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 811-21212

 

Nuveen California AMT-Free Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

 

Nuveen Investments

        333 West Wacker Drive, Chicago, Illinois 60606         

(Address of principal executive offices) (Zip code)

 

Gifford R. Zimmerman

Vice President and Secretary

        333 West Wacker Drive, Chicago, Illinois 60606         

(Name and address of agent for service)

 

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

 

Date of fiscal year end:            2/28          

 

Date of reporting period:         11/30/16         

 

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

 

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

 

 

Item 1. Schedule of Investments

 

		Portfolio of Investments
		Nuveen California AMT-Free Quality Municipal Income Fund (NKX)
		(formerly known as Nuveen California AMT-Free Municipal Income Fund)
		November 30, 2016 (Unaudited)
Principal			Optional Call
Amount (000)		Description (1)	Provisions (2)	Ratings (3)	Value
		LONG-TERM INVESTMENTS – 158.2% (100.0% of Total Investments)
		MUNICIPAL BONDS – 158.2% (100.0% of Total Investments)
		Consumer Staples – 9.5% (6.0% of Total Investments)
$          860		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds,	2/17 at 100.00	Baa1	$         866,708
		Alameda County Tobacco Asset Securitization Corporation, Series 2002, 5.750%, 6/01/29
		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los
		Angeles County Securitization Corporation, Series 2006A:
6,350		5.600%, 6/01/36	12/18 at 100.00	B3	6,454,839
325		5.650%, 6/01/41	12/18 at 100.00	B2	330,369
2,780		5.700%, 6/01/46	12/18 at 100.00	B2	2,825,953
80		California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma	2/17 at 100.00	BBB+	79,877
		County Tobacco Securitization Corporation, Series 2005, 4.250%, 6/01/21
1,960		California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled	2/17 at 100.00	Baa2	1,987,048
		Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
		Bonds, Series 2007A-1:
18,570		5.000%, 6/01/33	6/17 at 100.00	B–	16,845,961
1,950		5.750%, 6/01/47	6/17 at 100.00	B–	1,784,328
13,560		5.125%, 6/01/47	6/17 at 100.00	B–	11,641,260
16,380		Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed	6/22 at 100.00	B–	15,133,810
		Bonds, Series 2007A-2, 5.300%, 6/01/37
		Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
		Bonds, Series 2005A-1:
8,450		5.375%, 6/01/38	2/17 at 100.00	B–	7,957,534
2,000		5.500%, 6/01/45	2/17 at 100.00	B–	1,869,660
73,265		Total Consumer Staples			67,777,347
		Education and Civic Organizations – 2.8% (1.8% of Total Investments)
1,050		ABAG Finance Authority for Non-Profit Corporations, California, Revenue Bonds, The Jackson	7/22 at 100.00	A1	1,128,152
		Laboratory, Series 2012, 5.000%, 7/01/37
3,000		California Educational Facilities Authority, Revenue Bonds, Pepperdine University, Series	9/25 at 100.00	AA	3,350,970
		2015, 5.000%, 9/01/40
2,000		California Educational Facilities Authority, Revenue Bonds, Stanford University, Refunding	No Opt. Call	AAA	2,462,840
		Series 2014U-6, 5.000%, 5/01/45
4,475		California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies	8/23 at 100.00	B+	4,917,846
		Project, Series 2013A , 7.125%, 8/01/43
1,780		California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education	6/22 at 102.00	N/R	2,005,063
		Multiple Projects, Series 2014A , 7.250%, 6/01/43
1,600		California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento	1/22 at 100.00	N/R	1,725,360
		Valley & Northern Nevada Project, Series 2012A, 6.875%, 1/01/42
2,000		California State University, Systemwide Revenue Bonds, Refunding Series 2015A, 5.000%, 11/01/38	11/25 at 100.00	Aa2	2,236,220
1,725		California State University, Systemwide Revenue Bonds, Series 2016A, 4.000%, 11/01/38	5/26 at 100.00	Aa2	1,728,985
300		California Statewide Communities Development Authority, School Facility Revenue Bonds,	7/21 at 100.00	BBB–	337,950
		Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46
185		California Statewide Communities Development Authority, Charter School Revenue Bonds,	12/21 at 100.00	N/R	214,767
		Rocketship 4 – Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41
18,115		Total Education and Civic Organizations			20,108,153
		Health Care – 17.0% (10.7% of Total Investments)
430		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health,	8/25 at 100.00	AA–	465,608
		Refunding Series 2015A, 5.000%, 8/15/43
		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health,
		Refunding Series 2016B:
13,295		4.000%, 11/15/41	11/26 at 100.00	AA–	12,906,121
34,740		5.000%, 11/15/46	11/26 at 100.00	AA–	37,688,725
6,430		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health,	11/25 at 100.00	AA–	6,985,681
		Series 2016A, 5.000%, 11/15/41
1,630		California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los	7/20 at 100.00	AA	1,742,323
		Angeles, Series 2010A, 5.250%, 7/01/38 – AGC Insured
1,255		California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los	No Opt. Call	BBB+	1,346,100
		Angeles, Series 2012A, 5.000%, 11/15/29
1,000		California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical	No Opt. Call	AA–	1,095,790
		Center, Series 2012A, 5.000%, 11/15/35
2,520		California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard	8/24 at 100.00	AA	2,715,048
		Children’s Hospital, Series 2014A, 5.000%, 8/15/43
2,000		California Health Facilities Financing Authority, Revenue Bonds, Memorial Health Services,	No Opt. Call	AA–	2,212,040
		Series 2012A, 5.000%, 10/01/33
1,405		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,	10/24 at 100.00	AA–	1,562,529
		Refunding Series 2014A, 5.000%, 10/01/38
2,800		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services,	10/24 at 100.00	AA–	3,010,000
		Series 2014B, 5.000%, 10/01/44
3,705		California Health Facilities Financing Authority, Revenue Bonds, Providence Saint Joseph	10/26 at 100.00	AA–	3,546,463
		Health, Series 2016A, 4.000%, 10/01/47
335		California Health Facilities Financing Authority, Revenue Bonds, Rady Children’s Hospital –	8/21 at 100.00	Aa3	361,284
		San Diego, Series 2011, 5.250%, 8/15/41
750		California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Series	7/20 at 100.00	Baa2	794,955
		2010A, 5.750%, 7/01/40
605		California Municipal Financing Authority, Certificates of Participation, Community Hospitals	No Opt. Call	A–	606,537
		of Central California, Series 2007, 5.250%, 2/01/46
		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda
		University Medical Center, Series 2014A:
2,400		5.250%, 12/01/34	12/24 at 100.00	BB+	2,475,888
5,200		5.250%, 12/01/44	12/24 at 100.00	BB+	5,271,188
745		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda	6/26 at 100.00	BB	755,013
		University Medical Center, Series 2016A, 5.250%, 12/01/56
4,000		California Statewide Community Development Authority, Health Facility Revenue Bonds, Catholic	7/17 at 100.00	AA	4,071,640
		Healthcare West, Insured Series 2008K, 5.500%, 7/01/41 – AGC Insured
		California Statewide Community Development Authority, Revenue Bonds, Children’s Hospital of
		Los Angeles, Series 2007:
2,995		5.000%, 8/15/39 – NPFG Insured	8/17 at 100.00	AA–	3,039,086
6,500		5.000%, 8/15/47	8/17 at 100.00	BBB+	6,580,990
		California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity
		Health System, Series 2005A:
770		5.750%, 7/01/24 (4)	2/17 at 100.00	CCC	734,334
4,240		5.750%, 7/01/30 (4)	2/17 at 100.00	CCC	3,954,182
105		5.750%, 7/01/35 (4)	2/17 at 100.00	CCC	96,695
6,160		California Statewide Community Development Authority, Revenue Bonds, Sherman Oaks Health	No Opt. Call	AA–	6,814,993
		System, Series 1998A, 5.000%, 8/01/22 – AMBAC Insured
		Marysville, California, Revenue Bonds, Fremont-Rideout Health Group, Series 2011:
25		5.250%, 1/01/23	1/21 at 100.00	BBB	25,204
25		4.500%, 1/01/26	1/21 at 100.00	BBB	24,060
75		5.000%, 1/01/29	No Opt. Call	BBB	74,862
275		5.000%, 1/01/30	1/21 at 100.00	BBB	273,163
135		5.000%, 1/01/31	1/21 at 100.00	BBB	132,717
650		5.125%, 1/01/32	1/21 at 100.00	BBB	648,616
2,750		5.250%, 1/01/42	1/21 at 100.00	BBB	2,742,273
		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010:
1,500		6.000%, 11/01/30	11/20 at 100.00	BBB–	1,625,145
2,595		6.000%, 11/01/41	11/20 at 100.00	BBB–	2,833,377
1,000		Rancho Mirage Joint Powers Financing Authority, California, Revenue Bonds, Eisenhower Medical	7/17 at 100.00	Baa2	1,011,860
		Center, Refunding Series 2007A, 5.000%, 7/01/38
850		San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011,	12/21 at 100.00	BB+	988,703
		7.500%, 12/01/41
115,895		Total Health Care			121,213,193
		Housing/Multifamily – 2.6% (1.7% of Total Investments)
475		California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects	8/20 at 100.00	BBB	522,747
		Series 2010A, 6.400%, 8/15/45
155		California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects	8/22 at 100.00	BBB	168,845
		Series 2012A, 5.500%, 8/15/47
350		California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects	8/22 at 100.00	A1	396,505
		Series 2012B, 7.250%, 8/15/47
		California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Windsor Mobile Country
		Club Series 2013A:
2,000		5.625%, 11/15/33	11/23 at 100.00	BBB	2,223,880
8,000		6.000%, 11/15/48	11/23 at 100.00	BBB	9,041,040
		California Municipal Finance Authority, Mobile Home Park Senior Revenue Bonds, Caritas
		Affordable Housing, Inc. Projects, Series 2014A:
260		5.250%, 8/15/39	8/24 at 100.00	BBB	288,824
705		5.250%, 8/15/49	8/24 at 100.00	BBB	777,664
3,285		Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho	4/23 at 100.00	A–	3,498,525
		Vallecitos Mobile Home Park, Series 2013, 5.000%, 4/15/38
		La Verne, California, Mobile Home Park Revenue Bonds, Copacabana Mobile Home Park, Refunding
		Series 2014:
670		5.000%, 6/15/44	6/24 at 100.00	A	719,553
185		5.000%, 6/15/49	6/24 at 100.00	A	197,312
950		Poway, California, Housing Revenue Bonds, Revenue Bonds, Poinsettia Mobile Home Park, Series	2/17 at 100.00	AA–	951,938
		2003, 5.000%, 5/01/23
17,035		Total Housing/Multifamily			18,786,833
		Long-Term Care – 1.3% (0.8% of Total Investments)
3,000		ABAG Finance Authority for Non-Profit Corporations, California, Cal-Mortgage Insured Revenue	5/20 at 100.00	AA–	3,326,580
		Bonds, Channing House, Series 2010, 6.125%, 5/15/40
2,250		California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for	2/21 at 100.00	AA–	2,589,075
		Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26
1,300		California Health Facilities Financing Authority, Revenue Bonds, Northern California	7/25 at 100.00	AA–	1,410,357
		Presbyterian Homes & Services Inc., Refunding Series 2015, 5.000%, 7/01/39
1,500		California Statewide Communities Development Authority, Revenue Bonds, Front Porch	4/17 at 100.00	BBB+	1,507,845
		Communities and Services Project, Series 2007A, 5.125%, 4/01/37
8,050		Total Long-Term Care			8,833,857
		Tax Obligation/General – 31.3% (19.8% of Total Investments)
3,000		Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds,	8/22 at 100.00	Aa2	3,425,880
		Refunding Series 2012A, 5.000%, 8/01/29 – AGM Insured
4,000		Antelope Valley Community College District, Los Angeles County, California, General Obligation	2/25 at 100.00	Aa2	4,437,920
		Bonds, Refunding Series 2015, 5.000%, 8/01/39
1,000		California State, General Obligation Bonds, Refunding Series 2011, 5.250%, 9/01/25	9/21 at 100.00	AA–	1,147,600
1,600		California State, General Obligation Bonds, Refunding Various Purpose Series 2015,	9/25 at 100.00	AA–	1,815,648
		5.000%, 9/01/32
6,195		California State, General Obligation Bonds, Refunding Various Purpose Series 2016,	8/26 at 100.00	AA–	7,160,429
		5.000%, 8/01/30
4,910		California State, General Obligation Bonds, Various Purpose Refunding Series 2014,	10/24 at 100.00	AA–	5,561,704
		5.000%, 10/01/32
5,000		California State, General Obligation Bonds, Various Purpose Refunding Series 2015,	2/25 at 100.00	AA–	5,653,800
		5.000%, 8/01/31
		California State, General Obligation Bonds, Various Purpose Series 2009:
2,350		6.000%, 11/01/39	11/19 at 100.00	AA–	2,619,240
1,300		5.500%, 11/01/39	11/19 at 100.00	AA–	1,424,761
6,000		California State, General Obligation Bonds, Various Purpose Series 2010, 6.000%, 3/01/33	3/20 at 100.00	AA–	6,790,860
		California State, General Obligation Bonds, Various Purpose Series 2011:
2,000		5.000%, 9/01/31	No Opt. Call	AA–	2,251,340
4,090		5.000%, 9/01/41	9/21 at 100.00	AA–	4,522,190
2,625		5.000%, 10/01/41	10/21 at 100.00	AA–	2,913,251
		California State, General Obligation Bonds, Various Purpose Series 2013:
3,500		5.000%, 4/01/37	4/23 at 100.00	AA–	3,862,810
2,000		5.000%, 2/01/43	No Opt. Call	AA–	2,191,800
5,520		5.000%, 11/01/43	11/23 at 100.00	AA–	6,106,942
		California State, General Obligation Bonds, Various Purpose Series 2014:
2,460		5.000%, 10/01/39	10/24 at 100.00	AA–	2,739,407
9,000		5.000%, 12/01/43	12/23 at 100.00	AA–	9,967,500
9,000		5.000%, 10/01/44	10/24 at 100.00	AA–	9,989,460
		California State, General Obligation Bonds, Various Purpose Series 2015:
8,000		5.000%, 3/01/45	3/25 at 100.00	AA–	8,829,120
2,000		5.000%, 8/01/45	8/25 at 100.00	AA–	2,216,260
20,750		Coachella Valley Unified School District, Riverside County, California, General Obligation	No Opt. Call	AA	6,162,543
		Bonds, Election 2005 Series 2010C, 0.000%, 8/01/43 – AGM Insured
8,295		Los Angeles Community College District, California, General Obligation Bonds, Refunding Series	8/24 at 100.00	AA+	9,534,024
		2015A, 5.000%, 8/01/30
5,000		Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds,	No Opt. Call	Aa2	5,719,450
		Refunding Series 2014C, 5.000%, 7/01/29
4,500		Mount Diablo Unified School District, Contra Costa County, California, General Obligation	8/25 at 100.00	AA	3,939,660
		Bonds, Series 2010A, 0.000%, 8/01/30 – AGM Insured (5)
		Peralta Community College District, Alameda County, California, General Obligation Bonds,
		Refunding Series 2016A:
3,485		5.000%, 8/01/33	8/25 at 100.00	AAA	3,919,963
2,000		5.000%, 8/01/34	8/25 at 100.00	AAA	2,244,820
1,125		San Diego Unified School District, San Diego County, California, General Obligation Bonds,	No Opt. Call	Aa2	1,006,346
		Election of 1998, Series 1999A, 0.000%, 7/01/21 – FGIC Insured
11,980		San Diego Unified School District, San Diego County, California, General Obligation Bonds,	No Opt. Call	Aa2	6,723,176
		Refunding Series 2012R-1, 0.000%, 7/01/31
1,500		San Juan Capistano, California, General Obligation Bonds, Open Space Program, Tender Option	8/19 at 100.00	AAA	1,982,040
		Bond Trust 2015-XF0048, 16.467%, 8/01/40 (IF)
2,870		Sanger Unified School District, Fresno County, California, General Obligation Bonds, Election	8/24 at 100.00	AA	3,147,127
		2012, Series 2014B, 5.000%, 8/01/39 – AGM Insured
10,000		Southwestern Community College District, San Diego County, California, General Obligation	No Opt. Call	Aa2	3,220,900
		Bonds, Election of 2008, Series 2011C, 0.000%, 8/01/41
		Stockton Unified School District, San Joaquin County, California, General Obligation Bonds,
		Election 2008 Series 2011D:
23,280		7.400%, 8/01/47 – AGC Insured	8/37 at 100.00	AA	18,547,640
38,845		0.000%, 8/01/50 – AGM Insured (5)	8/37 at 100.00	AA	31,147,473
15,780		Sylvan Union School District, Stanislaus County, California, General Obligation Bonds,	No Opt. Call	AA	9,515,340
		Election of 2006, Series 2010, 0.000%, 8/01/49 – AGM Insured (5)
5,000		Walnut Valley Unified School District, Los Angeles County, California, General Obligation	8/24 at 100.00	Aa2	5,564,400
		Bonds, Election 2007 Measure S, Series 2014C, 5.000%, 8/01/39
3,905		West Kern Community College District, California, General Obligation Bonds, Election 2004,	11/17 at 100.00	A+	3,998,134
		Series 2007C, 5.000%, 10/01/32 – SYNCORA GTY Insured
8,345		Yosemite Community College District, California, General Obligation Bonds, Capital	No Opt. Call	Aa2	5,132,258
		Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (5)
4,000		Yosemite Community College District, California, General Obligation Bonds, Refunding Series	No Opt. Call	Aa2	4,537,920
		2015, 5.000%, 8/01/32
1,000		Yuba Community College District, California, General Obligation Bonds, Election 2006 Series	8/21 at 100.00	Aa2	1,116,560
		2011C, 5.250%, 8/01/47
257,210		Total Tax Obligation/General			222,787,696
		Tax Obligation/Limited – 38.7% (24.4% of Total Investments)
2,000		Baldwin Park Public Financing Authority, California, Sales Tax and Tax Allocation Bonds,	8/17 at 100.00	BBB	2,015,480
		Puente Merced Redevelopment Project, Series 2003, 5.250%, 8/01/21
655		Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19C,	9/23 at 100.00	N/R	713,871
		Series 2013A, 5.000%, 9/01/27
1,000		Bell Community Redevelopment Agency, California, Tax Allocation Bonds, Bell Project Area,	2/17 at 100.00	AA	1,001,620
		Series 2003, 5.625%, 10/01/33 – RAAI Insured
7,895		Brea and Olinda Unified School District, Orange County, California, Certificates of	2/17 at 100.00	AA	7,922,159
		Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured
3,000		California Infrastructure and Economic Development Bank, Infrastructure State Revolving Fund	10/26 at 100.00	AAA	3,430,680
		Revenue Bonds, Series 2016A, 5.000%, 10/01/41
		California Infrastructure and Economic Development Bank, Revenue Bonds, North County Center
		for Self-Sufficiency Corporation, Series 2004:
1,215		5.000%, 12/01/19 – AMBAC Insured	2/17 at 100.00	AA	1,219,095
1,535		5.000%, 12/01/20 – AMBAC Insured	2/17 at 100.00	AA	1,540,158
1,615		5.000%, 12/01/21 – AMBAC Insured	2/17 at 100.00	AA	1,620,426
1,695		5.000%, 12/01/22 – AMBAC Insured	2/17 at 100.00	AA	1,700,695
1,780		5.000%, 12/01/23 – AMBAC Insured	2/17 at 100.00	AA	1,785,981
1,865		5.000%, 12/01/24 – AMBAC Insured	2/17 at 100.00	AA	1,871,266
7,000		California State Public Works Board, Lease Revenue Bonds, Department of Corrections &	9/23 at 100.00	A+	8,132,320
		Rehabilitation, Various Correctional Facilities Series 2013F, 5.250%, 9/01/31
		California State Public Works Board, Lease Revenue Bonds, Department of Education, Riverside
		Campus Project, Series 2012H:
2,790		5.000%, 4/01/30	No Opt. Call	A+	3,105,354
2,065		5.000%, 4/01/31	No Opt. Call	A+	2,295,144
3,740		California State Public Works Board, Lease Revenue Bonds, Department of Veterans Affairs,	5/17 at 100.00	A+	3,754,362
		Southern California Veterans Home – Chula Vista Facility, Series 1999A, 5.600%, 11/01/19 –
		AMBAC Insured
20,330		California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, New	10/24 at 100.00	A+	22,565,078
		Stockton Courthouse, Series 2014B, 5.000%, 10/01/39
1,990		California State Public Works Board, Lease Revenue Bonds, Judicial Council of California,	No Opt. Call	A+	2,211,686
		Various Projects Series 2013A, 5.000%, 3/01/33
5,000		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series	10/19 at 100.00	A+	5,515,750
		2009G-1, 5.750%, 10/01/30
3,020		Chino Redevelopment Agency, California, Merged Chino Redevelopment Project Area Tax Allocation	9/17 at 100.00	A	3,057,327
		Bonds, Series 2006, 5.000%, 9/01/38 – AMBAC Insured
		Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds,
		Redevelopment Projects, Second Lien Series 2010B:
1,230		5.000%, 8/01/25	8/20 at 100.00	N/R	1,268,561
530		5.750%, 8/01/26	8/20 at 100.00	N/R	558,509
3,145		Culver City Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment	2/17 at 100.00	AA–	3,148,271
		Project, Series 2002A, 5.125%, 11/01/25 – NPFG Insured
		El Monte, California, Senior Lien Certificates of Participation, Department of Public Services
		Facility Phase II, Series 2001:
7,185		5.000%, 1/01/21 – AMBAC Insured	1/17 at 100.00	Aa3	7,382,588
5,000		5.250%, 1/01/34 – AMBAC Insured	1/17 at 100.00	Aa3	5,150,650
350		Fontana Redevelopment Agency, San Bernardino County, California, Tax Allocation Bonds, Jurupa	4/17 at 100.00	A	354,680
		Hills Redevelopment Project, Refunding Series 1997A, 5.500%, 10/01/27
1,000		Fullerton Community Facilities District 1, California, Special Tax Bonds, Amerige Heights,	9/22 at 100.00	A–	1,080,200
		Refunding Series 2012, 5.000%, 9/01/32
33,000		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement	6/25 at 100.00	A+	35,804,338
		Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/45
1,000		Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement	6/23 at 100.00	A+	1,114,860
		Asset-Backed Revenue Bonds, Series 2013A, 5.000%, 6/01/30
7,500		Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D, 5.000%, 11/15/28	11/25 at 100.00	A	8,244,375
425		Hesperia Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2005A,	2/17 at 100.00	BBB	425,225
		5.000%, 9/01/35 – SYNCORA GTY Insured
3,345		Hesperia Public Financing Authority, California, Redevelopment and Housing Projects Tax	9/17 at 100.00	N/R	3,367,880
		Allocation Bonds, Series 2007A, 5.000%, 9/01/37 – SYNCORA GTY Insured
2,115		Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment	No Opt. Call	N/R	2,309,665
		Project, Refunding Series 1998A, 5.250%, 5/01/23 – AMBAC Insured
		Inglewood Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment
		Project, Subordinate Lien Series 2007A-1:
1,985		5.000%, 5/01/24 – AMBAC Insured	5/17 at 100.00	BBB+	2,000,185
710		5.000%, 5/01/25 – AMBAC Insured	5/17 at 100.00	BBB+	714,771
		Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills
		Improvement Area D, Series 2014A:
1,140		5.500%, 9/01/33	9/23 at 100.00	N/R	1,237,196
2,105		5.750%, 9/01/44	9/23 at 100.00	N/R	2,283,799
1,375		Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Refunding	9/25 at 100.00	N/R	1,445,868
		Series 2015, 5.000%, 9/01/40
2,000		Lammersville Joint Unified School District, California, Community Facilities District 2007-1,	9/23 at 100.00	N/R	2,309,420
		Mountain House – Shea Homes, Improvement Area 1 Special Tax Bonds, Series 2013,
		6.000%, 9/01/38
		Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Redevelopment
		Project Areas Housing Programs, Subordinate Refunding Series 2003:
2,505		4.750%, 8/01/23 – NPFG Insured	8/17 at 100.00	AA–	2,528,647
2,425		4.750%, 8/01/27 – NPFG Insured	2/17 at 101.00	AA–	2,438,459
1,000		Lathrop, California, Limited Obligation Improvement Bonds, Crossroads Assessment District,	9/25 at 100.00	N/R	986,240
		Series 2015, 5.000%, 9/02/40
6,190		Los Angeles Community Redevelopment Agency, California, Lease Revenue Bonds, Vermont	2/17 at 100.00	Aa3	6,206,837
		Manchester Social Services Project, Series 2005, 5.000%, 9/01/37 – AMBAC Insured
1,500		Los Osos, California, Improvement Bonds, Community Services Wastewater Assessment District 1,	3/17 at 100.00	AA–	1,502,520
		Series 2002, 5.000%, 9/02/33 – NPFG Insured
475		Lynwood Redevelopment Agency, California, Project A Revenue Bonds, Subordinate Lien Series	9/21 at 100.00	A–	569,672
		2011A, 7.250%, 9/01/38
9,270		Moreno Valley Community Redevelopment Agency, California, Tax Allocation Bonds, Series 2007A,	8/17 at 100.00	A–	9,470,696
		5.000%, 8/01/38 – AMBAC Insured
3,230		Murrieta Redevelopment Agency, California, Tax Allocation Bonds, Series 2005, 5.000%, 8/01/35 –	2/17 at 100.00	AA–	3,239,625
		NPFG Insured
170		National City Community Development Commission, California, Tax Allocation Bonds, National	8/21 at 100.00	A	202,897
		City Redevelopment Project, Series 2011, 6.500%, 8/01/24
65		Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment	9/21 at 100.00	BBB+	75,791
		Project, Series 2011, 6.750%, 9/01/40
2,810		Oakland Joint Powers Financing Authority, California, Lease Revenue Bonds, Administration	8/18 at 100.00	AA	2,969,130
		Building Projects, Series 2008B, 5.000%, 8/01/21 – AGC Insured
5,000		Palm Desert Financing Authority, California, Tax Allocation Revenue Bonds, Project Area 1,	4/17 at 100.00	AA–	5,059,200
		Refunding Series 2002, 5.000%, 4/01/25 – NPFG Insured
590		Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District	9/23 at 100.00	N/R	633,312
		2001-1, Subordinate Lien Series 2013B , 5.875%, 9/01/39
		Patterson Public Financing Authority, California, Revenue Bonds, Community Facilities District
		2001-1, Senior Series 2013A:
3,800		5.250%, 9/01/30	9/23 at 100.00	N/R	4,036,816
3,415		5.750%, 9/01/39	9/23 at 100.00	N/R	3,637,077
2,000		Perris Joint Powers Authority, California, Local Agency Revenue Bonds, Community Facilities	9/23 at 100.00	N/R	2,166,120
		District 2001-1 May Farms Improvement Area 1, 2 and 3, Refunding Series 2014A,
		5.375%, 9/01/33
		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
5,000		0.000%, 8/01/44 – NPFG Insured	No Opt. Call	AA–	1,055,850
7,200		0.000%, 8/01/45 – NPFG Insured	No Opt. Call	AA–	1,437,336
1,115		Rio Elementary School District, California, Special Tax Bonds, Community Facilities District 1,	9/23 at 100.00	N/R	1,203,464
		Series 2013, 5.500%, 9/01/39
40		Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project	10/21 at 100.00	A	47,139
		Area, Series 2011B, 6.500%, 10/01/25
		Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 Scott
		Road, Series 2013:
660		5.000%, 9/01/32	9/22 at 100.00	N/R	697,052
1,775		5.000%, 9/01/42	9/22 at 100.00	N/R	1,848,627
1,000		Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community	2/17 at 100.00	AA–	1,003,240
		Facilities District 1, Series 2004, 5.000%, 9/01/25 – NPFG Insured
4,475		Roseville Finance Authority, California, Special Tax Revenue Bonds, Series 2007A, 5.000%,	9/17 at 100.00	N/R	4,501,447
		9/01/33 – AMBAC Insured
1,500		Roseville, California, Special Tax Bonds, Community Facilities District 1 Fiddyment Ranch,	3/17 at 100.00	N/R	1,504,395
		Series 2005, 5.050%, 9/01/30
400		Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding	9/25 at 100.00	N/R	427,136
		Series 2015, 5.000%, 9/01/33
1,050		Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993A,	No Opt. Call	AA–	1,133,549
		5.400%, 11/01/20 – NPFG Insured
2,105		Sacramento City Financing Authority, California, Lease Revenue Refunding Bonds, Series 1993B,	No Opt. Call	A+	2,267,190
		5.400%, 11/01/20
2,155		San Bernardino Joint Powers Financing Authority, California, Certificates of Participation	3/17 at 100.00	AA–	2,147,242
		Refunding, Police Station Financing Project, Series 1999, 5.500%, 9/01/20 – NPFG Insured
215		San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1	9/25 at 100.00	N/R	226,081
		Marblehead Coastal, Series 2015, 5.000%, 9/01/40
1,000		San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds,	4/22 at 100.00	AAA	1,107,790
		Refunding Series 2012A, 5.000%, 4/01/42
1,480		San Diego Redevelopment Agency, California, Subordinate Lien Tax Increment and Parking Revenue	2/17 at 100.00	AA–	1,485,062
		Bonds, Centre City Project, Series 2003B, 5.250%, 9/01/26
690		San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax	No Opt. Call	N/R	728,150
		Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements,
		Refunding Series 2014, 5.000%, 8/01/39
2,700		San Francisco City and County Redevelopment Financing Authority, California, Tax Allocation	No Opt. Call	AA–	2,101,923
		Revenue Bonds, San Francisco Redevelopment Projects, Series 1998D, 0.000%, 8/01/24 –
		NPFG Insured
2,000		San Francisco City and County, California, Certificates of Participation, Multiple Capital	4/19 at 100.00	AA	2,159,360
		Improvement Projects, Series 2009A, 5.200%, 4/01/26
380		San Francisco, California, Community Facilities District 6, Mission Bay South Public	8/22 at 100.00	N/R	402,944
		Improvements, Special Tax Refunding Bonds, Series 2013A, 5.000%, 8/01/33
5,150		San Jacinto Unified School District, Riverside County, California, Certificates of	9/20 at 100.00	AA	5,639,559
		Participation, Series 2010, 5.375%, 9/01/40 – AGC Insured
4,000		San Jose Financing Authority, California, Lease Revenue Refunding Bonds, Convention Center	2/17 at 100.00	AA	4,013,560
		Project, Series 2001F, 5.000%, 9/01/19 – NPFG Insured
360		San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment	8/17 at 100.00	BBB+	369,144
		Project, Refunding Series 2006D, 5.000%, 8/01/23 – AMBAC Insured
		San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
		Project, Series 2005A:
3,310		5.000%, 8/01/20 – NPFG Insured	2/17 at 100.00	AA–	3,320,890
5,025		5.000%, 8/01/28 – NPFG Insured	2/17 at 100.00	AA–	5,041,281
		San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment
		Project, Series 2006C:
100		5.000%, 8/01/24 – NPFG Insured	8/17 at 100.00	AA–	102,553
1,110		5.000%, 8/01/25 – NPFG Insured	8/17 at 100.00	AA–	1,138,194
1,000		San Marcos Public Facilities Authority, California, Special Tax Revenue Bonds, Refunding	9/22 at 100.00	N/R	1,049,300
		Series 2012D, 5.000%, 9/01/36
50		Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011,	4/21 at 100.00	N/R	57,057
		7.000%, 10/01/26
3,500		Stockton Public Financing Authority, California, Lease Revenue Bonds, Series 2004, 5.250%,	2/17 at 100.00	AA–	3,439,450
		9/01/34 – FGIC Insured
		Sweetwater Union High School District Public Financing Authority, California, Special Tax
		Revenue Bonds, Series 2005A:
2,430		5.000%, 9/01/25 – AGM Insured	2/17 at 100.00	AA	2,437,873
3,115		5.000%, 9/01/28 – AGM Insured	2/17 at 100.00	AA	3,125,093
2,980		Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities	3/17 at 100.00	N/R	2,753,520
		District 03-02 Roripaugh, Series 2006, 5.500%, 9/01/36
2,160		Temecula Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment	2/17 at 100.00	AA–	2,190,283
		Project 1, Series 2002, 5.125%, 8/01/27 – NPFG Insured
4,500		Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series	No Opt. Call	AA	4,775,220
		2012A, 5.000%, 10/01/32 – AGM Insured
1,020		Washington Unified School District, Yolo County, California, Certificates of Participation,	8/17 at 100.00	A	1,040,308
		Series 2007, 5.125%, 8/01/37 – AMBAC Insured
		West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities
		District 2015-1 Arambel-KDN, Refunding Series 2015:
350		5.250%, 9/01/35	9/25 at 100.00	N/R	346,948
790		5.250%, 9/01/45	9/25 at 100.00	N/R	767,114
4,235		West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014,	9/22 at 102.00	N/R	4,662,566
		5.500%, 9/01/31
95		Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds,	9/21 at 100.00	A–	109,978
		Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26
271,995		Total Tax Obligation/Limited			275,247,400
		Transportation – 7.7% (4.9% of Total Investments)
		Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second
		Subordinate Lien Series 2016B:
1,150		5.000%, 10/01/34	10/26 at 100.00	BBB+	1,259,354
7,855		5.000%, 10/01/36	10/26 at 100.00	BBB+	8,428,651
1,115		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series	4/23 at 100.00	AA–	1,234,316
		2013S-4, 5.250%, 4/01/48
6,750		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,	1/24 at 100.00	BB+	7,690,343
		Refunding Junior Lien Series 2013C, 6.500%, 1/15/43
		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds,
		Refunding Series 2013A:
14,885		5.750%, 1/15/46	1/24 at 100.00	BBB–	16,405,800
14,885		6.000%, 1/15/53	1/24 at 100.00	BBB–	16,699,333
		Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
		Airport, Senior Lien Series 2015E:
150		5.000%, 5/15/31	5/25 at 100.00	AA	170,985
1,270		5.000%, 5/15/34	5/25 at 100.00	AA	1,428,191
1,345		5.000%, 5/15/36	5/25 at 100.00	AA	1,507,261
49,405		Total Transportation			54,824,234
		U.S. Guaranteed – 23.7% (15.0% of Total Investments) (6)
3,830		Antelope Valley Healthcare District, California, Revenue Bonds, Series 2011A, 6.875%, 3/01/26	3/21 at 100.00	Ba3 (6)	4,375,507
		(Pre-refunded 3/01/21)
220		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Tender	4/18 at 100.00	AA (6)	274,215
		Option Bond Trust 3211, 12.595%, 4/01/39 (Pre-refunded 4/01/18) (IF)
3,000		California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San	No Opt. Call	Aaa	3,487,230
		Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/22 – AGM Insured (ETM)
2,250		California Infrastructure and Economic Development Bank, First Lien Revenue Bonds, San	1/28 at 100.00	Aaa	2,767,163
		Francisco Bay Area Toll Bridge, Series 2003A, 5.000%, 7/01/36 (Pre-refunded 1/01/28) –
		AMBAC Insured
80		California Municipal Financing Authority, Certificates of Participation, Community Hospitals	2/17 at 100.00	N/R (6)	80,589
		of Central California, Series 2007, 5.250%, 2/01/46 (Pre-refunded 2/01/17)
1,112		California State Public Works Board, Lease Revenue Bonds, University of California Regents,	3/18 at 100.00	Aaa (6)	1,220,376
		Tender Option Bond Trust 2016-XG0003, 8.795%, 3/01/33 (Pre-refunded 3/01/18) (IF) (7)
2,000		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series	11/19 at 100.00	A+ (6)	2,282,580
		2009-I, 6.375%, 11/01/34 (Pre-refunded 11/01/19)
4,920		California Statewide Communities Development Authority, Revenue Bonds, Saint Joseph Health	7/18 at 100.00	AA (6)	6,199,947
		System, Tender Option Bond Trust 2016-XG0041, 17.286%, 7/01/47 (Pre-refunded 7/01/18) –
		AGM Insured (IF)
1,815		California Statewide Communities Development Authority, Revenue Bonds, ValleyCare Health	7/17 at 100.00	AA+ (6)	1,863,225
		System, Series 2007A, 5.125%, 7/15/31 (Pre-refunded 7/15/17)
2,680		California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital	8/19 at 100.00	N/R (6)	3,056,084
		Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
7,555		California Statewide Community Development Authority, Revenue Bonds, St. Joseph Health System,	7/18 at 100.00	AA– (6)	8,105,760
		Series 2007A, 5.750%, 7/01/47 (Pre-refunded 7/01/18) – FGIC Insured
10,000		California Statewide Community Development Authority, Revenue Bonds, Sutter Health, Series	8/17 at 100.00	AA– (6)	10,291,800
		2003A, 5.000%, 8/15/38 (Pre-refunded 8/15/17) – AMBAC Insured
550		Central Unified School District, Fresno County, California, General Obligation Bonds, Series	3/17 at 100.00	N/R (6)	556,314
		1993, 5.625%, 3/01/18 – AMBAC Insured (ETM)
12,050		Coast Community College District, Orange County, California, General Obligation Bonds, Series	8/18 at 100.00	Aa1 (6)	12,821,321
		2006C, 5.000%, 8/01/31 (Pre-refunded 8/01/18) – AGM Insured
2,500		Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds,	8/18 at 100.00	AA (6)	2,675,475
		Election 2006 Series 2009B, 5.375%, 2/01/34 (Pre-refunded 8/01/18) – AGC Insured
		East Side Union High School District, Santa Clara County, California, General Obligation
		Bonds, 2008 Election Series 2010B:
3,490		5.000%, 8/01/27 (Pre-refunded 8/01/19) – AGC Insured	8/19 at 100.00	AA (6)	3,818,304
3,545		5.000%, 8/01/28 (Pre-refunded 8/01/19) – AGC Insured	8/19 at 100.00	AA (6)	3,878,478
3,110		5.000%, 8/01/29 (Pre-refunded 8/01/19) – AGC Insured	8/19 at 100.00	AA (6)	3,402,558
7,100		Fontana Unified School District, San Bernardino County, California, General Obligation Bonds,	8/18 at 100.00	AA (6)	8,069,860
		Tender Option Bond Trust 2015-XF0111, 9.102%, 8/01/28 (Pre-refunded 8/01/18) – AGM Insured (IF)
5,000		Grossmont Healthcare District, California, General Obligation Bonds, Series 2007A, 5.000%,	7/17 at 100.00	Aaa	5,130,150
		7/15/37 (Pre-refunded 7/15/17) – AMBAC Insured
1,700		Hesperia Unified School District, San Bernardino County, California, Certificates of	2/17 at 100.00	A (6)	1,712,053
		Participation, Capital Improvement, Series 2007, 5.000%, 2/01/41 (Pre-refunded 2/01/17) –
		AMBAC Insured
6,000		Huntington Park Redevelopment Agency, California, Single Family Residential Mortgage Revenue	No Opt. Call	Aaa	7,153,920
		Refunding Bonds, Series 1986A, 8.000%, 12/01/19 (ETM)
		Irvine Unified School District, California, Special Tax Bonds, Community Facilities District
		Series 2006A:
75		5.000%, 9/01/26 (Pre-refunded 9/01/18)	9/18 at 100.00	N/R (6)	75,661
175		5.125%, 9/01/36 (Pre-refunded 9/01/18)	9/18 at 100.00	N/R (6)	175,919
760		Loma Linda, California, Hospital Revenue Bonds, Loma Linda University Medical Center, Series	12/17 at 100.00	BB (6)	815,944
		2008A, 8.250%, 12/01/38 (Pre-refunded 12/01/17)
3,000		Murrieta Valley Unified School District, Riverside County, California, General Obligation	9/17 at 100.00	AA (6)	3,080,940
		Bonds, Series 2007, 4.500%, 9/01/30 (Pre-refunded 9/01/17) – AGM Insured
		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009:
9,250		6.625%, 11/01/29 (Pre-refunded 11/01/19)	11/19 at 100.00	Ba1 (6)	10,557,118
7,500		6.750%, 11/01/39 (Pre-refunded 11/01/19)	11/19 at 100.00	Ba1 (6)	8,586,450
540		Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community	9/18 at 100.00	BB+ (6)	589,907
		Development Project, Refunding Series 2008A, 6.500%, 9/01/28 (Pre-refunded 9/01/18)
210		Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series	9/21 at 100.00	A– (6)	247,370
		2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21)
9,000		San Diego County Water Authority, California, Water Revenue Certificates of Participation,	5/18 at 100.00	AAA	9,497,340
		Series 2008A, 5.000%, 5/01/38 (Pre-refunded 5/01/18) – AGM Insured
30		San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds,	2/21 at 100.00	A– (6)	36,020
		Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21)
		San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds,
		Mission Bay South Redevelopment Project, Series 2011D:
30		7.000%, 8/01/33 (Pre-refunded 2/01/21)	2/21 at 100.00	BBB+ (6)	36,321
40		7.000%, 8/01/41 (Pre-refunded 2/01/21)	2/21 at 100.00	BBB+ (6)	48,428
5,000		San Jacinto Unified School District, Riverside County, California, General Obligation Bonds,	8/17 at 100.00	AA (6)	5,144,150
		Series 2007, 5.250%, 8/01/32 (Pre-refunded 8/01/17) – AGM Insured
325		San Mateo Union High School District, San Mateo County, California, Certificates of	12/17 at 100.00	N/R (6)	338,936
		Participation, Phase 1, Series 2007A, 5.000%, 12/15/30 (Pre-refunded 12/15/17) – AMBAC Insured
		San Ysidro School District, San Diego County, California, General Obligation Bonds, 1997
		Election Series 2011F:
7,230		0.000%, 8/01/42 (Pre-refunded 8/01/21) – AGM Insured	8/21 at 21.00	AA (6)	1,374,134
10,740		0.000%, 8/01/43 (Pre-refunded 8/01/21) – AGM Insured	8/21 at 19.43	AA (6)	1,889,273
21,225		0.000%, 8/01/44 (Pre-refunded 8/01/21) – AGM Insured	8/21 at 17.98	AA (6)	3,455,006
12,550		0.000%, 8/01/45 (Pre-refunded 8/01/21) – AGM Insured	8/21 at 16.64	AA (6)	1,890,030
23,425		0.000%, 8/01/46 (Pre-refunded 8/01/21) – AGM Insured	8/21 at 15.39	AA (6)	3,263,337
9,085		Santa Clara County Financing Authority, California, Insured Revenue Bonds, El Camino Hospital,	8/17 at 100.00	A+ (6)	9,381,080
		Series 2007A, 5.750%, 2/01/41 (Pre-refunded 8/01/17) – AMBAC Insured
2,000		Sierra View Local Health Care District, California, Revenue Bonds, Series 2007, 5.250%,	7/17 at 100.00	N/R (6)	2,051,320
		7/01/37 (Pre-refunded 7/01/17)
1,000		The Regents of the University of California, Medical Center Pooled Revenue Bonds, Series	5/17 at 101.00	Aaa	1,029,150
		2009E, 5.000%, 5/15/38 (Pre-refunded 5/15/17)
		Tustin Community Redevelopment Agency, California, Tax Allocation Housing Bonds Series 2010:
1,205		5.000%, 9/01/30 (Pre-refunded 9/01/20) – AGM Insured	9/20 at 100.00	AA (6)	1,352,673
3,250		5.250%, 9/01/39 (Pre-refunded 9/01/20) – AGM Insured	9/20 at 100.00	AA (6)	3,677,765
6,000		Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment	11/19 at 100.00	A2 (6)	6,820,800
		Project 1, Police Facility Subordinate Series 2009, 6.250%, 11/01/39 (Pre-refunded 11/01/19)
218,152		Total U.S. Guaranteed			168,637,981
		Utilities – 4.3% (2.7% of Total Investments)
		Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds,
		Series 2007A:
2,490		5.000%, 11/15/35	No Opt. Call	A	2,765,867
1,835		5.500%, 11/15/37	No Opt. Call	A	2,134,325
10,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series	7/22 at 100.00	Aa2	11,146,700
		2012B, 5.000%, 7/01/43
4,280		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series	7/23 at 100.00	Aa2	4,896,620
		2013B, 5.000%, 7/01/28
3,750		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Tender	7/22 at 100.00	Aa2	5,470,050
		Option Bond Trust 2015-XF2047, 16.202%, 7/01/43 (IF) (7)
1,000		Southern California Public Power Authority, California, Milford Wind Corridor Phase I Revenue	1/20 at 100.00	AA–	1,086,830
		Bonds, Series 2010-1, 5.000%, 7/01/28
2,975		Southern California Public Power Authority, California, Revenue Bonds, Apex Power Project	7/24 at 100.00	AA–	3,316,114
		Series 2014A, 5.000%, 7/01/37
26,330		Total Utilities			30,816,506
		Water and Sewer – 19.3% (12.2% of Total Investments)
13,200		Atwater Public Financing Authority, California, Wastewater Revenue Bonds, Series 2010, 5.125%,	5/19 at 100.00	AA	13,652,760
		5/01/40 – AGM Insured
11,600		Bay Area Water Supply and Conservation Agency, California, Revenue Bonds, Capital Cost	4/23 at 100.00	AA–	12,929,244
		Recovery Prepayment Program, Series 2013A, 5.000%, 10/01/34
		California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego
		County Water Authority Desalination Project Pipeline, Series 2012:
8,000		5.000%, 7/01/37	No Opt. Call	Baa3	8,095,280
12,200		5.000%, 11/21/45	No Opt. Call	Baa3	12,202,440
1,000		East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water	6/25 at 100.00	AAA	1,151,550
		System Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/31
3,000		Escondido Joint Powers Financing Authority, California, Revenue Bonds, Water System Financing,	3/22 at 100.00	AA–	3,319,740
		Series 2012, 5.000%, 9/01/41
2,250		Fortuna Public Finance Authority, California, Water Revenue Bonds, Series 2006, 5.000%,	2/17 at 100.00	AA	2,256,660
		10/01/36 – AGM Insured
		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Refunding
		Series 2016B:
1,000		5.000%, 7/01/32	1/26 at 100.00	AA+	1,144,310
3,775		5.000%, 7/01/35	1/26 at 100.00	AA+	4,271,979
3,225		5.000%, 7/01/42	1/26 at 100.00	AA+	3,609,291
16,000		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2012A,	7/22 at 100.00	AA+	17,762,560
		5.000%, 7/01/43
10,515		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2014A,	7/24 at 100.00	AA+	11,698,253
		5.000%, 7/01/44
		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2016A:
5,680		5.000%, 7/01/35	1/26 at 100.00	AA+	6,427,772
1,000		5.000%, 7/01/36	1/26 at 100.00	AA+	1,129,140
9,000		5.000%, 7/01/41	1/26 at 100.00	AA+	10,079,910
9,500		Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A,	6/25 at 100.00	AA+	10,584,520
		5.000%, 6/01/44
		Los Angeles, California, Wastewater System Revenue Bonds, Refunding Subordinate Lien
		Series 2013A:
2,000		5.000%, 6/01/34	6/23 at 100.00	AA	2,230,960
3,500		5.000%, 6/01/35	6/23 at 100.00	AA	3,897,635
1,500		Metropolitan Water District of Southern California, Water Revenue Bonds, Refunding Series	7/25 at 100.00	AAA	1,692,855
		2015A, 5.000%, 7/01/40
670		Metropolitan Water District of Southern California, Waterworks Revenue Bonds, Tender Option	7/19 at 100.00	AAA	892,815
		Bond Trust 2016-XL0015, 16.391%, 7/01/35 (IF) (7)
1,500		Placerville Public Financing Authority, California, Wastewater System Refinancing and	2/17 at 100.00	N/R	1,503,465
		Improvement Project Revenue Bonds, Series 2006, 5.000%, 9/01/34 – SYNCORA GTY Insured
2,500		Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds,	6/24 at 100.00	AA	2,803,350
		Sacramento Regional County Sanitation District, Series 2014A, 5.000%, 12/01/33
3,495		San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds,	8/26 at 100.00	Aa3	3,921,740
		Refunding Subordinate Lien Series 2016B, 5.000%, 8/01/39
126,110		Total Water and Sewer			137,258,229
$ 1,181,562		Total Long-Term Investments (cost $1,051,007,144)			1,126,291,429
		Institutional MuniFund Term Preferred Shares, at Liquidation Preference – (5.1)% (8)			(36,000,000)
		Variable Rate Demand Preferred Shares, at Liquidation Preference – (55.7)% (9)			(396,600,000)
		Other Assets Less Liabilities – 2.6%			18,470,494
		Net Assets Applicable to Common Shares – 100%			$  712,161,923

	Level 1	Level 2	Level 3	Total
Long-Term Investments:
Municipal Bonds	$ —	$1,126,291,429	$ —	$1,126,291,429

Gross unrealized:
Appreciation	$  87,799,251
Depreciation	(11,337,181)
Net unrealized appreciation (depreciation) of investments	$  76,462,070

(1)		All percentages shown in the Portfolio of Investments are based on net assets applicable to common
		shares unless otherwise noted.
(2)		Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
		There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities
		may be subject to periodic principal paydowns.
(3)		For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group
		(“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody's”) or Fitch, Inc. (“Fitch”) rating. This
		treatment of split-rated securities may differ from that used for other purposes, such as for Fund
		investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are
		considered to be below investment grade. Holdings designated N/R are not rated by any of these national
		rating agencies.
(4)		The coupon for this security increased 0.25% effective January 1, 2016 and will increase an additional
		0.25% effective May 11, 2016.
(5)		Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
(6)		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.
(7)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
		investment in inverse floating rate transactions.
(8)		Institutional MuniFund Term Preferred Shares, at Liquidation Preference as a percentage of Total
		Investments is 3.2%.
(9)		Variable Rate Demand Preferred Shares, at Liquidation Preference as a percentage of Total Investments
		is 35.2%.
(ETM)		Escrowed to maturity.
(IF)		Inverse floating rate investment.