Portfolio of Investments
|
|||||
Nuveen Pennsylvania Municipal Value Fund (NPN)
|
|||||
January 31, 2016 (Unaudited)
|
|||||
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
LONG-TERM INVESTMENTS – 99.5% (100.0% of Total Investments)
|
|||||
MUNICIPAL BONDS – 99.5% (100.0% of Total Investments)
|
|||||
Consumer Staples – 4.0% (4.1% of Total Investments)
|
|||||
$ 650
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,
|
No Opt. Call
|
Baa1
|
$ 812,214
|
|
Series 2001, 6.500%, 5/15/33
|
|||||
Education and Civic Organizations – 5.8% (5.9% of Total Investments)
|
|||||
30
|
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series
|
5/24 at 100.00
|
Baa3
|
32,408
|
|
2014, 5.000%, 5/01/37
|
|||||
500
|
Lehigh County General Purpose Authority, Pennsylvania, College Revenue Bonds, Muhlenberg
|
2/19 at 100.00
|
A+
|
540,325
|
|
College Project, Series 2009, 5.250%, 2/01/39
|
|||||
35
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University,
|
9/23 at 100.00
|
BBB–
|
38,552
|
|
Series 2013A, 6.500%, 9/01/38
|
|||||
120
|
Pennsylvania Higher Educational Facilities Authority, Philadelphia University Refunding Revenue
|
6/23 at 100.00
|
BBB
|
130,907
|
|
Bonds, Refunding Series 2013, 5.000%, 6/01/32
|
|||||
20
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University,
|
9/22 at 100.00
|
A1
|
22,362
|
|
Series 2012, 5.000%, 3/01/42
|
|||||
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the
|
|||||
Sciences in Philadelphia, Series 2012:
|
|||||
35
|
4.000%, 11/01/39
|
11/22 at 100.00
|
A3
|
36,235
|
|
60
|
5.000%, 11/01/42
|
11/22 at 100.00
|
A3
|
67,169
|
|
75
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University,
|
No Opt. Call
|
A–
|
85,673
|
|
Series 2013A, 5.500%, 7/15/38
|
|||||
100
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia
|
6/20 at 100.00
|
BB–
|
107,382
|
|
Performing Arts Charter School, Series 2013, 6.750%, 6/15/43
|
|||||
100
|
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series
|
11/20 at 100.00
|
A–
|
112,500
|
|
2010, 5.000%, 11/01/40
|
|||||
1,075
|
Total Education and Civic Organizations
|
1,173,513
|
|||
Health Care – 14.6% (14.6% of Total Investments)
|
|||||
650
|
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of
|
8/19 at 100.00
|
Aa3
|
728,884
|
|
Pittsburgh Medical Center, Series 2009A, 5.500%, 8/15/34
|
|||||
35
|
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health
|
6/22 at 100.00
|
A
|
38,429
|
|
System Project, Series 2012A, 5.000%, 6/01/42
|
|||||
600
|
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger
|
6/19 at 100.00
|
AA
|
662,256
|
|
Health System, Series 2009A, 5.250%, 6/01/39
|
|||||
100
|
Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health
|
7/19 at 100.00
|
A–
|
108,725
|
|
System Project, Series 2009A, 5.750%, 7/01/39
|
|||||
5
|
Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue
|
6/19 at 100.00
|
A
|
5,448
|
|
Bonds, Abington Memorial Hospital Obligated Group, Series 2009A, 5.125%, 6/01/33
|
|||||
200
|
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue
|
1/25 at 100.00
|
Baa2
|
220,650
|
|
Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45
|
|||||
100
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue
|
7/22 at 100.00
|
BBB–
|
108,413
|
|
Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
|
|||||
710
|
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East,
|
5/19 at 100.00
|
AA
|
811,331
|
|
Series 2009D, 6.250%, 11/15/34
|
|||||
100
|
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
|
1/21 at 100.00
|
AA
|
119,826
|
|
Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.250%, 1/01/31
|
|||||
100
|
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
|
1/22 at 100.00
|
AA
|
117,845
|
|
Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.750%, 1/01/41
|
|||||
2,600
|
Total Health Care
|
2,921,807
|
|||
Housing/Multifamily – 5.2% (5.2% of Total Investments)
|
|||||
15
|
Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue Bonds,
|
8/23 at 100.00
|
Baa3
|
15,783
|
|
University Student Housing, LLC Project at West Chester University Series 2013A, 5.000%, 8/01/45
|
|||||
30
|
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc. –
|
No Opt. Call
|
BBB–
|
31,502
|
|
Student Housing Project at Millersville University, Series 2014, 5.000%, 7/01/46
|
|||||
100
|
East Hempfield Township Industrial Development Authority, Pennsylvania, Student Services Inc. –
|
7/25 at 100.00
|
BBB–
|
105,466
|
|
Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/47
|
|||||
50
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University
|
7/20 at 100.00
|
Baa3
|
54,087
|
|
Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
|
|||||
800
|
Pittsburgh Urban Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Eva
|
10/19 at 100.00
|
Aa1
|
838,024
|
|
P. Mitchell Residence Project, Series 2009, 5.100%, 10/20/44
|
|||||
995
|
Total Housing/Multifamily
|
1,044,862
|
|||
Housing/Single Family – 3.4% (3.4% of Total Investments)
|
|||||
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:
|
|||||
55
|
3.300%, 10/01/32
|
No Opt. Call
|
AA+
|
55,509
|
|
25
|
3.650%, 10/01/37
|
No Opt. Call
|
AA+
|
25,449
|
|
30
|
3.700%, 10/01/42
|
No Opt. Call
|
AA+
|
30,121
|
|
130
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-116B,
|
10/24 at 100.00
|
AA+
|
131,612
|
|
4.000%, 4/01/45
|
|||||
330
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-118B,
|
4/25 at 100.00
|
AA+
|
339,398
|
|
4.100%, 10/01/45
|
|||||
50
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option
|
10/22 at 100.00
|
AA+
|
64,210
|
|
Bond Trust 2015-XF0066, 14.518%, 4/01/29 (Alternative Minimum Tax) (IF)
|
|||||
25
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option
|
10/22 at 100.00
|
AA+
|
27,437
|
|
Bonds Trust 2015-XF0109, 10.634%, 4/01/33 (IF) (4)
|
|||||
645
|
Total Housing/Single Family
|
673,736
|
|||
Long-Term Care – 6.0% (6.0% of Total Investments)
|
|||||
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social
|
|||||
Ministries Project, Series 2015:
|
|||||
120
|
4.000%, 1/01/33
|
1/25 at 100.00
|
BBB+
|
121,481
|
|
135
|
5.000%, 1/01/38
|
1/25 at 100.00
|
BBB+
|
148,391
|
|
20
|
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic
|
5/25 at 100.00
|
A
|
22,958
|
|
Villages Project, Series 2015, 5.000%, 11/01/35
|
|||||
55
|
Lancaster Industrial Development Authority, Pennsylvania, Revenue Bonds, Garden Spot Village
|
5/23 at 100.00
|
BBB
|
61,612
|
|
Project, Series 2013, 5.750%, 5/01/35
|
|||||
750
|
Montgomery County Industrial Development Authority, Pennsylvania, Retirement Communities
|
11/19 at 100.00
|
A–
|
851,610
|
|
Revenue Bonds, ACTS Retirement – Life Communities, Inc. Obligated Group, Series 2009A-1,
|
|||||
6.250%, 11/15/29
|
|||||
1,080
|
Total Long-Term Care
|
1,206,052
|
|||
Materials – 0.7% (0.7% of Total Investments)
|
|||||
140
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,
|
11/24 at 100.00
|
N/R
|
146,622
|
|
National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
|
|||||
Tax Obligation/General – 10.4% (10.5% of Total Investments)
|
|||||
220
|
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72, 5.250%, 12/01/32
|
12/23 at 100.00
|
AA–
|
261,782
|
|
700
|
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series
|
8/19 at 100.00
|
Aa2
|
787,920
|
|
2009, 5.100%, 8/01/33
|
|||||
45
|
Boyertown Area School District, Berks and Montgomery Counties, Pennsylvania, General
|
4/24 at 100.00
|
AA
|
51,654
|
|
Obligation Bonds, Series 2015, 5.000%, 10/01/38
|
|||||
115
|
Canon-McMillan School District, Washington County, Pennsylvania, General Obligation Bonds,
|
12/24 at 100.00
|
AA
|
132,516
|
|
Series 2014D, 5.000%, 12/15/39
|
|||||
195
|
Lehighton Area School District, Carbon County, Pennsylvania, General Obligation Bonds, Limited
|
11/23 at 100.00
|
AA
|
220,327
|
|
Tax Series 2015A, 5.000%, 11/15/43 – BAM Insured
|
|||||
15
|
Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series
|
9/22 at 100.00
|
AA
|
17,727
|
|
2014A, 5.000%, 9/01/25 – BAM Insured
|
|||||
390
|
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/26
|
9/22 at 100.00
|
A+
|
458,546
|
|
Pocono Mountain School District, Monroe County, Pennsylvania, General Obligation Bonds,
|
|||||
Refunding Series 2016:
|
|||||
25
|
3.125%, 9/01/32 – AGM Insured
|
9/25 at 100.00
|
AA
|
25,300
|
|
45
|
3.300%, 9/01/34 – AGM Insured
|
9/25 at 100.00
|
AA
|
45,681
|
|
35
|
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds,
|
2/18 at 100.00
|
Aa1
|
35,497
|
|
Series 2012, 3.000%, 2/15/34
|
|||||
25
|
Scranton, Pennsylvania, General Obligation Bonds, Series 2012A, 8.500%, 9/01/22
|
No Opt. Call
|
N/R
|
26,361
|
|
25
|
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22
|
No Opt. Call
|
N/R
|
25,742
|
|
1,835
|
Total Tax Obligation/General
|
2,089,053
|
|||
Tax Obligation/Limited – 13.0% (13.0% of Total Investments)
|
|||||
25
|
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue
|
5/22 at 100.00
|
Baa2
|
26,917
|
|
Bonds, Series 2012A, 5.000%, 5/01/35
|
|||||
120
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36
|
1/22 at 100.00
|
A
|
134,410
|
|
550
|
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
|
12/19 at 100.00
|
BBB+
|
615,021
|
|
105
|
Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue
|
7/24 at 100.00
|
N/R
|
110,791
|
|
Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33
|
|||||
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue
|
|||||
Bonds, Series 2010A:
|
|||||
580
|
5.500%, 12/01/34
|
12/20 at 100.00
|
AA–
|
672,069
|
|
100
|
5.000%, 12/01/38
|
12/19 at 100.00
|
AA–
|
111,598
|
|
100
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special
|
No Opt. Call
|
AA–
|
83,896
|
|
Revenue Bonds, Series 2014A, 0.000%, 12/01/37
|
|||||
750
|
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.500%, 4/01/34
|
4/19 at 100.00
|
A+
|
853,350
|
|
2,330
|
Total Tax Obligation/Limited
|
2,608,052
|
|||
Transportation – 6.0% (6.0% of Total Investments)
|
|||||
240
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
|
1/20 at 100.00
|
A
|
267,701
|
|
5.000%, 1/01/40
|
|||||
140
|
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol
|
1/24 at 100.00
|
AA
|
157,231
|
|
Region Parking System, Series 2013A, 5.250%, 1/01/44 – AGM Insured
|
|||||
175
|
Pennsylvania Economic Development Financing Authority, Private Activity Revenue Bonds,
|
6/26 at 100.00
|
BBB
|
192,925
|
|
Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 6/30/42 (Alternative
|
|||||
Minimum Tax)
|
|||||
460
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45
|
12/25 at 100.00
|
A1
|
523,981
|
|
50
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series
|
12/19 at 100.00
|
A–
|
55,799
|
|
2010B-1, 5.000%, 12/01/37
|
|||||
1,065
|
Total Transportation
|
1,197,637
|
|||
U.S. Guaranteed – 14.5% (14.6% of Total Investments) (5)
|
|||||
675
|
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.000%,
|
10/18 at 100.00
|
BBB (5)
|
767,124
|
|
10/01/30 (Pre-refunded 10/01/18)
|
|||||
975
|
Harrisburg Parking Authority, Dauphin County, Pennsylvania, Guaranteed Parking Revenue Bonds,
|
11/16 at 100.00
|
N/R (5)
|
1,004,715
|
|
Series 2007R, 4.250%, 5/15/21 (Pre-refunded 11/15/16) – SYNCORA GTY Insured
|
|||||
100
|
Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2007A, 5.750%, 11/15/37
|
11/17 at 100.00
|
A (5)
|
108,937
|
|
(Pre-refunded 11/15/17)
|
|||||
450
|
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia
|
4/16 at 100.00
|
AA (5)
|
453,717
|
|
University, Series 2006, 5.000%, 4/01/36 (Pre-refunded 4/01/16) – RAAI Insured
|
|||||
500
|
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert
|
10/19 at 100.00
|
Baa2 (5)
|
577,220
|
|
Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 (Pre-refunded 10/15/19)
|
|||||
2,700
|
Total U.S. Guaranteed
|
2,911,713
|
|||
Utilities – 5.9% (5.9% of Total Investments)
|
|||||
750
|
Chester County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds,
|
2/17 at 100.00
|
AA–
|
763,478
|
|
Aqua Pennsylvania Inc. Project, Series 2007A, 5.000%, 2/01/40 – FGIC Insured (Alternative
|
|||||
Minimum Tax)
|
|||||
170
|
Delaware County Industrial Development Authority, Pennsylvania, Revenue Bonds, Covanta Project,
|
7/20 at 100.00
|
Ba2
|
172,450
|
|
Refunding Series 2015A, 5.000%, 7/01/43
|
|||||
100
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding
|
9/25 at 100.00
|
Ba3
|
105,814
|
|
Bonds, PPL Energy Supply, LLC Project, Series 2009A, 6.400%, 12/01/38
|
|||||
125
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Refunding Thirteenth Series 2015,
|
8/25 at 100.00
|
A–
|
147,630
|
|
5.000%, 8/01/30
|
|||||
1,145
|
Total Utilities
|
1,189,372
|
|||
Water and Sewer – 10.0% (10.1% of Total Investments)
|
|||||
175
|
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust
|
No Opt. Call
|
AA
|
248,164
|
|
2015-XF0123, 13.038%, 12/01/19 – AGM Insured (IF) (4)
|
|||||
70
|
Easton, Pennsylvania, Area Joint Sewer Authority, Water and Sewer Revenue Bonds, Series 2015,
|
12/23 at 100.00
|
AA
|
70,410
|
|
3.125%, 12/01/33 – BAM Insured
|
|||||
30
|
Findlay Township Municipal Authority, Allegheny County, Pennsylvania, Revenue Bonds, Series
|
12/20 at 100.00
|
AA
|
29,423
|
|
2015, 3.125%, 12/15/32 – BAM Insured
|
|||||
200
|
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession,
|
12/23 at 100.00
|
A
|
228,238
|
|
Series 2013A, 5.125%, 12/01/47
|
|||||
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2009A:
|
|||||
750
|
5.250%, 1/01/32
|
1/19 at 100.00
|
A1
|
826,935
|
|
500
|
5.250%, 1/01/36
|
1/19 at 100.00
|
A1
|
551,140
|
|
60
|
Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer
|
11/19 at 100.00
|
AA
|
60,566
|
|
Revenue Bonds, Series 2014, 4.000%, 5/15/40 – BAM Insured
|
|||||
1,785
|
Total Water and Sewer
|
2,014,876
|
|||
$ 18,045
|
Total Long-Term Investments (cost $17,733,411)
|
19,989,509
|
|||
Other Assets Less Liabilities – 0.5%
|
90,399
|
||||
Net Assets Applicable to Common Shares – 100%
|
$ 20,079,908
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Long-Term Investments:
|
||||
Municipal Bonds
|
$ —
|
$19,989,509
|
$ —
|
$19,989,509
|
Gross unrealized:
|
|
Appreciation
|
$2,401,084
|
Depreciation
|
(536)
|
Net unrealized appreciation (depreciation) of investments
|
$2,400,548
|
(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 highest of Standard & Poor’s Group ("Standard & Poor's"), Moody’s Investor 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)
|
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. Such investments are normally considered to
|
||
be equivalent to AAA rated securities.
|
||
(IF)
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Inverse floating rate investment.
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a.
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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)).
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b.
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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.
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By (Signature and Title) | /s/ Kevin J. McCarthy |
Kevin J. McCarthy
Vice President and Secretary
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By (Signature and Title) | /s/ Gifford R. Zimmerman |
Gifford R. Zimmerman
Chief Administrative Officer (principal executive officer)
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By (Signature and Title) | /s/ Stephen D. Foy |
Stephen D. Foy
Vice President and Controller (principal financial officer)
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