/41 – AGC Insured 
 
 
 
985 
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health 
7/20 at 100.00 
A1 
1,048,168 
 
 
System Obligated Group, Series 2005B, 5.000%, 7/01/38 
 
 
 
15 
 
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carilion Health 
7/20 at 100.00 
A1 (4) 
16,795 
 
 
System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20) 
 
 
 
1,000 
 
Virginia College Building Authority, Educational Facilities Revenue Bonds, Marymount 
7/25 at 100.00 
BB+ 
1,036,050 
 
 
University Project, Green Series 2015B, 5.250%, 7/01/35 
 
 
 
40,230 
 
Total Virginia 
 
 
45,044,687 
 
 
Washington – 3.5% (2.2% of Total Investments) 
 
 
 
9,665 
 
Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise 
No Opt. Call 
Aa1 
12,394,686 
 
 
Tax Bonds, Green Bonds, Series 2016S-1, 5.000%, 11/01/46 (UB) 
 
 
 
5,000 
 
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station, Series 
7/25 at 100.00 
AA– 
5,655,400 
 
 
2015A, 5.000%, 7/01/38 (UB) (5) 
 
 
 
3,750 
 
FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information 
6/19 at 100.00 
AA 
4,047,225 
 
 
Services Project, Series 2009, 5.500%, 6/01/39 (UB) (5) 
 
 
 
25,000 
 
King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 (Pre-refunded 
7/17 at 100.00 
Aa2 (4) 
25,443,250 
 
 
7/01/17) – AGM Insured 
 
 
 
7,500 
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 2016-XL0009, 9.281%, 
1/19 at 100.00 
AAA 
8,677,350 
 
 
1/01/39 – AGC Insured (Pre-refunded 1/01/19) (IF) (5) 
 
 
 
6,010 
 
King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 12.466%, 
7/17 at 100.00 
AA+ (4) 
6,329,672 
 
 
1/01/39 – AGM Insured (Pre-refunded 7/01/17) (IF) (5) 
 
 
 
10,000 
 
University of Washington, General Revenue Bonds, Series 2007, 5.000%, 6/01/37 – AMBAC Insured 
6/17 at 100.00 
AA+ (4) 
10,142,100 
 
 
(Pre-refunded 6/01/17) (UB) (5) 
 
 
 
5,750 
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research 
1/21 at 100.00 
A3 
6,232,828 
 
 
Center, Series 2011A, 5.625%, 1/01/35 
 
 
 
1,250 
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services, 
10/24 at 100.00 
AA– 
1,739,700 
 
 
Tender Option Bond Trust 2015-XF0148, 16.383%, 10/01/44 (IF) (5) 
 
 
 
6,540 
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital, 
10/22 at 100.00 
Aa2 
7,209,565 
 
 
Series 2012A, 5.000%, 10/01/42 
 
 
 
 
 
Washington State Housing Finance Commission, Non-profit Housing Revenue Bonds, Presbyterian 
 
 
 
 
 
Retirement Communities Northwest Proejct, Refunding Series 2016A: 
 
 
 
4,250 
 
5.000%, 1/01/46 
1/25 at 102.00 
BB+ 
4,217,700 
3,650 
 
5.000%, 1/01/51 
1/25 at 102.00 
BB+ 
3,545,391 
21,510 
 
Washington State, General Obligation Bonds, Series 2002C, 0.000%, 6/01/28 – 
No Opt. Call 
AA+ 
15,280,489 
 
 
NPFG Insured (UB) (5) 
 
 
 
109,875 
 
Total Washington 
 
 
110,915,356 
 
 
West Virginia – 1.9% (1.2% of Total Investments) 
 
 
 
3,145 
 
Pleasants County, West Virginia, Pollution Control Revenue Bonds, Allegheny Energy Supply 
10/17 at 100.00 
B1 
3,021,968 
 
 
Company, LLC Pleasants Station Project, Series 2007F, 5.250%, 10/15/37 
 
 
 
10,000 
 
West Virginia Economic Development Authority, State Lottery Revenue Bonds, Series 2010A, 
6/20 at 100.00 
A1 
10,935,700 
 
 
5.000%, 6/15/40 
 
 
 
40,855 
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health 
6/23 at 100.00 
45,458,541 
 
 
System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44 
 
 
 
54,000 
 
Total West Virginia 
 
 
59,416,209 
 
 
Wisconsin – 2.7% (1.7% of Total Investments) 
 
 
 
 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Cornerstone Charter 
 
 
 
 
 
Academy, North Carolina, Series 2016A: 
 
 
 
1,750 
 
5.000%, 2/01/36 
2/26 at 100.00 
N/R 
1,626,223 
305 
 
5.125%, 2/01/46 
2/26 at 100.00 
N/R 
276,876 
1,480 
 
Public Finance Authority of Wisconsin, Charter School Revenue Bonds, Envision Science Academy 
5/26 at 100.00 
N/R 
1,372,197 
 
 
Project, Series 2016A, 5.125%, 5/01/36 
 
 
 
2,500 
 
Public Finance Authority, Wisconsin, Exempt Facilities Revenue Bonds, Celanese Project, 
5/26 at 100.00 
BBB– 
2,434,225 
 
 
Refunding Series 2016C, 4.050%, 11/01/30 
 
 
 
8,460 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, 
7/21 at 100.00 
A2 
9,384,509 
 
 
Inc., Series 2012A, 5.000%, 7/15/25 
 
 
 
2,500 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, 
4/23 at 100.00 
A2 
2,736,375 
 
 
Inc., Series 2013A, 5.125%, 4/15/31 
 
 
 
6,620 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc. 
10/22 at 100.00 
AA– 
7,115,507 
 
 
Obligated Group, Series 2012A, 5.000%, 4/01/42 
 
 
 
16,190 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran, 
10/21 at 100.00 
A+ 
17,547,370 
 
 
Series 2011A, 5.250%, 10/15/39 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic, 
 
 
 
 
 
Series 2012B: 
 
 
 
1,485 
 
5.000%, 2/15/40 
2/22 at 100.00 
A– 
1,552,835 
3,490 
 
4.500%, 2/15/40 
2/22 at 100.00 
A– 
3,567,269 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc., 
 
 
 
 
 
Series 2012: 
 
 
 
11,000 
 
5.000%, 6/01/32 
6/22 at 100.00 
A3 
11,901,508 
1,500 
 
5.000%, 6/01/39 
6/22 at 100.00 
A3 
1,600,260 
1,250 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Meriter Hospital, Inc., 
5/21 at 100.00 
N/R (4) 
1,461,913 
 
 
Series 2011A, 5.750%, 5/01/35 (Pre-refunded 5/01/21) 
 
 
 
5,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc. 
8/24 at 100.00 
A+ 
4,998,800 
 
 
Obligated Group, Refunding Series 2015, 3.375%, 8/15/29 
 
 
 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Rogers Memorial 
7/24 at 100.00 
BBB+ 
1,072,220 
 
 
Hospital, Inc., Series 2014A, 5.000%, 7/01/34 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Saint John’s Communities 
 
 
 
 
 
Inc., Series 2015B: 
 
 
 
550 
 
5.000%, 9/15/37 
9/22 at 100.00 
BBB+ 
570,966 
1,000 
 
5.000%, 9/15/45 
9/22 at 100.00 
BBB+ 
1,033,570 
1,000 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Three Pillars Senior 
8/23 at 100.00 
1,070,080 
 
 
Living Communities, Refunding Series 2013, 5.000%, 8/15/33 
 
 
 
 
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Woodland Hills Senior 
 
 
 
 
 
Housing Project, Series 2014: 
 
 
 
2,565 
 
5.000%, 12/01/44 
12/22 at 102.00 
N/R 
2,504,543 
1,775 
 
5.250%, 12/01/49 
12/22 at 102.00 
N/R 
1,755,795 
 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson 
 
 
 
 
 
Hollow Project. Series 2014: 
 
 
 
1,000 
 
5.375%, 10/01/44 
10/22 at 102.00 
N/R 
1,004,910 
1,500 
 
5.500%, 10/01/49 
10/22 at 102.00 
N/R 
1,508,370 
7,460 
 
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, ThedaCare 
12/24 at 100.00 
A1 
8,074,406 
 
 
Inc, Series 2015, 5.000%, 12/15/44 
 
 
 
81,380 
 
Total Wisconsin 
 
 
86,170,727 
 
 
Wyoming – 0.3% (0.2% of Total Investments) 
 
 
 
2,035 
 
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power 
7/19 at 100.00 
A3 
2,212,025 
 
 
Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39 
 
 
 
 
 
Teton County Hospital District, Wyoming, Hospital Revenue Bonds, St. John’s Medical Center 
 
 
 
 
 
Project, Series 2011B: 
 
 
 
1,000 
 
5.500%, 12/01/27 
12/21 at 100.00 
BBB+ 
1,104,820 
1,000 
 
6.000%, 12/01/36 
12/21 at 100.00 
BBB+ 
1,105,070 
4,000 
 
Wyoming Municipal Power Agency, Power Supply System Revenue Bonds, Series 2008A, 5.375%, 
1/18 at 100.00 
A– (4) 
4,161,880 
 
 
1/01/42 (Pre-refunded 1/01/18) 
 
 
 
8,035 
 
Total Wyoming 
 
 
8,583,795 
$ 5,597,234 
 
Total Municipal Bonds (cost $4,715,214,811) 
 
 
4,950,698,774 
 
             
Principal 
 
 
 
 
 
 
Amount (000) 
 
Description (1) 
Coupon 
Maturity 
Ratings (3) 
Value 
 
 
CORPORATE BONDS – 0.1% (0.0% of Total Investments) 
 
 
 
 
 
 
 
Transportation – 0.1% (0.0% of Total Investments) 
 
 
 
 
$ 1,295 
 
Las Vegas Monorail Company, Senior Interest Bonds (9), (10) 
5.500% 
7/15/19 
N/R 
$ 780,132 
344 
 
Las Vegas Monorail Company, Senior Interest Bonds (9), (10) 
5.500% 
7/15/55 
N/R 
170,276 
$ 1,639 
 
Total Corporate Bonds (cost $146,934) 
 
 
 
950,408 
 
 
Total Long-Term Investments ($4,715,361,745) 
 
 
 
4,951,649,182 
 
 
Floating Rate Obligations – (6.6)% 
 
 
 
(208,045,000) 
 
 
Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (7.7)% (11) 
 
 
 
(240,400,000) 
 
 
Variable Rate Demand Preferred Shares, at Liquidation Preference – (45.0)% (12) 
 
 
 
(1,411,600,000) 
 
 
Other Assets Less Liabilities – 1.3% (13) 
 
 
 
43,182,846 
 
 
Net Assets Applicable to Common Shares – 100% 
 
 
 
$ 3,134,787,028 

 

                   
Investments in Derivatives as of January 31, 2017 
 
 
 
 
 
 
Interest Rate Swaps: 
 
 
 
 
 
 
 
 
 
 
 
 
Fund 
 
 
Fixed Rate 
 
Optional 
 
Unrealized 
 
Notional 
Pay/Receive 
Floating Rate 
Fixed Rate 
Payment 
Effective 
Termination 
Termination 
Appreciation 
Counterparty 
Amount 
Floating Rate 
Index 
(Annualized) 
Frequency 
Date (14) 
Date 
Date 
(Depreciation) 
JPMorgan Chase 
$ 68,900,000 
Receive 
Weekly USD-SIFMA 
1.208% 
Quarterly 
8/11/17 
9/11/17 
8/11/28 
$5,632,937 
Bank, N.A. 
 
 
 
 
 
 
 
 
 
JPMorgan Chase 
57,900,000 
Receive 
Weekly USD-SIFMA 
1.375% 
Quarterly 
7/03/17 
8/03/17 
7/03/27 
3,142,628 
Bank, N.A. 
 
 
 
 
 
 
 
 
 
 
$126,800,000 
 
 
 
 
 
 
 
$8,775,565 
 
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 
$ — 
$4,950,698,774 
$        — 
$4,950,698,774 
Corporate Bonds 
— 
— 
950,408 
950,408 
Investments in Derivatives: 
 
 
 
 
Interest Rate Swaps* 
— 
8,775,565 
— 
8,775,565 
Total 
$ — 
$4,959,474,339 
$950,408 
$4,960,424,747 
* Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. 
 
 
 
 
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 (excluding investments in derivatives) was $4,505,379,787.
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of January 31, 2017, were as follows:
   
Gross unrealized: 
 
Appreciation 
$310,764,737 
Depreciation 
(72,539,482) 
Net unrealized appreciation (depreciation) of investments 
$238,225,255 
 
     
(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. 
 

 

 
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 AMT-Free 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