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 811-06621
 
Nuveen Premium Income Municipal Fund 2, 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:          1/31/14         
 
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 
 
 

 
 
Item 1. Schedule of Investments
 

 
           
   
Portfolio of Investments (Unaudited)
     
           
   
Nuveen Premium Income Municipal Fund 2, Inc. (NPM)
     
   
   January 31, 2014
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 151.4% (100.0% of Total Investments)
     
   
MUNICIPAL BONDS – 151.4% (100.0% of Total Investments)
     
   
Alabama – 3.3% (2.2% of Total Investments)
     
$ 6,995
 
Alabama Special Care Facilities Financing Authority, Revenue Bonds, Ascension Health, Series
11/16 at 100.00
AA+
$ 7,071,525
   
2006C-2, 5.000%, 11/15/39 (UB)
     
   
Birmingham Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist Health
     
   
System Inc., Series 2005A:
     
3,500
 
5.250%, 11/15/20
11/15 at 100.00
Baa2
3,596,075
1,000
 
5.000%, 11/15/30
11/15 at 100.00
Baa2
966,840
12,000
 
Birmingham Waterworks and Sewerage Board, Alabama, Water and Sewerage Revenue Bonds,
1/17 at 100.00
AA+
12,079,440
   
Series 2007A, 4.500%, 1/01/39 – AMBAC Insured (UB)
     
1,960
 
Courtland Industrial Development Board, Alabama, Pollution Control Revenue Bonds,
6/15 at 100.00
BBB
1,995,318
   
International Paper Company, Series 2005A, 5.000%, 6/01/25
     
1,690
 
Montgomery BMC Special Care Facilities Financing Authority, Alabama, Revenue Bonds, Baptist
11/14 at 100.00
A3 (4)
1,756,483
   
Medical Center, Series 2004C, 5.250%, 11/15/29 (Pre-refunded 11/15/14)
     
6,255
 
University of South Alabama, Student Tuition Revenue Bonds, Series 2004, 5.000%, 3/15/24 –
3/14 at 100.00
A1
6,290,028
   
FGIC Insured
     
33,400
 
Total Alabama
   
33,755,709
   
Alaska – 0.1% (0.0% of Total Investments)
     
1,000
 
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
6/14 at 100.00
B2
769,460
   
Series 2006A, 5.000%, 6/01/32
     
   
Arizona – 1.4% (0.9% of Total Investments)
     
   
Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health
     
   
Network, Series 2005B:
     
200
 
5.250%, 12/01/24
12/15 at 100.00
BBB+
204,704
265
 
5.250%, 12/01/25
12/15 at 100.00
BBB+
270,698
5,000
 
Phoenix, Arizona, Civic Improvement Revenue Bonds, Civic Plaza, Series 2005B, 5.500%, 7/01/40 –
No Opt. Call
AA
5,630,050
   
FGIC Insured
     
800
 
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power
1/15 at 100.00
Baa1
818,304
   
Company, Refunding Series 2008, 5.750%, 9/01/29
     
7,550
 
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc
No Opt. Call
A–
7,644,300
   
Prepay Contract Obligations, Series 2007, 5.000%, 12/01/37
     
13,815
 
Total Arizona
   
14,568,056
   
Arkansas – 0.1% (0.1% of Total Investments)
     
1,000
 
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center,
2/15 at 100.00
Baa1
1,010,280
   
Series 2005B, 5.000%, 2/01/25
     
   
California – 18.3% (12.1% of Total Investments)
     
3,765
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
4/23 at 100.00
A+
3,907,166
   
2013S-4, 5.250%, 4/01/53
     
   
California Educational Facilities Authority, Revenue Refunding Bonds, Loyola Marymount
     
   
University, Series 2001A:
     
3,255
 
0.000%, 10/01/23 – NPFG Insured
No Opt. Call
A2
2,177,986
5,890
 
0.000%, 10/01/24 – NPFG Insured
No Opt. Call
A2
3,677,480
7,615
 
0.000%, 10/01/25 – NPFG Insured
No Opt. Call
A2
4,474,498
3,330
 
California Health Facilities Financing Authority, Refunding Revenue Bonds, Stanford Hospital
11/21 at 100.00
AA–
3,582,914
   
and Clinics, Series 2008A-2. RMKT, 5.250%, 11/15/40
     
3,740
 
California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center,
11/15 at 100.00
A1
3,955,648
   
Series 2005, 5.000%, 11/15/27
     
15,000
 
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard
8/22 at 100.00
AA
15,350,250
   
Children’s Hospital, Series 2012A, 5.000%, 8/15/51
     
2,550
 
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,
10/19 at 100.00
AA
2,851,640
   
Series 2009B, 5.500%, 10/01/39
     
2,500
 
California Health Facilities Financing Authority, Revenue Bonds, Sutter Health, Series 2007A,
11/16 at 100.00
AA–
2,520,200
   
5.000%, 11/15/42 (UB)
     
2,055
 
California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund
10/14 at 100.00
AA+ (4)
2,121,459
   
Revenue Bonds, Series 2004, 5.000%, 10/01/21 (Pre-refunded 10/01/14)
     
4,000
 
California State, Economic Recovery Revenue Bonds, Refunding Series 2009A, 5.250%, 7/01/21
7/19 at 100.00
AA
4,751,240
1,935
 
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14
No Opt. Call
AA
1,976,622
565
 
California State, Economic Recovery Revenue Bonds, Series 2004A, 5.250%, 7/01/14 (ETM)
No Opt. Call
Aaa
577,035
20,000
 
California State, General Obligation Bonds, Various Purpose Series 2009, 6.000%, 11/01/39
11/19 at 100.00
A1
23,278,198
1,000
 
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
7/15 at 100.00
BBB–
930,640
   
Health System, Series 2005A, 5.000%, 7/01/39
     
5,355
 
California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Tender
No Opt. Call
AA–
6,651,874
   
Option Bond Trust 3175, 13.788%, 5/15/14 (IF)
     
1,900
 
Chula Vista, California, Industrial Development Revenue Bonds, San Diego Gas and Electric
6/14 at 102.00
A1
1,966,196
   
Company, Series 1996A, 5.300%, 7/01/21
     
1,665
 
Contra Costa Community College District, Contra Costa County, California, General Obligation
8/23 at 100.00
Aa1
1,786,678
   
Bonds, Election of 2006, Series 2013, 5.000%, 8/01/38
     
2,500
 
Fontana Public Financing Authority, California, Tax Allocation Revenue Bonds, North Fontana
10/15 at 100.00
A
2,635,275
   
Redevelopment Project, Series 2005A, 5.000%, 10/01/23 – AMBAC Insured
     
30,000
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Series
No Opt. Call
Aaa
25,804,500
   
1995A, 0.000%, 1/01/21 (ETM)
     
   
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding
     
   
Bonds, Series 2013A:
     
1,840
 
5.750%, 1/15/46
1/24 at 100.00
BBB–
1,849,218
3,840
 
6.000%, 1/15/49
1/24 at 100.00
BBB–
3,882,854
1,385
 
Fullerton Public Financing Authority, California, Tax Allocation Revenue Bonds, Series 2005,
9/15 at 100.00
A
1,417,506
   
5.000%, 9/01/27 – AMBAC Insured
     
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
     
   
Bonds, Series 2007A-1:
     
6,350
 
4.500%, 6/01/27
6/17 at 100.00
B
5,468,049
1,345
 
5.000%, 6/01/33
6/17 at 100.00
B
1,033,377
1,000
 
5.750%, 6/01/47
6/17 at 100.00
B
791,620
3,850
 
Grossmont Healthcare District, California, General Obligation Bonds, Series 2011B,
7/21 at 100.00
Aa2
4,412,216
   
6.125%, 7/15/40
     
10,000
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series
1/21 at 100.00
AA
10,552,300
   
2011A, 5.000%, 7/01/41
     
3,775
 
Mount San Antonio Community College District, Los Angeles County, California, General
8/35 at 100.00
AA
1,887,613
   
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
     
   
Perris, California, Special Tax Bonds, Community Facilities District 2001-1, May Farms
     
   
Improvement Area 4, Series 2005A:
     
1,420
 
5.000%, 9/01/25
9/15 at 102.00
N/R
1,430,125
435
 
5.100%, 9/01/30
9/15 at 102.00
N/R
423,120
370
 
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series
6/23 at 100.00
BBB–
380,597
   
2013A, 5.750%, 6/01/44
     
   
San Diego County, California, Certificates of Participation, Burnham Institute, Series 2006:
     
250
 
5.000%, 9/01/21
9/15 at 102.00
Baa2
259,658
275
 
5.000%, 9/01/23
9/15 at 102.00
Baa2
281,551
2,220
 
San Diego Redevelopment Agency, California, Subordinate Lien Tax Allocation Bonds, Centre City
9/14 at 100.00
AA–
2,264,888
   
Project, Series 2004A, 5.000%, 9/01/20 – SYNCORA GTY Insured
     
   
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue
     
   
Refunding Bonds, Series 1997A:
     
4,595
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
A
1,502,106
32,400
 
0.000%, 1/15/34 – NPFG Insured
No Opt. Call
A
9,172,116
6,000
 
San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
8/14 at 100.00
A
6,073,380
   
Project, Series 2004A, 5.250%, 8/01/19 – NPFG Insured
     
13,750
 
University of California, General Revenue Bonds, Limited Project Series 2012G, 5.000%, 5/15/37
5/22 at 100.00
Aa2
14,736,150
2,580
 
University of California, General Revenue Bonds, Series 2013AI, 5.000%, 5/15/38
5/23 at 100.00
Aa1
2,785,652
3,000
 
Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation
7/14 at 100.00
A+
3,009,450
   
District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured
     
219,300
 
Total California
   
188,591,045
   
Colorado – 3.0% (2.0% of Total Investments)
     
1,700
 
Centennial Water and Sanitation District, Colorado, Water and Sewerage Revenue Bonds, Series
12/14 at 100.00
AA+ (4)
1,769,020
   
2004, 5.000%, 12/01/22 (Pre-refunded 12/01/14) – FGIC Insured
     
1,250
 
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding
12/23 at 100.00
BBB
1,307,725
   
Series 2013A, 5.375%, 12/01/33
     
   
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan
     
   
Society, Series 2005:
     
1,745
 
5.250%, 6/01/23
6/16 at 100.00
A–
1,816,475
475
 
5.000%, 6/01/29
6/16 at 100.00
A–
478,396
400
 
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F,
3/15 at 100.00
A+
405,616
   
5.000%, 3/01/25
     
11,140
 
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2012B, 5.000%, 11/15/37
11/22 at 100.00
A+
11,585,041
4,840
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B,
11/23 at 100.00
A
5,004,366
   
5.000%, 11/15/43
     
6,925
 
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel,
11/16 at 100.00
BBB–
7,096,948
   
Senior Lien Series 2006, 5.125%, 12/01/25 – SYNCORA GTY Insured
     
630
 
Regional Transportation District, Colorado, Certificates of Participation, Series 2010A,
6/20 at 100.00
Aa3
677,641
   
5.375%, 6/01/31
     
400
 
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private
7/20 at 100.00
Baa3
414,464
   
Activity Bonds, Series 2010, 6.000%, 1/15/41
     
29,505
 
Total Colorado
   
30,555,692
   
Connecticut – 0.0% (0.0% of Total Investments)
     
250
 
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Series
4/22 at 100.00
AA
240,363
   
2013A, 4.000%, 4/01/39
     
   
Delaware – 0.1% (0.1% of Total Investments)
     
1,000
 
Delaware Health Facilities Authority, Revenue Bonds, Christiana Care Health Services Inc.,
10/20 at 100.00
AA
1,027,590
   
Series 2010A, 5.000%, 10/01/40 – NPFG Insured
     
   
District of Columbia – 0.5% (0.3% of Total Investments)
     
5,000
 
District of Columbia, Revenue Bonds, Georgetown University, Series 2007A, 0.000%, 4/01/40 –
4/21 at 100.00
A–
4,083,150
   
AMBAC Insured
     
1,335
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds,
10/16 at 100.00
AA+
1,397,625
   
Tender Option Bond Trust 1606, 11.881%, 10/01/30 – AMBAC Insured (IF) (5)
     
6,335
 
Total District of Columbia
   
5,480,775
   
Florida – 24.1% (15.9% of Total Investments)
     
1,055
 
Bay County School Board, Florida, Certificates of Participation, Series 2004, 5.000%, 7/01/24
7/14 at 100.00
A+ (4)
1,076,195
   
(Pre-refunded 7/01/14) – AMBAC Insured
     
1,700
 
Beacon Tradeport Community Development District, Miami-Dade County, Florida, Special
5/14 at 100.00
N/R
1,700,034
   
Assessment Bonds, Commercial Project, Series 2002A, 5.625%, 5/01/32 – RAAI Insured
     
715
 
Bradford County Health Facility Authority, Florida, Revenue Refunding Bonds, Santa Fe
No Opt. Call
AA+ (4)
777,069
   
Healthcare Inc., Series 1993, 6.050%, 11/15/16 (ETM)
     
2,500
 
Broward County Educational Facilities Authority, Florida, Revenue Bonds, Nova Southeastern
4/14 at 100.00
Baa1 (4)
2,522,775
   
University, Series 2004B, 5.625%, 4/01/34 (Pre-refunded 4/01/14)
     
660
 
Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Emerald
3/14 at 100.00
Aaa
661,076
   
Palms Apartments, Series 2001A, 5.600%, 7/01/21 (Alternative Minimum Tax)
     
1,870
 
Broward County School Board, Florida, Certificates of Participation, Series 2004C, 5.250%,
7/14 at 100.00
AA– (4)
1,909,102
   
7/01/20 (Pre-refunded 7/01/14) – AGM Insured
     
1,275
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 –
10/14 at 100.00
A+
1,311,363
   
AMBAC Insured
     
875
 
Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23
10/14 at 100.00
A1 (4)
903,026
   
(Pre-refunded 10/01/14) – AMBAC Insured
     
2,000
 
Broward County, Florida, Water and Sewer System Revenue Bonds, Series 2009A,
10/18 at 100.00
AA+
2,202,540
   
5.250%, 10/01/34
     
650
 
Cape Coral, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 10/01/36 –
10/16 at 100.00
A1
677,398
   
AMBAC Insured
     
1,500
 
Citrus County Hospital Board, Florida, Revenue Bonds, Citrus Memorial Hospital, Refunding
2/14 at 100.00
B3
1,499,130
   
Series 2002, 6.375%, 8/15/32
     
3,010
 
Cocoa, Florida, Water and Sewerage System Revenue Refunding Bonds, Series 2003, 5.500%,
No Opt. Call
AA
3,483,383
   
10/01/23 – AMBAC Insured
     
2,815
 
Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23
10/14 at 100.00
AA– (4)
2,903,025
   
(Pre-refunded 10/01/14) – NPFG Insured
     
4,230
 
Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 –
10/15 at 100.00
A
4,301,741
   
NPFG Insured
     
50
 
Florida Housing Finance Agency, GNMA Collateralized Home Ownership Revenue Refunding Bonds,
No Opt. Call
AA+
54,015
   
Series 1987G-1, 8.595%, 11/01/17
     
380
 
Florida Housing Finance Agency, Homeowner Mortgage Revenue Bonds, Series 1997-2, 5.900%,
7/14 at 100.00
AA+
382,774
   
7/01/29 – NPFG Insured (Alternative Minimum Tax)
     
480
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2006-6, 4.625%,
1/16 at 100.00
AA+
481,334
   
7/01/31 (Alternative Minimum Tax)
     
   
Florida Municipal Loan Council, Revenue Bonds, Series 2000B:
     
1,040
 
0.000%, 11/01/25 – NPFG Insured
No Opt. Call
A
607,599
1,590
 
0.000%, 11/01/26 – NPFG Insured
No Opt. Call
A
872,958
110
 
Florida Municipal Loan Council, Revenue Bonds, Series 2003A, 5.000%, 5/01/22 – NPFG Insured
No Opt. Call
A
110,208
14,985
 
Florida State Board of Education, State University System Revenue Bonds, Series 2006A, 5.000%,
7/15 at 101.00
AA
15,747,886
   
7/01/30 – NPFG Insured (UB)
     
5,980
 
Florida State Department of Management Services, Certificates of Participation, Series 2006A,
8/15 at 101.00
AA+
6,448,473
   
5.000%, 8/01/23 – NPFG Insured
     
2,580
 
Florida State Education System, Housing Facility Revenue Bonds, Florida International
No Opt. Call
A
2,623,370
   
University, Series 2004A, 5.000%, 7/01/14 – NPFG Insured
     
1,500
 
Florida Water Pollution Control Financing Corporation, Revolving Fund Revenue Bonds, Series
1/19 at 100.00
AAA
1,636,080
   
2009A, 5.000%, 1/15/29
     
2,345
 
FSU Financial Assistance Inc., Florida, General Revenue Bonds, Educational and Athletic
10/14 at 100.00
A1
2,410,730
   
Facilities Improvements, Series 2004, 5.000%, 10/01/16 – AMBAC Insured
     
   
Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006:
     
1,720
 
5.500%, 6/01/38 – AGM Insured
6/18 at 100.00
AA–
1,780,080
6,645
 
5.375%, 6/01/46
6/16 at 100.00
A–
6,459,870
5,000
 
Hernando County, Florida, Revenue Bonds, Criminal Justice Complex Financing Program, Series
No Opt. Call
A
5,725,448
   
1986, 7.650%, 7/01/16 – FGIC Insured
     
3,600
 
Hillsborough County Industrial Development Authority, Florida, Exempt Facilities Remarketed
4/14 at 100.00
N/R
3,600,682
   
Revenue Bonds, National Gypsum Company, Apollo Beach Project, Series 2000B, 7.125%,
     
   
4/01/30 (Alternative Minimum Tax)
     
2,170
 
Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%,
10/15 at 100.00
AA+
2,333,271
   
10/01/25 – FGIC Insured
     
1,500
 
Hollywood, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series 2003,
4/14 at 100.00
Aa2
1,505,835
   
5.000%, 10/01/20 – AGM Insured
     
   
Lake County School Board, Florida, Certificates of Participation, Series 2004A:
     
1,190
 
5.000%, 7/01/20 (Pre-refunded 7/01/14) – AMBAC Insured
7/14 at 100.00
A+ (4)
1,214,002
1,470
 
5.000%, 7/01/24 (Pre-refunded 7/01/14) – AMBAC Insured
7/14 at 100.00
A+ (4)
1,499,650
1,000
 
Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/14 –
No Opt. Call
A–
1,030,250
   
AMBAC Insured
     
3,500
 
Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 –
4/17 at 100.00
A
3,550,890
   
NPFG Insured
     
2,345
 
Leesburg, Florida, Hospital Revenue Bonds, Leesburg Regional Medical Center Project, Series
7/14 at 100.00
BBB+
2,347,181
   
2002, 5.375%, 7/01/22
     
   
Miami-Dade County Educational Facilities Authority, Florida, Revenue Bonds, University of
     
   
Miami, Series 2004A:
     
2,290
 
5.000%, 4/01/19 (Pre-refunded 4/01/14) – AMBAC Insured
4/14 at 100.00
N/R (4)
2,308,618
3,305
 
5.000%, 4/01/22 (Pre-refunded 4/01/14) – AMBAC Insured
4/14 at 100.00
N/R (4)
3,331,870
   
Miami-Dade County Expressway Authority, Florida, Toll System Revenue Bonds, Series 2004B:
     
2,000
 
5.250%, 7/01/18 (Pre-refunded 7/01/14) – FGIC Insured
7/14 at 100.00
A (4)
2,042,680
2,000
 
5.000%, 7/01/23 (Pre-refunded 7/01/14) – FGIC Insured
7/14 at 100.00
A (4)
2,040,600
1,970
 
Miami-Dade County School Board, Florida, Certificates of Participation, Series 2006B, 5.000%,
11/16 at 100.00
A1
2,080,813
   
11/01/31 – AMBAC Insured
     
5,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A,
10/19 at 100.00
A
5,274,150
   
5.500%, 10/01/41
     
4,000
 
Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program, Series
7/18 at 100.00
AA
4,431,240
   
2009-B1, 5.625%, 7/01/38
     
11,300
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%,
7/18 at 100.00
AA
11,843,869
   
7/01/35 – AGM Insured
     
2,440
 
Orange County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%,
8/14 at 100.00
Aa2 (4)
2,499,268
   
8/01/22 (Pre-refunded 8/01/14) – AMBAC Insured
     
575
 
Osceola County Industrial Development Authority, Florida, Industrial Development Revenue
2/14 at 100.00
A
575,621
   
Bonds, P.M. Wells Charter School Project, Series 2001A, 5.000%, 8/01/23 – NPFG Insured
     
   
Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004:
     
3,745
 
5.000%, 4/01/22 – NPFG Insured
4/14 at 100.00
Aa3
3,772,676
2,000
 
5.000%, 4/01/23 – NPFG Insured
4/14 at 100.00
Aa3
2,013,600
   
Palm Beach County Health Facilities Authority, Florida, Hospital Revenue Refunding Bonds, BRCH
     
   
Corporation Obligated Group, Series 2001:
     
1,730
 
5.500%, 12/01/21
6/14 at 100.00
BBB–
1,733,270
6,470
 
5.625%, 12/01/31
6/14 at 100.00
BBB–
6,474,723
1,500
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%,
8/14 at 100.00
AA– (4)
1,536,435
   
8/01/22 (Pre-refunded 8/01/14) – FGIC Insured
     
3,000
 
Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%,
8/17 at 100.00
AA–
3,269,760
   
8/01/27 – NPFG Insured
     
6,090
 
Palm Beach County School Board, Florida, Certificates of Participation, Tender Option Bond
No Opt. Call
AA
7,281,813
   
Trust 2089, 13.111%, 8/01/14 – AGM Insured (IF)
     
4,490
 
Palm Beach County, Florida, Public Improvement Revenue Bonds, Biomedical Research Park
6/15 at 100.00
AA+ (4)
4,774,756
   
Project, Series 2005A, 5.000%, 6/01/25 (Pre-refunded 6/01/15) – AMBAC Insured
     
4,000
 
Palm Beach County, Florida, Water and Sewer Revenue Bonds, FPL Reclaimed Water Project,
10/19 at 100.00
AAA
4,385,880
   
Series 2009, 5.250%, 10/01/33
     
6,545
 
Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, Trust 2622,
No Opt. Call
N/R
7,992,623
   
11.717%, 10/01/14 (IF)
     
10,000
 
Palm Beach County, Florida, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/31
10/16 at 100.00
AAA
11,193,300
   
(Pre-refunded 10/01/16) (UB)
     
2,500
 
Polk County School District, Florida, Sales Tax Revenue Bonds, Series 2004, 5.250%, 10/01/18 –
10/14 at 100.00
AA–
2,563,400
   
AGM Insured
     
2,000
 
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,
7/17 at 100.00
A
2,040,480
   
Series 2007, 5.000%, 7/01/33 – NPFG Insured
     
650
 
Reedy Creek Improvement District, Florida, Utility Revenue Bonds, Series 2005-1, 5.000%,
10/15 at 100.00
A1 (4)
700,635
   
10/01/25 (Pre-refunded 10/01/15) – AMBAC Insured
     
3,240
 
Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation
4/14 at 100.00
Aa3 (4)
3,266,406
   
Bonds, Series 2004A, 5.000%, 6/01/22 (Pre-refunded 4/01/14) – NPFG Insured
     
1,635
 
Rivercrest Community Development District, Florida, Special Assessment Bonds, Series 2007,
5/18 at 100.00
BB
1,523,640
   
5.000%, 5/01/30 – RAAI Insured
     
3,570
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992,
No Opt. Call
Aa2 (4)
4,201,676
   
6.000%, 10/01/19 – NPFG Insured (ETM)
     
1,040
 
Seminole County, Florida, Water and Sewer Revenue Bonds, Refunding & Improvement Series 1992,
No Opt. Call
Aa2
1,088,495
   
6.000%, 10/01/19 – NPFG Insured
     
625
 
Sonoma Bay Community Development District, Florida, Special Assessment Bonds, Series 2005A,
5/15 at 100.00
N/R
639,975
   
5.450%, 5/01/36
     
5,000
 
South Florida Water Management District, Certificates of Participation, Series 2006, 5.000%,
10/16 at 100.00
AA
5,239,300
   
10/01/36 – AMBAC Insured
     
7,500
 
South Florida Water Management District, Certificates of Participation, Series 2006, Trust
No Opt. Call
AA
8,217,900
   
1036, 9.328%, 10/01/14 – AMBAC Insured (IF)
     
2,455
 
South Miami Health Facilities Authority, Florida, Hospital Revenue, Baptist Health System
8/17 at 100.00
AA
2,477,512
   
Obligation Group, Series 2007, 5.000%, 8/15/42 (UB) (5)
     
   
St. John’s County Industrial Development Authority, Florida, First Mortgage Revenue Bonds,
     
   
Presbyterian Retirement Communities, Series 2004A:
     
2,250
 
5.850%, 8/01/24
8/14 at 101.00
A–
2,294,595
3,135
 
5.625%, 8/01/34
8/14 at 101.00
A–
3,173,811
5,000
 
Sumter County, Florida, Capital Improvement Revenue Bonds, Series 2006, 5.000%, 6/01/36 –
6/16 at 100.00
A
5,222,750
   
AMBAC Insured
     
620
 
Tallahassee, Florida, Consolidated Utility System Revenue Bonds, Series 2005, 5.000%, 10/01/25 –
10/15 at 100.00
AA+
666,649
   
AMBAC Insured
     
5,000
 
Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/35 – NPFG Insured
10/15 at 100.00
AA
5,226,050
5,000
 
Tampa Bay, Florida, Regional Water Supply Authority Utility System Revenue Bonds, Series 2008,
10/18 at 100.00
AA+
5,388,650
   
5.000%, 10/01/34
     
   
Tampa Sports Authority, Hillsborough County, Florida, Sales Tax Payments Special Purpose
     
   
Bonds, Stadium Project, Series 1995:
     
1,250
 
5.750%, 10/01/20 – NPFG Insured
No Opt. Call
A
1,397,513
2,785
 
5.750%, 10/01/25 – NPFG Insured
No Opt. Call
A
3,129,087
   
Tampa-Hillsborough County Expressway Authority, Florida, Revenue Bonds, Series 2005:
     
7,285
 
5.000%, 7/01/16 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 101.00
Aaa
7,851,554
2,250
 
5.000%, 7/01/16 (Pre-refunded 7/01/15) – AMBAC Insured
7/15 at 101.00
Aaa
2,424,983
1,000
 
Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%,
12/14 at 100.00
A2
1,038,610
   
12/01/24 – AGM Insured
     
236,275
 
Total Florida
   
248,981,679
   
Georgia – 1.5% (1.0% of Total Investments)
     
7,230
 
Atlanta, Georgia, Airport General Revenue Bonds, Series 2012B, 5.000%, 1/01/42
1/22 at 100.00
A+
7,460,999
2,000
 
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional
12/20 at 100.00
N/R
2,081,780
   
Medical Center Project, Series 2010, 8.125%, 12/01/45
     
3,940
 
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health
No Opt. Call
Aa2
3,566,527
   
East Issue, Series 2012, 4.250%, 11/15/42
     
2,235
 
Richmond County Development Authority, Georgia, Revenue Bonds, Medical College of Georgia,
12/14 at 100.00
A1
2,259,652
   
Cancer Research Center Project, Series 2004A, 5.000%, 12/15/24 – AMBAC Insured
     
15,405
 
Total Georgia
   
15,368,958
   
Guam – 0.2% (0.2% of Total Investments)
     
395
 
Guam International Airport Authority, Revenue Bonds, Series 2013C, 6.375%, 10/01/43
10/23 at 100.00
BBB
413,522
   
(Alternative Minimum Tax)
     
2,030
 
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013,
7/23 at 100.00
A–
2,050,706
   
5.500%, 7/01/43
     
2,425
 
Total Guam
   
2,464,228
   
Hawaii – 0.0% (0.0% of Total Investments)
     
   
Hawaii Department of Budget and Finance, Special Purpose Revenue Bonds, Hawaii Pacific
     
   
University, Series 2013A:
     
210
 
6.625%, 7/01/33
7/23 at 100.00
BB+
213,177
150
 
6.875%, 7/01/43
7/23 at 100.00
BB+
152,087
360
 
Total Hawaii
   
365,264
   
Idaho – 0.5% (0.3% of Total Investments)
     
2,945
 
Idaho Housing and Finance Association, GNMA Housing Revenue Refunding Bonds, Wedgewood
3/16 at 101.00
A1
3,066,923
   
Terrace Project, Series 2002A-1, 7.250%, 3/20/37
     
80
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000B, 6.250%,
7/14 at 100.00
AAA
80,634
   
7/01/22 (Alternative Minimum Tax)
     
90
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000E, 5.950%,
7/14 at 100.00
Aaa
90,206
   
7/01/20 (Alternative Minimum Tax)
     
   
Madison County, Idaho, Hospital Revenue Certificates of Participation, Madison Memorial
     
   
Hospital, Series 2006:
     
1,000
 
5.250%, 9/01/30
9/16 at 100.00
BB+
964,030
470
 
5.250%, 9/01/37
9/16 at 100.00
BB+
439,553
4,585
 
Total Idaho
   
4,641,346
   
Illinois – 14.7% (9.7% of Total Investments)
     
5,000
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
No Opt. Call
A+
3,890,600
   
Revenues, Series 1999A, 0.000%, 12/01/20 – FGIC Insured
     
5,700
 
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Series 2011,
12/21 at 100.00
AA
5,878,581
   
5.250%, 12/01/40
     
22,670
 
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999, 0.000%, 1/01/25 –
No Opt. Call
A+
13,307,290
   
FGIC Insured
     
5,000
 
Chicago, Illinois, Sales Tax Revenue Bonds, Series 2011A, 5.000%, 1/01/41
1/22 at 100.00
AAA
5,129,600
4,865
 
Cook County Community Consolidated School District 15, Palatine, Illinois, General Obligation
No Opt. Call
Aa2 (4)
3,957,240
   
Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured (ETM)
     
2,575
 
Cook County Community High School District 219, Niles Township, Illinois, General Obligation
No Opt. Call
Baa1
1,961,146
   
Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured
     
3,615
 
Cook County Community High School District 219, Niles Township, Illinois, General Obligation
No Opt. Call
N/R (4)
3,126,650
   
Capital Appreciation Bonds, Series 2001, 0.000%, 12/01/20 – NPFG Insured (ETM)
     
3,500
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/22
11/20 at 100.00
AA
3,946,810
3,215
 
Illinois Educational Facilities Authority, Revenue Bonds, Field Museum of Natural History,
11/23 at 100.00
A2
3,318,780
   
Series 2002, 5.500%, 11/01/36
     
1,100
 
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Healthcare, Tender Option
No Opt. Call
AA+
1,190,332
   
Bond Trust 4285, 18.120%, 8/15/20 (IF) (5)
     
   
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2004:
     
2,000
 
5.250%, 11/15/14 (Pre-refunded 5/15/14)
5/14 at 100.00
A (4)
2,029,540
4,420
 
5.250%, 11/15/15 (Pre-refunded 5/15/14)
5/14 at 100.00
A (4)
4,485,283
1,200
 
Illinois Finance Authority, Revenue Bonds, Proctor Hospital, Series 2006, 5.125%, 1/01/25
1/16 at 100.00
Aa3
1,265,616
1,900
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
BBB+
2,318,627
4,480
 
Illinois Finance Authority, Revenue Bonds, The Carle Foundation, Series 2011A, 6.000%, 8/15/41 –
8/21 at 100.00
AA–
4,878,630
   
AGM Insured
     
6,000
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago, Series 2012A,
10/21 at 100.00
Aa1
6,123,060
   
5.000%, 10/01/51
     
3,540
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc.,
11/16 at 100.00
BBB+
3,547,965
   
University Center Project, Series 2006B, 5.000%, 5/01/25
     
3,000
 
Illinois Health Facilities Authority, Revenue Refunding Bonds, Lutheran General Health System,
No Opt. Call
Aa2
3,377,970
   
Series 1993C, 6.000%, 4/01/18
     
10,000
 
Illinois State, General Obligation Bonds, Refunding Series 2010, 5.000%, 1/01/21 – AGM Insured
1/20 at 100.00
AA–
11,200,300
2,000
 
Illinois State, General Obligation Bonds, Series 2009A, 5.000%, 9/01/34
9/18 at 100.00
A–
2,019,880
495
 
Illinois State, General Obligation Bonds, Series 2013, 5.500%, 7/01/38
7/23 at 100.00
A–
516,597
1,115
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Tender Option Bond Trust 4304,
No Opt. Call
AA–
1,252,413
   
18.345%, 1/01/21 (IF) (5)
     
11,050
 
Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2001, 6.000%, 11/01/26 –
No Opt. Call
A
12,565,508
   
FGIC Insured
     
   
Lake County Community Unit School District 60, Waukegan, Illinois, General Obligation
     
   
Refunding Bonds, Series 2001B:
     
3,230
 
0.000%, 11/01/19 – AGM Insured
No Opt. Call
A2
2,766,753
1,740
 
0.000%, 11/01/21 – AGM Insured
No Opt. Call
A2
1,319,459
4,020
 
Lake, Cook, Kane and McHenry Counties Community Unit School District 220, Barrington,
No Opt. Call
AAA
4,829,749
   
Illinois, General Obligation Bonds, Refunding Series 2002, 5.250%, 12/01/20 – AGM Insured (UB)
     
   
Lombard Public Facilities Corporation, Illinois, Second Tier Conference Center and Hotel
     
   
Revenue Bonds, Series 2005B:
     
855
 
5.250%, 1/01/25
1/16 at 100.00
D
355,466
1,750
 
5.250%, 1/01/30
1/16 at 100.00
D
691,898
17,945
 
McHenry and Kane Counties Community Consolidated School District 158, Huntley, Illinois,
No Opt. Call
Baa1
14,478,205
   
General Obligation Bonds, Series 2003, 0.000%, 1/01/22 – FGIC Insured
     
2,910
 
McHenry County Community High School District 154, Marengo, Illinois, Capital Appreciation
No Opt. Call
Aa2
2,341,095
   
School Bonds, Series 2001, 0.000%, 1/01/21 – FGIC Insured
     
15,595
 
Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project
6/20 at 100.00
AAA
15,874,618
   
Refunding Bonds, Series 2010A, 5.500%, 6/15/50
     
8,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
6/22 at 101.00
AAA
7,305,520
   
Project, Series 2002A, 0.000%, 6/15/26 – NPFG Insured
     
164,485
 
Total Illinois
   
151,251,181
   
Indiana – 3.4% (2.2% of Total Investments)
     
3,880
 
Indiana Finance Authority Health System Revenue Bonds, Sisters of St. Francis Health Services,
11/19 at 100.00
AA
4,018,749
   
Inc. Obligated Group, Series 2009, 5.250%, 11/01/39
     
2,500
 
Indiana Finance Authority, Revenue Bonds, Trinity Health Care Group, Refunding Series 2010B.,
12/20 at 100.00
Aa2
2,541,050
   
5.000%, 12/01/37
     
3,075
 
Indiana Finance Authority, Wastewater Utility Revenue Bonds, CWA Authority Project, Series
10/22 at 100.00
AA
3,216,727
   
2012A, 5.000%, 10/01/37
     
7,350
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2004A, 5.000%,
1/15 at 100.00
A+
7,546,760
   
1/01/32 – FGIC Insured
     
   
Indiana University, Student Fee Revenue Bonds, Series 2004P:
     
2,750
 
5.000%, 8/01/22 (Pre-refunded 8/01/14) – AMBAC Insured
8/14 at 100.00
Aaa
2,816,963
1,600
 
5.000%, 8/01/24 (Pre-refunded 8/01/14) – AMBAC Insured
8/14 at 100.00
Aaa
1,638,960
7,860
 
Saint Joseph County Hospital Authority, Indiana, Revenue Bonds, Beacon Health System Obligated
8/23 at 100.00
AA–
6,717,706
   
Group, Series 2013C, 4.000%, 8/15/44
     
4,300
 
Saint Joseph County, Indiana, Educational Facilities Revenue Bonds, University of Notre Dame
3/18 at 100.00
Aaa
4,670,660
   
du Lac Project, Refunding Series 2009, 5.000%, 3/01/36
     
1,550
 
St. Joseph County Hospital Authority, Indiana, Revenue Bonds, Madison Center Inc., Series
2/15 at 100.00
N/R
165,649
   
2005, 5.250%, 2/15/23 (6)
     
1,595
 
Valparaiso, Indiana, Exempt Facilities Revenue Bonds, Pratt Paper LLC Project, Series 2013,
1/24 at 100.00
N/R
1,672,708
   
7.000%, 1/01/44 (Alternative Minimum Tax)
     
36,460
 
Total Indiana
   
35,005,932
   
Iowa – 0.9% (0.6% of Total Investments)
     
1,210
 
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
12/23 at 100.00
BB–
1,127,962
   
Project, Series 2013, 5.250%, 12/01/25
     
   
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
     
1,600
 
5.375%, 6/01/38
6/15 at 100.00
B+
1,246,368
8,365
 
5.500%, 6/01/42
6/15 at 100.00
B+
6,478,274
65
 
5.625%, 6/01/46
6/15 at 100.00
B+
50,565
11,240
 
Total Iowa
   
8,903,169
   
Kansas – 0.0% (0.0% of Total Investments)
     
80
 
Sedgwick and Shawnee Counties, Kansas, GNMA Collateralized Single Family Mortgage Revenue
No Opt. Call
Aaa
81,202
   
Refunding Bonds, Series 1994A-1, 7.900%, 5/01/24 (Alternative Minimum Tax)
     
   
Kentucky – 1.6% (1.1% of Total Investments)
     
4,300
 
Kentucky Economic Development Finance Authority, Hospital Facilities Revenue Bonds, Owensboro
6/20 at 100.00
BBB+
4,576,533
   
Medical Health System, Series 2010A, 6.500%, 3/01/45
     
2,000
 
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare
8/21 at 100.00
A+
2,009,940
   
System Obligated Group, Series 2011, 5.000%, 8/15/42
     
   
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
     
   
Downtown Crossing Project, Convertible Capital Appreciation Series 2013C:
     
2,425
 
0.000%, 7/01/43
7/31 at 100.00
Baa3
1,368,379
4,180
 
0.000%, 7/01/46
7/31 at 100.00
Baa3
2,335,366
   
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds,
     
   
Downtown Crossing Project, Series 2013A:
     
1,055
 
5.750%, 7/01/49
7/23 at 100.00
Baa3
1,089,393
210
 
6.000%, 7/01/53
7/23 at 100.00
Baa3
218,782
4,630
 
Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease
6/21 at 100.00
Aa3
4,937,108
   
Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/31
     
18,800
 
Total Kentucky
   
16,535,501
   
Louisiana – 5.5% (3.7% of Total Investments)
     
3,520
 
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing
7/23 at 100.00
N/R
3,276,346
   
(US) LLC Project, Series 2013, 6.000%, 7/01/36
     
4,350
 
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B,
6/16 at 100.00
A–
4,678,034
   
5.000%, 6/01/22 – AMBAC Insured
     
4,000
 
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our
8/15 at 100.00
A+
4,051,760
   
Lady Health System, Series 2005A, 5.250%, 8/15/31
     
2,700
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,
5/17 at 100.00
Baa1
2,732,643
   
Series 2007A, 5.500%, 5/15/47
     
5,750
 
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,
5/21 at 100.00
Baa1
6,424,763
   
Series 2011, 6.750%, 5/15/41
     
11,720
 
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A,
7/23 at 100.00
A
12,106,291
   
5.000%, 7/01/36
     
3,000
 
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B,
5/20 at 100.00
AA
3,136,410
   
5.000%, 5/01/45
     
   
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A:
     
14,550
 
4.750%, 5/01/39 – AGM Insured (UB)
5/16 at 100.00
Aa1
14,815,392
5,920
 
4.500%, 5/01/41 – NPFG Insured (UB)
5/16 at 100.00
Aa1
5,925,268
55,510
 
Total Louisiana
   
57,146,907
   
Maryland – 0.6% (0.4% of Total Investments)
     
1,865
 
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%,
9/16 at 100.00
BB+
1,838,759
   
9/01/26 – SYNCORA GTY Insured
     
1,205
 
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds,
6/16 at 100.00
AA–
1,230,317
   
University of Maryland College Park Projects, Series 2006, 5.000%, 6/01/28 – CIFG Insured
     
1,390
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health
7/14 at 100.00
N/R (4)
1,419,371
   
System, Series 2004A, 5.250%, 7/01/19 (Pre-refunded 7/01/14)
     
1,000
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical
7/21 at 100.00
BBB
1,099,350
   
Center, Series 2011, 6.250%, 7/01/31
     
5,460
 
Total Maryland
   
5,587,797
   
Massachusetts – 2.8% (1.8% of Total Investments)
     
8,125
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds,
1/20 at 100.00
A+
8,438,381
   
Senior Lien Series 2010B, 5.000%, 1/01/37
     
385
 
Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds,
No Opt. Call
N/R
386,759
   
Eco/Springfield LLC, Series 2000A, 8.375%, 7/01/14 (Alternative Minimum Tax)
     
540
 
Massachusetts Development Finance Agency, Pioneer Valley Resource Recovery Revenue Bonds,
No Opt. Call
N/R
537,127
   
Eco/Springfield LLC, Series 2006, 5.875%, 7/01/14 (Alternative Minimum Tax)
     
2,700
 
Massachusetts Development Finance Agency, Revenue Bonds, Olin College, Series 2013E,
11/23 at 100.00
A+
2,795,715
   
5.000%, 11/01/43
     
1,000
 
Massachusetts Development Finance Authority, Revenue Bonds, Hampshire College, Series 2004,
10/14 at 100.00
BBB
1,006,020
   
5.700%, 10/01/34
     
455
 
Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2013X,
10/23 at 100.00
A1
470,056
   
5.000%, 10/01/48
     
1,800
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Massachusetts Eye
7/20 at 100.00
BBB–
1,829,664
   
and Ear Infirmary, Series 2010C, 5.375%, 7/01/35
     
900
 
Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A,
7/21 at 100.00
A
928,512
   
5.125%, 7/01/41
     
3,795
 
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A, 4.500%,
2/17 at 100.00
AA+
3,842,248
   
8/01/46 – AGM Insured (UB) (5)
     
8,050
 
Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Senior Lien Parking
7/21 at 100.00
A+
8,380,936
   
Revenue Bonds, Series 2011, 5.000%, 7/01/41
     
27,750
 
Total Massachusetts
   
28,615,418
   
Michigan – 5.2% (3.4% of Total Investments)
     
3,055
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
7/22 at 100.00
BBB+
2,828,686
   
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
     
7,000
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010,
11/20 at 100.00
AA
6,923,350
   
5.250%, 11/01/35
     
   
Grand Rapids and Kent County Joint Building Authority, Michigan, Limited Tax General
     
   
Obligation Bonds, Devos Place Project, Series 2001:
     
7,660
 
0.000%, 12/01/21
No Opt. Call
AAA
6,139,720
7,955
 
0.000%, 12/01/22
No Opt. Call
AAA
6,078,416
8,260
 
0.000%, 12/01/23
No Opt. Call
AAA
6,010,554
8,575
 
0.000%, 12/01/24
No Opt. Call
AAA
5,943,847
1,200
 
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Metropolitan Hospital, Series 2005A,
7/15 at 100.00
BB+
1,225,380
   
6.000%, 7/01/35
     
10,000
 
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011,
12/21 at 100.00
Aa2
10,197,300
   
5.000%, 12/01/39
     
6,345
 
Michigan State Hospital Finance Authority, Hospital Revenue Bonds, Henry Ford Health System,
11/19 at 100.00
A2
6,545,756
   
Refunding Series 2009, 5.750%, 11/15/39
     
   
Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group,
     
   
Series 2006A:
     
275
 
5.000%,12/01/31 (Pre-refunded 12/01/16) (UB)
12/16 at 100.00
N/R (4)
309,326
1,225
 
5.000%,12/01/31 (UB)
12/16 at 100.00
Aa2
1,249,708
340
 
Monroe County Hospital Finance Authority, Michigan, Mercy Memorial Hospital Corporation
6/16 at 100.00
BBB
340,119
   
Revenue Bonds, Series 2006, 5.500%, 6/01/35
     
61,890
 
Total Michigan
   
53,792,162
   
Minnesota – 1.3% (0.8% of Total Investments)
     
8,165
 
Cohasset, Minnesota, Pollution Control Revenue Bonds, Allete Inc., Series 2004, 4.950%, 7/01/22
7/14 at 100.00
A1
8,222,155
   
Minneapolis-St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds,
     
   
HealthPartners Inc., Series 2003:
     
1,000
 
6.000%, 12/01/18 (Pre-refunded 3/19/14)
3/14 at 100.00
A (4)
1,004,520
415
 
5.875%, 12/01/29 (Pre-refunded 3/19/14)
3/14 at 100.00
A (4)
416,668
1,000
 
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2004A, 5.250%, 10/01/19
10/14 at 100.00
A3
1,031,190
1,620
 
St. Louis Park, Minnesota, Revenue Bonds, Park Nicollet Health Services, Series 2003B, 5.500%,
7/14 at 100.00
N/R (4)
1,656,256
   
7/01/25 (Pre-refunded 7/01/14)
     
1,000
 
St. Paul Housing and Redevelopment Authority, Minnesota, Revenue Bonds, Healtheast Inc.,
11/15 at 100.00
BBB–
1,032,070
   
Series 2005, 6.000%, 11/15/25
     
13,200
 
Total Minnesota
   
13,362,859
   
Mississippi – 0.4% (0.2% of Total Investments)
     
3,675
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial
9/14 at 100.00
AA–
3,757,173
   
Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)
     
   
Missouri – 1.4% (0.9% of Total Investments)
     
2,000
 
Cole County Industrial Development Authority, Missouri, Revenue Bonds, Lutheran Senior
2/14 at 100.00
BBB+
2,001,040
   
Services – Heisinger Project, Series 2004, 5.250%, 2/01/24
     
200
 
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal
3/16 at 100.00
BBB+
203,260
   
Regional Hospital, Series 2006, 5.000%, 3/01/22
     
2,885
 
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman
2/15 at 102.00
BBB+
2,975,935
   
Health System, Series 2004, 5.500%, 2/15/24
     
   
Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Branson Landing
     
   
Project, Series 2005A:
     
780
 
6.000%, 6/01/20
No Opt. Call
A
874,247
1,525
 
5.000%, 6/01/35
6/15 at 100.00
A
1,531,237
5,820
 
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds,
5/23 at 100.00
BBB+
6,008,975
   
Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43
     
1,200
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lake Regional Health
2/14 at 100.00
N/R (4)
1,202,328
   
System, Series 2003, Reg S, 5.125%, 2/15/18 (Pre-refunded 2/15/14)
     
14,410
 
Total Missouri
   
14,797,022
   
Nebraska – 2.1% (1.4% of Total Investments)
     
4,000
 
Lincoln, Nebraska, Electric System Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/37
9/22 at 100.00
AA
4,322,760
5,130
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2007A,
2/17 at 100.00
AA
5,443,494
   
5.000%, 2/01/43
     
10,000
 
Omaha Public Power District, Nebraska, Electric System Revenue Bonds, Series 2012A,
2/22 at 100.00
AA
10,598,100
   
5.000%, 2/01/42
     
1,050
 
Omaha Public Power District, Nebraska, Separate Electric System Revenue Bonds, Nebraska
2/17 at 100.00
AA+
1,624,760
   
City 2, Tender Option Bond Trust 11673, 20.138%, 8/01/40 – AMBAC Insured (IF)
     
20,180
 
Total Nebraska
   
21,989,114
   
Nevada – 5.8% (3.8% of Total Investments)
     
10,000
 
Clark County, Nevada, Airport Revenue Bonds, Subordinate Lien Series 2010B, 5.750%, 7/01/42
1/20 at 100.00
A+
11,128,300
   
Clark County, Nevada, General Obligation Bonds, Bond Bank Refunding Series 2009:
     
3,520
 
5.000%, 6/01/27
6/19 at 100.00
Aa1
3,776,186
3,695
 
5.000%, 6/01/28
6/19 at 100.00
Aa1
3,946,593
3,880
 
5.000%, 6/01/29
6/19 at 100.00
Aa1
4,130,609
   
Clark County, Nevada, General Obligation Transportation Bonds, Refunding Series 2010B:
     
4,915
 
5.000%, 7/01/25
1/20 at 100.00
Aa1
5,374,503
4,160
 
5.000%, 7/01/26
1/20 at 100.00
Aa1
4,523,251
4,000
 
Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%,
7/14 at 100.00
A+
4,068,400
   
7/01/25 – FGIC Insured
     
3,150
 
Las Vegas Valley Water District, Nevada, General Obligation Bonds, Water Series 2012B,
6/22 at 100.00
AA+
3,299,499
   
5.000%, 6/01/42
     
10,000
 
Las Vegas Valley Water District, Nevada, Limited Tax General Obligation Bonds, Water &
6/21 at 100.00
AA+
10,496,700
   
Refunding Series 2011C, 5.000%, 6/01/38
     
8,540
 
Washoe County, Nevada, General Obligation Bonds, Reno-Sparks Convention & Visitors Authority,
7/21 at 100.00
AA
8,979,554
   
Refunding Series 2011, 5.000%, 7/01/32
     
55,860
 
Total Nevada
   
59,723,595
   
New Jersey – 4.2% (2.8% of Total Investments)
     
515
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
1/24 at 100.00
AA–
517,565
   
Replacement Project, Series 2013, 5.125%, 7/01/42 – AGM Insured (Alternative Minimum Tax)
     
   
New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2005P:
     
1,325
 
5.250%, 9/01/24 (Pre-refunded 9/01/15)
9/15 at 100.00
A+ (4)
1,429,794
1,000
 
5.250%, 9/01/26 (Pre-refunded 9/01/15)
9/15 at 100.00
A+ (4)
1,079,090
520
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters
7/18 at 100.00
BB+
506,917
   
University Hospital, Series 2007, 5.750%, 7/01/37
     
17,300
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital
No Opt. Call
A+
6,070,570
   
Appreciation Series 2010A, 0.000%, 12/15/33
     
3,425
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series
No Opt. Call
A+
4,067,907
   
2006A, 5.250%, 12/15/20
     
5,000
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D,
No Opt. Call
A+
5,743,150
   
5.000%, 12/15/23
     
3,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/24 – AGM Insured
1/15 at 100.00
AA–
3,102,060
5,000
 
New Jersey Turnpike Authority, Revenue Bonds, Series 2009H, 5.000%, 1/01/36
1/19 at 100.00
A+
5,224,400
985
 
New Jersey Turnpike Authority, Revenue Bonds, Tender Option Bond Trust 1154, 17.579%,
7/22 at 100.00
A+
1,142,245
   
1/01/43 (IF) (5)
     
   
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
     
   
Series 2007-1A:
     
12,495
 
5.000%, 6/01/29
6/17 at 100.00
B2
10,272,140
6,125
 
4.750%, 6/01/34
6/17 at 100.00
B2
4,528,090
56,690
 
Total New Jersey
   
43,683,928
   
New York – 9.2% (6.1% of Total Investments)
     
5,000
 
Dormitory Authority of the State of New York, FHA-Insured Revenue Bonds, Montefiore Medical
2/15 at 100.00
A
5,178,250
   
Center, Series 2005, 5.000%, 2/01/28 – FGIC Insured
     
4,000
 
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series
7/23 at 100.00
AA–
4,245,040
   
2013A, 5.000%, 7/01/43
     
1,500
 
Dormitory Authority of the State of New York, State and Local Appropriation Lease Bonds,
7/14 at 100.00
AA–
1,528,665
   
Upstate Community Colleges, Series 2004B, 5.250%, 7/01/19
     
1,250
 
Hempstead Town Industrial Development Agency, New York, Revenue Bonds, Adelphi University,
10/15 at 100.00
A
1,305,050
   
Civic Facility Project, Series 2005, 5.000%, 10/01/30
     
2,100
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series
2/21 at 100.00
A
2,272,536
   
2011A, 5.750%, 2/15/47
     
4,960
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,
2/17 at 100.00
A
4,920,866
   
2/15/47 – NPFG Insured
     
10,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2012A,
9/22 at 100.00
A–
10,284,200
   
5.000%, 9/01/42
     
5,000
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding
No Opt. Call
A
5,144,750
   
Series 2012H, 5.000%, 11/15/42
     
1,000
 
Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of
7/23 at 100.00
AA–
1,054,100
   
Rochester Project, Series 2013A, 5.000%, 7/01/43
     
2,100
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
12/20 at 100.00
AA+
2,255,589
   
Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43
     
7,225
 
New York City Municipal Water Finance Authority, New York, Water and Sewer System Second
6/23 at 100.00
AA+
7,557,495
   
General Resolution Revenue Bonds, Fiscal 2014 Series BB, 5.000%, 6/15/46
     
5
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal
3/14 at 100.00
Aaa
5,024
   
Series 2004C, 5.000%, 2/01/22 (Pre-refunded 3/06/14)
     
10
 
New York City, New York, General Obligation Bonds, Fiscal Series 1996J, 5.500%, 2/15/26
2/14 at 100.00
AA
10,038
4,000
 
New York City, New York, General Obligation Bonds, Fiscal Series 2004C, 5.250%, 8/15/20
8/14 at 100.00
N/R (4)
4,110,360
   
(Pre-refunded 8/15/14)
     
785
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/25
3/15 at 100.00
AA
822,358
1,365
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005J, 5.000%, 3/01/25
3/15 at 100.00
Aa2 (4)
1,436,212
   
(Pre-refunded 3/01/15)
     
1,185
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24
No Opt. Call
AA
1,244,132
3,815
 
New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/24
4/15 at 100.00
N/R (4)
4,028,754
   
(Pre-refunded 4/01/15)
     
7,425
 
New York Convention Center Development Corporation, Hotel Unit Fee Revenue Bonds, Series 2005,
11/15 at 100.00
AA+
7,531,623
   
5.000%, 11/15/44 – AMBAC Insured
     
1,440
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy
12/23 at 100.00
AA–
1,484,582
   
Eighth Series 2013, 5.000%, 12/01/43 (Alternative Minimum Tax)
     
3,925
 
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy
12/23 at 100.00
AA–
4,252,934
   
Ninth Series 2013, 5.000%, 12/01/38
     
1,060
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
12/20 at 100.00
BBB
1,150,619
   
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
     
6,250
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
No Opt. Call
A
6,547,500
   
Terminal LLC, Sixth Series 1997, 6.250%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)
     
9,950
 
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding
No Opt. Call
AA–
12,340,388
   
Bonds, Tender Option Bond Trust 2012-10W, 7.466%, 11/15/21 (IF) (5)
     
   
Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding
     
   
Subordinate Lien Series 2013A:
     
1,055
 
5.000%, 11/15/28
No Opt. Call
A+
1,164,984
5,180
 
0.000%, 11/15/31
No Opt. Call
A+
2,300,231
1,280
 
0.000%, 11/15/32
No Opt. Call
A+
534,643
92,865
 
Total New York
   
94,710,923
   
North Carolina – 0.9% (0.6% of Total Investments)
     
1,775
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue
1/18 at 100.00
AA–
1,829,564
   
Bonds, Series 2008, Trust 1149, 15.412%, 7/15/32 (IF) (5)
     
1,000
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
1/21 at 100.00
AA–
1,047,690
   
Carolinas HealthCare System, Series 2011A, 5.250%, 1/15/42
     
2,230
 
University of North Carolina, Charlotte, General Revenue Bonds, Series 2013A, 3.625%, 4/01/43
4/23 at 100.00
AA–
1,857,791
4,500
 
Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina,
6/23 at 100.00
Aa2
4,273,560
   
Pollution Control Revenue Refunding Bonds, Duke Energy Progress, Inc. Project, Series 2013,
     
   
4.000%, 6/01/41
     
9,505
 
Total North Carolina
   
9,008,605
   
Ohio – 5.6% (3.7% of Total Investments)
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
     
   
Bonds, Senior Lien, Series 2007A-2:
     
1,700
 
5.125%, 6/01/24
6/17 at 100.00
B–
1,433,457
900
 
5.875%, 6/01/30
6/17 at 100.00
B
725,742
12,590
 
5.750%, 6/01/34
6/17 at 100.00
B
9,803,581
2,245
 
5.875%, 6/01/47
6/17 at 100.00
B
1,793,306
3,000
 
Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004,
12/14 at 100.00
AA (4)
3,128,070
   
5.250%, 12/01/24 (Pre-refunded 12/01/14) – AGM Insured
     
6,345
 
Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A,
11/21 at 100.00
AA+
6,548,992
   
5.000%, 11/15/41
     
10,000
 
Greene County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Series 2009,
4/19 at 100.00
A
10,357,900
   
5.500%, 4/01/39
     
14,850
 
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series
1/23 at 100.00
AA
15,461,820
   
2013A, 5.000%, 1/01/38 (UB) (5)
     
   
JobsOhio Beverage System, Ohio, Statewide Senior Lien Liquor Profits Revenue Bonds, Tender
     
   
Option Bond Trust 1157:
     
1,050
 
17.677%, 1/01/38 (IF) (5)
1/23 at 100.00
AA
1,223,040
875
 
17.677%, 1/01/38 (IF) (5)
1/23 at 100.00
AA
1,019,200
4,240
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series
2/23 at 100.00
A+
4,329,464
   
2013A-1, 5.000%, 2/15/48
     
3,590
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Projects, Junior Lien
2/31 at 100.00
A+
2,339,675
   
Convertible Series 2013A-3, 0.000%, 2/15/36
     
61,385
 
Total Ohio
   
58,164,247
   
Oklahoma – 2.5% (1.7% of Total Investments)
     
750
 
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005,
9/16 at 100.00
BBB–
751,665
   
5.375%, 9/01/36
     
   
Oklahoma Development Finance Authority, Revenue Bonds, Saint John Health System, Series 2007:
     
2,690
 
5.000%, 2/15/37
2/17 at 100.00
A+
2,734,251
1,020
 
5.000%, 2/15/42
2/17 at 100.00
A+
1,035,331
9,435
 
Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%,
1/17 at 100.00
A
9,374,522
   
1/01/47 – FGIC Insured
     
   
Tulsa Airports Improvement Trust, Oklahoma, General Airport Revenue Bonds, Series 2013A:
     
3,150
 
5.625%, 6/01/38 – BAM Insured (Alternative Minimum Tax)
6/23 at 100.00
AA
3,234,861
3,000
 
5.625%, 6/01/43 – BAM Insured (Alternative Minimum Tax)
6/23 at 100.00
AA
3,058,650
5,460
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health
12/16 at 100.00
AA+
5,528,851
   
System, Series 2006, 5.000%, 12/15/36 (UB)
     
99
 
Tulsa County Industrial Authority, Oklahoma, Health Care Revenue Bonds, Saint Francis Health
12/16 at 100.00
AA+
101,269
   
System, tender option Bond Trust 3500, 8.577%, 6/15/30 (IF)
     
25,604
 
Total Oklahoma
   
25,819,400
   
Oregon – 1.7% (1.1% of Total Investments)
     
7,860
 
Multnomah County Hospital Facilities Authority, Oregon, Revenue Bonds, Sisters of Providence
10/14 at 100.00
AA (4)
8,140,366
   
Health System, Series 2004, 5.500%, 10/01/21 (Pre-refunded 10/01/14) (UB)
     
8,890
 
Oregon State Department of Transportation, Highway User Tax Revenue Bonds, Senior Lien Series
11/23 at 100.00
AAA
9,789,135
   
2013A, 5.000%, 11/15/38
     
16,750
 
Total Oregon
   
17,929,501
   
Pennsylvania – 3.8% (2.5% of Total Investments)
     
3,500
 
Allegheny County Sanitary Authority, Pennsylvania, Sewer Revenue Bonds, Series 2005A, 5.000%,
12/15 at 100.00
A1
3,738,140
   
12/01/23 – NPFG Insured
     
270
 
Annville-Cleona School District, Lebanon County, Pennsylvania, General Obligation Bonds,
3/15 at 100.00
A1
283,943
   
Series 2005, 6.000%, 3/01/28 – AGM Insured
     
1,230
 
Annville-Cleona School District, Lebanon County, Pennsylvania, General Obligation Bonds,
3/15 at 100.00
A1 (4)
1,305,805
   
Series 2005, 6.000%, 3/01/28 (Pre-refunded 3/01/15) – AGM Insured
     
500
 
Bucks County Industrial Development Authority, Pennsylvania, Charter School Revenue Bonds,
3/17 at 100.00
BBB
455,905
   
School Lane Charter School, Series 2007A, 5.000%, 3/15/37
     
1,050
 
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds,
No Opt. Call
A2
1,170,792
   
Series 1997B, 5.700%, 7/01/27 – AMBAC Insured
     
   
Lehigh County Authority, Pennsylvania, Water and Sewer Capital Appreciation Revenue Bonds,
     
   
City of Allentown Concession, Series 2013B:
     
4,480
 
0.000%, 12/01/31
No Opt. Call
A
1,655,763
5,180
 
0.000%, 12/01/32
No Opt. Call
A
1,817,196
4,935
 
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown
12/23 at 100.00
A
5,011,048
   
Concession, Series 2013A, 5.125%, 12/01/47
     
50
 
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2003C, 5.250%, 12/15/16 –
No Opt. Call
Baa1
54,356
   
FGIC Insured
     
2,500
 
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing
11/22 at 100.00
Baa3
2,085,150
   
Program-Delaware Valley College of Science and Agriculture Project, Series 2012 LL1,
     
   
4.000%, 11/01/32
     
5,850
 
Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of
12/16 at 100.00
AA–
5,851,989
   
Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured
     
1,000
 
Pennsylvania State University, General Revenue Bonds, Series 2005, 5.000%, 9/01/29
9/15 at 100.00
AA
1,056,350
15,000
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E,
12/27 at 100.00
A–
13,796,700
   
0.000%, 12/01/38
     
1,050
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 –
6/16 at 100.00
A+
1,129,181
   
AMBAC Insured
     
46,595
 
Total Pennsylvania
   
39,412,318
   
Puerto Rico – 0.6% (0.4% of Total Investments)
     
8,750
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
8/29 at 100.00
A+
4,398,188
   
2010A, 0.000%, 8/01/33
     
25,000
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,
No Opt. Call
AA–
1,621,250
   
8/01/54 – AMBAC Insured
     
33,750
 
Total Puerto Rico
   
6,019,438
   
Rhode Island – 1.8% (1.2% of Total Investments)
     
   
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,
     
   
Series 2002A:
     
2,570
 
6.000%, 6/01/23
6/14 at 100.00
Baa1
2,570,231
6,425
 
6.125%, 6/01/32
6/14 at 100.00
BBB+
6,424,486
9,660
 
6.250%, 6/01/42
6/14 at 100.00
BBB–
9,505,247
18,655
 
Total Rhode Island
   
18,499,964
   
South Carolina – 0.6% (0.4% of Total Investments)
     
2,500
 
Greenville, South Carolina, Hospital Facilities Revenue Refunding Bonds, Series 2003A, 5.000%,
4/14 at 100.00
AA– (4)
2,508,325
   
5/01/25 (Pre-refunded 4/01/14) – AMBAC Insured
     
3,315
 
South Carolina Public Service Authority, Santee Cooper Revenue Obligations, Series 2013A,
12/23 at 100.00
AA–
3,448,031
   
5.125%, 12/01/43
     
5,815
 
Total South Carolina
   
5,956,356
   
Tennessee – 0.7% (0.4% of Total Investments)
     
   
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities
     
   
Revenue Bonds, Series 2012A:
     
1,645
 
4.000%, 9/01/40
9/22 at 100.00
AA
1,645,872
1,690
 
4.000%, 9/01/42
9/22 at 100.00
AA
1,684,524
3,200
 
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain
7/16 at 100.00
BBB+
3,284,896
   
States Health Alliance, Series 2006A, 5.500%, 7/01/36
     
6,535
 
Total Tennessee
   
6,615,292
   
Texas – 11.5% (7.6% of Total Investments)
     
5,810
 
Board of Regents, University of Texas System, Financing System Revenue Bonds, Series 2006F,
2/17 at 100.00
AAA
5,858,514
   
4.250%, 8/15/36 (UB)
     
5,110
 
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric
4/14 at 100.00
C
140,525
   
Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax)
     
1,000
 
Bryan, Brazos County, Texas, Electric System Revenue Bonds, Series 2009, 5.000%, 7/01/34
7/17 at 100.00
A+
1,050,680
965
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Refunding Series 2013A,
1/23 at 100.00
Baa2
937,662
   
5.000%, 1/01/43
     
5,240
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011,
1/21 at 100.00
Baa2
5,498,594
   
6.250%, 1/01/46
     
4,650
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Improvement Series 2013C,
11/22 at 100.00
A+
4,685,480
   
5.125%, 11/01/43 (Alternative Minimum Tax)
     
6,340
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding and Improvement
11/21 at 100.00
A+
6,422,864
   
Bonds, Series 2012C, 5.000%, 11/01/45 – AGM Insured
     
11,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Series 2012H, 5.000%,
No Opt. Call
A+
10,974,150
   
11/01/42 (Alternative Minimum Tax)
     
3,875
 
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Tender Option
10/23 at 100.00
AA+
4,069,719
   
Bond Trust 2013-9A, 18.365%, 4/01/53 (IF)
     
   
Harris County Health Facilities Development Corporation, Texas, Hospital Revenue Bonds,
     
   
Memorial Hermann Healthcare System, Series 2004A:
     
1,000
 
5.000%, 12/01/20 (Pre-refunded 12/01/14)
12/14 at 100.00
A+ (4)
1,039,690
1,000
 
5.000%, 12/01/21 (Pre-refunded 12/01/14)
12/14 at 100.00
A+ (4)
1,039,690
2,500
 
5.125%, 12/01/22 (Pre-refunded 12/01/14)
12/14 at 100.00
A+ (4)
2,601,825
2,925
 
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G,
5/14 at 100.00
A
2,925,000
   
5.250%, 11/15/30 – NPFG Insured
     
4,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, First Lien Series 2004A,
5/14 at 100.00
AA
4,058,960
   
5.250%, 5/15/24 – FGIC Insured
     
6,000
 
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2011D,
11/21 at 100.00
AA
6,362,760
   
5.000%, 11/15/40
     
10,850
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and
No Opt. Call
A2
6,310,794
   
Entertainment Project, Series 2001B, 0.000%, 9/01/25 – AMBAC Insured
     
   
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson
     
   
Memorial Hospital Project, Series 2005:
     
800
 
5.250%, 8/15/21
2/16 at 100.00
BBB–
821,144
1,250
 
5.125%, 8/15/26
2/16 at 100.00
BBB–
1,264,338
3,000
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds,
11/20 at 100.00
BBB–
3,018,030
   
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
     
4,715
 
Lower Colorado River Authority, Texas, Revenue Refunding Bonds, Series 2012A,
No Opt. Call
A1
4,858,195
   
5.000%, 5/15/39
     
6,025
 
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds,
8/22 at 100.00
AA
6,358,363
   
Children’s Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
     
3,365
 
North Texas Tollway Authority, Second Tier System Revenue Refunding Bonds, Series 2008F,
1/18 at 100.00
A3
3,563,266
   
5.750%, 1/01/38
     
   
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A:
     
1,880
 
0.000%, 9/01/43
9/31 at 100.00
AA+
1,360,312
7,990
 
0.000%, 9/01/45
9/31 at 100.00
AA+
6,358,280
1,000
 
Sabine River Authority, Texas, Pollution Control Revenue Bonds, TXU Electric Company, Series
11/15 at 100.00
CCC
27,500
   
2001C, 5.200%, 5/01/28
     
2,500
 
Southwest Higher Education Authority Inc, Texas, Revenue Bonds, Southern Methodist
10/20 at 100.00
AA–
2,776,675
   
University, Series 2010, 5.000%, 10/01/41
     
4,000
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue
8/23 at 100.00
Aa3
4,072,840
   
Bonds, Scott & White Healthcare Project, Series 2013A, 5.000%, 8/15/43
     
7,100
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas
2/17 at 100.00
AA–
7,198,619
   
Health Resources, Series 2007A, 5.000%, 2/15/36 (UB)
     
1,100
 
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series
No Opt. Call
A3
1,112,507
   
2012, 5.000%, 12/15/30
     
1,465
 
Texas Private Activity Bond Surface Transportation Corporation, Senior Lien Revenue Bonds, NTE
9/23 at 100.00
BBB–
1,575,051
   
Mobility Partners Segments 3 Segments 3A & 3B Facility, Series 2013, 6.750%, 6/30/43
     
   
(Alternative Minimum Tax)
     
3,755
 
Texas State, General Obligation Bonds, Series 2008, Trust 3213, 13.842%, 4/01/28 (IF)
4/17 at 100.00
AAA
5,536,445
5,000
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier
8/22 at 100.00
A–
5,013,250
   
Refunding Series 2012A, 5.000%, 8/15/41
     
127,210
 
Total Texas
   
118,891,722
   
Utah – 1.5% (1.0% of Total Investments)
     
6,335
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41
8/19 at 100.00
AA+
6,546,652
9,045
 
Utah Transit Authority, Sales Tax Revenue and Refunding Bonds, Series 2012, 5.000%, 6/15/42
6/22 at 100.00
A1
9,341,224
15,380
 
Total Utah
   
15,887,876
   
Virginia – 0.1% (0.1% of Total Investments)
     
1,250
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC
1/22 at 100.00
BBB–
1,154,438
   
Project, Series 2012, 5.000%, 1/01/40 (Alternative Minimum Tax)
     
   
Washington – 5.3% (3.5% of Total Investments)
     
10,000
 
King County, Washington, Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 1/01/52
1/22 at 100.00
AA+
10,386,800
2,500
 
King County, Washington, Sewer Revenue Bonds, Series 2009, 5.250%, 1/01/42
1/19 at 100.00
AA+
2,756,975
4,160
 
Port of Seattle, Washington, Revenue Bonds, Intermediate Lien Refunding Series 2012A,
8/22 at 100.00
A+
4,518,134
   
5.000%, 8/01/30
     
2,820
 
Skagit County Public Hospital District 1, Washington, General Obligation Bonds, Series 2004A,
12/14 at 100.00
A1 (4)
2,943,319
   
5.375%, 12/01/19 (Pre-refunded 12/01/14) – NPFG Insured
     
12,515
 
Spokane Public Facilities District, Washington, Hotel, Motel, and Sales Use Tax Revenue Bonds,
6/23 at 100.00
A+
12,838,010
   
Series 2013A, 5.000%, 12/01/38
     
3,410
 
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research
1/21 at 100.00
A
3,551,379
   
Center, Series 2011A, 5.625%, 1/01/35
     
4,415
 
Washington Health Care Facilities Authority, Revenue Bonds, Kadlec Regional Medical Center,
12/20 at 100.00
Baa3
4,427,097
   
Series 2010, 5.500%, 12/01/39
     
1,885
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital,
10/22 at 100.00
AA
1,998,420
   
Refunding Series 2012B, 5.000%, 10/01/30
     
4,940
 
Washington Health Care Facilities Authority, Revenue Bonds, Seattle Children’s Hospital,
10/22 at 100.00
AA
5,074,269
   
Series 2012A, 5.000%, 10/01/42
     
5,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer
7/19 at 100.00
A
5,312,350
   
Research Center, Series 2009A, 6.000%, 1/01/33
     
1,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Northwest Hospital and
12/17 at 100.00
N/R
1,001,950
   
Medical Center of Seattle, Series 2007, 5.700%, 12/01/32
     
52,645
 
Total Washington
   
54,808,703
   
West Virginia – 0.2% (0.2% of Total Investments)
     
2,355
 
West Virginia University, Revenue Bonds, West Virginia University Projects, Improvement Series
10/14 at 100.00
Aa3 (4)
2,431,161
   
2004C, 5.000%, 10/01/24 (Pre-refunded 10/01/14) – FGIC Insured
     
   
Wisconsin – 2.2% (1.5% of Total Investments)
     
1,240
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care,
4/20 at 100.00
A
1,282,148
   
Inc., Series 2010A, 5.625%, 4/15/39
     
6,775
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care,
7/21 at 100.00
A
7,189,628
   
Inc., Series 2012A, 5.000%, 7/15/25
     
365
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Divine Savior
5/16 at 100.00
BBB
366,434
   
Healthcare, Series 2006, 5.000%, 5/01/32
     
1,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Fort Healthcare Inc.,
5/14 at 100.00
BBB
1,010,290
   
Series 2004, 5.750%, 5/01/24
     
2,955
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,
2/22 at 100.00
A–
2,988,066
   
Series 2012B, 5.000%, 2/15/40
     
4,530
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan
8/16 at 100.00
A–
4,535,210
   
Healthcare System, Series 2006A, 5.250%, 8/15/34
     
5,300
 
Wisconsin State, General Obligation Bonds, Series 2006A, 4.750%, 5/01/25 –
5/16 at 100.00
AA
5,749,440
   
NPFG Insured (UB) (5)
     
22,165
 
Total Wisconsin
   
23,121,216
   
Wyoming – 0.2% (0.1% of Total Investments)
     
2,250
 
Sweetwater County, Wyoming, Solid Waste Disposal Revenue Bonds, FMC Corporation, Series 2005,
12/15 at 100.00
A–
2,291,738
   
5.600%, 12/01/35 (Alternative Minimum Tax)
     
$ 1,651,059
 
Total Municipal Bonds (cost $1,511,696,769)
   
1,562,776,303
 
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)
       
$ 21
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
5.500%
7/15/19
N/R
$              3,850
6
 
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
3.000%
7/15/55
N/R
804
$ 27
 
Total Corporate Bonds (cost $1,362)
     
4,654
   
Total Long-Term Investments (cost $1,511,698,131)
     
1,562,780,957
   
Floating Rate Obligations – (8.6)%
     
(88,689,000)
   
Variable Rate Demand Preferred Shares, at Liquidation Value – (47.4)% (9)
     
(489,500,000)
   
Other Assets Less Liabilities – 4.6% (10)
     
47,773,075
   
Net Assets Applicable to Common Shares – 100%
     
$ 1,032,365,032
 
 
Investments in Derivatives as of January 31, 2014
 
Interest Rate Swaps outstanding:
 
                 
   
Fund
   
Fixed Rate
   
Unrealized
 
Notional
Pay/Receive
Floating Rate
Fixed Rate
Payment
Effective
Termination
Appreciation
Counterparty
Amount
Floating Rate
Index
(Annualized)
Frequency
Date (11)
Date
(Depreciation) (10)
Barclays Bank PLC
$74,300,000
Receive
Weekly USD-SIFMA
3.258%
Quarterly
2/20/15
2/20/30
$(1,436,842)
 
 
 
 
 

 
 
Fair Value Measurements
 
Fair value is defined as the price that the Funds would receive 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 measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
         
 
Level 1
Level 2
Level 3
Total
Long-Term Investments:
       
Municipal Bonds
$ —
$1,562,776,303
$     —
$1,562,776,303
Corporate Bonds
4,654
4,654
Derivatives:
       
Interest rate swaps*
(1,436,842)
(1,436,842)
Total
$ —
$1,561,339,461
$4,654
$1,561,344,115
*Represents net unrealized appreciation (depreciation).
       
 
Income Tax Information
 
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts on the Statement of Assets and Liabilities presented in the annual report, based on their federal tax basis treatment; temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset value of the Fund.
 
As of January 31, 2014, the cost of investments (excluding investments in derivatives) was $1,425,236,136.
 
Gross unrealized appreciation and gross unrealized depreciation of investments (excluding investments in derivatives) as of January 31, 2014, were as follows:
   
Gross unrealized:
 
   Appreciation
$ 89,582,780
   Depreciation
(40,693,692)
Net unrealized appreciation (depreciation) of investments
$ 48,889,088
 
 
     
(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 derivatives and/or inverse floating rate transactions.
(6)
 
At 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 directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
(7)
 
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the
   
Board of Directors. For fair value measurement disclosure purposes, investment classified as Level 3.
(8)
 
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.
(9)
 
Variable Rate Demand Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.3%.
(10)
 
Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments
   
as listed within Investments in Derivatives as of the end of the reporting period.
(11)
 
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.
Reg S
 
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United
   
States without registering those securities with the Securities and Exchange Commission. Specifically,
   
Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers
   
and sales of securities by both foreign and domestic issuers that are made outside the United States.
USD-SIFMA
 
United States Dollar - Securities Industry and Financial Markets Association.
 
 
 
 

 
 
Item 2. Controls and Procedures.

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

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

 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)   Nuveen Premium Income Municipal Fund 2, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date:          April 1, 2014        
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By (Signature and Title)     /s/ Gifford R. Zimmerman                    
                                                    Gifford R. Zimmerman
                                                  Chief Administrative Officer (principal executive officer) 
 
Date:          April 1, 2014        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date:          April 1, 2014        
 

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