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 811-05809
 
Nuveen Performance Plus Municipal Fund, Inc.
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:             10/31          
 
Date of reporting period:          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 Perfomance Plus Municipal Fund, Inc. (NPP)
     
   
   January 31, 2014
     
 
 
Principal
   
Optional Call
   
Amount (000)
 
Description (1)
Provisions (2)
Ratings (3)
Value
   
LONG-TERM INVESTMENTS – 160.5% (100.0% of Total Investments)
     
   
MUNICIPAL BONDS – 160.5% (100.0% of Total Investments)
     
   
Alaska – 1.3% (0.8% of Total Investments)
     
$ 3,945
 
Civic Ventures, Alaska, Anchorage Convention Center Revenue Bonds, Series 2006, 5.000%,
9/15 at 100.00
A1
$ 4,117,633
   
9/01/34 – NPFG Insured
     
   
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
     
   
Series 2006A:
     
7,500
 
5.000%, 6/01/32
6/14 at 100.00
B2
5,770,950
3,080
 
5.000%, 6/01/46
6/14 at 100.00
B2
2,136,904
14,525
 
Total Alaska
   
12,025,487
   
Arizona – 1.2% (0.7% of Total Investments)
     
7,780
 
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Airport Revenue Bonds, Series
7/20 at 100.00
A+
7,966,098
   
2010A, 5.000%, 7/01/40
     
2,500
 
Phoenix Civic Improvement Corporation, Arizona, Subordinate Excise Tax Revenue Bonds, Civic
No Opt. Call
AA
2,597,625
   
Plaza Expansion Project, Series 2005A, 5.000%, 7/01/35 – FGIC Insured
     
10,280
 
Total Arizona
   
10,563,723
   
Arkansas – 0.5% (0.3% of Total Investments)
     
5,080
 
Independence County, Arkansas, Hydroelectric Power Revenue Bonds, Series 2003, 5.350%,
4/14 at 100.00
N/R
3,402,076
   
5/01/28 – ACA Insured
     
1,000
 
Washington County, Arkansas, Hospital Revenue Bonds, Washington Regional Medical Center,
2/15 at 100.00
Baa1
1,003,190
   
Series 2005A, 5.000%, 2/01/35
     
6,080
 
Total Arkansas
   
4,405,266
   
California – 22.2% (13.8% of Total Investments)
     
3,500
 
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate
10/17 at 100.00
BBB+
3,746,470
   
Lien Series 2004A, 5.450%, 10/01/25 – AMBAC Insured
     
4,225
 
Alameda Unified School District, Alameda County, California, General Obligation Bonds, Series
No Opt. Call
Aa2
2,166,411
   
2005B, 0.000%, 8/01/28 – AGM Insured
     
15,870
 
Anaheim Public Financing Authority, California, Subordinate Lease Revenue Bonds, Public
No Opt. Call
AA–
13,087,037
   
Improvement Project, Series 1997C, 0.000%, 9/01/20 – AGM Insured
     
5,000
 
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
4/23 at 100.00
A+
5,256,750
   
2013S-4, 5.000%, 4/01/38
     
3,250
 
California Department of Water Resources, Power Supply Revenue Bonds, Refunding Series 2008H,
5/18 at 100.00
AA
3,741,465
   
5.000%, 5/01/22 – AGM Insured
     
   
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System,
     
   
Series 2006:
     
5,000
 
5.000%, 4/01/37
4/16 at 100.00
A+
5,045,600
7,000
 
5.250%, 4/01/39
4/16 at 100.00
A+
7,093,800
2,330
 
California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series
7/20 at 100.00
Baa2
2,400,972
   
2010A, 5.750%, 7/01/40
     
3,700
 
California Pollution Control Financing Authority, Revenue Bonds, Pacific Gas and Electric
6/17 at 100.00
A3
3,895,027
   
Company, Series 2004C, 4.750%, 12/01/23 – FGIC Insured (Alternative Minimum Tax)
     
1,300
 
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series
11/23 at 100.00
A2
1,353,365
   
2013I, 5.000%, 11/01/38
     
5,000
 
California State, General Obligation Bonds, Series 2005, 5.000%, 3/01/31
3/16 at 100.00
A1
5,211,200
16,000
 
California State, General Obligation Bonds, Various Purpose Series 2007, 5.000%, 6/01/37
6/17 at 100.00
A1
16,699,513
10,000
 
California State, General Obligation Bonds, Various Purpose Series 2011, 5.000%, 10/01/41
10/21 at 100.00
A1
10,429,300
6,435
 
California State, General Obligation Refunding Bonds, Series 2002, 6.000%, 4/01/16 –
No Opt. Call
A1
7,232,490
   
AMBAC Insured
     
3,770
 
California Statewide Communities Development Authority, Revenue Bonds, Cottage Health System
11/20 at 100.00
AA–
3,982,176
   
Obligated Group, Series 2010, 5.250%, 11/01/30
     
3,000
 
California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic
7/18 at 100.00
A
3,232,590
   
Healthcare West, Series 2008C, 5.625%, 7/01/35
     
5,000
 
Coast Community College District, Orange County, California, General Obligation Bonds, Series
8/18 at 100.00
Aa1
5,281,000
   
2006C, 5.000%, 8/01/32 – AGM Insured
     
7,240
 
Desert Community College District, Riverside County, California, General Obligation Bonds,
8/17 at 56.01
Aa2
3,435,742
   
Election 2004 Series 2007C, 0.000%, 8/01/28 – AGM Insured
     
910
 
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Refunding
1/31 at 100.00
BBB–
489,862
   
Bonds, Series 2013A, 0.000%, 1/15/42
     
10,000
 
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
No Opt. Call
AA–
5,982,600
   
Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/26 – AGM Insured
     
   
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
     
   
Bonds, Series 2007A-1:
     
2,520
 
4.500%, 6/01/27
6/17 at 100.00
B
2,169,997
7,500
 
5.000%, 6/01/33
6/17 at 100.00
B
5,762,325
1,500
 
5.125%, 6/01/47
6/17 at 100.00
B
1,086,705
10,000
 
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
6/22 at 100.00
B
7,583,000
   
Bonds, Series 2007A-2, 5.300%, 6/01/37
     
2,500
 
Huntington Beach Union High School District, Orange County, California, General Obligation
No Opt. Call
Aa2
991,875
   
Bonds, Series 2007, 0.000%, 8/01/32 – FGIC Insured
     
5,000
 
Los Angeles Community College District, California, General Obligation Bonds, Series 2007C,
8/17 at 100.00
Aa1
5,361,550
   
5.000%, 8/01/32 – FGIC Insured
     
2,495
 
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2009A,
1/19 at 100.00
AA
2,770,573
   
5.375%, 7/01/34
     
2,490
 
Madera Unified School District, Madera County, California, General Obligation Bonds, Election
No Opt. Call
AA–
1,283,844
   
2002 Series 2005, 0.000%, 8/01/27 – NPFG Insured
     
1,855
 
Mount San Antonio Community College District, Los Angeles County, California, General
8/35 at 100.00
AA
927,556
   
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
     
3,300
 
M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series
No Opt. Call
A
4,039,629
   
2009B, 6.500%, 11/01/39
     
1,000
 
Mt. Diablo Hospital District, California, Insured Hospital Revenue Bonds, Series 1993A,
4/14 at 100.00
N/R (4)
1,171,210
   
5.125%, 12/01/23 – AMBAC Insured (ETM)
     
2,000
 
Murrieta Valley Unified School District Public Financing Authority, California, Special Tax
9/16 at 100.00
AA–
2,169,360
   
Revenue Bonds, Series 2006A, 5.125%, 9/01/26 – AGM Insured
     
3,600
 
New Haven Unified School District, Alameda County, California, General Obligation Bonds,
No Opt. Call
Aa3
1,709,748
   
Series 2004A, 0.000%, 8/01/28 – NPFG Insured
     
10,575
 
Ontario Redevelopment Financing Authority, San Bernardino County, California, Revenue
No Opt. Call
A
11,600,564
   
Refunding Bonds, Redevelopment Project 1, Series 1995, 7.200%, 8/01/17 – NPFG Insured
     
2,325
 
Palmdale Community Redevelopment Agency, California, Restructured Single Family Mortgage
No Opt. Call
Aaa
2,710,229
   
Revenue Bonds, Series 1986D, 8.000%, 4/01/16 (Alternative Minimum Tax) (ETM)
     
2,525
 
Palmdale, California, Certificates of Participation, Park Improvement and Avenue Construction,
9/14 at 100.00
A
2,530,858
   
Series 2002, 5.000%, 9/01/32 – NPFG Insured
     
5,960
 
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A,
8/17 at 100.00
A+
6,099,106
   
5.000%, 8/01/32 – NPFG Insured
     
9,320
 
Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/33 –
No Opt. Call
AA–
3,266,194
   
AGC Insured
     
1,945
 
Rancho Mirage Joint Powers Financing Authority, California, Certificates of Participation,
7/15 at 102.00
Baa1
1,984,464
   
Eisenhower Medical Center, Series 1997B, 4.875%, 7/01/22 – NPFG Insured
     
1,830
 
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds,
8/19 at 100.00
Aa2
2,611,611
   
Tender Option Bond Trust 3504, 19.940%, 2/01/33 (IF)
     
   
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue
     
   
Refunding Bonds, Series 1997A:
     
7,210
 
0.000%, 1/15/23 – NPFG Insured
No Opt. Call
A
4,387,141
13,540
 
0.000%, 1/15/32 – NPFG Insured
No Opt. Call
A
4,426,226
3,000
 
0.000%, 1/15/35 – NPFG Insured
No Opt. Call
A
789,180
2,965
 
San Juan Unified School District, Sacramento County, California, General Obligation Bonds,
No Opt. Call
Aa2
1,467,438
   
Series 2004A, 0.000%, 8/01/28 – NPFG Insured
     
4,005
 
San Mateo Union High School District, San Mateo County, California, General Obligation Bonds,
No Opt. Call
AA+
2,428,111
   
Election of 2000, Series 2002B, 0.000%, 9/01/26 – FGIC Insured
     
2,385
 
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
6/15 at 100.00
B+
2,223,392
   
Bonds, Series 2005A-1, 4.750%, 6/01/23
     
2,630
 
Union Elementary School District, Santa Clara County, California, General Obligation Bonds,
No Opt. Call
AA+
1,652,298
   
Series 2001B, 0.000%, 9/01/25 – FGIC Insured
     
5,245
 
Vacaville Unified School District, California, General Obligation Bonds, Series 2005, 5.000%,
8/15 at 100.00
AA–
5,473,682
   
8/01/30 – NPFG Insured
     
239,750
 
Total California
   
200,441,236
   
Colorado – 9.5% (6.0% of Total Investments)
     
5,240
 
Adams 12 Five Star Schools, Adams County, Colorado, General Obligation Bonds, Series 2005,
12/15 at 100.00
Aa2 (4)
5,700,386
   
5.000%, 12/15/24 (Pre-refunded 12/15/15) – AGM Insured
     
3,000
 
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds,
8/14 at 100.00
A
3,009,960
   
Peak-to-Peak Charter School, Series 2004, 5.250%, 8/15/34 – SYNCORA GTY Insured
     
6,350
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,
9/16 at 100.00
A+
5,980,430
   
Series 2006A, 4.500%, 9/01/38
     
2,295
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,
2/21 at 100.00
A+
2,307,118
   
Series 2011A, 5.000%, 2/01/41
     
14,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of
1/20 at 100.00
AA–
14,283,080
   
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
     
2,000
 
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital
5/17 at 100.00
BBB+
2,010,620
   
Association, Series 2007, 5.250%, 5/15/42
     
3,225
 
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B,
11/23 at 100.00
A
3,334,521
   
5.000%, 11/15/43
     
13,620
 
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%, 9/01/21 –
No Opt. Call
A
10,189,394
   
NPFG Insured
     
   
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B:
     
16,200
 
0.000%, 9/01/32 – NPFG Insured
No Opt. Call
A
5,568,264
33,120
 
0.000%, 9/01/33 – NPFG Insured
No Opt. Call
A
10,626,221
   
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A:
     
9,310
 
0.000%, 9/01/28 – NPFG Insured
No Opt. Call
A
4,409,961
18,500
 
0.000%, 3/01/36 – NPFG Insured
No Opt. Call
A
5,078,990
755
 
Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004, 5.000%,
12/14 at 100.00
Aa2 (4)
786,884
   
12/15/22 (Pre-refunded 12/15/14) – AGM Insured
     
   
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private
     
   
Activity Bonds, Series 2010:
     
5,000
 
6.500%, 1/15/30
7/20 at 100.00
Baa3
5,449,550
3,750
 
6.000%, 1/15/41
7/20 at 100.00
Baa3
3,885,600
40
 
University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 –
6/15 at 100.00
Aa2
41,680
   
FGIC Insured
     
   
University of Colorado, Enterprise System Revenue Bonds, Series 2005:
     
2,130
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
Aa2 (4)
2,262,997
1,145
 
5.000%, 6/01/30 (Pre-refunded 6/01/15) – FGIC Insured
6/15 at 100.00
Aa2 (4)
1,216,494
139,680
 
Total Colorado
   
86,142,150
   
Connecticut – 0.9% (0.6% of Total Investments)
     
7,640
 
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University,
7/16 at 100.00
AAA
8,088,544
   
Series 2007Z-1, 5.000%, 7/01/42
     
   
District of Columbia – 0.8% (0.5% of Total Investments)
     
2,430
 
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,
5/14 at 100.00
A1
2,417,656
   
Series 2001, 6.250%, 5/15/24
     
5,000
 
Washington Convention Center Authority, District of Columbia, Dedicated Tax Revenue Bonds,
10/16 at 100.00
A1
5,027,800
   
Senior Lien Refunding Series 2007A, 4.500%, 10/01/30 – AMBAC Insured
     
7,430
 
Total District of Columbia
   
7,445,456
   
Florida – 7.4% (4.6% of Total Investments)
     
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
     
   
Broward County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Venice
     
   
Homes Apartments, Series 2001A:
     
1,545
 
5.700%, 1/01/32 – AGM Insured (Alternative Minimum Tax)
7/14 at 100.00
AA–
1,553,544
1,805
 
5.800%, 1/01/36 – AGM Insured (Alternative Minimum Tax)
7/14 at 100.00
AA–
1,815,252
5,600
 
Escambia County Health Facilities Authority, Florida, Revenue Bonds, Ascension Health Credit
No Opt. Call
AA+
5,823,944
   
Group, Series 2003A, 5.250%, 11/15/14
     
2,870
 
Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2006-2, 4.950%,
1/16 at 100.00
AA+
2,982,504
   
7/01/37 (Alternative Minimum Tax)
     
10,000
 
JEA, Florida, Electric System Revenue Bonds, Series Three 2006A, 5.000%, 10/01/41 – AGM
4/15 at 100.00
Aa2
10,350,000
   
Insured (UB)
     
3,775
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2005A,
10/15 at 100.00
A
3,784,626
   
5.000%, 10/01/37 – SYNCORA GTY Insured (Alternative Minimum Tax)
     
5,000
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series
10/20 at 100.00
A
5,227,300
   
2010A-1, 5.375%, 10/01/41
     
2,500
 
Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2010B,
10/20 at 100.00
A
2,657,675
   
5.000%, 10/01/27
     
2,410
 
Miami-Dade County, Florida, General Obligation Bonds, Parks Program, Series 2005, 4.300%,
11/15 at 100.00
AA
2,414,097
   
11/01/30 – NPFG Insured
     
5,500
 
Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2012,
No Opt. Call
AA
5,851,175
   
5.000%, 7/01/31
     
1,665
 
Orange County Health Facilities Authority, Florida, Orlando Regional Healthcare System Revenue
10/19 at 100.00
A
1,745,053
   
Bonds, Series 2009, 5.125%, 10/01/26
     
2,500
 
Orange County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%,
8/14 at 100.00
Aa2
2,541,925
   
8/01/29 – AMBAC Insured
     
2,400
 
Orange County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%,
8/15 at 100.00
Aa2
2,544,768
   
8/01/25 – AMBAC Insured
     
5,085
 
Orange County, Florida, Tourist Development Tax Revenue Bonds, Refunding Series 2007, 4.750%,
No Opt. Call
AA–
5,271,569
   
10/01/29 – FGIC Insured
     
   
Port Saint Lucie. Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,
     
   
Series 2007:
     
2,000
 
5.000%, 7/01/33 – NPFG Insured
7/17 at 100.00
A
2,040,480
4,700
 
5.000%, 7/01/40 – NPFG Insured
7/17 at 100.00
A
4,762,322
3,300
 
Tampa, Florida, Health System Revenue Bonds, Baycare Health System, Series 2012A,
5/22 at 100.00
Aa2
3,453,582
   
5.000%, 11/15/33
     
64,355
 
Total Florida
   
66,519,850
   
Georgia – 1.2% (0.7% of Total Investments)
     
5,000
 
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 –
No Opt. Call
Aa3
5,886,400
   
FGIC Insured
     
2,000
 
DeKalb County Hospital Authority, Georgia, Anticipation Certificates Revenue Bonds, DeKalb
9/20 at 100.00
BBB
2,042,320
   
Medical Center, Inc. Project, Series 2010, 6.000%, 9/01/30
     
2,500
 
Medical Center Hospital Authority, Georgia, Revenue Anticipation Certificates, Columbus
8/18 at 100.00
AA–
2,725,525
   
Regional Healthcare System, Inc. Project, Series 2008, 6.500%, 8/01/38 – AGC Insured
     
9,500
 
Total Georgia
   
10,654,245
   
Idaho – 0.0% (0.0% of Total Investments)
     
30
 
Idaho Housing and Finance Association, Single Family Mortgage Bonds, Series 2000D, 6.200%,
4/14 at 100.00
A1
30,410
   
7/01/14 (Alternative Minimum Tax)
     
   
Illinois – 27.6% (17.2% of Total Investments)
     
1,470
 
Chicago Board of Education, Cook County, Illinois, General Obligation Bonds, Dedicated
12/21 at 100.00
A+
1,434,294
   
Revenues Series 2011A, 5.000%, 12/01/41
     
10,000
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
No Opt. Call
A+
8,321,300
   
Revenues, Series 1998B-1, 0.000%, 12/01/19 – FGIC Insured
     
10,000
 
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
No Opt. Call
A+
7,781,200
   
Revenues, Series 1999A, 0.000%, 12/01/20 – FGIC Insured
     
   
Chicago, Illinois, General Obligation Bonds, City Colleges, Series 1999:
     
32,170
 
0.000%, 1/01/21 – FGIC Insured
No Opt. Call
A+
24,296,071
32,670
 
0.000%, 1/01/22 – FGIC Insured
No Opt. Call
A+
23,219,549
9,240
 
Chicago, Illinois, Revenue Bonds, Midway Airport, Series 1996A, 5.500%, 1/01/29 – NPFG Insured
7/14 at 100.00
A
9,273,079
1,785
 
Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,
1/16 at 100.00
A
1,805,563
   
Series 2005A, 5.000%, 1/01/33 – FGIC Insured
     
5,325
 
Cook County, Illinois, General Obligation Bonds, Refunding Series 2010A, 5.250%, 11/15/33
11/20 at 100.00
AA
5,563,933
   
DuPage County Forest Preserve District, Illinois, General Obligation Bonds, Series 2000:
     
8,000
 
0.000%, 11/01/18
No Opt. Call
AAA
7,439,760
15,285
 
0.000%, 11/01/19
No Opt. Call
AAA
13,709,728
1,500
 
Illinois Finance Authority, Revenue Bonds, Central DuPage Health, Series 2009B, 5.500%, 11/01/39
11/19 at 100.00
AA
1,616,610
2,000
 
Illinois Finance Authority, Revenue Bonds, Children’s Memorial Hospital, Series 2008A, 5.250%,
8/18 at 100.00
AA–
2,032,200
   
8/15/47 – AGC Insured (UB)
     
5,245
 
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond
No Opt. Call
Aa1
5,605,017
   
Trust 1137, 9.426%, 7/01/15 (IF)
     
3,000
 
Illinois Finance Authority, Revenue Bonds, Memorial Health System, Series 2009, 5.500%, 4/01/34
4/19 at 100.00
A+
3,125,490
2,000
 
Illinois Finance Authority, Revenue Bonds, Provena Health, Series 2009A, 7.750%, 8/15/34
8/19 at 100.00
BBB+
2,440,660
870
 
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A,
7/23 at 100.00
A–
925,254
   
6.000%, 7/01/43
     
2,500
 
Illinois Finance Authority, Revenue Bonds, The University of Chicago Medical Center, Series
2/21 at 100.00
AA–
2,643,950
   
2011C, 5.500%, 8/15/41 (UB) (5)
     
   
Illinois Finance Authority, Revenue Bonds, University of Chicago, Series 2004A:
     
815
 
5.000%, 7/01/34 (Pre-refunded 7/01/14)
7/14 at 100.00
Aa1 (4)
831,512
185
 
5.000%, 7/01/34 (Pre-refunded 7/01/14)
7/14 at 100.00
Aa1 (4)
188,748
   
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical
     
   
Centers, Series 2008A:
     
2,250
 
6.000%, 8/15/23
8/18 at 100.00
BBB+
2,454,075
3,055
 
5.500%, 8/15/30
8/18 at 100.00
BBB+
3,113,778
4,970
 
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc.,
5/17 at 100.00
BBB+
4,783,724
   
Refunding Series 2007A, 5.250%, 5/01/34
     
995
 
Illinois Health Facilities Authority, Revenue Bonds, Silver Cross Hospital and Medical
2/14 at 100.00
BBB+
998,234
   
Centers, Series 1999, 5.250%, 8/15/15
     
2,515
 
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/24
8/22 at 100.00
A–
2,743,287
2,235
 
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Senior Lien Series 2013A,
1/23 at 100.00
AA–
2,303,816
   
5.000%, 1/01/38
     
28,000
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
No Opt. Call
AAA
8,564,360
   
Project, Series 2002A, 0.000%, 12/15/35 – AGM Insured
     
10,650
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place
No Opt. Call
Aaa
14,428,833
   
Hospitality Facility, Series 1996, 7.000%, 7/01/26 (ETM)
     
   
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place
     
   
Expansion Project, Series 1996A:
     
9,400
 
0.000%, 12/15/18 – NPFG Insured
No Opt. Call
AA–
8,422,306
16,570
 
0.000%, 12/15/20 – NPFG Insured
No Opt. Call
AA–
13,181,104
23,920
 
0.000%, 12/15/22 – NPFG Insured
No Opt. Call
AA–
16,930,576
13,350
 
0.000%, 12/15/24 – NPFG Insured
No Opt. Call
AA–
8,401,155
5,100
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place
No Opt. Call
AAA
5,839,092
   
Expansion Project, Series 1998A, 5.500%, 12/15/23 – FGIC Insured
     
5,180
 
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place
No Opt. Call
AA– (4)
6,281,734
   
Expansion Project, Series 1998A, 5.500%, 12/15/23 – FGIC Insured (ETM)
     
2,685
 
Midlothian, Illinois, General Obligation Bonds, Series 2010A, 5.000%, 2/01/30 – AGM Insured
2/20 at 100.00
AA–
2,778,438
17,865
 
Regional Transportation Authority, Cook, DuPage, Kane, Lake, McHenry and Will Counties,
No Opt. Call
AA
21,970,377
   
Illinois, General Obligation Bonds, Series 1999, 5.750%, 6/01/23 – AGM Insured
     
4,810
 
Will County Community High School District 210 Lincoln-Way, Illinois, General Obligation
No Opt. Call
Aa2
3,432,512
   
Bonds, Series 2006, 0.000%, 1/01/23 – AGM Insured
     
297,610
 
Total Illinois
   
248,881,319
   
Indiana – 3.9% (2.5% of Total Investments)
     
3,000
 
Delaware County Hospital Authority, Indiana, Hospital Revenue Bonds, Cardinal Health System,
8/16 at 100.00
A3
3,076,170
   
Series 2006, 5.250%, 8/01/36
     
2,525
 
Indiana Finance Authority, Hospital Revenue Bonds, Community Health Network Project, Series
5/23 at 100.00
A
2,509,673
   
2012A, 5.000%, 5/01/42
     
3,075
 
Indiana Finance Authority, Private Activity Bonds, Ohio River Bridges East End Crossing
7/23 at 100.00
BBB
2,888,040
   
Project, Series 2013A, 5.000%, 7/01/48 (Alternative Minimum Tax)
     
750
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Clarian Health Obligation
2/16 at 100.00
AA–
801,240
   
Group, Series 2006B, 5.000%, 2/15/23
     
1,305
 
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Deaconess Hospital Inc.,
3/14 at 100.00
A+ (4)
1,310,729
   
Series 2004A, 5.375%, 3/01/34 (Pre-refunded 3/01/14) – AMBAC Insured
     
840
 
Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus
No Opt. Call
AA–
884,915
   
Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured
     
4,320
 
Indiana Health Facility Financing Authority, Revenue Bonds, Ancilla Systems Inc. Obligated
4/14 at 100.00
A (4)
4,338,144
   
Group, Series 1997, 5.250%, 7/01/22 – NPFG Insured (ETM)
     
3,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest
3/17 at 100.00
A
3,110,700
   
Indiana, Series 2007, 5.500%, 3/01/37
     
2,000
 
Indiana Health Facility Financing Authority, Revenue Bonds, Community Hospitals of Indiana,
5/15 at 100.00
N/R (4)
2,119,220
   
Series 2005A, 5.000%, 5/01/35 (Pre-refunded 5/01/15) – AMBAC Insured
     
3,000
 
Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2011A,
No Opt. Call
A+
3,181,890
   
5.000%, 1/01/31
     
9,560
 
Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/26 –
No Opt. Call
AA
6,073,850
   
AMBAC Insured
     
2,395
 
Shelbyville Central Renovation School Building Corporation, Indiana, First Mortgage Bonds,
7/15 at 100.00
AA+
2,484,214
   
Series 2005, 4.375%, 7/15/26 – NPFG Insured
     
1,800
 
Sunman Dearborn High School Building Corporation, Indiana, First Mortgage Bonds, Series 2005,
1/15 at 100.00
AA+ (4)
1,882,782
   
5.000%, 7/15/25 (Pre-refunded 1/15/15) – NPFG Insured
     
1,580
 
Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series
No Opt. Call
AA–
889,429
   
2005Z, 0.000%, 1/15/28 – AGM Insured
     
39,150
 
Total Indiana
   
35,550,996
   
Iowa – 2.4% (1.5% of Total Investments)
     
1,500
 
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A,
7/16 at 100.00
BB+
1,546,755
   
5.500%, 7/01/21
     
   
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
     
   
Project, Series 2013:
     
3,000
 
5.000%, 12/01/19
No Opt. Call
BB–
2,971,410
2,220
 
5.250%, 12/01/25
12/23 at 100.00
BB–
2,069,484
   
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C:
     
5,000
 
5.375%, 6/01/38
6/15 at 100.00
B+
3,894,900
4,465
 
5.500%, 6/01/42
6/15 at 100.00
B+
3,457,919
5,400
 
5.625%, 6/01/46
6/15 at 100.00
B+
4,200,822
4,500
 
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
6/17 at 100.00
B+
3,828,150
   
5.600%, 6/01/34
     
26,085
 
Total Iowa
   
21,969,440
   
Kansas – 0.3% (0.2% of Total Investments)
     
3,755
 
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Capital
No Opt. Call
A–
2,576,831
   
Appreciation Revenue Bonds Redevelopment Project Area B – Major Multi-Sport Athletic Complex
     
   
Project, Subordinate Lien Series 2010B, 0.000%, 6/01/21
     
   
Louisiana – 0.5% (0.3% of Total Investments)
     
235
 
East Baton Rouge Mortgage Finance Authority, Louisiana, GNMA/FNMA Mortgage-Backed Securities
4/14 at 100.00
Aaa
235,320
   
Program Single Family Mortgage Revenue Refunding Bonds, Series 1997B-1, 5.750%, 10/01/26
     
4,000
 
Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/25
11/14 at 100.00
A+ (4)
4,153,400
   
(Pre-refunded 11/01/14) – NPFG Insured
     
4,235
 
Total Louisiana
   
4,388,720
   
Maine – 0.1% (0.1% of Total Investments)
     
1,050
 
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Maine General Medical
7/21 at 100.00
BBB–
1,102,920
   
Center, Series 2011, 6.750%, 7/01/41
     
   
Maryland – 0.7% (0.4% of Total Investments)
     
3,500
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of
7/22 at 100.00
A2
3,535,770
   
Maryland Medical System Issue, Series 2013A, 5.000%, 7/01/43
     
2,550
 
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County
1/18 at 100.00
BBB
2,667,224
   
Hospital, Series 2008, 6.000%, 1/01/28
     
6,050
 
Total Maryland
   
6,202,994
   
Massachusetts – 4.2% (2.6% of Total Investments)
     
6,250
 
Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Senior
1/20 at 100.00
A+
6,491,063
   
Lien Series 2010B, 5.000%, 1/01/37
     
1,250
 
Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare
11/23 at 100.00
A–
1,287,525
   
Obligated Group, Series 2013, 5.250%, 11/15/41
     
   
Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street
     
   
Redevelopment, M/SRBC Project, Series 2002A:
     
4,000
 
5.125%, 8/01/28 – NPFG Insured
4/14 at 100.00
A
4,002,240
7,125
 
5.125%, 2/01/34 – NPFG Insured
4/14 at 100.00
A
7,126,425
4,500
 
Massachusetts Health and Education Facilities Authority, Revenue Bonds, Partners HealthCare
7/19 at 100.00
AA
4,642,920
   
System, Series 2010J, 5.000%, 7/01/39
     
8,730
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Berkshire Health
10/15 at 100.00
AA–
9,191,992
   
System, Series 2005F, 5.000%, 10/01/19 – AGC Insured
     
500
 
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc.,
7/18 at 100.00
A–
509,565
   
Series 2008E-1 &2, 5.125%, 7/01/38
     
4,560
 
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series
5/23 at 100.00
AA+
4,883,213
   
2013A, 5.000%, 5/15/43
     
36,915
 
Total Massachusetts
   
38,134,943
   
Michigan – 3.9% (2.4% of Total Investments)
     
1,060
 
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
7/22 at 100.00
BBB+
981,475
   
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
     
1,250
 
Detroit, Michigan, Distributable State Aid General Obligation Bonds, Limited Tax Series 2010,
11/20 at 100.00
AA
1,245,675
   
4.500%, 11/01/23
     
   
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A:
     
5,565
 
5.000%, 7/01/30 – NPFG Insured
7/15 at 100.00
A
5,212,123
5,000
 
5.000%, 7/01/35 – NPFG Insured
7/15 at 100.00
A
4,584,450
3,305
 
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%,
7/16 at 100.00
A
3,044,368
   
7/01/33 – FGIC Insured
     
2,000
 
Detroit, Michigan, Water Supply System Second Lien Revenue Bonds, Series 2006A, 5.250%,
No Opt. Call
A
2,002,820
   
7/01/16 – NPFG Insured
     
1,000
 
Detroit, Michigan, Water Supply System Senior Lien Revenue Refunding Bonds, Series 2005C,
7/15 at 100.00
A
979,460
   
5.000%, 7/01/22 – FGIC Insured
     
2,000
 
Kalamazoo Hospital Finance Authority, Michigan, Hospital Revenue Refunding Bonds, Bronson
5/20 at 100.00
A2
2,065,740
   
Methodist Hospital, Series 2010, 5.250%, 5/15/36 – AGM Insured
     
6,250
 
Michigan State Building Authority, Revenue Bonds, Refunding Series 2006IA, 0.000%, 10/15/30 –
10/16 at 50.02
Aa3
2,747,125
   
FGIC Insured
     
3,050
 
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
6/18 at 100.00
BB–
2,764,429
   
Series 2008A, 6.875%, 6/01/42
     
2,500
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue and Refunding Bonds, William
8/19 at 100.00
A1
2,787,925
   
Beaumont Hospital Obligated Group, Series 2009W, 6.375%, 8/01/29
     
1,150
 
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
9/18 at 100.00
A1
1,398,527
   
Hospital, Refunding Series 2009V, 8.250%, 9/01/39
     
4,930
 
Wayne County Airport Authority, Michigan, Revenue Bonds, Series 2007, 5.000%, 12/01/27 – NPFG
12/17 at 100.00
A
5,154,857
   
Insured (Alternative Minimum Tax)
     
39,060
 
Total Michigan
   
34,968,974
   
Minnesota – 2.4% (1.5% of Total Investments)
     
5,000
 
Maple Grove, Minnesota, Health Care Facilities Revenue Bonds, Maple Grove Hospital
5/17 at 100.00
Baa1
5,041,150
   
Corporation, Series 2007, 5.250%, 5/01/37
     
14,540
 
St. Paul Housing and Redevelopment Authority, Minnesota, Sales Tax Revenue Refunding Bonds,
11/15 at 103.00
AA–
16,343,251
   
Civic Center Project, Series 1996, 7.100%, 11/01/23 – AGM Insured
     
19,540
 
Total Minnesota
   
21,384,401
   
Mississippi – 1.4% (0.9% of Total Investments)
     
9,750
 
Mississippi Business Finance Corporation, Pollution Control Revenue Refunding Bonds, System
4/14 at 100.00
BBB
9,750,488
   
Energy Resources Inc. Project, Series 1998, 5.875%, 4/01/22
     
2,475
 
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial
9/14 at 100.00
AA–
2,530,341
   
Healthcare, Series 2004B-1, 5.000%, 9/01/24 (UB)
     
12,225
 
Total Mississippi
   
12,280,829
   
Missouri – 3.3% (2.0% of Total Investments)
     
2,585
 
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales
10/22 at 100.00
AA+
2,721,307
   
Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/44
     
10,370
 
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
11/23 at 100.00
A2
10,465,197
   
CoxHealth, Series 2013A, 5.000%, 11/15/48
     
4,885
 
Missouri Health and Educational Facilities Authority, Revenue Bonds, BJC Health System, Series
No Opt. Call
AA
4,956,321
   
1993, 5.250%, 5/15/14
     
6,000
 
Missouri Joint Municipal Electric Utility Commission, Plum Point Project, Revenue Bonds,
1/16 at 100.00
A
6,066,900
   
Series 2006, 5.000%, 1/01/34 – NPFG Insured
     
5,130
 
Saint Louis, Missouri, Parking Revenue Bonds, Series 2006A, 5.000%, 12/15/31 – NPFG Insured
12/16 at 100.00
A
5,243,065
28,970
 
Total Missouri
   
29,452,790
   
Nevada – 3.7% (2.3% of Total Investments)
     
24,195
 
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
1/20 at 100.00
A+
24,981,579
   
International Airport, Series 2010A, 5.250%, 7/01/42
     
5,130
 
Reno, Nevada, Health Facilities Revenue Bonds, Catholic Healthcare West, Series 2007A,
7/17 at 100.00
A
5,225,982
   
5.250%, 7/01/31
     
2,500
 
Reno, Nevada, Health Facility Revenue Bonds, Catholic Healthcare West, Trust 2634, 19.148%,
7/17 at 100.00
AA+
2,854,700
   
7/01/31 – BHAC Insured (IF) (5)
     
31,825
 
Total Nevada
   
33,062,261
   
New Hampshire – 0.6% (0.4% of Total Investments)
     
5,000
 
New Hampshire Business Finance Authority, Revenue Bonds, Elliot Hospital Obligated Group
10/19 at 100.00
Baa1
5,261,600
   
Issue, Series 2009A, 6.125%, 10/01/39
     
   
New Jersey – 4.0% (2.5% of Total Investments)
     
940
 
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
1/24 at 100.00
AA–
954,861
   
Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax)
     
3,500
 
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series
7/14 at 100.00
A
3,558,170
   
2004A, 5.250%, 7/01/33 – NPFG Insured
     
1,500
 
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters
7/18 at 100.00
BB+
1,462,260
   
University Hospital, Series 2007, 5.750%, 7/01/37
     
4,500
 
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2001C,
No Opt. Call
AA–
5,365,485
   
5.500%, 12/15/18 – AGM Insured
     
   
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C:
     
1,815
 
0.000%, 12/15/26 – AMBAC Insured
No Opt. Call
AA+
1,047,400
10,000
 
0.000%, 12/15/30 – FGIC Insured
No Opt. Call
A+
4,303,700
38,000
 
0.000%, 12/15/33 – AGM Insured
No Opt. Call
AA–
13,282,520
2,000
 
Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/38
5/23 at 100.00
AA–
2,165,300
5,000
 
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
6/17 at 100.00
B2
3,696,400
   
Series 2007-1A, 4.750%, 6/01/34
     
67,255
 
Total New Jersey
   
35,836,096
   
New York – 6.5% (4.0% of Total Investments)
     
5,500
 
Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Kaleida
2/14 at 100.00
AAA
5,510,450
   
Health, Series 2004, 5.050%, 2/15/25 (Pre-refunded 2/15/14)
     
1,175
 
Dormitory Authority of the State of New York, Insured Revenue Bonds, 853 Schools Program,
7/14 at 100.00
N/R
1,177,879
   
Gateway-Longview Inc., Series 1998A, 5.500%, 7/01/18 – AMBAC Insured
     
8,115
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series
2/21 at 100.00
A
8,422,315
   
2011A, 5.250%, 2/15/47
     
2,000
 
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%,
2/17 at 100.00
A
2,018,980
   
2/15/47 – FGIC Insured
     
1,000
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Refunding Series 2010A,
No Opt. Call
A- (4)
1,012,190
   
5.000%, 5/01/14 (ETM)
     
4,410
 
Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A,
5/21 at 100.00
A–
4,557,206
   
5.000%, 5/01/38
     
13,600
 
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2006B,
11/16 at 100.00
AA–
13,728,792
   
4.500%, 11/15/32 – AGM Insured (UB)
     
11,560
 
New York City Municipal Water Finance Authority, New York, Water and Sewerage System Revenue
6/14 at 100.00
AAA
11,615,257
   
Bonds, Fiscal Series 2005A, 5.000%, 6/15/39
     
5,000
 
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate
5/23 at 100.00
AAA
5,357,150
   
Fiscal 2013 Series I, 5.000%, 5/01/38
     
2,000
 
New York Liberty Development Corporation, Liberty Revenue Bonds, 4 World Trade Center Project,
No Opt. Call
A+
2,160,540
   
Series 2011, 5.750%, 11/15/51
     
2,650
 
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
12/20 at 100.00
BBB
2,876,549
   
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
     
57,010
 
Total New York
   
58,437,308
   
North Carolina – 2.5% (1.5% of Total Investments)
     
5,550
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA
1/18 at 100.00
AA–
5,630,309
   
Carolinas HealthCare System, Series 2008A, 5.000%, 1/15/39
     
4,900
 
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA
1/15 at 100.00
AA+ (4)
5,121,970
   
Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
     
3,300
 
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds,
10/22 at 100.00
AA–
3,472,788
   
WakeMed, Series 2012A, 5.000%, 10/01/31
     
3,500
 
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University
6/19 at 100.00
AA
3,730,440
   
Health System, Series 2009A, 5.000%, 6/01/42
     
4,055
 
North Carolina Medical Care Commission, Healthcare Revenue Refunding Bonds, Novant Health
11/16 at 100.00
AA+
4,262,981
   
Inc., Series 2006, 5.000%, 11/01/39 – NPFG Insured
     
21,305
 
Total North Carolina
   
22,218,488
   
North Dakota – 0.5% (0.3% of Total Investments)
     
3,910
 
Fargo, North Dakota, Health System Revenue Bonds, Sanford Health, Refunding Series 2011,
11/21 at 100.00
A+
4,468,622
   
6.250%, 11/01/31
     
   
Ohio – 6.4% (4.0% of Total Investments)
     
10,000
 
American Municipal Power Ohio Inc., General Revenue Bonds, Prairie State Energy Campus Project
2/18 at 100.00
A1
10,230,900
   
Series 2008A, 5.250%, 2/15/43
     
   
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
     
   
Bonds, Senior Lien, Series 2007A-2:
     
5,685
 
5.125%, 6/01/24
6/17 at 100.00
B–
4,793,649
5,640
 
5.875%, 6/01/30
6/17 at 100.00
B
4,547,983
4,875
 
5.750%, 6/01/34
6/17 at 100.00
B
3,796,065
4,290
 
6.000%, 6/01/42
6/17 at 100.00
BB+
3,400,597
14,830
 
5.875%, 6/01/47
6/17 at 100.00
B
11,846,204
11,460
 
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
6/22 at 100.00
B
9,391,814
   
Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
     
2,305
 
Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series
11/21 at 100.00
AA
2,572,357
   
2011A, 6.000%, 11/15/41
     
3,650
 
Montgomery County, Ohio, Revenue Bonds, Catholic Health Initiatives, Series 2004A,
5/14 at 100.00
A+
3,657,191
   
5.000%, 5/01/30
     
3,685
 
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series
2/23 at 100.00
A+
3,762,754
   
2013A-1, 5.000%, 2/15/48
     
66,420
 
Total Ohio
   
57,999,514
   
Pennsylvania – 4.2% (2.6% of Total Investments)
     
1,250
 
Allegheny County Hospital Development Authority, Pennsylvania, University of Pittsburgh
8/19 at 100.00
Aa3
1,368,550
   
Medical Center Revenue Bonds, Series 2009A, 5.500%, 8/15/34
     
   
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue
     
   
Bonds, Series 1998:
     
3,125
 
0.000%, 5/15/22 – AGM Insured
No Opt. Call
AA–
2,451,938
3,125
 
0.000%, 5/15/23 – AGM Insured
No Opt. Call
AA–
2,339,375
3,135
 
0.000%, 5/15/24 – AGM Insured
No Opt. Call
AA–
2,230,270
3,155
 
0.000%, 5/15/26 – AGM Insured
No Opt. Call
AA–
2,022,292
4,145
 
0.000%, 11/15/26 – AGM Insured
No Opt. Call
AA–
2,599,288
2,800
 
0.000%, 5/15/28 – AGM Insured
No Opt. Call
AA–
1,632,848
3,000
 
0.000%, 11/15/28 – AGM Insured
No Opt. Call
AA–
1,716,780
700
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds,
4/14 at 100.00
N/R
593,739
   
Northampton Generating Project, Senior Lien Series 2013A0 & AE2, 5.000%, 12/01/23
     
9
 
Northampton County Industrial Development Authority, Pennsylvania, Recovery Revenue Bonds,
4/14 at 100.00
N/R
7,669
   
Northampton Generating Project, Senior Lien Taxable Series 2013B, 5.000%, 12/31/23
     
   
(Alternative Minimum Tax)
     
2,000
 
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special
12/21 at 100.00
AA
2,059,300
   
Revenue, Series 2011B, 5.000%, 12/01/41
     
1,570
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E,
12/27 at 100.00
A–
1,444,055
   
0.000%, 12/01/38
     
5,100
 
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%,
6/26 at 100.00
AA
5,149,572
   
6/01/33 – AGM Insured
     
11,890
 
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System
5/20 at 100.00
AA
12,110,560
   
Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
     
45,004
 
Total Pennsylvania
   
37,726,236
   
Puerto Rico – 5.2% (3.3% of Total Investments)
     
625
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005SS, 5.000%, 7/01/25 –
7/15 at 100.00
A
542,013
   
NPFG Insured
     
1,000
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT, 5.000%, 7/01/20
7/17 at 100.00
BBB
716,670
1,850
 
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW, 5.000%, 7/01/28
7/18 at 100.00
BBB
1,128,500
1,305
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, 5.250%,
No Opt. Call
A
1,204,345
   
7/01/23 – NPFG Insured
     
1,000
 
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%,
No Opt. Call
BBB
784,780
   
7/01/31 – AMBAC Insured
     
2,500
 
Puerto Rico Municipal Finance Agency, Series 2005A, 5.250%, 8/01/24
8/15 at 100.00
BBB–
1,721,875
1,060
 
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series
No Opt. Call
BBB–
899,823
   
2007M, 5.750%, 7/01/17
     
11,975
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
8/19 at 100.00
A+
9,803,094
   
2009A, 5.000%, 8/01/24
     
13,125
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
8/29 at 100.00
A+
6,597,281
   
2010A, 0.000%, 8/01/33
     
8,625
 
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
8/20 at 100.00
A+
5,960,306
   
2010C, 5.250%, 8/01/41
     
   
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
     
25,000
 
0.000%, 8/01/47 – AMBAC Insured
No Opt. Call
AA–
2,510,500
64,335
 
0.000%, 8/01/54 – AMBAC Insured
No Opt. Call
AA–
4,172,125
15,000
 
5.250%, 8/01/57
8/17 at 100.00
AA–
11,438,100
147,400
 
Total Puerto Rico
   
47,479,412
   
Rhode Island – 0.2% (0.1% of Total Investments)
     
1,805
 
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,
4/14 at 100.00
BBB+
1,804,856
   
Series 2002A, 6.125%, 6/01/32
     
   
South Carolina – 3.7% (2.3% of Total Investments)
     
5,500
 
Dorchester County School District 2, South Carolina, Installment Purchase Revenue Bonds,
12/14 at 100.00
AA- (4)
5,734,300
   
GROWTH, Series 2004, 5.250%, 12/01/29 (Pre-refunded 12/01/14)
     
2,725
 
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds,
8/14 at 100.00
A (4)
2,799,338
   
Series 2004A, 5.250%, 2/15/25 (Pre-refunded 8/15/14) – NPFG Insured
     
1,345
 
Myrtle Beach, South Carolina, Hospitality and Accommodation Fee Revenue Bonds, Series 2004A,
6/14 at 100.00
A+
1,367,515
   
5.375%, 6/01/20 – FGIC Insured
     
   
Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 2004A-2:
     
26,955
 
0.000%, 1/01/31 – AMBAC Insured
No Opt. Call
A–
11,983,115
15,420
 
0.000%, 1/01/32 – AMBAC Insured
No Opt. Call
A–
6,454,812
4,800
 
South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2010A, 5.250%, 10/01/40
10/19 at 100.00
A1
5,128,848
56,745
 
Total South Carolina
   
33,467,928
   
Tennessee – 2.0% (1.2% of Total Investments)
     
2,260
 
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds,
1/23 at 100.00
A+
2,314,850
   
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
     
3,240
 
Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger
10/19 at 100.00
AA–
3,539,927
   
Health System, Refunding Series 2004, 5.000%, 10/01/22 – AGM Insured
     
380
 
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding
7/23 at 100.00
A (4)
381,493
   
and Improvement Bonds, Johnson City Medical Center, Series 1998C, 5.125%, 7/01/25
     
   
(Pre-refunded 7/01/23) – NPFG Insured
     
6,000
 
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board,
12/17 at 100.00
N/R
6,644,760
   
Tennessee, Revenue Refunding and Improvement Bonds, Meharry Medical College, Series 1996,
     
   
6.000%, 12/01/19 – AMBAC Insured
     
4,965
 
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds,
9/16 at 100.00
BBB+
4,970,710
   
Wellmont Health System, Series 2006C, 5.250%, 9/01/36
     
16,845
 
Total Tennessee
   
17,851,740
   
Texas – 15.1% (9.4% of Total Investments)
     
5,000
 
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Series 2006,
5/16 at 100.00
A1
5,202,600
   
5.000%, 5/01/35 – NPFG Insured
     
2,500
 
Capital Area Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, The
4/20 at 100.00
Baa1
2,682,400
   
Roman Catholic Diocese of Austin, Series 2005B. Remarketed, 6.125%, 4/01/45
     
   
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2005:
     
4,000
 
5.000%, 1/01/35 (Pre-refunded 1/01/15) – FGIC Insured
1/15 at 100.00
A (4)
4,176,680
13,000
 
5.000%, 1/01/45 (Pre-refunded 1/01/15) – FGIC Insured
1/15 at 100.00
A (4)
13,574,210
1,000
 
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%, 1/01/41
1/21 at 100.00
Baa2
1,048,590
3,000
 
Conroe Independent School District, Montgomery County, Texas, General Obligation Bonds,
2/15 at 100.00
AAA
3,150,900
   
Schoolhouse Series 2005C, 5.000%, 2/15/30 (Pre-refunded 2/15/15)
     
3,000
 
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012E,
No Opt. Call
A+
2,992,950
   
5.000%, 11/01/42 (Alternative Minimum Tax)
     
   
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, Subordinate Lien
     
   
Series 2013B:
     
3,240
 
5.000%, 4/01/53
10/23 at 100.00
AA+
3,280,694
15,000
 
5.000%, 4/01/53 (UB)
10/23 at 100.00
AA+
15,188,400
9,000
 
Harris County Hospital District, Texas, Revenue Bonds, Series 2007A, 5.250%, 2/15/42 –
2/17 at 100.00
AA+
9,612,720
   
NPFG Insured
     
2,980
 
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series
5/14 at 100.00
A
2,979,970
   
2001B, 5.250%, 11/15/40 – NPFG Insured
     
3,885
 
Houston Independent School District, Public Facility Corporation, Harris County, Texas, Lease
No Opt. Call
AA
3,443,470
   
Revenue Bonds, Cesar E. Chavez High School, Series 1998A, 0.000%, 9/15/19 – AMBAC Insured
     
1,495
 
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment
No Opt. Call
AA–
1,007,256
   
Project, Series 2001B, 0.000%, 9/01/23 – AGM Insured
     
1,600
 
Houston, Texas, Senior Lien Airport System Revenue Bonds, Refunding Series 2009A,
7/18 at 100.00
AA–
1,767,072
   
5.500%, 7/01/39
     
1,275
 
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson
2/16 at 100.00
BBB–
1,282,905
   
Memorial Hospital Project, Series 2005, 5.375%, 8/15/35
     
33,855
 
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
8/14 at 23.67
AAA
7,799,853
   
Bonds, Series 2006, 0.000%, 8/15/40
     
   
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
     
   
Bonds, Series 2008:
     
5,000
 
0.000%, 8/15/39
8/17 at 27.35
AAA
1,234,400
19,300
 
0.000%, 8/15/41
8/17 at 24.20
AAA
4,215,313
2,000
 
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds,
11/22 at 100.00
BBB–
2,008,280
   
Southwest Airlines Company – Love Field Modernization Program Project, Series 2012, 5.000%,
     
   
11/01/28 (Alternative Minimum Tax)
     
7,630
 
Northwest Independent School District, Denton County, Texas, General Obligation Bonds, Series
No Opt. Call
Aaa
8,188,592
   
2007, 5.000%, 2/15/32
     
2,890
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue
8/20 at 100.00
Aa3
3,022,102
   
Bonds, Scott & White Healthcare Project, Series 2010, 5.500%, 8/15/45
     
5,750
 
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas
11/17 at 100.00
AA–
5,811,813
   
Health Resources, Series 2007B, 5.000%, 11/15/47
     
3,500
 
Texas A&M University, Permanent University Fund Bonds, Series 2006, 5.000%, 7/01/36
No Opt. Call
AAA
3,726,380
   
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds,
     
   
Series 2012:
     
14,815
 
5.000%, 12/15/27
No Opt. Call
A3
15,209,375
3,250
 
5.000%, 12/15/30
No Opt. Call
A3
3,286,953
4,905
 
Texas Transportation Commission, Central Texas Turnpike System Revenue Bonds, First Tier
8/22 at 100.00
A–
4,917,998
   
Refunding Series 2012A, 5.000%, 8/15/41
     
4,000
 
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series
No Opt. Call
A–
2,453,880
   
2002A, 0.000%, 8/15/25 – AMBAC Insured
     
2,710
 
Wood County Central Hospital District, Texas, Revenue Bonds, East Texas Medical Center Quitman
11/21 at 100.00
Baa2
2,867,830
   
Project, Series 2011, 6.000%, 11/01/41
     
179,580
 
Total Texas
   
136,133,586
   
Utah – 0.5% (0.3% of Total Investments)
     
3,000
 
Riverton, Utah, Hospital Revenue Bonds, IHC Health Services, Inc., Series 2009, 5.000%, 8/15/41
8/19 at 100.00
AA+
3,100,230
860
 
Utah Housing Corporation, Single Family Mortgage Bonds, Series 2002A-1, 5.300%, 7/01/18
4/14 at 100.00
AA–
861,952
   
(Alternative Minimum Tax)
     
65
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000D-1, 6.050%, 7/01/14
4/14 at 100.00
AA–
65,848
   
(Alternative Minimum Tax)
     
360
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000E-1, Class II, 6.150%,
7/14 at 100.00
AAA
360,490
   
1/01/27 (Alternative Minimum Tax)
     
135
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2000E-1, Class III, 6.000%,
7/14 at 100.00
AA–
137,047
   
1/01/15 (Alternative Minimum Tax)
     
50
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001A-2, 5.650%, 7/01/27
7/14 at 100.00
AA
50,052
   
(Alternative Minimum Tax)
     
230
 
Utah Housing Finance Agency, Single Family Mortgage Bonds, Series 2001B-1, 5.750%, 7/01/19
7/14 at 100.00
Aaa
230,575
   
(Alternative Minimum Tax)
     
4,700
 
Total Utah
   
4,806,194
   
Virgin Islands – 0.6% (0.4% of Total Investments)
     
5,300
 
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.000%,
10/14 at 100.00
BBB+
5,257,070
   
10/01/33 – RAAI Insured
     
   
Virginia – 4.2% (2.7% of Total Investments)
     
900
 
Henrico County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health
No Opt. Call
A–
945,477
   
System Obligated Group, Series 2013, 5.000%, 11/01/30
     
10,500
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien
10/26 at 100.00
AA–
10,400,460
   
Revenue Bonds, Series 2009C, 0.000%, 10/01/41 – AGC Insured
     
18,000
 
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien
10/28 at 100.00
BBB+
14,553,360
   
Revenue Bonds, Dulles Metrorail Capital Appreciation, Series 2010B, 0.000%, 10/01/44
     
   
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A:
     
3,000
 
5.125%, 7/01/49
No Opt. Call
BBB–
2,954,070
4,150
 
5.000%, 7/01/52
No Opt. Call
BBB–
3,999,065
5,755
 
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B, 0.000%, 7/01/35
No Opt. Call
BBB–
1,563,691
4,030
 
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
7/22 at 100.00
BBB–
4,040,559
   
Crossing, Opco LLC Project, Series 2012, 5.500%, 1/01/42 (Alternative Minimum Tax)
     
46,335
 
Total Virginia
   
38,456,682
   
Washington – 3.5% (2.2% of Total Investments)
     
12,235
 
Chelan County Public Utility District 1, Washington, Columbia River-Rock Island Hydro-Electric
No Opt. Call
AA+
7,608,457
   
System Revenue Refunding Bonds, Series 1997A, 0.000%, 6/01/26 – NPFG Insured
     
   
Cowlitz County Public Utilities District 1, Washington, Electric Production Revenue Bonds,
     
   
Series 2004:
     
465
 
5.000%, 9/01/22 – FGIC Insured
9/14 at 100.00
A1
477,020
3,100
 
5.000%, 9/01/28 – FGIC Insured
9/14 at 100.00
A1
3,158,807
4,000
 
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services,
10/22 at 100.00
AA
4,199,840
   
Series 2012A, 5.000%, 10/01/32
     
2,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer
7/19 at 100.00
A
2,124,940
   
Research Center, Series 2009A, 6.000%, 1/01/33
     
10,000
 
Washington State Health Care Facilities Authority, Revenue Bonds, Providence Health Care
10/16 at 100.00
AA
10,059,200
   
Services, Series 2006A, 4.625%, 10/01/34 – FGIC Insured (UB) (5)
     
4,065
 
Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008D, 5.000%, 1/01/33
No Opt. Call
AA+
4,407,842
35,865
 
Total Washington
   
32,036,106
   
Wisconsin – 1.4% (0.9% of Total Investments)
     
2,500
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc.,
4/23 at 100.00
A
2,565,325
   
Series 2013A, 5.125%, 4/15/31
     
1,780
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,
2/22 at 100.00
A–
1,799,918
   
Series 2012B, 5.000%, 2/15/40
     
3,000
 
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan
8/16 at 100.00
A–
3,186,840
   
Healthcare System, Series 2006A, 5.250%, 8/15/23
     
5,000
 
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Refunding Series 2009A,
5/19 at 100.00
AA–
5,608,550
   
6.250%, 5/01/37
     
12,280
 
Total Wisconsin
   
13,160,633
$ 1,818,499
 
Total Municipal Bonds (cost $1,384,390,923)
   
1,448,675,856
 
             
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)
       
$ 209
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
5.500%
7/15/19
N/R
$              37,695
59
 
Las Vegas Monorail Company, Senior Interest Bonds (6), (7)
3.000%
7/15/55
N/R
7,868
$ 268
 
Total Corporate Bonds (cost $13,346)
     
45,563
   
Total Long-Term Investments (cost $1,384,404,269)
     
1,448,721,419
   
Floating Rate Obligations – (4.0)%
     
(35,925,000)
   
Variable Rate MuniFund Term Preferred Shares, at Liquidation Value – (59.3)% (8)
     
(535,000,000)
   
Other Assets Less Liabilities – 2.8%
     
24,984,110
   
Net Assets Applicable to Common Shares – 100%
     
$ 902,780,529
 
 
 
 
 

 
 
Fair Value Measurements
 
Fair value is defined as the price that the Fund 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 inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
 
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
 
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
 
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
         
 
Level 1
Level 2
Level 3
Total
Long-Term Investments:
       
Municipal Bonds
$—
$1,448,675,856
$       —
$1,448,675,856
Corporate Bonds
45,563
45,563
Total
$—
$1,448,675,856
$45,563
$1,448,721,419
 
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 was $1,355,445,284.
 
Gross unrealized appreciation and gross unrealized depreciation of investments as of January 31, 2014, were as follows:
   
Gross unrealized:
 
Appreciation
$ 99,757,800
Depreciation
(42,402,806)
Net unrealized appreciation (depreciation) of investments
$ 57,354,994
 
 
     
(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 of Directors. For fair value measurement disclosure purposes, investment categorized 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 MuniFund Term Preferred Shares, at Liquidation Value as a percentage of Total Investments
   
is 36.9%.
(ETM)
 
Escrowed to maturity.
(IF)
 
Inverse floating rate investment.
(UB)
 
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
 
 
 

 
 
 

 
 
 
 
Item 2. Controls and Procedures.

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

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

 
 
 

 
 
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
(Registrant)   Nuveen Performance Plus Municipal Fund, 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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