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Nuveen AMT-Free Municipal Credit Income Fund

Regulatory Filings Mar 31, 2017

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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 A 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
5 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 A 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 B 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 A 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 A 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 A 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 A 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 A 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 A 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 A 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 A 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 A 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 A 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 A 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 A 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 A 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 A 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 A 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 A 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 A 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 A 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 B 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 B 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 A 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 A 3,700,968
2,500 4.450%, 11/01/36 11/25 at 102.00 A 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 A 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 A 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 A 7,588,800
20,000 0.000%, 2/01/28 – AMBAC Insured No Opt. Call A 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 B 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 A 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 A 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 A 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 B 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
5 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 A 963,144
2,400 5.250%, 2/15/47 2/21 at 100.00 A 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 A 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
5 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 A 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 A 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 A 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 C 7,720,000
86,250 0.000%, 8/01/54 – AMBAC Insured No Opt. Call C 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 A 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 A 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 A 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 A 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 A 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 A 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 A 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)
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)
Cedric H. Antosiewicz Chief Administrative Officer (principal executive officer)

Date: March 31, 2017

By (Signature and Title)
Stephen D. Foy Vice President and Controller (principal financial officer)

Date: March 31, 2017

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