|
Portfolio of Investments
|
|
|
|
|
|
Nuveen Select Tax-Free Income Portfolio (NXP)
|
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|
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|
|
June 30, 2016 (Unaudited)
|
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|||||
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|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 101.9%
|
|
|
|
|
|
MUNICIPAL BONDS – 101.9%
|
|
|
|
|
|
Alaska – 1.0%
|
|
|
|
|
$ 2,675
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
|
12/16 at 100.00
|
B3
|
$ 2,648,250
|
|
|
Series 2006A, 5.000%, 6/01/46
|
|
|
|
|
|
Arizona – 2.4%
|
|
|
|
|
2,500
|
Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West, Series
|
3/21 at 100.00
|
A
|
2,850,250
|
|
|
2011B-1&2, 5.250%, 3/01/39
|
|
|
|
|
2,530
|
Arizona Water Infrastructure Finance Authority, Water Quality Revenue Bonds, Series 2008A,
|
10/18 at 100.00
|
AAA
|
2,775,714
|
|
|
5.000%, 10/01/20
|
|
|
|
|
625
|
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power
|
10/20 at 100.00
|
A3
|
706,906
|
|
|
Company, Series 2010A, 5.250%, 10/01/40
|
|
|
|
|
5,655
|
Total Arizona
|
|
|
6,332,870
|
|
|
Arkansas – 0.9%
|
|
|
|
|
6,555
|
Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Arkansas Cancer
|
No Opt. Call
|
Aa2
|
2,359,341
|
|
|
Research Center Project, Series 2006, 0.000%, 7/01/46 – AMBAC Insured
|
|
|
|
|
|
California – 19.5%
|
|
|
|
|
2,000
|
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate
|
10/17 at 100.00
|
BBB+ (4)
|
2,122,560
|
|
|
Lien Series 2004A, 5.450%, 10/01/25 (Pre-refunded 10/01/17) – AMBAC Insured
|
|
|
|
|
4,245
|
Anaheim City School District, Orange County, California, General Obligation Bonds, Election
|
No Opt. Call
|
AA
|
2,796,860
|
|
|
2002 Series 2007, 0.000%, 8/01/31 – AGM Insured
|
|
|
|
|
2,840
|
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement
|
No Opt. Call
|
AA
|
1,865,454
|
|
|
Project, Series 1997C, 0.000%, 9/01/30 – AGM Insured
|
|
|
|
|
3,000
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
|
4/23 at 100.00
|
AA–
|
3,626,850
|
|
|
2013S-4, 5.000%, 4/01/38
|
|
|
|
|
2,310
|
California Health Facilities Financing Authority, Revenue Bonds, Saint Joseph Health System,
|
7/23 at 100.00
|
AA–
|
2,797,687
|
|
|
Series 2013A, 5.000%, 7/01/33
|
|
|
|
|
1,630
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series
|
11/23 at 100.00
|
A+
|
1,980,678
|
|
|
2013I, 5.000%, 11/01/38
|
|
|
|
|
1,500
|
California Statewide Community Development Authority, Health Revenue Bonds, Enloe Medical
|
8/18 at 100.00
|
AA– (4)
|
1,679,265
|
|
|
Center, Refunding Series 2008A, 6.250%, 8/15/28 (Pre-refunded 8/15/18)
|
|
|
|
|
895
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital
|
8/19 at 100.00
|
N/R (4)
|
1,061,023
|
|
|
Project, Series 2009, 6.750%, 2/01/38 (Pre-refunded 8/01/19)
|
|
|
|
|
3,790
|
Coast Community College District, Orange County, California, General Obligation Bonds, Series
|
8/16 at 33.78
|
Aa1 (4)
|
1,279,920
|
|
|
2006C, 0.000%, 8/01/36 (Pre-refunded 8/01/16) – AGM Insured
|
|
|
|
|
2,645
|
Cypress Elementary School District, Orange County, California, General Obligation Bonds,
|
No Opt. Call
|
AA
|
1,566,105
|
|
|
Series 2009A, 0.000%, 5/01/34 – AGM Insured
|
|
|
|
|
800
|
East Side Union High School District, Santa Clara County, California, General Obligation
|
8/19 at 100.00
|
AA (4)
|
905,968
|
|
|
Bonds, 2008 Election Series 2010B, 5.000%, 8/01/24 (Pre-refunded 8/01/19) – AGC Insured
|
|
|
|
|
2,710
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
|
No Opt. Call
|
A+
|
2,050,900
|
|
|
Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/28 – AMBAC Insured
|
|
|
|
|
1,395
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
|
6/17 at 100.00
|
B
|
1,420,890
|
|
|
Bonds, Series 2007A-1, 4.500%, 6/01/27
|
|
|
|
|
2,350
|
Golden Valley Unified School District, Madera County, California, General Obligation Bonds,
|
8/17 at 56.07
|
AA
|
1,302,041
|
|
|
Election 2006 Series 2007A, 0.000%, 8/01/29 – AGM Insured
|
|
|
|
|
3,030
|
Grossmont Union High School District, San Diego County, California, General Obligation Bonds,
|
No Opt. Call
|
Aa3
|
2,535,656
|
|
|
Series 2006, 0.000%, 8/01/25 – NPFG Insured
|
|
|
|
|
1,000
|
Moreno Valley Unified School District, Riverside County, California, General Obligation Bonds,
|
No Opt. Call
|
AA–
|
869,290
|
|
|
Series 2007, 0.000%, 8/01/23 – NPFG Insured
|
|
|
|
|
1,160
|
Mount San Antonio Community College District, Los Angeles County, California, General
|
8/35 at 100.00
|
AA
|
1,020,290
|
|
|
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43 (5)
|
|
|
|
|
5,395
|
Napa Valley Community College District, Napa and Sonoma Counties, California, General
|
8/17 at 46.57
|
Aa2
|
2,480,459
|
|
|
Obligation Bonds, Election 2002 Series 2007C, 0.000%, 8/01/32 – NPFG Insured
|
|
|
|
|
2,180
|
New Haven Unified School District, Alameda County, California, General Obligation Bonds,
|
No Opt. Call
|
AA–
|
1,215,350
|
|
|
Series 2004A, 0.000%, 8/01/28 – NPFG Insured
|
|
|
|
|
590
|
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2009,
|
11/19 at 100.00
|
Ba1
|
663,007
|
|
|
6.750%, 11/01/39
|
|
|
|
|
4,390
|
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community
|
No Opt. Call
|
A+
|
3,061,849
|
|
|
Development Project, Series 1999, 0.000%, 8/01/29 – AMBAC Insured
|
|
|
|
|
1,700
|
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of
|
No Opt. Call
|
AA– (4)
|
1,183,285
|
|
|
Participation, Series 2006, 0.000%, 10/01/34 – NPFG Insured (ETM)
|
|
|
|
|
8,000
|
Poway Unified School District, San Diego County, California, General Obligation Bonds, School
|
No Opt. Call
|
AA–
|
5,004,080
|
|
|
Facilities Improvement District 2007-1, Election 2008 Series 2009A, 0.000%, 8/01/33
|
|
|
|
|
3,420
|
San Diego County Water Authority, California, Water Revenue Certificates of Participation,
|
5/18 at 100.00
|
AAA
|
3,696,883
|
|
|
Series 2008A, 5.000%, 5/01/38 (Pre-refunded 5/01/18) (WI/DD, Settling 7/01/16) – AGM Insured
|
|
|
|
|
2,110
|
Sierra Sands Unified School District, Kern County, California, General Obligation Bonds,
|
No Opt. Call
|
AA
|
1,528,611
|
|
|
Election of 2006, Series 2006A, 0.000%, 11/01/28 – FGIC Insured
|
|
|
|
|
1,195
|
Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed
|
12/16 at 100.00
|
B–
|
1,195,084
|
|
|
Bonds, Series 2005A-1, 5.500%, 6/01/45
|
|
|
|
|
1,150
|
Woodside Elementary School District, San Mateo County, California, General Obligation Bonds,
|
No Opt. Call
|
AAA
|
797,468
|
|
|
Election of 2005, Series 2007, 0.000%, 10/01/30 – AMBAC Insured
|
|
|
|
|
67,430
|
Total California
|
|
|
51,707,513
|
|
|
Colorado – 4.6%
|
|
|
|
|
1,780
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives,
|
1/23 at 100.00
|
A+
|
2,056,505
|
|
|
Series 2013A, 5.250%, 1/01/45
|
|
|
|
|
1,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of
|
1/20 at 100.00
|
AA–
|
1,120,450
|
|
|
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
|
|
|
|
1,935
|
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B,
|
11/23 at 100.00
|
A
|
2,290,382
|
|
|
5.000%, 11/15/43
|
|
|
|
|
250
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%,
|
No Opt. Call
|
AA–
|
175,495
|
|
|
9/01/29 – NPFG Insured
|
|
|
|
|
12,500
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2006A, 0.000%,
|
9/26 at 54.77
|
AA–
|
4,895,875
|
|
|
9/01/38 – NPFG Insured
|
|
|
|
|
2,000
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%,
|
9/20 at 50.83
|
AA–
|
890,660
|
|
|
9/01/32 – NPFG Insured
|
|
|
|
|
620
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue
|
12/25 at 100.00
|
BBB
|
740,168
|
|
|
Bonds, Refunding Series 2015A, 5.000%, 12/01/35
|
|
|
|
|
20,085
|
Total Colorado
|
|
|
12,169,535
|
|
|
Florida – 4.6%
|
|
|
|
|
2,990
|
Duval County School Board, Florida, Certificates of Participation, Master Lease Program,
|
7/17 at 100.00
|
Aa3 (4)
|
3,123,324
|
|
|
Series 2008, 5.000%, 7/01/26 (Pre-refunded 7/01/17) – AGM Insured
|
|
|
|
|
2,000
|
Florida State Turnpike Authority, Turnpike Revenue Bonds, Department of Transportation, Series
|
No Opt. Call
|
Aa2
|
2,000,260
|
|
|
2010B, 5.000%, 7/01/16
|
|
|
|
|
2,500
|
JEA St. Johns River Power Park System, Florida, Revenue Bonds, 2012-Issue 2 Series 25,
|
No Opt. Call
|
Aa2
|
2,528,825
|
|
|
5.000%, 10/01/16
|
|
|
|
|
4,240
|
Miami-Dade County, Florida, Special Obligation Bonds, Capital Asset Acquisition, Series 2007A,
|
4/17 at 100.00
|
AA–
|
4,377,588
|
|
|
5.000%, 4/01/23 – AMBAC Insured
|
|
|
|
|
11,730
|
Total Florida
|
|
|
12,029,997
|
|
|
Illinois – 10.8%
|
|
|
|
|
|
Board of Trustees of Southern Illinois University, Housing and Auxiliary Facilities System
|
|
|
|
|
|
Revenue Bonds, Series 1999A:
|
|
|
|
|
2,565
|
0.000%, 4/01/20 – NPFG Insured
|
No Opt. Call
|
AA–
|
2,320,479
|
|
2,000
|
0.000%, 4/01/23 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,631,900
|
|
735
|
Chicago Board of Education, Illinois, General Obligation Bonds, Dedicated Revenues Series
|
12/21 at 100.00
|
B+
|
654,077
|
|
|
2011A, 5.000%, 12/01/41
|
|
|
|
|
55
|
Chicago Board of Education, Illinois, Unlimited Tax General Obligation Bonds, Dedicated Tax
|
No Opt. Call
|
AA–
|
33,686
|
|
|
Revenues, Series 1998B-1, 0.000%, 12/01/28 – FGIC Insured
|
|
|
|
|
1,370
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien
|
1/17 at 100.00
|
AA
|
1,400,003
|
|
|
Series 2008B, 5.000%, 1/01/20 – AGM Insured
|
|
|
|
|
2,100
|
Illinois Finance Authority, Revenue Bonds, Northwestern Memorial HealthCare, Series 2013,
|
No Opt. Call
|
AA+
|
2,320,520
|
|
|
4.000%, 8/15/33
|
|
|
|
|
260
|
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A,
|
7/23 at 100.00
|
A–
|
321,610
|
|
|
6.000%, 7/01/43
|
|
|
|
|
2,100
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers,
|
8/18 at 100.00
|
BBB+
|
2,241,456
|
|
|
Refunding Series 2008A, 5.500%, 8/15/30
|
|
|
|
|
1,000
|
Illinois Finance Authority, Revenue Bonds, Silver Cross Hospital and Medical Centers, Series
|
8/19 at 100.00
|
N/R (4)
|
1,186,520
|
|
|
2009, 6.875%, 8/15/38 (Pre-refunded 8/15/19)
|
|
|
|
|
1,050
|
Illinois Finance Authority, Revenue Bonds, University of Chicago, Tender Option Bond Trust
|
No Opt. Call
|
AA+ (4)
|
1,142,789
|
|
|
2015-XF0248, 8.984%, 7/01/46 (Pre-refunded 7/01/17) (IF) (6)
|
|
|
|
|
2,190
|
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
|
No Opt. Call
|
BBB+
|
2,480,131
|
|
1,000
|
Kendall, Kane, and Will Counties Community Unit School District 308 Oswego, Illinois, General
|
No Opt. Call
|
Aa2
|
828,830
|
|
|
Obligation Bonds, Series 2008, 0.000%, 2/01/24 – AGM Insured
|
|
|
|
|
1,520
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
|
No Opt. Call
|
AA–
|
1,501,669
|
|
|
Project, Series 1993A, 0.000%, 6/15/17 – NPFG Insured
|
|
|
|
|
470
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
|
No Opt. Call
|
AA– (4)
|
466,489
|
|
|
Project, Series 1993A, 0.000%, 6/15/17 – NPFG Insured (ETM)
|
|
|
|
|
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
|
|
|
|
|
|
Project, Series 2002A:
|
|
|
|
|
1,720
|
0.000%, 12/15/29 – NPFG Insured
|
No Opt. Call
|
AA–
|
1,112,530
|
|
810
|
0.000%, 6/15/30 – NPFG Insured
|
No Opt. Call
|
AA–
|
509,085
|
|
6,070
|
0.000%, 12/15/31 – NPFG Insured
|
No Opt. Call
|
AA–
|
3,607,280
|
|
5,000
|
0.000%, 12/15/36 – NPFG Insured
|
No Opt. Call
|
AA–
|
2,373,600
|
|
1,775
|
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2015, 5.000%, 3/01/28
|
3/25 at 100.00
|
A
|
2,188,930
|
|
310
|
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013,
|
10/23 at 100.00
|
A
|
380,742
|
|
|
6.000%, 10/01/42
|
|
|
|
|
34,100
|
Total Illinois
|
|
|
28,702,326
|
|
|
Indiana – 0.8%
|
|
|
|
|
270
|
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project,
|
9/24 at 100.00
|
BBB–
|
308,667
|
|
|
Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)
|
|
|
|
|
485
|
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest
|
3/17 at 100.00
|
A+
|
498,522
|
|
|
Indiana, Series 2007, 5.500%, 3/01/37
|
|
|
|
|
515
|
Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest
|
3/17 at 100.00
|
N/R (4)
|
531,480
|
|
|
Indiana, Series 2007, 5.500%, 3/01/37 (Pre-refunded 3/01/17)
|
|
|
|
|
750
|
Purdue University, Indiana, University Revenue Bonds, Student Facility System Series 2009A,
|
1/19 at 100.00
|
AAA
|
830,370
|
|
|
5.000%, 7/01/23 (Pre-refunded 1/01/19)
|
|
|
|
|
2,020
|
Total Indiana
|
|
|
2,169,039
|
|
|
Iowa – 2.5%
|
|
|
|
|
1,540
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
|
No Opt. Call
|
B+
|
1,604,464
|
|
|
Project, Series 2013, 5.000%, 12/01/19
|
|
|
|
|
1,000
|
Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,
|
12/16 at 100.00
|
B+
|
1,000,070
|
|
|
5.375%, 6/01/38
|
|
|
|
|
4,000
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
|
6/17 at 100.00
|
B+
|
4,016,440
|
|
|
5.600%, 6/01/34
|
|
|
|
|
6,540
|
Total Iowa
|
|
|
6,620,974
|
|
|
Kentucky – 1.1%
|
|
|
|
|
2,500
|
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare
|
8/21 at 100.00
|
A+
|
2,794,875
|
|
|
System Obligated Group, Series 2011, 5.250%, 8/15/46
|
|
|
|
|
|
Massachusetts – 1.3%
|
|
|
|
|
1,075
|
Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Series 2006, 5.000%,
|
5/17 at 100.00
|
A–
|
1,113,765
|
|
|
5/01/18 – AMBAC Insured
|
|
|
|
|
500
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc.,
|
7/18 at 100.00
|
A– (4)
|
543,155
|
|
|
Series 2008E-1 &2, 5.000%, 7/01/28 (Pre-refunded 7/01/18)
|
|
|
|
|
1,775
|
Massachusetts Housing Finance Agency, Housing Bonds, Series 2009F, 5.700%, 6/01/40
|
12/18 at 100.00
|
AA–
|
1,884,074
|
|
|
(Alternative Minimum Tax)
|
|
|
|
|
3,350
|
Total Massachusetts
|
|
|
3,540,994
|
|
|
Michigan – 3.3%
|
|
|
|
|
355
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
|
7/22 at 100.00
|
A–
|
405,066
|
|
|
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
|
|
|
|
1,500
|
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2001E, 5.750%,
|
7/18 at 100.00
|
AA+
|
1,626,240
|
|
|
7/01/31 – BHAC Insured
|
|
|
|
|
2,500
|
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 5.000%,
|
7/16 at 100.00
|
AA–
|
2,508,675
|
|
|
7/01/33 – FGIC Insured
|
|
|
|
|
2,075
|
Detroit, Michigan, Water Supply System Senior Lien Revenue Bonds, Series 2004A, 4.500%,
|
7/16 at 100.00
|
AA–
|
2,081,287
|
|
|
7/01/25 – NPFG Insured
|
|
|
|
|
2,000
|
Portage Public Schools, Kalamazoo County, Michigan, General Obligation Bonds, School Building
|
5/18 at 100.00
|
AA (4)
|
2,160,880
|
|
|
& Site Series 2008, 5.000%, 5/01/21 (Pre-refunded 5/01/18) – AGM Insured
|
|
|
|
|
8,430
|
Total Michigan
|
|
|
8,782,148
|
|
|
Minnesota – 2.3%
|
|
|
|
|
6,075
|
Minnesota State, General Obligation Bonds, Various Purpose Series 2013A, 5.000%, 8/01/16
|
No Opt. Call
|
AA+
|
6,099,118
|
|
|
Missouri – 2.7%
|
|
|
|
|
360
|
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales
|
10/18 at 100.00
|
AA+
|
392,753
|
|
|
Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28
|
|
|
|
|
|
Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds,
|
|
|
|
|
|
Series 2004B-1:
|
|
|
|
|
1,165
|
0.000%, 4/15/23 – AMBAC Insured
|
No Opt. Call
|
AA
|
1,031,945
|
|
5,000
|
0.000%, 4/15/30 – AMBAC Insured
|
No Opt. Call
|
AA–
|
3,419,000
|
|
2,000
|
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds,
|
11/23 at 100.00
|
A2
|
2,334,060
|
|
|
CoxHealth, Series 2013A, 5.000%, 11/15/38
|
|
|
|
|
8,525
|
Total Missouri
|
|
|
7,177,758
|
|
|
Nevada – 1.7%
|
|
|
|
|
750
|
Clark County, Nevada, Airport Revenue Bonds, Tender Option Bond Trust Series 2016-XG0028,
|
No Opt. Call
|
A+
|
1,235,910
|
|
|
19.046%, 1/01/18 (IF)
|
|
|
|
|
1,250
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
|
1/20 at 100.00
|
A+
|
1,407,550
|
|
|
International Airport, Series 2010A, 5.250%, 7/01/42
|
|
|
|
|
1,500
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A, 8.000%,
|
6/19 at 100.00
|
BBB+ (4)
|
1,810,185
|
|
|
6/15/30 (Pre-refunded 6/15/19)
|
|
|
|
|
3,500
|
Total Nevada
|
|
|
4,453,645
|
|
|
New Jersey – 9.5%
|
|
|
|
|
940
|
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge
|
1/24 at 100.00
|
AA
|
1,097,356
|
|
|
Replacement Project, Series 2013, 5.125%, 1/01/39 – AGM Insured (Alternative Minimum Tax)
|
|
|
|
|
2,550
|
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series
|
1/17 at 100.00
|
AA–
|
2,576,903
|
|
|
2004A, 5.250%, 7/01/33 – NPFG Insured
|
|
|
|
|
1,035
|
New Jersey Economic Development Authority, School Facilities Construction Financing Program
|
3/21 at 100.00
|
A–
|
1,138,572
|
|
|
Bonds, Refunding Series 2011GG, 5.000%, 9/01/22
|
|
|
|
|
260
|
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital
|
7/25 at 100.00
|
AA
|
317,145
|
|
|
Issue, Refunding Series 2015A, 5.000%, 7/01/29 – AGM Insured
|
|
|
|
|
35,000
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series
|
No Opt. Call
|
AA
|
17,677,450
|
|
|
2006C, 0.000%, 12/15/34 – AGM Insured
|
|
|
|
|
2,500
|
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
|
6/17 at 100.00
|
B–
|
2,461,025
|
|
|
Series 2007-1A, 5.000%, 6/01/41
|
|
|
|
|
42,285
|
Total New Jersey
|
|
|
25,268,451
|
|
|
New Mexico – 2.1%
|
|
|
|
|
1,000
|
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series
|
9/17 at 100.00
|
N/R
|
1,017,930
|
|
|
2007A, 5.250%, 9/01/42 (Alternative Minimum Tax)
|
|
|
|
|
4,650
|
State of New Mexico, State Severance Tax Revenue Bonds, Refunding Series 2010D, 5.000%, 7/01/16
|
No Opt. Call
|
Aa2
|
4,650,605
|
|
5,650
|
Total New Mexico
|
|
|
5,668,535
|
|
|
New York – 4.0%
|
|
|
|
|
4,500
|
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds,
|
9/16 at 100.00
|
N/R (4)
|
4,542,975
|
|
|
Education Series 2006D, 5.000%, 3/15/36 (Pre-refunded 9/15/16)
|
|
|
|
|
500
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series
|
2/21 at 100.00
|
A
|
576,785
|
|
|
2011A, 5.250%, 2/15/47
|
|
|
|
|
1,810
|
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Series 2006A, 5.000%,
|
2/17 at 100.00
|
A
|
1,855,992
|
|
|
2/15/47 – FGIC Insured
|
|
|
|
|
840
|
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal
|
5/17 at 100.00
|
AAA
|
867,997
|
|
|
Series 2007B, 4.750%, 11/01/27
|
|
|
|
|
1,660
|
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal
|
5/17 at 100.00
|
N/R (4)
|
1,717,336
|
|
|
Series 2007B, 4.750%, 11/01/27 (Pre-refunded 5/01/17)
|
|
|
|
|
780
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
12/20 at 100.00
|
Baa1
|
922,935
|
|
|
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
|
|
|
|
10,090
|
Total New York
|
|
|
10,484,020
|
|
|
North Carolina – 1.4%
|
|
|
|
|
1,000
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2008C,
|
1/19 at 100.00
|
AAA
|
1,149,700
|
|
|
6.750%, 1/01/24 (Pre-refunded 1/01/19)
|
|
|
|
|
2,440
|
Union County, North Carolina, General Obligation Bonds, Series 2007D, 5.000%, 3/01/21
|
3/17 at 100.00
|
Aaa
|
2,512,810
|
|
|
(Pre-refunded 3/01/17) – NPFG Insured
|
|
|
|
|
3,440
|
Total North Carolina
|
|
|
3,662,510
|
|
|
Ohio – 2.3%
|
|
|
|
|
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
|
|
|
|
|
|
Bonds, Senior Lien, Series 2007A-2:
|
|
|
|
|
1,670
|
6.000%, 6/01/42
|
6/17 at 100.00
|
B–
|
1,671,236
|
|
1,000
|
6.500%, 6/01/47
|
6/17 at 100.00
|
B–
|
1,026,170
|
|
1,975
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
|
6/22 at 100.00
|
B–
|
2,017,877
|
|
|
Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
|
|
|
|
|
1,105
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series
|
2/23 at 100.00
|
A+
|
1,291,215
|
|
|
2013A-1, 5.000%, 2/15/48
|
|
|
|
|
5,750
|
Total Ohio
|
|
|
6,006,498
|
|
|
Oklahoma – 1.1%
|
|
|
|
|
1,000
|
Norman Regional Hospital Authority, Oklahoma, Hospital Revenue Bonds, Series 2005,
|
9/16 at 100.00
|
BBB
|
1,004,940
|
|
|
5.375%, 9/01/36
|
|
|
|
|
2,000
|
Oklahoma City, Oklahoma, General Obligation Bonds, Refunding Series 2015, 2.000%, 9/01/16
|
No Opt. Call
|
AAA
|
2,005,440
|
|
3,000
|
Total Oklahoma
|
|
|
3,010,380
|
|
|
Pennsylvania – 0.6%
|
|
|
|
|
1,490
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue
|
12/20 at 100.00
|
AA–
|
1,692,282
|
|
|
Bonds, Series 2010B, 5.000%, 12/01/30
|
|
|
|
|
|
Puerto Rico – 1.6%
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
|
|
|
|
17,500
|
0.000%, 8/01/41 – NPFG Insured
|
No Opt. Call
|
AA–
|
3,946,600
|
|
1,000
|
0.000%, 8/01/43 – NPFG Insured
|
No Opt. Call
|
AA–
|
200,320
|
|
18,500
|
Total Puerto Rico
|
|
|
4,146,920
|
|
|
Texas – 10.6%
|
|
|
|
|
250
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011, 6.000%,
|
1/21 at 100.00
|
BBB+ (4)
|
305,458
|
|
|
1/01/41 (Pre-refunded 1/01/21)
|
|
|
|
|
110
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien, Series 2015A,
|
7/25 at 100.00
|
BBB+
|
133,728
|
|
|
5.000%, 1/01/33
|
|
|
|
|
3,000
|
Fort Worth Independent School District, Tarrant County, Texas, General Obligation Bonds,
|
No Opt. Call
|
AAA
|
3,018,150
|
|
|
Refunding Series 2006, 5.000%, 2/15/18 (6)
|
|
|
|
|
5,565
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series
|
10/23 at 100.00
|
BBB+
|
6,532,809
|
|
|
2013A, 5.500%, 4/01/53
|
|
|
|
|
3,415
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H,
|
No Opt. Call
|
AA–
|
2,112,314
|
|
|
0.000%, 11/15/30 – NPFG Insured
|
|
|
|
|
4,230
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3,
|
11/24 at 52.47
|
AA–
|
1,643,397
|
|
|
0.000%, 11/15/35 – NPFG Insured
|
|
|
|
|
4,015
|
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien
|
11/30 at 61.17
|
AA
|
1,664,258
|
|
|
Series 2001A, 0.000%, 11/15/38 – NPFG Insured
|
|
|
|
|
1,780
|
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
|
8/16 at 35.23
|
AAA
|
626,649
|
|
|
Bonds, Series 2007, 0.000%, 8/15/37 (Pre-refunded 8/15/16)
|
|
|
|
|
2,260
|
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds,
|
11/20 at 100.00
|
Baa1
|
2,586,525
|
|
|
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
|
|
|
|
|
2,000
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation
|
1/25 at 100.00
|
A1
|
2,672,780
|
|
|
Series 2008I, 6.500%, 1/01/43
|
|
|
|
|
5,000
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series
|
No Opt. Call
|
A3
|
5,891,250
|
|
|
2012, 5.000%, 12/15/26
|
|
|
|
|
830
|
Wood County Central Hospital District, Texas, Revenue Bonds, East Texas Medical Center Quitman
|
11/21 at 100.00
|
Baa3
|
966,801
|
|
|
Project, Series 2011, 6.000%, 11/01/41
|
|
|
|
|
32,455
|
Total Texas
|
|
|
28,154,119
|
|
|
Virginia – 4.0%
|
|
|
|
|
1,000
|
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage
|
10/17 at 100.00
|
BBB
|
1,038,120
|
|
|
Revenue Bonds, Goodwin House, Inc., Series 2007A, 5.125%, 10/01/42
|
|
|
|
|
2,000
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Revenue Bonds, Dulles
|
10/28 at 100.00
|
BBB+
|
2,435,160
|
|
|
Metrorail Capital Appreciation, Second Senior Lien Series 2010B, 0.000%, 10/01/44 (5)
|
|
|
|
|
1,500
|
Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2009B,
|
No Opt. Call
|
AA+
|
1,572,645
|
|
|
5.000%, 8/01/17
|
|
|
|
|
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River
|
|
|
|
|
|
Crossing, Opco LLC Project, Series 2012:
|
|
|
|
|
1,000
|
5.250%, 1/01/32 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB
|
1,154,210
|
|
1,470
|
6.000%, 1/01/37 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB
|
1,766,940
|
|
1,010
|
5.500%, 1/01/42 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB
|
1,176,084
|
|
1,390
|
Virginia Small Business Financing Authority, Wellmont Health System Project Revenue Bonds,
|
9/17 at 100.00
|
BBB+
|
1,445,127
|
|
|
Series 2007A, 5.250%, 9/01/37
|
|
|
|
|
9,370
|
Total Virginia
|
|
|
10,588,286
|
|
|
Washington – 2.9%
|
|
|
|
|
2,250
|
Seattle, Washington, General Obligation Bonds, Refunding and Improvement Series 2010B,
|
No Opt. Call
|
AAA
|
2,258,955
|
|
|
5.000%, 8/01/16 (6)
|
|
|
|
|
990
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research
|
1/21 at 100.00
|
A
|
1,131,639
|
|
|
Center, Series 2011A, 5.625%, 1/01/35
|
|
|
|
|
2,500
|
Washington State, General Obligation Motor Vehicle Fuel Tax Bonds, Series 2008D, 5.000%,
|
1/18 at 100.00
|
AA+ (4)
|
2,663,725
|
|
|
1/01/33 (Pre-refunded 1/01/18)
|
|
|
|
|
2,115
|
Washington State, Motor Vehicle Fuel Tax General Obligation Bonds, Series 2003F, 0.000%,
|
No Opt. Call
|
AA+
|
1,694,136
|
|
|
12/01/27 – NPFG Insured
|
|
|
|
|
7,855
|
Total Washington
|
|
|
7,748,455
|
|
|
West Virginia – 0.7%
|
|
|
|
|
1,500
|
West Virginia Hospital Finance Authority, Hospital Revenue Bonds, West Virginia United Health
|
6/23 at 100.00
|
A
|
1,801,680
|
|
|
System Obligated Group, Refunding & Improvement Series 2013A, 5.500%, 6/01/44
|
|
|
|
|
|
Wisconsin – 1.6%
|
|
|
|
|
1,645
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Mercy Alliance, Inc.,
|
6/22 at 100.00
|
A3
|
1,874,313
|
|
|
Series 2012, 5.000%, 6/01/39
|
|
|
|
|
1,500
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Wheaton Franciscan
|
8/16 at 100.00
|
N/R (4)
|
1,508,715
|
|
|
Healthcare System, Series 2006A, 5.250%, 8/15/31 (Pre-refunded 8/15/16)
|
|
|
|
|
775
|
Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26
|
11/16 at 100.00
|
AA
|
778,116
|
|
3,920
|
Total Wisconsin
|
|
|
4,161,144
|
|
$ 334,475
|
Total Municipal Bonds (cost $230,154,079)
|
|
|
269,981,663
|
Principal
|
|
|
|
|
|
|
Amount (000)
|
Description (1)
|
Coupon
|
Maturity
|
Ratings (3)
|
Value
|
|
|
CORPORATE BONDS – 0.0%
|
|
|
|
|
|
|
Transportation – 0.0%
|
|
|
|
|
|
$ 210
|
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
|
5.500%
|
7/15/19
|
N/R
|
$ 6,297
|
|
56
|
Las Vegas Monorail Company, Senior Interest Bonds (7), (8)
|
5.500%
|
7/15/55
|
N/R
|
1,675
|
|
$ 266
|
Total Corporate Bonds (cost $23,822)
|
|
|
|
7,972
|
|
|
Total Long-Term Investments (cost $230,177,901)
|
|
|
|
269,989,635
|
|
|
Other Assets Less Liabilities – (1.9)% (9)
|
|
|
|
(5,129,645)
|
|
|
Net Assets – 100%
|
|
|
|
$ 264,859,990
|
Investments in Derivatives as of June 30, 2016
|
|
|
|
|
|
|||
Interest Rate Swaps
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
|
Fixed Rate
|
|
|
Unrealized
|
|
Notional
|
Pay/Receive
|
Floating Rate
|
Fixed Rate
|
Payment
|
Effective
|
Termination
|
Appreciation
|
Counterparty
|
Amount
|
Floating Rate
|
Index
|
(Annualized)
|
Frequency
|
Date (10)
|
Date
|
(Depreciation)
|
JPMorgan Chase Bank, N.A.
|
$7,000,000
|
Receive
|
USD-BMA
|
1.190%
|
Quarterly
|
7/31/17
|
7/31/27
|
$18,066
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Long-Term Investments:
|
|
|
|
|
Municipal Bonds
|
$ —
|
$269,981,663
|
$ —
|
$269,981,663
|
Corporate Bonds
|
—
|
—
|
7,972
|
7,972
|
Investments in Derivatives:
|
|
|
|
|
Interest Rate Swaps*
|
—
|
18,066
|
—
|
18,066
|
Total
|
$ —
|
$269,999,729
|
$ 7,972
|
$270,007,701
|
Gross unrealized:
|
|
Appreciation
|
$41,619,212
|
Depreciation
|
(79,468)
|
Net unrealized appreciation (depreciation) of investments
|
$41,539,744
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets.
|
|
(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. Ratings below
|
|
|
BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade.
|
|
|
Holdings designated N/R are not rated by any of these national rating agencies.
|
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
|
|
|
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
|
|
agency securities are regarded as having an implied rating equal to the rating of such securities.
|
||
(5)
|
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
|
|
(6)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
|
|
|
investments in derivatives and/or inverse floating rate transactions.
|
|
(7)
|
Investment valued at fair value using methods determined in good faith by, or at the discretion of, the
|
|
|
Board. For fair value measurement disclosure purposes, investment classified as Level 3.
|
|
(8)
|
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy
|
|
|
protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance
|
|
|
of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the Fund
|
|
|
surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn received two
|
|
|
senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on July 15, 2019
|
|
|
and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015) maturing on
|
|
|
July 15, 2055. The Fund is not accruing income for either senior interest corporate bond.
|
|
(9)
|
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter
|
|
("OTC") derivatives as well as the OTC-cleared and exchange-traded derivatives, when applicable.
|
||
(10)
|
Effective date represents the date on which both the Fund and Counterparty commence interest payment
|
|
|
accruals on each contract.
|
|
(WI/DD)
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(IF)
|
Inverse floating rate investment.
|
|
USD-BMA
|
United States Dollar-Bond Market Association
|
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)
|