N-Q 1 nq2.htm NQU nq2.htm



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-06303
 
Nuveen Quality Income Municipal Fund, Inc.
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            10/31          
 
Date of reporting period:         7/31/14         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 

 
 
Item 1. Schedule of Investments
 
 
           
   
Portfolio of Investments (Unaudited)
     
           
   
Nuveen Quality Income Municipal Fund, Inc. (NQU)
     
   
July 31, 2014
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 150.5% (99.8% of Total Investments)
     
           
   
MUNICIPAL BONDS – 150.5% (99.8% of Total Investments)
     
           
   
Alaska – 2.8% (1.9% of Total Investments)
     
$ 6,110
 
Alaska Housing Finance Corporation, General Housing Purpose Bonds, Series 2005A, 5.000%,
     
   
12/01/27 (Pre-refunded 12/01/14) – FGIC Insured (UB)
12/14 at 100.00
AA+ (4)
$ 6,208,860
3,605
 
Anchorage, Alaska, General Obligation Bonds, General Purpose, Refunding Series 2012D,
No Opt. Call
AAA
3,605,000
   
5.000%, 8/01/14
     
   
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
     
   
Series 2006A:
     
3,975
 
5.000%, 6/01/32
12/14 at 100.00
B2
3,070,886
13,835
 
5.000%, 6/01/46
12/14 at 100.00
B2
10,335,575
27,525
 
Total Alaska
   
23,220,321
   
Arizona – 2.0% (1.3% of Total Investments)
     
1,190
 
Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds,
7/17 at 100.00
A
1,243,526
   
Catholic Healthcare West, Series 2007A, 5.250%, 7/01/32
     
630
 
Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 – FGIC
No Opt. Call
Aa2 (4)
715,453
   
Insured (ETM)
     
370
 
Mesa, Arizona, Utility System Revenue Refunding Bonds, Series 2002, 5.250%, 7/01/17 –
No Opt. Call
Aa2
419,957
   
FGIC Insured
     
7,780
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series
7/20 at 100.00
A+
8,167,211
   
2010A, 5.000%, 7/01/40
     
2,350
 
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Series
7/18 at 100.00
AA–
2,602,155
   
2008A, 5.000%, 7/01/33
     
2,500
 
Phoenix Civic Improvement Corporation, Arizona, Subordinate Excise Tax Revenue Bonds, Civic
No Opt. Call
AA
2,581,550
   
Plaza Expansion Project, Series 2005A, 5.000%, 7/01/35 – FGIC Insured
     
1,000
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power
10/20 at 100.00
Baa1
1,067,940
   
Company, Series 2010A, 5.250%, 10/01/40
     
15,820
 
Total Arizona
   
16,797,792
   
Arkansas – 1.1% (0.7% 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
959,000
20,125
 
0.000%, 7/01/46 – AMBAC Insured
No Opt. Call
Aa2
4,271,330
4,000
 
University of Arkansas, Fayetteville, Revenue Bonds, Medical Sciences Campus, Series 2004B,
11/14 at 100.00
Aa2 (4)
4,048,280
   
5.000%, 11/01/34 (Pre-refunded 11/01/14) – NPFG Insured
     
26,625
 
Total Arkansas
   
9,278,610
   
California – 21.3% (14.1% of Total Investments)
     
12,500
 
Anaheim Public Financing Authority, California, Subordinate Lease Revenue Bonds, Public
No Opt. Call
AA
4,252,500
   
Improvement Project, Series 1997C, 0.000%, 9/01/35 – AGM Insured
     
5,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
4/23 at 100.00
A+
5,483,750
   
2013S-4, 5.000%, 4/01/38
     
3,275
 
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los
12/18 at 100.00
B+
2,955,720
   
Angeles County Securitization Corporation, Series 2006A, 5.450%, 6/01/28
     
890
 
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System,
7/23 at 100.00
AA–
966,246
   
Series 2013A, 5.000%, 7/01/37
     
2,335
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series
7/20 at 100.00
Baa2
2,475,707
   
2010A, 5.750%, 7/01/40
     
25,000
 
California State, General Obligation Bonds, Series 2005, 4.750%, 3/01/35 – NPFG Insured
3/16 at 100.00
AA–
25,976,250
2,000
 
California State, General Obligation Bonds, Series 2007, 4.500%, 8/01/28 – AMBAC Insured
2/17 at 100.00
Aa3
2,135,740
16,000
 
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37
6/17 at 100.00
Aa3
17,112,000
   
California State, General Obligation Bonds, Various Purpose Series 2010:
     
3,500
 
5.250%, 3/01/30
3/20 at 100.00
Aa3
4,005,470
10,000
 
5.500%, 11/01/35
11/20 at 100.00
Aa3
11,571,900
1,360
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
7/15 at 100.00
B–
1,277,625
   
Health System, Series 2005A, 5.250%, 7/01/30
     
3,600
 
California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System,
7/18 at 100.00
AA–
4,088,664
   
Series 2007A, 5.750%, 7/01/47 – FGIC Insured
     
2,710
 
Chula Vista Elementary School District, San Diego County, California, Certificates of
9/14 at 100.00
AA–
2,711,843
   
Participation, Series 2004, 5.000%, 9/01/29 – NPFG Insured
     
3,400
 
Coachella Valley Unified School District, Riverside County, California, General Obligation
No Opt. Call
AA
1,422,254
   
Bonds, Election 2005 Series 2010C, 0.000%, 8/01/33 – AGM Insured
     
8,500
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series
1/15 at 100.00
AA–
8,521,675
   
1995A, 5.000%, 1/01/35 – NPFG Insured
     
910
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding
1/31 at 100.00
BBB–
550,705
   
Bonds, Series 2013A, 0.000%, 1/15/42
     
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
     
   
Bonds, Series 2007A-1:
     
7,780
 
4.500%, 6/01/27
6/17 at 100.00
B
6,928,012
13,090
 
5.000%, 6/01/33
6/17 at 100.00
B
10,545,435
1,500
 
5.125%, 6/01/47
6/17 at 100.00
B
1,108,755
2,000
 
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series
7/15 at 100.00
AA (4)
2,088,720
   
2005A-2, 5.000%, 7/01/22 (Pre-refunded 7/01/15) – AGM Insured
     
5,255
 
Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F,
7/16 at 100.00
Aa2 (4)
5,732,522
   
5.000%, 7/01/30 (Pre-refunded 7/01/16) – FGIC Insured
     
5,000
 
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds,
7/17 at 100.00
Aa2
5,396,050
   
Series 2007A, 4.500%, 1/01/28 – NPFG Insured
     
1,855
 
Mount San Antonio Community College District, Los Angeles County, California, General
8/35 at 100.00
AA
1,094,840
   
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
     
3,300
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series
No Opt. Call
A
4,307,556
   
2009B, 6.500%, 11/01/39
     
3,290
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax
9/16 at 100.00
AA
3,559,221
   
Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
     
5,000
 
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010,
11/20 at 100.00
Ba1
5,213,350
   
6.000%, 11/01/30
     
3,700
 
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A,
No Opt. Call
AA–
2,469,195
   
0.000%, 8/01/25 – NPFG Insured
     
9,145
 
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community
No Opt. Call
A
4,130,339
   
Development Project, Series 1999, 0.000%, 8/01/30 – AMBAC Insured
     
2,500
 
Redding, California, Electric System Revenue Certificates of Participation, Series 2005,
6/15 at 100.00
AA–
2,529,700
   
5.000%, 6/01/30 – FGIC Insured
     
1,830
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds,
8/19 at 100.00
Aa2
3,022,135
   
Tender Option Bond Trust 3504, 20.213%, 2/01/33 (IF)
     
   
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue
     
   
Refunding Bonds, Series 1997A:
     
7,210
 
0.000%, 1/15/23 – NPFG Insured
No Opt. Call
AA–
4,752,688
30,000
 
0.000%, 1/15/35 – NPFG Insured
No Opt. Call
AA–
9,068,700
3,000
 
San Mateo County Community College District, California, General Obligation Bonds, Series
No Opt. Call
Aaa
1,663,560
   
2006C, 0.000%, 9/01/30 – NPFG Insured
     
4,495
 
Stockton-East Water District, California, Certificates of Participation, Refunding Series
10/14 at 44.32
AA–
1,972,451
   
2002B, 0.000%, 4/01/28 – FGIC Insured
     
   
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
     
   
Bonds, Series 2005A-1:
     
1,280
 
4.750%, 6/01/23
6/15 at 100.00
B+
1,247,398
1,500
 
5.500%, 6/01/45
6/15 at 100.00
B–
1,176,540
1,805
 
Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds,
12/14 at 100.00
BBB
1,752,944
   
San Diego County Tobacco Asset Securitization Corporation, Senior Series 2006A, 4.750%, 6/01/25
     
215,515
 
Total California
   
175,268,160
   
Colorado – 8.7% (5.8% of Total Investments)
     
3,350
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,
9/16 at 100.00
A+
3,370,402
   
Series 2006A, 4.500%, 9/01/38
     
3,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,
2/21 at 100.00
A+
3,187,860
   
Series 2011A, 5.000%, 2/01/41
     
4,890
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,
1/23 at 100.00
A+
5,323,010
   
Series 2013A, 5.250%, 1/01/45
     
1,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System,
9/18 at 102.00
AA
1,068,930
   
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–
12,653,131
   
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–
1,531,830
   
Association, Series 2007, 5.250%, 5/15/42
     
3,225
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B,
11/23 at 100.00
A
3,502,963
   
5.000%, 11/15/43
     
11,700
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Capital Appreciation Series
No Opt. Call
BBB
3,009,006
   
2010A, 0.000%, 9/01/41
     
6,525
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%,
No Opt. Call
AA–
4,068,990
   
9/01/26 – NPFG Insured
     
43,000
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%,
No Opt. Call
AA–
17,719,440
   
9/01/33 – NPFG Insured
     
   
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:
     
1,000
 
0.000%, 9/01/28 – NPFG Insured
No Opt. Call
AA–
565,410
7,000
 
0.000%, 9/01/34 – NPFG Insured
No Opt. Call
AA–
2,705,430
1,180
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A,
6/20 at 100.00
Aa3
1,293,811
   
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
7,489,040
3,750
 
6.000%, 1/15/41
7/20 at 100.00
Baa3
4,157,513
109,450
 
Total Colorado
   
71,646,766
   
District of Columbia – 2.7% (1.8% of Total Investments)
     
10,000
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Second Senior
10/28 at 100.00
BBB+
9,772,700
   
Lien Revenue Bonds, Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44
     
11,000
 
Metropolitan Washington Airports Authority, District of Columbia, Dulles Toll Road Second
10/26 at 100.00
AA
12,199,110
   
Senior Lien Revenue Bonds, Series 2009C, 0.000%, 10/01/41 – AGC Insured
     
21,000
 
Total District of Columbia
   
21,971,810
   
Florida – 2.8% (1.8% of Total Investments)
     
1,270
 
Alachua County Health Facilities Authority, Florida, Revenue Bonds, Shands Teaching Hospital
No Opt. Call
AA–
1,341,387
   
and Clinics Inc., Series 1996A, 6.250%, 12/01/16 – NPFG Insured
     
5,000
 
Florida Hurricane Catastrophe Fund, Financial Corporation Revenue Bonds, Series 2010A, 5.000%,
No Opt. Call
AAA
5,219,900
   
7/01/15 (ETM)
     
3,715
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Sanibel Bridges and Causeway
10/15 at 100.00
AA
3,862,968
   
Project, Series 2005B, 5.000%, 10/01/30 – CIFG Insured
     
2,500
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series
10/20 at 100.00
A
2,789,850
   
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
A
2,756,550
   
5.000%, 10/01/30
     
4,625
 
Miami-Dade County, Florida, General Obligation Bonds, Parks Program, Series 2005, 4.300%,
11/15 at 100.00
AA
4,751,771
   
11/01/30 – NPFG Insured
     
2,000
 
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,
7/17 at 100.00
AA–
2,138,420
   
Series 2007, 5.000%, 7/01/33 – NPFG Insured
     
21,610
 
Total Florida
   
22,860,846
   
Georgia – 2.7% (1.8% of Total Investments)
     
4,000
 
Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates,
4/23 at 100.00
AA–
4,532,920
   
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
1,343,950
   
Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30
     
2,400
 
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional
12/20 at 100.00
N/R
1,387,076
   
Medical Center Project, Series 2010, 7.625%, 12/01/30 (5)
     
   
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–
5,347,400
4,050
 
5.125%, 2/15/40
2/20 at 100.00
AA–
4,265,055
5,000
 
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus
8/18 at 100.00
AA
5,601,950
   
Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured
     
21,700
 
Total Georgia
   
22,478,351
   
Illinois – 16.2% (10.7% of Total Investments)
     
3,075
 
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System
4/16 at 100.00
AA–
3,228,781
   
Revenue Bonds, Series 2006A, 5.000%, 4/01/36 – NPFG Insured
     
1,470
 
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series
12/21 at 100.00
A+
1,455,844
   
2011A, 5.000%, 12/01/41
     
5,000
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated
No Opt. Call
AA–
5,079,600
   
Revenues, Refunding Series 2004A, 5.000%, 12/01/15 – NPFG Insured
     
   
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
     
   
Revenues, Series 1998B-1:
     
9,400
 
0.000%, 12/01/14 – FGIC Insured
No Opt. Call
AA–
9,381,670
4,400
 
0.000%, 12/01/15 – FGIC Insured
No Opt. Call
AA–
4,341,524
1,100
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011,
12/21 at 100.00
AA
1,193,500
   
5.250%, 12/01/40
     
1,615
 
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien
1/15 at 100.00
AA
1,616,744
   
Series 2003C-2, 5.250%, 1/01/30 – AGM Insured (Alternative Minimum Tax)
     
   
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
     
32,670
 
0.000%, 1/01/32 – FGIC Insured
No Opt. Call
AA–
13,361,377
12,360
 
0.000%, 1/01/37 – FGIC Insured
No Opt. Call
AA–
3,727,158
7,750
 
Chicago, Illinois, General Obligation Bonds, Series 2004A, 5.000%, 1/01/34 – AGM Insured
1/15 at 100.00
AA
7,752,480
3,500
 
Cook County Township High School District 225 Northfield, Illinois, General Obligation Bonds,
12/16 at 72.44
AAA
2,440,725
   
Series 2007B, 0.000%, 12/01/23
     
1,050
 
Illinois Finance Authority, General Obligation Debt Certificates, Local Government Program –
12/14 at 100.00
Baa2 (4)
1,066,989
   
Kankakee County, Series 2005B, 5.000%, 12/01/20 (Pre-refunded 12/01/14) – AMBAC Insured
     
15,000
 
Illinois Finance Authority, Illinois, Northwestern University, Revenue Bonds, Series 2006,
12/15 at 100.00
AAA
15,735,000
   
5.000%, 12/01/42
     
2,000
 
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%,
8/18 at 100.00
AA
2,078,740
   
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
1,384,702
   
5.500%, 2/01/40 – AMBAC Insured
     
2,500
 
Illinois Finance Authority, Revenue Bonds, Elmhurst Memorial Healthcare, Series 2008A,
1/18 at 100.00
Baa2
2,684,175
   
5.625%, 1/01/37
     
1,725
 
Illinois Finance Authority, Revenue Bonds, Ingalls Health System, Series 2013, 4.250%, 5/15/43
5/22 at 100.00
Baa1
1,521,398
4,300
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34
4/19 at 100.00
A+
4,590,723
1,630
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013,
8/22 at 100.00
AA+
1,764,964
   
5.000%, 8/15/37
     
2,500
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
BBB+
3,091,675
5,000
 
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B,
5/18 at 100.00
AA
5,340,200
   
5.000%, 5/15/24 – AGM Insured
     
5,725
 
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series
8/19 at 100.00
BBB+
6,560,678
   
2009, 7.000%, 8/15/44
     
4,500
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series
2/21 at 100.00
AA–
4,899,780
   
2011C, 5.500%, 8/15/41 (UB) (6)
     
4,085
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc.,
5/17 at 100.00
BBB+
4,146,357
   
Refunding Series 2007A, 5.250%, 5/01/34
     
5,000
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A,
1/23 at 100.00
AA–
5,483,300
   
5.000%, 1/01/35
     
2,335
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
6/20 at 100.00
AAA
2,429,357
   
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
AAA
4,844,700
   
Project, Series 1994B, 0.000%, 6/15/28 – NPFG Insured
     
824
 
Montgomery, Illinois, Lakewood Creek Project Special Assessment Bonds, Series 2007, 4.700%,
3/16 at 100.00
N/R
798,901
   
3/01/30 – RAAI Insured
     
   
Will County Community Unit School District 201U, Crete-Monee, Illinois, General Obligation
     
   
Bonds, Capital Appreciation Series 2004:
     
4,005
 
0.000%, 11/01/15 – FGIC Insured
No Opt. Call
AA–
3,962,467
3,330
 
0.000%, 11/01/22 – NPFG Insured
No Opt. Call
AA–
2,546,418
6,390
 
Will County School District 122, New Lenox, Illinois, General Obligation Bonds, Capital
No Opt. Call
Aa3
4,494,087
   
Appreciation School Series 2004D, 0.000%, 11/01/24 – AGM Insured
     
164,329
 
Total Illinois
   
133,004,014
   
Indiana – 3.4% (2.3% of Total Investments)
     
2,600
 
Crown Point Multi-School Building Corporation, Indiana, First Mortgage Bonds, Crown Point
No Opt. Call
AA–
1,898,416
   
Community School Corporation, Series 2000, 0.000%, 1/15/24 – NPFG Insured
     
4,100
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing
7/23 at 100.00
BBB
4,242,967
   
Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
     
2,400
 
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project,
9/24 at 100.00
BBB
2,469,432
   
Series 2014, 5.000%, 9/01/46 (Alternative Minimum Tax)
     
2,750
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series
10/21 at 100.00
AA–
2,917,090
   
2011B, 5.000%, 10/01/41
     
2,250
 
Indiana Health and Educational Facilities Financing Authority, Revenue Bonds, Sisters of Saint
5/18 at 100.00
Aa3
2,365,695
   
Francis Health Services Inc, Series 2006E, 5.250%, 5/15/41 – AGM Insured
     
2,400
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana,
5/15 at 100.00
N/R (4)
2,487,120
   
Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured
     
2,500
 
Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 –
1/17 at 100.00
AA–
2,668,525
   
NPFG Insured
     
2,000
 
Indiana Municipal Power Agency, Power Supply System Revenue Refunding Bonds, Series 2006A,
1/16 at 100.00
AA+
2,092,400
   
5.000%, 1/01/32 – AMBAC Insured
     
10,000
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26
No Opt. Call
AA
6,905,300
   
AMBAC Insured
     
31,000
 
Total Indiana
   
28,046,945
   
Iowa – 2.6% (1.7% of Total Investments)
     
11,570
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
No Opt. Call
BB–
12,191,193
   
Project, Series 2013, 5.000%, 12/01/19
     
   
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
     
4,000
 
5.375%, 6/01/38
6/15 at 100.00
B+
3,283,040
7,000
 
5.625%, 6/01/46
6/15 at 100.00
B+
5,823,300
22,570
 
Total Iowa
   
21,297,533
   
Kansas – 0.2% (0.1% of Total Investments)
     
1,990
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital
No Opt. Call
A–
1,388,403
   
Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex
     
   
Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
     
   
Kentucky – 0.9% (0.6% of Total Investments)
     
6,015
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro
6/20 at 100.00
BBB+
6,744,680
   
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
AA
1,058,150
   
Louisville Arena Authority, Inc., Series 2008-A1, 6.000%, 12/01/33 – AGC Insured
     
7,015
 
Total Kentucky
   
7,802,830
   
Louisiana – 2.6% (1.7% of Total Investments)
     
10,000
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our
No Opt. Call
AA
11,677,200
   
Lady Health System, Series 1998A, 5.750%, 7/01/25 – AGM Insured (UB)
     
9,000
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,
5/17 at 100.00
Baa1
9,422,550
   
Series 2007A, 5.500%, 5/15/47
     
19,000
 
Total Louisiana
   
21,099,750
   
Maine – 0.1% (0.1% of Total Investments)
     
1,050
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical
7/21 at 100.00
BBB–
1,150,496
   
Center, Series 2011, 6.750%, 7/01/41
     
   
Maryland – 0.7% (0.5% of Total Investments)
     
2,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist
1/22 at 100.00
Baa2
2,871,625
   
Healthcare, Series 2011A, 6.000%, 1/01/26
     
3,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of
7/22 at 100.00
A2
3,205,950
   
Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43
     
5,500
 
Total Maryland
   
6,077,575
   
Massachusetts – 4.0% (2.7% of Total Investments)
     
3,125
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior
1/20 at 100.00
A+
3,332,938
   
Lien Series 2010B, 5.000%, 1/01/37
     
500
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc.,
7/18 at 100.00
A–
520,190
   
Series 2008E-1 &2, 5.125%, 7/01/38
     
7,405
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts
No Opt. Call
AAA
9,864,275
   
Institute of Technology, Series 2002K, 5.500%, 7/01/32 (UB)
     
2,300
 
Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk
7/19 at 100.00
BBB
2,488,094
   
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
AA+
5,093,520
   
2013A, 5.000%, 5/15/43
     
160
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A,
8/15 at 100.00
AA+
167,067
   
5.000%, 8/15/30
     
   
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A:
     
515
 
5.000%, 8/15/30 (Pre-refunded 8/15/15) – AGM Insured
8/15 at 100.00
AA (4)
541,002
3,325
 
5.000%, 8/15/30 (Pre-refunded 8/15/15)
8/15 at 100.00
AA (4)
3,492,879
425
 
Massachusetts Water Pollution Abatement Trust, Revenue Bonds, MWRA Loan Program, Subordinate
8/14 at 100.00
AAA
426,857
   
Series 1999A, 5.750%, 8/01/29
     
7,135
 
University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series
11/14 at 100.00
AA (4)
7,226,328
   
2004-1, 5.250%, 11/01/27 (Pre-refunded 11/01/14) – AMBAC Insured
     
29,450
 
Total Massachusetts
   
33,153,150
   
Michigan – 6.3% (4.2% of Total Investments)
     
1,975
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
7/22 at 100.00
BB+
1,923,611
   
Refunding Senior Lien Series 2012A, 5.000%, 7/01/32
     
3,785
 
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,
7/15 at 100.00
AA–
3,729,323
   
7/01/35 – NPFG Insured
     
2,000
 
Detroit, Michigan, Sewage Disposal System Revenue Bonds, Second Lien Series 2006A, 5.500%,
7/18 at 100.00
AA+
2,066,580
   
7/01/36 – BHAC Insured
     
1,500
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%,
7/18 at 100.00
AA+
1,576,365
   
7/01/31 – BHAC Insured
     
3,920
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2003D,
7/16 at 100.00
AA–
3,925,841
   
5.000%, 7/01/28 – NPFG Insured
     
2,150
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2004B,
7/16 at 100.00
AA–
2,164,534
   
5.000%, 7/01/19 – NPFG Insured
     
2,000
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson
5/20 at 100.00
A2
2,130,060
   
Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured
     
2,500
 
Michigan Finance Authority, Unemployment Obligation Assessment Revenue Bonds, Series 2012B,
7/16 at 100.00
AAA
2,713,800
   
5.000%, 7/01/22
     
   
Michigan State Building Authority, Revenue Bonds, Facilities Program, Series 2005II:
     
7,975
 
5.000%, 10/15/25 – AMBAC Insured
10/15 at 100.00
Aa3
8,394,724
10,470
 
5.000%, 10/15/26 – AMBAC Insured
10/15 at 100.00
Aa3
10,957,588
5,500
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,
11/19 at 100.00
A–
6,112,810
   
Refunding Series 2009, 5.625%, 11/15/29
     
3,050
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
6/18 at 100.00
BB–
2,823,477
   
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
1,484,593
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
     
1,950
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County
12/15 at 100.00
AA–
2,021,409
   
Airport, Series 2005, 5.000%, 12/01/34 – NPFG Insured (Alternative Minimum Tax)
     
49,925
 
Total Michigan
   
52,024,715
   
Minnesota – 2.0% (1.3% of Total Investments)
     
3,655
 
Dakota and Washington Counties Housing and Redevelopment Authority, Minnesota, GNMA
No Opt. Call
Aaa
4,762,392
   
Mortgage-Backed Securities Program Single Family Residential Mortgage Revenue Bonds, Series
     
   
1988, 8.450%, 9/01/19 (Alternative Minimum Tax) (ETM)
     
4,250
 
Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital
5/17 at 100.00
Baa1
4,350,045
   
Corporation, Series 2007, 5.250%, 5/01/37
     
7,000
 
Minnesota State, General Obligation Bonds, Various Purpose Series 2010A, 5.000%, 8/01/15
No Opt. Call
AA+
7,342,858
14,905
 
Total Minnesota
   
16,455,295
   
Mississippi – 0.2% (0.1% of Total Investments)
     
1,875
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial
9/14 at 100.00
A
1,881,825
   
Healthcare, Series 2004B-1, 5.000%, 9/01/24
     
   
Missouri – 3.5% (2.3% of Total Investments)
     
890
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales
10/18 at 100.00
AA+
1,003,902
   
Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28
     
15,000
 
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series
No Opt. Call
AA–
8,728,350
   
2004B-1, 0.000%, 4/15/28 – AMBAC Insured
     
8,315
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
11/23 at 100.00
A2
8,841,506
   
CoxHealth, Series 2013A, 5.000%, 11/15/48
     
2,370
 
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 4.500%, 12/15/24 – NPFG Insured
12/16 at 100.00
AA–
2,545,238
15,350
 
Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park
No Opt. Call
N/R
7,367,693
   
Projects, Series 2000A, 0.000%, 6/01/30 – AMBAC Insured
     
41,925
 
Total Missouri
   
28,486,689
   
Nevada – 3.3% (2.2% of Total Investments)
     
4,500
 
Clark County, Nevada, Motor Vehicle Fuel Tax Highway Improvement Revenue Bonds, Refunding
7/19 at 100.00
AA–
5,090,085
   
Series 2010B, 5.000%, 7/01/28
     
14,515
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
1/20 at 100.00
A+
15,657,766
   
International Airport, Series 2010A, 5.250%, 7/01/42
     
2,280
 
North Las Veags, Nevada, General Obligation Bonds, Wastewater Reclamation System Series 2006,
10/16 at 100.00
AA–
2,316,571
   
5.000%, 10/01/25 – NPFG Insured
     
2,500
 
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A, Trust
7/17 at 100.00
AA+
3,067,700
   
2634, 18.744%, 7/01/31 – BHAC Insured (IF) (6)
     
1,000
 
Washoe County, Nevada, Highway Revenue, Motor Vehicle Fuel Tax Bonds, Series 2013,
2/19 at 100.00
A+
1,076,190
   
5.000%, 2/01/38
     
24,795
 
Total Nevada
   
27,208,312
   
New Hampshire – 0.7% (0.4% of Total Investments)
     
5,000
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group
10/19 at 100.00
Baa1
5,387,200
   
Issue, Series 2009A, 6.125%, 10/01/39
     
   
New Jersey – 4.5% (3.0% of Total Investments)
     
1,965
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
1/24 at 100.00
AA
2,136,348
   
Replacement Project, Series 2013, 5.000%, 1/01/31 – AGM Insured (Alternative Minimum Tax)
     
3,200
 
New Jersey Economic Development Authority, School Facilities Construction Financing Program
No Opt. Call
AAA
3,257,822
   
Bonds, Series 2009Z, 5.000%, 12/15/14 (ETM)
     
600
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters
7/21 at 100.00
BB+
657,810
   
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+
1,534,950
   
University Hospital, Series 2007, 5.750%, 7/01/37
     
10,000
 
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health
1/17 at 37.38
BBB+
3,324,000
   
Care System, Refunding Series 2006B, 0.000%, 7/01/36
     
   
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
     
20,000
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
AA
7,889,200
20,000
 
0.000%, 12/15/35 – AMBAC Insured
No Opt. Call
A
6,802,800
20,000
 
0.000%, 12/15/36 – AMBAC Insured
No Opt. Call
A
6,454,000
1,135
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43
5/23 at 100.00
AA–
1,261,859
5,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
6/17 at 100.00
B2
3,746,450
   
Series 2007-1A, 4.750%, 6/01/34
     
83,400
 
Total New Jersey
   
37,065,239
   
New Mexico – 0.9% (0.6% of Total Investments)
     
7,000
 
State of New Mexico, State Severance Tax Revenue Bonds, Series 2011A2, 5.000%, 7/01/15
No Opt. Call
Aa1
7,313,180
   
New York – 8.3% (5.5% of Total Investments)
     
2,250
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, Mount Sinai School of
No Opt. Call
AA–
2,589,885
   
Medicine, Series 1994A, 5.150%, 7/01/24 – NPFG Insured
     
5,005
 
Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Vassar
7/17 at 100.00
Aa2
5,479,774
   
College, Series 2007, 5.000%, 7/01/46
     
2,400
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series
2/21 at 100.00
A
2,617,080
   
2011A, 5.250%, 2/15/47
     
   
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A:
     
2,000
 
5.000%, 2/15/47 – FGIC Insured
2/17 at 100.00
A
2,072,220
1,320
 
4.500%, 2/15/47 – NPFG Insured
2/17 at 100.00
AA–
1,341,490
7,500
 
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2004A,
9/14 at 100.00
AA+
7,527,825
   
5.000%, 9/01/34 – BHAC Insured
     
13,600
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B,
11/16 at 100.00
AA
13,846,432
   
4.500%, 11/15/32 – AGM Insured (UB)
     
470
 
New York City Industrial Development Agency, New York, American Airlines-JFK International
No Opt. Call
N/R
494,807
   
Airport Special Facility Revenue Bonds, Series 2005, 7.500%, 8/01/16 (Alternative Minimum Tax)
     
10
 
New York City Trust for Cultural Resources, New York, Revenue Bonds, American Museum of
1/15 at 100.00
AA
10,034
   
Natural History, Series 2004A, 5.000%, 7/01/44 – NPFG Insured
     
   
New York City, New York, General Obligation Bonds, Fiscal Series 2002G:
     
20
 
5.000%, 8/01/17
8/14 at 100.00
AA
20,079
80
 
5.750%, 8/01/18
8/14 at 100.00
AA
80,366
780
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/17 –
1/15 at 100.00
A
795,670
   
AMBAC Insured
     
220
 
New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/17
1/15 at 100.00
A2 (4)
224,475
   
(Pre-refunded 1/01/15) – AMBAC Insured
     
6,555
 
New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/32 –
7/15 at 100.00
AA
6,803,826
   
AGM Insured
     
7,000
 
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and
No Opt. Call
AA
8,077,440
   
State Contingency Contract-Backed Bonds, Series 2011B, 5.000%, 6/01/18
     
   
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
9,722,462
3,155
 
6.000%, 12/01/36
12/20 at 100.00
BBB
3,648,852
2,470
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
No Opt. Call
AA–
2,571,986
   
Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)
     
63,385
 
Total New York
   
67,924,703
   
North Carolina – 4.1% (2.7% of Total Investments)
     
3,000
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
1/18 at 100.00
AA–
3,119,190
   
Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/47
     
7,490
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA
1/15 at 100.00
AA+ (4)
7,655,904
   
Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
     
9,790
 
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series
10/15 at 100.00
AA+
10,201,767
   
2005A, 5.000%, 10/01/41
     
2,000
 
North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Rowan Regional
9/14 at 100.00
AA (4)
2,008,120
   
Medical Center Project, Series 2004, 5.000%, 9/01/33 (Pre-refunded 9/01/14)
     
5,000
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds,
10/22 at 100.00
AA–
5,581,200
   
WakeMed, Series 2012A, 5.000%, 10/01/27
     
4,000
 
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s
10/17 at 100.00
AA–
4,091,600
   
Health System, Series 2007, 4.500%, 10/01/31 (UB)
     
1,170
 
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University
6/19 at 100.00
AA
1,295,600
   
Health System, Series 2009A, 5.000%, 6/01/39
     
32,450
 
Total North Carolina
   
33,953,381
   
North Dakota – 1.3% (0.9% 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
A–
7,422,450
3,000
 
5.000%, 12/01/32
12/21 at 100.00
A–
3,153,840
10,000
 
Total North Dakota
   
10,576,290
   
Ohio – 6.2% (4.1% of Total Investments)
     
10,000
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project
2/18 at 100.00
A1
10,934,600
   
Series 2008A, 5.250%, 2/15/43
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
     
   
Bonds, Senior Lien, Series 2007A-2:
     
1,055
 
5.125%, 6/01/24
6/17 at 100.00
B–
884,069
2,925
 
5.875%, 6/01/30
6/17 at 100.00
B
2,381,096
5,040
 
5.750%, 6/01/34
6/17 at 100.00
B
4,021,920
2,715
 
6.000%, 6/01/42
6/17 at 100.00
B+
2,154,950
5,950
 
5.875%, 6/01/47
6/17 at 100.00
B
4,654,745
10,000
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
6/22 at 100.00
B
8,320,900
   
Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
     
10,000
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2006,
12/16 at 100.00
AA+
10,106,898
   
4.250%, 12/01/32 – AGM Insured
     
2,885
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series
11/21 at 100.00
AA
3,320,260
   
2011A, 6.000%, 11/15/41
     
3,685
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series
2/23 at 100.00
A+
3,974,088
   
2013A-1, 5.000%, 2/15/48
     
54,255
 
Total Ohio
   
50,753,526
   
Oklahoma – 1.9% (1.3% of Total Investments)
     
1,400
 
Fort Sill Apache Tribe of Oklahoma Economic Development Authority, Gaming Enterprise Revenue
8/21 at 100.00
N/R
1,622,320
   
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
A
3,955,385
1,675
 
Oklahoma Development Finance Authority, Health System Revenue Bonds, Integris Baptist Medical
8/18 at 100.00
AA–
1,784,160
   
Center, Series 2008B, 5.250%, 8/15/38
     
6,040
 
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007,
2/17 at 100.00
AA
6,195,349
   
5.000%, 2/15/42
     
2,000
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%,
1/17 at 100.00
AA–
2,018,740
   
1/01/47 – FGIC Insured
     
14,615
 
Total Oklahoma
   
15,575,954
   
Pennsylvania – 3.5% (2.3% of Total Investments)
     
2,000
 
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of
8/19 at 100.00
Aa3
2,286,060
   
Pittsburgh Medical Center, Series 2009A, 5.625%, 8/15/39
     
65
 
Allentown, Pennsylvania, General Obligation Bonds, Series 2003, 5.500%, 10/01/19 – FGIC Insured
10/14 at 100.00
A3
65,261
7,970
 
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue
8/20 at 100.00
AA
8,793,779
   
Bonds, New Regional Medical Center Project, Series 2010, 5.250%, 8/01/33
     
1,500
 
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96A,
10/16 at 100.00
AA+
1,509,435
   
4.650%, 10/01/31 (Alternative Minimum Tax) (UB)
     
2,600
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2004A, 5.500%, 12/01/31 –
12/14 at 100.00
A+
2,638,428
   
AMBAC Insured
     
5,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%,
6/26 at 100.00
AA
5,660,650
   
6/01/33 – AGM Insured
     
7,845
 
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998,
8/14 at 100.00
AA
7,869,398
   
5.000%, 8/01/32 – AGM Insured
     
26,980
 
Total Pennsylvania
   
28,823,011
   
Puerto Rico – 1.5% (1.0% of Total Investments)
     
590
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J, 5.000%,
1/15 at 100.00
AA–
545,549
   
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
BBB
5,681,500
86,250
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
BBB
6,398,025
136,840
 
Total Puerto Rico
   
12,625,074
   
Rhode Island – 0.8% (0.5% of Total Investments)
     
1,455
 
Rhode Island Convention Center Authority, Lease Revenue Bonds, Series 2005A, 5.000%, 5/15/23 –
5/15 at 100.00
AA
1,506,434
   
AGM Insured
     
   
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,
     
   
Series 2002A:
     
2,765
 
6.125%, 6/01/32
12/14 at 100.00
BBB+
2,770,641
2,165
 
6.250%, 6/01/42
12/14 at 100.00
BBB–
2,164,892
6,385
 
Total Rhode Island
   
6,441,967
   
South Carolina – 3.4% (2.3% of Total Investments)
     
2,850
 
Columbia, South Carolina, Waterworks and Sewer System Revenue Bonds, Series 2011A,
2/21 at 100.00
Aa1
3,111,317
   
5.000%, 2/01/41
     
   
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds,
     
   
Series 2004A:
     
5,240
 
5.250%, 8/15/20 (Pre-refunded 8/15/14) – NPFG Insured
8/14 at 100.00
AA– (4)
5,250,375
3,250
 
5.250%, 2/15/24 (Pre-refunded 8/15/14) – NPFG Insured
8/14 at 100.00
AA– (4)
3,256,435
3,100
 
5.250%, 8/15/34 (Pre-refunded 8/15/14) – NPFG Insured
8/14 at 100.00
AA– (4)
3,106,138
7,600
 
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2,
No Opt. Call
A–
3,743,684
   
0.000%, 1/01/31 – AMBAC Insured
     
5,000
 
South Carolina Public Service Authority, Revenue Bonds, Santee Cooper Electric System, Series
No Opt. Call
AA–
5,308,000
   
2005B, 5.000%, 1/01/22 – NPFG Insured
     
3,800
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40
10/19 at 100.00
A1
4,221,420
30,840
 
Total South Carolina
   
27,997,369
   
South Dakota – 0.2% (0.1% of Total Investments)
     
1,325
 
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley
11/14 at 100.00
A+
1,329,359
   
Hospitals, Series 2004A, 5.250%, 11/01/34
     
   
Texas – 14.8% (9.8% of Total Investments)
     
5,515
 
Austin, Texas, Water and Wastewater System Revenue Bonds, Series 2005, 5.000%, 5/15/29 –
11/15 at 100.00
AA
5,823,509
   
NPFG Insured
     
5,560
 
Beaumont Independent School District, Jefferson County, Texas, General Obligation Bonds,
2/17 at 100.00
AAA
6,015,475
   
Series 2008, 5.000%, 2/15/38
     
6,000
 
Board of Regents of the University of Texas, Permanent University Fund Bonds, Refunding Series
7/15 at 100.00
AAA
6,220,140
   
2005B, 5.000%, 7/01/35
     
5,500
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005, 5.000%,
1/15 at 100.00
AA– (4)
5,610,935
   
1/01/45 (Pre-refunded 1/01/15) – FGIC Insured
     
1,500
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011,
1/21 at 100.00
Baa2
1,677,345
   
5.750%, 1/01/31
     
4,000
 
Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds,
2/15 at 100.00
AAA
4,104,360
   
Schoolhouse Series 2005C, 5.000%, 2/15/30 (Pre-refunded 2/15/15)
     
3,570
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2007, 5.000%,
11/14 at 100.00
A+
3,608,378
   
11/01/22 – SYNCORA GTY Insured (Alternative Minimum Tax)
     
4,000
 
Decatur Hospital Authority, Texas, Revenue Bonds, Wise Regional Health System, Series 2004A,
9/14 at 100.00
N/R (4)
4,022,800
   
7.125%, 9/01/34 (Pre-refunded 9/01/14)
     
20,000
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien
10/23 at 100.00
AA+
21,813,400
   
Series 2013B, 5.250%, 10/01/51
     
2,770
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G,
11/15 at 100.00
AA–
2,770,997
   
5.250%, 11/15/30 – NPFG Insured
     
15,980
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3,
11/24 at 55.69
AA–
4,858,719
   
0.000%, 11/15/34 – NPFG Insured
     
3,500
 
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Junior Lien
11/14 at 100.00
AA–
3,501,470
   
Series 2001B, 5.250%, 11/15/40 – NPFG Insured
     
   
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
AA
2,578,524
4,865
 
0.000%, 9/01/27 – AGM Insured
No Opt. Call
AA
2,854,587
875
 
Lamar Consolidated Independent School District, Fort Bend County, Texas, General Obligation
2/15 at 100.00
AAA
897,925
   
Bonds, Refunding Series 2005, 5.000%, 2/15/21 (Pre-refunded 2/15/15)
     
6,000
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
8/14 at 33.33
AAA
1,999,620
   
Bonds, Series 2006, 0.000%, 8/15/34 (Pre-refunded 8/15/14)
     
3,000
 
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A, 5.500%,
9/21 at 100.00
AA+
3,418,830
   
9/01/41 (UB) (6)
     
5,720
 
San Antonio, Texas, Electric and Gas System Revenue Bonds, Refunding Series 1992, 5.000%,
No Opt. Call
AA+ (4)
6,055,078
   
2/01/17 (ETM)
     
4,375
 
Tarrant County Cultural & Educational Facilities Financing Corporation, Texas, Revenue Bonds,
11/17 at 100.00
AA
4,705,838
   
Texas Health Resources Tender Option Bond Trust 1197, 9.221%, 5/15/39 (IF) (6)
     
2,890
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue
8/20 at 100.00
Aa3
3,118,859
   
Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45
     
3,565
 
Texas A&M University, Permanent University Fund Bonds, Refunding Series 2006, 5.000%, 7/01/36
No Opt. Call
AAA
3,810,022
   
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds,
     
   
Series 2012:
     
3,635
 
5.000%, 12/15/22
No Opt. Call
A3
4,178,287
1,820
 
5.000%, 12/15/32
No Opt. Call
A3
1,913,912
3,000
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier
8/22 at 100.00
A–
3,186,450
   
Refunding Series 2012A, 5.000%, 8/15/41
     
4,400
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series
No Opt. Call
A–
2,931,280
   
2002A, 0.000%, 8/15/25 – AMBAC Insured
     
   
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds,
     
   
Series 2006:
     
1,440
 
0.000%, 8/15/38
8/15 at 30.30
AAA
419,702
1,440
 
0.000%, 8/15/39
8/15 at 28.63
AAA
395,611
1,050
 
0.000%, 8/15/42
8/15 at 24.42
AAA
245,690
1,120
 
0.000%, 8/15/43
8/15 at 23.11
AAA
248,035
   
White Settlement Independent School District, Tarrant County, Texas, General Obligation Bonds,
     
   
Series 2006:
     
5
 
0.000%, 8/15/38 (Pre-refunded 8/15/15)
8/15 at 30.30
N/R (4)
1,512
7,665
 
0.000%, 8/15/38 (Pre-refunded 8/15/15)
8/15 at 30.30
N/R (4)
2,317,896
5
 
0.000%, 8/15/39 (Pre-refunded 8/15/15)
8/15 at 28.63
N/R (4)
1,429
7,665
 
0.000%, 8/15/39 (Pre-refunded 8/15/15)
8/15 at 28.63
N/R (4)
2,190,350
5,560
 
0.000%, 8/15/42 (Pre-refunded 8/15/15)
8/15 at 24.42
N/R (4)
1,355,306
5
 
0.000%, 8/15/43 (Pre-refunded 8/15/15)
8/15 at 23.11
N/R (4)
1,154
5,985
 
0.000%, 8/15/43 (Pre-refunded 8/15/15)
8/15 at 23.11
N/R (4)
1,380,859
1,670
 
Wood County Central Hospital District, Texas, Revenue Bonds, East Texas Medical Center Quitman
11/21 at 100.00
Baa2
1,828,767
   
Project, Series 2011, 6.000%, 11/01/41
     
159,780
 
Total Texas
   
122,063,051
   
Utah – 0.2% (0.2% of Total Investments)
     
1,840
 
West Valley City Municipal Building Authority, Salt Lake County, Utah, Lease Revenue Bonds,
8/16 at 100.00
AA–
1,972,517
   
Series 2006A., 4.500%, 8/01/24 – FGIC Insured
     
   
Virgin Islands – 0.1% (0.1% of Total Investments)
     
1,085
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.000%,
10/14 at 100.00
BBB+
1,087,897
   
10/01/26 – RAAI Insured
     
   
Virginia – 1.4% (1.0% of Total Investments)
     
6,130
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.125%, 7/01/49
No Opt. Call
BBB–
6,292,997
   
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
     
   
Crossing, Opco LLC Project, Series 2012:
     
820
 
6.000%, 1/01/37 (Alternative Minimum Tax)
7/22 at 100.00
BBB–
917,334
4,310
 
5.500%, 1/01/42 (Alternative Minimum Tax)
7/22 at 100.00
BBB–
4,647,775
11,260
 
Total Virginia
   
11,858,106
   
Washington – 2.1% (1.4% of Total Investments)
     
3,750
 
FYI Properties, Washington, Lease Revenue Bonds, Washington State Department of Information
6/19 at 100.00
AA
4,247,213
   
Services Project, Series 2009, 5.500%, 6/01/39 (UB) (6)
     
3,780
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research
1/21 at 100.00
A
4,069,094
   
Center, Series 2011A, 5.625%, 1/01/35
     
5,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care
10/16 at 100.00
AA
5,098,850
   
Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured (UB) (6)
     
3,500
 
Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2011B-1,
No Opt. Call
AA+
3,500,000
   
4.000%, 8/01/14
     
16,030
 
Total Washington
   
16,915,157
   
West Virginia – 1.1% (0.7% of Total Investments)
     
2,000
 
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health
6/23 at 100.00
A
2,233,900
   
System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
     
6,725
 
West Virginia University, Revenue Bonds, West Virginia University Projects, Improvement Series
10/14 at 100.00
AA– (4)
6,779,809
   
2004C, 5.000%, 10/01/34 (Pre-refunded 10/01/14) – FGIC Insured
     
8,725
 
Total West Virginia
   
9,013,709
   
Wisconsin – 2.6% (1.7% of Total Investments)
     
2,500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care,
4/23 at 100.00
A
2,672,650
   
Inc., Series 2013A, 5.125%, 4/15/31
     
3,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc.,
11/15 at 100.00
BBB
3,011,010
   
Series 2004, 5.750%, 5/01/29
     
3,670
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran,
10/21 at 100.00
A+
3,952,113
   
Series 2011A, 5.250%, 10/15/39
     
1,485
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,
2/22 at 100.00
A–
1,560,082
   
Series 2012B, 5.000%, 2/15/40
     
1,500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc.,
6/22 at 100.00
A2
1,593,720
   
Series 2012, 5.000%, 6/01/39
     
3,000
 
Wisconsin Public Power Incorporated System, Power Supply System Revenue Bonds, Series 2005A,
7/15 at 100.00
AA+
3,099,840
   
5.000%, 7/01/35 – AMBAC Insured
     
5,000
 
Wisconsin State, General Obligation Bonds, Series 2004E, 5.000%, 5/01/23 (Pre-refunded
5/15 at 100.00
AA (4)
5,181,500
   
5/01/15) – NPFG Insured
     
20,155
 
Total Wisconsin
   
21,070,915
   
Wyoming – 0.8% (0.5% of Total Investments)
     
2,035
 
Campbell County, Wyoming Solid Waste Facilities Revenue Bonds, Basin Electric Power
7/19 at 100.00
A1
2,259,705
   
Cooperative – Dry Fork Station Facilities, Series 2009A, 5.750%, 7/15/39
     
4,000
 
Wyoming Municipal Power Agency Power Supply System Revenue Bonds, 2008 Series A,
1/18 at 100.00
A2
4,422,000
   
5.375%, 1/01/42
     
6,035
 
Total Wyoming
   
6,681,705
$ 1,571,959
 
Total Municipal Bonds (cost $1,160,024,369)
   
1,239,029,498
             
Principal
           
Amount (000)
 
Description (1)
Coupon
Maturity
Ratings (3)
Value
   
CORPORATE BONDS – 0.0% (0.0% of Total Investments)
       
             
   
Transportation - 0.0% (0.0% of Total Investments)
       
$ 70
 
Las Vegas Monorail Company, Senior Interest Bonds (5), (7)
5.500%
7/15/19
N/R
$ 12,672
19
 
Las Vegas Monorail Company, Senior Interest Bonds (5), (7)
3.000%
7/15/55
N/R
2,573
$ 89
 
Total Corporate Bonds (cost $6,260)
     
15,245
   
Total Long-Term Investments (cost $1,160,030,629)
     
1,239,044,743
           
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
SHORT-TERM INVESTMENTS – 0.3% (0.2% of Total Investments)
     
           
   
MUNICIPAL BONDS – 0.3% (0.2% of Total Investments)
     
           
   
California – 0.3% (0.2% of Total Investments)
     
$ 1,920
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
No Opt. Call
N/R
1,920,000
   
   Health System, Series 2014A, 6.000%, 7/10/15
     
185
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
No Opt. Call
N/R
185,000
   
   Health System, Series 2014B, 6.000%, 7/10/15
     
$ 2,105
 
Total Short-Term Investments (cost $2,105,000)
   
2,105,000
   
Total Investments (cost $1,162,135,629) – 150.8%
   
1,241,149,743
   
Floating Rate Obligations – (4.6)%
   
(38,240,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (52.0)% (8)
   
(428,400,000)
   
Other Assets Less Liabilities – 5.8%
   
48,800,863
   
Net Assets Applicable to Common Shares – 100%
 
$ 823,310,606
 
 
 
 

 
 
 
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
$ —
$1,237,642,422
$1,387,076
$1,239,029,498
Corporate Bonds
15,245
15,245
Short-Term Investments:
       
   Municipal Bonds
2,105,000
2,105,000
Total
$ —
$1,239,747,422
$1,402,321
$1,241,149,743
 
 
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 July 31, 2014, the cost of investments was $1,132,508,697.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of July 31, 2014,
 
were as follows:
 
Gross unrealized:
 
  Appreciation
$  97,388,363
  Depreciation
(26,983,488)
Net unrealized appreciation (depreciation) of investments
$  70,404,875
 
(1)
 
All percentages shown in the Portfolio of Investments are based on net assets applicable to common
   
shares unless otherwise noted.
(2)
 
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
   
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may
   
be subject to periodic principal paydowns.
(3)
 
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,
   
Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or
   
BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any
   
of these national rating agencies.
(4)
 
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
   
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
   
agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the
   
Board of Directors/Trustees. For fair value measurement disclosure purposes, investment classified as
   
Level 3.
(6)
 
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
   
investments in inverse floating rate transactions.
(7)
 
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy
   
protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance
   
of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund
   
surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received
   
two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on
   
July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015)
   
maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either
   
senior interest corporate bond.
(8)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 34.5%.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
 
 
 
 

 
 
Item 2. Controls and Procedures.

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

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

 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)  Nuveen Quality Income Municipal Fund, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:         September 29, 2014        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:         September 29, 2014        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:         September 29, 2014