Edgar Filing: NUVEEN MUNICIPAL OPPORTUNITY FUND INC

Unassociated Document

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 811-06379

Nuveen Municipal Opportunity 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: 1/31/15

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Schedule of Investments

	Portfolio of Investments

	Nuveen Municipal Opportunity Fund, Inc. (NIO)
	January 31, 2015 (Unaudited)

Principal Amount (000)	Description (1)	Optional Call Provisions (2)	Ratings (3)	Value
	LONG-TERM INVESTMENTS – 148.1% (100.0% of Total Investments)

	MUNICIPAL BONDS – 148.1% (100.0% of Total Investments)

	Alabama – 0.5% (0.3% of Total Investments)
$ 6,850	Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds,	1/17 at 100.00	AA+	$ 7,250,725
	Series 2007A, 4.500%, 1/01/43 – BHAC Insured
	Arizona – 3.1% (2.1% of Total Investments)
4,230	Apache County Industrial Development Authority, Arizona, Pollution Control Revenue Bonds,	3/22 at 100.00	BBB+	4,601,267
	Tucson Electric Power Company, Series 20102A, 4.500%, 3/01/30
4,545	Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series	1/22 at 100.00	AA–	5,130,260
	2012A, 5.000%, 1/01/43
5,465	Arizona Health Facilities Authority, Revenue Bonds, Scottsdale Lincoln Hospitals Project,	12/24 at 100.00	A2	6,321,311
	Series 2014A, 5.000%, 12/01/42
1,000	Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured	7/15 at 100.00	Aa3	1,019,500
3,000	Arizona State, Certificates of Participation, Department of Administration Series 2010B,	4/20 at 100.00	AA	3,443,430
	5.000%, 10/01/29 – AGC Insured
5,200	Mesa, Arizona, Utility System Revenue Bonds, Tender Option Bond Trust, Series 11032- 11034,	7/17 at 100.00	AA	5,826,496
	15.509%, 7/01/26 – AGM Insured (IF)
5,015	Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Civic Plaza	7/15 at 100.00	AA+	5,107,025
	Expansion Project, Subordinate Series 2005A, 5.000%, 7/01/41 – FGIC Insured
13,490	Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series	7/15 at 100.00	AAA	13,752,111
	2005, 4.750%, 7/01/25 (Pre-refunded 7/01/15) – NPFG Insured
2,000	Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai	8/23 at 100.00	Baa1	2,300,700
	Regional Medical Center, Series 2013A, 5.250%, 8/01/33
43,945	Total Arizona			47,502,100
	Arkansas – 0.2% (0.1% of Total Investments)
2,660	Arkansas State University, Student Fee Revenue Bonds, Beebe Campus, Series 2006, 5.000%,	9/15 at 100.00	A1	2,726,207
	9/01/35 – AMBAC Insured
	California – 16.1% (10.9% of Total Investments)
3,000	California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard	8/22 at 100.00	AA	3,372,090
	Children’s Hospital, Series 2012A, 5.000%, 8/15/51
710	California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System,	7/23 at 100.00	AA–	831,069
	Series 2013A, 5.000%, 7/01/37
	California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and
	Clinics, Tender Option Bond Trust 3294:
3,220	9.333%, 2/15/20 (IF) (5)	No Opt. Call	AA	4,102,087
1,275	9.333%, 2/15/20 (IF) (5)	No Opt. Call	AA	1,624,274
1,215	9.325%, 2/15/20 (IF) (5)	No Opt. Call	AA	1,547,533
875	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda	12/24 at 100.00	BBB	980,175
	University Medical Center, Series 2014A, 5.250%, 12/01/44
3,500	Coachella Valley Unified School District, Riverside County, California, General Obligation	8/15 at 100.00	AA– (4)	3,586,170
	Bonds, Series 2005A, 5.000%, 8/01/26 (Pre-refunded 8/01/15) – FGIC Insured
2,985	East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water	6/15 at 100.00	AAA	3,033,059
	System Revenue Bonds, Subordinated Series 2005A, 5.000%, 6/01/27 – NPFG Insured
2,765	East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water	6/15 at 100.00	AA– (4)	2,810,595
	System Revenue Bonds, Subordinated Series 2005A, 5.000%, 6/01/27 (Pre-refunded 6/01/15) –
	NPFG Insured
	Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
	Refunding Series 2013A:
2,400	5.750%, 1/15/46	1/24 at 100.00	BBB–	2,846,640
5,400	6.000%, 1/15/49	1/24 at 100.00	BBB–	6,480,972
10,050	Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement	6/15 at 100.00	A1	10,213,313
	Asset-Backed Revenue Bonds, Series 2005A, 5.000%, 6/01/38 – FGIC Insured
	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
	Bonds, Series 2007A-1:
12,670	4.500%, 6/01/27	6/17 at 100.00	B	12,457,397
5,290	5.000%, 6/01/33	6/17 at 100.00	B	4,607,220
1,520	Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation	3/16 at 100.00	A–	1,546,159
	Bonds, Series 2006, 5.000%, 3/01/36 – SYNCORA GTY Insured
5,600	Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%,	No Opt. Call	AA	4,387,880
	11/01/24 – AGM Insured
2,740	Los Angeles Harbors Department, California, Revenue Bonds, Series 2006A, 5.000%, 8/01/22 –	8/16 at 102.00	AA	2,983,915
	FGIC Insured (Alternative Minimum Tax)
3,000	Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F,	7/16 at 100.00	Aa2 (4)	3,201,990
	5.000%, 7/01/24 (Pre-refunded 7/01/16) – FGIC Insured
5,720	Mount San Antonio Community College District, Los Angeles County, California, General	8/35 at 100.00	AA	4,132,242
	Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
5,200	Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 –	8/29 at 100.00	AA	5,691,036
	AGC Insured
	Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project,
	Series 2001:
15,000	5.200%, 6/15/30 – AMBAC Insured	6/15 at 100.00	N/R	15,027,600
6,000	5.125%, 6/15/33 – AMBAC Insured	6/15 at 100.00	N/R	6,009,960
2,035	Redding, California, Electric System Revenue Certificates of Participation, Series 2005,	6/15 at 100.00	AA–	2,049,754
	5.000%, 6/01/30 – FGIC Insured
6,000	Redlands Unified School District, San Bernardino County, California, General Obligation Bonds,	4/15 at 100.00	AA	6,022,500
	Series 2003, 5.000%, 7/01/26 – AGM Insured
2,970	Riverside Community College District, California, General Obligation Bonds, Series 2005,	8/15 at 100.00	AA (4)	3,043,300
	5.000%, 8/01/22 (Pre-refunded 8/01/15) – AGM Insured
510	Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series	6/23 at 100.00	BBB–	600,143
	2013A, 5.750%, 6/01/48
2,500	Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Series	12/15 at 100.00	AA (4)	2,596,700
	2005B, 4.750%, 12/01/21 (Pre-refunded 12/01/15) – FGIC Insured
4,000	San Francisco Airports Commission, California, Revenue Bonds, San Francisco International	5/23 at 100.00	A+	4,644,280
	Airport, Governmental Purpose, Second Series 2013B, 5.000%, 5/01/43
10,000	San Francisco Airports Commission, California, Revenue Bonds, San Francisco International	5/24 at 100.00	A+	11,844,600
	Airport, Second Series 2014B, 5.000%, 5/01/44
66,685	San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll	No Opt. Call	Aaa	61,815,661
	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–	2,986,646
8,275	5.000%, 1/15/50	1/25 at 100.00	BBB–	9,034,397
21,255	San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment	8/17 at 100.00	AA–	21,767,246
	Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured
5,625	Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and	No Opt. Call	AA–	7,268,850
	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	AA– (4)	7,301,981
	Housing Facility, Series 1994A, 6.250%, 7/01/24 (ETM)
6,785	Santa Clara Valley Water District, California, Water Revenue Bonds, Series 2006A, 3.750%,	6/16 at 100.00	Aa1	6,957,950
	6/01/25 – AGM Insured
245,080	Total California			249,407,384
	Colorado – 4.6% (3.1% of Total Investments)
1,080	Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%,	10/16 at 100.00	BBB–	1,099,958
	10/01/40 – SYNCORA GTY Insured
1,900	Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open Space, Series 2005B, 5.250%,	11/15 at 100.00	AA (4)	1,973,245
	11/01/24 (Pre-refunded 11/01/15) – AGM Insured
195	Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding	12/23 at 100.00	BB+	205,867
	Series 2014, 5.000%, 12/01/43
6,630	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,	1/23 at 100.00	A+	7,661,761
	Series 2013A, 5.250%, 1/01/45
550	Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good	6/23 at 100.00	A3	643,159
	Samaritan Society Project, Series 2013, 5.625%, 6/01/43
7,415	Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B,	11/23 at 100.00	A	8,553,277
	5.000%, 11/15/43
35,995	E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/23 –	No Opt. Call	AA–	29,067,762
	NPFG Insured
10,000	E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 –	No Opt. Call	AA–	6,752,000
	NPFG Insured
4,335	Poudre Tech Metro District, Colorado, Unlimited Property Tax Supported Revenue Bonds,	12/20 at 100.00	AA	4,764,165
	Refunding & Improvement Series 2010A, 5.000%, 12/01/39 – AGM Insured
8,500	University of Colorado Hospital Authority, Colorado, Revenue Bonds, Series 2012A,	11/22 at 100.00	AA–	9,513,115
	5.000%, 11/15/42
15	University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 –	6/15 at 100.00	Aa2	15,228
	FGIC Insured
	University of Colorado, Enterprise System Revenue Bonds, Series 2005:
645	5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured	6/15 at 100.00	Aa2 (4)	655,552
340	5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured	6/15 at 100.00	Aa2 (4)	345,562
77,600	Total Colorado			71,250,651
	Connecticut – 0.2% (0.2% of Total Investments)
3,250	Connecticut Health and Educational Facilities Authority, Revenue Bonds, Wesleyan University,	7/20 at 100.00	AA	3,769,220
	Series 2010G, 5.000%, 7/01/39
	District of Columbia – 1.0% (0.7% of Total Investments)
2,880	District of Columbia Student Dormitory Revenue Bonds, Provident Group – Howard Properties LLC	10/22 at 100.00	BBB–	3,030,912
	Issue, Series 2013, 5.000%, 10/01/45
8,435	Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles	4/22 at 100.00	BBB+	9,302,793
	Metrorail & Capital Improvement Project, Refunding Second Senior Lien Series 2014A,
	5.000%, 10/01/53
2,670	Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds,	10/16 at 100.00	AA+	3,126,971
	Tender Option Bond Trust 1606, 11.921%, 10/01/30 – AMBAC Insured (IF) (5)
13,985	Total District of Columbia			15,460,676
	Florida – 13.5% (9.1% of Total Investments)
1,250	Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/24 –	9/15 at 100.00	Aa3	1,284,550
	AMBAC Insured
1,275	Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 –	4/15 at 100.00	A+	1,280,024
	AMBAC Insured
6,000	Cape Coral, Florida, Water and Sewer Revenue Bonds, Refunding Series 2011, 5.000%,	10/21 at 100.00	AA	6,953,520
	10/01/41 – AGM Insured
	Clay County, Florida, Utility System Revenue Bonds, Series 2007:
5,110	5.000%, 11/01/27 – AGM Insured (UB)	11/17 at 100.00	AA	5,654,164
12,585	5.000%, 11/01/32 – AGM Insured (UB)	11/17 at 100.00	AA	13,793,160
3,000	Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%, 6/01/22 (Pre-refunded	6/15 at 100.00	AA– (4)	3,049,470
	6/01/15) – AMBAC Insured
	Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta
	Pointe Apartments Project, Series 1997A:
775	5.650%, 9/01/17 – AGM Insured (Alternative Minimum Tax)	3/15 at 100.00	AA+	777,325
1,890	5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)	3/15 at 100.00	AA+	1,893,534
2,500	Flagler County School Board, Florida, Certificates of Participation, Master Lease Revenue	8/15 at 100.00	AA (4)	2,561,425
	Program, Series 2005A, 5.000%, 8/01/30 (Pre-refunded 8/01/15) – AGM Insured
1,200	Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 –	10/15 at 100.00	AA–	1,217,664
	NPFG Insured
90	Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18	4/15 at 100.00	A3	90,284
1,915	Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 –	6/18 at 100.00	AA	2,138,098
	AGM Insured
2,500	Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue	No Opt. Call	Aaa	2,857,825
	Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured (ETM)
1,000	Hillsborough County School Board, Florida, Certificates of Participation, Master Lease	7/15 at 100.00	Aa2	1,019,680
	Program, Series 2005A, 5.000%, 7/01/26 – NPFG Insured
1,000	Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%,	10/15 at 100.00	AA+	1,032,240
	10/01/25 – FGIC Insured
2,595	Indian River County School Board, Florida, Certificates of Participation, Series 2005, 5.000%,	7/15 at 100.00	AA– (4)	2,647,912
	7/01/22 (Pre-refunded 7/01/15) – NPFG Insured
	Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds,
	Series 2005:
1,645	5.000%, 5/01/25 – NPFG Insured	5/15 at 102.00	A3	1,689,612
1,830	5.000%, 5/01/27 – NPFG Insured	5/15 at 102.00	A3	1,878,422
4,665	Lee County, Florida, Airport Revenue Refunding Bonds, Series 2011A, 5.375%, 10/01/32 – AGM	8/21 at 100.00	AA	5,305,225
	Insured (Alternative Minimum Tax)
1,000	Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 –	4/17 at 100.00	AA–	1,067,100
	NPFG Insured
3,000	Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured	10/17 at 100.00	AA–	3,278,640
3,230	Miami Dade County, Florida, Rickenbacker Causeway Revenue Bonds, Series 2014, 5.000%, 10/01/43	10/24 at 100.00	BBB+	3,669,797
5,000	Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Refunding Series	7/24 at 100.00	A–	5,761,950
	2014A, 5.000%, 7/01/44
3,200	Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Refunding	No Opt. Call	A	3,675,616
	Series 2012A, 5.000%, 10/01/30 (Alternative Minimum Tax)
12,930	Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series	12/15 at 100.00	AA–	13,072,877
	2005A, 5.000%, 6/01/32 – NPFG Insured
5,320	Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series	6/15 at 100.00	AA–	5,394,267
	2005B, 5.000%, 6/01/25 – NPFG Insured
3,015	Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%,	7/18 at 100.00	AA	3,353,193
	7/01/35 – AGM Insured
6,305	Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2013A,	10/22 at 100.00	Aa3	7,228,052
	5.000%, 10/01/42
	Northern Palm Beach County Improvement District, Florida, Water Control and Improvement Bonds,
	Development Unit 9B, Series 2005:
1,290	5.000%, 8/01/23 – NPFG Insured	8/15 at 102.00	AA–	1,329,655
2,145	5.000%, 8/01/29 – NPFG Insured	8/15 at 102.00	AA–	2,207,312
2,000	Okaloosa County, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 7/01/36 –	7/16 at 100.00	AA	2,111,740
	AGM Insured
3,500	Orange County Health Facilities Authority, Florida, Hospital Revenue Bonds, Orlando Health,	4/22 at 100.00	A	3,854,655
	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)	1,109,480
	8/01/27 (Pre-refunded 8/01/17) – FGIC Insured
2,500	Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 –	10/16 at 100.00	AA–	2,660,050
	SYNCORA GTY Insured
170	Palm Beach County Health Facilities Authority, Florida, Revenue Bonds, Sinai Residences of	6/22 at 102.00	N/R	196,534
	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–	3,283,020
	8/01/27 – NPFG Insured
3,000	Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%,	4/16 at 100.00	AA+	3,152,310
	10/01/36 – AGM Insured
1,000	Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,	7/17 at 100.00	AA–	1,083,100
	Series 2007, 5.000%, 7/01/33 – NPFG Insured
	Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:
5,450	5.250%, 9/01/35 – AGC Insured	9/18 at 100.00	AA	6,166,294
8,530	5.000%, 9/01/35 – AGC Insured	9/18 at 100.00	AA	9,567,333
1,895	Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation	6/15 at 100.00	Aa3	1,924,941
	Bonds, Series 2005B, 5.000%, 6/01/25 – AMBAC Insured
5,740	Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series	No Opt. Call	Aa2 (4)	6,537,401
	1992, 6.000%, 10/01/19 – NPFG Insured (ETM)
765	Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series	No Opt. Call	Aa2	788,776
	1992, 6.000%, 10/01/19 – NPFG Insured
	St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993:
1,355	5.500%, 10/01/15 – FGIC Insured (ETM)	No Opt. Call	N/R (4)	1,403,902
1,200	5.500%, 10/01/21 – FGIC Insured (ETM)	No Opt. Call	N/R (4)	1,492,764
2,500	Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured	10/15 at 100.00	AA	2,582,125
400	Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39 – AGC Insured	10/19 at 100.00	AA	461,336
1,470	Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s	4/15 at 100.00	Aaa	1,486,155
	Hospital, Series 1993, 5.125%, 12/01/23 – NPFG Insured (ETM)
10,335	Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 – CIFG Insured	4/16 at 100.00	A3	10,523,717
21,095	Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Refunding Series	No Opt. Call	A	24,093,232
	2012B, 5.000%, 7/01/42
12,000	Volusia County School Board, Florida, Certificates of Participation, Master Lease Program	8/17 at 100.00	Aa3	12,565,680
	Series 2007, 5.000%, 8/01/32 – AGM Insured
4,275	Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%,	8/15 at 100.00	Aa3	4,375,676
	8/01/24 – AGM Insured
192,440	Total Florida			208,582,814
	Georgia – 2.7% (1.8% of Total Investments)
10,000	Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 –	11/19 at 100.00	AA	11,606,200
	AGM Insured
2,825	Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007,	8/20 at 100.00	AA	3,089,759
	4.000%, 8/01/26
16,805	Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates,	2/25 at 100.00	AA–	20,133,734
	Northeast Georgia Health Services Inc., Series 2014A, 5.500%, 8/15/54
3,385	Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health	No Opt. Call	AA	3,633,087
	East Issue, Series 2012, 4.250%, 11/15/42
2,250	Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett	7/19 at 100.00	A+	2,529,720
	Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured
35,265	Total Georgia			40,992,500
	Hawaii – 0.4% (0.3% of Total Investments)
170	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific	7/23 at 100.00	BB+	196,064
	University, Series 2013A, 6.875%, 7/01/43
5,775	Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Queen’s Health	7/25 at 100.00	AA–	5,928,557
	Systems, Series 2015A, 4.000%, 7/01/40
5,945	Total Hawaii			6,124,621
	Idaho – 0.6% (0.4% of Total Investments)
6,085	Idaho Health Facilities Authority, Revenue Bonds, Saint Luke’s Health System Project, Series	3/22 at 100.00	A–	6,806,742
	2012A, 5.000%, 3/01/47 – AGM Insured
	Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway
	Trust Funds, Series 2006:
1,000	5.000%, 7/15/23 – NPFG Insured	7/16 at 100.00	A+	1,064,000
1,065	5.000%, 7/15/24 – NPFG Insured	7/16 at 100.00	A+	1,131,871
8,150	Total Idaho			9,002,613
	Illinois – 11.3% (7.6% of Total Investments)
8,470	Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2014,	No Opt. Call	AA	9,972,578
	5.250%, 12/01/49
7,700	Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien	1/20 at 100.00	AA	8,804,642
	Refunding Series 2010C, 5.250%, 1/01/35 – AGC Insured
7,200	Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien	1/16 at 100.00	AA–	7,523,568
	Series 2005A, 5.250%, 1/01/24 – NPFG Insured
7,095	Cook County Community College District 508, Illinois, General Obligation Bonds, Chicago City	12/23 at 100.00	AA	8,253,968
	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	6,073,575
	Illinois, General Obligation Bonds, Series 2007, 3.000%, 12/01/26 – AGM Insured
3,400	Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History,	11/23 at 100.00	A2	3,886,608
	Series 2002, 5.500%, 11/01/36
3,295	Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000,	6/15 at 100.00	A3	3,340,174
	5.800%, 6/01/30 – NPFG Insured
2,315	Illinois Finance Authority, Revenue Bonds, Advocate Health Care Network, Series 2012,	No Opt. Call	AA	2,609,630
	5.000%, 6/01/42
5,750	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2012, 5.000%, 9/01/38	9/22 at 100.00	BBB	6,218,568
5,070	Illinois Finance Authority, Revenue Bonds, Centegra Health System, Series 2014A,	9/24 at 100.00	BBB	5,531,421
	5.000%, 9/01/42
1,435	Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A,	7/23 at 100.00	A–	1,726,520
	6.000%, 7/01/43
6,720	Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 –	8/21 at 100.00	AA	7,977,312
	AGM Insured
14,975	Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2012A,	10/21 at 100.00	AA+	16,672,117
	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	A–	3,584,640
2,000	5.250%, 2/01/33	2/24 at 100.00	A–	2,232,280
1,575	5.250%, 2/01/34	2/24 at 100.00	A–	1,754,093
7,000	5.000%, 2/01/39	2/24 at 100.00	A–	7,590,940
	Illinois State, General Obligation Bonds, May Series 2014:
510	5.000%, 5/01/36	5/24 at 100.00	A–	556,920
1,630	5.000%, 5/01/39	5/24 at 100.00	A–	1,770,685
	Illinois State, General Obligation Bonds, Refunding Series 2012:
3,160	5.000%, 8/01/21	No Opt. Call	A–	3,637,444
1,225	5.000%, 8/01/22	No Opt. Call	A–	1,412,364
2,740	5.000%, 8/01/23	No Opt. Call	A–	3,174,400
270	5.000%, 8/01/25	8/22 at 100.00	A–	303,674
1,425	Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38	7/23 at 100.00	A–	1,623,431
5,405	Illinois Toll Highway Authority, State Toll Highway Authority Revenue Bonds, Series 2006A-1,	7/16 at 100.00	AA (4)	5,764,162
	5.000%, 1/01/24 (Pre-refunded 7/01/16) – AGM Insured
1,395	Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust	1/23 at 100.00	AA–	2,249,172
	2015-XF0051, 18.039%, 1/01/21 (IF)
5,000	Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds,	No Opt. Call	AAA	6,714,200
	Tender Option Bond Trust 3861, 15.379%, 6/15/18 (IF) (5)
	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
	Project, Capital Appreciation Refunding Series 2010B-1:
20,000	0.000%, 6/15/45 – AGM Insured	No Opt. Call	AAA	5,245,600
10,000	0.000%, 6/15/46 – AGM Insured	No Opt. Call	AAA	2,502,000
20,045	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion	No Opt. Call	AAA	8,323,285
	Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured
5,920	Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion	6/20 at 100.00	AAA	7,285,922
	Project, Tender Option Bond Trust 3861, 13.770%, 6/15/42 (IF) (5)
5,345	Southwestern Illinois Development Authority, Health Facility Revenue Bonds, Memorial Group,	11/23 at 100.00	BB+	6,754,477
	Inc., Series 2013, 7.625%, 11/01/48
4,000	Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2,	No Opt. Call	AA–	2,725,000
	Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG 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	AA	1,183,769
1,035	7.000%, 12/01/22 – AGM Insured	12/20 at 100.00	AA	1,302,682
1,155	7.000%, 12/01/23 – AGM Insured	12/20 at 100.00	AA	1,453,718
1,065	7.000%, 12/01/26 – AGM Insured	12/20 at 100.00	AA	1,324,615
2,085	7.250%, 12/01/29 – AGM Insured	12/20 at 100.00	AA	2,613,881
2,295	7.250%, 12/01/30 – AGM Insured	12/20 at 100.00	AA	2,877,150
189,995	Total Illinois			174,551,185
	Indiana – 8.4% (5.7% of Total Investments)
12,040	Indiana Finance Authority, Educational Facilities Revenue Bonds, Valparaiso University	10/24 at 100.00	A2	14,003,724
	Project, Series 2014, 5.000%, 10/01/44
12,360	Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series	5/23 at 100.00	A	13,899,809
	2012A, 5.000%, 5/01/42
3,450	Indiana Finance Authority, Midwestern Disaster Relief Revenue Bonds, Ohio Valley Electric	6/22 at 100.00	BBB–	3,740,283
	Corporation Project, Series 2012A, 5.000%, 6/01/39 – AGM Insured
14,760	Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing	7/23 at 100.00	BBB	16,492,234
	Project, Series 2013A, 5.250%, 1/01/51 (Alternative Minimum Tax)
5,000	Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B.,	12/20 at 100.00	AA	5,727,300
	5.000%, 12/01/37
17,970	Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series	10/24 at 100.00	AA	20,982,850
	2014A, 5.000%, 10/01/44
11,200	Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana,	5/15 at 100.00	N/R (4)	11,338,432
	Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured
8,500	Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 –	1/17 at 100.00	AA–	9,054,030
	NPFG Insured
5,000	Indianapolis Local Public Improvement Bond Bank Bonds, Indiana, PILOT Infrastructure Project	1/20 at 100.00	AA	5,681,800
	Revenue Bonds, Series 2010F, 5.000%, 1/01/35 – AGM Insured
20,000	Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/28 –	No Opt. Call	AA	13,763,200
	AMBAC Insured
9,615	Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A,	1/19 at 100.00	AA	10,955,331
	5.500%, 1/01/38 – AGC Insured
935	Shoals, Indiana, Exempt Facilities Revenue Bonds, National Gypsum Company Project, Series	11/23 at 100.00	N/R	1,065,835
	2013, 7.250%, 11/01/43 (Alternative Minimum Tax)
2,040	Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013,	1/24 at 100.00	N/R	2,550,918
	7.000%, 1/01/44 (Alternative Minimum Tax)
1,500	Vigo County Hospital Authority, Indiana, Revenue Bonds, Union Hospital, Series 2007,	9/17 at 100.00	N/R	1,578,240
	5.800%, 9/01/47
124,370	Total Indiana			130,833,986
	Iowa – 1.3% (0.9% of Total Investments)
10,000	Iowa Finance Authority, Health Facilities Revenue Bonds, UnityPoint Health Project, Series	2/23 at 100.00	Aa3	11,573,700
	2013A, 5.250%, 2/15/44
	Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
2,060	5.375%, 6/01/38	6/15 at 100.00	B+	1,840,013
1,230	5.500%, 6/01/42	6/15 at 100.00	B+	1,105,290
445	5.625%, 6/01/46	6/15 at 100.00	B+	405,230
5,600	Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,	6/17 at 100.00	B+	5,354,440
	5.600%, 6/01/34
19,335	Total Iowa			20,278,673
	Kansas – 0.2% (0.1% of Total Investments)
2,865	Wyandotte County/Kansas City Unified Government Board of Public Utilities, Kansas, Utility	9/24 at 100.00	A+	3,321,108
	System Revenue Bonds, Refunding & Improvement Series 2014A, 5.000%, 9/01/44
	Kentucky – 2.5% (1.7% of Total Investments)
5,170	Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro	6/20 at 100.00	BBB+	6,058,620
	Medical Health System, Series 2010A, 6.000%, 6/01/30
	Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
	Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
3,330	0.000%, 7/01/43	7/31 at 100.00	Baa3	2,474,523
5,735	0.000%, 7/01/46	7/31 at 100.00	Baa3	4,266,553
	Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
	Downtown Crossing Project, Series 2013A:
1,445	5.750%, 7/01/49	7/23 at 100.00	Baa3	1,703,496
290	6.000%, 7/01/53	7/23 at 100.00	Baa3	344,755
	Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding
	Series 2009:
3,860	5.250%, 2/01/20 – AGC Insured	2/19 at 100.00	AA	4,513,537
10,000	5.250%, 2/01/24 – AGC Insured	2/19 at 100.00	AA	11,608,300
7,500	Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project,	7/16 at 100.00	AA+	7,981,425
	Series 2006B, 5.000%, 7/01/25 – AMBAC Insured
37,330	Total Kentucky			38,951,209
	Louisiana – 3.7% (2.5% of Total Investments)
3,330	Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical	1/21 at 100.00	AA	3,958,438
	Center, Refunding Series 2011A, 6.000%, 1/01/39 – AGM Insured
	Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:
2,400	5.000%, 5/01/25 (Pre-refunded 5/01/15) – FGIC Insured	5/15 at 100.00	Aa1 (4)	2,429,736
4,415	5.000%, 5/01/26 (Pre-refunded 5/01/15) – FGIC Insured	5/15 at 100.00	Aa1 (4)	4,469,702
5,000	5.000%, 5/01/27 (Pre-refunded 5/01/15) – FGIC Insured	5/15 at 100.00	Aa1 (4)	5,061,950
	Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
3,300	4.750%, 5/01/39 – AGM Insured	5/16 at 100.00	Aa1	3,458,466
35,725	4.500%, 5/01/41 – FGIC Insured (UB)	5/16 at 100.00	Aa1	37,270,107
38	Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006, Residuals 660-1, 16.495%,	5/16 at 100.00	Aa1	44,962
	5/01/34 – NPFG Insured (IF)
54,208	Total Louisiana			56,693,361
	Maine – 0.8% (0.5% of Total Investments)
1,015	Maine Health and Higher Educational Facilities Authority Revenue Bonds, Eastern Maine Medical	7/23 at 100.00	Baa1	1,110,065
	Center Obligated Group Issue, Series 2013, 5.000%, 7/01/43
10,000	Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Mainehealth Issue,	No Opt. Call	A+	11,440,500
	Series 2015, 5.000%, 7/01/39
11,015	Total Maine			12,550,565
	Maryland – 1.3% (0.9% of Total Investments)
5,345	Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%,	9/16 at 100.00	Ba1	5,510,054
	9/01/28 – SYNCORA GTY Insured
10,000	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health	2/25 at 100.00	A2	11,605,800
	Issue, Series 2015, 5.000%, 8/15/42 (WI/DD, Settling 2/11/15)
2,440	Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional	7/24 at 100.00	A	2,832,352
	Medical Center Issue, Series 2015, 5.000%, 7/01/45 (WI/DD, Settling 2/05/15)
17,785	Total Maryland			19,948,206
	Massachusetts – 3.1% (2.1% of Total Investments)
10,405	Massachsetts Development Finance Agency Revenue Bonds, Partners HealthCare System Issue,	7/25 at 100.00	AA	12,316,399
	Series 2015-O1, 5.000%, 7/01/45
4,500	Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds,	1/20 at 100.00	AA+	5,188,725
	Commonwealth Contract Assistance Secured, Refunding Series 2010B, 5.000%, 1/01/35
3,225	Massachusetts Development Finance Agency, Resource Recovery Revenue Refunding Bonds,	11/17 at 100.00	BB+	3,330,812
	Covanta Energy Project, Series 2012B, 4.875%, 11/01/42
5,330	Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Harvard University,	12/19 at 100.00	AAA	8,056,775
	Tender Option Bond Trust 2010-20W, 13.696%, 12/15/34 (IF) (5)
11,000	Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A,	8/15 at 100.00	AA+ (4)	11,291,830
	5.000%, 8/15/23 (Pre-refunded 8/15/15) – AGM Insured (UB)
7,255	Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%,	2/17 at 100.00	AA+	7,507,692
	8/01/46 – AGM Insured (UB) (5)
41,715	Total Massachusetts			47,692,233
	Michigan – 3.2% (2.2% of Total Investments)
5,490	Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site	No Opt. Call	AA	6,697,141
	Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)
1,695	Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,	7/22 at 100.00	BBB+	1,868,670
	Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
930	Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18	10/15 at 100.00	A3	930,828
5,070	Michigan Finance Authority, Detroit, Michigan, Local Government Loan Program, Unlimited Tax	10/15 at 100.00	A–	5,074,512
	General Obligation Bonds, Series 2014G-2A, 5.375%, 4/01/18
3,000	Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43	1/22 at 100.00	A2	3,305,310
8,260	Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series	10/21 at 100.00	Aa3	9,593,329
	2011-II-A, 5.375%, 10/15/41
11,000	Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series	6/22 at 100.00	AA	12,218,800
	2009C, 5.000%, 12/01/48
10,000	Wayne Charter County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds,	4/15 at 100.00	AA–	10,010,100
	Detroit Metropolitan Wayne County Airport, Series 2001A, 5.250%, 12/01/25 – NPFG Insured
45,445	Total Michigan			49,698,690
	Minnesota – 0.8% (0.5% of Total Investments)
5,465	Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services, Series	11/18 at 100.00	AA	6,475,861
	2008B, 6.500%, 11/15/38 – AGC Insured
5,020	Minnesota State, General Obligation Bonds, Various Purpose, Refunding Series 2010D,	No Opt. Call	AA+	5,764,617
	5.000%, 8/01/18
10,485	Total Minnesota			12,240,478
	Missouri – 0.5% (0.3% of Total Investments)
2,250	Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,	2/22 at 100.00	A1	2,498,265
	Heartland Regional Medical Center, Series 2012, 5.000%, 2/15/43
305	St. Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village	9/23 at 100.00	A–	345,608
	of Sunset Hills, Series 2013A, 5.875%, 9/01/43
4,125	St. Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis International Airport, Series	No Opt. Call	AA–	5,192,055
	2005, 5.500%, 7/01/29 – NPFG Insured
6,680	Total Missouri			8,035,928
	Montana – 0.2% (0.1% of Total Investments)
3,000	Montana Facility Finance Authority, Hospital Revenue Bonds, Benefis Health System Obligated	1/21 at 100.00	AA	3,484,050
	Group, Series 2011A, 5.750%, 1/01/31 – AGM Insured
	Nebraska – 4.1% (2.8% of Total Investments)
4,010	Lincoln County Hospital Authority 1, Nebraska, Hospital Revenue and Refunding Bonds, Great	No Opt. Call	A–	4,497,656
	Plains Regional Medical Center Project, Series 2012, 5.000%, 11/01/42
27,125	Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 – FGIC	9/16 at 100.00	AA	27,911,625
	Insured (UB) (5)
5,000	Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds,	4/19 at 100.00	AA+	5,770,400
	Series 2009A, 5.375%, 4/01/39 – BHAC Insured
1,000	Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25	7/15 at 100.00	AA (4)	1,020,480
	(Pre-refunded 7/01/15) – AGM Insured
2,460	Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Refunding Subordinated	2/24 at 100.00	AA–	2,620,810
	Lien Series 2014CC, 4.000%, 2/01/38
21,000	Public Power Generation Agency, Nebraska, Whelan Energy Center Unit 2 Revenue Bonds, Series	1/17 at 100.00	A2	21,853,020
	2007A, 5.000%, 1/01/37 – AMBAC Insured
60,595	Total Nebraska			63,673,991
	Nevada – 1.9% (1.3% of Total Investments)
7,000	Clark County School District, Nevada, General Obligation Bonds, Refunding Series 2005A,	6/15 at 101.00	AA–	7,194,320
	5.000%, 6/15/19 – FGIC Insured
3,000	Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2009C, 5.000%, 7/01/26 –	7/19 at 100.00	AA	3,450,180
	AGM Insured
16,890	Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran	1/20 at 100.00	AA	19,355,602
	International Airport, Series 2010A, 5.250%, 7/01/39 – AGM Insured
26,890	Total Nevada			30,000,102
	New Jersey – 3.5% (2.4% of Total Investments)
	New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge,
	Series 2004A:
3,850	5.000%, 7/01/22 – NPFG Insured	4/15 at 100.00	AA–	3,911,985
3,850	5.000%, 7/01/23 – NPFG Insured	4/15 at 100.00	AA–	3,911,985
5,900	5.000%, 7/01/29 – NPFG Insured	4/15 at 100.00	AA–	5,994,990
26,000	New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 –	No Opt. Call	AA	33,310,680
	AGM Insured
	Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
	Series 2007-1A:
3,320	4.500%, 6/01/23	6/17 at 100.00	BB	3,337,961
1,545	4.625%, 6/01/26	6/17 at 100.00	B+	1,487,464
1,470	4.750%, 6/01/34	6/17 at 100.00	B2	1,167,062
1,330	Washington Township Board of Education, Mercer County, New Jersey, General Obligation Bonds,	No Opt. Call	Aa3	1,756,691
	Series 2005, 5.250%, 1/01/26 – AGM Insured
47,265	Total New Jersey			54,878,818
	New Mexico – 1.2% (0.8% of Total Investments)
3,660	San Juan County, New Mexico, Gross Receipts Tax Revenue Bonds, Refunding Subordinate Series	6/15 at 100.00	AA–	3,724,453
	2005, 5.000%, 6/15/25 – NPFG Insured
13,600	University of New Mexico, Revenue Bonds, System Improvement Subordinated Lien Series 2007A,	6/17 at 100.00	AA	14,740,904
	5.000%, 6/01/36 – AGM Insured
17,260	Total New Mexico			18,465,357
	New York – 7.1% (4.8% of Total Investments)
1,880	Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore	2/15 at 100.00	AA–	1,887,313
	Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured
7,225	Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell	7/20 at 100.00	Aa1	8,419,798
	University, Series 2010A, 5.000%, 7/01/35
3,335	Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series	3/15 at 100.00	AAA	3,355,410
	2005F, 5.000%, 3/15/24 (Pre-refunded 3/15/15) – AMBAC Insured
3,720	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,	2/17 at 100.00	AA–	3,936,988
	2/15/47 – NPFG Insured
12,500	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A,	6/16 at 100.00	AA–	13,161,250
	5.000%, 12/01/25 – FGIC Insured
6,000	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006C,	9/16 at 100.00	AA–	6,371,700
	5.000%, 9/01/35 – NPFG Insured
2,500	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%,	5/21 at 100.00	AA	2,830,225
	5/01/36 – AGM Insured
10,610	Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A,	9/22 at 100.00	A–	11,993,862
	5.000%, 9/01/42
3,025	Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue	2/21 at 100.00	Aa2	3,605,951
	Bonds, Unity Hospital of Rochestor Project, Series 2010, 5.500%, 8/15/40
2,615	New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project	3/19 at 100.00	AA	3,165,667
	PILOT, Series 2009A, 7.000%, 3/01/49 – AGC Insured
85	New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21 –	9/15 at 100.00	AA	87,412
	AMBAC Insured
4,915	New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21	9/15 at 100.00	Aa2 (4)	5,055,618
	(Pre-refunded 9/01/15) – AMBAC Insured
10,000	New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 –	4/15 at 100.00	AA	10,081,000
	FGIC Insured
7,870	New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade	11/24 at 100.00	N/R	8,449,153
	Center Project, Class 1 Series 2014, 5.000%, 11/15/44
14,000	New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30	7/15 at 100.00	AA (4)	14,283,080
	(Pre-refunded 7/01/15) – AGM Insured
3,650	New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds,	3/15 at 100.00	AAA	3,672,192
	Series 2005B, 5.000%, 3/15/25 (Pre-refunded 3/15/15) – AGM Insured
4,655	Onondaga Civic Development Corporation, New York, Revenue Bonds, Saint Joseph’s Hospital	7/22 at 100.00	BB	4,844,971
	Health Center Project, Series 2012, 5.000%, 7/01/42
	Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding
	Subordinate Lien Series 2013A:
2,135	5.000%, 11/15/28	No Opt. Call	A+	2,549,596
2,430	0.000%, 11/15/31	No Opt. Call	A+	1,412,729
1,460	0.000%, 11/15/32	No Opt. Call	A+	811,760
104,610	Total New York			109,975,675
	North Carolina – 1.6% (1.1% of Total Investments)
750	Gaston County Industrial Facilities and Pollution Control Financing Authority, North Carolina,	8/15 at 100.00	N/R	752,520
	National Gypsum Company Project Exempt Facilities Revenue Bonds, Series 2005, 5.750%,
	8/01/35 (Alternative Minimum Tax)
10,000	North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University	6/22 at 100.00	AA	11,600,400
	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+	5,339,926
	Refunding Series 2012A, 5.000%, 6/01/36
	Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A:
3,205	5.000%, 5/01/23 – AMBAC Insured	5/15 at 100.00	Aa3	3,242,755
3,295	5.000%, 5/01/24 – AMBAC Insured	5/15 at 100.00	Aa3	3,333,815
830	University of North Carolina, Greensboro, General Revenue Bonds, Series 2014A, 5.000%, 4/01/39	4/24 at 100.00	Aa3	981,151
22,795	Total North Carolina			25,250,567
	North Dakota – 0.7% (0.5% of Total Investments)
2,245	Grand Forks, North Dakota, Health Care System Revenue Bonds, Altru Health System Obligated	12/21 at 100.00	A–	2,471,723
	Group, Series 2012, 5.000%, 12/01/35
	Grand Forks, North Dakota, Sales Tax Revenue Bonds, Alerus Project, Series 2005A:
2,195	5.000%, 12/15/22 – NPFG Insured	12/15 at 100.00	Aa3	2,284,161
1,355	5.000%, 12/15/23 – NPFG Insured	12/15 at 100.00	Aa3	1,410,040
3,000	5.000%, 12/15/24 – NPFG Insured	12/15 at 100.00	Aa3	3,121,290
1,890	Williston, North Dakota, Multifamily Housing Revenue Bonds, Eagle Crest Apartments LLC	9/23 at 100.00	N/R	2,014,003
	Project, Series 2013, 7.750%, 9/01/38
10,685	Total North Dakota			11,301,217
	Ohio – 7.7% (5.2% of Total Investments)
1,730	Akron, Bath and Copley Joint Township Hospital District, Ohio, Hospital Revenue Bonds,	5/22 at 100.00	A1	1,931,597
	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	AA–	2,206,878
2,540	4.000%, 5/01/33	5/22 at 100.00	AA–	2,627,198
2,420	5.000%, 5/01/42	5/22 at 100.00	AA–	2,724,872
	Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
	Bonds, Senior Lien, Series 2007A-2:
16,945	5.125%, 6/01/24	6/17 at 100.00	B–	14,682,843
370	5.875%, 6/01/30	6/17 at 100.00	B–	321,845
11,600	5.750%, 6/01/34	6/17 at 100.00	B–	9,825,548
1,060	5.875%, 6/01/47	6/17 at 100.00	B	906,745
8,310	Cleveland Heights-University Heights City School District, Ohio, General Obligation Bonds,	6/23 at 100.00	AA	9,318,585
	School Improvement Series 2014, 5.000%, 12/01/51
6,000	Franklin County, Ohio, Hospital Revenue Bonds, Nationwide Children’s Hospital Project,	5/22 at 100.00	Aa2	6,714,420
	Improvement Series 2012A, 5.000%, 11/01/42
2,205	Hamilton City School District, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 –	6/15 at 100.00	A3	2,239,486
	NPFG Insured
19,535	Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006A, 4.250%, 12/01/32 –	12/16 at 100.00	A+	19,988,603
	AMBAC Insured
6,425	JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series	1/23 at 100.00	AA	7,412,780
	2013A, 5.000%, 1/01/38 (UB) (5)
	JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender
	Option Bond Trust 1157:
1,725	17.677%, 1/01/38 (IF) (5)	1/23 at 100.00	AA	2,785,806
1,250	17.677%, 1/01/38 (IF) (5)	1/23 at 100.00	AA	2,018,700
625	17.677%, 1/01/38 (IF) (5)	1/23 at 100.00	AA	1,009,350
1,750	17.668%, 1/01/38 (IF) (5)	1/23 at 100.00	AA	2,825,568
390	17.546%, 1/01/38 (IF) (5)	1/23 at 100.00	AA	628,001
2,000	16.691%, 1/01/38 (IF) (5)	1/23 at 100.00	AA	3,229,920
	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	5,512,186
6,000	5.250%, 12/01/31 – AGM Insured	No Opt. Call	A2	7,746,240
9,235	Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated	2/23 at 100.00	BB+	9,654,269
	Group Project, Series 2013, 5.000%, 2/15/48
	Southeastern Ohio Port Authority, Hospital Facilities Revenue Bonds, Memorial Health System
	Obligated Group Project, Refunding and Improvement Series 2012:
665	5.750%, 12/01/32	12/22 at 100.00	N/R	722,310
660	6.000%, 12/01/42	12/22 at 100.00	N/R	717,004
2,000	University of Akron, Ohio, General Receipts Bonds, Federally Taxable Build America Bonds,	1/20 at 100.00	AA	2,294,900
	Series 2010B, 5.000%, 1/01/29 – AGM Insured
111,750	Total Ohio			120,045,654
	Oklahoma – 2.4% (1.6% of Total Investments)
	Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F:
3,500	5.000%, 7/01/24 (Pre-refunded 7/01/15) – AMBAC Insured	7/15 at 100.00	AA (4)	3,571,960
7,500	5.000%, 7/01/27 (Pre-refunded 7/01/15) – AMBAC Insured	7/15 at 100.00	AA (4)	7,654,200
	Oklahoma City Water Utilities Trust, Oklahoma, Water and Sewer Revenue Bonds, Series 2010:
1,000	5.375%, 7/01/40	7/21 at 100.00	AAA	1,185,150
1,500	5.000%, 7/01/40	7/21 at 100.00	AAA	1,735,545
3,500	Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Refunding Series	1/25 at 100.00	A	4,172,840
	2014A, 5.000%, 1/01/38
19,060	Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%,	1/17 at 100.00	AA–	19,508,291
	1/01/47 – FGIC Insured
36,060	Total Oklahoma			37,827,986
	Oregon – 0.5% (0.3% of Total Investments)
2,535	Oregon Department of Administrative Services, Certificates of Participation, Series 2005A,	5/15 at 100.00	AA (4)	2,566,333
	5.000%, 5/01/25 (Pre-refunded 5/01/15) – AGM Insured
4,000	Oregon Department of Administrative Services, State Lottery Revenue Bonds, Series 2011A,	4/21 at 100.00	AAA	4,763,680
	5.250%, 4/01/31
6,535	Total Oregon			7,330,013
	Pennsylvania – 5.4% (3.7% of Total Investments)
2,165	Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2010, 5.000%,	12/20 at 100.00	AA	2,504,537
	6/01/40 – AGM Insured
7,925	Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A,	6/16 at 100.00	AA	8,405,651
	5.000%, 6/01/26 – AGM Insured (UB)
7,630	Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health	6/22 at 100.00	A	8,450,378
	System Project, Series 2012A, 5.000%, 6/01/42
5,250	Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,	1/20 at 100.00	AA	5,971,140
	5.000%, 1/01/40 – AGM Insured
1,560	Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage	8/20 at 100.00	AA	1,825,075
	Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
365	Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,	11/24 at 100.00	N/R	379,063
	National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
1,800	Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series	5/15 at 100.00	AA–	1,820,124
	2005A, 5.000%, 5/01/28 – NPFG Insured
11,100	Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of	12/16 at 100.00	AA	11,642,568
	Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
2,625	Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 –	6/16 at 100.00	A+	2,780,138
	AMBAC Insured
1,300	Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital	7/22 at 100.00	BB+	1,408,381
	Revenue Bonds, Temple University Health System Obligated Group, Series 2012A,
	5.625%, 7/01/42
10,000	Philadelphia, Pennsylvania, Airport Revenue Bonds, Series 2010A, 5.000%, 6/15/40 – AGM Insured	6/20 at 100.00	AA	11,336,400
7,055	Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room	8/20 at 100.00	AA	8,007,002
	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	AA	5,973,110
	Revenue Bonds, Refunding Series 2010, 5.000%, 2/01/31 – AGM Insured
6,335	Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds,	8/15 at 100.00	Aa1 (4)	6,502,624
	Series 2005B, 5.000%, 2/15/30 (Pre-refunded 8/15/15) – AGM Insured
	Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005:
3,285	5.000%, 1/15/22 – AGM Insured	1/16 at 100.00	AA	3,433,482
3,450	5.000%, 1/15/23 – AGM Insured	1/16 at 100.00	AA	3,605,561
77,025	Total Pennsylvania			84,045,234
	Puerto Rico – 0.6% (0.4% of Total Investments)
2,500	Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/30	7/15 at 100.00	AA+ (4)	2,550,450
	(Pre-refunded 7/01/15) – SYNCORA GTY Insured
1,550	Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured	No Opt. Call	AA	1,564,865
	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
14,195	0.000%, 8/01/45 – NPFG Insured	No Opt. Call	AA–	2,062,534
5,900	0.000%, 8/01/47 – AMBAC Insured	No Opt. Call	BBB	755,377
36,550	0.000%, 8/01/54 – AMBAC Insured	No Opt. Call	BBB	2,915,228
60,695	Total Puerto Rico			9,848,454
	Rhode Island – 1.0% (0.7% of Total Investments)
2,125	Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted	7/15 at 100.00	AA–	2,131,800
	Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%,
	7/01/25 – NPFG Insured
	Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,
	Series 2002A:
910	6.125%, 6/01/32	4/15 at 100.00	BBB+	913,913
11,935	6.250%, 6/01/42	4/15 at 100.00	BBB–	11,989,304
14,970	Total Rhode Island			15,035,017
	South Carolina – 6.0% (4.1% of Total Investments)
14,650	Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008,	2/18 at 100.00	Aa1	17,947,129
	Trust 1181, 9.786%, 8/01/15 – AGM Insured (IF)
4,085	Saint Peters Parish/Jasper County Public Facilities Corporation, South Carolina, Installment	4/21 at 100.00	AA	4,645,830
	Purchase Revenue Bonds, County Office Building Projects, Series 2011A, 5.250%, 4/01/44 –
	AGC Insured
4,100	South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina	2/23 at 100.00	A	4,480,275
	Electric and Gas Company, Series 2013, 4.000%, 2/01/28
1,250	South Carolina Jobs-Economic Development Authority, Hospital Revenue Bonds, Palmetto Health,	8/21 at 100.00	AA	1,516,188
	Refunding Series 2011A, 6.500%, 8/01/39 – AGM Insured
20,790	South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Refunding Series	12/24 at 100.00	AA–	24,232,616
	2014C, 5.000%, 12/01/46
10,195	South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2014A,	6/24 at 100.00	AA–	12,183,127
	5.500%, 12/01/54
15,795	South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%,	10/16 at 100.00	A1	16,605,284
	10/01/34 – SYNCORA GTY Insured
10,250	Spartanburg Regional Health Services District, Inc., South Carolina, Hospital Revenue	4/22 at 100.00	A1	11,759,108
	Refunding Bonds, Series 2012A, 5.000%, 4/15/32
81,115	Total South Carolina			93,369,557
	South Dakota – 0.2% (0.1% of Total Investments)
2,055	South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sanford Health,	11/24 at 100.00	A+	2,365,490
	Series 2014B, 5.000%, 11/01/44
	Tennessee – 0.5% (0.3% of Total Investments)
6,160	Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds,	1/23 at 100.00	A+	7,118,619
	Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
	Texas – 8.1% (5.5% of Total Investments)
4,405	Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.500%, 8/15/49 –	8/19 at 100.00	AA	4,986,812
	AGM Insured
12,700	Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C,	11/22 at 100.00	A+	14,338,300
	5.125%, 11/01/43 (Alternative Minimum Tax)
9,035	Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement	11/21 at 100.00	A+	10,196,540
	Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
4,330	Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option Bond	10/23 at 100.00	AA+	6,534,057
	Trust 2013-9A, 18.425%, 4/01/53 (IF)
6,000	Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series	11/24 at 100.00	A2	6,819,300
	2014A, 5.000%, 11/15/53
590	Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc.	7/24 at 100.00	B	645,112
	Terminal E Project, Refunding Series 2014, 5.000%, 7/01/29
6,700	Hutto Independent School District, Williamson County, Texas, General Obligation Bonds,	8/21 at 100.00	A	7,418,910
	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+	3,688,545
50	Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2001, 5.000%, 5/15/21 –	No Opt. Call	AA–	50,187
	NPFG Insured
	McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
2,355	5.750%, 12/01/33	12/25 at 100.00	Baa2	2,731,258
2,385	6.125%, 12/01/38	12/25 at 100.00	Baa2	2,768,818
8,425	North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds,	8/22 at 100.00	Aa2	9,714,278
	Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
24,330	Tarrant Regional Water District, Texas, Water Revenue Bonds, Refunding & Improvement Series	3/22 at 100.00	AAA	27,735,227
	2012, 5.000%, 3/01/52
1,750	Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series	No Opt. Call	A3	1,976,783
	2012, 5.000%, 12/15/30
4,200	Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier	8/24 at 100.00	A–	4,881,114
	Refunding Series 2015B, 5.000%, 8/15/37 (WI/DD, Settling 2/04/15)
10,165	Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, Second Tier	8/24 at 100.00	BBB+	11,569,498
	Refunding Series 2015C, 5.000%, 8/15/42 (WI/DD, Settling 2/04/15)
7,600	Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA	8/16 at 100.00	AA– (4)	8,140,740
	Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 (Pre-refunded 8/01/16) –
	NPFG Insured
1,840	Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding	5/15 at 100.00	AA–	1,867,471
	Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured
110,360	Total Texas			126,062,950
	Utah – 1.1% (0.7% of Total Investments)
15,000	Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 – AGM	6/18 at 100.00	AAA	16,869,000
	Insured (UB) (5)
	Virginia – 1.9% (1.3% of Total Investments)
10,000	Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova	5/22 at 100.00	AA+	11,491,300
	Health System, Series 2012A, 5.000%, 5/15/40
985	Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health	7/20 at 100.00	AA	1,092,976
	System Obligated Group, Series 2005B, 5.000%, 7/01/38
15	Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health	7/20 at 100.00	AA (4)	18,074
	System Obligated Group, Series 2005B, 5.000%, 7/01/38 (Pre-refunded 7/01/20)
5,740	Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.000%, 7/01/52	No Opt. Call	BBB–	6,197,822
	Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
1,740	0.000%, 7/01/32	No Opt. Call	BBB–	813,172
2,465	0.000%, 7/01/33	No Opt. Call	BBB–	1,102,767
960	0.000%, 7/01/34	No Opt. Call	BBB–	410,342
1,330	0.000%, 7/01/35	No Opt. Call	BBB–	531,508
2,300	Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC	1/22 at 100.00	BBB–	2,486,829
	Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
5,030	Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River	7/22 at 100.00	BBB–	5,595,372
	Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
30,565	Total Virginia			29,740,162
	Washington – 8.1% (5.5% of Total Investments)
10,000	Central Puget Sound Regional Transit Authority, Washington, Sales Tax and Motor Vehicle Excise	2/15 at 100.00	AAA	10,108,300
	Tax Bonds, Series 1999, 4.750%, 2/01/28 – FGIC Insured
7,500	King County, Washington, General Obligation Sewer Bonds, Series 2009, Trust 1W, 9.749%,	1/19 at 100.00	AAA	10,060,950
	1/01/39 – AGC Insured (IF) (5)
20,670	King County, Washington, Sewer Revenue Bonds, Refunding Series 2015A, 5.000%, 7/01/47	1/25 at 100.00	AA+	24,368,690
	(WI/DD, Settling 2/18/15)
17,000	King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42 (Pre-refunded	7/17 at 100.00	AA+ (4)	18,804,720
	7/01/17) – AGM Insured
4,345	King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.806%,	7/17 at 100.00	AA+	5,728,796
	7/01/32 – AGM Insured (IF) (5)
11,000	Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Series 2005A, 5.000%, 3/01/35 –	3/15 at 100.00	AA–	11,038,940
	NPFG Insured
1,250	Snohomish County Public Utility District 1, Washington, Generation System Revenue Bonds,	No Opt. Call	Aaa	1,321,862
	Series 1989, 6.650%, 1/01/16 – FGIC Insured (ETM)
	Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series 2006:
3,890	5.000%, 12/01/24 – SYNCORA GTY Insured	12/16 at 100.00	AA	4,210,263
4,085	5.000%, 12/01/25 – SYNCORA GTY Insured	12/16 at 100.00	AA	4,417,395
4,290	5.000%, 12/01/26 – SYNCORA GTY Insured	12/16 at 100.00	AA	4,630,840
1,250	Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services,	10/24 at 100.00	AA	2,088,300
	Tender Option Bond Trust 4742, 18.544%, 10/01/44 (IF) (5)
2,510	Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital,	10/22 at 100.00	Aa2	2,943,476
	Refunding Series 2012B, 5.000%, 10/01/30
6,540	Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital,	10/22 at 100.00	Aa2	7,439,511
	Series 2012A, 5.000%, 10/01/42
17,845	Washington State, General Obligation Bonds, 2007A Series 2006, 5.000%, 7/01/31 (Pre-refunded	7/16 at 100.00	AA+ (4)	19,035,974
	7/01/16) – AGM Insured
112,175	Total Washington			126,198,017
	West Virginia – 2.5% (1.6% of Total Investments)
10,000	West Virginia Economic Development Authority, State Lottery Revenue Bonds, Series 2010A,	6/20 at 100.00	AAA	11,549,999
	5.000%, 6/15/40
22,400	West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health	6/23 at 100.00	A	26,420,799
	System Obligated Group, Refunding and Improvement Series 2013A, 5.500%, 6/01/44
32,400	Total West Virginia			37,970,798
	Wisconsin – 1.8% (1.2% of Total Investments)
640	Public Finance Authority of Wisconsin, Exempt Facilities Revenue Bonds, National Gypsum	11/24 at 100.00	N/R	664,901
	Company Project, Refunding Series 2014, 5.250%, 4/01/30 (Alternative Minimum Tax)
8,460	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care,	7/21 at 100.00	A	9,822,144
	Inc., Series 2012A, 5.000%, 7/15/25
5,090	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Health Inc.	10/22 at 100.00	AA–	5,775,164
	Obligated Group, Series 2012A, 5.000%, 4/01/42

10,300	Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Gundersen Lutheran,	10/21 at 100.00	A+	11,674,843
	Series 2011A, 5.250%, 10/15/39
24,490	Total Wisconsin			27,937,052
$ 2,210,853	Total Municipal Bonds (cost $2,075,095,759)			2,295,658,913

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)
$ 596	Las Vegas Monorail Company, Senior Interest Bonds (6), (7)	5.500%	7/15/19	N/R	$ 107,355
159	Las Vegas Monorail Company, Senior Interest Bonds (6), (7)	3.000%	7/15/55	N/R	21,214
$ 755	Total Corporate Bonds (cost $67,698)				128,569
	Total Long-Term Investments (cost $2,075,163,457)				2,295,787,482
	Floating Rate Obligations – (5.9)%				(92,198,333)
	Variable Rate Demand Preferred Shares, at Liquidation Value – (43.0)% (8)				(667,200,000)
	Other Assets Less Liabilities – 0.8%				14,006,465
	Net Assets Applicable to Common Shares – 100%				$ 1,550,395,614

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).

	Level 1	Level 2	Level 3	Total
Long-Term Investments:
Municipal Bonds	$ —	$2,295,658,913	$ —	$2,295,658,913
Corporate Bonds	—	—	128,569	128,569
Total	$ —	$2,295,658,913	$128,569	$2,295,787,482

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 as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.

As of January 31, 2015, the cost of investments was $1,987,771,892.

Gross unrealized appreciation and gross unrealized depreciation of investments as of January 31, 2015, were as follows:


Gross unrealized:
Appreciation	$224,763,925
Depreciation	(8,945,710)
Net unrealized appreciation (depreciation) of investments	$215,818,215

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to common
		shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
		There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities
		may be subject to periodic principal paydowns.
(3)		Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service,
		Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s
		or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by
		any of these national rating agencies.
(4)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
		which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
		agency securities are regarded as having an implied rating equal to the rating of such securities.
(5)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
		investments in inverse floating rate transactions.
(6)		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.
(7)		During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy
		protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance
		of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the
		Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn
		received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing
		on July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015)
		maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either
		senior interest corporate bond.
(8)		Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total
		Investments is 29.1%.
WI/DD		Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
(ETM)		Escrowed to maturity.
(IF)		Inverse floating rate investment.
(UB)		Underlying bond of an inverse floating rate trust reflected as a financing transaction.

Item 2. Controls and Procedures.

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)).

There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 3. Exhibits.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Municipal Opportunity Fund, Inc.

By (Signature and Title) /s/ Kevin J. McCarthy

Kevin J. McCarthy

Vice President and Secretary

Date: April 1, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/ Gifford R. Zimmerman

Gifford R. Zimmerman

Chief Administrative Officer (principal executive officer)

Date: April 1, 2015

By (Signature and Title) /s/ Stephen D. Foy

Stephen D. Foy

Vice President and Controller (principal financial officer)

Date: April 1, 2015