Portfolio of Investments
|
|||||
Nuveen Select Tax-Free Income Portfolio 3 (NXR)
|
|||||
June 30, 2015 (Unaudited)
|
|||||
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
LONG-TERM INVESTMENTS – 97.0%
|
|||||
MUNICIPAL BONDS – 97.0%
|
|||||
Alaska – 1.2%
|
|||||
$ 2,675
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
|
12/16 at 100.00
|
B
|
$ 2,287,285
|
|
Series 2006A, 5.000%, 6/01/32
|
|||||
California – 19.9%
|
|||||
12,500
|
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement
|
No Opt. Call
|
AA
|
5,160,250
|
|
Project, Series 1997C, 0.000%, 9/01/35 – AGM Insured
|
|||||
1,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los
|
12/18 at 100.00
|
B+
|
918,100
|
|
Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36
|
|||||
1,125
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma
|
9/15 at 100.00
|
B–
|
1,040,524
|
|
County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26
|
|||||
2,595
|
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,
|
4/16 at 100.00
|
A+
|
2,649,261
|
|
Series 2006, 5.000%, 4/01/37
|
|||||
890
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital
|
8/19 at 100.00
|
Aa2
|
1,054,258
|
|
Project, Series 2009, 6.750%, 2/01/38
|
|||||
260
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled
|
9/15 at 100.00
|
BBB
|
259,971
|
|
Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
|||||
2,275
|
Folsom Cordova Unified School District, Sacramento County, California, General Obligation
|
No Opt. Call
|
AA–
|
1,332,900
|
|
Bonds, School Facilities Improvement District 4, Series 2007A, 0.000%, 10/01/28 – NPFG Insured
|
|||||
3,320
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
|
No Opt. Call
|
A1
|
2,079,283
|
|
Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/28 – AMBAC Insured
|
|||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
|
|||||
Bonds, Series 2007A-1:
|
|||||
700
|
4.500%, 6/01/27
|
6/17 at 100.00
|
B
|
667,863
|
|
2,090
|
5.000%, 6/01/33
|
6/17 at 100.00
|
B
|
1,733,801
|
|
4,055
|
Kern Community College District, California, General Obligation Bonds, Series 2003A, 0.000%,
|
No Opt. Call
|
Aa2
|
2,537,335
|
|
3/01/28 – FGIC Insured
|
|||||
1,160
|
Mount San Antonio Community College District, Los Angeles County, California, General
|
8/35 at 100.00
|
AA
|
801,386
|
|
Obligation Bonds, Election of 2008, Series 2013A, 0.000%, 8/01/43
|
|||||
11,985
|
Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation
|
No Opt. Call
|
AA
|
5,935,811
|
|
Bonds, Election of 2002, Series 2007C, 0.000%, 8/01/32 – AGM Insured
|
|||||
3,000
|
Palomar Pomerado Health, California, General Obligation Bonds, Election of 2004, Series 2007A,
|
No Opt. Call
|
AA–
|
2,057,850
|
|
0.000%, 8/01/25 – NPFG Insured
|
|||||
8,040
|
Placentia-Yorba Linda Unified School District, Orange County, California, Certificates of
|
No Opt. Call
|
AA–
|
3,384,438
|
|
Participation, Series 2006, 0.000%, 10/01/34 – FGIC Insured
|
|||||
1,500
|
Placer Union High School District, Placer County, California, General Obligation Bonds, Series
|
No Opt. Call
|
AA
|
719,655
|
|
2004C, 0.000%, 8/01/32 – AGM Insured
|
|||||
8,000
|
Poway Unified School District, San Diego County, California, General Obligation Bonds, School
|
No Opt. Call
|
AA–
|
4,015,600
|
|
Facilities Improvement District 2007-1, Series 2009A, 0.000%, 8/01/32
|
|||||
3,940
|
Rancho Mirage Redevelopment Agency, California, Tax Allocation Bonds, Combined Whitewater and
|
No Opt. Call
|
AA–
|
1,554,251
|
|
1984 Project Areas, Series 2003A, 0.000%, 4/01/35 – NPFG Insured
|
|||||
1,030
|
Riverside Public Financing Authority, California, Tax Allocation Bonds, University Corridor,
|
8/17 at 100.00
|
AA–
|
1,046,253
|
|
Series 2007C, 5.000%, 8/01/37 – NPFG Insured
|
|||||
69,465
|
Total California
|
38,948,790
|
|||
Colorado – 5.3%
|
|||||
1,540
|
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 –
|
10/16 at 100.00
|
BBB–
|
1,574,003
|
|
SYNCORA GTY Insured
|
|||||
2,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of
|
1/20 at 100.00
|
AA–
|
2,161,180
|
|
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
|||||
1,000
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital
|
5/17 at 100.00
|
A–
|
1,051,540
|
|
Association, Series 2007, 5.250%, 5/15/42
|
|||||
1,935
|
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B,
|
11/23 at 100.00
|
A
|
2,119,038
|
|
5.000%, 11/15/43
|
|||||
1,295
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2000B, 0.000%,
|
No Opt. Call
|
AA–
|
638,111
|
|
9/01/32 – NPFG Insured
|
|||||
5,520
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%,
|
9/20 at 63.98
|
AA–
|
2,867,143
|
|
9/01/28 – NPFG Insured
|
|||||
13,290
|
Total Colorado
|
10,411,015
|
|||
Connecticut – 2.2%
|
|||||
1,250
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale University,
|
7/16 at 100.00
|
AAA
|
1,295,037
|
|
Series 2007Z-1, 5.000%, 7/01/42
|
|||||
3,000
|
University of Connecticut, General Obligation Bonds, Refunding Series 2014A, 4.000%, 2/15/16
|
No Opt. Call
|
AA
|
3,070,890
|
|
4,250
|
Total Connecticut
|
4,365,927
|
|||
District of Columbia – 0.0%
|
|||||
80
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,
|
11/15 at 100.00
|
A1
|
79,994
|
|
Series 2001, 6.250%, 5/15/24
|
|||||
Florida – 1.9%
|
|||||
1,000
|
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa
|
10/16 at 100.00
|
A3
|
1,031,790
|
|
General Hospital, Series 2006, 5.250%, 10/01/41
|
|||||
2,500
|
JEA St. Johns River Power Park System, Florida, Revenue Bonds, 2012-Issue 2 Series 25,
|
No Opt. Call
|
Aa2
|
2,641,250
|
|
5.000%, 10/01/16
|
|||||
3,500
|
Total Florida
|
3,673,040
|
|||
Georgia – 0.8%
|
|||||
1,500
|
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Series
|
No Opt. Call
|
AA+
|
1,511,010
|
|
2005A, 5.000%, 9/01/18 (WI/DD, Settling 7/06/15)
|
|||||
Illinois – 13.5%
|
|||||
3,500
|
Chicago Board of Education, Illinois, General Obligation Bonds, Series 1999A, 0.000%, 12/01/28 –
|
No Opt. Call
|
AA–
|
1,704,290
|
|
FGIC Insured
|
|||||
2,000
|
Chicago, Illinois, General Obligation Bonds, Project & Refunding Series 2006A, 4.625%, 1/01/31 –
|
1/16 at 100.00
|
AA
|
2,001,220
|
|
AGM Insured
|
|||||
1,050
|
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond
|
7/17 at 100.00
|
AA+
|
1,179,706
|
|
Trust 1137, 9.376%, 7/01/46 (IF)
|
|||||
260
|
Illinois Finance Authority, Revenue Bonds, Rehabilitation Institute of Chicago, Series 2013A,
|
7/23 at 100.00
|
A–
|
302,955
|
|
6.000%, 7/01/43
|
|||||
1,600
|
Illinois Finance Authority, Revenue Bonds, Resurrection Health Care System, Series 1999B,
|
5/18 at 100.00
|
AA
|
1,724,224
|
|
5.000%, 5/15/24 – AGM Insured
|
|||||
2,185
|
Illinois Finance Authority, Revenue Bonds, YMCA of Southwest Illinois, Series 2005, 5.000%,
|
9/15 at 100.00
|
AA
|
2,132,778
|
|
9/01/31 – RAAI Insured
|
|||||
1,500
|
Illinois Finance Authority, Revenue Refunding Bonds, Silver Cross Hospital and Medical
|
8/18 at 100.00
|
BBB+
|
1,586,415
|
|
Centers, Series 2008A, 5.500%, 8/15/30
|
|||||
750
|
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc.,
|
11/16 at 100.00
|
BBB+
|
770,903
|
|
University Center Project, Series 2006B, 5.000%, 5/01/25
|
|||||
1,500
|
Illinois Health Facilities Authority, Revenue Bonds, Evangelical Hospitals Corporation, Series
|
No Opt. Call
|
N/R (4)
|
1,791,450
|
|
1992C, 6.250%, 4/15/22 (ETM)
|
|||||
1,560
|
Illinois Housing Development Authority, Homeowner Mortgage Revenue Bonds, Series 2006C2,
|
2/16 at 100.00
|
AA
|
1,571,279
|
|
5.050%, 8/01/27 (Alternative Minimum Tax)
|
|||||
2,190
|
Illinois State, General Obligation Bonds, Refunding Series 2012, 5.000%, 8/01/23
|
No Opt. Call
|
A–
|
2,366,689
|
|
1,000
|
Kankakee & Will Counties Community Unit School District 5, Illinois, General Obligation Bonds,
|
No Opt. Call
|
Aa3
|
755,810
|
|
Series 2006, 0.000%, 5/01/23 – AGM Insured
|
|||||
Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
|
|||||
Project, Series 2002A:
|
|||||
2,500
|
0.000%, 12/15/30 – NPFG Insured
|
No Opt. Call
|
AAA
|
1,267,050
|
|
4,775
|
0.000%, 12/15/31 – NPFG Insured
|
No Opt. Call
|
AAA
|
2,290,042
|
|
5,000
|
0.000%, 12/15/36 – NPFG Insured
|
No Opt. Call
|
AAA
|
1,771,300
|
|
2,000
|
0.000%, 6/15/37 – NPFG Insured
|
No Opt. Call
|
AAA
|
681,280
|
|
2,000
|
Springfield, Illinois, Electric Revenue Bonds, Senior Lien Series 2007, 5.000%, 3/01/22 –
|
3/17 at 100.00
|
AA–
|
2,127,620
|
|
NPFG Insured
|
|||||
310
|
University of Illinois, Health Services Facilities System Revenue Bonds, Series 2013,
|
10/23 at 100.00
|
A
|
347,752
|
|
6.000%, 10/01/42
|
|||||
35,680
|
Total Illinois
|
26,372,763
|
|||
Indiana – 0.7%
|
|||||
270
|
Indiana Finance Authority, Tax-Exempt Private Activity Revenue Bonds, I-69 Section 5 Project,
|
9/24 at 100.00
|
BBB
|
294,813
|
|
Series 2014, 5.250%, 9/01/34 (Alternative Minimum Tax)
|
|||||
435
|
Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus
|
No Opt. Call
|
AA
|
437,784
|
|
Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured
|
|||||
1,000
|
Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series
|
No Opt. Call
|
AA
|
641,350
|
|
2005Z, 0.000%, 7/15/28 – AGM Insured
|
|||||
1,705
|
Total Indiana
|
1,373,947
|
|||
Iowa – 2.6%
|
|||||
2,745
|
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A,
|
7/16 at 100.00
|
BB+
|
2,803,633
|
|
5.000%, 7/01/20
|
|||||
1,330
|
Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company
|
No Opt. Call
|
BB–
|
1,425,348
|
|
Project, Series 2013, 5.000%, 12/01/19
|
|||||
950
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
|
6/17 at 100.00
|
B+
|
885,970
|
|
5.600%, 6/01/34
|
|||||
5,025
|
Total Iowa
|
5,114,951
|
|||
Kansas – 1.1%
|
|||||
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Refunding Series 2006:
|
|||||
1,425
|
5.125%, 7/01/26
|
7/16 at 100.00
|
A1
|
1,467,408
|
|
700
|
4.875%, 7/01/36
|
7/16 at 100.00
|
A1
|
712,488
|
|
2,125
|
Total Kansas
|
2,179,896
|
|||
Louisiana – 1.1%
|
|||||
2,000
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 5.000%, 5/01/41
|
5/16 at 100.00
|
Aa1 (4)
|
2,077,420
|
|
(Pre-refunded 5/01/16) – AGM Insured
|
|||||
Maryland – 1.6%
|
|||||
550
|
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A, 5.250%,
|
9/16 at 100.00
|
Ba1
|
564,350
|
|
9/01/23 – SYNCORA GTY Insured
|
|||||
2,500
|
Montgomery County, Maryland, General Obligation Bonds, Consolidated Public Improvement Series
|
No Opt. Call
|
AAA
|
2,540,825
|
|
2012A, 5.000%, 11/01/15
|
|||||
3,050
|
Total Maryland
|
3,105,175
|
|||
Michigan – 2.5%
|
|||||
355
|
Detroit Water and Sewerage Department, Michigan, Sewage Disposal System Revenue Bonds,
|
7/22 at 100.00
|
BBB+
|
376,307
|
|
Refunding Senior Lien Series 2012A, 5.250%, 7/01/39
|
|||||
3,635
|
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 4.625%,
|
7/16 at 100.00
|
AA–
|
3,635,182
|
|
7/01/34 – FGIC Insured
|
|||||
640
|
Detroit, Michigan, Water Supply System Second Lien Revenue Refunding Bonds, Series 2006C,
|
No Opt. Call
|
AA
|
653,254
|
|
5.000%, 7/01/33 – AGM Insured
|
|||||
250
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
|
9/18 at 100.00
|
Aaa
|
305,735
|
|
Hospital, Refunding Series 2009V, 8.250%, 9/01/39 (Pre-refunded 9/01/18)
|
|||||
4,880
|
Total Michigan
|
4,970,478
|
|||
Minnesota – 4.9%
|
|||||
5,950
|
Minnesota Municipal Power Agency, Electric Revenue Bonds, Series 2005, 5.250%, 10/01/21
|
10/15 at 100.00
|
A2 (4)
|
6,024,970
|
|
(Pre-refunded 10/01/15)
|
|||||
3,500
|
St. Paul Housing and Redevelopment Authority, Minnesota, Hospital Revenue Bonds, HealthEast
|
11/15 at 100.00
|
BBB– (4)
|
3,575,355
|
|
Inc., Series 2005, 6.000%, 11/15/30 (Pre-refunded 11/15/15)
|
|||||
9,450
|
Total Minnesota
|
9,600,325
|
|||
Missouri – 0.2%
|
|||||
270
|
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales
|
10/18 at 100.00
|
AA+
|
299,325
|
|
Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/28
|
|||||
Montana – 0.8%
|
|||||
1,440
|
Montana Facilities Finance Authority, Revenue Bonds, Sisters of Charity of Leavenworth Health
|
1/20 at 100.00
|
AA–
|
1,520,525
|
|
Services Corporation, Camposite Deal Series 2010A, 4.750%, 1/01/40
|
|||||
Nevada – 1.8%
|
|||||
1,000
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
|
1/20 at 100.00
|
A+
|
1,102,440
|
|
International Airport, Series 2010A, 5.250%, 7/01/42
|
|||||
2,500
|
North Las Vegas, Nevada, General Obligation Bonds, Series 2006, 5.000%, 5/01/36 – NPFG Insured
|
5/16 at 100.00
|
AA–
|
2,432,025
|
|
3,500
|
Total Nevada
|
3,534,465
|
|||
New Jersey – 2.2%
|
|||||
2,000
|
New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Series
|
9/15 at 100.00
|
AA–
|
2,028,040
|
|
2004A, 5.000%, 7/01/34 – NPFG Insured
|
|||||
4,570
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C,
|
No Opt. Call
|
A–
|
2,331,111
|
|
0.000%, 12/15/28 – AMBAC Insured
|
|||||
6,570
|
Total New Jersey
|
4,359,151
|
|||
New Mexico – 1.9%
|
|||||
2,700
|
Albuquerque, New Mexico, General Obligation Bonds, General Purpose Series 2012A,
|
No Opt. Call
|
AAA
|
2,700,297
|
|
4.000%, 7/01/15
|
|||||
1,000
|
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series
|
9/17 at 100.00
|
N/R
|
1,008,790
|
|
2007A, 5.250%, 9/01/42 (Alternative Minimum Tax)
|
|||||
3,700
|
Total New Mexico
|
3,709,087
|
|||
New York – 2.8%
|
|||||
1,025
|
Dormitory Authority of the State of New York, FHA Insured Mortgage Hospital Revenue Bonds,
|
8/16 at 100.00
|
N/R
|
1,033,979
|
|
Kaleida Health, Series 2006, 4.700%, 2/15/35
|
|||||
1,250
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding
|
11/22 at 100.00
|
AA–
|
1,444,450
|
|
Series 2012F, 5.000%, 11/15/26
|
|||||
840
|
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Fiscal
|
5/17 at 100.00
|
AAA
|
896,977
|
|
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)
|
1,783,653
|
|
Series 2007B, 4.750%, 11/01/27 (Pre-refunded 5/01/17)
|
|||||
265
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
12/20 at 100.00
|
BBB
|
309,099
|
|
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
|||||
5,040
|
Total New York
|
5,468,158
|
|||
Ohio – 3.8%
|
|||||
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
|
|||||
Bonds, Senior Lien, Series 2007A-2:
|
|||||
1,345
|
5.375%, 6/01/24
|
6/17 at 100.00
|
B–
|
1,165,389
|
|
1,465
|
6.000%, 6/01/42
|
6/17 at 100.00
|
B
|
1,183,207
|
|
435
|
5.875%, 6/01/47
|
6/17 at 100.00
|
B
|
341,110
|
|
3,720
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
|
6/22 at 100.00
|
B–
|
3,178,963
|
|
Bonds, Senior Lien, Series 2007A-3, 6.250%, 6/01/37
|
|||||
1,475
|
Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series
|
2/23 at 100.00
|
A+
|
1,609,933
|
|
2013A-1, 5.000%, 2/15/48
|
|||||
8,440
|
Total Ohio
|
7,478,602
|
|||
Pennsylvania – 1.9%
|
|||||
2,435
|
Dauphin County Industrial Development Authority, Pennsylvania, Water Development Revenue
|
No Opt. Call
|
A–
|
2,658,825
|
|
Refunding Bonds, Dauphin Consolidated Water Supply Company, Series 1992B, 6.700%, 6/01/17
|
|||||
1,000
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue
|
12/20 at 100.00
|
AA–
|
1,047,200
|
|
Bonds, Series 2010B, 0.000%, 12/01/30
|
|||||
3,435
|
Total Pennsylvania
|
3,706,025
|
|||
Puerto Rico – 1.9%
|
|||||
945
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%,
|
No Opt. Call
|
CCC–
|
869,277
|
|
7/01/31 – AMBAC Insured
|
|||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
|||||
1,170
|
0.000%, 8/01/40 – NPFG Insured
|
No Opt. Call
|
AA–
|
214,660
|
|
12,000
|
0.000%, 8/01/41 – NPFG Insured
|
No Opt. Call
|
AA–
|
2,057,760
|
|
9,015
|
0.000%, 8/01/54 – AMBAC Insured
|
No Opt. Call
|
CCC–
|
562,536
|
|
23,130
|
Total Puerto Rico
|
3,704,233
|
|||
Rhode Island – 0.6%
|
|||||
1,150
|
Rhode Island Economic Development Corporation, Airport Revenue Bonds, Refunding Series 2005A,
|
7/15 at 100.00
|
AA–
|
1,150,517
|
|
4.625%, 7/01/26 – NPFG Insured (Alternative Minimum Tax)
|
|||||
South Carolina – 0.5%
|
|||||
1,000
|
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,
|
No Opt. Call
|
AA–
|
1,020,250
|
|
Refunding Series 2011B, 5.000%, 12/01/15
|
|||||
Tennessee – 0.5%
|
|||||
795
|
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds,
|
1/23 at 100.00
|
A+
|
863,966
|
|
Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45
|
|||||
Texas – 9.3%
|
|||||
250
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2011,
|
1/21 at 100.00
|
BBB
|
286,760
|
|
6.000%, 1/01/41
|
|||||
4,640
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series
|
10/23 at 100.00
|
BBB+
|
5,077,042
|
|
2013A, 5.500%, 4/01/53
|
|||||
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
|
|||||
1,405
|
0.000%, 11/15/32 – NPFG Insured
|
11/31 at 94.05
|
AA–
|
621,488
|
|
2,510
|
0.000%, 11/15/36 – NPFG Insured
|
11/31 at 73.51
|
AA–
|
854,053
|
|
2,235
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3,
|
11/24 at 62.70
|
AA–
|
909,958
|
|
0.000%, 11/15/32 – NPFG Insured
|
|||||
Harris County-Houston Sports Authority, Texas, Special Revenue Bonds, Refunding Senior Lien
|
|||||
Series 2001A:
|
|||||
3,045
|
0.000%, 11/15/34 – NPFG Insured
|
11/30 at 78.27
|
AA
|
1,230,698
|
|
4,095
|
0.000%, 11/15/38 – NPFG Insured
|
11/30 at 61.17
|
AA
|
1,264,577
|
|
1,275
|
Kerrville Health Facilities Development Corporation, Texas, Revenue Bonds, Sid Peterson
|
2/16 at 100.00
|
BBB+
|
1,287,036
|
|
Memorial Hospital Project, Series 2005, 5.375%, 8/15/35
|
|||||
2,255
|
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds,
|
11/20 at 100.00
|
Baa1
|
2,458,514
|
|
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
|
|||||
290
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier Capital Appreciation
|
1/25 at 100.00
|
AA
|
350,071
|
|
Series 2008I, 6.200%, 1/01/42 – AGC Insured
|
|||||
2,000
|
Texas Municipal Gas Acquisition and Supply Corporation III, Gas Supply Revenue Bonds, Series
|
No Opt. Call
|
A3
|
2,147,840
|
|
2012, 5.000%, 12/15/32
|
|||||
2,410
|
Texas Turnpike Authority, Central Texas Turnpike System Revenue Bonds, First Tier Series
|
No Opt. Call
|
A–
|
1,685,361
|
|
2002A, 0.000%, 8/15/25 – AMBAC Insured
|
|||||
26,410
|
Total Texas
|
18,173,398
|
|||
Utah – 1.1%
|
|||||
5,465
|
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/36
|
6/17 at 38.77
|
AA–
|
2,070,634
|
|
Virginia – 3.3%
|
|||||
3,500
|
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital
|
7/28 at 100.00
|
BBB
|
2,556,645
|
|
Appreciation Series 2012B, 0.000%, 7/15/32
|
|||||
1,500
|
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.125%, 7/01/49
|
No Opt. Call
|
BBB–
|
1,602,195
|
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing,
|
|||||
Opco LLC Project, Series 2012:
|
|||||
500
|
6.000%, 1/01/37 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
571,865
|
|
1,510
|
5.500%, 1/01/42 (Alternative Minimum Tax)
|
7/22 at 100.00
|
BBB–
|
1,630,302
|
|
7,010
|
Total Virginia
|
6,361,007
|
|||
Washington – 3.9%
|
|||||
2,035
|
Energy Northwest, Washington, Electric Revenue Bonds, Columbia Generating Station – Nuclear
|
7/16 at 100.00
|
Aa1 (4)
|
2,129,119
|
|
Project 2, Series 2006C, 5.000%, 7/01/24 (Pre-refunded 7/01/16)
|
|||||
990
|
Washington Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer Research
|
1/21 at 100.00
|
A
|
1,091,604
|
|
Center, Series 2011A, 5.625%, 1/01/35
|
|||||
4,000
|
Washington Health Care Facilities Authority, Revenue Bonds, Providence Health & Services,
|
10/22 at 100.00
|
AA
|
4,408,120
|
|
Series 2012A, 5.000%, 10/01/32
|
|||||
7,025
|
Total Washington
|
7,628,843
|
|||
Wisconsin – 1.2%
|
|||||
1,250
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic,
|
2/22 at 100.00
|
A–
|
1,337,450
|
|
Series 2012B, 5.000%, 2/15/32
|
|||||
985
|
Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26
|
11/15 at 100.00
|
AA
|
988,931
|
|
2,235
|
Total Wisconsin
|
2,326,381
|
|||
$ 265,290
|
Total Municipal Bonds (cost $170,728,808)
|
189,446,583
|
Principal
|
||||||
Amount (000)
|
Description (1)
|
Coupon
|
Maturity
|
Ratings (3)
|
Value
|
|
CORPORATE BONDS – 0.0%
|
||||||
Transportation – 0.0%
|
||||||
$ 91
|
Las Vegas Monorail Company, Senior Interest Bonds (5), (6)
|
5.500%
|
7/15/19
|
N/R
|
$ 16,651
|
|
25
|
Las Vegas Monorail Company, Senior Interest Bonds (5), (6)
|
3.000%
|
7/15/55
|
N/R
|
3,290
|
|
$ 117
|
Total Corporate Bonds (cost $10,497)
|
19,941
|
||||
Total Long-Term Investments (cost $170,739,305)
|
189,466,524
|
|||||
Other Assets Less Liabilities – 3.0% (7)
|
5,942,297
|
|||||
Net Assets – 100%
|
$ 195,408,821
|
Investments in Derivatives as of June 30, 2015
|
||||||||
Interest Rate Swaps outstanding:
|
||||||||
Fund
|
Fixed Rate
|
Unrealized
|
||||||
Notional
|
Pay/Receive
|
Floating Rate
|
Fixed Rate
|
Payment
|
Effective
|
Termination
|
Appreciation
|
|
Counterparty
|
Amount
|
Floating Rate
|
Index
|
(Annualized)
|
Frequency
|
Date (8)
|
Date
|
(Depreciation)
|
JPMorgan
|
$5,500,000
|
Receive
|
USD-BMA
|
1.940%
|
Quarterly
|
6/29/16
|
6/29/26
|
$69,344
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
||||
Municipal Bonds
|
$ —
|
$189,446,583
|
$ —
|
$189,446,583
|
Corporate Bonds
|
—
|
—
|
19,941
|
19,941
|
Investments in Derivatives:
|
||||
Interest Rate Swaps*
|
—
|
69,344
|
—
|
69,344
|
Total
|
$ —
|
$189,515,927
|
$19,941
|
$189,535,868
|
Gross unrealized:
|
|
Appreciation
|
$21,240,254
|
Depreciation
|
(1,026,965)
|
Net unrealized appreciation (depreciation) of investments
|
$20,213,289
|
(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)
|
Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors
|
|
Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by
|
||
Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not
|
||
rated by any of these national rating agencies.
|
||
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities,
|
|
which ensure the timely payment of principal and interest. Certain bonds backed by U.S. Government or
|
||
agency securities are regarded as having an implied rating equal to the rating of such securities.
|
||
(5)
|
Investment 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.
|
||
(6)
|
During January 2010, Las Vegas Monorail Company (“Las Vegas Monorail”) filed for federal bankruptcy
|
|
protection. During March 2012, Las Vegas Monorail emerged from federal bankruptcy with the acceptance
|
||
of a reorganization plan assigned by the Federal Bankruptcy Court. Under the reorganization plan, the
|
||
Fund surrendered its Las Vegas Monorail Project Revenue Bonds, First Tier, Series 2000 and in turn
|
||
received two senior interest corporate bonds: the first with an annual coupon rate of 5.500% maturing on
|
||
July 15, 2019 and the second with an annual coupon rate of 3.000% (5.500% after December 31, 2015)
|
||
maturing on July 15, 2055. The Fund’s custodian is not accruing income on the Fund’s records for either
|
||
senior interest corporate bond.
|
||
(7)
|
Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter
|
|
derivatives as well as the exchange-cleared and exchange-traded derivatives, when applicable.
|
||
(8)
|
Effective date represents the date on which both the Fund and counterparty commence interest payment
|
|
accruals on each contract.
|
||
(ETM)
|
Escrowed to maturity.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(WI/DD)
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
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.
|