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 811-05570

 

Nuveen Premium Income Municipal Fund, Inc.

(Exact name of registrant as specified in charter)

 

Nuveen Investments

        333 West Wacker Drive, Chicago, Illinois 60606         

(Address of principal executive offices) (Zip code)

 

Kevin J. McCarthy

Vice President and Secretary

        333 West Wacker Drive, Chicago, Illinois 60606         

(Name and address of agent for service)

 

Registrant's telephone number, including area code:         312-917-7700        

 

Date of fiscal year end:            10/31          

 

Date of reporting period:         7/31/16         

 

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 Premium Income Municipal Fund, Inc. (NPI)
		July 31, 2016 (Unaudited)
Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		LONG-TERM INVESTMENTS – 144.8% (100.0% of Total Investments)
		MUNICIPAL BONDS – 144.8% (100.0% of Total Investments)
		Alabama – 2.4% (1.6% of Total Investments)
		Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health,
		Series 2006C-2:
$       1,435		5.000%, 11/15/36 (Pre-refunded 11/15/16) (UB)	11/16 at 100.00	AA+ (4)	$       1,454,329
6,000		5.000%, 11/15/39 (Pre-refunded 11/15/16) (UB)	11/16 at 100.00	AA+ (4)	6,080,820
4,000		5.000%, 11/15/39 (Pre-refunded 11/15/16) (UB)	11/16 at 100.00	AA+ (4)	4,053,880
11,790		Birmingham Waterworks and Sewer Board, Alabama, Water and Sewer Revenue Bonds, Series 2007A,	1/17 at 100.00	AA+	11,974,396
		4.500%, 1/01/43 – BHAC Insured
1,000		Lower Alabama Gas District, Alabama, Gas Project Revenue Bonds, Series 2016A, 5.000%, 9/01/46	No Opt. Call	A3	1,374,840
24,225		Total Alabama			24,938,265
		Alaska – 1.0% (0.7% of Total Investments)
10,500		Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,	10/16 at 100.00	B3	10,363,710
		Series 2006A, 5.000%, 6/01/32
		Arizona – 2.0% (1.4% of Total Investments)
9,740		Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Junior Lien Series	7/20 at 100.00	A+	11,011,849
		2010A, 5.000%, 7/01/40
1,000		Pinal County Electrical District 4, Arizona, Electric System Revenue Bonds, Refunding Series	No Opt. Call	AA	1,085,130
		2015, 4.000%, 12/01/38 – AGM Insured
7,115		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc	No Opt. Call	BBB+	9,161,487
		Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
17,855		Total Arizona			21,258,466
		Arkansas – 0.2% (0.2% of Total Investments)
2,055		Arkansas State University, Student Fee Revenue Bonds, Jonesboro Campus, Series 2013,	12/23 at 100.00	A1	2,353,633
		4.875%, 12/01/43
		California – 20.4% (14.1% of Total Investments)
185		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate	No Opt. Call	BBB+	174,466
		Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured
9,015		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate	No Opt. Call	Aaa	8,668,103
		Lien Series 2004A, 0.000%, 10/01/20 – AMBAC Insured (ETM)
10,000		Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement	9/17 at 100.00	AA–	10,294,200
		Project, Refunding Series 2007A-1, 4.375%, 3/01/37 – FGIC Insured
3,500		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series	4/23 at 100.00	AA–	4,200,455
		2013S-4, 5.250%, 4/01/53
25,520		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health,	11/26 at 100.00	AA–	31,443,192
		Series 2016B, 5.000%, 11/15/46 (WI/DD, Settling 8/18/16) (UB)
2,000		California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard	8/26 at 100.00	AA	2,431,560
		Children’s Hospital, Series 2016B, 5.000%, 8/15/55
4,250		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,	10/19 at 100.00	AA	4,857,113
		Series 2009B, 5.500%, 10/01/39
530		California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System,	7/23 at 100.00	AA–	630,790
		Series 2013A, 5.000%, 7/01/37
		California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and
		Clinics, Tender Option Bond Trust 2016-XG0049:
825		8.856%, 8/15/51 (IF) (5)	8/22 at 100.00	AA	1,120,911
2,140		8.856%, 8/15/51 (IF) (5)	8/22 at 100.00	AA	2,907,575
790		8.849%, 8/15/51 (IF) (5)	8/22 at 100.00	AA	1,073,104
3,015		California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,	11/16 at 100.00	AA– (4)	3,056,275
		5.000%, 11/15/42 (Pre-refunded 11/15/16) (UB)
7,130		California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Tender Option	5/18 at 100.00	AA–	10,028,702
		Bond Trust 2015-XF0078, 12.782%, 5/15/40 (IF)
1,000		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series	3/20 at 100.00	A+	1,179,780
		2010A-1, 6.000%, 3/01/35
		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
		Health System, Series 2005A:
1,640		5.500%, 7/01/30 (6)	10/16 at 100.00	CCC	1,640,016
4,730		5.250%, 7/01/39 (6)	10/16 at 100.00	CCC	4,730,047
5,000		California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health	7/18 at 100.00	AA–	5,490,900
		System, Series 2007A, 5.750%, 7/01/47 – FGIC Insured
4,890		Clovis Unified School District, Fresno County, California, General Obligation Bonds, Series	No Opt. Call	AA+	3,954,885
		2006B, 0.000%, 8/01/26 – NPFG Insured
5,000		Desert Community College District, Riverside County, California, General Obligation Bonds,	8/17 at 100.00	AA (4)	5,229,700
		Election 2004 Series 2007C, 5.000%, 8/01/37 (Pre-refunded 8/01/17) – AGM Insured
		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
		Refunding Series 2013A:
1,480		5.750%, 1/15/46	1/24 at 100.00	BBB–	1,775,423
3,480		6.000%, 1/15/49	1/24 at 100.00	BBB–	4,225,103
6,870		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement	6/25 at 100.00	A+	8,296,899
		Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
		Bonds, Series 2007A-1:
7,520		5.000%, 6/01/33	6/17 at 100.00	B–	7,578,882
2,000		5.750%, 6/01/47	6/17 at 100.00	B–	2,040,660
3,000		5.125%, 6/01/47	6/17 at 100.00	B–	3,000,750
5,000		Kern Community College District, California, General Obligation Bonds, Safety, Repair &	No Opt. Call	AA	4,254,600
		Improvement, Election 2002 Series 2006, 0.000%, 11/01/24 – AGM Insured
90		Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International	5/26 at 100.00	AA–	108,741
		Airport, Subordinate Lien Series 2016A, 5.000%, 5/15/42 (Alternative Minimum Tax)
15,000		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series	1/21 at 100.00	AA+	17,384,400
		2011A, 5.000%, 7/01/41
3,635		Mount San Antonio Community College District, Los Angeles County, California, General	8/35 at 100.00	AA	3,198,582
		Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (7)
11,165		Pomona, California, GNMA/FNMA Collateralized Securities Program Single Family Mortgage	No Opt. Call	Aaa	13,762,984
		Revenue Bonds, Series 1990A, 7.600%, 5/01/23 (ETM)
330		Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series	6/23 at 100.00	BBB–	393,377
		2013A, 5.750%, 6/01/48
		San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue
		Bonds, Refunding Senior Lien Series 2014A:
9,990		5.000%, 1/15/44	1/25 at 100.00	BBB–	11,668,220
25,840		5.000%, 1/15/50	1/25 at 100.00	BBB–	30,011,604
		Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds,
		Redevelopment Project, Subordinate Lien Series 2011:
1,000		6.500%, 12/01/24	12/21 at 100.00	A+	1,252,710
1,000		6.625%, 12/01/25	12/21 at 100.00	A+	1,254,420
1,325		6.750%, 12/01/26	12/21 at 100.00	A+	1,670,547
189,885		Total California			214,989,676
		Colorado – 2.6% (1.8% of Total Investments)
795		Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan	10/16 at 100.00	BBB+	797,306
		Society, Series 2005, 5.000%, 6/01/29
4,515		Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B,	11/23 at 100.00	A	5,302,687
		5.000%, 11/15/43
20,510		E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%,	No Opt. Call	AA–	12,895,663
		9/01/32 – NPFG Insured
6,705		Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue	12/25 at 100.00	BBB	7,849,476
		Bonds, Refunding Series 2015A, 5.000%, 12/01/45
250		Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private	7/20 at 100.00	BBB+	290,125
		Activity Bonds, Series 2010, 6.000%, 1/15/41
32,775		Total Colorado			27,135,257
		Connecticut – 0.6% (0.4% of Total Investments)
1,930		Connecticut, General Obligation Bonds, Series 2001C, 5.500%, 12/15/16	No Opt. Call	AA–	1,967,307
3,565		Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Series	4/22 at 100.00	AA	3,863,747
		2013A, 4.000%, 4/01/39
5,495		Total Connecticut			5,831,054
		Delaware – 0.8% (0.6% of Total Investments)
7,255		Delaware Transportation Authority, Revenue Bonds, US 301 Project, Series 2015, 5.000%, 6/01/55	6/25 at 100.00	AA–	8,565,326
		District of Columbia – 3.1% (2.1% of Total Investments)
1,640		District of Columbia Housing Finance Agency, GNMA Collateralized Single Family Mortgage	12/16 at 100.00	AA+	1,645,068
		Revenue Bonds, Series 1988E-4, 6.375%, 6/01/26 (Alternative Minimum Tax)
21,000		District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,	10/16 at 16.13	N/R	2,829,960
		Series 2006A, 0.000%, 6/15/46
9,505		District of Columbia, General Obligation Bonds, Series 1998B, 6.000%, 6/01/20 – NPFG Insured	No Opt. Call	Aa1	11,343,172
16,400		Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds,	10/16 at 100.00	AA+	16,509,224
		Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
48,545		Total District of Columbia			32,327,424
		Florida – 12.3% (8.5% of Total Investments)
7,500		Broward County, Florida, Airport System Revenue Bonds, Series 2015A, 5.000%, 10/01/45	10/25 at 100.00	A+	8,846,250
		(Alternative Minimum Tax)
2,000		Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund-Intermodal	10/21 at 100.00	AA+	2,371,400
		Program, Refunding Series 2011B, 5.375%, 10/01/29 (Alternative Minimum Tax)
8,160		Hillsborough County Aviation Authority, Florida, Revenue Bonds, Tampa International Airport,	10/24 at 100.00	A–	9,738,960
		Series 2015A, 5.000%, 10/01/44
8,000		JEA, Florida, Water and Sewer System Revenue Bonds, Series 2010D, 5.000%, 10/01/39	4/20 at 100.00	AAA	9,083,440
7,815		Miami Beach Redevelopment Agency, Florida, Tax Increment Revenue Bonds, City Center/Historic	2/24 at 100.00	AA	9,226,545
		Convention Village, Series 2015A, 5.000%, 2/01/44 – AGM Insured
2,930		Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of	No Opt. Call	A–	3,352,301
		Miami, Series 2012A, 5.000%, 4/01/42
8,070		Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of	4/25 at 100.00	A–	9,613,145
		Miami, Series 2015A, 5.000%, 4/01/45
19,750		Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2006,	9/16 at 100.00	A	19,808,656
		4.500%, 7/01/33 – AMBAC Insured
1,000		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding	No Opt. Call	A	1,159,030
		Series 2012A, 5.000%, 10/01/29 (Alternative Minimum Tax)
7,890		Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B,	10/20 at 100.00	A	8,874,830
		5.000%, 10/01/41
2,865		Miami-Dade County, Florida, Special Obligation Bonds, Refunding Subordinate Series 2012B,	10/22 at 100.00	A+	3,363,481
		5.000%, 10/01/37
5,325		Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A,	10/22 at 100.00	Aa3	6,261,614
		5.000%, 10/01/42
115		Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of	6/22 at 102.00	N/R	141,634
		Boca Raton Project, Series 2014A, 7.250%, 6/01/34
4,635		Port Saint Lucie, Florida, Public Service Tax Revenue Bonds, Recovery Zone Facility Bond	9/24 at 100.00	AA–	5,519,868
		Series 2014B, 5.000%, 9/01/43
6,910		South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System	8/17 at 100.00	AA–	7,155,236
		Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)
14,610		Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series	No Opt. Call	A	16,966,447
		2012B, 5.000%, 7/01/42
6,510		Volusia County Educational Facilities Authority, Florida, Revenue Bonds, Stetson University	6/25 at 100.00	A–	7,668,975
		Inc. Project, Series 2015, 5.000%, 6/01/45
114,085		Total Florida			129,151,812
		Georgia – 0.9% (0.7% of Total Investments)
6,975		Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Series 2015A,	7/25 at 100.00	A+	8,181,047
		5.000%, 7/01/60
1,550		Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Refunding	No Opt. Call	Aa1	1,740,929
		Series 1992P, 6.250%, 7/01/20 – AMBAC Insured
8,525		Total Georgia			9,921,976
		Guam – 0.1% (0.1% of Total Investments)
1,220		Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds,	7/23 at 100.00	A–	1,426,778
		Series 2013, 5.500%, 7/01/43
		Hawaii – 1.8% (1.2% of Total Investments)
10,000		Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific Health	7/23 at 100.00	A1	12,104,400
		Obligated Group, Series 2013A, 5.500%, 7/01/43
5,455		Hawaii State, Airport System Revenue Bonds, Series 2015A, 5.000%, 7/01/45 (Alternative	7/25 at 100.00	A+	6,410,716
		Minimum Tax)
15,455		Total Hawaii			18,515,116
		Idaho – 0.2% (0.1% of Total Investments)
2,185		Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial	9/16 at 100.00	BB+ (4)	2,194,199
		Hospital, Series 2006, 5.250%, 9/01/30 (Pre-refunded 9/01/16)
		Illinois – 15.3% (10.5% of Total Investments)
		Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
		Revenues, Series 1998B-1:
10,000		0.000%, 12/01/20 – FGIC Insured	No Opt. Call	AA–	8,792,900
10,130		0.000%, 12/01/24 – FGIC Insured	No Opt. Call	AA–	7,536,315
		Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
		Revenues, Series 1999A:
15,000		0.000%, 12/01/21 – FGIC Insured	No Opt. Call	AA–	12,685,650
10,000		0.000%, 12/01/23 – FGIC Insured	No Opt. Call	AA–	7,770,100
3,800		Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011,	12/21 at 100.00	AA	4,224,688
		5.250%, 12/01/40
2,245		Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Senior Lien	1/25 at 100.00	A	2,587,767
		Series 2015C, 5.000%, 1/01/46 (Alternative Minimum Tax)
3,130		Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41	1/22 at 100.00	AA	3,331,322
13,310		Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33	11/20 at 100.00	AA–	14,682,660
2,785		Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History,	11/23 at 100.00	A2	3,198,628
		Series 2002, 5.500%, 11/01/36
13,955		Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2015, 5.000%,	5/25 at 100.00	AA	16,537,931
		5/01/45 (UB) (5)
6,000		Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A,	9/24 at 100.00	BBB	6,876,900
		5.000%, 9/01/42
7,530		Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2015A,	11/25 at 100.00	A	8,900,761
		5.000%, 11/15/45
4,045		Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34	8/19 at 100.00	BBB	4,858,288
2,840		Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers,	8/25 at 100.00	Baa1	3,285,766
		Refunding Series 2015C, 5.000%, 8/15/44
6,970		Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A,	10/21 at 100.00	AA+	7,899,798
		5.000%, 10/01/51
		Illinois State, General Obligation Bonds, February Series 2014:
3,200		5.250%, 2/01/32	2/24 at 100.00	BBB+	3,560,128
2,000		5.250%, 2/01/33	2/24 at 100.00	BBB+	2,223,700
1,575		5.250%, 2/01/34	2/24 at 100.00	BBB+	1,745,683
2,000		5.000%, 2/01/39	2/24 at 100.00	BBB+	2,162,220
		Illinois State, General Obligation Bonds, May Series 2014:
610		5.000%, 5/01/36	5/24 at 100.00	BBB+	662,149
1,950		5.000%, 5/01/39	5/24 at 100.00	BBB+	2,112,611
1,055		Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38	7/23 at 100.00	BBB+	1,176,821
4,435		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2015B,	1/26 at 100.00	AA–	5,339,917
		5.000%, 1/01/40
1,115		Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust	No Opt. Call	AA–	1,830,574
		2015-XF0051, 16.421%, 1/01/21 (IF)
1,000		Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel	10/16 at 100.00	D	304,960
		Revenue Bonds, Series 2005B, 5.250%, 1/01/30 (8)
10,050		Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project	6/20 at 100.00	BBB	10,863,447
		Refunding Bonds, Series 2010A, 5.500%, 6/15/50
3,000		Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place	No Opt. Call	Aaa	4,003,500
		Hospitality Facility, Series 1996A, 7.000%, 7/01/26 (ETM)
		University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013:
7,625		6.250%, 10/01/38	10/23 at 100.00	A	9,443,486
1,525		6.000%, 10/01/42	10/23 at 100.00	A	1,861,644
152,880		Total Illinois			160,460,314
		Indiana – 3.1% (2.1% of Total Investments)
2,865		Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series	5/23 at 100.00	A	3,285,496
		2012A, 5.000%, 5/01/42
2,500		Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B.,	12/20 at 100.00	AA	2,823,475
		5.000%, 12/01/37
		Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project,
		Series 2014:
3,300		5.250%, 9/01/40 (Alternative Minimum Tax)	9/24 at 100.00	BBB–	3,686,430
14,300		5.000%, 9/01/46 (Alternative Minimum Tax)	9/24 at 100.00	BBB–	15,620,176
4,400		Indiana Municipal Power Agency Power Supply System Revenue Bonds, Refunding Series 2016A,	7/26 at 100.00	A+	5,331,084
		5.000%, 1/01/42
1,115		Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013,	1/24 at 100.00	N/R	1,399,704
		7.000%, 1/01/44 (Alternative Minimum Tax)
28,480		Total Indiana			32,146,365
		Iowa – 1.1% (0.8% of Total Investments)
		Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
10,000		5.500%, 6/01/42	10/16 at 100.00	B+	10,000,600
2,000		5.625%, 6/01/46	10/16 at 100.00	B+	2,005,260
12,000		Total Iowa			12,005,860
		Kentucky – 2.3% (1.6% of Total Investments)
3,800		Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro	6/20 at 100.00	BBB+	4,403,554
		Medical Health System, Series 2010A, 6.500%, 3/01/45
		Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
		Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
2,120		0.000%, 7/01/43 (7)	7/31 at 100.00	Baa3	1,893,266
3,655		0.000%, 7/01/46 (7)	7/31 at 100.00	Baa3	3,274,551
		Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
		Downtown Crossing Project, Series 2013A:
2,920		5.750%, 7/01/49	7/23 at 100.00	Baa3	3,484,903
585		6.000%, 7/01/53	7/23 at 100.00	Baa3	708,985
9,195		Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease	6/21 at 100.00	Aa3	10,658,568
		Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/30
22,275		Total Kentucky			24,423,827
		Louisiana – 3.8% (2.6% of Total Investments)
2,345		Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing	7/23 at 100.00	N/R	2,649,944
		(US) LLC Project, Series 2013, 6.000%, 7/01/36
5,200		Louisiana Local Government Environmental Facilities and Community Development Authority,	2/24 at 100.00	AA–	6,115,720
		Revenue Bonds, East Baton Rouge Sewerage Commission Projects, Subordinate Lien Series
		2014A, 5.000%, 2/01/44
485		Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General	11/25 at 100.00	A–	564,356
		Medical Center Project, Series 2016A, 5.000%, 11/01/45
4,205		Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,	5/17 at 100.00	A–	4,341,326
		Series 2007A, 5.500%, 5/15/47
1,595		Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,	5/17 at 100.00	N/R (4)	1,658,593
		Series 2007A, 5.500%, 5/15/47 (Pre-refunded 5/15/17)
4,305		Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,	5/21 at 100.00	A– (4)	5,486,550
		Series 2011, 6.750%, 5/15/41 (Pre-refunded 5/15/21)
5,140		New Orleans Aviation Board, Louisiana, Revenue Bonds, North Terminal Project, Series 2015B,	1/25 at 100.00	A–	5,962,194
		5.000%, 1/01/45 (Alternative Minimum Tax)
5,350		New Orleans, Louisiana, Sewerage Service Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/44	6/24 at 100.00	A	6,313,268
5,655		Shreveport, Lousiana, Water and Sewer Revenue Bonds, Refunding Series 2015, 5.000%, 12/01/40	12/25 at 100.00	A3	6,742,683
34,280		Total Louisiana			39,834,634
		Maine – 0.2% (0.2% of Total Investments)
2,000		Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bates College, Series	7/23 at 100.00	A+	2,331,180
		2013, 5.000%, 7/01/43
		Maryland – 0.6% (0.4% of Total Investments)
2,200		Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%,	9/16 at 100.00	Ba1	2,206,864
		9/01/27 – SYNCORA GTY Insured
450		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical	7/21 at 100.00	BBB	540,054
		Center, Series 2011, 6.000%, 7/01/25
1,500		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional	7/24 at 100.00	A	1,765,020
		Medical Center Issue, Refunding Series 2015, 5.000%, 7/01/45
2,000		Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County	1/18 at 100.00	BBB (4)	2,147,860
		Hospital, Series 2008, 5.750%, 1/01/33 (Pre-refunded 1/01/18)
6,150		Total Maryland			6,659,798
		Massachusetts – 3.1% (2.2% of Total Investments)
825		Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green	No Opt. Call	BBB	961,381
		Bonds, Series 2015D, 5.000%, 7/01/44
3,200		Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015,	1/25 at 100.00	BBB+	3,542,272
		4.500%, 1/01/45
2,300		Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E,	11/23 at 100.00	A+	2,744,935
		5.000%, 11/01/43
		Massachusetts Development Finance Agency, Revenue Bonds, Western New England University,
		Series 2015:
1,145		5.000%, 9/01/40	9/25 at 100.00	BBB	1,328,933
1,280		5.000%, 9/01/45	9/25 at 100.00	BBB	1,478,989
2,025		Massachusetts Health and Educational Facilities Authority, Revenue Refunding Bonds, Suffolk	7/19 at 100.00	BBB	2,259,353
		University Issue, Series 2009A, 5.750%, 7/01/39
700		Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A,	7/21 at 100.00	A	797,111
		5.125%, 7/01/41
370		Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25	8/17 at 100.00	Aa1 (4)	387,505
		(Pre-refunded 8/01/17)
5,590		Massachusetts Water Resources Authority, General Revenue Bonds, Series 2005A, 5.250%, 8/01/25	8/17 at 100.00	AA+	5,848,873
5,535		Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%, 8/01/46	2/17 at 100.00	AA+ (4)	5,647,637
		(Pre-refunded 2/01/17) – AGM Insured
6,700		Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking	7/21 at 100.00	A+	7,815,550
		Revenue Bonds, Series 2011, 5.000%, 7/01/41
29,670		Total Massachusetts			32,812,539
		Michigan – 2.0% (1.4% of Total Investments)
2,650		Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,	7/22 at 100.00	A–	3,040,928
		Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
3,000		Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A,	10/16 at 100.00	BB	3,008,970
		6.000%, 7/01/35
3,665		Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A,	7/21 at 100.00	AA–	4,365,748
		5.500%, 7/01/41
1,000		Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series	10/21 at 100.00	Aa2	1,170,300
		2011-I-A, 5.375%, 10/15/41
3,275		Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series	12/16 at 100.00	AA	3,323,241
		2006A, 5.000%, 12/01/31
725		Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series	12/16 at 100.00	Aa2 (4)	736,093
		2006A, 5.000%, 12/01/31 (Pre-refunded 12/01/16)
5,200		Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series	6/22 at 100.00	AA	5,853,848
		2009C, 5.000%, 12/01/48
19,515		Total Michigan			21,499,128
		Minnesota – 0.3% (0.2% of Total Investments)
3,000		Minneapolis-St. Paul Metropolitan Airports Commission, Minnesota, Airport Revenue Bonds,	1/20 at 100.00	AA–	3,386,460
		Senior Lien Series 2010A, 5.000%, 1/01/35
		Missouri – 0.3% (0.2% of Total Investments)
1,100		Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing	No Opt. Call	A	1,200,595
		Project, Series 2005A, 6.000%, 6/01/20
1,260		Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds,	10/23 at 100.00	A+	1,491,034
		University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34
2,360		Total Missouri			2,691,629
		Nebraska – 1.0% (0.7% of Total Investments)
1,620		Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska	2/17 at 100.00	AA+ (4)	2,549,653
		City 2, Tender Option Bond Trust 2016-XF2220, Formerly Tender Option Bond Trust 11673,
		19.267%, 8/01/40 (Pre-refunded 2/01/17) – BHAC Insured (IF)
7,990		Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series	1/17 at 100.00	A2 (4)	8,142,609
		2007A, 5.000%, 1/01/37 (Pre-refunded 1/01/17) – AMBAC Insured
9,610		Total Nebraska			10,692,262
		Nevada – 3.5% (2.4% of Total Investments)
5,000		Clark County Water Reclamation District, Nevada, General Obligation Water Bonds, Series 2009A,	No Opt. Call	AAA	5,617,400
		5.250%, 7/01/38
21,600		Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42	1/20 at 100.00	A+	25,011,502
2,700		Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%,	6/19 at 100.00	BBB+ (4)	3,250,071
		6/15/30 (Pre-refunded 6/15/19)
2,600		Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B,	6/22 at 100.00	Aa1	3,055,962
		5.000%, 6/01/42
31,900		Total Nevada			36,934,935
		New Jersey – 2.0% (1.4% of Total Investments)
485		New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge	1/24 at 100.00	AA	562,552
		Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax)
300		New Jersey Educational Facilities Authority, Revenue Bonds, University of Medicine and	6/19 at 100.00	N/R (4)	356,691
		Dentistry of New Jersey, Refunding Series 2009B, 7.500%, 12/01/32 (Pre-refunded 6/01/19)
800		New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters	7/18 at 100.00	BB+	854,968
		University Hospital, Series 2007, 5.750%, 7/01/37
3,850		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series	No Opt. Call	A–	4,321,202
		2006A, 5.250%, 12/15/20
7,330		New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B,	6/21 at 100.00	A–	8,319,257
		5.500%, 6/15/31
1,315		New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 2016-XF1057, 15.565%,	7/22 at 100.00	A+	2,209,305
		1/01/43 (IF) (5)
		Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
		Series 2007-1A:
1,250		4.500%, 6/01/23	6/17 at 100.00	Baa3	1,275,413
1,000		4.625%, 6/01/26	6/17 at 100.00	B+	1,010,730
2,000		4.750%, 6/01/34	6/17 at 100.00	B–	1,962,140
18,330		Total New Jersey			20,872,258
		New Mexico – 0.7% (0.5% of Total Investments)
5,585		Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series	No Opt. Call	AA	7,097,083
		1997, 6.000%, 2/01/27 – AGM Insured
		New York – 9.3% (6.5% of Total Investments)
		Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue
		Bonds, Barclays Center Project, Series 2009:
2,000		6.000%, 7/15/30	1/20 at 100.00	BBB–	2,295,500
5,000		0.000%, 7/15/44	No Opt. Call	BBB–	1,534,300
3,125		Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University,	7/23 at 100.00	A–	3,638,125
		Series 2013A, 5.000%, 7/01/44
		Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish
		Obligated Group, Series 2015A:
1,680		4.125%, 5/01/42	5/25 at 100.00	A	1,846,253
3,195		5.000%, 5/01/43	5/25 at 100.00	A	3,790,484
5,325		Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General	3/21 at 100.00	AAA	6,231,102
		Purpose Series 2011C, 5.000%, 3/15/41
7,065		Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,	2/17 at 100.00	AA–	7,204,958
		2/15/47 – NPFG Insured
10,000		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C,	9/16 at 100.00	AA– (4)	10,040,900
		5.000%, 9/01/35 (Pre-refunded 9/01/16) – NPFG Insured
		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A:
1,155		4.000%, 9/01/39 – AGM Insured	9/24 at 100.00	AA	1,267,832
860		5.000%, 9/01/44	9/24 at 100.00	A–	1,024,879
10,000		Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Refunding Series	No Opt. Call	AA	6,593,000
		2012A, 0.000%, 11/15/32
750		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2011A,	11/21 at 100.00	AA–	882,900
		5.000%, 11/15/41
3,400		New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue	12/20 at 100.00	AA+	4,025,090
		Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43
5,900		New York City Municipal Water Finance Authority, New York, Water and Sewer System Second	6/23 at 100.00	AA+	7,052,860
		General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46
5		New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24	No Opt. Call	AA	5,019
565		New York Counties Tobacco Trust I, Tobacco Settlement Pass-Through Bonds, Series 2000B,	10/16 at 100.00	A–	565,316
		6.500%, 6/01/35
5,070		New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade	11/24 at 100.00	N/R	5,833,593
		Center Project, Class 1 Series 2014, 5.000%, 11/15/44
6,000		New York Liberty Development Corporation, Revenue Bonds, Goldman Sachs Headquarters Issue,	No Opt. Call	A	8,094,120
		Series 2005, 5.250%, 10/01/35
1,290		New York Transportation Development Corporation, New York, Special Facility Revenue Bonds,	8/21 at 100.00	BB	1,416,007
		American Airlines, Inc. John F Kennedy International Airport Project, Refunding Series 2016,
		5.000%, 8/01/31 (Mandatory put 8/01/21) (Alternative Minimum Tax)
		New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport
		Terminal B Redevelopment Project, Series 2016A:
4,910		5.000%, 7/01/41 (Alternative Minimum Tax)	7/24 at 100.00	BBB	5,646,304
1,995		4.000%, 7/01/41 (Alternative Minimum Tax)	7/24 at 100.00	BBB	2,094,451
4,590		5.000%, 7/01/46 (Alternative Minimum Tax)	7/24 at 100.00	BBB	5,273,405
3,060		5.250%, 1/01/50 (Alternative Minimum Tax)	7/24 at 100.00	BBB	3,556,240
1,310		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy	12/23 at 100.00	AA–	1,533,093
		Eighth Series 2013, 5.000%, 12/01/43 (Alternative Minimum Tax)
4,320		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy	12/23 at 100.00	AA–	5,253,034
		Ninth Series 2013, 5.000%, 12/01/38
1,325		Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air	12/20 at 100.00	Baa1	1,561,698
		Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
93,895		Total New York			98,260,463
		North Carolina – 2.1% (1.4% of Total Investments)
2,850		Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue	1/18 at 100.00	AA–	3,230,019
		Bonds, Tender Option Bond Trust 2016-XG0005, Formerly Tender Option Bond Trust 1149, 14.344%,
		1/15/47 (IF) (5)
1,050		Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care System Revenue Bonds,	1/17 at 100.00	AA–	1,070,003
		Carolinas Health Care, Series 2007A, 5.000%, 1/15/31
12,250		Fayetteville State University, North Carolina, General Revenue Bonds, Series 2013A,	4/23 at 100.00	A–	13,987,908
		5.125%, 4/01/43
		North Carolina Department of Transportation, Private Activity Revenue Bonds, I-77 Hot Lanes
		Project, Series 2015:
590		5.000%, 12/31/37 (Alternative Minimum Tax)	6/25 at 100.00	BBB–	678,246
2,480		5.000%, 6/30/54 (Alternative Minimum Tax)	6/25 at 100.00	BBB–	2,795,233
19,220		Total North Carolina			21,761,409
		Ohio – 6.7% (4.6% of Total Investments)
		Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
		Bonds, Senior Lien, Series 2007A-2:
5,200		5.125%, 6/01/24	6/17 at 100.00	B–	5,135,988
2,850		5.875%, 6/01/30	6/17 at 100.00	B–	2,850,285
6,420		5.750%, 6/01/34	6/17 at 100.00	B–	6,391,110
3,285		5.875%, 6/01/47	6/17 at 100.00	B–	3,283,292
4,795		Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project,	6/23 at 100.00	Baa2	5,391,594
		Series 2013, 5.000%, 6/15/43
975		JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender	1/23 at 100.00	AA	1,653,678
		Option Bond Trust 2016-XG0052, 16.211%, 1/01/38 (IF) (5)
16,820		JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Series	1/23 at 100.00	AA	19,747,016
		2013A, 5.000%, 1/01/38 (UB) (5)
8,360		Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc., Refunding	8/25 at 100.00	A3	9,751,355
		Series 2015, 5.000%, 8/15/45
1,000		Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding	12/20 at 100.00	A+	1,159,770
		Series 2011A, 5.375%, 12/01/30
4,350		Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Refunding	6/25 at 100.00	A+	5,131,913
		Series 2015A, 5.000%, 12/01/44
5,000		Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series	2/23 at 100.00	A+	5,800,200
		2013A-1, 5.000%, 2/15/48
3,710		Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien	2/31 at 100.00	A+	3,739,680
		Convertible Series 2013A-3, 0.000%, 2/15/36 (7)
62,765		Total Ohio			70,035,881
		Oklahoma – 1.9% (1.3% of Total Investments)
1,050		Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005,	9/16 at 100.00	BBB	1,052,730
		5.375%, 9/01/36
		Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
6,620		5.000%, 2/15/37	2/17 at 100.00	AA	6,761,933
1,290		5.000%, 2/15/42	2/17 at 100.00	AA	1,317,374
		Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
220		5.000%, 2/15/37 (Pre-refunded 2/15/17)	2/17 at 100.00	N/R (4)	225,370
45		5.000%, 2/15/42 (Pre-refunded 2/15/17)	2/17 at 100.00	N/R (4)	46,098
10,035		Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health	12/16 at 100.00	AA+	10,195,460
		System, Series 2006, 5.000%, 12/15/36 (UB) (5)
143		Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health	12/16 at 100.00	AA+	147,157
		System, Tender Option Bond Trust 2016-XF0390, 8.161%, 12/15/36 (IF) (5)
19,403		Total Oklahoma			19,746,122
		Pennsylvania – 3.7% (2.6% of Total Investments)
4,530		Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31	5/21 at 100.00	AA–	5,336,521
980		Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds,	3/17 at 100.00	BBB–	988,281
		School Lane Charter School, Series 2007A, 5.000%, 3/15/37
		Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession,
		Capital Appreciation Series 2013B:
5,400		0.000%, 12/01/33	No Opt. Call	A	3,132,756
11,000		0.000%, 12/01/38	No Opt. Call	A	5,335,660
5,375		Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession,	12/23 at 100.00	A	6,344,704
		Series 2013A, 5.125%, 12/01/47
1,665		Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage	8/20 at 100.00	N/R (4)	1,966,482
		Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
		(Pre-refunded 8/01/20)
3,430		Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue	1/25 at 100.00	Baa2	3,937,983
		Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45
235		Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,	11/24 at 100.00	N/R	265,376
		National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
5,250		Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue	12/20 at 100.00	AA–	6,121,395
		Bonds, Series 2010A, 5.500%, 12/01/34
5,000		Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2016A-1,	12/25 at 100.00	A3	5,835,650
		5.000%, 12/01/46
42,865		Total Pennsylvania			39,264,808
		Rhode Island – 1.2% (0.8% of Total Investments)
7,230		Rhode Island Health and Educational Building Corporation, Higher Education Facility Revenue	9/23 at 100.00	AA+	8,619,895
		Bonds, Brown University, Series 2013, 5.000%, 9/01/43
34,970		Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,	6/17 at 12.63	CCC+	3,670,102
		Series 2007A, 0.000%, 6/01/52
42,200		Total Rhode Island			12,289,997
		South Carolina – 3.7% (2.5% of Total Investments)
875		South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health,	8/21 at 100.00	AA	1,079,978
		Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
8,830		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series	12/24 at 100.00	AA–	10,452,866
		2014C, 5.000%, 12/01/46
2,880		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A,	12/23 at 100.00	AA–	3,414,125
		5.125%, 12/01/43
14,765		South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2015E,	12/25 at 100.00	AA–	17,881,151
		5.250%, 12/01/55
5,000		South Carolina State Ports Authority, Revenue Bonds, Series 2015, 5.250%, 7/01/55 (Alternative	7/25 at 100.00	A+	5,847,900
		Minimum Tax)
32,350		Total South Carolina			38,676,020
		Tennessee – 1.3% (0.9% of Total Investments)
5,440		Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds,	1/23 at 100.00	A–	6,254,531
		Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
6,100		Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue	1/17 at 31.68	A	1,900,150
		Refunding Bonds, Covenant Health, Series 2006, 0.000%, 1/01/40
5,000		Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board,	10/19 at 100.00	AA+ (4)	5,674,950
		Tennessee, Revenue Bonds, Vanderbilt University, Refunding Series 2009B, 5.000%, 10/01/39
		(Pre-refunded 10/01/19)
410		Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,	9/16 at 100.00	BBB+	411,521
		Wellmont Health System, Series 2006C, 5.250%, 9/01/36
16,950		Total Tennessee			14,241,152
		Texas – 19.2% (13.2% of Total Investments)
3,040		Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/44 (Alternative	11/24 at 100.00	A1	3,517,219
		Minimum Tax)
13,705		Austin, Texas, Electric Utility System Revenue Bonds, Series 2015A, 5.000%, 11/15/45 (UB) (5)	11/25 at 100.00	AA–	16,530,423
5,000		Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2013A,	5/23 at 100.00	AA	5,965,900
		5.000%, 11/15/43
8,765		Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series	2/17 at 100.00	AAA	8,916,284
		2006F, 4.250%, 8/15/36
2,150		Brazos River Authority, Texas, Pollution Control Revenue Bonds, TXU Energy Company LLC	10/16 at 100.00	C	36,464
		Project, Series 2003C, 6.750%, 10/01/38 (Alternative Minimum Tax) (9)
2,500		Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The	4/20 at 100.00	Baa1	2,878,625
		Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
765		Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Senior Lien Series 2013A,	1/23 at 100.00	BBB+	868,091
		5.000%, 1/01/43
3,380		Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.250%,	1/21 at 100.00	BBB+ (4)	4,166,357
		1/01/46 (Pre-refunded 1/01/21)
2,500		Colorado River Municipal Water District, Texas, Water System Revenue Bonds, Series 2011,	1/21 at 100.00	AA–	2,868,375
		5.000%, 1/01/36
8,100		Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C,	11/22 at 100.00	A+	9,405,396
		5.125%, 11/01/43 (Alternative Minimum Tax)
3,500		Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A,	11/20 at 100.00	A+	4,005,925
		5.000%, 11/01/42
9,000		Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2012H, 5.000%,	No Opt. Call	A+	10,229,580
		11/01/42 (Alternative Minimum Tax)
4,105		Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond	10/23 at 100.00	AA+	6,902,763
		Trust 2015-XF0228, 16.659%, 4/01/53 (IF)
1,935		Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston	6/25 at 100.00	AA	2,311,358
		Methodist Hospital System, Series 2015, 5.000%, 12/01/45
		Harris County-Houston Sports Authority, Texas, Revenue Bonds, Capital Appreciation Refunding
		Senior Lien Series 2014A:
510		0.000%, 11/15/41 – AGM Insured	11/31 at 62.66	AA	192,347
1,020		0.000%, 11/15/42 – AGM Insured	11/31 at 59.73	AA	365,629
1,255		0.000%, 11/15/43 – AGM Insured	11/31 at 56.93	AA	426,298
3,305		0.000%, 11/15/44 – AGM Insured	11/31 at 54.25	AA	1,071,415
4,460		0.000%, 11/15/45 – AGM Insured	11/31 at 51.48	AA	1,369,844
380		Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc.	7/24 at 100.00	BB–	431,220
		Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29 (Alternative Minimum Tax)
4,000		Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D,	11/21 at 100.00	AA	4,699,880
		5.000%, 11/15/40
4,000		Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds,	11/20 at 100.00	Baa1	4,566,480
		Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
800		Mission Economic Development Corporation, Texas, Revenue Bonds, Natgasoline Project, Series	10/18 at 103.00	BB–	855,168
		2016B, 5.750%, 10/01/31 (Alternative Minimum Tax)
		North Texas Tollway Authority, Special Projects System Revenue Bonds, Convertible Capital
		Appreciation Series 2011C:
2,070		0.000%, 9/01/43 (7)	9/31 at 100.00	AA+	2,262,200
8,470		0.000%, 9/01/45 (7)	9/31 at 100.00	AA+	9,946,067
5,305		North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F,	1/18 at 100.00	A2 (4)	5,693,273
		5.750%, 1/01/38 (Pre-refunded 1/01/18)
11,000		Pearland Independent School District, Brazoria County, Texas, General Obligation Bonds, Tender	2/17 at 100.00	AAA	11,394,900
		Option Bond Trust 1124, 7.315%, 2/15/32 (IF)
2,000		Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series	10/16 at 100.00	C	33,920
		2001C, 5.200%, 5/01/28 (9)
12,130		Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas	2/17 at 100.00	AA	12,388,733
		Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
1,000		Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series	No Opt. Call	A3	1,139,550
		2012, 5.000%, 12/15/31
		Texas Private Activity Bond Surface Transporation Corporation, Senior Lien Revenue Bonds,
		Blueridge Transportation Group, LLC SH 288 Toll Lanes Project, Series 2016:
7,470		5.000%, 12/31/50 (Alternative Minimum Tax)	12/25 at 100.00	Baa3	8,727,873
9,710		5.000%, 12/31/55 (Alternative Minimum Tax)	12/25 at 100.00	Baa3	11,293,021
2,195		Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE	9/23 at 100.00	BBB–	2,745,682
		Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013, 6.750%, 6/30/43
		(Alternative Minimum Tax)
2,985		Texas State, General Obligation Bonds, Series 2008, Trust 3213, 12.919%, 4/01/28 (IF)	4/17 at 100.00	AAA	4,267,804
4,710		Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier	8/24 at 100.00	A–	5,589,593
		Refunding Series 2015B, 5.000%, 8/15/37
10,750		Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier	8/24 at 100.00	BBB+	12,543,853
		Refunding Series 2015C, 5.000%, 8/15/42
21,170		Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series	No Opt. Call	A–	17,736,012
		2002A, 0.000%, 8/15/24 – AMBAC Insured
3,830		Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series	No Opt. Call	A3 (4)	3,389,090
		2002A, 0.000%, 8/15/24 – AMBAC Insured (ETM)
192,970		Total Texas			201,732,612
		Utah – 0.8% (0.5% of Total Investments)
4,500		Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.250%, 6/15/38	6/18 at 100.00	AAA	4,895,280
		(Pre-refunded 6/15/18)
3,000		Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/36 (Pre-refunded	6/18 at 100.00	AAA	3,249,540
		6/15/18) – AGM Insured
7,500		Total Utah			8,144,820
		Virginia – 1.8% (1.2% of Total Investments)
5,000		Metropolitan Washington Airports Authority, Virginia, Airport System Revenue Bonds, Series	10/20 at 100.00	AA–	5,741,700
		2010A, 5.000%, 10/01/39
5,625		Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles	4/22 at 100.00	BBB+	6,312,994
		Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A,
		5.000%, 10/01/53
2,770		Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC	1/22 at 100.00	BBB–	3,062,789
		Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
3,020		Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River	7/22 at 100.00	BBB	3,504,952
		Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
16,415		Total Virginia			18,622,435
		Washington – 4.4% (3.1% of Total Investments)
10,000		Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds,	6/23 at 100.00	A+	11,287,200
		Series 2013A, 5.000%, 5/01/43
4,195		Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center,	12/20 at 100.00	N/R (4)	5,027,120
		Series 2010, 5.500%, 12/01/39 (Pre-refunded 12/01/20)
11,500		Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital,	4/25 at 100.00	Aa2	13,847,955
		Series 2015A, 5.000%, 10/01/45 (UB)
6,480		Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2002-03C, 0.000%,	No Opt. Call	AA+	5,674,018
		6/01/24 – NPFG Insured
11,050		Washington, General Obligation Bonds, Series 2000S-5, 0.000%, 1/01/20 – FGIC Insured	No Opt. Call	AA+	10,666,455
43,225		Total Washington			46,502,748
		Wisconsin – 0.7% (0.5% of Total Investments)
1,415		Monroe Redevelopment Authority, Wisconsin, Development Revenue Bonds, The Monroe Clinic, Inc.,	2/19 at 100.00	A3 (4)	1,601,073
		Series 2009, 5.875%, 2/15/39 (Pre-refunded 2/15/19)
410		Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum	11/24 at 100.00	N/R	461,348
		Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax)
4,995		Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Franciscan Sisters of	9/17 at 100.00	BBB+	5,142,653
		Christian Charity HealthCare Ministry, Series 2007, 5.000%, 9/01/33
6,820		Total Wisconsin			7,205,074
		Wyoming – 0.3% (0.2% of Total Investments)
3,400		Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation,	10/16 at 100.00	BBB	3,413,294
		Series 2005, 5.600%, 12/01/35 (Alternative Minimum Tax)
$ 1,458,073		Total Municipal Bonds (cost $1,357,022,968)			1,522,717,799

Principal
Amount (000)		Description (1)	Coupon	Maturity	Ratings (3)	Value
		CORPORATE BONDS – 0.0% (0.0% of Total Investments)
		Transportation – 0.0% (0.0% of Total Investments)
$          287		Las Vegas Monorail Company, Senior Interest Bonds (10), (11)	5.500%	7/15/19	N/R	$            86,077
76		Las Vegas Monorail Company, Senior Interest Bonds (10), (11)	3.000%	7/15/55	N/R	22,893
$          363		Total Corporate Bonds (cost $32,564)				108,970
		Total Long-Term Investments (cost $1,357,055,532)				1,522,826,769
		Floating Rate Obligations – (8.5)%				(89,824,000)
		Variable Rate MuniFund Term Preferred Shares, at Liquidation Preference – (38.7)% (12)				(407,000,000)
		Other Assets Less Liabilities – 2.4%				25,562,340
		Net Assets Applicable to Common Shares – 100%				$ 1,051,565,109

Investments in Derivatives as of July 31, 2016
Interest Rate Swaps
									Variation
		Fund	Floating		Fixed Rate			Optional	Margin	Unrealized
	Notional	Pay/Receive	Rate	Fixed Rate	Payment	Effective	Termination	Early	Receivable/	Appreciation
Counterparty	Amount	Floating Rate	Index	(Annualized)	Frequency	Date (13)	Date	Termination	(Payable)	(Depreciation)
LCH.Clearnet Ltd*	$15,600,000	Receive	3-Month	2.560%	Semi-Annually	1/13/17	1/13/31	12/15/25	$(113,681)	$(2,055,980)
			USD-LIBOR-ICE

	Level 1	Level 2	Level 3	Total
Long-Term Investments:
Municipal Bonds	$ —	$1,522,717,799	$        —	$1,522,717,799
Corporate Bonds	—	—	108,970	108,970
Investments in Derivatives:
Interest Rate Swaps	—	(2,055,980)	—	(2,055,980)
Total	$ —	$1,520,661,819	$108,970	$1,520,770,789

Gross unrealized:
Appreciation	$171,943,479
Depreciation	(6,962,614)
Net unrealized appreciation (depreciation) of investments	$164,980,865

(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)		For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group
		(“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This
		treatment of split-rated securities may differ from that used for other purposes, such as for Fund
		investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are
		considered to be below investment grade. Holdings designated N/R are not rated by any of these
		national rating agencies.
(4)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
		which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
		agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
		investments in inverse floating rate transactions.
(6)		The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional
		0.25% effective May 11, 2016.
(7)		Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(8)		On May 7, 2015, the Fund’s Adviser determined it was unlikely that this borrower would fulfill its
		entire obligation on this security, and therefore reduced the security’s interest rate of accrual from
		5.250% to 2.100%.
(9)		As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income
		producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on
		the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the
		Fund’s Adviser has concluded that the issue is not likely to meet its future interest payment obligations
		and has ceased accruing additional income on the Fund’s records.
(10)		Investment valued at fair value using methods determined in good faith by, or at the discretion of, the
		Board. For fair value measurement disclosure purposes, investment classified as Level 3.
(11)		During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy
		protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance
		of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund
		surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received
		two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on
		July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015)
		maturing on July 15, 2055. The Fund is not accruing income for either senior interest corporate bond.
(12)		Variable Rate Munifund Term Preferred Shares at Liquidation Preference as a percentage of Total
		Investments is 26.7%
(13)		Effective date represents the date on which both the Fund and counterparty commence interest payment
		accruals on each contract.
(ETM)		Escrowed to maturity.
(IF)		Inverse floating rate investment.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction.
(WI/DD)		Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
USD-LIBOR-ICE		United States Dollar – London Inter-Bank Offered Rate – Intercontinental Exchange.