Portfolio of Investments (Unaudited)
|
|||||
Nuveen Select Tax-Free Income Portfolio 3 (NXR)
|
|||||
June 30, 2011
|
|||||
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
Municipal Bonds – 98.1%
|
|||||
Alabama – 0.3%
|
|||||
$ 500
|
Marshall County Healthcare Authority, Alabama, Revenue Bonds, Series 2002A, 6.250%, 1/01/22
|
1/12 at 101.00
|
A–
|
$ 509,640
|
|
Alaska – 1.1%
|
|||||
2,675
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
|
6/14 at 100.00
|
Baa3
|
1,934,293
|
|
Series 2006A, 5.000%, 6/01/32
|
|||||
California – 11.1%
|
|||||
2,105
|
Azusa Unified School District, Los Angeles County, California, General Obligation Bonds,
|
7/12 at 100.00
|
AA+
|
2,188,358
|
|
Series 2002, 5.375%, 7/01/21 – AGM Insured
|
|||||
1,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los
|
12/18 at 100.00
|
Baa3
|
747,550
|
|
Angeles County Securitization Corporation, Series 2006A, 5.600%, 6/01/36
|
|||||
1,000
|
California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Sonoma
|
6/15 at 100.00
|
BBB
|
842,810
|
|
County Tobacco Securitization Corporation, Series 2005, 5.000%, 6/01/26
|
|||||
3,350
|
California Department of Water Resources, Power Supply Revenue Bonds, Series 2002A, 6.000%,
|
5/12 at 101.00
|
AA– (4)
|
3,546,042
|
|
5/01/14 (Pre-refunded 5/01/12)
|
|||||
2,595
|
California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System,
|
4/16 at 100.00
|
A+
|
2,407,096
|
|
Series 2006, 5.000%, 4/01/37
|
|||||
1,000
|
California Statewide Community Development Authority, Revenue Bonds, Methodist Hospital
|
8/19 at 100.00
|
Aa2
|
1,112,360
|
|
Project, Series 2009, 6.750%, 2/01/38
|
|||||
315
|
California Statewide Financing Authority, Tobacco Settlement Asset-Backed Bonds, Pooled
|
No Opt. Call
|
Baa3
|
296,884
|
|
Tobacco Securitization Program, Series 2002A, 5.625%, 5/01/29
|
|||||
1,605
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
|
No Opt. Call
|
A2
|
500,600
|
|
Asset-Backed Revenue Bonds, Series 2005A, 0.000%, 6/01/28 – AMBAC Insured
|
|||||
3,000
|
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
|
6/13 at 100.00
|
AAA
|
3,359,430
|
|
Bonds, Series 2003A-1, 6.750%, 6/01/39 (Pre-refunded 6/01/13)
|
|||||
Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
|
|||||
Bonds, Series 2007A-1:
|
|||||
770
|
4.500%, 6/01/27
|
6/17 at 100.00
|
BBB–
|
641,449
|
|
1,885
|
5.000%, 6/01/33
|
6/17 at 100.00
|
Baa3
|
1,389,716
|
|
1,500
|
Placer Union High School District, Placer County, California, General Obligation Bonds, Series
|
No Opt. Call
|
AA+
|
384,585
|
|
2004C, 0.000%, 8/01/32 – AGM Insured
|
|||||
3,940
|
Rancho Mirage Redevelopment Agency, California, Tax Allocation Bonds, Combined Whitewater and
|
No Opt. Call
|
A+
|
766,921
|
|
1984 Project Areas, Series 2003A, 0.000%, 4/01/35 – NPFG Insured
|
|||||
515
|
Riverside Public Financing Authority, California, University Corridor Tax Allocation Bonds,
|
8/17 at 100.00
|
Baa1
|
409,312
|
|
Series 2007C, 5.000%, 8/01/37 – NPFG Insured
|
|||||
1,250
|
San Jose, California, Airport Revenue Bonds, Series 2004D, 5.000%, 3/01/28 – NPFG Insured
|
3/14 at 100.00
|
A
|
1,247,813
|
|
25,830
|
Total California
|
19,840,926
|
|||
Colorado – 7.1%
|
|||||
1,540
|
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Series 2006, 5.250%, 10/01/40 –
|
10/16 at 100.00
|
BBB
|
1,318,625
|
|
SYNCORA GTY Insured
|
|||||
400
|
Colorado Department of Transportation, Certificates of Participation, Series 2004, 5.000%,
|
6/14 at 100.00
|
AA–
|
402,884
|
|
6/15/34 – NPFG Insured
|
|||||
1,000
|
Colorado Health Facilities Authority, Health Facilities Revenue Bonds, Sisters of Charity of
|
No Opt. Call
|
AA
|
967,550
|
|
Leavenworth Health Services Corporation, Series 2010A, 5.000%, 1/01/40
|
|||||
Colorado Health Facilities Authority, Revenue Bonds, Catholic Health Initiatives, Series 2002A:
|
|||||
2,265
|
5.500%, 3/01/22 (Pre-refunded 3/02/12)
|
3/12 at 100.00
|
AA (4)
|
2,343,822
|
|
1,735
|
5.500%, 3/01/22 (Pre-refunded 3/01/12)
|
3/12 at 100.00
|
Aa2 (4)
|
1,795,378
|
|
1,330
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 1991D, 7.750%, 11/15/13
|
No Opt. Call
|
A+
|
1,446,907
|
|
(Alternative Minimum Tax)
|
|||||
3,000
|
Denver Convention Center Hotel Authority, Colorado, Revenue Bonds, Convention Center Hotel,
|
12/13 at 100.00
|
N/R (4)
|
3,296,580
|
|
Senior Lien Series 2003A, 5.000%, 12/01/24 (Pre-refunded 12/01/13) – SYNCORA GTY Insured
|
|||||
4,360
|
E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/28 –
|
9/20 at 63.98
|
Baa1
|
1,241,859
|
|
NPFG Insured
|
|||||
15,630
|
Total Colorado
|
12,813,605
|
|||
Connecticut – 0.1%
|
|||||
250
|
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Bridgeport Hospital
|
1/12 at 100.00
|
Baa1
|
252,078
|
|
Issue, Series 1992A, 6.625%, 7/01/18 – NPFG Insured
|
|||||
District of Columbia – 0.3%
|
|||||
430
|
District of Columbia Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds,
|
11/11 at 101.00
|
BBB
|
430,576
|
|
Series 2001, 6.250%, 5/15/24
|
|||||
15
|
District of Columbia, General Obligation Bonds, Series 1993E, 6.000%, 6/01/13 –
|
9/11 at 100.00
|
AAA
|
15,070
|
|
NPFG Insured (ETM)
|
|||||
445
|
Total District of Columbia
|
445,646
|
|||
Florida – 3.3%
|
|||||
1,000
|
Hillsborough County Industrial Development Authority, Florida, Hospital Revenue Bonds, Tampa
|
10/16 at 100.00
|
A3
|
874,510
|
|
General Hospital, Series 2006, 5.250%, 10/01/41
|
|||||
5,020
|
JEA St. John’s River Power Park System, Florida, Revenue Refunding Bonds, Issue 2, Series
|
10/11 at 100.00
|
Aa2
|
5,070,451
|
|
2002-17, 5.000%, 10/01/18
|
|||||
6,020
|
Total Florida
|
5,944,961
|
|||
Illinois – 18.2%
|
|||||
55
|
Chicago Metropolitan Housing Development Corporation, Illinois, FHA-Insured Section 8 Assisted
|
1/12 at 100.00
|
AA
|
55,103
|
|
Housing Development Revenue Refunding Bonds, Series 1992, 6.850%, 7/01/22
|
|||||
1,050
|
Illinois Finance Authority, Revenue Bonds, Loyola University of Chicago, Tender Option Bond
|
No Opt. Call
|
AA+
|
1,054,200
|
|
Trust 1137, 9.316%, 7/01/15 (IF)
|
|||||
2,185
|
Illinois Finance Authority, Revenue Bonds, YMCA of Southwest Illinois, Series 2005, 5.000%,
|
9/15 at 100.00
|
Aa3
|
1,708,473
|
|
9/01/31 – RAAI Insured
|
|||||
750
|
Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc.,
|
No Opt. Call
|
Baa3
|
668,423
|
|
University Center Project, Series 2006B, 5.000%, 5/01/25
|
|||||
4,435
|
Illinois Health Facilities Authority, Remarketed Revenue Bonds, University of Chicago Project,
|
8/11 at 103.00
|
Aa1
|
4,573,993
|
|
Series 1985A, 5.500%, 8/01/20
|
|||||
1,500
|
Illinois Health Facilities Authority, Revenue Bonds, Evangelical Hospitals Corporation, Series
|
No Opt. Call
|
N/R (4)
|
1,876,755
|
|
1992C, 6.250%, 4/15/22 (ETM)
|
|||||
315
|
Illinois Health Facilities Authority, Revenue Bonds, Holy Family Medical Center, Series 1997,
|
9/11 at 100.00
|
Baa1
|
310,996
|
|
5.125%, 8/15/17 – NPFG Insured
|
|||||
2,255
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Elmhurst Memorial Healthcare,
|
1/13 at 100.00
|
Baa1
|
2,324,634
|
|
Series 2002, 6.250%, 1/01/17
|
|||||
780
|
Illinois Health Facilities Authority, Revenue Refunding Bonds, Rockford Health System, Series
|
9/11 at 100.00
|
N/R
|
679,411
|
|
1997, 5.000%, 8/15/21 – AMBAC Insured
|
|||||
2,275
|
Illinois Housing Development Authority, Homeowner Mortgage Revenue Bonds, Series 2006C2,
|
2/16 at 100.00
|
AA
|
2,275,819
|
|
5.050%, 8/01/27 (Alternative Minimum Tax)
|
|||||
5,700
|
Illinois, Sales Tax Revenue Bonds, First Series 2002, 5.000%, 6/15/22
|
6/13 at 100.00
|
AAA
|
5,835,261
|
|
1,000
|
Kankakee & Will Counties Community Unit School District 5, Illinois, General Obligation Bonds,
|
No Opt. Call
|
Aa3
|
532,230
|
|
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
|
803,375
|
|
5,000
|
0.000%, 12/15/36 – NPFG Insured
|
No Opt. Call
|
AAA
|
1,008,150
|
|
2,000
|
0.000%, 6/15/37 – NPFG Insured
|
No Opt. Call
|
AAA
|
389,780
|
|
6,000
|
Metropolitan Pier and Exposition Authority, Illinois, Revenue Refunding Bonds, McCormick Place
|
6/12 at 101.00
|
AAA
|
6,115,498
|
|
Expansion Project, Series 2002B, 5.000%, 6/15/21 – NPFG Insured
|
|||||
1,300
|
Schaumburg, Illinois, General Obligation Bonds, Series 2004B, 5.250%, 12/01/34 – FGIC Insured
|
12/14 at 100.00
|
Aaa
|
1,327,638
|
|
1,000
|
Yorkville, Illinois, General Obligation Debt Certificates, Series 2003, 5.000%, 12/15/22
|
12/11 at 100.00
|
N/R (4)
|
1,022,100
|
|
(Pre-refunded 12/15/11) – RAAI Insured
|
|||||
40,100
|
Total Illinois
|
32,561,839
|
|||
Indiana – 6.3%
|
|||||
1,000
|
Franklin Community Multi-School Building Corporation, Marion County, Indiana, First Mortgage
|
7/14 at 100.00
|
A+ (4)
|
1,130,150
|
|
Revenue Bonds, Series 2004, 5.000%, 7/15/22 (Pre-refunded 7/15/14) – FGIC Insured
|
|||||
3,500
|
Indiana Health Facility Financing Authority, Hospital Revenue Bonds, Methodist Hospitals Inc.,
|
9/11 at 100.00
|
BBB
|
3,234,210
|
|
Series 2001, 5.375%, 9/15/22
|
|||||
1,900
|
Indiana Health Facility Financing Authority, Hospital Revenue Refunding Bonds, Columbus
|
No Opt. Call
|
AA+
|
2,112,515
|
|
Regional Hospital, Series 1993, 7.000%, 8/15/15 – AGM Insured
|
|||||
2,000
|
Indianapolis Local Public Improvement Bond Bank, Indiana, Waterworks Project, Series 2002A,
|
7/12 at 100.00
|
AAA
|
2,100,200
|
|
5.250%, 7/01/33 (Pre-refunded 7/01/12) – NPFG Insured
|
|||||
2,295
|
Shelbyville Central Renovation School Building Corporation, Indiana, First Mortgage Bonds,
|
7/15 at 100.00
|
AA+
|
2,321,668
|
|
Series 2005, 4.375%, 7/15/25 – NPFG Insured
|
|||||
1,000
|
Zionsville Community Schools Building Corporation, Indiana, First Mortgage Bonds, Series
|
No Opt. Call
|
AAA
|
411,840
|
|
2005Z, 0.000%, 7/15/28 – AGM Insured
|
|||||
11,695
|
Total Indiana
|
11,310,583
|
|||
Iowa – 1.7%
|
|||||
2,745
|
Iowa Finance Authority, Health Facility Revenue Bonds, Care Initiatives Project, Series 2006A,
|
7/16 at 100.00
|
BB+
|
2,362,210
|
|
5.000%, 7/01/20
|
|||||
750
|
Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B,
|
6/17 at 100.00
|
BBB
|
633,945
|
|
5.600%, 6/01/34
|
|||||
3,495
|
Total Iowa
|
2,996,155
|
|||
Kansas – 1.2%
|
|||||
Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Refunding Series 2006:
|
|||||
1,425
|
5.125%, 7/01/26
|
7/16 at 100.00
|
A2
|
1,435,930
|
|
700
|
4.875%, 7/01/36
|
7/16 at 100.00
|
A2
|
643,608
|
|
2,125
|
Total Kansas
|
2,079,538
|
|||
Maine – 0.1%
|
|||||
90
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Series 1999B, 6.000%,
|
9/11 at 100.00
|
Aaa
|
90,347
|
|
7/01/19 – NPFG Insured
|
|||||
Massachusetts – 0.6%
|
|||||
1,000
|
Massachusetts Development Finance Agency, Resource Recovery Revenue Bonds, Ogden Haverhill
|
12/11 at 100.00
|
A–
|
1,000,620
|
|
Associates, Series 1998B, 5.200%, 12/01/13 (Alternative Minimum Tax)
|
|||||
15
|
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Partners HealthCare
|
7/12 at 100.00
|
AA
|
15,204
|
|
System Inc., Series 2001C, 6.000%, 7/01/17
|
|||||
1,015
|
Total Massachusetts
|
1,015,824
|
|||
Michigan – 2.5%
|
|||||
1,500
|
Detroit, Michigan, Sewer Disposal System Revenue Bonds, Second Lien, Series 2006B, 4.625%,
|
7/16 at 100.00
|
A
|
1,350,660
|
|
7/01/34 – FGIC Insured
|
|||||
2,900
|
Michigan State Hospital Finance Authority, Hospital Revenue Refunding Bonds, Trinity Health
|
12/12 at 100.00
|
AA
|
2,911,832
|
|
Credit Group, Series 2002C, 5.375%, 12/01/30
|
|||||
250
|
Royal Oak Hospital Finance Authority, Michigan, Hospital Revenue Bonds, William Beaumont
|
9/18 at 100.00
|
A1
|
288,333
|
|
Hospital, Refunding Series 2009V, 8.250%, 9/01/39
|
|||||
4,650
|
Total Michigan
|
4,550,825
|
|||
Mississippi – 0.4%
|
|||||
725
|
Mississippi Hospital Equipment and Facilities Authority, Revenue Bonds, Baptist Memorial
|
9/14 at 100.00
|
AA
|
743,734
|
|
Healthcare, Series 2004B-1, 5.000%, 9/01/24
|
|||||
Nebraska – 2.0%
|
|||||
3,500
|
Nebraska Public Power District, General Revenue Bonds, Series 2002B, 5.000%, 1/01/33 –
|
1/13 at 100.00
|
A1
|
3,522,365
|
|
AMBAC Insured
|
|||||
Nevada – 3.7%
|
|||||
1,000
|
Clark County, Nevada, Passenger Facility Charge Revenue Bonds, Las Vegas-McCarran
|
1/20 at 100.00
|
Aa3
|
975,340
|
|
International Airport, Series 2010A, 5.250%, 7/01/42
|
|||||
4,095
|
Director of Nevada State Department of Business and Industry, Revenue Bonds, Las Vegas
|
1/12 at 100.00
|
N/R
|
983,537
|
|
Monorail Project, First Tier, Series 2000, 5.375%, 1/01/40 – AMBAC Insured (5)
|
|||||
1,680
|
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.500%, 6/01/22 – FGIC Insured
|
6/12 at 100.00
|
A
|
1,692,214
|
|
2,830
|
Reno, Nevada, Capital Improvement Revenue Bonds, Series 2002, 5.500%, 6/01/22 (Pre-refunded
|
6/12 at 100.00
|
A3 (4)
|
2,965,585
|
|
6/01/12) – FGIC Insured
|
|||||
9,605
|
Total Nevada
|
6,616,676
|
|||
New Hampshire – 0.2%
|
|||||
415
|
New Hampshire Housing Finance Authority, Single Family Mortgage Acquisition Bonds, Series
|
11/11 at 100.00
|
Aa2
|
430,177
|
|
2001A, 5.600%, 7/01/21 (Alternative Minimum Tax)
|
|||||
New Jersey – 2.3%
|
|||||
4,570
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2006C,
|
No Opt. Call
|
A+
|
1,573,862
|
|
0.000%, 12/15/28 – AMBAC Insured
|
|||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds,
|
|||||
Series 2003:
|
|||||
1,000
|
6.750%, 6/01/39 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
AAA
|
1,120,980
|
|
1,355
|
6.250%, 6/01/43 (Pre-refunded 6/01/13)
|
6/13 at 100.00
|
AAA
|
1,506,001
|
|
6,925
|
Total New Jersey
|
4,200,843
|
|||
New Mexico – 2.8%
|
|||||
1,000
|
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series
|
9/17 at 100.00
|
N/R
|
920,100
|
|
2007A, 5.250%, 9/01/42 (Alternative Minimum Tax)
|
|||||
4,000
|
University of New Mexico, FHA-Insured Mortgage Hospital Revenue Bonds, Series 2004, 4.625%,
|
7/14 at 100.00
|
AA+
|
4,051,440
|
|
1/01/25 – AGM Insured
|
|||||
5,000
|
Total New Mexico
|
4,971,540
|
|||
New York – 3.0%
|
|||||
1,000
|
Dormitory Authority of the State of New York, FHA Insured Mortgage Hospital Revenue Bonds,
|
8/16 at 100.00
|
AAA
|
943,410
|
|
Kaleida Health, Series 2006, 4.700%, 2/15/35
|
|||||
2,335
|
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2001A,
|
9/11 at 100.00
|
AAA
|
2,355,595
|
|
5.375%, 9/01/21 (Pre-refunded 9/01/11)
|
|||||
35
|
New York City, New York, General Obligation Bonds, Series 1991B, 7.000%, 2/01/18
|
2/18 at 100.00
|
AA
|
35,188
|
|
1,850
|
New York State Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed and
|
9/11 at 100.00
|
AA–
|
1,856,919
|
|
State Contingency Contract-Backed Bonds, Series 2003B-1C, 5.500%, 6/01/15
|
|||||
265
|
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air
|
12/20 at 100.00
|
BBB–
|
268,752
|
|
Terminal LLC Project, Eighth Series 2010, 6.000%, 12/01/42
|
|||||
5,485
|
Total New York
|
5,459,864
|
|||
North Carolina – 3.0%
|
|||||
5,000
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A, 5.250%,
|
1/13 at 100.00
|
A
|
5,285,250
|
|
1/01/18 – NPFG Insured
|
|||||
Ohio – 2.1%
|
|||||
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
|
Baa3
|
1,134,682
|
|
1,355
|
6.000%, 6/01/42
|
6/17 at 100.00
|
Baa3
|
1,014,502
|
|
2,280
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
|
6/22 at 100.00
|
Baa3
|
1,592,534
|
|
Bonds, Senior Lien, Series 2007A-3, 0.000%, 6/01/37
|
|||||
4,980
|
Total Ohio
|
3,741,718
|
|||
Oklahoma – 1.7%
|
|||||
3,000
|
Oklahoma Development Finance Authority, Revenue Bonds, St. John Health System, Series 2004,
|
2/14 at 100.00
|
A
|
3,049,590
|
|
5.000%, 2/15/24
|
|||||
Pennsylvania – 2.9%
|
|||||
2,435
|
Dauphin County Industrial Development Authority, Pennsylvania, Water Development Revenue
|
No Opt. Call
|
A–
|
2,840,038
|
|
Refunding Bonds, Dauphin Consolidated Water Supply Company, Series 1992B, 6.700%, 6/01/17
|
|||||
500
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University,
|
7/13 at 100.00
|
BBB+
|
507,715
|
|
Series 2003, 5.250%, 7/15/24
|
|||||
1,000
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue
|
No Opt. Call
|
AA
|
766,790
|
|
Bonds, Series 2010B-2, 0.000%, 12/01/30
|
|||||
1,000
|
Philadelphia Authority for Industrial Development, Pennsylvania, Airport Revenue Bonds,
|
1/12 at 101.00
|
A+
|
1,012,810
|
|
Philadelphia Airport System Project, Series 2001A, 5.500%, 7/01/17 – FGIC Insured (Alternative
|
|||||
Minimum Tax)
|
|||||
4,935
|
Total Pennsylvania
|
5,127,353
|
|||
Puerto Rico – 0.9%
|
|||||
1,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
|
8/19 at 100.00
|
A+
|
1,043,490
|
|
2009A, 6.000%, 8/01/42
|
|||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
|||||
1,170
|
0.000%, 8/01/40 – NPFG Insured
|
No Opt. Call
|
Aa2
|
176,483
|
|
8,430
|
0.000%, 8/01/54 – AMBAC Insured
|
No Opt. Call
|
Aa2
|
457,159
|
|
10,600
|
Total Puerto Rico
|
1,677,132
|
|||
South Carolina – 3.2%
|
|||||
1,500
|
Lexington County Health Service District, South Carolina, Hospital Revenue Refunding and
|
11/13 at 100.00
|
AA– (4)
|
1,692,900
|
|
Improvement Bonds, Series 2003, 6.000%, 11/01/18 (Pre-refunded 11/01/13)
|
|||||
1,500
|
Medical University Hospital Authority, South Carolina, FHA-Insured Mortgage Revenue Bonds,
|
8/14 at 100.00
|
Baa1
|
1,569,300
|
|
Series 2004A, 5.250%, 8/15/20 – NPFG Insured
|
|||||
520
|
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon
|
11/12 at 100.00
|
A3 (4)
|
557,851
|
|
Secours Health System Inc., Series 2002A, 5.625%, 11/15/30 (Pre-refunded 11/15/12)
|
|||||
1,980
|
South Carolina JOBS Economic Development Authority, Economic Development Revenue Bonds, Bon
|
11/12 at 100.00
|
A–
|
1,978,693
|
|
Secours Health System Inc., Series 2002B, 5.625%, 11/15/30
|
|||||
5,500
|
Total South Carolina
|
5,798,744
|
|||
South Dakota – 1.1%
|
|||||
1,010
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Avera Health, Series
|
7/12 at 101.00
|
A+
|
1,011,111
|
|
2002, 5.125%, 7/01/27 – AMBAC Insured
|
|||||
1,000
|
South Dakota Health and Educational Facilities Authority, Revenue Bonds, Sioux Valley
|
11/14 at 100.00
|
AA–
|
995,930
|
|
Hospitals, Series 2004A, 5.250%, 11/01/34
|
|||||
2,010
|
Total South Dakota
|
2,007,041
|
|||
Tennessee – 1.2%
|
|||||
2,000
|
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue
|
4/12 at 101.00
|
A1
|
2,084,080
|
|
Bonds, Baptist Health System of East Tennessee Inc., Series 2002, 6.375%, 4/15/22
|
|||||
Texas – 10.3%
|
|||||
250
|
Central Texas Regional Mobility Authority, Senior Lien Revenue Bonds, Series 2011,
|
1/21 at 100.00
|
BBB–
|
247,950
|
|
6.000%, 1/01/41
|
|||||
1,500
|
Central Texas Regional Mobility Authority, Travis and Williamson Counties, Toll Road Revenue
|
1/15 at 100.00
|
BBB
|
1,236,360
|
|
Bonds, Series 2005, 5.000%, 1/01/45 – FGIC Insured
|
|||||
2,500
|
Harris County Health Facilities Development Corporation, Texas, Thermal Utility Revenue Bonds,
|
11/13 at 100.00
|
AA
|
2,518,500
|
|
TECO Project, Series 2003, 5.000%, 11/15/30 – NPFG Insured
|
|||||
1,525
|
Harris County-Houston Sports Authority, Texas, Junior Lien Revenue Bonds, Series 2001H,
|
11/31 at 73.51
|
Baa1
|
231,434
|
|
0.000%, 11/15/36 – NPFG Insured
|
|||||
370
|
Harris County-Houston Sports Authority, Texas, Revenue Bonds, Third Lien Series 2004-A3,
|
11/24 at 62.71
|
Baa1
|
78,766
|
|
0.000%, 11/15/32 – NPFG Insured
|
|||||
4,005
|
Harris County-Houston Sports Authority, Texas, Senior Lien Revenue Refunding Bonds, Series
|
11/30 at 61.17
|
Baa1
|
574,597
|
|
2001A, 0.000%, 11/15/38 – NPFG Insured
|
|||||
3,000
|
Houston, Texas, Subordinate Lien Airport System Revenue Bonds, Series 2002B, 5.500%, 7/01/18
|
7/12 at 100.00
|
AA+ (4)
|
3,140,850
|
|
(Pre-refunded 7/01/12) – AGM Insured
|
|||||
3,125
|
Katy Independent School District, Harris, Fort Bend and Waller Counties, Texas, General
|
2/12 at 100.00
|
AAA
|
3,216,844
|
|
Obligation Bonds, Series 2002A, 5.000%, 2/15/32 (Pre-refunded 2/15/12)
|
|||||
290
|
North Texas Tollway Authority, First Tier System Revenue Refunding Bonds, Capital Appreciation
|
1/25 at 100.00
|
AA+
|
240,074
|
|
Series 2008I, 0.000%, 1/01/42 – AGC Insured
|
|||||
4,750
|
Sam Rayburn Municipal Power Agency, Texas, Power Supply System Revenue Refunding Bonds, Series
|
10/12 at 100.00
|
BBB
|
4,871,078
|
|
2002A, 5.500%, 10/01/17 – RAAI Insured
|
|||||
1,750
|
Texas, General Obligation Bonds, Water Financial Assistance Program, Series 2003A, 5.125%,
|
8/13 at 100.00
|
Aaa
|
1,689,293
|
|
8/01/42 (Alternative Minimum Tax)
|
|||||
500
|
Victoria, Texas, General Obligation Bonds, Series 2001, 5.000%, 8/15/23 (Pre-refunded
|
8/11 at 100.00
|
AA (4)
|
503,020
|
|
8/15/11) – FGIC Insured
|
|||||
23,565
|
Total Texas
|
18,548,766
|
|||
Utah – 0.7%
|
|||||
5,465
|
Utah Transit Authority, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 6/15/36
|
6/17 at 38.77
|
Aa3
|
1,256,349
|
|
Virginia – 0.5%
|
|||||
1,000
|
Henrico County Economic Development Authority, Virginia, Residential Care Facility Revenue
|
No Opt. Call
|
BBB
|
879,920
|
|
Bonds, Westminster Canterbury of Richmond, Series 2006, 5.000%, 10/01/35
|
|||||
Washington – 0.8%
|
|||||
510
|
Port of Seattle, Washington, Revenue Bonds, Series 2001A, 5.000%, 4/01/31 – FGIC Insured
|
10/11 at 100.00
|
Aa2
|
510,495
|
|
990
|
Washington State Health Care Facilities Authority, Revenue Bonds, Fred Hutchinson Cancer
|
1/21 at 100.00
|
A
|
974,150
|
|
Research Center, Series 2011A, 5.625%, 1/01/35
|
|||||
1,500
|
Total Washington
|
1,484,645
|
|||
Wisconsin – 1.4%
|
|||||
2,500
|
Wisconsin, General Obligation Refunding Bonds, Series 2003-3, 5.000%, 11/01/26
|
11/13 at 100.00
|
AA
|
2,570,550
|
|
$ 218,230
|
Total Municipal Bonds (cost $176,859,582)
|
175,802,597
|
|||
Shares
|
Description
|
Value
|
|||
Common Stocks – 0.0%
|
|||||
Airlines – 0.0%
|
|||||
34
|
United Continental Holdings Inc. (6), (7)
|
$ 769
|
|||
Total Common Stocks (cost $0)
|
769
|
||||
Total Investments (Cost $176,859,582) – 98.1%
|
175,803,366
|
||||
Other Assets Less Liabilities – 1.9%
|
3,491,415
|
||||
Net Assets – 100%
|
$ 179,294,781
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Investments:
|
|||||||||||||||
Municipal Bonds
|
$ | — | $ | 175,802,597 | $ | — | $ | 175,802,597 | |||||||
Common stocks
|
769 | — | — | 769 | |||||||||||
Total
|
$ | 769 | $ | 175,802,597 | $ | — | $ | 175,803,366 |
Gross unrealized:
|
|||
Appreciation
|
$ | 5,781,168 | |
Depreciation
|
(6,616,277 | ) | |
Net unrealized appreciation (depreciation) of investments
|
$ | (835,109 | ) |
(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 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)
|
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.
|
(5)
|
At or subsequent to the end of the reporting period, this security is non-income producing. Non-income producing security, in the case of a bond, 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 directed the Fund’s custodian to cease accruing additional income on the Fund’s records.
|
(6)
|
On December 9, 2002, UAL Corporation (“UAL”), the holding company of United Air Lines, Inc. (“United”) filed for federal bankruptcy protection. The Adviser determined that it was likely that United would not remain current on their interest payment obligations with respect to the bonds previously held and thus the Fund had stopped accruing interest on its UAL bonds. On February 1, 2006, UAL emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet UAL’s unsecured bond obligations, the bondholders, including the Fund, received three distributions of UAL common stock over the subsequent months, and the bankruptcy court dismissed all unsecured claims of bondholders, including those of the Fund. On May 5, 2006, the Fund liquidated such UAL common stock holdings. On September 29, 2006 and May 30, 2007, the Fund received additional distributions of 532 and 172 shares, respectively, of UAL common stock as a result of its earlier ownership of the UAL bonds. The Fund liquidated the 532 shares of such UAL common stock holdings on November 15, 2006. The Fund received an additional distribution of 48 UAL common stock shares on November 14, 2007. The remaining 220 shares of UAL common stock were liquidated by the Fund on March 30, 2010. The Fund received an additional distribution of 34 UAL common stock shares on July 20, 2010, which are still held by the Fund as of June 30, 2011. On October 1, 2010, UAL Corporation was renamed United Continental Holdings, Inc.
|
(7)
|
Non-income producing; issuer has not declared a dividend within the past twelve months.
|
N/R
|
Not rated.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
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.
|