|
Portfolio of Investments
|
|
|
|
|
|
Nuveen New Jersey Municipal Value Fund (NJV)
|
|
|
|
|
|
July 31, 2016 (Unaudited)
|
|
|
|
|
|
|||||
|
|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 102.0% (100.0% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 99.9% (98.0% of Total Investments)
|
|
|
|
|
|
Consumer Staples – 4.1% (4.1% of Total Investments)
|
|
|
|
|
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
|
|
|
|
|
|
Series 2007-1A:
|
|
|
|
|
$ 205
|
4.750%, 6/01/34
|
6/17 at 100.00
|
B–
|
$ 201,119
|
|
870
|
5.000%, 6/01/41
|
6/17 at 100.00
|
B–
|
860,786
|
|
1,075
|
Total Consumer Staples
|
|
|
1,061,905
|
|
|
Education and Civic Organizations – 15.1% (14.8% of Total Investments)
|
|
|
|
|
110
|
Camden County Improvement Authority, New Jersey, Lease Revenue Bonds Rowan University School
|
12/23 at 100.00
|
A
|
131,094
|
|
|
of Osteopathic Medicine Project, Series 2013A, 5.000%, 12/01/32
|
|
|
|
|
115
|
New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc., Refunding
|
No Opt. Call
|
A
|
146,847
|
|
|
Series 2015, 5.000%, 3/01/25
|
|
|
|
|
45
|
New Jersey Economic Development Authority, Rutgers University General Obligation Lease Revenue
|
6/23 at 100.00
|
Aa3
|
77,128
|
|
|
Bonds, Tender Option Bond Trust 2016-XF2357, 16.913%, 12/15/36 (IF) (4)
|
|
|
|
|
50
|
New Jersey Educational Facilities Authority, Revenue and Refunding Bonds, Stockton University
|
7/26 at 100.00
|
A
|
59,233
|
|
|
Issue, Series 2016 A, 5.000%, 7/01/41
|
|
|
|
|
910
|
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series
|
9/19 at 100.00
|
A2
|
1,025,332
|
|
|
2009A, 5.500%, 9/01/36
|
|
|
|
|
100
|
New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series
|
7/25 at 100.00
|
AA
|
108,346
|
|
|
2015H, 4.000%, 7/01/39 – AGM Insured
|
|
|
|
|
155
|
New Jersey Educational Facilities Authority, Revenue Bonds, New Jersey City University, Series
|
7/25 at 100.00
|
AA
|
179,763
|
|
|
2015A, 5.000%, 7/01/45
|
|
|
|
|
|
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A:
|
|
|
|
|
90
|
5.000%, 7/01/32
|
7/21 at 100.00
|
BBB
|
100,182
|
|
30
|
5.000%, 7/01/37
|
7/21 at 100.00
|
BBB
|
33,073
|
|
75
|
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D,
|
7/23 at 100.00
|
A
|
87,680
|
|
|
5.000%, 7/01/38
|
|
|
|
|
1,000
|
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2009A,
|
6/19 at 100.00
|
AA
|
1,109,629
|
|
|
5.625%, 6/01/30
|
|
|
|
|
30
|
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-2,
|
12/20 at 100.00
|
Aa3
|
33,144
|
|
|
5.000%, 12/01/30
|
|
|
|
|
100
|
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B,
|
12/22 at 100.00
|
A
|
113,081
|
|
|
5.750%, 12/01/39 (Alternative Minimum Tax)
|
|
|
|
|
195
|
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2015-1A,
|
12/24 at 100.00
|
AA
|
209,596
|
|
|
4.000%, 12/01/30 (Alternative Minimum Tax)
|
|
|
|
|
100
|
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Tender Option
|
12/22 at 100.00
|
AA
|
125,136
|
|
|
Bond Trust 2015-XF0151, 10.539%, 12/01/23 (Alternative Minimum Tax) (IF) (4)
|
|
|
|
|
200
|
New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A,
|
7/25 at 100.00
|
A1
|
234,866
|
|
|
5.000%, 7/01/45
|
|
|
|
|
60
|
Rutgers State University, New Jersey, Revenue Bonds, Tender Option Bond Trust 2016-XF2356,
|
No Opt. Call
|
Aa3
|
103,332
|
|
|
16.831%, 5/01/21 (IF) (4)
|
|
|
|
|
3,365
|
Total Education and Civic Organizations
|
|
|
3,877,462
|
|
|
Health Care – 17.6% (17.3% of Total Investments)
|
|
|
|
|
105
|
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds,
|
No Opt. Call
|
BBB+
|
127,664
|
|
|
Cooper Health System Obligated Group Issue, Refunding Series 2014A, 5.000%, 2/15/25
|
|
|
|
|
100
|
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds,
|
2/23 at 100.00
|
BBB+
|
120,419
|
|
|
Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42
|
|
|
|
|
5
|
New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation,
|
7/18 at 100.00
|
AA–
|
5,420
|
|
|
Series 2008A, 5.125%, 7/01/22
|
|
|
|
|
2,000
|
New Jersey Health Care Facilities Financing Authority, Hospital Revenue Bonds, Virtua Health,
|
7/19 at 100.00
|
AA
|
2,251,740
|
|
|
Series 2009A, 5.500, 7/01/38 – AGC Insured (UB) (4)
|
|
|
|
|
100
|
New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Palisades
|
7/23 at 100.00
|
A–
|
115,488
|
|
|
Medical Center Obligated Group Issue, Series 2013, 5.250%, 7/01/31
|
|
|
|
|
215
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health,
|
7/24 at 100.00
|
A–
|
252,313
|
|
|
Refunding Series 2014A, 5.000%, 7/01/44
|
|
|
|
|
100
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical
|
7/24 at 100.00
|
A
|
106,748
|
|
|
Center, Refunding Series 2014A, 4.000%, 7/01/45
|
|
|
|
|
20
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System
|
No Opt. Call
|
A+
|
23,585
|
|
|
Obligated Group, Refunding Series 2011, 5.000%, 7/01/21
|
|
|
|
|
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health,
|
|
|
|
|
|
Series 2007:
|
|
|
|
|
100
|
5.000%, 7/01/38 – AGC Insured
|
7/18 at 100.00
|
AA
|
106,922
|
|
65
|
5.000%, 7/01/38
|
7/18 at 100.00
|
AA
|
69,757
|
|
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare
|
|
|
|
|
|
System, Series 2016A:
|
|
|
|
|
25
|
5.000%, 7/01/32
|
7/26 at 100.00
|
Baa2
|
30,945
|
|
40
|
5.000%, 7/01/33
|
7/26 at 100.00
|
Baa2
|
49,352
|
|
130
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson
|
7/24 at 100.00
|
A
|
152,459
|
|
|
University Hospital Issue, Series 2014A, 5.000%, 7/01/39
|
|
|
|
|
100
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson
|
7/23 at 100.00
|
A
|
120,616
|
|
|
University Hospital, Series 2013A, 5.500%, 7/01/43
|
|
|
|
|
70
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health
|
7/21 at 100.00
|
A–
|
82,251
|
|
|
Care System, Refunding Series 2011A, 5.625%, 7/01/37
|
|
|
|
|
515
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph’s Healthcare
|
No Opt. Call
|
BBB–
|
540,302
|
|
|
System Obligated Group Issue, Series 2008, 6.000%, 7/01/18
|
|
|
|
|
100
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke’s Warren
|
8/23 at 100.00
|
A–
|
105,428
|
|
|
Hospital Obligated Group, Series 2013, 4.000%, 8/15/37
|
|
|
|
|
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue,
|
|
|
|
|
|
Refunding Series 2015A:
|
|
|
|
|
125
|
4.125%, 7/01/38 – AGM Insured
|
7/25 at 100.00
|
AA
|
137,166
|
|
110
|
5.000%, 7/01/46 – AGM Insured
|
7/25 at 100.00
|
AA
|
129,700
|
|
4,025
|
Total Health Care
|
|
|
4,528,275
|
|
|
Housing/Multifamily – 7.7% (7.6% of Total Investments)
|
|
|
|
|
100
|
New Jersey Economic Development Authority, Revenue Bonds, Provident Group – Rowan Properties
|
1/25 at 100.00
|
BBB–
|
112,917
|
|
|
LLC – Rowan University Student Housing Project, Series 2015A, 5.000%, 1/01/48
|
|
|
|
|
155
|
New Jersey Economic Development Authority, Revenue Bonds, West Campus Housing LLC –
|
7/25 at 100.00
|
BBB–
|
163,355
|
|
|
New Jersey City University Student Housing Project, Series 2015, 5.000%, 7/01/47
|
|
|
|
|
|
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident
|
|
|
|
|
|
Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A:
|
|
|
|
|
100
|
5.750%, 6/01/31
|
6/20 at 100.00
|
Baa3
|
113,352
|
|
50
|
5.875%, 6/01/42
|
6/20 at 100.00
|
Baa3
|
56,521
|
|
1,000
|
New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2009A,
|
11/19 at 100.00
|
AA–
|
1,063,849
|
|
|
4.950%, 5/01/41
|
|
|
|
|
60
|
New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A,
|
11/24 at 100.00
|
AA–
|
63,412
|
|
|
4.000%, 11/01/45
|
|
|
|
|
130
|
New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015B,
|
No Opt. Call
|
AA–
|
130,534
|
|
|
1.000%, 11/01/17
|
|
|
|
|
270
|
New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2016B,
|
11/25 at 100.00
|
AA–
|
280,341
|
|
|
3.600%, 11/01/40
|
|
|
|
|
1,865
|
Total Housing/Multifamily
|
|
|
1,984,281
|
|
|
Housing/Single Family – 0.7% (0.6% of Total Investments)
|
|
|
|
|
165
|
New Jersey Housing & Mortgage Finance Agency, Single Family Home Mortgage Revenue Bonds,
|
10/21 at 100.00
|
Aa2
|
169,099
|
|
|
Series 2011A, 4.500%, 10/01/29
|
|
|
|
|
|
Long-Term Care – 1.5% (1.5% of Total Investments)
|
|
|
|
|
160
|
Burlington County Bridge Commission, New Jersey, Economic Development Revenue Bonds, The
|
1/18 at 100.00
|
N/R
|
167,981
|
|
|
Evergreens Project, Series 2007, 5.625%, 1/01/38
|
|
|
|
|
15
|
New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project,
|
1/24 at 100.00
|
N/R
|
16,203
|
|
|
Series 2014, 5.250%, 1/01/44
|
|
|
|
|
140
|
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of
|
7/23 at 100.00
|
BBB–
|
155,855
|
|
|
New Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34
|
|
|
|
|
40
|
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of
|
7/24 at 100.00
|
BBB–
|
45,709
|
|
|
New Jersey Obligated Group Issue, Refunding Series 2014A, 5.000%, 7/01/29
|
|
|
|
|
355
|
Total Long-Term Care
|
|
|
385,748
|
|
|
Tax Obligation/General – 6.9% (6.8% of Total Investments)
|
|
|
|
|
100
|
Bloomfield Township Board of Education, Essex County, New Jersey, General Obligation Bonds,
|
No Opt. Call
|
A
|
100,212
|
|
|
Series 2011, 3.000%, 9/01/16
|
|
|
|
|
10
|
Hillsborough Township School District, Somerset County, New Jersey, General Obligation School
|
No Opt. Call
|
AA
|
10,082
|
|
|
Bonds, Series 2001, 5.375%, 10/01/16 – AGM Insured
|
|
|
|
|
|
Medford Township Board of Education, Burlington County, New Jersey, General Obligation Bonds,
|
|
|
|
|
|
Refunding Series 2015:
|
|
|
|
|
20
|
5.000%, 3/01/22
|
No Opt. Call
|
Aa2
|
23,906
|
|
20
|
5.000%, 3/01/24
|
No Opt. Call
|
Aa2
|
24,739
|
|
150
|
Monmouth County Improvement Authority, New Jersey, Governmental Loan Revenue Bonds, Series
|
No Opt. Call
|
N/R
|
152,057
|
|
|
2007, 5.000%, 12/01/16 – AMBAC Insured
|
|
|
|
|
200
|
Monroe Township Board of Education of Gloucester County, New Jersey, General Obligation Bond,
|
No Opt. Call
|
AA–
|
202,900
|
|
|
Refunding Series 2014, 3.000%, 3/01/17
|
|
|
|
|
110
|
Monroe Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds,
|
3/25 at 100.00
|
AA–
|
132,835
|
|
|
Refunding Series 2015, 5.000%, 3/01/38
|
|
|
|
|
20
|
Montclair Township, Essex County, New Jersey, General Obligation Bonds, Parking Utility,
|
1/24 at 100.00
|
AAA
|
23,620
|
|
|
Refunding Series 2014A, 5.000%, 1/01/37
|
|
|
|
|
|
New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue
|
|
|
|
|
|
Bonds, Refunding Series 2016A:
|
|
|
|
|
310
|
5.000%, 9/01/29 – BAM Insured
|
9/26 at 100.00
|
AA
|
390,169
|
|
130
|
5.000%, 9/01/39 – BAM Insured
|
No Opt. Call
|
AA
|
159,470
|
|
30
|
North Bergen Township, New Jersey, General Obligation Bonds, General Improvement Series 2009,
|
No Opt. Call
|
AA–
|
30,515
|
|
|
4.000%, 2/01/17
|
|
|
|
|
25
|
South Brunswick Township, Middlesex County, New Jersey, General Obligation Bonds, Refunding
|
No Opt. Call
|
AA
|
25,641
|
|
|
Series 2014, 3.000%, 9/01/17
|
|
|
|
|
100
|
Sussex County, New Jersey, General Obligation Bonds, Refunding Series 2014, 4.000%, 2/15/22
|
No Opt. Call
|
AA+
|
115,412
|
|
150
|
Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue
|
12/21 at 100.00
|
AA+
|
169,292
|
|
|
Refunding Bonds, Covantan Union Inc. Lessee, Series 2011B, 5.250%, 12/01/31 (Alternative
|
|
|
|
|
|
Minimum Tax)
|
|
|
|
|
170
|
Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency Revenue
|
6/21 at 100.00
|
AA+
|
193,926
|
|
|
Bonds, Series 2011A, 5.000%, 6/15/41
|
|
|
|
|
25
|
Washington Borough, Warren County, New Jersey, General Obligation Bonds, Series 2008, 4.500%,
|
No Opt. Call
|
A2
|
25,562
|
|
|
3/01/17 – AGM Insured
|
|
|
|
|
1,570
|
Total Tax Obligation/General
|
|
|
1,780,338
|
|
|
Tax Obligation/Limited – 30.0% (29.4% of Total Investments)
|
|
|
|
|
250
|
Burlington County Bridge Commission, New Jersey, Governmental Leasing Program Revenue Bonds,
|
No Opt. Call
|
AA
|
250,283
|
|
|
County Guaranteed, Refunding Series 2014, 3.000%, 8/15/16
|
|
|
|
|
270
|
Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds,
|
No Opt. Call
|
AA
|
353,670
|
|
|
Series 2005A, 5.750%, 11/01/28 – AGM Insured
|
|
|
|
|
630
|
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
|
12/19 at 100.00
|
BBB+
|
705,052
|
|
|
Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, Hudson
|
|
|
|
|
|
County Vocational Technical Schools Project, Series 2016:
|
|
|
|
|
250
|
5.000%, 5/01/46
|
5/26 at 100.00
|
AA
|
303,318
|
|
175
|
5.250%, 5/01/51
|
5/26 at 100.00
|
AA
|
216,767
|
|
|
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012:
|
|
|
|
|
250
|
5.000%, 6/15/25
|
6/22 at 100.00
|
BBB+
|
280,160
|
|
400
|
5.000%, 6/15/28
|
No Opt. Call
|
BBB+
|
443,112
|
|
700
|
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset
|
10/18 at 100.00
|
A–
|
750,113
|
|
|
Transformation Program, Series 2008A, 5.250%, 10/01/38
|
|
|
|
|
2,000
|
New Jersey Health Care Facilities Financing Authority, State Contract Bonds, Hospital Asset
|
10/19 at 100.00
|
A–
|
2,241,799
|
|
|
Transformation Program, Series 2009A, 5.750%, 10/01/31
|
|
|
|
|
2,270
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2009A,
|
No Opt. Call
|
A–
|
848,299
|
|
|
0.000%, 12/15/39
|
|
|
|
|
110
|
Union County Improvement Authority, New Jersey, General Obligation Lease Bonds, Juvenile
|
No Opt. Call
|
Aa1
|
310,116
|
|
|
Detention Center Facility Project, Tender Option Bond Trust 2015-XF1019, 22.328%, 5/01/30 (IF) (4)
|
|
|
|
|
1,000
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien
|
10/19 at 100.00
|
BBB
|
1,006,160
|
|
|
Series 2009A-1, 5.000%, 10/01/39
|
|
|
|
|
8,305
|
Total Tax Obligation/Limited
|
|
|
7,708,849
|
|
|
Transportation – 11.4% (11.1% of Total Investments)
|
|
|
|
|
250
|
Casino Reinvestment Development Authority, New Jersey, Parking Revenue Bonds, Series 2005A,
|
10/16 at 100.00
|
AA–
|
250,840
|
|
|
5.250%, 6/01/20 – NPFG Insured
|
|
|
|
|
|
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A:
|
|
|
|
|
150
|
4.125%, 1/01/39
|
1/24 at 100.00
|
A1
|
167,439
|
|
200
|
5.000%, 1/01/44
|
1/24 at 100.00
|
A1
|
236,798
|
|
300
|
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port
|
No Opt. Call
|
A–
|
344,238
|
|
|
District Project, Series 2012, 5.000%, 1/01/27
|
|
|
|
|
190
|
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
|
1/24 at 100.00
|
BBB
|
223,514
|
|
|
Replacement Project, Series 2013, 5.625%, 1/01/52 (Alternative Minimum Tax)
|
|
|
|
|
80
|
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental
|
3/24 at 101.00
|
BB–
|
93,269
|
|
|
Airlines Inc., Series 2000A & 2000B, 5.625%, 11/15/30 (Alternative Minimum Tax)
|
|
|
|
|
325
|
New Jersey Turnpike Authority, Revenue Bonds, Refunding Series 2015E, 5.000%, 1/01/45
|
1/25 at 100.00
|
A+
|
386,627
|
|
765
|
New Jersey Turnpike Authority, Revenue Bonds, Series 2009E, 5.250%, 1/01/40
|
1/19 at 100.00
|
A+
|
837,391
|
|
315
|
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy
|
12/23 at 100.00
|
AA–
|
381,830
|
|
|
Ninth Series 2013, 5.000%, 12/01/43
|
|
|
|
|
2,575
|
Total Transportation
|
|
|
2,921,946
|
|
|
U.S. Guaranteed – 2.4% (2.3% of Total Investments) (5)
|
|
|
|
|
500
|
Newark Housing Authority, New Jersey, City-Secured Police Facility Revenue Bonds, South Ward
|
12/19 at 100.00
|
A3 (5)
|
599,895
|
|
|
Police Facility, Series 2009A, 6.750%, 12/01/38 (Pre-refunded 12/01/19) – AGC Insured
|
|
|
|
|
|
Utilities – 2.5% (2.5% of Total Investments)
|
|
|
|
|
270
|
Essex County Improvement Authority, New Jersey, Solid Waste Disposal Revenue Bonds, Covanta
|
7/20 at 100.00
|
Ba2
|
282,879
|
|
|
Project, Series 2015, 5.250%, 7/01/45 (Alternative Minimum Tax)
|
|
|
|
|
300
|
Industrial Pollution Control Financing Authority of Cape May County (New Jersey), Pollution
|
No Opt. Call
|
AA–
|
362,445
|
|
|
Control Revenue Refunding Bonds, 1991 Series A (Atlantic City Electric Company Project),
|
|
|
|
|
|
6.800%, 3/01/21 – NPFG Insured
|
|
|
|
|
570
|
Total Utilities
|
|
|
645,324
|
|
$ 24,370
|
Total Municipal Bonds (cost $22,829,735)
|
|
|
25,663,122
|
|
|
|||||
Shares
|
Description (1)
|
|
|
Value
|
|
|
COMMON STOCKS – 2.1% (2.0% of Total Investments)
|
|
|
|
|
|
Airlines – 2.1% (2.0% of Total Investments)
|
|
|
|
|
15,008
|
American Airlines Group Inc., (6)
|
|
|
$ 532,784
|
|
|
Total Common Stocks (cost $207,228)
|
|
|
532,784
|
|
|
Total Long-Term Investments (cost $23,036,963)
|
|
|
26,195,906
|
|
|
Floating Rate Obligations – (5.8)%
|
|
|
(1,500,000)
|
|
|
Other Assets Less Liabilities – 3.8%
|
|
|
995,873
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 25,691,779
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Long-Term Investments:
|
|
|
|
|
Municipal Bonds
|
$ —
|
$25,663,122
|
$ —
|
$25,663,122
|
Common Stocks
|
532,784
|
—
|
—
|
532,784
|
Total
|
$532,784
|
$25,663,122
|
$ —
|
$26,195,906
|
Gross unrealized:
|
|
Appreciation
|
$3,210,678
|
Depreciation
|
12,522
|
Net unrealized appreciation (depreciation) of investments
|
$3,223,200
|
(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)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations
|
|
|
for investments in inverse floating rate transactions.
|
|
(5)
|
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.
|
|
(6)
|
On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc.
|
|
|
(“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal
|
|
|
bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement
|
|
|
agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund,
|
|
|
received a distribution of AAL preferred stock which was converted to AAL common stock over a
|
|
|
120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock
|
|
|
based on the 5-day volume-weighted average price and the amount of preferred shares tendered
|
|
|
during the optional preferred conversion period.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
|
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.
|
By (Signature and Title) | /s/ Kevin J. McCarthy |
Kevin J. McCarthy
Vice President and Secretary
|
By (Signature and Title) | /s/ Gifford R. Zimmerman |
Gifford R. Zimmerman
Chief Administrative Officer (principal executive officer)
|
By (Signature and Title) | /s/ Stephen D. Foy |
Stephen D. Foy
Vice President and Controller (principal financial officer)
|