|
Portfolio of Investments
|
|
|
|
|
|
Nuveen Pennsylvania Municipal Value Fund (NPN)
|
|
|
|
|
|
May 31, 2017 (Unaudited)
|
|
|
|
|
|
|||||
|
|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
LONG-TERM INVESTMENTS – 99.3% (99.3% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 99.3% (99.3% of Total Investments)
|
|
|
|
|
|
Consumer Staples – 3.6% (3.6% of Total Investments)
|
|
|
|
|
$ 570
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,
|
No Opt. Call
|
Baa1
|
$ 648,791
|
|
|
Series 2001, 6.500%, 5/15/33
|
|
|
|
|
25
|
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds,
|
No Opt. Call
|
AA–
|
31,519
|
|
|
Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)
|
|
|
|
|
595
|
Total Consumer Staples
|
|
|
680,310
|
|
|
Education and Civic Organizations – 4.8% (4.8% of Total Investments)
|
|
|
|
|
70
|
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, School Lane
|
3/27 at 100.00
|
BBB–
|
73,854
|
|
|
Charter School Project, Series 2016, 5.125%, 3/15/36
|
|
|
|
|
20
|
Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School
|
12/27 at 100.00
|
BBB–
|
20,713
|
|
|
Revenue Bonds, Series 2017A, 5.000%, 12/15/47
|
|
|
|
|
30
|
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds, Misericordia University, Series
|
5/24 at 100.00
|
Baa3
|
31,554
|
|
|
2014, 5.000%, 5/01/37
|
|
|
|
|
30
|
Delaware County Authority, Pennsylvania, Revenue Bonds, Haverford College, Series 2017A,
|
4/27 at 100.00
|
AA–
|
30,543
|
|
|
3.750%, 10/01/46
|
|
|
|
|
60
|
Erie Higher Education Building Authority, Pennsylvania, Revenue Bonds, Gannon University,
|
11/26 at 100.00
|
BBB+
|
60,538
|
|
|
Series 2016, 4.000%, 5/01/46
|
|
|
|
|
|
Huntingdon County General Authority, Pennsylvania, Revenue Bonds, Juniata College,
|
|
|
|
|
|
Series 2016OO2:
|
|
|
|
|
15
|
3.250%, 5/01/36
|
5/26 at 100.00
|
BBB+
|
13,704
|
|
40
|
3.500%, 5/01/41
|
5/26 at 100.00
|
BBB+
|
36,885
|
|
35
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Holy Family University,
|
9/23 at 100.00
|
BBB–
|
38,477
|
|
|
Series 2013A, 6.500%, 9/01/38
|
|
|
|
|
120
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Philadelphia University,
|
6/23 at 100.00
|
BBB+
|
131,090
|
|
|
Refunding Series 2013, 5.000%, 6/01/32
|
|
|
|
|
40
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson
|
9/22 at 100.00
|
A+
|
44,370
|
|
|
University, 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
|
36,030
|
|
60
|
5.000%, 11/01/42
|
11/22 at 100.00
|
A3
|
66,974
|
|
95
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University,
|
7/23 at 100.00
|
A–
|
106,273
|
|
|
Series 2013A, 5.500%, 7/15/38
|
|
|
|
|
100
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia
|
6/20 at 100.00
|
BB
|
105,725
|
|
|
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–
|
109,718
|
|
|
2010, 5.000%, 11/01/40
|
|
|
|
|
850
|
Total Education and Civic Organizations
|
|
|
906,448
|
|
|
Health Care – 18.2% (18.2% of Total Investments)
|
|
|
|
|
695
|
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, University of
|
8/19 at 100.00
|
Aa3
|
753,018
|
|
|
Pittsburgh Medical Center, Series 2009A, 5.500%, 8/15/34
|
|
|
|
|
100
|
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical
|
11/25 at 100.00
|
A
|
111,905
|
|
|
Center Project, Series 2016A, 5.000%, 11/15/46
|
|
|
|
|
55
|
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health
|
6/26 at 100.00
|
A+
|
62,735
|
|
|
System Project, Refunding Series 2016A, 5.000%, 6/01/35
|
|
|
|
|
35
|
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health
|
6/22 at 100.00
|
A+
|
38,245
|
|
|
System Project, Series 2012A, 5.000%, 6/01/42
|
|
|
|
|
225
|
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2016A,
|
7/26 at 100.00
|
BBB
|
243,772
|
|
|
5.000%, 7/01/41
|
|
|
|
|
210
|
Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System,
|
8/26 at 100.00
|
AA–
|
238,312
|
|
|
Refunding Series 2016B, 5.000%, 8/15/46
|
|
|
|
|
150
|
Lancaster County Hospital Authority, Revenue Bonds, University of Pennsylvania Health System,
|
8/26 at 100.00
|
AA–
|
170,733
|
|
|
Series 2016A, 5.000%, 8/15/42
|
|
|
|
|
|
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group,
|
|
|
|
|
|
Refunding Series 2016:
|
|
|
|
|
30
|
3.000%, 11/01/36
|
5/26 at 100.00
|
A
|
27,619
|
|
150
|
4.000%, 11/01/41
|
5/26 at 100.00
|
A
|
155,933
|
|
100
|
Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health
|
7/19 at 100.00
|
AA–
|
108,964
|
|
|
System Project, Series 2009A, 5.750%, 7/01/39
|
|
|
|
|
200
|
Montgomery County Industrial Development Authority, Pennsylvania, Health System Revenue
|
1/25 at 100.00
|
Baa2
|
215,732
|
|
|
Bonds, Albert Einstein Healthcare Network Issue, Series 2015A, 5.250%, 1/15/45
|
|
|
|
|
65
|
Philadelphia Authority for Industrial Development, Pennsylvania, Hospital Revenue Bonds, The
|
7/27 at 100.00
|
AA
|
77,654
|
|
|
Children's Hospital of Philadelphia, Series 2017, 5.000%, 7/01/33 (WI/DD, Settling 6/29/17)
|
|
|
|
|
100
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital
|
7/22 at 100.00
|
BBB–
|
107,862
|
|
|
Revenue Bonds, Temple University Health System Obligated Group, Series 2012A,
|
|
|
|
|
|
5.625%, 7/01/42
|
|
|
|
|
200
|
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health
|
1/27 at 100.00
|
A+
|
222,518
|
|
|
Network, Series 2016B, 5.000%, 7/01/45
|
|
|
|
|
705
|
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East,
|
5/19 at 100.00
|
AA–
|
764,728
|
|
|
Series 2009D, 6.250%, 11/15/34
|
|
|
|
|
100
|
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
|
1/22 at 100.00
|
AA
|
114,082
|
|
|
Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.750%, 1/01/41
|
|
|
|
|
3,120
|
Total Health Care
|
|
|
3,413,812
|
|
|
Housing/Multifamily – 6.9% (6.9% of Total Investments)
|
|
|
|
|
15
|
Chester County Industrial Development Authority, Pennsylvania, Student Housing Revenue Bonds,
|
8/23 at 100.00
|
Baa3
|
15,721
|
|
|
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. –
|
7/24 at 100.00
|
BBB–
|
31,548
|
|
|
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–
|
105,402
|
|
|
Student Housing Project at Millersville University, Series 2015, 5.000%, 7/01/47
|
|
|
|
|
300
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University Properties
|
7/26 at 100.00
|
Baa3
|
323,901
|
|
|
Inc. Student Housing Project at East Stroudsburg University of Pennsylvania, Series 2016A,
|
|
|
|
|
|
5.000%, 7/01/35
|
|
|
|
|
800
|
Pittsburgh Urban Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds,
|
10/19 at 100.00
|
Aa1
|
827,360
|
|
|
Eva P. Mithcell Residence Project, Series 2009, 5.100%, 10/20/44
|
|
|
|
|
1,245
|
Total Housing/Multifamily
|
|
|
1,303,932
|
|
|
Housing/Single Family – 10.2% (10.2% of Total Investments)
|
|
|
|
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:
|
|
|
|
|
65
|
3.300%, 10/01/32
|
10/21 at 100.00
|
AA+
|
65,417
|
|
25
|
3.650%, 10/01/37
|
10/21 at 100.00
|
AA+
|
25,338
|
|
40
|
3.700%, 10/01/42
|
10/21 at 100.00
|
AA+
|
41,230
|
|
125
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-116B,
|
10/24 at 100.00
|
AA+
|
127,384
|
|
|
4.000%, 4/01/45
|
|
|
|
|
315
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2015-118B,
|
4/25 at 100.00
|
AA+
|
325,653
|
|
|
4.100%, 10/01/45
|
|
|
|
|
55
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-119,
|
4/25 at 100.00
|
AA+
|
55,638
|
|
|
3.500%, 10/01/36
|
|
|
|
|
500
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-120,
|
10/25 at 100.00
|
AA+
|
485,744
|
|
|
3.200%, 4/01/40
|
|
|
|
|
100
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121,
|
10/25 at 100.00
|
AA+
|
95,903
|
|
|
3.200%, 10/01/41
|
|
|
|
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2017-123B:
|
|
|
|
|
70
|
3.450%, 10/01/32 (WI/DD, Settling 6/20/17)
|
10/26 at 100.00
|
AA+
|
71,620
|
|
70
|
3.900%, 10/01/37 (WI/DD, Settling 6/20/17)
|
10/26 at 100.00
|
AA+
|
72,099
|
|
70
|
4.000%, 10/01/42 (WI/DD, Settling 6/20/17)
|
10/26 at 100.00
|
AA+
|
71,911
|
|
400
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2016-121,
|
10/25 at 100.00
|
AA+
|
383,612
|
|
|
3.200%, 10/01/41 (UB)
|
|
|
|
|
50
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bond
|
10/22 at 100.00
|
AA+
|
61,250
|
|
|
Trust 2015-XF0066, 12.085%, 10/01/33 (Alternative Minimum Tax) (IF)
|
|
|
|
|
25
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds
|
10/22 at 100.00
|
AA+
|
27,435
|
|
|
Trust 2015-XF0109, 9.074%, 10/01/38 (IF) (4)
|
|
|
|
|
1,910
|
Total Housing/Single Family
|
|
|
1,910,234
|
|
|
Long-Term Care – 3.0% (3.0% 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+
|
122,120
|
|
135
|
5.000%, 1/01/38
|
1/25 at 100.00
|
BBB+
|
144,755
|
|
20
|
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic
|
5/25 at 100.00
|
A
|
22,514
|
|
|
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
|
60,725
|
|
|
Project, Series 2013, 5.750%, 5/01/35
|
|
|
|
|
200
|
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS
|
11/26 at 100.00
|
N/R
|
222,438
|
|
|
Retirement-Life Communities, Inc. Obligated Group, Series 2016, 5.000%, 11/15/36
|
|
|
|
|
530
|
Total Long-Term Care
|
|
|
572,552
|
|
|
Materials – 0.9% (0.9% of Total Investments)
|
|
|
|
|
165
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,
|
11/24 at 100.00
|
N/R
|
177,616
|
|
|
National Gypsum Company, Refunding Series 2014, 5.500%, 11/01/44 (Alternative Minimum Tax)
|
|
|
|
|
|
Tax Obligation/General – 6.9% (6.9% of Total Investments)
|
|
|
|
|
220
|
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2013C-72, 5.250%, 12/01/32
|
12/23 at 100.00
|
AA–
|
257,528
|
|
45
|
Boyertown Area School District, Berks and Montgomery Counties, Pennsylvania, General
|
4/24 at 100.00
|
AA
|
51,387
|
|
|
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
|
130,913
|
|
|
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
|
221,405
|
|
|
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
|
17,383
|
|
|
2014A, 5.000%, 9/01/25 – BAM Insured
|
|
|
|
|
400
|
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/26
|
9/22 at 100.00
|
AA–
|
466,455
|
|
35
|
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds,
|
2/18 at 100.00
|
Aa1
|
35,062
|
|
|
Series 2012, 3.000%, 2/15/34
|
|
|
|
|
80
|
Scranton, Lackawanna County, Pennsylvania, General Obligation Notes, Series 2016,
|
5/24 at 100.00
|
BB
|
83,115
|
|
|
5.000%, 11/15/32
|
|
|
|
|
|
The Redevelopment Authority of the City of Scranton, Lackawanna county, Pennsylvania,
|
|
|
|
|
|
Guaranteed Lease Revenue Bonds, Series 2016A:
|
|
|
|
|
15
|
5.000%, 11/15/21
|
No Opt. Call
|
BB
|
15,567
|
|
10
|
5.000%, 11/15/28
|
5/24 at 100.00
|
BB
|
10,373
|
|
1,130
|
Total Tax Obligation/General
|
|
|
1,289,188
|
|
|
Tax Obligation/Limited – 5.3% (5.3% of Total Investments)
|
|
|
|
|
25
|
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue
|
5/22 at 100.00
|
Baa2
|
26,489
|
|
|
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
|
127,928
|
|
104
|
Monroe County Industrial Development Authority, Pennsylvania, Special Obligation Revenue
|
7/24 at 100.00
|
N/R
|
107,521
|
|
|
Bonds, Tobyhanna Township Project, Series 2014, 6.875%, 7/01/33
|
|
|
|
|
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue
|
|
|
|
|
|
Bonds, Series 2010A:
|
|
|
|
|
480
|
5.500%, 12/01/34
|
12/20 at 100.00
|
AA–
|
537,378
|
|
100
|
5.000%, 12/01/38
|
12/19 at 100.00
|
AA–
|
107,845
|
|
100
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Turnpike Subordinate Special
|
No Opt. Call
|
AA–
|
90,324
|
|
|
Revenue Bonds, Series 2014A, 0.000%, 12/01/37 (5)
|
|
|
|
|
929
|
Total Tax Obligation/Limited
|
|
|
997,485
|
|
|
Transportation – 8.5% (8.5% of Total Investments)
|
|
|
|
|
280
|
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System
|
7/27 at 100.00
|
A1
|
326,287
|
|
|
Revenue Bonds, Series 2017, 5.000%, 7/01/42
|
|
|
|
|
240
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
|
1/20 at 100.00
|
A
|
260,566
|
|
|
5.000%, 1/01/40
|
|
|
|
|
140
|
Pennsylvania Economic Development Financing Authority, Parking System Revenue Bonds, Capitol
|
1/24 at 100.00
|
AA
|
157,000
|
|
|
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
|
194,695
|
|
|
Pennsylvania Rapid Bridge Replacement Project, Series 2015, 5.000%, 6/30/42 (Alternative
|
|
|
|
|
|
Minimum Tax)
|
|
|
|
|
525
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2015B, 5.000%, 12/01/45
|
12/25 at 100.00
|
A1
|
590,267
|
|
55
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series
|
12/19 at 100.00
|
A–
|
59,287
|
|
|
2010B-1, 5.000%, 12/01/37
|
|
|
|
|
1,415
|
Total Transportation
|
|
|
1,588,102
|
|
|
U.S. Guaranteed – 25.0% (25.0% of Total Investments) (6)
|
|
|
|
|
600
|
Geisinger Authority, Montour County, Pennsylvania, Health System Revenue Bonds, Geisinger
|
6/19 at 100.00
|
AA (6)
|
651,120
|
|
|
Health System, Series 2009A, 5.250%, 6/01/39 (Pre-refunded 6/01/19)
|
|
|
|
|
550
|
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2009A, 5.750%, 12/01/34
|
12/19 at 100.00
|
BBB+ (6)
|
614,609
|
|
|
(Pre-refunded 12/01/19)
|
|
|
|
|
500
|
Lehigh County General Purpose Authority, Pennsylvania, College Revenue Bonds, Muhlenberg
|
2/19 at 100.00
|
A+ (6)
|
536,065
|
|
|
College Project, Series 2009, 5.250%, 2/01/39 (Pre-refunded 2/01/19)
|
|
|
|
|
5
|
Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds,
|
6/19 at 100.00
|
A+ (6)
|
5,409
|
|
|
Abington Memorial Hospital Obligated Group, Series 2009A, 5.125%, 6/01/33
|
|
|
|
|
|
(Pre-refunded 6/01/19)
|
|
|
|
|
750
|
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, ACTS
|
11/19 at 100.00
|
A– (6)
|
844,928
|
|
|
Retirement-Life Communities, Inc. Obligated Group, Series 2009A-1, 6.250%, 11/15/29
|
|
|
|
|
|
(Pre-refunded 11/15/19)
|
|
|
|
|
350
|
Pennsylvania Economic Development Financing Authority, Health System Revenue Bonds , Albert
|
10/19 at 100.00
|
N/R (6)
|
384,962
|
|
|
Einstein Healthcare, Series 2009A, 6.250%, 10/15/23 (Pre-refunded 10/15/19)
|
|
|
|
|
50
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University
|
7/20 at 100.00
|
N/R (6)
|
57,374
|
|
|
Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43 (Pre-refunded 7/01/20)
|
|
|
|
|
110
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue
|
12/20 at 100.00
|
N/R (6)
|
126,867
|
|
|
Bonds, Series 2010A, 5.500%, 12/01/34 (Pre-refunded 12/01/20)
|
|
|
|
|
750
|
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.500%,
|
4/19 at 100.00
|
A+ (6)
|
825,322
|
|
|
4/01/34 (Pre-refunded 4/01/19)
|
|
|
|
|
500
|
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2009A, 5.250%, 1/01/36
|
1/19 at 100.00
|
A+ (6)
|
534,360
|
|
|
(Pre-refunded 1/01/19)
|
|
|
|
|
100
|
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
|
1/21 at 100.00
|
AA (6)
|
118,239
|
|
|
Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.250%, 1/01/31
|
|
|
|
|
|
(Pre-refunded 1/01/21)
|
|
|
|
|
4,265
|
Total U.S. Guaranteed
|
|
|
4,699,255
|
|
|
Utilities – 3.2% (3.2% of Total Investments)
|
|
|
|
|
140
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds,
|
No Opt. Call
|
Caa1
|
58,100
|
|
|
FirstEnergy Nuclear Generation Project, Refunding Series 2005A, 4.000%, 1/01/35
|
|
|
|
|
|
(Mandatory put 7/01/21)
|
|
|
|
|
250
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
Caa1
|
103,750
|
|
|
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006B, 3.500%, 12/01/35
|
|
|
|
|
|
(Mandatory put 6/01/20)
|
|
|
|
|
10
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
Caa1
|
4,150
|
|
|
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35
|
|
|
|
|
|
(Mandatory put 4/02/18)
|
|
|
|
|
170
|
Delaware County Industrial Development Authority, Pennsylvania, Revenue Bonds, Covanta
|
7/20 at 100.00
|
Ba2
|
171,387
|
|
|
Project, Refunding Series 2015A, 5.000%, 7/01/43
|
|
|
|
|
30
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,
|
No Opt. Call
|
B–
|
12,450
|
|
|
Shippingport Project, First Energy Guarantor., Series 2006A, 2.550%, 11/01/41 (Mandatory
|
|
|
|
|
|
put 12/03/18)
|
|
|
|
|
100
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding
|
9/25 at 100.00
|
BB–
|
103,027
|
|
|
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
|
143,594
|
|
|
5.000%, 8/01/30
|
|
|
|
|
825
|
Total Utilities
|
|
|
596,458
|
|
|
Water and Sewer – 2.8% (2.8% of Total Investments)
|
|
|
|
|
175
|
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust
|
12/21 at 100.00
|
AA
|
234,021
|
|
|
2015-XF0123, 11.633%, 12/01/33 – AGM Insured (IF) (4)
|
|
|
|
|
200
|
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, Allentown Concession,
|
12/23 at 100.00
|
A
|
223,802
|
|
|
Series 2013A, 5.125%, 12/01/47
|
|
|
|
|
60
|
Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer
|
11/19 at 100.00
|
AA
|
60,250
|
|
|
Revenue Bonds, Series 2014, 4.000%, 5/15/40 – BAM Insured
|
|
|
|
|
5
|
Robinson Township Municipal Authority, Allegheny County, Pennsylvania, Water and Sewer
|
5/26 at 100.00
|
AA
|
5,184
|
|
|
Revenue Bonds, Series 2017, 3.375%, 5/15/32 – AGM Insured
|
|
|
|
|
440
|
Total Water and Sewer
|
|
|
523,257
|
|
$ 17,419
|
Total Long-Term Investments (cost $17,562,862)
|
|
|
18,658,649
|
|
|
|||||
|
|||||
Principal
|
|
Optional Call
|
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
SHORT-TERM INVESTMENTS – 0.7% (0.7% of Total Investments)
|
|
|
|
|
|
MUNICIPAL BONDS – 0.7% (0.7% of Total Investments)
|
|
|
|
|
|
Tax Obligation/General – 0.7% (0.7% of Total Investments)
|
|
|
|
|
$ 125
|
Philadelphia, Pennsylvania, General Obligation Bonds, Variable Rate Demand Obligations, Refunding
|
8/17 at 100.00
|
VMIG-1
|
$ 125,000
|
|
|
Series 2009A, 0.810%, 8/01/31 (7)
|
|
|
|
|
$ 125
|
Total Short-Term Investments (cost $125,000)
|
|
|
125,000
|
|
|
Total Investments (cost $17,687,862) – 100.0%
|
|
|
18,783,649
|
|
|
Floating Rate Obligations – (1.6)%
|
|
|
(300,000)
|
|
|
Other Assets Less Liabilities – 1.6%
|
|
|
309,250
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 18,792,899
|
|
Level 1
|
Level 2
|
Level 3
|
Total
|
Long-Term Investments:
|
|
|
|
|
Municipal Bonds
|
$ —
|
$18,658,649
|
$ —
|
$18,658,649
|
Short-Term Investments:
|
|
|
|
|
Municipal Bonds
|
—
|
125,000
|
—
|
125,000
|
Total
|
$ —
|
$18,783,649
|
$ —
|
$18,783,649
|
Gross unrealized:
|
|
Appreciation
|
$1,313,525
|
Depreciation
|
(200,771)
|
Net unrealized appreciation (depreciation) of investments
|
$1,112,754
|
(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)
|
Step-up coupon. The rate shown is the coupon as of the end of the reporting period.
|
|
(6)
|
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.
|
|
(7)
|
Investment has maturity of greater than one year, but has variable rate and demand features which qualify
|
|
|
it as a short-term investment. The rate disclosed is that in effect as of the end of the reporting period.
|
|
|
This rate changes periodically based on market conditions or a specified market index.
|
|
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
|
|
(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.
|
By (Signature and Title) | /s/ Gifford R. Zimmerman |
Gifford R. Zimmerman
Vice President and Secretary
|
By (Signature and Title) | /s/ Cedric H. Antosiewicz |
Cedric H. Antosiewicz
Chief Administrative Officer (principal executive officer)
|
By (Signature and Title) | /s/ Stephen D. Foy |
Stephen D. Foy
Vice President and Controller (principal financial officer)
|