|
Portfolio of Investments
|
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|
|
|
Nuveen Texas Quality Municipal Income Fund (NTX)
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May 31, 2017 (Unaudited)
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|||||
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|||||
Principal
|
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Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 148.1% (100.0% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 148.1% (100.0% of Total Investments)
|
|
|
|
|
|
Consumer Discretionary – 2.6% (1.8% of Total Investments)
|
|
|
|
|
$ 4,060
|
San Antonio Convention Center Hotel Finance Corporation, Texas, Contract Revenue Empowerment
|
7/17 at 100.00
|
A3
|
$ 4,062,395
|
|
|
Zone Bonds, Series 2005A, 5.000%, 7/15/39 – AMBAC Insured (Alternative Minimum Tax)
|
|
|
|
|
|
Education and Civic Organizations – 12.8% (8.6% of Total Investments)
|
|
|
|
|
2,500
|
Board of Regents of the University of Texas, Permanent University Fund Bonds, Refunding Series
|
7/24 at 100.00
|
AAA
|
3,015,000
|
|
|
2015A, 5.000%, 7/01/28
|
|
|
|
|
2,000
|
Board of Regents, University of Texas System, Financing System Revenue Bonds, Refunding Series
|
No Opt. Call
|
AAA
|
2,370,760
|
|
|
2012B, 5.000%, 8/15/22
|
|
|
|
|
|
Clifton Higher Education Finance Corporation, Texas, Education Revenue Bonds, Uplift Education
|
|
|
|
|
|
Charter School, Series 2013A:
|
|
|
|
|
1,000
|
4.350%, 12/01/42
|
12/22 at 100.00
|
BBB–
|
1,007,470
|
|
1,000
|
4.400%, 12/01/47
|
12/22 at 100.00
|
BBB–
|
1,007,460
|
|
1,000
|
Danbury Higher Education Authority, Texas, Charter School Revenue Bonds, John H. Wood Jr.
|
8/23 at 100.00
|
BBB–
|
1,121,710
|
|
|
Public Charter District, Inspire Academies, Series 2013A, 6.000%, 8/15/28
|
|
|
|
|
1,000
|
Hale Center Education Facilities Corporation, Texas, Revenue Bonds, Wayland Baptist University
|
3/21 at 100.00
|
A–
|
1,093,630
|
|
|
Project, Improvement and Refunding Series 2010, 5.000%, 3/01/35
|
|
|
|
|
1,000
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Medical Facilities
|
11/22 at 100.00
|
A
|
1,130,500
|
|
|
Revenue Bonds, Baylor College of Medicine, Refunding Series 2012A, 5.000%, 11/15/26
|
|
|
|
|
3,000
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Refunding
|
6/23 at 100.00
|
Baa3
|
3,233,220
|
|
|
Bonds, Young Men's Christian Association of the Greater Houston Area, Series 2013A,
|
|
|
|
|
|
5.000%, 6/01/38
|
|
|
|
|
2,000
|
Laredo Community College District, Webb County, Texas, Combined Fee Revenue Bonds, Series
|
8/20 at 100.00
|
AA
|
2,217,940
|
|
|
2010, 5.250%, 8/01/35 – AGM Insured
|
|
|
|
|
2,000
|
Lone Star College System, Harris, Montgomery and San Jacinto Counties, Texas, Revenue
|
2/21 at 100.00
|
AA
|
2,219,940
|
|
|
Financing System Bonds, Series 2013, 5.000%, 2/15/36
|
|
|
|
|
1,240
|
Texas Public Finance Authority, Revenue Bonds, Texas Southern University Financing System,
|
5/26 at 100.00
|
AA
|
1,461,452
|
|
|
Refunding Series 2016, 5.000%, 5/01/27 – BAM Insured
|
|
|
|
|
17,740
|
Total Education and Civic Organizations
|
|
|
19,879,082
|
|
|
Energy – 1.3% (0.9% of Total Investments)
|
|
|
|
|
2,000
|
Gulf Coast Industrial Development Authority, Texas, Solid Waste Disposal Revenue Bonds, Citgo
|
10/22 at 100.00
|
BB
|
2,095,240
|
|
|
Petroleum Corporation Project, Series 1995, 4.875%, 5/01/25 (Alternative Minimum Tax)
|
|
|
|
|
|
Health Care – 9.2% (6.2% of Total Investments)
|
|
|
|
|
1,000
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue
|
12/22 at 100.00
|
A+
|
1,114,120
|
|
|
Bonds, Memorial Hermann Healthcare System, Refunding Series 2013A, 5.000%, 12/01/35
|
|
|
|
|
1,000
|
Harris County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Houston
|
6/25 at 100.00
|
AA
|
1,112,730
|
|
|
Methodist Hospital System, Series 2015, 5.000%, 12/01/45
|
|
|
|
|
1,350
|
Harrison County Health Facilities Development Corporation, Hospital Revenue Bonds, Good
|
7/20 at 100.00
|
A
|
1,400,031
|
|
|
Shepherd Health System, Refunding Series 2010, 5.250%, 7/01/28
|
|
|
|
|
2,000
|
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds,
|
8/19 at 100.00
|
Aa2
|
2,173,640
|
|
|
Children's Medical Center Dallas Project, Series 2009, 5.750%, 8/15/39
|
|
|
|
|
885
|
North Central Texas Health Facilities Development Corporation, Texas, Revenue Bonds,
|
8/22 at 100.00
|
Aa2
|
999,254
|
|
|
Children's Medical Center Dallas Project, Series 2012, 5.000%, 8/15/32
|
|
|
|
|
515
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue
|
9/23 at 100.00
|
A
|
577,861
|
|
|
Bonds, Hendrick Medical Center, Refunding Series 2013, 5.125%, 9/01/33
|
|
|
|
|
1,250
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue
|
5/26 at 100.00
|
AA–
|
1,498,100
|
|
|
Bonds, Scott & White Healthcare Project, Series 2016A, 5.000%, 11/15/29
|
|
|
|
|
1,590
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds,
|
1/19 at 100.00
|
AA
|
1,703,780
|
|
|
Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 – AGC Insured
|
|
|
|
|
2,510
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds, Texas
|
11/17 at 100.00
|
AA
|
2,547,750
|
|
|
Health Resources, Series 2007B, 5.000%, 11/15/42
|
|
|
|
|
1,200
|
Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, East Texas
|
11/17 at 100.00
|
BBB–
|
1,170,900
|
|
|
Medical Center Regional Healthcare System, Series 2007A, 5.375%, 11/01/37
|
|
|
|
|
13,300
|
Total Health Care
|
|
|
14,298,166
|
|
|
Housing/Multifamily – 2.1% (1.4% of Total Investments)
|
|
|
|
|
3,000
|
New Hope Cultural Education Facilities Finance Corporation, Texas, Student Housing Revenue
|
4/24 at 100.00
|
AA
|
3,269,340
|
|
|
Bonds, CHF-Collegiate Housing Foundation – College Station I LLC – Texas A&M University
|
|
|
|
|
|
Project, Series 2014A, 5.000%, 4/01/46 – AGM Insured
|
|
|
|
|
|
Long-Term Care – 0.7% (0.5% of Total Investments)
|
|
|
|
|
|
Bexar County Health Facilities Development Corporation, Texas, Revenue Bonds, Army Retirement
|
|
|
|
|
|
Residence Foundation Project, Series 2007:
|
|
|
|
|
635
|
5.000%, 7/01/27
|
7/17 at 100.00
|
BBB
|
636,270
|
|
490
|
5.000%, 7/01/37
|
7/17 at 100.00
|
BBB
|
490,711
|
|
1,125
|
Total Long-Term Care
|
|
|
1,126,981
|
|
|
Tax Obligation/General – 23.2% (15.6% of Total Investments)
|
|
|
|
|
500
|
Austin Community College District, Texas, General Obligation Bonds, Refunding Limited Tax
|
No Opt. Call
|
AA+
|
601,205
|
|
|
Series 2016, 5.000%, 8/01/23
|
|
|
|
|
160
|
Calallen Independent School District, Nueces County, Texas, General Obligation Bonds, School
|
2/18 at 100.00
|
AAA
|
164,416
|
|
|
Building Series 2008, 5.000%, 2/15/38
|
|
|
|
|
1,620
|
Cameron County, Texas, General Obligation Bonds, State Highway 550 Project, Series 2012,
|
2/22 at 100.00
|
AA
|
1,804,016
|
|
|
5.000%, 2/15/32 – AGM Insured
|
|
|
|
|
1,500
|
College Station, Texas, Certificates of Obligation, Series 2012, 5.000%, 2/15/32
|
2/21 at 100.00
|
AA+
|
1,669,500
|
|
1,000
|
El Paso County Hospital District, Texas, General Obligation Bonds, Refunding Series 2013,
|
8/23 at 100.00
|
AA–
|
1,098,760
|
|
|
5.000%, 8/15/33
|
|
|
|
|
1,565
|
El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 – AGM Insured
|
No Opt. Call
|
AA
|
1,781,408
|
|
3,255
|
Hutto Independent School District, Williamson County, Texas, General Obligation Bonds,
|
8/21 at 100.00
|
A
|
666,526
|
|
|
Refunding Series 2012A, 0.000%, 8/01/45
|
|
|
|
|
1,360
|
Jacksonville Independent School District, Cherokee County, Texas, General Obligation Bonds,
|
2/24 at 100.00
|
Aaa
|
1,540,826
|
|
|
School Building Series 2014, 5.000%, 2/15/39
|
|
|
|
|
2,000
|
Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General
|
2/27 at 100.00
|
AAA
|
2,369,720
|
|
|
Obligation Bonds, School Building Series 2017, 5.000%, 2/15/39
|
|
|
|
|
2,675
|
Laredo Community College District, Webb County, Texas, General Obligation Bonds, Series 2014,
|
8/24 at 100.00
|
AA–
|
3,054,636
|
|
|
5.000%, 8/01/34
|
|
|
|
|
40
|
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
|
8/17 at 33.01
|
AAA
|
13,160
|
|
|
Bonds, Series 2008, 0.000%, 8/15/36
|
|
|
|
|
1,350
|
Lubbock Independent School District, Lubbock County, Texas, General Obligation Bonds, School
|
2/23 at 100.00
|
AAA
|
1,535,301
|
|
|
Building Series 2013A, 5.000%, 2/15/43
|
|
|
|
|
1,750
|
Martin County Hospital District, Texas, Combination Limited Tax and Revenue Bonds, Series
|
4/21 at 100.00
|
BBB
|
1,959,720
|
|
|
2011A, 7.250%, 4/01/36
|
|
|
|
|
|
McCamey County Hospital District, Texas, General Obligation Bonds, Series 2013:
|
|
|
|
|
1,000
|
5.750%, 12/01/33
|
12/25 at 100.00
|
Ba2
|
1,103,830
|
|
1,000
|
6.125%, 12/01/38
|
12/25 at 100.00
|
Ba2
|
1,108,890
|
|
1,425
|
Port of Houston Authority, Harris County, Texas, General Obligation Bonds, Series 2010E,
|
No Opt. Call
|
AAA
|
779,888
|
|
|
0.000%, 10/01/35
|
|
|
|
|
4,000
|
Prosper Independent School District, Collin County, Texas, General Obligation Bonds, Refunding
|
2/25 at 100.00
|
AAA
|
4,632,998
|
|
|
Series 2015, 5.000%, 2/15/40
|
|
|
|
|
205
|
Reagan Hospital District of Reagan County, Texas, Limited Tax Revenue Bonds, Series 2014A,
|
2/24 at 100.00
|
Ba2
|
214,096
|
|
|
5.125%, 2/01/39
|
|
|
|
|
2,000
|
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement Series
|
4/22 at 100.00
|
AAA
|
2,284,980
|
|
|
2012A, 5.000%, 4/01/42
|
|
|
|
|
2,000
|
Texas State, General Obligation Bonds, Transportation Commission Highway Improvement, Series
|
4/24 at 100.00
|
AAA
|
2,289,240
|
|
|
2014, 5.000%, 4/01/44
|
|
|
|
|
2,000
|
Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Refunding
|
4/24 at 100.00
|
AAA
|
2,321,760
|
|
|
Series 2014, 5.000%, 10/01/34
|
|
|
|
|
|
West Texas Independent School District, McLennan and Hill Counties, General Obligation
|
|
|
|
|
|
Refunding Bonds, Series 1998:
|
|
|
|
|
45
|
0.000%, 8/15/22
|
8/17 at 100.00
|
AAA
|
33,991
|
|
45
|
0.000%, 8/15/24
|
8/17 at 100.00
|
AAA
|
30,477
|
|
9,000
|
Wylie Independent School District, Collin County, Texas, General Obligation Bonds, Capital
|
8/25 at 44.15
|
Aaa
|
3,000,240
|
|
|
Appreciation Series 2015, 0.000%, 8/15/45
|
|
|
|
|
41,495
|
Total Tax Obligation/General
|
|
|
36,059,584
|
|
|
Tax Obligation/Limited – 27.0% (18.2% of Total Investments)
|
|
|
|
|
|
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Combined Venue Tax Series 2015:
|
|
|
|
|
1,060
|
5.000%, 8/15/34 – AGM Insured
|
8/24 at 100.00
|
AA
|
1,203,768
|
|
1,160
|
5.000%, 8/15/35 – AGM Insured
|
8/24 at 100.00
|
AA
|
1,314,106
|
|
1,000
|
Bexar County, Texas, Venue Project Revenue Bonds, Refunding Series 2010, 5.250%, 8/15/38 –
|
8/19 at 100.00
|
AA
|
1,075,750
|
|
|
AGM Insured
|
|
|
|
|
1,175
|
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Senior Lien Series 2014A,
|
12/24 at 100.00
|
AA+
|
1,373,881
|
|
|
5.000%, 12/01/36
|
|
|
|
|
1,680
|
Dallas Area Rapid Transit, Texas, Sales Tax Revenue Bonds, Refunding Series 2016A,
|
12/25 at 100.00
|
AA+
|
1,927,733
|
|
|
5.000%, 12/01/48
|
|
|
|
|
500
|
Flower Mound, Texas, Special Assessment Revenue Bonds, River Walk Public Improvement
|
9/19 at 103.00
|
N/R
|
521,015
|
|
|
District 1, Series 2014, 6.500%, 9/01/36
|
|
|
|
|
2,500
|
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds,
|
No Opt. Call
|
AA+
|
3,097,550
|
|
|
Contractual Obligations Series 2015B, 5.000%, 11/01/25
|
|
|
|
|
1,390
|
Harris County Metropolitan Transit Authority, Texas, Sales and Use Tax Revenue Bonds,
|
11/21 at 100.00
|
AA+
|
1,563,208
|
|
|
Refunding Series 2011A, 5.000%, 11/01/41
|
|
|
|
|
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Junior Lien Series 2001H:
|
|
|
|
|
450
|
0.000%, 11/15/24 – NPFG Insured
|
No Opt. Call
|
AA–
|
350,820
|
|
210
|
0.000%, 11/15/32 – NPFG Insured
|
11/31 at 94.05
|
AA–
|
114,211
|
|
260
|
0.000%, 11/15/33
|
11/31 at 88.44
|
AA–
|
131,651
|
|
2,045
|
0.000%, 11/15/34 – NPFG Insured
|
11/31 at 83.17
|
AA–
|
966,896
|
|
1,130
|
0.000%, 11/15/36 – NPFG Insured
|
11/31 at 73.51
|
AA–
|
467,594
|
|
4,370
|
0.000%, 11/15/38 – NPFG Insured
|
11/31 at 64.91
|
AA–
|
1,589,937
|
|
2,260
|
0.000%, 11/15/39 – NPFG Insured
|
11/31 at 60.98
|
AA–
|
771,338
|
|
400
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Second Lien Series
|
11/24 at 100.00
|
A3
|
453,372
|
|
|
2014C, 5.000%, 11/15/34
|
|
|
|
|
1,000
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Refunding Senior Lien Series
|
11/24 at 100.00
|
A2
|
1,171,860
|
|
|
2014A, 5.000%, 11/15/28
|
|
|
|
|
3,440
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Senior Lien Series 2001G,
|
11/31 at 53.78
|
AA–
|
1,059,245
|
|
|
0.000%, 11/15/41 – NPFG Insured
|
|
|
|
|
1,000
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004A-3,
|
11/24 at 59.10
|
AA–
|
449,810
|
|
|
0.000%, 11/15/33 – NPFG Insured
|
|
|
|
|
210
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment
|
9/17 at 100.00
|
A2
|
210,638
|
|
|
Facilities Department, Refunding Series 2011B, 5.000%, 9/01/30
|
|
|
|
|
1,015
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment
|
9/24 at 100.00
|
A2
|
1,152,715
|
|
|
Facilities Department, Refunding Series 2014, 5.000%, 9/01/34
|
|
|
|
|
1,470
|
Houston, Texas, Hotel Occupancy Tax and Special Revenue Bonds, Convention and Entertainment
|
No Opt. Call
|
A2
|
843,589
|
|
|
Project, Series 2001B, 0.000%, 9/01/32 – AMBAC Insured
|
|
|
|
|
250
|
Little Elm. Texas, Valencia Public Improvement District Phase I Special Assessment Revenue
|
3/18 at 103.00
|
N/R
|
256,253
|
|
|
Bonds, Series 2014, 7.150%, 9/01/37
|
|
|
|
|
3,000
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Current Interest Series
|
9/21 at 100.00
|
AA+
|
3,413,430
|
|
|
2011D, 5.000%, 9/01/31
|
|
|
|
|
2,000
|
North Texas Tollway Authority, Special Projects System Revenue Bonds, Series 2011A,
|
9/21 at 100.00
|
AA+
|
2,324,560
|
|
|
5.500%, 9/01/41
|
|
|
|
|
10,000
|
Texas State Transportation Commission, Highway Fund Revenue Bonds, Series 2016A, 5.000%,
|
10/26 at 100.00
|
Aaa
|
12,201,900
|
|
|
10/01/30 (UB) (4)
|
|
|
|
|
1,735
|
Via Metropolitan Transit Advanced Transportation District, Texas, Sales Tax Revenue Bonds,
|
8/24 at 100.00
|
AAA
|
2,001,930
|
|
|
Refunding & Improvement Series 2014, 5.000%, 8/01/38
|
|
|
|
|
46,710
|
Total Tax Obligation/Limited
|
|
|
42,008,760
|
|
|
Transportation – 20.1% (13.6% of Total Investments)
|
|
|
|
|
3,000
|
Austin, Texas, Airport System Revenue Bonds, Series 2015, 5.000%, 11/15/39 (Alternative
|
11/24 at 100.00
|
A1
|
3,361,950
|
|
|
Minimum Tax)
|
|
|
|
|
665
|
Central Texas Regional Mobility Authority, Revenue Bonds, Refunding Subordinate Lien Series
|
1/23 at 100.00
|
BBB
|
716,225
|
|
|
2013, 5.000%, 1/01/42
|
|
|
|
|
|
Central Texas Regional Mobility Authority, Revenue Bonds, Senior Lien Series 2010:
|
|
|
|
|
2,945
|
0.000%, 1/01/36
|
No Opt. Call
|
BBB+
|
1,360,119
|
|
2,205
|
0.000%, 1/01/37
|
No Opt. Call
|
BBB+
|
971,677
|
|
2,160
|
0.000%, 1/01/38
|
No Opt. Call
|
BBB+
|
912,557
|
|
1,000
|
0.000%, 1/01/40
|
No Opt. Call
|
BBB+
|
381,790
|
|
1,000
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2010A,
|
11/20 at 100.00
|
A+
|
1,102,410
|
|
|
5.000%, 11/01/42
|
|
|
|
|
1,165
|
Dallas-Fort Worth International Airport, Texas, Joint Revenue Bonds, Refunding Series 2012B,
|
11/20 at 100.00
|
A+
|
1,293,290
|
|
|
5.000%, 11/01/35
|
|
|
|
|
1,670
|
Grand Parkway Transportation Corporation, Texas, System Toll Revenue Bonds, First Tier Series
|
10/23 at 100.00
|
BBB+
|
1,854,919
|
|
|
2013A, 5.125%, 10/01/43
|
|
|
|
|
1,165
|
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2012C,
|
8/22 at 100.00
|
AA
|
1,347,544
|
|
|
5.000%, 8/15/31
|
|
|
|
|
5,150
|
Harris County, Texas, Toll Road Revenue Bonds, Refunding Senior Lien Series 2016A,
|
8/26 at 100.00
|
Aa2
|
5,999,954
|
|
|
5.000%, 8/15/41
|
|
|
|
|
2,000
|
Houston, Texas, Airport System Revenue Bonds, Refunding Subordinate Lien Series 2012A,
|
7/22 at 100.00
|
A+
|
2,198,120
|
|
|
5.000%, 7/01/31 (Alternative Minimum Tax)
|
|
|
|
|
1,750
|
Love Field Airport Modernization Corporation, Texas, General Airport Revenue Bonds Series
|
11/25 at 100.00
|
A1
|
1,993,233
|
|
|
2015, 5.000%, 11/01/35 (Alternative Minimum Tax)
|
|
|
|
|
3,000
|
Love Field Airport Modernization Corporation, Texas, Special Facilities Revenue Bonds,
|
11/20 at 100.00
|
Baa1
|
3,259,680
|
|
|
Southwest Airlines Company, Series 2010, 5.250%, 11/01/40
|
|
|
|
|
|
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A:
|
|
|
|
|
20
|
6.100%, 1/01/28
|
1/19 at 100.00
|
A1
|
21,598
|
|
375
|
6.250%, 1/01/39
|
1/19 at 100.00
|
A1
|
402,210
|
|
50
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A,
|
1/18 at 100.00
|
A1
|
51,259
|
|
|
5.750%, 1/01/40
|
|
|
|
|
40
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008B,
|
1/18 at 100.00
|
A1
|
41,007
|
|
|
5.750%, 1/01/40
|
|
|
|
|
2,500
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008D,
|
No Opt. Call
|
AA
|
1,301,200
|
|
|
0.000%, 1/01/36 – AGC Insured
|
|
|
|
|
2,500
|
San Antonio, Texas, Airport System Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/27
|
7/22 at 100.00
|
A+
|
2,801,650
|
|
|
(Alternative Minimum Tax)
|
|
|
|
|
34,360
|
Total Transportation
|
|
|
31,372,392
|
|
|
U.S. Guaranteed – 19.1% (12.9% of Total Investments) (5)
|
|
|
|
|
|
Bexar County Health Facilities Development Corporation, Texas, Revenue Bonds, Army Retirement
|
|
|
|
|
|
Residence Foundation Project, Series 2007:
|
|
|
|
|
130
|
5.000%, 7/01/27 (Pre-refunded 7/01/17)
|
7/17 at 100.00
|
N/R (5)
|
130,455
|
|
110
|
5.000%, 7/01/37 (Pre-refunded 7/01/17)
|
7/17 at 100.00
|
N/R (5)
|
110,385
|
|
2,500
|
Bexar Metropolitan Water District, Texas, Waterworks System Revenue Bonds, Refunding Series
|
5/20 at 100.00
|
AA (5)
|
2,846,350
|
|
|
2010, 5.875%, 5/01/40 (Pre-refunded 5/01/20)
|
|
|
|
|
240
|
Calallen Independent School District, Nueces County, Texas, General Obligation Bonds, School
|
2/18 at 100.00
|
N/R (5)
|
247,080
|
|
|
Building Series 2008, 5.000%, 2/15/38 (Pre-refunded 2/15/18)
|
|
|
|
|
185
|
El Paso County, Texas, Certificates of Obligation, Series 2001, 5.000%, 2/15/21 – AGM
|
No Opt. Call
|
AA (5)
|
211,433
|
|
|
Insured (ETM)
|
|
|
|
|
1,000
|
El Paso, Texas, Water and Sewer Revenue Bonds, Refunding Series 2008C, 5.375%, 3/01/29
|
3/18 at 100.00
|
AA+ (5)
|
1,034,050
|
|
|
(Pre-refunded 3/01/18)
|
|
|
|
|
8,500
|
Grand Prairie Independent School District, Dallas County, Texas, General Obligation Bonds,
|
8/18 at 22.64
|
AA (5)
|
1,900,685
|
|
|
Capital Appreciation Refunding Series 2009, 0.000%, 8/15/39 (Pre-refunded 8/15/18)
|
|
|
|
|
4,000
|
Laredo, Webb County, Texas, Waterworks and Sewer System Revenue Bonds, Series 2010,
|
3/20 at 100.00
|
AA– (5)
|
4,454,156
|
|
|
5.250%, 3/01/40 (Pre-refunded 3/01/20)
|
|
|
|
|
960
|
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
|
8/17 at 33.01
|
N/R (5)
|
316,205
|
|
|
Bonds, Series 2008, 0.000%, 8/15/36 (Pre-refunded 8/15/17)
|
|
|
|
|
365
|
Lone Star College System, Harris and Montgomery Counties, Texas, General Obligation Bonds,
|
8/19 at 100.00
|
AAA
|
397,248
|
|
|
Series 2009, 5.000%, 8/15/34 (Pre-refunded 8/15/19)
|
|
|
|
|
25
|
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/15/29
|
5/22 at 100.00
|
N/R (5)
|
29,437
|
|
|
(Pre-refunded 5/15/22)
|
|
|
|
|
1,500
|
Montgomery County, Texas, General Obligation Bonds, Refunding Series 2008B, 5.250%, 3/01/32
|
3/19 at 100.00
|
Aaa
|
1,611,945
|
|
|
(Pre-refunded 3/01/19)
|
|
|
|
|
925
|
North Central Texas Health Facilities Development Corporation, Hospital Revenue Bonds,
|
No Opt. Call
|
Aaa
|
1,108,113
|
|
|
Presbyterian Healthcare System, Series 1996A, 5.750%, 6/01/26 – NPFG Insured (ETM)
|
|
|
|
|
|
North Texas Tollway Authority, System Revenue Bonds, First Tier Series 2009A:
|
|
|
|
|
80
|
6.100%, 1/01/28 (Pre-refunded 1/01/19)
|
1/19 at 100.00
|
N/R (5)
|
86,498
|
|
1,625
|
6.250%, 1/01/39 (Pre-refunded 1/01/19)
|
1/19 at 100.00
|
N/R (5)
|
1,760,818
|
|
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008A:
|
|
|
|
|
195
|
5.750%, 1/01/40 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
N/R (5)
|
200,604
|
|
150
|
5.750%, 1/01/40 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
A1 (5)
|
154,311
|
|
35
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008B,
|
1/18 at 100.00
|
AA– (5)
|
35,912
|
|
|
5.750%, 1/01/40 (Pre-refunded 1/01/18)
|
|
|
|
|
|
North Texas Tollway Authority, System Revenue Bonds, Refunding First Tier, Series 2008B:
|
|
|
|
|
285
|
5.750%, 1/01/40 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
A1 (5)
|
293,191
|
|
190
|
5.750%, 1/01/40 (Pre-refunded 1/01/18)
|
1/18 at 100.00
|
AA– (5)
|
195,461
|
|
950
|
North Texas Tollway Authority, System Revenue Bonds, Refunding Second Tier, Series 2008F,
|
1/18 at 100.00
|
A2 (5)
|
977,303
|
|
|
5.750%, 1/01/38 (Pre-refunded 1/01/18)
|
|
|
|
|
2,000
|
Plano Independent School District, Collin County, Texas, General Obligation Bonds, Series
|
2/18 at 100.00
|
Aaa
|
2,062,640
|
|
|
2008A, 5.250%, 2/15/34 (Pre-refunded 2/15/18)
|
|
|
|
|
2,500
|
Retama Development Corporation, Texas, Special Facilities Revenue Bonds, Retama Park
|
12/17 at 100.00
|
Aaa
|
2,606,125
|
|
|
Racetrack, Series 1993, 8.750%, 12/15/18 (Pre-refunded 12/15/17)
|
|
|
|
|
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Hospital Revenue
|
|
|
|
|
|
Bonds, Scott & White Healthcare Project, Series 2010:
|
|
|
|
|
95
|
5.250%, 8/15/40 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
N/R (5)
|
107,568
|
|
1,155
|
5.250%, 8/15/40 (Pre-refunded 8/15/20)
|
8/20 at 100.00
|
AA– (5)
|
1,307,795
|
|
410
|
Tarrant County Cultural Education Facilities Finance Corporation, Texas, Revenue Bonds,
|
1/19 at 100.00
|
AA (5)
|
445,670
|
|
|
Christus Health, Refunding Series 2008A, 6.500%, 7/01/37 (Pre-refunded 1/01/19) – AGC Insured
|
|
|
|
|
|
Texas State, General Obligation Bonds, Transportation Commission Mobility Fund, Series 2008:
|
|
|
|
|
90
|
5.000%, 4/01/30 (Pre-refunded 4/01/18)
|
4/18 at 100.00
|
N/R (5)
|
93,137
|
|
910
|
5.000%, 4/01/30 (Pre-refunded 4/01/18)
|
4/18 at 100.00
|
AAA
|
941,714
|
|
700
|
Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances
|
7/17 at 100.00
|
BBB+ (5)
|
702,443
|
|
|
Hospital Regional Healthcare Center, Series 2007B, 5.000%, 7/01/37 (Pre-refunded 7/01/17)
|
|
|
|
|
2,250
|
Tyler Health Facilities Development Corporation, Texas, Hospital Revenue Bonds, Mother Frances
|
7/17 at 100.00
|
BBB+ (5)
|
2,257,853
|
|
|
Hospital Regional Healthcare Center, Series 2007, 5.000%, 7/01/33 (Pre-refunded 7/01/17)
|
|
|
|
|
1,000
|
Uptown Development Authority, Houston, Texas, Tax Increment Revenue Bonds, Infrastructure
|
9/19 at 100.00
|
BBB (5)
|
1,099,930
|
|
|
Improvement Facilities, Series 2009, 5.500%, 9/01/29 (Pre-refunded 9/01/19)
|
|
|
|
|
35,060
|
Total U.S. Guaranteed
|
|
|
29,726,515
|
|
|
Utilities – 17.0% (11.5% of Total Investments)
|
|
|
|
|
2,000
|
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 11/15/40
|
11/22 at 100.00
|
AA
|
2,228,640
|
|
3,000
|
Austin, Texas, Electric Utility System Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/38
|
11/25 at 100.00
|
AA
|
3,491,370
|
|
2,560
|
Brazos River Authority, Texas, Pollution Control Revenue Refunding Bonds, TXU Electric
|
9/17 at 100.00
|
N/R
|
26
|
|
|
Company, Series 1999C, 7.700%, 3/01/32 (Alternative Minimum Tax) (6)
|
|
|
|
|
2,000
|
Brownsville, Texas, Utility System Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/31
|
9/25 at 100.00
|
A+
|
2,309,300
|
|
2,000
|
Bryan, Brazos County, Texas, Electric System Revenue Bonds, Series 2009, 5.000%, 7/01/34
|
7/17 at 100.00
|
A+
|
2,006,200
|
|
3,000
|
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2010A, 5.000%, 5/15/40
|
5/20 at 100.00
|
A
|
3,270,150
|
|
1,150
|
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012A, 5.000%, 5/15/36
|
5/22 at 100.00
|
A
|
1,287,759
|
|
1,975
|
Lower Colorado River Authority, Texas, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/15/29
|
5/22 at 100.00
|
A
|
2,251,619
|
|
1,500
|
Matagorda County Navigation District Number One, Texas, Pollution Control Revenue Refunding
|
7/19 at 102.00
|
A–
|
1,672,215
|
|
|
Bonds, Central Power and Light Company Project, Series 2009A, 6.300%, 11/01/29
|
|
|
|
|
1,000
|
Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Bonds, Refunding
|
No Opt. Call
|
BBB+
|
1,110,250
|
|
|
Series 2012, 5.000%, 10/01/20
|
|
|
|
|
|
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Senior
|
|
|
|
|
|
Lien Series 2008D:
|
|
|
|
|
270
|
5.625%, 12/15/17
|
No Opt. Call
|
BBB+
|
275,851
|
|
3,000
|
6.250%, 12/15/26
|
No Opt. Call
|
BBB+
|
3,699,780
|
|
1,000
|
Texas Municipal Gas Acquisition and Supply Corporation I, Gas Supply Revenue Bonds, Series
|
No Opt. Call
|
BBB+
|
1,110,860
|
|
|
2006A, 5.250%, 12/15/20
|
|
|
|
|
|
Texas Municipal Power Agency, Revenue Bonds, Refunding Transmission Series 2010:
|
|
|
|
|
640
|
5.000%, 9/01/34
|
9/20 at 100.00
|
A+
|
704,134
|
|
1,000
|
5.000%, 9/01/40
|
9/20 at 100.00
|
A+
|
1,100,210
|
|
26,095
|
Total Utilities
|
|
|
26,518,364
|
|
|
Water and Sewer – 13.0% (8.8% of Total Investments)
|
|
|
|
|
1,450
|
Austin, Texas, Water and Wastewater System Revenue Bonds, Refunding Series 2016A,
|
11/26 at 100.00
|
AA
|
1,702,851
|
|
|
5.000%, 11/15/41
|
|
|
|
|
1,575
|
Bell County Water Control Improvement District 1, Texas, Water Revenue Bonds, Series 2014,
|
7/23 at 100.00
|
AA
|
1,756,094
|
|
|
5.000%, 7/10/38 – BAM Insured
|
|
|
|
|
2,500
|
Canadian River Municipal Water Authority, Texas, Contract Revenue Bonds, Conjunctive Use
|
2/21 at 100.00
|
AA
|
2,794,900
|
|
|
Groundwater Supply Project, Subordinate Lien Series 2011, 5.000%, 2/15/31
|
|
|
|
|
2,000
|
Corpus Christi, Texas, Utility System Revenue Bonds, Improvement Junior Lien Series 2013,
|
7/23 at 100.00
|
A+
|
2,229,240
|
|
|
5.000%, 7/15/43
|
|
|
|
|
2,000
|
Houston, Texas, First Lien Combined Utility System Revenue Bonds, Refunding Series 2012D,
|
11/22 at 100.00
|
AA
|
2,281,960
|
|
|
5.000%, 11/15/42
|
|
|
|
|
710
|
North Fort Bend Water Authority, Texas, Water System Revenue Bonds, Series 2011, 5.000%,
|
12/21 at 100.00
|
AA
|
781,540
|
|
|
12/15/36 – AGM Insured
|
|
|
|
|
3,860
|
North Harris County Regional Water Authority, Texas, Water Revenue Bonds, Refunding Senior
|
12/22 at 100.00
|
AA–
|
4,401,209
|
|
|
Lien Series 2013, 5.000%, 12/15/33
|
|
|
|
|
1,000
|
Nueces River Authority, Texas, Water Supply Revenue Bonds, Corpus Christi Lake Texana Project,
|
7/25 at 100.00
|
AA–
|
1,225,230
|
|
|
Refunding Series 2015, 5.000%, 7/15/26
|
|
|
|
|
2,640
|
San Antonio, Texas, Water System Revenue Bonds, Refunding Junior Lien Series 2015B,
|
5/25 at 100.00
|
AA
|
3,084,418
|
|
|
5.000%, 5/15/34
|
|
|
|
|
17,735
|
Total Water and Sewer
|
|
|
20,257,442
|
|
$ 242,680
|
Total Long-Term Investments (cost $213,265,997)
|
|
|
230,674,261
|
|
|
Floating Rate Obligations – (5.1)%
|
|
|
(8,000,000)
|
|
|
Institutional MuniFund Term Preferred Shares, net of deferred offering costs – (46.1)% (7)
|
|
|
(71,759,651)
|
|
|
Other Assets Less Liabilities – 3.1%
|
|
|
4,818,871
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 155,733,481
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Long-Term Investments:
|
|
|
|
|
Municipal Bonds
|
$ —
|
$230,674,261
|
$ —
|
$230,674,261
|
Gross unrealized:
|
|
Appreciation
|
$17,975,686
|
Depreciation
|
(274,250)
|
Net unrealized appreciation (depreciation) of investments
|
$17,701,436
|
(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)
|
As of, or subsequent to, the end of the reporting period, this security is non-income producing. Non-income
|
|
|
producing, in the case of a fixed-income security, generally denotes that the issuer has (1) defaulted on
|
|
|
the payment of principal or interest, (2) is under the protection of the Federal Bankruptcy Court or (3) the
|
|
|
Fund's Adviser has concluded that the issue is not likely to meet its future interest payment obligations
|
|
|
and has ceased accruing additional income on the Fund's records.
|
|
(7)
|
Institutional MuniFund Term Preferred Shares, net of deferred offering costs as a percentage of Total
|
|
|
Investments is 31.1%.
|
|
(ETM)
|
Escrowed to maturity.
|
|
(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)).
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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/ Gifford R. Zimmerman |
Gifford R. Zimmerman
Vice President and Secretary
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By (Signature and Title) | /s/ Cedric H. Antosiewicz |
Cedric H. Antosiewicz
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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