Unassociated Document



 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY
 
Investment Company Act file number 811-06379
 
Nuveen Insured Municipal Opportunity Fund, Inc.
(Exact name of registrant as specified in charter)
 
Nuveen Investments
        333 West Wacker Drive, Chicago, Illinois 60606         
(Address of principal executive offices) (Zip code)
 

Kevin J. McCarthy
Vice President and Secretary
        333 West Wacker Drive, Chicago, Illinois 60606         
(Name and address of agent for service)
 
Registrant's telephone number, including area code:         312-917-7700        
 
Date of fiscal year end:            10/31          
 
Date of reporting period:         1/31/10         
 
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 Insured Municipal Opportunity Fund, Inc. (NIO)      
      January 31, 2010      
Principal   Optional Call    
Amount (000) Description (1) Provisions (2) Ratings (3) Value
  Alabama – 5.1% (3.3% of Total Investments)      
$    10,500  Birmingham Waterworks And Sewer Board, Alabama, Water and Sewer Revenue Bonds, Series 2007A,  1/17 at 100.00  AA+  $    9,865,485 
  4.500%, 1/01/43 – AMBAC Insured (UB)       
11,175  Hoover Board of Education, Alabama, Capital Outlay Tax Anticipation Warrants, Series 2001,  2/11 at 100.00  AA–  11,556,738 
  5.250%, 2/15/22 – NPFG Insured       
2,500  Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002B, 5.125%,  8/12 at 100.00  AAA  2,756,175 
  2/01/42 (Pre-refunded 8/01/12) – FGIC Insured       
  Jefferson County, Alabama, Sewer Revenue Capital Improvement Warrants, Series 2002D:       
425  5.000%, 2/01/38 (Pre-refunded 8/01/12) – FGIC Insured  8/12 at 100.00  AAA  457,899 
14,800  5.000%, 2/01/42 (Pre-refunded 8/01/12) – FGIC Insured  8/12 at 100.00  AAA  16,270,972 
18,760  Jefferson County, Alabama, Sewer Revenue Capitol Improvement Warrants, Series 2001A, 5.000%,  2/11 at 101.00  AAA  19,611,892 
  2/01/41 (Pre-refunded 2/01/11) – FGIC Insured       
10,195  Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 1997A, 5.375%, 2/01/27 –  4/10 at 100.00  Caa3  3,682,638 
  FGIC Insured       
5,240  Jefferson County, Alabama, Sewer Revenue Refunding Warrants, Series 2003B, 5.000%, 2/01/41  2/11 at 101.00  AAA  5,510,017 
  (Pre-refunded 2/01/11) – FGIC Insured       
73,595  Total Alabama      69,711,816 
  Alaska – 0.2% (0.1% of Total Investments)      
2,425  Alaska Housing Finance Corporation, Collateralized Veterans Mortgage Program Bonds, First  6/10 at 100.00  AAA  2,427,013 
  Series 1999A-1, 6.150%, 6/01/39       
  Arizona – 1.9% (1.2% of Total Investments)      
  Arizona State University, Certificates of Participation, Resh Infrastructure Projects,       
  Series 2005A:       
2,000  5.000%, 9/01/25 – AMBAC Insured  3/15 at 100.00  AA–  2,056,860 
2,000  5.000%, 9/01/27 – AMBAC Insured  3/15 at 100.00  AA–  2,042,220 
1,000  Arizona State University, System Revenue Bonds, Series 2005, 5.000%, 7/01/27 – AMBAC Insured  7/15 at 100.00  N/R  1,039,380 
1,000  Maricopa County Union High School District 210, Phoenix, Arizona, General Obligation Bonds,  7/14 at 100.00  AAA  1,157,330 
  Series 2004A, 5.000%, 7/01/22 (Pre-refunded 7/01/14) – AGM Insured       
5,200  Mesa, Arizona, Utility System Revenue Bonds, Reset Option Longs, Series 11032- 11034, 14.929%,  7/17 at 100.00  AAA  4,078,672 
  7/01/31 – AGM Insured (IF)       
1,150  Phoenix Civic Improvement Corporation, Arizona, Junior Lien Wastewater System Revenue Bonds,  7/14 at 100.00  AA+  1,181,130 
  Series 2004, 5.000%, 7/01/27 – NPFG Insured       
13,490  Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series  7/15 at 100.00  AAA  13,918,712 
  2005, 4.750%, 7/01/25 – NPFG Insured       
670  Pima County Industrial Development Authority, Arizona, Lease Obligation Revenue Refunding  4/10 at 100.00  Aa3  673,946 
  Bonds, Tucson Electric Power Company, Series 1988A, 7.250%, 7/15/10 – AGM Insured       
26,510  Total Arizona      26,148,250 
  Arkansas – 0.2% (0.1% of Total Investments)      
2,660  Arkansas State University, Student Fee Revenue Bonds, Beebe Campus, Series 2006, 5.000%,  9/15 at 100.00  A2  2,696,095 
  9/01/35 – AMBAC Insured       
  California – 25.9% (16.6% of Total Investments)      
5,600  Alameda Corridor Transportation Authority, California, Subordinate Lien Revenue Bonds, Series  No Opt. Call  A–  2,972,088 
  2004A, 0.000%, 10/01/20 – AMBAC Insured       
10,000  California Department of Veterans Affairs, Home Purchase Revenue Bonds, Series 2002A, 5.300%,  6/12 at 101.00  Aa2  10,142,600 
  12/01/21 – AMBAC Insured       
  California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A:       
30,000  5.375%, 5/01/17 (Pre-refunded 5/01/12) – SYNCORA GTY Insured  5/12 at 101.00  Aaa  33,415,200 
20,000  5.375%, 5/01/18 (Pre-refunded 5/01/12) – AMBAC Insured  5/12 at 101.00  Aaa  22,276,800 
  California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,       
  Series 2005AC:       
30  5.000%, 12/01/24 (Pre-refunded 12/01/14) – NPFG Insured  12/14 at 100.00  AAA  35,124 
25  5.000%, 12/01/27 (Pre-refunded 12/01/14) – MBIA Insured  12/14 at 100.00  AAA  29,270 
  California Department of Water Resources, Water System Revenue Bonds, Central Valley Project,       
  Series 2005:       
3,670  5.000%, 12/01/24 – NPFG Insured (UB)  12/14 at 100.00  AAA  3,875,593 
2,795  5.000%, 12/01/27 – MBIA Insured (UB)  12/14 at 100.00  AAA  2,922,340 
10,150  California, General Obligation Bonds, Series 2004, 5.000%, 6/01/31 – AMBAC Insured  12/14 at 100.00  A–  9,360,736 
3,500  Coachella Valley Unified School District, Riverside County, California, General Obligation  8/15 at 100.00  A  3,565,695 
  Bonds, Series 2005A, 5.000%, 8/01/26 – FGIC Insured       
20,000  Cucamonga County Water District, San Bernardino County, California, Certificates of  9/11 at 101.00  AA–  20,030,200 
  Participation, Water Shares Purchase, Series 2000, 5.125%, 9/01/35 – FGIC Insured       
5,750  East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water  6/15 at 100.00  AAA  6,087,410 
  System Subordinated Revenue Bonds, Series 2005A, 5.000%, 6/01/27 – NPFG Insured       
10,000  Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed  6/15 at 100.00  BBB+  8,632,500 
  Revenue Bonds, Series 2005A, 5.000%, 6/01/38 – FGIC Insured       
1,520  Hayward Redevelopment Agency, California, Downtown Redevelopment Project Tax Allocation Bonds,  3/16 at 100.00  A–  1,318,980 
  Series 2006, 5.000%, 3/01/36 – SYNCORA GTY Insured       
5,600  Kern Community College District, California, General Obligation Bonds, Series 2006, 0.000%,  No Opt. Call  AAA  2,343,376 
  11/01/24 – AGM Insured       
5,000  Long Beach Bond Financing Authority, California, Lease Revenue Refunding Bonds, Long Beach  11/11 at 101.00  BBB  4,670,100 
  Aquarium of the South Pacific, Series 2001, 5.250%, 11/01/30 – AMBAC Insured       
2,740  Los Angeles Harbors Department, California, Revenue Bonds, Series 2006A, 5.000%, 8/01/22 –  8/16 at 102.00  AA  2,763,427 
  FGIC Insured (Alternative Minimum Tax)       
20,000  Los Angeles Unified School District, California, General Obligation Bonds, Series 2003A,  7/13 at 100.00  AAA  20,795,400 
  5.000%, 7/01/21 – AGM Insured       
3,000  Los Angeles Unified School District, California, General Obligation Bonds, Series 2006F,  7/16 at 100.00  AA–  3,132,060 
  5.000%, 7/01/24 – FGIC Insured       
5,200  Palomar Pomerado Health, California, General Obligation Bonds, Series 2009A, 0.000%, 8/01/38 –  8/29 at 100.00  AAA  3,158,948 
  AGC Insured       
5,515  Port of Oakland, California, Revenue Bonds, Series 2002L, 5.000%, 11/01/22 – FGIC Insured  11/12 at 100.00  A2  5,304,272 
  (Alternative Minimum Tax)       
690  Port of Oakland, California, Revenue Bonds, Series 2002L, 5.000%, 11/01/22 (Pre-refunded  11/12 at 100.00  A2 (4)  768,239 
  11/01/12) – FGIC Insured       
  Poway Redevelopment Agency, California, Tax Allocation Bonds, Paguay Redevelopment Project,       
  Series 2001:       
15,000  5.200%, 6/15/30 – AMBAC Insured  12/11 at 101.00  N/R  13,931,250 
5,000  5.125%, 6/15/33 – AMBAC Insured  12/11 at 101.00  N/R  4,442,100 
2,035  Redding, California, Electric System Revenue Certificates of Participation, Series 2005,  6/15 at 100.00  A  1,878,427 
  5.000%, 6/01/30 – FGIC Insured       
6,000  Redlands Unified School District, San Bernardino County, California, General Obligation Bonds,  7/13 at 100.00  AAA  6,107,280 
  Series 2003, 5.000%, 7/01/26 – AGM Insured       
2,970  Riverside Community College District, California, General Obligation Bonds, Series 2005,  8/15 at 100.00  AAA  3,150,398 
  5.000%, 8/01/22 – AGM Insured       
2,500  Sacramento County Sanitation District Financing Authority, California, Revenue Bonds, Series  12/15 at 100.00  AA  2,630,150 
  2005B, 4.750%, 12/01/21 – FGIC Insured       
13,710  San Francisco Airports Commission, California, Revenue Refunding Bonds, San Francisco  5/11 at 100.00  A1  13,473,640 
  International Airport, Second Series 2001, Issue 27A, 5.250%, 5/01/26 – NPFG Insured       
  (Alternative Minimum Tax)       
3,030  San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series  7/11 at 100.00  AA+  3,064,057 
  2001, 5.125%, 7/01/36 – AMBAC Insured       
8,470  San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series  7/11 at 100.00  AA+ (4)  9,032,577 
  2001, 5.125%, 7/01/36 (Pre-refunded 7/01/11) – AMBAC Insured       
1,220  San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series  7/15 at 100.00  AA+  1,280,536 
  2005A, 5.000%, 7/01/22 – NPFG Insured       
2,105  San Francisco Unified School District, California, General Obligation Bonds, Series 2007A,  6/17 at 100.00  AAA  1,687,494 
  3.000%, 6/15/27 – AGM Insured       
66,685  San Joaquin Hills Transportation Corridor Agency, Orange County, California, Senior Lien Toll  No Opt. Call  AAA  44,776,977 
  Road Revenue Bonds, Series 1993, 0.000%, 1/01/21 (ETM)       
  San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue       
  Refunding Bonds, Series 1997A:       
31,615  5.250%, 1/15/30 – NPFG Insured  7/10 at 100.00  A  26,712,462 
21,500  0.000%, 1/15/32 – NPFG Insured  No Opt. Call  A  3,390,550 
12,525  San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment  8/10 at 101.00  A (4)  12,954,482 
  Project, Series 2002, 5.000%, 8/01/20 (Pre-refunded 8/01/10) – MBIA Insured       
19,595  San Jose Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment  8/17 at 100.00  A  15,496,118 
  Project, Series 2006C, 4.250%, 8/01/30 – NPFG Insured       
11,250  Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and  No Opt. Call  A  12,130,988 
  Housing Facility, Series 1994A, 6.250%, 7/01/24 – NPFG Insured       
6,785  Santa Clara Valley Water District, California, Water Revenue Bonds, Series 2006A, 3.750%,  6/16 at 100.00  AAA  6,591,628 
  6/01/25 – AGM Insured       
5,000  Walnut Energy Center Authority, California, Electric Revenue Bonds, Turlock Irrigation  1/14 at 100.00  A+  4,910,800 
  District, Series 2004A, 5.000%, 1/01/34 – AMBAC Insured       
407,780  Total California      355,242,272 
  Colorado – 5.8% (3.7% of Total Investments)      
1,080  Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 –  10/16 at 100.00  BBB  955,951 
  SYNCORA GTY Insured       
1,900  Aspen, Colorado, Sales Tax Revenue Bonds, Parks and Open Space, Series 2005B, 5.250%,  11/15 at 100.00  AAA  2,033,304 
  11/01/24 – AGM Insured       
1,000  Colorado Department of Transportation, Certificates of Participation, Series 2004, 5.000%,  6/14 at 100.00  AA–  1,041,180 
  6/15/25 – NPFG Insured       
4,950  Denver Convention Center Hotel Authority, Colorado, Senior Revenue Bonds, Convention Center  12/13 at 100.00  N/R (4)  5,615,280 
  Hotel, Series 2003A, 5.000%, 12/01/33 (Pre-refunded 12/01/13) – SYNCORA GTY Insured       
1,740  Douglas County School District RE1, Douglas and Elbert Counties, Colorado, General Obligation  12/14 at 100.00  Aa2  1,808,521 
  Bonds, Series 2005B, 5.000%, 12/15/28 – AGM Insured       
35,995  E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B, 0.000%,  No Opt. Call  A  15,570,357 
  9/01/23 – NPFG Insured       
30,800  E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000A, 5.750%, 9/01/35  9/10 at 102.00  AAA  32,410,840 
  (Pre-refunded 9/01/10) – NPFG Insured       
11,800  E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%, 9/01/15  9/10 at 74.80  Aaa  8,797,136 
  (Pre-refunded 9/01/10) – NPFG Insured       
10,000  E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004A, 0.000%, 9/01/27 –  No Opt. Call  A  3,229,700 
  NPFG Insured       
4,520  Jefferson County School District R1, Colorado, General Obligation Bonds, Series 2004,  12/14 at 100.00  AAA  4,764,170 
  5.000%, 12/15/24 (Pre-refunded 12/15/14) – AGM Insured (UB)       
2,500  Summit County School District RE-1, Summit, Colorado, General Obligation Bonds, Series 2004B,  12/14 at 100.00  Aa3  2,640,050 
  5.000%, 12/01/24 – FGIC Insured       
1,000  University of Colorado, Enterprise System Revenue Bonds, Series 2005, 5.000%, 6/01/30 –  6/15 at 100.00  AA–  1,034,950 
  FGIC Insured       
107,285  Total Colorado      79,901,439 
  District of Columbia – 0.9% (0.6% of Total Investments)      
  District of Columbia Water and Sewerage Authority, Subordinate Lien Public Utility Revenue       
  Bonds, Series 2003:       
5,000  5.125%, 10/01/24 – FGIC Insured  10/13 at 100.00  AA–  5,153,200 
5,000  5.125%, 10/01/25 – FGIC Insured  10/13 at 100.00  AA–  5,138,449 
2,670  Washington Convention Center Authority, District of Columbia, Senior Lien Dedicated Tax  10/16 at 100.00  AA+  2,521,575 
  Revenue Bonds, Series 2007, Residuals 1606, 11.602%, 10/01/30 – AMBAC Insured (IF)       
12,670  Total District of Columbia      12,813,224 
  Florida – 26.4% (17.0% of Total Investments)      
1,250  Bay County, Florida, Water System Revenue Bonds, Series 2005, 5.000%, 9/01/24 – AMBAC Insured  9/15 at 100.00  A3  1,292,388 
2,000  Brevard County Health Facilities Authority, Florida, Hospital Revenue Bonds, Holmes Regional  4/10 at 100.00  A  2,004,140 
  Medical Center Project, Series 1996, 5.625%, 10/01/14 – NPFG Insured       
975  Broward County Housing Finance Authority, Florida, GNMA Collateralized Multifamily Housing  6/10 at 100.00  Aaa  975,975 
  Revenue Refunding Bonds, Pompano Oaks Apartments, Series 1997, 6.000%, 12/01/27       
  (Alternative Minimum Tax)       
3,820  Broward County School Board, Florida, Certificates of Participation, Series 2003, 5.250%,  7/13 at 100.00  A+  4,071,967 
  7/01/19 – NPFG Insured       
2,150  Broward County, Florida, Airport System Revenue Bonds, Series 2004L, 5.000%, 10/01/23 –  10/14 at 100.00  A+  2,232,517 
  AMBAC Insured       
4,500  Broward County, Florida, Water and Sewer Utility Revenue Bonds, Series 2003, 5.000%,  10/13 at 100.00  AA  4,631,895 
  10/01/24 – NPFG Insured       
600  City of Gulf Breeze, Florida, Local Governement Loan Program Bonds, Series 1985B, Remarketed  12/10 at 100.00  N/R  611,628 
  5-1-2006, 5.000%, 12/01/20 (Mandatory put 12/01/10)       
  Clay County, Florida, Uiltity System Revenue Bonds, Series 2007:       
5,110  5.000%, 11/01/27 – SYNCORA GTY Insured (UB)  11/17 at 100.00  AAA  5,353,747 
12,585  5.000%, 11/01/32 – SYNCORA GTY Insured (UB)  11/17 at 100.00  AAA  12,853,312 
  Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds, Saxon       
  Manor Isles Project, Series 1998B:       
1,260  5.350%, 9/01/18 – AGM Insured (Alternative Minimum Tax)  3/10 at 100.00  AAA  1,260,781 
1,000  5.400%, 9/01/23 – AGM Insured (Alternative Minimum Tax)  3/10 at 100.00  AAA  1,000,480 
  Collier County Housing Finance Authority, Florida, Multifamily Housing Revenue Refunding       
  Bonds, Saxon Manor Isles Project, Series 1998A, Subseries 1:       
1,040  5.350%, 9/01/18 – AGM Insured (Alternative Minimum Tax)  3/10 at 100.00  AAA  1,040,645 
1,400  5.400%, 9/01/23 – AGM Insured (Alternative Minimum Tax)  3/10 at 100.00  AAA  1,400,672 
1,500  Collier County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/23 –  10/14 at 100.00  AA  1,566,705 
  NPFG Insured       
3,000  Collier County, Florida, Gas Tax Revenue Bonds, Series 2005, 5.000%, 6/01/22 – AMBAC Insured  6/15 at 100.00  A  3,085,500 
  Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds, Siesta       
  Pointe Apartments Project, Series 1997A:       
1,230  5.650%, 9/01/17 – AGM Insured (Alternative Minimum Tax)  3/10 at 100.00  AAA  1,231,304 
1,890  5.750%, 9/01/29 – AGM Insured (Alternative Minimum Tax)  3/10 at 100.00  AAA  1,890,888 
1,100  Dade County, Florida, Seaport Revenue Refunding Bonds, Series 1995, 5.750%, 10/01/15 –  4/10 at 100.00  A  1,104,642 
  NPFG Insured       
  Davie, Florida, Water and Sewerage Revenue Refunding and Improvement Bonds, Series 2003:       
910  5.250%, 10/01/17 – AMBAC Insured  10/13 at 100.00  N/R  1,004,695 
475  5.250%, 10/01/18 – AMBAC Insured  10/13 at 100.00  N/R  491,502 
  Deltona, Florida, Utility Systems Water and Sewer Revenue Bonds, Series 2003:       
1,250  5.250%, 10/01/22 – NPFG Insured  10/13 at 100.00  A  1,289,950 
1,095  5.000%, 10/01/23 – NPFG Insured  10/13 at 100.00  A  1,129,427 
1,225  5.000%, 10/01/24 – NPFG Insured  10/13 at 100.00  A  1,261,738 
1,555  DeSoto County, Florida, Capital Improvement Revenue Bonds, Series 2002, 5.250%, 10/01/20 –  4/12 at 101.00  A  1,649,839 
  NPFG Insured       
2,500  Escambia County School Board, Florida, Certificates of Participation, Series 2004, 5.000%,  2/15 at 100.00  A  2,534,100 
  2/01/22 – NPFG Insured       
2,500  Flagler County School Board, Florida, Certificates of Participation, Master Lease Revenue  8/15 at 100.00  AAA  2,531,175 
  Program, Series 2005A, 5.000%, 8/01/30 – AGM Insured       
1,200  Flagler County, Florida, Capital Improvement Revenue Bonds, Series 2005, 5.000%, 10/01/30 –  10/15 at 100.00  A  1,214,088 
  NPFG Insured       
3,945  Florida Governmental Utility Authority, Utility System Revenue Bonds, Citrus Project, Series  10/13 at 100.00  N/R (4)  4,502,547 
  2003, 5.000%, 10/01/23 (Pre-refunded 10/01/13) – AMBAC Insured       
1,000  Florida Governmental Utility Authority, Utility System Revenue Bonds, Golden Gate Project,  7/10 at 100.50  N/R  925,010 
  Series 1999, 5.000%, 7/01/29 – AMBAC Insured       
2,980  Florida Housing Finance Corporation, Homeowner Mortgage Revenue Bonds, Series 2000-4 , 0.000%,  4/10 at 25.11  Aa1  763,089 
  7/01/30 – AGM Insured (Alternative Minimum Tax)       
4,750  Florida Housing Finance Corporation, Housing Revenue Bonds, Augustine Club Apartments, Series  10/10 at 102.00  Aaa  5,022,033 
  2000D-1, 5.750%, 10/01/30 (Pre-refunded 10/01/10) – MBIA Insured       
  Florida Municipal Loan Council, Revenue Bonds, Series 2000B:       
3,365  5.375%, 11/01/25 – NPFG Insured  11/10 at 101.00  A  3,400,333 
3,345  5.375%, 11/01/30 – NPFG Insured  11/10 at 101.00  A  3,368,917 
1,000  Florida Municipal Loan Council, Revenue Bonds, Series 2001A, 5.250%, 11/01/18 – NPFG Insured  11/11 at 101.00  A  1,030,270 
2,230  Florida Ports Financing Commission, Revenue Bonds, State Transportation Trust Fund –  4/10 at 101.00  AA+  2,244,763 
  Intermodal Program, Series 1999, 5.500%, 10/01/23 – FGIC Insured (Alternative Minimum Tax)       
940  Florida State Board of Education, Full Faith and Credit, Public Education Capital Outlay  6/11 at 101.00  AAA  958,076 
  Bonds, Series 2001C, 5.125%, 6/01/29 – FGIC Insured       
2,000  Greater Orlando Aviation Authority, Florida, Airport Facilities Revenue Refunding Bonds,  10/13 at 100.00  AAA  2,125,340 
  Series 2003A, 5.000%, 10/01/17 – AGM Insured       
5,200  Gulf Breeze, Florida, Local Government Loan Program, Remarketed 6-1-2001, Series 1985E,  12/11 at 101.00  N/R  5,257,356 
  4.750%, 12/01/20 (Mandatory put 12/01/11) – FGIC Insured       
380  Gulf Breeze, Florida, Local Government Loan Program, Remarketed 6-3-1996, Series 1985B,  4/10 at 100.00  N/R  380,984 
  5.900%, 12/01/15 (Mandatory put 12/01/10) – FGIC Insured       
360  Gulf Breeze, Florida, Local Government Loan Program, Remarketed 6-3-1996, Series 1985C,  6/10 at 100.00  N/R  360,443 
  5.900%, 12/01/15 – FGIC Insured       
1,500  Gulf Breeze, Florida, Local Government Loan Program, Remarketed 7-3-2000, Series 1985E,  12/10 at 101.00  N/R  1,509,390 
  5.750%, 12/01/20 (Mandatory put 12/01/19) – FGIC Insured       
1,915  Halifax Hospital Medical Center, Florida, Revenue Bonds, Series 2006, 5.500%, 6/01/38 –  6/18 at 100.00  AAA  1,918,658 
  AGM Insured       
2,500  Hillsborough County Industrial Development Authority, Florida, Industrial Development Revenue  No Opt. Call  A  2,582,400 
  Bonds, University Community Hospital, Series 1994, 6.500%, 8/15/19 – NPFG Insured       
1,000  Hillsborough County School Board, Florida, Certificates of Participation, Master Lease  7/15 at 100.00  AA–  1,020,410 
  Program, Series 2005A, 5.000%, 7/01/26 – NPFG Insured       
6,000  Hillsborough County School Board, Florida, Certificates of Participation, Series 2003, 5.000%,  7/13 at 100.00  AA–  6,039,120 
  7/01/29 – NPFG Insured       
2,000  Hillsborough County, Florida, Community Investment Tax Revenue Bonds, Series 2004, 5.000%,  11/13 at 101.00  AA+  2,069,060 
  5/01/23 – AMBAC Insured       
1,000  Hillsborough County, Florida, Revenue Refunding Bonds, Tampa Bay Arena, Series 2005, 5.000%,  10/15 at 100.00  AA+  1,045,180 
  10/01/25 – FGIC Insured       
2,595  Indian River County School Board, Florida, Certificates of Participation, Series 2005, 5.000%,  7/15 at 100.00  A+  2,667,401 
  7/01/22 – NPFG Insured       
  Indian Trace Development District, Florida, Water Management Special Benefit Assessment Bonds,       
  Series 2005:       
1,645  5.000%, 5/01/25 – NPFG Insured  5/15 at 102.00  Baa1  1,514,371 
1,830  5.000%, 5/01/27 – NPFG Insured  5/15 at 102.00  Baa1  1,642,059 
4,425  Jacksonville Economic Development Commission, Florida, Healthcare Facilities Revenue Bonds,  11/12 at 100.00  Aa2  4,515,182 
  Mayo Clinic, Series 2001C, 5.500%, 11/15/36 – NPFG Insured       
1,480  Jacksonville, Florida, Better Jacksonville Sales Tax Revenue Bonds, Series 2003, 5.250%,  10/13 at 100.00  AA–  1,556,723 
  10/01/20 – NPFG Insured       
3,205  Jacksonville, Florida, GNMA Collateralized Housing Revenue Refunding Bonds, Windermere Manor  3/10 at 100.00  AAA  3,207,756 
  Apartments, Series 1993A, 5.875%, 3/20/28       
1,000  JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2004A, 5.000%, 10/01/14 –  10/13 at 100.00  AA–  1,108,490 
  FGIC Insured       
1,500  JEA, Florida, Water and Sewerage System Revenue Bonds, Series 2007B, 5.000%, 10/01/24 –  10/14 at 100.00  AA–  1,553,235 
  MBIA Insured       
1,450  Jupiter, Florida, Water Revenue Bonds, Series 2003, 5.000%, 10/01/22 – AMBAC Insured  10/13 at 100.00  AA+  1,512,321 
  Lakeland, Florida, Utility Tax Revenue Bonds, Series 2003B:       
1,730  5.000%, 10/01/18 – AMBAC Insured  10/12 at 100.00  N/R  1,752,663 
2,000  5.000%, 10/01/19 – AMBAC Insured  10/12 at 100.00  N/R  2,019,380 
1,230  Lee County, Florida, Local Option Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/20 –  10/14 at 100.00  A3  1,260,787 
  FGIC Insured       
1,505  Lee County, Florida, Transportation Facilities Revenue Bonds, Series 2004B, 5.000%, 10/01/21 –  10/14 at 100.00  A–  1,574,621 
  AMBAC Insured       
1,000  Lee Memorial Health System, Florida, Hospital Revenue Bonds, Series 2007A, 5.000%, 4/01/32 –  4/17 at 100.00  A  949,820 
  NPFG Insured       
3,000  Leesburg, Florida, Utility Revenue Bonds, Series 2007, 5.000%, 10/01/37 – NPFG Insured  10/17 at 100.00  A  2,929,470 
2,000  Manatee County, Florida, Public Utilities Revenue Bonds, Series 2003, 5.125%, 10/01/20 –  10/13 at 100.00  Aa3  2,135,020 
  NPFG Insured       
  Marco Island, Florida, Water Utility System Revenue Bonds, Series 2003:       
1,350  5.250%, 10/01/17 – NPFG Insured  10/13 at 100.00  A  1,514,498 
1,000  5.250%, 10/01/18 – NPFG Insured  10/13 at 100.00  A  1,088,070 
2,000  5.000%, 10/01/27 – NPFG Insured  10/13 at 100.00  A  2,029,320 
1,425  Miami-Dade County Housing Finance Authority, Florida, Multifamily Mortgage Revenue Bonds,  6/11 at 100.00  AAA  1,438,196 
  Country Club Villas II Project, Series 2001-1A, 5.750%, 7/01/27 – AGM Insured (Alternative       
  Minimum Tax)       
2,200  Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002A,  10/12 at 100.00  AAA  2,167,396 
  5.125%, 10/01/35 – AGM Insured (Alternative Minimum Tax)       
  Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2002:       
5,615  5.750%, 10/01/19 – FGIC Insured (Alternative Minimum Tax)  10/12 at 100.00  A  5,761,327 
35,920  5.375%, 10/01/32 – FGIC Insured (Alternative Minimum Tax)  10/12 at 100.00  A  35,974,598 
12,930  Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series  12/15 at 100.00  A1  12,327,074 
  2005A, 5.000%, 6/01/32 – NPFG Insured       
5,320  Miami-Dade County, Florida, Public Facilities Revenue Bonds, Jackson Health System, Series  6/15 at 100.00  A1  5,281,377 
  2005B, 5.000%, 6/01/25 – NPFG Insured       
18,000  Miami-Dade County, Florida, Subordinate Special Obligation Bonds, Series 1997A, 0.000%,  4/10 at 54.83  A  8,743,320 
  10/01/21 – NPFG Insured       
3,000  Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2008, 5.000%,  7/18 at 100.00  AAA  3,028,620 
  7/01/35 – AGM Insured       
2,000  Miami-Dade County, Florida, Water and Sewer System Revenue Bonds, Series 2008B, 5.250%,  No Opt. Call  AAA  2,213,320 
  10/01/22 – AGM Insured       
  Northern Palm Beach County Improvement District, Florida, Revenue Bonds, Water Control and       
  Improvement Development Unit 9B, Series 2005:       
1,290  5.000%, 8/01/23 – NPFG Insured  8/15 at 102.00  A  1,352,797 
2,145  5.000%, 8/01/29 – NPFG Insured  8/15 at 102.00  A  2,189,380 
2,000  Okaloosa County, Florida, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 7/01/36 –  7/16 at 100.00  AAA  2,009,740 
  AGM Insured       
1,000  Orange County School Board, Florida, Certificates of Participation, Series 2007A, 5.000%,  8/17 at 100.00  AA–  1,027,700 
  8/01/27 – FGIC Insured       
3,180  Orange County, Florida, Sales Tax Revenue Bonds, Series 2002B, 5.125%, 1/01/19 – FGIC Insured  1/13 at 100.00  AA  3,415,256 
2,500  Orange County, Florida, Tourist Development Tax Revenue Bonds, Series 2006, 5.000%, 10/01/31 –  10/16 at 100.00  A+  2,558,175 
  SYNCORA GTY Insured       
  Osceola County, Florida, Transportation Revenue Bonds, Osceola Parkway, Series 2004:       
2,500  5.000%, 4/01/21 – NPFG Insured  4/14 at 100.00  A2  2,570,075 
7,820  5.000%, 4/01/23 – NPFG Insured  4/14 at 100.00  A2  8,005,569 
1,750  Palm Bay, Florida, Utility System Revenue Bonds, Palm Bay Utility Corporation, Series 2003,  10/13 at 100.00  A  1,795,290 
  5.000%, 10/01/20 – NPFG Insured       
1,065  Palm Beach County Housing Finance Authority, Florida, Multifamily Housing Revenue Bonds,  7/12 at 100.00  AAA  1,077,876 
  Westlake Apartments Phase II, Series 2002, 5.150%, 7/01/22 – AGM Insured (Alternative       
  Minimum Tax)       
2,150  Palm Beach County School Board, Florida, Certificates of Participation, Series 2004A, 5.000%,  8/14 at 100.00  AA–  2,204,847 
  8/01/24 – FGIC Insured       
3,000  Palm Beach County School Board, Florida, Certificates of Participation, Series 2007E, 5.000%,  8/17 at 100.00  AA–  3,071,610 
  8/01/27 – NPFG Insured       
8,000  Palm Beach County Solid Waste Authority, Florida, Revenue Bonds, Series 2002B, 0.000%,  No Opt. Call  AA  7,147,920 
  10/01/14 – AMBAC Insured       
2,825  Palm Beach County, Florida, Administrative Complex Revenue Refunding Bonds, Series 1993,  No Opt. Call  Aa3  2,899,524 
  5.250%, 6/01/11 – FGIC Insured       
4,000  Palm Beach County, Florida, Revenue Refunding Bonds, Criminal Justice Facilities, Series 1993,  No Opt. Call  Aa1  4,060,720 
  5.375%, 6/01/10 – FGIC Insured       
  Palm Coast, Florida, Water Utility System Revenue Bonds, Series 2003:       
1,000  5.250%, 10/01/19 – NPFG Insured  10/13 at 100.00  A  1,067,370 
500  5.250%, 10/01/20 – NPFG Insured  10/13 at 100.00  A  530,695 
500  5.250%, 10/01/21 – NPFG Insured  10/13 at 100.00  A  527,745 
3,000  Pasco County, Florida, Water and Sewer Revenue Bonds, Series 2006 Refunding, 5.000%,  4/16 at 100.00  AAA  3,039,510 
  10/01/36 – AGM Insured       
  Plantation, Florida, Non-Ad Valorem Revenue Refunding and Improvement Bonds, Series 2003:       
2,225  5.000%, 8/15/18 – AGM Insured  8/13 at 100.00  Aa3  2,304,277 
1,300  5.000%, 8/15/21 – AGM Insured  8/13 at 100.00  Aa3  1,328,743 
1,170  Polk County, Florida, Utility System Revenue Bonds, Series 2004A, 5.000%, 10/01/24 –  10/14 at 100.00  A+  1,203,766 
  FGIC Insured       
1,000  Port Saint Lucie, Florida, Special Assessment Revenue Bonds, Southwest Annexation District 1B,  7/17 at 100.00  A  902,900 
  Series 2007, 5.000%, 7/01/33 – NPFG Insured       
  Port St. Lucie, Florida, Stormwater Utility System Revenue Refunding Bonds, Series 2002:       
1,190  5.250%, 5/01/15 – NPFG Insured  5/12 at 100.00  A  1,278,584 
1,980  5.250%, 5/01/17 – NPFG Insured  5/12 at 100.00  A  2,127,391 
  Port St. Lucie, Florida, Utility System Revenue Bonds, Refunding Series 2009:       
3,775  5.250%, 9/01/35 – AGC Insured  9/18 at 100.00  AAA  3,898,631 
3,500  5.000%, 9/01/35 – AGC Insured  9/18 at 100.00  AAA  3,570,875 
10,000  Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2001, 0.000%, 9/01/29  9/11 at 34.97  A (4)  3,455,600 
  (Pre-refunded 9/01/11) – MBIA Insured       
1,830  Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2003, 5.000%, 9/01/21  9/13 at 100.00  A (4)  2,084,480 
  (Pre-refunded 9/01/13) – MBIA Insured       
1,000  Port St. Lucie, Florida, Utility System Revenue Bonds, Series 2004, 5.000%, 9/01/21 –  9/14 at 100.00  A2  1,033,460 
  NPFG Insured       
1,895  Reedy Creek Improvement District, Orange and Osceola Counties, Florida, General Obligation  6/15 at 100.00  A  1,935,799 
  Bonds, Series 2005B, 5.000%, 6/01/25 – AMBAC Insured       
  Sebring, Florida, Water and Wastewater Revenue Refunding Bonds, Series 2002:       
1,360  5.250%, 1/01/17 – FGIC Insured  1/13 at 100.00  A  1,480,782 
770  5.250%, 1/01/18 – FGIC Insured  1/13 at 100.00  A  821,983 
500  5.250%, 1/01/20 – FGIC Insured  1/13 at 100.00  A  526,480 
5,715  Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series  No Opt. Call  AAA  6,880,003 
  1992, 6.000%, 10/01/19 – MBIA Insured (ETM)       
3,530  Seminole County, Florida, Water and Sewer Revenue Refunding and Improvement Bonds, Series  No Opt. Call  AA  4,105,602 
  1992, 6.000%, 10/01/19 – NPFG Insured       
4,260  St. Lucie County School Board, Florida, Certificates of Participation, Master Lease Program,  7/14 at 100.00  AAA  4,354,700 
  Series 2004A, 5.000%, 7/01/24 – AGM Insured       
  St. Lucie County, Florida, Utility System Revenue Refunding Bonds, Series 1993:       
5,000  5.500%, 10/01/15 – FGIC Insured (ETM)  No Opt. Call  N/R (4)  5,695,150 
1,200  5.500%, 10/01/21 – FGIC Insured (ETM)  No Opt. Call  N/R (4)  1,447,488 
  St. Petersburg, Florida, Sales Tax Revenue Bonds, Professional Sports Facility, Series 2003:       
1,475  5.125%, 10/01/20 – AGM Insured  10/13 at 100.00  Aa3  1,590,242 
1,555  5.125%, 10/01/21 – AGM Insured  10/13 at 100.00  Aa3  1,668,919 
1,300  Sunrise, Florida, Utility System Revenue Refunding Bonds, Series 1996, 5.800%, 10/01/11 –  4/10 at 100.00  N/R  1,304,927 
  AMBAC Insured       
2,500  Tallahassee, Florida, Energy System Revenue Bonds, Series 2005, 5.000%, 10/01/29 – NPFG Insured  10/15 at 100.00  AA–  2,560,550 
1,245  Tamarac, Florida, Sales Tax Revenue Bonds, Series 2002, 5.000%, 4/01/22 – FGIC Insured  4/12 at 100.00  A+  1,256,130 
400  Tamarac, Florida, Utility System Revenue Bonds, Series 2009, 5.000%, 10/01/39  10/19 at 100.00  AAA  401,496 
1,500  Tampa, Florida, Healthcare System Revenue Bonds, Allegany Health System – St. Joseph’s  4/10 at 100.00  Aaa  1,523,070 
  Hospital, Series 1993, 5.125%, 12/01/23 – MBIA Insured (ETM)       
10,255  Tampa, Florida, Revenue Bonds, University of Tampa, Series 2006, 5.000%, 4/01/35 – CIFG Insured  4/16 at 100.00  N/R  9,137,820 
1,390  Venice, Florida, General Obligation Bonds, Series 2004, 5.000%, 2/01/24 – AMBAC Insured  2/14 at 100.00  A+  1,439,415 
4,275  Volusia County School Board, Florida, Certificates of Participation, Series 2005B, 5.000%,  8/15 at 100.00  Aa3  4,386,150 
  8/01/24 – AGM Insured       
2,000  Volusia County, Florida, Gas Tax Revenue Bonds, Series 2004, 5.000%, 10/01/21 – AGM Insured  10/14 at 100.00  AAA  2,086,960 
12,000  Volusia County, Florida, School Board Certificates of Participation, Series 2007,  8/17 at 100.00  Aa3  12,081,360 
  5.000%, 8/01/32 – AGM Insured (UB)       
1,785  Volusia County, Florida, Tax Revenue Bonds, Tourist Development, Series 2004, 5.000%,  12/14 at 100.00  Aa3  1,845,262 
  12/01/24 – AGM Insured       
373,990  Total Florida      362,976,288 
  Georgia – 2.0% (1.3% of Total Investments)      
1,000  Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.000%, 11/01/22 –  11/14 at 100.00  AAA  1,034,620 
  AGM Insured       
10,000  Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2009B, 5.375%, 11/01/39 –  11/19 at 100.00  AAA  10,270,400 
  AGM Insured       
2,825  Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding Series 2007,  8/20 at 100.00  AA–  2,781,354 
  4.000%, 8/01/26       
1,520  College Park Business and Industrial Development Authority, Georgia, Revenue Bonds, Public  9/14 at 102.00  AA–  1,613,024 
  Safety Project, Series 2004, 5.250%, 9/01/23 – NPFG Insured       
  Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science       
  Building, Series 2004:       
1,695  5.250%, 5/01/19 – NPFG Insured  5/14 at 100.00  Aa3  1,856,873 
1,135  5.250%, 5/01/20 – NPFG Insured  5/14 at 100.00  Aa3  1,239,772 
4,500  5.000%, 5/01/36 – NPFG Insured  5/14 at 100.00  Aa3  4,556,385 
1,250  Glynn-Brunswick Memorial Hospital Authority, Georgia, Revenue Bonds, Southeast Georgia Health  4/10 at 100.00  AA  1,252,225 
  Systems, Series 1996, 5.250%, 8/01/13 – MBIA Insured       
2,250  Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett  7/19 at 100.00  N/R  2,287,934 
  Hospital System Inc. Project, Series 2007C, 5.500%, 7/01/39 – AGM Insured (Alternative       
  Minimum Tax)       
26,175  Total Georgia      26,892,587 
  Idaho – 0.2% (0.1% of Total Investments)      
150  Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1994B-1, 6.750%, 7/01/22  No Opt. Call  Aaa  157,502 
110  Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1994B-2, 6.900%, 7/01/26  No Opt. Call  Aaa  111,965 
  (Alternative Minimum Tax)       
125  Idaho Housing Agency, Single Family Mortgage Senior Bonds, Series 1995B, 6.600%, 7/01/27  7/10 at 100.00  Aaa  125,796 
  (Alternative Minimum Tax)       
  Idaho Housing and Finance Association, Grant and Revenue Anticipation Bonds, Federal Highway       
  Trust Funds, Series 2006:       
1,000  5.000%, 7/15/23 – NPFG Insured  7/16 at 100.00  Aa3  1,067,510 
1,065  5.000%, 7/15/24 – NPFG Insured  7/16 at 100.00  Aa3  1,131,263 
2,450  Total Idaho      2,594,036 
  Illinois – 5.2% (3.4% of Total Investments)      
1,050  Bedford Park, Illinois, General Obligation Bonds, Series 2004A, 5.250%, 12/15/20 – AGM Insured  12/14 at 100.00  AAA  1,129,800 
  Chicago, Illinois, Second Lien Passenger Facility Charge Revenue Refunding Bonds, O’Hare       
  International Airport, Series 2001E:       
4,615  5.500%, 1/01/17 – AMBAC Insured (Alternative Minimum Tax)  1/11 at 101.00  A1  4,737,067 
4,870  5.500%, 1/01/18 – AMBAC Insured (Alternative Minimum Tax)  1/11 at 101.00  A1  4,987,172 
7,200  Chicago, Illinois, Third Lien General Airport Revenue Bonds, O’Hare International Airport,  1/16 at 100.00  A1  7,500,528 
  Series 2005A, 5.250%, 1/01/24 – NPFG Insured       
7,025  De Witt, Ford, Livingston, Logan, Mc Lean and Tazewell Community College District 540,  12/17 at 100.00  Aa3  5,617,682 
  Illinois, General Obligation Bonds, Series 2007, 3.000%, 12/01/26 – AGM Insured       
10,000  Illinois Development Finance Authority, Revenue Bonds, Provena Health, Series 1998A, 5.500%,  5/10 at 100.00  A  10,005,800 
  5/15/21 – NPFG Insured       
2,095  Illinois Educational Facilities Authority, Revenue Bonds, Robert Morris College, Series 2000,  6/10 at 100.00  Baa1  2,094,958 
  5.800%, 6/01/30 – NPFG Insured       
22,510  Illinois, General Obligation Bonds, Illinois FIRST Program, Series 2002, 5.125%, 2/01/27 –  2/12 at 100.00  A+  23,168,418 
  FGIC Insured       
20,045  Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion  No Opt. Call  AAA  4,026,239 
  Project, Series 2002A, 0.000%, 12/15/35 – MBIA Insured       
  Schaumburg, Illinois, General Obligation Bonds, Series 2004B:       
4,260  5.000%, 12/01/22 – FGIC Insured  12/14 at 100.00  AA+  4,505,419 
2,365  5.000%, 12/01/23 – FGIC Insured  12/14 at 100.00  AA+  2,491,597 
4,000  Southwestern Illinois Development Authority, School Revenue Bonds, Triad School District 2,  No Opt. Call  A+  1,802,880 
  Madison County, Illinois, Series 2006, 0.000%, 10/01/25 – NPFG Insured       
90,035  Total Illinois      72,067,560 
  Indiana – 3.6% (2.3% of Total Investments)      
2,030  Decatur Township-Marion County Multi-School Building Corporation, Indiana, First Mortgage  7/13 at 100.00  AA+ (4)  2,291,769 
  Bonds, Series 2003, 5.000%, 7/15/20 (Pre-refunded 7/15/13) – FGIC Insured       
8,000  Indiana Municipal Power Agency, Power Supply Revenue Bonds, Series 2007A, 5.000%, 1/01/42 –  1/17 at 100.00  A+  7,812,640 
  NPFG Insured       
20,000  Indianapolis Local Public Improvement Bond Bank, Indiana, Series 1999E, 0.000%, 2/01/28 –  No Opt. Call  AA  8,468,800 
  AMBAC Insured       
5,300  Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project Series 2009A,  1/19 at 100.00  AAA  5,695,803 
  5.500%, 1/01/38 – AGC Insured       
3,250  Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A,  7/12 at 100.00  AAA  3,601,618 
  5.250%, 7/01/33 (Pre-refunded 7/01/12) – NPFG Insured       
1,340  Monroe-Gregg Grade School Building Corporation, Morgan County, Indiana, First Mortgage Bonds,  1/14 at 100.00  AAA  1,533,040 
  Series 2004, 5.000%, 1/15/25 (Pre-refunded 1/15/14) – AGM Insured       
5,000  Noblesville Redevelopment Authority, Indiana, Economic Development Lease Rental Bonds, Exit 10  7/13 at 100.00  AA–  5,098,450 
  Project, Series 2003, 5.000%, 1/15/28 – AMBAC Insured       
10,000  Purdue University, Indiana, Student Fee Bonds, Series 2002O, 5.000%, 7/01/19 – NPFG Insured  1/12 at 100.00  Aa1  10,342,200 
3,705  Whitley County Middle School Building Corporation, Columbia City, Indiana, First Mortgage  7/13 at 100.00  Aa3 (4)  4,207,102 
  Bonds, Series 2003, 5.000%, 7/15/16 (Pre-refunded 7/15/13) – AGM Insured       
58,625  Total Indiana      49,051,422 
  Kansas – 0.7% (0.5% of Total Investments)      
2,055  Kansas Turnpike Authority, Revenue Bonds, Series 2004A-2, 5.000%, 9/01/23 – AGM Insured  9/14 at 101.00  AAA  2,209,514 
  Neosho County Unified School District 413, Kansas, General Obligation Bonds, Series 2006:       
2,145  5.000%, 9/01/27 – AGM Insured  9/14 at 100.00  Aa3  2,268,595 
4,835  5.000%, 9/01/29 – AGM Insured  9/14 at 100.00  Aa3  5,084,341 
9,035  Total Kansas      9,562,450 
  Kentucky – 3.0% (1.9% of Total Investments)      
3,870  Kenton County School District Finance Corporation, Kentucky, School Building Revenue Bonds,  6/14 at 100.00  Aa3  4,088,848 
  Series 2004, 5.000%, 6/01/20 – NPFG Insured       
  Kentucky State Property and Buildings Commission, Revenue Bonds, Project 93, Refunding       
  Series 2009:       
3,860  5.250%, 2/01/20 – AGC Insured  2/19 at 100.00  AAA  4,372,840 
10,000  5.250%, 2/01/24 – AGC Insured  2/19 at 100.00  AAA  10,999,400 
7,500  Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project,  7/16 at 100.00  AA+  7,923,000 
  Series 2006B, 5.000%, 7/01/25 – AMBAC Insured       
12,980  Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage  11/11 at 101.00  AA–  13,606,934 
  System Revenue Bonds, Series 2001A, 5.500%, 5/15/34 – NPFG Insured       
38,210  Total Kentucky      40,991,022 
  Louisiana – 4.6% (2.9% of Total Investments)      
5,000  DeSoto Parish, Louisiana, Pollution Control Revenue Refunding Bonds, Cleco Utility Group Inc.  3/10 at 102.00  BBB  5,013,550 
  Project, Series 1999, 5.875%, 9/01/29 – AMBAC Insured       
3,025  Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/22 –  11/14 at 100.00  A1  3,207,529 
  NPFG Insured       
4,540  Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series  7/14 at 100.00  A  4,629,393 
  2004, 5.250%, 7/01/24 – NPFG Insured       
  Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2005A:       
2,400  5.000%, 5/01/25 – FGIC Insured  5/15 at 100.00  AA  2,475,504 
4,415  5.000%, 5/01/26 – FGIC Insured  5/15 at 100.00  AA  4,539,900 
5,000  5.000%, 5/01/27 – FGIC Insured  5/15 at 100.00  AA  5,150,900 
  Louisiana State, Gasoline and Fuel Tax Revenue Bonds, Series 2006A:       
3,300  4.750%, 5/01/39 – AGM Insured (UB)  5/16 at 100.00  AAA  3,235,815 
35,725  4.500%, 5/01/41 – FGIC Insured (UB)  5/16 at 100.00  AA  34,219,905 
38  Louisiana State, Gasoline Tax Revenue Bonds, Series 2006, Residuals 660-1, 15.961%, 5/01/41 –  5/16 at 100.00  AA  31,876 
  FGIC Insured (IF)       
63,443  Total Louisiana      62,504,372 
  Maine – 0.2% (0.2% of Total Investments)      
3,000  Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 2003B, 5.000%,  7/13 at 100.00  AAA  3,347,369 
  7/01/28 (Pre-refunded 7/01/13) – AGM Insured       
  Maryland – 0.3% (0.2% of Total Investments)      
5,345  Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%,  9/16 at 100.00  Baa3  4,740,426 
  9/01/28 – SYNCORA GTY Insured       
  Massachusetts – 4.5% (2.9% of Total Investments)      
22,500  Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation,  1/12 at 101.00  N/R (4)  24,715,350 
  Series 2002A, 5.375%, 1/01/42 (Pre-refunded 1/01/12) – AMBAC Insured       
11,000  Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2005A,  8/15 at 100.00  AAA  11,812,790 
  5.000%, 8/15/23 – AGM Insured (UB)       
7,255  Massachusetts Water Resources Authority, General Revenue Bonds, Series 2007A,  2/17 at 100.00  AAA  6,788,431 
  4.500%, 8/01/46 – AGM Insured (UB)       
15,000  Massachusetts, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%, 1/01/23  1/14 at 100.00  A (4)  17,100,750 
  (Pre-refunded 1/01/14) – FGIC Insured       
1,500  University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series  11/14 at 100.00  A+ (4)  1,771,380 
  2004-1, 5.375%, 11/01/20 (Pre-refunded 11/01/14) – AMBAC Insured       
57,255  Total Massachusetts      62,188,701 
  Michigan – 2.7% (1.7% of Total Investments)      
5,490  Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site  No Opt. Call  AAA  6,055,196 
  Improvement Bonds, Series 2001A, 6.000%, 5/01/29 – AGM Insured (UB)       
6,000  Detroit, Michigan, General Obligation Bonds, Series 2001A-1, 5.375%, 4/01/18 – NPFG Insured  10/11 at 100.00  A  5,234,040 
7,420  Detroit, Michigan, Senior Lien Water Supply System Revenue Bonds, Series 1997A, 5.000%,  4/10 at 100.00  A+  7,334,744 
  7/01/27 – NPFG Insured       
1,085  Grand Rapids Community College, Kent County, Michigan, General Obligation Refunding Bonds,  5/13 at 100.00  AA  1,184,874 
  Series 2003, 5.250%, 5/01/20 – AMBAC Insured       
6,850  Wayne County, Michigan, Airport Revenue Bonds, Detroit Metropolitan Wayne County Airport,  12/10 at 100.00  A  6,891,785 
  Series 1998A, 5.375%, 12/01/15 – NPFG Insured (Alternative Minimum Tax)       
10,000  Wayne County, Michigan, Limited Tax General Obligation Airport Hotel Revenue Bonds, Detroit  12/11 at 101.00  A  9,778,500 
  Metropolitan Wayne County Airport, Series 2001A, 5.250%, 12/01/25 – NPFG Insured       
36,845  Total Michigan      36,479,139 
  Minnesota – 1.8% (1.2% of Total Investments)      
5,000  City of Minneapolis, Minnesota, Health Care System Revenue Bonds, Fairview Health Services,  11/18 at 100.00  AAA  5,569,350 
  Series 2008B, 6.500%, 11/15/38 – AGC Insured       
4,000  Northern Municipal Power Agency, Minnesota, Electric System Revenue Bonds, Refunding Series  No Opt. Call  AAA  4,484,000 
  2009A, 5.000%, 1/01/15 – AGC Insured       
13,020  Saint Paul Housing and Redevelopment Authority, Minnesota, Multifamily Housing Revenue Bonds,  12/11 at 102.00  N/R (4)  14,681,873 
  Marian Center Project, Series 2001A, 6.450%, 6/20/43 (Pre-refunded 12/20/11)       
22,020  Total Minnesota      24,735,223 
  Nebraska – 2.4% (1.5% of Total Investments)      
27,125  Lincoln, Nebraska, Electric System Revenue Bonds, Series 2007A, 4.500%, 9/01/37 –  9/17 at 100.00  AA  26,127,614 
  FGIC Insured (UB)       
5,000  Municipal Energy Agency of Nebraska, Power Supply System Revenue and Refunding Bonds, Series  4/19 at 100.00  AAA  5,306,200 
  2009A, 5.375%, 4/01/39 – BHAC Insured       
1,000  Nebraska Public Power District, General Revenue Bonds, Series 2005A, 5.000%, 1/01/25 –  1/15 at 100.00  AAA  1,033,860 
  AGM Insured       
33,125  Total Nebraska      32,467,674 
  Nevada – 7.2% (4.6% of Total Investments)      
8,475  Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan,  12/12 at 100.00  AA+  8,521,188 
  Series 2002, 5.000%, 6/01/32 – NPFG Insured       
3,630  Clark County, Nevada, General Obligation Bank Bonds, Southern Nevada Water Authority Loan,  12/12 at 100.00  AA+ (4)  4,054,674 
  Series 2002, 5.000%, 6/01/32 (Pre-refunded 12/01/12) – MBIA Insured       
14,140  Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran  1/20 at 100.00  AAA  14,150,181 
  International Airport, Series 2010A, 5.250%, 7/01/39 (WI/DD, Settling 2/03/10) – AGM Insured       
7,370  Clark County, Nevada, Subordinate Lien Airport Revenue Bonds, Series 2004A-2, 5.125%,  7/14 at 100.00  Aa3  7,609,230 
  7/01/25 – FGIC Insured       
  Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas       
  Monorail Project, First Tier, Series 2000:       
15,000  5.625%, 1/01/34 – AMBAC Insured  1/12 at 100.00  Caa2  6,248,850 
11,400  5.375%, 1/01/40 – AMBAC Insured  7/10 at 100.00  Caa2  4,750,038 
14,985  Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 – FGIC Insured  6/12 at 100.00  A  14,156,030 
25,300  Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.375%, 6/01/32 (Pre-refunded  6/12 at 100.00  Baa1 (4)  27,987,619 
  6/01/12) – FGIC Insured       
10,000  Reno, Nevada, Senior Lien Sales and Room Tax Revenue Bonds, Reno Transportation Rail Access  6/12 at 100.00  Baa3 (4)  10,992,200 
  Corridor Project, Series 2002, 5.125%, 6/01/27 (Pre-refunded 6/01/12) – AMBAC Insured       
110,300  Total Nevada      98,470,010 
  New Jersey – 4.1% (2.6% of Total Investments)      
  Essex County Improvement Authority, New Jersey, Guaranteed Revenue Bonds, Project       
  Consolidation, Series 2004:       
2,000  5.125%, 10/01/21 – NPFG Insured  10/14 at 100.00  A1  2,107,100 
2,250  5.125%, 10/01/22 – NPFG Insured  10/14 at 100.00  A1  2,359,913 
  New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge,       
  Series 2004A:       
3,850  5.000%, 7/01/22 – NPFG Insured  7/14 at 100.00  A  3,911,600 
3,850  5.000%, 7/01/23 – NPFG Insured  7/14 at 100.00  A  3,897,779 
26,000  New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2005D-1, 5.250%, 1/01/26 –  No Opt. Call  AAA  29,535,740 
  AGM Insured       
  New Jersey Turnpike Authority, Revenue Bonds, Series 2003A:       
8,250  5.000%, 1/01/19 – FGIC Insured  7/13 at 100.00  A+  8,710,020 
2,000  5.000%, 1/01/23 – AGM Insured (UB)  7/13 at 100.00  AAA  2,084,100 
3,320  New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.000%, 1/01/21 –  1/15 at 100.00  AAA  3,574,412 
  AGM Insured (UB)       
51,520  Total New Jersey      56,180,664 
  New Mexico – 1.3% (0.8% of Total Investments)      
3,660  San Juan County, New Mexico, Subordinate Gross Receipts Tax Revenue Bonds, Series 2005,  6/15 at 100.00  A+  3,797,689 
  5.000%, 6/15/25 – NPFG Insured       
13,600  University of New Mexico, System Improvement Subordinated Lien Revenue Bonds, Series 2007A,  6/17 at 100.00  AAA  13,917,696 
  5.000%, 6/01/36 – AGM Insured       
17,260  Total New Mexico      17,715,385 
  New York – 6.8% (4.4% of Total Investments)      
1,880  Dormitory Authority of the State of New York, FHA-Insured Mortgage Revenue Bonds, Montefiore  2/15 at 100.00  A  1,937,848 
  Hospital, Series 2004, 5.000%, 8/01/23 – FGIC Insured       
3,335  Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Series  3/15 at 100.00  AAA  3,536,634 
  2005F, 5.000%, 3/15/24 – AMBAC Insured       
3,820  Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 4.500%,  2/17 at 100.00  A  3,482,503 
  2/15/47 – NPFG Insured       
12,500  Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2006A,  6/16 at 100.00  A  12,952,250 
  5.000%, 12/01/25 – FGIC Insured       
6,900  Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2006F, 4.250%,  11/16 at 100.00  A  6,325,989 
  5/01/33 – NPFG Insured       
  Metropolitan Transportation Authority, New York, State Service Contract Refunding Bonds,       
  Series 2002A:       
1,500  5.000%, 7/01/21 – FGIC Insured  7/12 at 100.00  AA–  1,571,520 
5,000  5.000%, 7/01/25 – FGIC Insured  7/12 at 100.00  AA–  5,188,850 
2,615  New York City Industrial Development Agency, New York, Revenue Bonds, Yankee Stadium Project  3/19 at 100.00  AAA  3,002,595 
  Pilot, Series 2009A, 7.000%, 3/01/49 – AGC Insured       
5,000  New York City, New York, General Obligation Bonds, Fiscal Series 2005F-1, 5.000%, 9/01/21 –  9/15 at 100.00  AA  5,324,250 
  AMBAC Insured       
10,000  New York City, New York, General Obligation Bonds, Fiscal Series 2005M, 5.000%, 4/01/26 –  4/15 at 100.00  AA  10,372,600 
  FGIC Insured       
5,000  New York State Thruway Authority, General Revenue Bonds, Series 2005F, 5.000%, 1/01/26 –  1/15 at 100.00  A+  5,182,800 
  AMBAC Insured       
14,000  New York State Thruway Authority, General Revenue Bonds, Series 2005G, 5.000%, 1/01/30 –  7/15 at 100.00  AAA  14,434,840 
  AGMInsured       
  New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds,       
  Series 2004A-1:       
1,000  5.000%, 3/15/23 – FGIC Insured  3/14 at 100.00  AAA  1,060,500 
5,000  5.000%, 3/15/25 – FGIC Insured  3/14 at 100.00  AAA  5,255,300 
3,650  New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, Series  3/15 at 100.00  AAA  3,851,809 
  2005B, 5.000%, 3/15/25 – AGM Insured (UB)       
10,000  Triborough Bridge and Tunnel Authority, New York, Subordinate Lien General Purpose Revenue  11/12 at 100.00  Aa3  10,158,100 
  Refunding Bonds, Series 2002E, 5.000%, 11/15/32 – NPFG Insured       
91,200  Total New York      93,638,388 
  North Carolina – 1.3% (0.8% of Total Investments)      
  Mooresville, North Carolina, Enterprise System Revenue Bonds, Series 2004:       
2,115  5.000%, 5/01/22 – FGIC Insured  5/14 at 100.00  A  2,174,367 
2,575  5.000%, 5/01/26 – FGIC Insured  5/14 at 100.00  A  2,645,246 
5,250  North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%,  1/13 at 100.00  AAA  5,739,720 
  1/01/16 – AGM Insured       
  Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Series 2005A:       
3,205  5.000%, 5/01/23 – AMBAC Insured  5/15 at 100.00  Aa3  3,345,635 
3,295  5.000%, 5/01/24 – AMBAC Insured  5/15 at 100.00  Aa3  3,425,812 
16,440  Total North Carolina      17,330,780 
  North Dakota – 0.5% (0.3% of Total Investments)      
  Grand Forks, North Dakota, Sales Tax Revenue Bonds, Alerus Project, Series 2005A:       
2,195  5.000%, 12/15/22 – NPFG Insured  12/15 at 100.00  A1  2,313,573 
1,355  5.000%, 12/15/23 – NPFG Insured  12/15 at 100.00  A1  1,418,129 
3,000  5.000%, 12/15/24 – NPFG Insured  12/15 at 100.00  A1  3,128,640 
6,550  Total North Dakota      6,860,342 
  Ohio – 3.7% (2.4% of Total Investments)      
2,650  Cleveland State University, Ohio, General Receipts Bonds, Series 2004, 5.250%, 6/01/24 –  6/14 at 100.00  A+  2,705,385 
  FGIC Insured       
2,000  Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Series 2004,  12/14 at 100.00  AAA  2,346,720 
  5.250%, 12/01/25 (Pre-refunded 12/01/14) – AGM Insured       
2,385  Columbus, Ohio, Tax Increment Financing Bonds, Easton Project, Series 2004A, 5.000%,  6/14 at 100.00  BBB+  2,450,396 
  12/01/22 – AMBAC Insured       
2,205  Hamilton City School District, Ohio, General Obligation Bonds, Series 2005, 5.000%, 12/01/24 –  6/15 at 100.00  Baa1  2,286,320 
  NPFG Insured       
19,595  Hamilton County, Ohio, Sales Tax Bonds, Subordinate Lien, Series 2006, 4.250%, 12/01/32 –  12/16 at 100.00  A2  18,108,523 
  AMBAC Insured       
20,100  Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 1999,  5/10 at 101.00  N/R  20,137,386 
  5.375%, 11/15/39 – AMBAC Insured       
3,000  Ross Local School District, Butler County, Ohio, General Obligation Bonds, Series 2003,  12/13 at 100.00  Aa3 (4)  3,439,560 
  5.000%, 12/01/28 (Pre-refunded 12/01/13) – AGM Insured       
51,935  Total Ohio      51,474,290 
  Oklahoma – 2.5% (1.6% of Total Investments)      
3,500  Oklahoma Capitol Improvement Authority, State Facilities Revenue Bonds, Series 2005F, 5.000%,  7/15 at 100.00  AA  3,620,680 
  7/01/24 – AMBAC Insured       
2,080  Oklahoma Housing Finance Agency, GNMA Collateralized Single Family Mortgage Revenue Bonds,  No Opt. Call  AAA  2,144,472 
  Series 1987A, 7.997%, 8/01/18 (Alternative Minimum Tax)       
21,000  Oklahoma Municipal Power Authority, Power Supply System Revenue Bonds, Series 2007, 4.500%,  1/17 at 100.00  A  18,540,900 
  1/01/47 – FGIC Insured       
5,245  Oklahoma State Industries Authority, Revenue Bonds, Oklahoma Medical Research Foundation,  2/11 at 100.00  A1  5,291,943 
  Series 2001, 5.250%, 2/01/21 – AMBAC Insured       
4,880  University of Oklahoma, Student Housing Revenue Bonds, Series 2004, 5.000%, 7/01/22 –  7/14 at 100.00  A1  4,964,961 
  AMBAC Insured       
36,705  Total Oklahoma      34,562,956 
  Oregon – 0.2% (0.2% of Total Investments)      
2,535  Oregon Department of Administrative Services, Certificates of Participation, Series 2005A,  5/15 at 100.00  AAA  2,657,238 
  5.000%, 5/01/25 – AGM Insured       
755  Oregon Housing and Community Services Department, Single Family Mortgage Revenue Bonds,  7/10 at 100.00  Aa2  755,853 
  Series 1995A, 6.450%, 7/01/26 (Alternative Minimum Tax)       
3,290  Total Oregon      3,413,091 
  Pennsylvania – 2.8% (1.8% of Total Investments)      
7,925  Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Series 2006A,  6/16 at 100.00  AAA  8,319,190 
  5.000%, 6/01/26 – AGM Insured (UB)       
1,800  Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series  5/15 at 100.00  A+  1,836,522 
  2005A, 5.000%, 5/01/28 – NPFG Insured       
11,740  Pennsylvania Public School Building Authority, Lease Revenue Bonds, School District of  12/16 at 100.00  AAA  11,136,447 
  Philadelphia, Series 2006B, 4.500%, 6/01/32 – AGM Insured (UB)       
2,625  Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/26 –  6/16 at 100.00  Aa3  2,752,575 
  AMBAC Insured       
6,335  Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds,  8/15 at 100.00  Aa3  6,645,478 
  Series 2005B, 5.000%, 2/15/30 – AGM Insured       
  Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2005:       
3,285  5.000%, 11/15/22 – AGM Insured (UB)  1/16 at 100.00  AAA  3,507,723 
3,450  5.000%, 11/15/23 – AGM Insured (UB)  1/16 at 100.00  AAA  3,663,072 
37,160  Total Pennsylvania      37,861,007 
  Puerto Rico – 0.8% (0.5% of Total Investments)      
2,500  Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2006A, 5.000%, 7/01/30  7/15 at 100.00  AAA  2,912,175 
  (Pre-refunded 7/01/15) – SYNCORA GTY Insured       
2,000  Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2003G, 5.250%,  7/13 at 100.00  BBB  2,024,860 
  7/01/19 – FGIC Insured       
1,550  Puerto Rico Municipal Finance Agency, Series 2005C, 5.250%, 8/01/21 – CIFG Insured  No Opt. Call  BBB–  1,575,715 
36,000  Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,  No Opt. Call  AA–  5,079,960 
  8/01/42 – NPFG Insured       
42,050  Total Puerto Rico      11,592,710 
  Rhode Island – 1.8% (1.2% of Total Investments)      
2,195  Providence Housing Development Corporation, Rhode Island, FHA-Insured Section 8 Assisted  7/10 at 100.00  A  2,197,810 
  Mortgage Revenue Refunding Bonds, Barbara Jordan Apartments, Series 1994A, 6.750%,       
  7/01/25 – NPFG Insured       
20,475  Rhode Island Depositors Economic Protection Corporation, Special Obligation Refunding Bonds,  2/11 at 100.00  A (4)  21,475,613 
  Series 1993B, 5.250%, 8/01/21 (Pre-refunded 2/01/11) – MBIA Insured       
1,405  Rhode Island Health & Educational Building Corporation, Higher Education Auxiliary Enterprise  9/14 at 100.00  A2  1,474,393 
  Revenue Bonds, Series 2004A, 5.500%, 9/15/24 – AMBAC Insured       
24,075  Total Rhode Island      25,147,816 
  South Carolina – 5.3% (3.4% of Total Investments)      
14,650  Anderson County School District 5, South Carolina, General Obligation Bonds, Series 2008,  2/18 at 100.00  AAA  15,813,943 
  Trust 1181, 9.596%, 2/01/38 – AGM Insured (IF)       
10,000  Beaufort County, South Carolina, Tax Increment Bonds, New River Redevelopment Project, Series  12/12 at 100.00  A  10,115,300 
  2002, 5.000%, 6/01/27 – NPFG Insured       
  Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds,       
  Series 2004A:       
2,000  5.250%, 8/15/22 – NPFG Insured  8/14 at 100.00  A  2,090,720 
2,105  5.250%, 8/15/23 – NPFG Insured  8/14 at 100.00  A  2,196,420 
1,795  Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1988A, 0.000%,  No Opt. Call  Aaa  1,499,669 
  1/01/13 – AMBAC Insured (ETM)       
7,955  Piedmont Municipal Power Agency, South Carolina, Electric Revenue Bonds, Series 1988A, 0.000%,  No Opt. Call  N/R  6,917,429 
  1/01/13 – AMBAC Insured       
8,000  South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina  11/12 at 100.00  A–  8,278,480 
  Electric and Gas Company, Series 2002A, 5.200%, 11/01/27 – AMBAC Insured       
10,000  South Carolina JOBS Economic Development Authority, Industrial Revenue Bonds, South Carolina  11/12 at 100.00  A–  9,883,500 
  Electric and Gas Company, Series 2002B, 5.450%, 11/01/32 – AMBAC Insured (Alternative       
  Minimum Tax)       
17,500  South Carolina Transportation Infrastructure Bank, Revenue Bonds, Series 2007A, 4.500%,  10/16 at 100.00  A1  16,574,950 
  10/01/34 – SYNCORA GTY Insured       
74,005  Total South Carolina      73,370,411 
  Tennessee – 0.5% (0.3% of Total Investments)      
6,455  Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2001A,  3/11 at 100.00  AAA  6,552,729 
  5.500%, 3/01/18 – AGM Insured (Alternative Minimum Tax)       
  Texas – 9.0% (5.8% of Total Investments)      
521  Capital Area Housing Finance Corporation, Texas, FNMA Backed Single Family Mortgage Revenue  4/12 at 106.00  Aaa  540,479 
  Refunding Bonds, Series 2002A-2, 6.300%, 4/01/35 – AMBAC Insured (Alternative Minimum Tax)       
12,500  Dallas-Ft. Worth International Airport, Texas, Joint Revenue Bonds, Series 2000A, 6.125%,  5/10 at 100.00  A+  12,511,125 
  11/01/35 – FGIC Insured (Alternative Minimum Tax)       
25,000  Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Refunding Bonds, Series  11/11 at 100.00  A  22,934,500 
  2001B, 5.250%, 11/15/40 – NPFG Insured       
4,671  Houston Housing Finance Corporation, Texas, GNMA Collateralized Mortgage Multifamily Housing  9/11 at 105.00  Aaa  4,815,708 
  Revenue Bonds, RRG Apartments Project, Series 2001, 6.350%, 3/20/42       
  Houston, Texas, First Lien Combined Utility System Revenue Bonds, Series 2004A:       
4,000  5.250%, 5/15/24 – FGIC Insured  5/14 at 100.00  AA  4,210,240 
5,000  5.250%, 5/15/25 – NPFG Insured  5/14 at 100.00  AA  5,247,300 
17,500  Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment  9/11 at 100.00  A–  17,610,250 
  Project, Series 2001B, 5.250%, 9/01/33 – AMBAC Insured       
900  Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2000A, 5.625%, 7/01/30 –  7/10 at 100.00  AAA  901,575 
  AGM Insured (Alternative Minimum Tax)       
23,865  Jefferson County Health Facilities Development Corporation, Texas, FHA-Insured Mortgage  8/11 at 100.00  N/R  23,652,363 
  Revenue Bonds, Baptist Hospital of Southeast Texas, Series 2001, 5.500%, 8/15/41 –       
  AMBAC Insured       
140  Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A,  5/11 at 100.00  A1 (4)  148,138 
  5.000%, 5/15/21 (Pre-refunded 5/15/11) – MBIA Insured       
8,065  Lower Colorado River Authority, Texas, Revenue Refunding and Improvement Bonds, Series 2001A,  5/11 at 100.00  A1  8,168,313 
  5.000%, 5/15/21 – MBIA Insured       
  Port of Houston Authority, Harris County, Texas, General Obligation Port Improvement Bonds,       
  Series 2001B:       
3,205  5.500%, 10/01/18 – FGIC Insured (Alternative Minimum Tax)  10/11 at 100.00  AAA  3,268,555 
3,375  5.500%, 10/01/19 – FGIC Insured (Alternative Minimum Tax)  10/11 at 100.00  AAA  3,430,181 
7,205  San Antonio, Texas, Airport System Improvement Revenue Bonds, Series 2001, 5.375%, 7/01/15 –  7/11 at 101.00  A+  7,465,461 
  FGIC Insured (Alternative Minimum Tax)       
7,550  Waco Health Facilities Development Corporation, Texas, Hillcrest Health System Project, FHA  8/16 at 100.00  A  7,233,353 
  Insured Mortgage Revenue Bonds, Series 2006A, 5.000%, 8/01/31 – NPFG Insured       
1,840  Ysleta Independent School District Public Facility Corporation, Texas, Lease Revenue Refunding  5/10 at 100.00  AA–  1,858,602 
  Bonds, Series 2001, 5.375%, 11/15/24 – AMBAC Insured       
125,337  Total Texas      123,996,143 
  Utah – 1.3% (0.9% of Total Investments)      
2,000  Clearfield City, Utah, Sales Tax Revenue Bonds, Series 2003, 5.000%, 7/01/28 (Pre-refunded  7/13 at 100.00  AA– (4)  2,260,160 
  7/01/13) – FGIC Insured       
15,000  Utah Transit Authority, Sales Tax Revenue Bonds, Series 2008A, 5.000%, 6/15/32 –  6/18 at 100.00  AAA  15,823,200 
  AGM Insured (UB)       
17,000  Total Utah      18,083,360 
  Virginia – 1.2% (0.8% of Total Investments)      
1,035  Loudoun County Industrial Development Authority, Virginia, Lease Revenue Bonds, Public Safety  6/14 at 100.00  AAA  1,142,754 
  Facilities, Series 2003A, 5.250%, 12/15/20 – AGM Insured       
4,840  Metropolitan Washington D.C. Airports Authority, Airport System Revenue Bonds, Series 2001A,  10/11 at 101.00  AA–  4,955,337 
  5.500%, 10/01/19 – NPFG Insured (Alternative Minimum Tax)       
10,000  Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2001H-1,  7/11 at 100.00  AAA  10,080,500 
  5.375%, 7/01/36 – NPFG Insured (UB)       
15,875  Total Virginia      16,178,591 
  Washington – 4.4% (2.8% of Total Investments)      
2,500  Grant County Public Utility District 2, Washington, Revenue Bonds, Wanapum Hydroelectric  1/15 at 100.00  Aa2  2,553,450 
  Development, Series 2005A, 5.000%, 1/01/29 – FGIC Insured       
3,500  King County School District 401, Highline, Washington, General Obligation Bonds, Series 2004,  12/14 at 100.00  AA+  3,710,875 
  5.000%, 10/01/24 – FGIC Insured       
5,000  King County, Washington, General Obligation Sewer Bonds, Series 2009, Trust 1W, 13.949%,  1/19 at 100.00  AAA  5,865,350 
  1/01/39 – AGC Insured (IF)       
15,000  King County, Washington, Sewer Revenue Bonds, Series 2007, 5.000%, 1/01/42, DD –  7/17 at 100.00  AAA  15,340,050 
  AGM Insured       
4,345  King County, Washington, Sewer Revenue Bonds, Tender Option Bond Trust 3090, 13.484%,  7/17 at 100.00  AAA  4,681,651 
  1/01/39 – AGM Insured (IF)       
3,195  Kitsap County, Washington, Limited Tax General Obligation Bonds, Series 2000, 5.500%, 7/01/25  7/10 at 100.00  AA– (4)  3,266,217 
  (Pre-refunded 7/01/10) – AMBAC Insured       
4,250  Snohomish County Public Utility District 1, Washington, Generation System Revenue Bonds,  No Opt. Call  Aaa  5,324,995 
  Series 1989, 6.650%, 1/01/16 – FGIC Insured (ETM)       
  Tacoma, Washington, Solid Waste Utility Revenue Refunding Bonds, Series 2006:       
3,890  5.000%, 12/01/24 – SYNCORA GTY Insured  12/16 at 100.00  AA  4,108,618 
4,085  5.000%, 12/01/25 – SYNCORA GTY Insured  12/16 at 100.00  AA  4,292,150 
4,290  5.000%, 12/01/26 – SYNCORA GTY Insured  12/16 at 100.00  AA  4,486,739 
5,945  Washington State, General Obligation Bonds, Series 2009, Trust 1212, 13.472%, 7/01/31 –  7/16 at 100.00  AAA  6,827,297 
  AGM Insured (IF)       
56,000  Total Washington      60,457,392 
  Wisconsin – 2.2% (1.4% of Total Investments)      
15,000  Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,  2/10 at 100.00  A  14,680,950 
  Series 1997, 5.750%, 2/15/27 – NPFG Insured       
290  Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 – FGIC Insured  5/14 at 100.00  Aa3  312,446 
2,600  Wisconsin, General Obligation Bonds, Series 2004-3, 5.250%, 5/01/20 (Pre-refunded 5/01/14) –  5/14 at 100.00  Aa3 (4)  3,023,670 
  FGIC Insured       
10,946  Wisconsin, General Obligation Bonds, Series 2004-4, 5.000%, 5/01/20 – NPFG Insured  5/14 at 100.00  AA  11,675,360 
28,836  Total Wisconsin      29,692,426 
$ 2,264,471  Total Long-Term Investments (cost $2,080,677,659) – 154.5%      2,122,116,869 
  Short-Term Investments – 1.1% (0.7% of Total Investments)      
  California – 0.2% (0.1% of Total Investments)      
2,585  Westminster Redevelopment Agency, Orange County, California, Westminster Commercial  11/19 at 100.00  A-1  2,585,000 
  Redevelopment Project 1, Tax Allocation Bonds, Variable Rate Demand Obligations,       
  Tender Option Bond Trust 3009, 0.200%, 11/01/45 – AGC Insured (5)       
  Colorado – 0.1% (0.1% of Total Investments)      
1,400  Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,  No Opt. Call  A-1+  1,400,000 
  Variable Rate Demand Obligations, Tender Option Bond Trust 2906Z, 0.210%, 3/01/16 –       
  FSA Insured (5)       
  Georgia – 0.1% (0.1% of Total Investments)      
1,882  Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds,  7/17 at 100.00  A-1  1,882,000 
  Variable Rate Demand Obligations, Tender Option Bond Trust 2008-1061, 0.220%,       
  7/01/34 – FSA Insured (5)       
  Massachusetts – 0.4% (0.2% of Total Investments)      
5,000  Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation,  1/18 at 100.00  A-1  5,000,000 
  Variable Rate Demand Obligations, Tender Option Bond Trust 1129, 0.220%, 1/01/42 –       
  AGC Insured (5)       
  North Carolina – 0.2% (0.1% of Total Investments)      
2,500  Sampson County, North Carolina, Certificates of Participation, Series 2006,  6/17 at 100.00  A-1  2,500,000 
  Variable Rate Demand Obligations Series 112, 0.240%, 6/01/34 – FSA Insured (5)       
  Texas – 0.1% (0.1% of Total Investments)      
2,025  Harris County, Texas, General Obligtion Toll Road Revenue Bonds, Series 2009,  No Opt. Call  A-1+  2,025,000 
  Variable Rate Demand Obligations, Trust 3418, 0.200%, 8/15/32 – AGM Insured (5)       
$      15,392  Total Short-Term Investments (cost $15,392,000)      15,392,000 
  Total Investments (cost $2,096,069,659) – 155.6%      2,137,508,869 
  Floating Rate Obligations – (9.8)%      (134,833,333)
  Other Assets Less Liabilities – 3.4%      46,738,994 
  Auction Rate Preferred Shares, at Liquidation Value – (49.2)% (6)      (675,475,000)
  Net Assets Applicable to Common Shares – 100%      $ 1,373,939,530 

 
 
Fair Value Measurements
 
In determining the value of the Fund's investments, various inputs are used. These inputs are summarized in the three broad levels listed below:
 
  Level 1 – Quoted prices in active markets for identical securities.
 
  Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
 
  Level 3 – Significant unobservable inputs (including management's assumptions in determining the fair value of investments).
 
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of the Fund's fair value measurements as of January 31, 2010:
 
  Level 1 Level 2 Level 3 Total
Investments:         
Municipal Bonds  $ —  $2,122,116,869  $ —  $2,122,116,869 
Short-Term Investments  —  15,392,000  —  15,392,000 
Total  $ —  $2,137,508,869  $ —  $2,137,508,869 

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.
 
At January 31, 2010, the cost of investments was $1,967,137,927.
 
Gross unrealized appreciation and gross unrealized depreciation of investments at January 31, 2010, were as follows:
 
Gross unrealized:   
  Appreciation  $ 90,237,925 
  Depreciation  (54,693,677)
Net unrealized appreciation (depreciation) of investments  $ 35,544,248 

  At least 80% of the Fund’s net assets are invested in municipal securities that guarantee the timely 
  payment of principal and interest. 
(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 higher of Standard & Poor's Group ("Standard & Poor's") or Moody's Investor Service, 
  Inc. ("Moody's") rating. Ratings below BBB by Standard & Poor's or Baa by Moody's are considered to be 
  below investment grade. 
  The Portfolio of Investments may reflect the ratings on certain bonds whose insurer has experienced 
  downgrades as of the end of the reporting period. Subsequent to the reporting period, and during the 
  period this Portfolio of Investments was prepared, there may have been reductions to the ratings of 
  certain bonds resulting from changes to the ratings of the underlying insurers both during the period 
  and after period end. Such reductions would likely reduce the effective rating of many of the bonds 
  insured by that insurer or insurers presented at period end. 
(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. Such investments are normally considered to 
  be equivalent to AAA rated securities. 
(5)  Investment has a maturity of more than one year, but has variable rate and demand features which qualify 
  it as a short-term investment. The rate disclosed is that in effect at the end of the reporting period. This 
  rate changes periodically based on market conditions or a specified market index. 
(6)  Auction Rate Preferred Shares, at Liquidation Value as a percentage of Total Investments is 31.6%. 
N/R  Not rated. 
WI/DD  Purchased on a when-issued or delayed delivery basis. 
DD  Portion of investment purchased on a delayed delivery basis. 
(ETM)  Escrowed to maturity. 
(IF)  Inverse floating rate investment. 
(UB)  Underlying bond of an inverse floating rate trust reflected as a financing transaction. 

 
Item 2. Controls and Procedures.

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 Insured Municipal Opportunity Fund, Inc. 
 
By (Signature and Title)     /s/ Kevin J. McCarthy                    
                                                   Kevin J. McCarthy
                                                   Vice President and Secretary
 
Date         April 1, 2010        
 
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, 2010        
 
By (Signature and Title)     /s/ Stephen D. Foy                              
                                                   Stephen D. Foy
                                                  Vice President and Controller (principal financial officer) 
 
Date        April 1, 2010