Portfolio of Investments
November 30, 2013 (Unaudited)
Nuveen Arizona Municipal Bond Fund
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Principal
Amount (000)
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Description (1)
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Optional Call
Provisions (2)
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Ratings (3)
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Value
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LONG-TERM INVESTMENTS 98.0%
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MUNICIPAL BONDS 98.0%
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Consumer Staples 1.3%
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$
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635
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Puerto Rico, The Childrens Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,
Series 2002, 5.375%, 5/15/33
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5/14 at 100.00
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BBB+
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$
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592,392
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420
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Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note Diageo Project,
Series 2009A, 6.750%, 10/01/37
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10/19 at 100.00
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BBB
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456,389
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1,055
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Total Consumer Staples
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1,048,781
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Education and Civic Organizations 13.2%
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Arizona Board of Regents, Arizona State University System Revenue Bonds, Refunding Bonds, Series 2013A:
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1,180
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5.000%, 7/01/37
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No Opt. Call
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AA
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1,239,614
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1,000
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5.000%, 7/01/43
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No Opt. Call
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AA
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1,041,760
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460
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Northern Arizona University, System Revenue Bonds, Series 2012, 5.000%, 6/01/41
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6/21 at 100.00
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A+
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466,320
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1,355
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Northern Arizona University, System Revenue Refunding Bonds, Series 2006, 5.000%, 6/01/25 FGIC Insured
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6/17 at 100.00
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A+
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1,465,460
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400
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Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Choice Academies Charter Schools Project, Series
2012, 5.625%, 9/01/42
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9/22 at 100.00
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BB+
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335,680
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220
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Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, fbo Brighter Choice Foundation Charter Middle
Schools Project, Albany, New York, Series 2012, 7.500%, 7/01/42
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7/22 at 100.00
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BB
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214,427
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165
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Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies Veritas Project, Series 2012,
6.300%, 7/01/42
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7/21 at 100.00
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BB
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157,560
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215
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Phoenix Industrial Development Authority, Arizona, Education Revenue Bonds, Painted Rock Academy Charter School Project, Series 2012A,
7.500%, 7/01/42
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7/20 at 100.00
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N/R
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202,966
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1,125
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Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Rowan University Project, Series 2012, 5.000%, 6/01/42
AGM Insured (UB) (4)
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6/22 at 100.00
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A+
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1,090,114
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1,025
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Pima County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Noah Webster Basic Schools Inc., Series 2004,
6.125%, 12/15/34
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12/14 at 100.00
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BBB
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1,013,623
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285
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Pima County Industrial Development Authority, Arizona, Education Revenue Bonds Legacy Traditional School Project,
Series 2009, 8.500%, 7/01/39
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7/19 at 100.00
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N/R
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308,148
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215
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Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Carden Traditional Schools Project, Series 2012,
7.500%, 1/01/42
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1/22 at 100.00
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B
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209,821
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300
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Pima County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Education Center Project,
Series 2010, 6.100%, 6/01/45
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6/19 at 100.00
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BBB
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287,478
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Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Paradise Education Center Charter School, Series
2006:
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250
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5.875%, 6/01/22
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6/16 at 100.00
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BBB
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252,953
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145
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6.000%, 6/01/36
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6/16 at 100.00
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BBB
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138,465
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1,000
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Pima County Industrial Development Authority, Arizona, Educational Revenue Bonds, Valley Academy Charter School Project, Series 2008,
6.500%, 7/01/38
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7/18 at 100.00
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Baa3
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1,014,140
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250
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Sun Devil Energy LLC, Arizona, Revenue Refunding Bonds, Arizona State University Project,
Series 2008, 5.000%, 7/01/22
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No Opt. Call
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AA
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286,390
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575
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Yavapai County Industrial Development Authority, Arizona, Charter School Revenue Bonds, Arizona
Agribusiness and Equine Center Charter School, Series 2011, 7.875%, 3/01/42
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3/21 at 100.00
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BB+
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627,797
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10,165
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Total Education and Civic Organizations
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10,352,716
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Health Care 19.9%
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1,335
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Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2007A, 5.000%, 1/01/25
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1/17 at 100.00
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AA
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1,443,642
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1,770
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Arizona Health Facilities Authority, Hospital Revenue Bonds, Banner Health Systems, Series 2008D, 5.500%, 1/01/38
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1/18 at 100.00
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AA
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1,846,765
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500
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Arizona Health Facilities Authority, Hospital Revenue Bonds, Catholic Healthcare West,
Series 2011B-1&2, 5.000%, 3/01/41
AGM Insured
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3/21 at 100.00
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AA
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497,380
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Principal
Amount (000)
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Description (1)
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Optional Call
Provisions (2)
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Ratings (3)
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Value
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Health Care
(continued)
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$
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1,500
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Arizona Health Facilities Authority, Hospital System Revenue Bonds, Phoenix Childrens Hospital, Refunding
Series 2012A, 5.000%, 2/01/42
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2/22 at 100.00
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BBB+
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$
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1,376,055
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700
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Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network,
Series 2005B, 5.000%, 12/01/37
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12/15 at 100.00
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BBB+
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690,844
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1,035
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Glendale Industrial Development Authority, Arizona, Revenue Bonds, John C. Lincoln Health Network,
Series 2007, 5.000%, 12/01/42
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12/17 at 100.00
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BBB+
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998,910
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900
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Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2004A,
5.375%, 7/01/23
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7/14 at 100.00
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A
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924,030
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1,415
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Maricopa County Industrial Development Authority, Arizona, Health Facility Revenue Bonds, Catholic Healthcare West, Series 2007A,
5.250%, 7/01/32
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7/17 at 100.00
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A
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1,423,419
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1,025
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Scottsdale Industrial Development Authority, Arizona, Hospital Revenue Bonds, Scottsdale Healthcare, Series 2006C. Re-offering,
5.000%, 9/01/35 AGC Insured
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9/20 at 100.00
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AA
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1,044,034
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650
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Show Low Industrial Development Authority, Arizona, Hospital Revenue Bonds, Navapache Regional Medical Center, Series 2005, 5.000%,
12/01/30 RAAI Insured
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12/15 at 100.00
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BBB+
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648,889
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1,500
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University Medical Center Corporation, Arizona, Hospital Revenue Bonds, Series 2005, 5.000%, 7/01/35
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7/15 at 100.00
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BBB+
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1,493,070
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1,200
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University Medical Center Corporation, Tucson, Arizona, Hospital Revenue Bonds, Series 2011, 6.000%, 7/01/39
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7/21 at 100.00
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BBB+
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1,237,872
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580
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Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Northern Arizona Healthcare System, Refunding Series
2011, 5.250%, 10/01/26
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10/21 at 100.00
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AA
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635,494
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Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series
2013A:
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500
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5.000%, 8/01/20
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No Opt. Call
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Baa1
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546,335
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750
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5.250%, 8/01/33
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8/23 at 100.00
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Baa1
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739,538
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15,360
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Total Health Care
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15,546,277
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Housing/Multifamily 2.9%
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2,240
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Maricopa County Industrial Development Authority, Arizona, Multifamily Housing Revenue Bonds,
Western Groves Apartments Project, Series 2001B, Pass through Certificates Series 2002-4, 5.800%, 11/01/34 (Mandatory put 11/01/21) (Alternative Minimum Tax)
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2/14 at 100.00
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N/R
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2,223,066
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Long-Term Care 0.3%
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220
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Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe
Project, Refunding Series 2012A, 6.000%, 12/01/32
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12/21 at 100.00
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N/R
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217,301
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Tax Obligation/General 12.6%
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860
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El Mirage, Arizona, General Obligation Bonds Series 2012, 5.000%, 7/01/42 AGM Insured
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7/22 at 100.00
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AA
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876,804
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2,000
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Gila County Unified School District 10 Payson, Arizona, School Improvement Bonds, Project 2006, Series 2008B, 5.750%,
7/01/28
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7/18 at 100.00
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Aa3
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2,246,880
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425
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Kyrene Elementary School District 28, Maricopa County, Arizona, School Improvement Bonds, Project 2010, Series 2013B, 1.000%,
7/01/30
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7/23 at 100.00
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Aa1
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428,829
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2,715
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Maricopa County Unified School District 60 Higley, Arizona, General Obligation Bonds, Series 2008C, 5.000%, 7/01/27
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7/18 at 100.00
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A1
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2,930,024
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335
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Pima County Continental Elementary School District 39, Arizona, General Obligation Bonds, Series 2011A, 6.000%, 7/01/30 AGM
Insured
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7/21 at 100.00
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AA
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375,907
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500
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Pima County Unified School District 12 Sunnyside, Arizona, General Obligation Bonds, School Improvement Project of 2011, Series 2013B,
5.000%, 7/01/32 BAM Insured
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7/23 at 100.00
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AA
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519,670
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1,000
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Tucson, Arizona, General Obligation Bonds, Series 2001B, 5.750%, 7/01/16
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No Opt. Call
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AA
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1,131,540
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1,270
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Yuma & La Paz Counties Community College District, Arizona, General Obligation Bonds, Series
2006, 5.000%, 7/01/25 NPFG Insured
|
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7/16 at 100.00
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Aa3
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1,373,137
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|
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9,105
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|
Total Tax Obligation/General
|
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|
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9,882,791
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Tax Obligation/Limited 23.3%
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330
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Arizona Sports and Tourism Authority, Senior Revenue Refunding Bonds, Multipurpose Stadium Facility Project, Series 2012A, 5.000%,
7/01/36
|
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7/22 at 100.00
|
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|
A1
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332,967
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|
|
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1,000
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Arizona State Transportation Board, Highway Revenue Bonds, Subordinate Series 2013A, 5.000%, 7/01/38
|
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|
No Opt. Call
|
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|
AA+
|
|
|
|
1,051,260
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|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Arizona Municipal Bond Fund
(continued)
|
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|
|
Principal
Amount (000)
|
|
|
Description (1)
|
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|
Optional Call
Provisions (2)
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|
Ratings (3)
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|
Value
|
|
|
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|
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|
Tax Obligation/Limited
(continued)
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|
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$
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2,000
|
|
|
Arizona State, Certificates of Participation, Department of Administration Series 2010B, 5.000%, 10/01/26 AGC
Insured
|
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|
|
|
4/20 at 100.00
|
|
|
|
AA
|
|
|
$
|
2,111,480
|
|
|
|
|
|
|
|
|
345
|
|
|
Buckeye, Arizona, Festival Ranch Community Facilities District General Obligation Bonds, Series 2012,
5.000%, 7/15/27
|
|
|
|
|
7/22 at 100.00
|
|
|
|
BBB
|
|
|
|
339,756
|
|
|
|
|
|
|
|
|
641
|
|
|
Centerra Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Series 2005, 5.500%, 7/15/29
|
|
|
|
|
7/15 at 100.00
|
|
|
|
N/R
|
|
|
|
562,054
|
|
|
|
|
|
|
|
|
145
|
|
|
Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, Assessment District 1, Series 2013, 5.250%,
7/01/38
|
|
|
|
|
7/23 at 100.00
|
|
|
|
N/R
|
|
|
|
119,516
|
|
|
|
|
|
|
|
|
507
|
|
|
Estrella Mountain Ranch Community Facilities District, Arizona, Special Assessment Bonds, Montecito Assessment District, Series 2007,
5.550%, 7/01/22
|
|
|
|
|
7/17 at 100.00
|
|
|
|
N/R
|
|
|
|
503,897
|
|
|
|
|
|
|
|
|
665
|
|
|
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Series 2007, 6.125%,
7/15/27
|
|
|
|
|
7/17 at 100.00
|
|
|
|
N/R
|
|
|
|
674,091
|
|
|
|
|
|
|
|
|
295
|
|
|
Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, Special Assessment Lien Bonds, Series 2001A, 7.875%,
7/01/25
|
|
|
|
|
1/14 at 100.00
|
|
|
|
N/R
|
|
|
|
295,451
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
1,007,810
|
|
|
|
|
|
|
|
|
500
|
|
|
La Paz County, Arizona, Excise Tax Revenue Bonds, Judgment Series 2011A, 4.750%, 7/01/36
|
|
|
|
|
7/17 at 100.00
|
|
|
|
AA
|
|
|
|
503,255
|
|
|
|
|
|
|
|
|
917
|
|
|
Marana, Arizona, Tangerine Farms Road Improvement District Revenue Bonds, Series 2006, 4.600%, 1/01/26
|
|
|
|
|
7/16 at 100.00
|
|
|
|
A2
|
|
|
|
921,457
|
|
|
|
|
|
|
|
|
590
|
|
|
Merrill Ranch Community Facilities District 1, Florence, Arizona, General Obligation Bonds, Series 2008A,
7.400%, 7/15/33
|
|
|
|
|
7/18 at 100.00
|
|
|
|
N/R
|
|
|
|
615,547
|
|
|
|
|
|
|
|
|
900
|
|
|
Mesa, Arizona, Excise Tax Revenue Bonds, Series 2013, 5.000%, 7/01/32
|
|
|
|
|
7/22 at 100.00
|
|
|
|
AA+
|
|
|
|
951,435
|
|
|
|
|
|
|
|
|
300
|
|
|
Page, Arizona, Pledged Revenue Bonds, Refunding Series 2011, 5.000%, 7/01/26
|
|
|
|
|
7/21 at 100.00
|
|
|
|
AA
|
|
|
|
323,742
|
|
|
|
|
|
|
|
|
810
|
|
|
Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, JMF-Higley 2012 LLC Project, Series 2012, 5.000%,
12/01/36
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
815,249
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Pinetop Fire District of Navajo County, Arizona, Certificates of Participation, Series 2008, 7.750%, 6/15/29
|
|
|
|
|
6/16 at 102.00
|
|
|
|
A3
|
|
|
|
1,029,400
|
|
|
|
|
|
|
|
|
215
|
|
|
Pronghorn Ranch Community Facilities District, Prescott Valley, Arizona, General Obligation Bonds, Series 2004, 6.400%,
7/15/29
|
|
|
|
|
7/14 at 100.00
|
|
|
|
N/R
|
|
|
|
215,241
|
|
|
|
|
|
|
|
|
530
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2011A-1,
5.250%, 8/01/43
|
|
|
|
|
8/21 at 100.00
|
|
|
|
A+
|
|
|
|
386,391
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Queen Creek, Arizona, Improvement District 1 Improvement Bonds, Series 2006, 5.000%, 1/01/21
|
|
|
|
|
1/14 at 100.00
|
|
|
|
A3
|
|
|
|
1,000,660
|
|
|
|
|
|
|
|
|
1,670
|
|
|
San Luis Civic Improvement Corporation, Arizona, Municipal Facilities Excise Tax Revenue Bonds, Series 2005, 5.000%, 7/01/25
SYNCORA GTY Insured
|
|
|
|
|
7/15 at 100.00
|
|
|
|
A+
|
|
|
|
1,705,872
|
|
|
|
|
|
|
|
|
|
|
|
Scottsdale, Arizona, Waterfront Commercial Community Facilities District General Obligation Bonds, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
265
|
|
|
6.000%, 7/15/27
|
|
|
|
|
7/17 at 100.00
|
|
|
|
N/R
|
|
|
|
254,270
|
|
|
310
|
|
|
6.050%, 7/15/32
|
|
|
|
|
7/17 at 100.00
|
|
|
|
N/R
|
|
|
|
284,090
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Tempe, Arizona, Transit Excise Tax Revenue Obligation Bonds, Refunding Series 2012, 5.000%, 7/01/37
|
|
|
|
|
7/22 at 100.00
|
|
|
|
AAA
|
|
|
|
1,565,925
|
|
|
|
|
|
|
|
|
555
|
|
|
Vistancia Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series 2005, 5.750%, 7/15/24
|
|
|
|
|
7/15 at 100.00
|
|
|
|
A1
|
|
|
|
569,197
|
|
|
|
|
|
|
|
|
100
|
|
|
Watson Road Community Facilities District, Arizona, Special Assessment Revenue Bonds, Series
2005, 6.000%, 7/01/30
|
|
|
|
|
7/16 at 100.00
|
|
|
|
N/R
|
|
|
|
99,371
|
|
|
18,090
|
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
18,239,384
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Phoenix Civic Improvement Corporation, Arizona, Senior Lien Airport Revenue Bonds, Refunding
Series 2013, 5.000%, 7/01/30 (Alternative Minimum Tax)
|
|
|
|
|
7/23 at 100.00
|
|
|
|
AA
|
|
|
|
1,039,340
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed 8.3% (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
750
|
|
|
Glendale Western Loop 101 Public Facilities Corporation, Arizona, Third Lien Excise Tax Revenue Bonds, Series 2008B, 6.250%,
7/01/38 (Pre-refunded 1/01/14)
|
|
|
|
|
1/14 at 100.00
|
|
|
|
AA (5)
|
|
|
|
754,050
|
|
|
|
|
|
|
|
|
1,525
|
|
|
Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Refunding Bonds, Samaritan Health Services, Series 1990A,
7.000%, 12/01/16 NPFG Insured (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R (5)
|
|
|
|
1,685,842
|
|
|
|
|
|
|
|
|
1,600
|
|
|
Mesa, Arizona, Street and Highway User Tax Revenue Bonds, Series 2005, 5.000%, 7/01/24 (Pre-refunded 7/01/15) AGM
Insured
|
|
|
|
|
7/15 at 100.00
|
|
|
|
AA (5)
|
|
|
|
1,718,176
|
|
|
|
|
|
|
|
|
2,270
|
|
|
Tempe, Arizona, Excise Tax Revenue Bonds, Series 2004, 5.250%, 7/01/18 (Pre-refunded 7/01/14)
AMBAC Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
AAA
|
|
|
|
2,338,327
|
|
|
6,145
|
|
|
Total U.S. Guaranteed
|
|
|
|
|
|
|
|
|
|
|
|
|
6,496,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,000
|
|
|
Arizona Power Authority, Special Obligation Power Resource Revenue Refunding Crossover Bonds, Hoover Project,
Series 2001, 5.250%, 10/01/15
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
$
|
1,088,570
|
|
|
|
|
|
|
|
|
665
|
|
|
Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Electric Power Company, Refunding
Series 2008, 5.750%, 9/01/29
|
|
|
|
|
1/15 at 100.00
|
|
|
|
BBB
|
|
|
|
676,631
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2011, 5.250%, 7/01/36
|
|
|
|
|
7/21 at 100.00
|
|
|
|
A
|
|
|
|
1,035,370
|
|
|
|
|
|
|
|
|
600
|
|
|
Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds,
Series 2008A, 5.000%, 1/01/38
|
|
|
|
|
1/18 at 100.00
|
|
|
|
Aa1
|
|
|
|
626,454
|
|
|
|
|
|
|
|
|
1,300
|
|
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay
Contract Obligations, Series 2007, 5.000%, 12/01/37
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,253,707
|
|
|
4,565
|
|
|
Total Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
4,680,732
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer 8.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,005
|
|
|
Cottonwood, Arizona, Senior Lien Water System Revenue Bonds, Municipal Property Corporation, Series 2004, 5.000%, 7/01/24 SYNCORA
GTY Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,010,558
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Cottonwood, Arizona, Water Revenue Bonds, Series 2006, 5.000%, 7/01/30 SYNCORA GTY Insured
|
|
|
|
|
7/16 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,005,740
|
|
|
|
|
|
|
|
|
500
|
|
|
Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding Series 2012, 5.000%, 7/01/28
|
|
|
|
|
7/22 at 100.00
|
|
|
|
AA
|
|
|
|
537,720
|
|
|
|
|
|
|
|
|
1,415
|
|
|
Phoenix Civic Improvement Corporation, Arizona, Junior Lien Water System Revenue Bonds, Series 2003,
4.500%, 7/01/22
|
|
|
|
|
7/14 at 100.00
|
|
|
|
AAA
|
|
|
|
1,447,007
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Pima County, Arizona, Sewer System Revenue Obligations, Series 2012A, 5.000%, 7/01/27
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,082,640
|
|
|
|
|
|
|
|
|
|
|
|
Surprise Municipal Property Corporation, Arizona, Wastewater System Revenue Bonds, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
555
|
|
|
4.700%, 4/01/22
|
|
|
|
|
4/14 at 100.00
|
|
|
|
A
|
|
|
|
556,138
|
|
|
645
|
|
|
4.900%, 4/01/32
|
|
|
|
|
4/17 at 100.00
|
|
|
|
A
|
|
|
|
617,665
|
|
|
|
|
|
|
|
|
830
|
|
|
Yuma County Industrial Development Authority, Arizona, Exempt Revenue Bonds, Far West Water
& Sewer Inc. Refunding, Series 2007A, 6.375%, 12/01/37 (Alternative Minimum Tax)
|
|
|
|
|
12/17 at 100.00
|
|
|
|
N/R
|
|
|
|
704,097
|
|
|
6,950
|
|
|
Total Water and Sewer
|
|
|
|
|
|
|
|
|
|
|
|
|
6,961,565
|
|
$
|
74,895
|
|
|
Total Long-Term Investments (cost $75,801,398)
|
|
|
|
|
|
|
|
|
|
|
|
|
76,688,348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Obligations (1.1)%
|
|
|
|
|
|
|
|
|
|
|
|
|
(845,000
|
)
|
|
|
|
|
Other Assets Less Liabilities 3.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
2,373,064
|
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
78,216,412
|
|
(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 & Poors Group (Standard & Poors), Moodys Investors Service, Inc. (Moodys)
or Fitch, Inc. (Fitch) rating. Ratings below BBB by Standard & Poors, Baa by Moodys 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.
|
(ETM)
|
Escrowed to maturity.
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 3 Portfolio Securities and Investments in
Derivatives, Inverse Floating Rate Securities for more information.
|
See accompanying notes to financial statements.
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Colorado Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 97.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 97.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations 17.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adams State College, Alamosa, Colorado, Auxiliary Facilities Revenue Bonds, Improvement Series 2009A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,365
|
|
|
5.500%, 5/15/34
|
|
|
|
|
5/19 at 100.00
|
|
|
|
Aa2
|
|
|
$
|
1,445,303
|
|
|
1,000
|
|
|
5.500%, 5/15/39
|
|
|
|
|
5/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,049,900
|
|
|
|
|
|
|
|
|
65
|
|
|
Colorado Educational and Cultural Facilities Authority, Charter School Refunding Revenue Bonds, Pinnacle Charter School, Inc. K-8
Facility Project, Series 2013, 4.000%, 6/01/33
|
|
|
|
|
6/23 at 100.00
|
|
|
|
A
|
|
|
|
57,780
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Academy of Charter Schools Project, Series 2008,
5.625%, 5/01/40
|
|
|
|
|
5/18 at 100.00
|
|
|
|
A
|
|
|
|
1,024,480
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Belle Creek Charter School, Series 2007A, 4.625%,
3/15/37 CIFG Insured
|
|
|
|
|
3/17 at 100.00
|
|
|
|
AA
|
|
|
|
907,120
|
|
|
|
|
|
|
|
|
500
|
|
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Cheyenne Mountain Charter Academy, Series 2007A,
5.250%, 6/15/29
|
|
|
|
|
6/17 at 100.00
|
|
|
|
A
|
|
|
|
477,510
|
|
|
|
|
|
|
|
|
505
|
|
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Community Leadership Academy, Inc. Second Campus
Project, Series 2013, 7.350%, 8/01/43
|
|
|
|
|
8/23 at 100.00
|
|
|
|
BB
|
|
|
|
512,631
|
|
|
|
|
|
|
|
|
750
|
|
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Douglas County School District RE -1 DCS
Montessori School, Refunding & Improvement Series 2012, 4.000%, 7/15/27
|
|
|
|
|
7/22 at 100.00
|
|
|
|
A
|
|
|
|
707,955
|
|
|
|
|
|
|
|
|
500
|
|
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Flagstaff Academy Project, Series 2008A, 7.000%,
8/01/38
|
|
|
|
|
8/18 at 100.00
|
|
|
|
N/R
|
|
|
|
504,080
|
|
|
|
|
|
|
|
|
450
|
|
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Littleton Preparatory Charter School, Series 2013,
5.000%, 12/01/33
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
398,462
|
|
|
|
|
|
|
|
|
350
|
|
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Parker Core Knowledge Charter School, Series 2010,
5.000%, 11/01/37
|
|
|
|
|
11/20 at 100.00
|
|
|
|
BBB
|
|
|
|
314,419
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Pinnacle Charter School, Inc. High School Project,
Series 2010, 5.000%, 12/01/29
|
|
|
|
|
12/19 at 100.00
|
|
|
|
BBB
|
|
|
|
1,001,020
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Ridgeview Classical Schools, Series 2005A, 5.500%,
8/15/25 SYNCORA GTY Insured
|
|
|
|
|
8/15 at 100.00
|
|
|
|
A
|
|
|
|
1,020,730
|
|
|
|
|
|
|
|
|
965
|
|
|
Colorado Educational and Cultural Facilities Authority, Charter School Revenue Bonds, Twin Peaks Charter Academy, Series 2011B, 7.500%,
3/15/35
|
|
|
|
|
3/21 at 100.00
|
|
|
|
BBB
|
|
|
|
1,045,606
|
|
|
|
|
|
|
|
|
500
|
|
|
Colorado Educational and Cultural Facilities Authority, Independent School Revenue Bonds, Kent Denver School Project, Series 2010,
5.125%, 10/01/39
|
|
|
|
|
10/19 at 100.00
|
|
|
|
A
|
|
|
|
507,900
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Colorado Educational and Cultural Facilities Authority, Independent School Revenue Refunding Bonds, Vail Mountain School Project, Series
2010, 6.125%, 5/01/40
|
|
|
|
|
5/20 at 100.00
|
|
|
|
BBB
|
|
|
|
1,010,800
|
|
|
|
|
|
|
|
|
1,300
|
|
|
Colorado Educational and Cultural Facilities Authority, Revenue and Refunding Bonds, University Corporation for Atmospheric Research
Project, Series 2012B, 5.000%, 9/01/33
|
|
|
|
|
9/22 at 100.00
|
|
|
|
A+
|
|
|
|
1,337,037
|
|
|
|
|
|
|
|
|
500
|
|
|
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, Johnson & Wales University Project, Series 2013A,
5.250%, 4/01/43
|
|
|
|
|
4/23 at 100.00
|
|
|
|
A2
|
|
|
|
507,710
|
|
|
|
|
|
|
|
|
750
|
|
|
Colorado Educational and Cultural Facilities Authority, Revenue Bonds, University of Denver, Series 2013,
3.000%, 3/01/27
|
|
|
|
|
3/23 at 100.00
|
|
|
|
A1
|
|
|
|
658,410
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Educational and Cultural Facilities Authority, School Revenue Bonds, Ave Maria School, Refunding
Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
220
|
|
|
4.750%, 12/01/14 RAAI Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R
|
|
|
|
225,977
|
|
|
230
|
|
|
4.750%, 12/01/15 RAAI Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R
|
|
|
|
241,422
|
|
|
250
|
|
|
4.850%, 12/01/25 RAAI Insured
|
|
|
|
|
12/17 at 100.00
|
|
|
|
N/R
|
|
|
|
243,235
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2013A, 5.000%,
3/01/43
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
1,046,540
|
|
|
|
|
|
|
|
|
1,300
|
|
|
Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Series 2013C, 5.000%,
3/01/44
|
|
|
|
|
3/23 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,341,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
University of Colorado, Enterprise System Revenue Bonds, Series 2009A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
335
|
|
|
5.750%, 6/01/28
|
|
|
|
|
6/19 at 100.00
|
|
|
|
AA+
|
|
|
$
|
388,573
|
|
|
500
|
|
|
5.375%, 6/01/32
|
|
|
|
|
6/19 at 100.00
|
|
|
|
AA+
|
|
|
|
553,680
|
|
|
|
|
|
|
|
|
500
|
|
|
University of Northern Colorado at Greeley, Institutional Enterprise System Revenue Refunding Bonds, Series 2011A, 5.000%,
6/01/30
|
|
|
|
|
6/21 at 100.00
|
|
|
|
Aa2
|
|
|
|
530,145
|
|
|
|
|
|
|
|
|
1,085
|
|
|
Western State College of Colorado Board of Trustees, Revenue Bonds, Series 2009, 5.000%,
5/15/34
|
|
|
|
|
5/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,120,002
|
|
|
19,920
|
|
|
Total Education and Civic Organizations
|
|
|
|
|
|
|
|
|
|
|
|
|
20,180,144
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 22.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,055
|
|
|
Colorado Health Facilities Authority, Colorado, Hospital Improvement Revenue Bonds, NCMC Inc., Series 2003A, 5.250%, 5/15/26 AGM
Insured
|
|
|
|
|
5/19 at 100.00
|
|
|
|
AA
|
|
|
|
1,123,997
|
|
|
|
|
|
|
|
|
2,240
|
|
|
Colorado Health Facilities Authority, Colorado, Hospital Revenue Bonds, Boulder Community Hospital Project, Series 2012, 5.000%,
10/01/42
|
|
|
|
|
10/22 at 100.00
|
|
|
|
A
|
|
|
|
2,240,650
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Adventist Health, Sunbelt Obligated Group, Series 2006D, 5.125%,
11/15/29
|
|
|
|
|
11/16 at 100.00
|
|
|
|
AA
|
|
|
|
1,033,390
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2008D:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
5.125%, 10/01/17
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
575,950
|
|
|
1,000
|
|
|
6.250%, 10/01/33
|
|
|
|
|
10/18 at 100.00
|
|
|
|
A+
|
|
|
|
1,114,900
|
|
|
|
|
|
|
|
|
1,620
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009A,
5.000%, 7/01/39
|
|
|
|
|
7/19 at 100.00
|
|
|
|
A+
|
|
|
|
1,595,781
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2009B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.000%, 7/01/38
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
974,410
|
|
|
940
|
|
|
4.000%, 7/01/39
|
|
|
|
|
11/22 at 100.00
|
|
|
|
A+
|
|
|
|
762,509
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
5.250%, 1/01/40
|
|
|
|
|
1/23 at 100.00
|
|
|
|
A+
|
|
|
|
1,494,645
|
|
|
2,000
|
|
|
5.250%, 1/01/45
|
|
|
|
|
1/23 at 100.00
|
|
|
|
A+
|
|
|
|
1,971,240
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, National Jewish Medical and Research Center, Series 2012, 5.000%,
1/01/27
|
|
|
|
|
1/22 at 100.00
|
|
|
|
BBB
|
|
|
|
1,002,260
|
|
|
|
|
|
|
|
|
1,550
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Poudre Valley Health System, Series 2005A, 5.200%, 3/01/31 AGM
Insured
|
|
|
|
|
9/18 at 102.00
|
|
|
|
AA
|
|
|
|
1,611,582
|
|
|
|
|
|
|
|
|
2,445
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series
2010A, 5.000%, 1/01/40
|
|
|
|
|
1/20 at 100.00
|
|
|
|
AA
|
|
|
|
2,447,418
|
|
|
|
|
|
|
|
|
500
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Sisters of Charity of Leavenworth Health Services Corporation, Series
2013A, 5.000%, 1/01/44
|
|
|
|
|
1/24 at 100.00
|
|
|
|
AA
|
|
|
|
489,315
|
|
|
|
|
|
|
|
|
1,405
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Valley View Hospital Association, Series 2008, 5.500%,
5/15/28
|
|
|
|
|
5/18 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,434,716
|
|
|
|
|
|
|
|
|
750
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Yampa Valley Medical Center, Series 2007,
5.125%, 9/15/29
|
|
|
|
|
9/17 at 100.00
|
|
|
|
BBB+
|
|
|
|
752,250
|
|
|
|
|
|
|
|
|
325
|
|
|
Colorado Health Facilities Authority, Revenue Bonds, Longmont United Hospital, Series 2007B, 4.625%, 12/01/24 RAAI
Insured
|
|
|
|
|
12/16 at 100.00
|
|
|
|
Baa2
|
|
|
|
317,463
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Colorado Health Facilities Authority, Revenue Bonds, Parkview Medical Center, Series 2004, 5.000%, 9/01/25
|
|
|
|
|
9/14 at 100.00
|
|
|
|
A3
|
|
|
|
1,000,670
|
|
|
|
|
|
|
|
|
585
|
|
|
Colorado Health Facilities Authority, Revenue Bonds, Poudre Valley Health Care, Series 2005F, 5.000%, 3/01/25
|
|
|
|
|
3/15 at 100.00
|
|
|
|
A+
|
|
|
|
592,933
|
|
|
|
|
|
|
|
|
|
|
|
Delta County Memorial Hospital District, Colorado, Enterprise Revenue Bonds, Refunding Series 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
515
|
|
|
5.500%, 9/01/25
|
|
|
|
|
3/20 at 100.00
|
|
|
|
BBB
|
|
|
|
517,024
|
|
|
600
|
|
|
5.500%, 9/01/30
|
|
|
|
|
3/20 at 100.00
|
|
|
|
BBB
|
|
|
|
580,188
|
|
|
|
|
|
|
|
|
250
|
|
|
Denver Health and Hospitals Authority, Colorado, Revenue Bonds, Refunding Series 2007A, 4.750%, 12/01/27
|
|
|
|
|
12/16 at 100.00
|
|
|
|
BBB+
|
|
|
|
247,898
|
|
|
|
|
|
|
|
|
250
|
|
|
Kit Carson County Health Service District, Colorado, Health Care Facility Revenue Bonds, Series 2007,
6.100%, 1/01/17
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R
|
|
|
|
254,648
|
|
|
|
|
|
|
|
|
500
|
|
|
Montrose, Colorado, Enterprise Revenue Bonds, Montrose Memorial Hospital, Series 2003, 6.375%, 12/01/23
|
|
|
|
|
12/15 at 100.00
|
|
|
|
BBB
|
|
|
|
512,050
|
|
|
|
|
|
|
|
|
500
|
|
|
University of Colorado Hospital Authority, Revenue Bonds, Series 2006A, 5.000%,
11/15/37
|
|
|
|
|
5/16 at 100.00
|
|
|
|
A1
|
|
|
|
500,275
|
|
|
25,030
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
25,148,162
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Colorado Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily 2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Educational and Cultural Facilities Authority, Student Housing Revenue Refunding Bonds Campus Village Apartments Project,
Series 2008:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
810
|
|
|
5.000%, 6/01/22
|
|
|
|
|
8/18 at 100.00
|
|
|
|
A
|
|
|
$
|
871,325
|
|
|
50
|
|
|
5.500%, 6/01/38
|
|
|
|
|
8/18 at 100.00
|
|
|
|
A
|
|
|
|
50,653
|
|
|
|
|
|
|
|
|
1,215
|
|
|
Colorado Housing Finance Authority, Multifamily Housing Revenue Bonds, Castle Highlands Apartments Project, Series 2001B, Pass Though
Certificates 2001-2, 6.000%, 11/01/33 (Mandatory put 11/01/22) (Alternative Minimum Tax)
|
|
|
|
|
2/14 at 100.00
|
|
|
|
N/R
|
|
|
|
1,196,836
|
|
|
|
|
|
|
|
|
|
|
|
Denver City & County Housing Authority, Colorado, Capital Fund Program Revenue Bonds, Three Tower Rehabilitation, Series
2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
635
|
|
|
4.550%, 11/01/17 AGM Insured (Alternative Minimum Tax)
|
|
|
|
|
No Opt. Call
|
|
|
|
A2
|
|
|
|
661,873
|
|
|
260
|
|
|
5.200%, 11/01/27 AGM Insured (Alternative Minimum Tax)
|
|
|
|
|
11/17 at 100.00
|
|
|
|
A2
|
|
|
|
275,748
|
|
|
2,970
|
|
|
Total Housing/Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
3,056,435
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Single Family 0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
580
|
|
|
Colorado Housing and Finance Authority, Single Family Mortgage Bonds, Class I Series 2011A-A,
4.850%, 11/01/26
|
|
|
|
|
5/21 at 100.00
|
|
|
|
Aaa
|
|
|
|
608,896
|
|
|
|
|
|
|
|
|
|
|
|
Industrials 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250
|
|
|
Colorado Housing and Finance Authority, Solid Waste Disposal Revenue Bonds, Waste Management
Inc. Project, Series 2004, 5.700%, 7/01/18 (Alternative Minimum Tax)
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
275,460
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Care 4.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, American Baptist Homes Project, Series 2009A, 7.750%,
8/01/39
|
|
|
|
|
8/19 at 100.00
|
|
|
|
N/R
|
|
|
|
519,835
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Christian Living Communities Project, Series 2006A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250
|
|
|
5.250%, 1/01/14
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R
|
|
|
|
250,035
|
|
|
100
|
|
|
5.750%, 1/01/26
|
|
|
|
|
1/17 at 100.00
|
|
|
|
N/R
|
|
|
|
100,106
|
|
|
|
|
|
|
|
|
500
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Colorado Senior Residences Project, Series 2012, 7.000%,
6/01/42
|
|
|
|
|
6/22 at 100.00
|
|
|
|
N/R
|
|
|
|
480,955
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Covenant Retirement Communities Inc., Refunding Series 2012A, 5.000%,
12/01/33
|
|
|
|
|
12/22 at 100.00
|
|
|
|
BBB+
|
|
|
|
921,000
|
|
|
|
|
|
|
|
|
500
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Evangelical Lutheran Good Samaritan Society Project, Series
2013, 5.625%, 6/01/43
|
|
|
|
|
6/23 at 100.00
|
|
|
|
A
|
|
|
|
504,760
|
|
|
|
|
|
|
|
|
780
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Total Long-term Care National Obligated Group Project, Series 2010A,
6.250%, 11/15/40
|
|
|
|
|
11/20 at 100.00
|
|
|
|
BBB
|
|
|
|
804,625
|
|
|
|
|
|
|
|
|
400
|
|
|
Colorado Health Facilities Authority, Health and Residential Care Facilities Revenue Bonds, Volunteers of America Care Facilities
Obligated Group Projects, Series 2007A, 5.000%, 7/01/15
|
|
|
|
|
7/14 at 101.00
|
|
|
|
N/R
|
|
|
|
398,596
|
|
|
|
|
|
|
|
|
|
|
|
Colorado Health Facilities Authority, Revenue Bonds, Covenant Retirement Communities Inc., Series 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
5.000%, 12/01/16
|
|
|
|
|
12/15 at 100.00
|
|
|
|
BBB+
|
|
|
|
528,850
|
|
|
200
|
|
|
5.250%, 12/01/25
|
|
|
|
|
12/15 at 100.00
|
|
|
|
BBB+
|
|
|
|
201,726
|
|
|
|
|
|
|
|
|
315
|
|
|
Colorado Health Facilities Authority, Revenue Bonds, Evangelical Lutheran Good Samaritan Society, Series 2004A, 5.250%,
6/01/34
|
|
|
|
|
6/14 at 100.00
|
|
|
|
A
|
|
|
|
314,020
|
|
|
|
|
|
|
|
|
100
|
|
|
Illinois Finance Authority, Revenue Bonds, Three Crowns Park Plaza, Series 2006A, 5.875%,
2/15/26
|
|
|
|
|
2/16 at 100.00
|
|
|
|
N/R
|
|
|
|
99,452
|
|
|
5,145
|
|
|
Total Long-Term Care
|
|
|
|
|
|
|
|
|
|
|
|
|
5,123,960
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General 9.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Adams County School District 1, Mapleton Public Schools, Colorado, General Obligation Bonds,
Series 2010, 6.250%, 12/01/35
|
|
|
|
|
12/20 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,254,680
|
|
|
|
|
|
|
|
|
500
|
|
|
Central Platte Valley Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2013A,
5.625%, 12/01/38
|
|
|
|
|
12/23 at 100.00
|
|
|
|
BBB
|
|
|
|
505,525
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Denver School District 1, Colorado, General Obligation Bonds, Series 2009A, 5.000%, 12/01/28
|
|
|
|
|
6/19 at 100.00
|
|
|
|
AA+
|
|
|
|
1,102,880
|
|
|
|
|
|
|
|
|
505
|
|
|
El Paso County School District 38, Lewis Palmer, Colorado, General Obligation Refunding Bonds, Series 2001, 6.000%,
12/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
605,783
|
|
|
|
|
|
|
|
|
|
|
|
Gunnison Watershed School District RE1J, Gunnison and Saguache Counties, Colorado, General Obligation Bonds, Series
2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.250%, 12/01/26
|
|
|
|
|
12/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,163,390
|
|
|
1,835
|
|
|
5.250%, 12/01/33
|
|
|
|
|
12/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,982,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
375
|
|
|
Puerto Rico, General Obligation Bonds, Public Improvement Refunding Series 2008A, 5.250%, 7/01/26
|
|
|
|
|
7/18 at 100.00
|
|
|
|
BBB
|
|
|
$
|
279,855
|
|
|
|
|
|
|
|
|
|
|
|
Rio Blanco County School District RE-001 Meeker, Colorado, General Obligation Bonds, Series 2008:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
5.250%, 12/01/22
|
|
|
|
|
12/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
572,675
|
|
|
150
|
|
|
5.250%, 12/01/24
|
|
|
|
|
12/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
169,424
|
|
|
|
|
|
|
|
|
2,000
|
|
|
St. Vrain Valley School District RE-1J, Boulder, Larimer and Weld Counties, Colorado, General
Obligation Bonds, Series 2009, 5.000%, 12/15/33
|
|
|
|
|
12/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,201,080
|
|
|
9,865
|
|
|
Total Tax Obligation/General
|
|
|
|
|
|
|
|
|
|
|
|
|
10,837,789
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited 19.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,340
|
|
|
Belle Creek Metropolitan District 1, Adams County, Colorado, General Obligation Refunding Bonds, Series 2011, 6.000%,
12/01/26
|
|
|
|
|
12/20 at 100.00
|
|
|
|
BBB
|
|
|
|
1,455,012
|
|
|
|
|
|
|
|
|
500
|
|
|
Brighton Crossing Metropolitan District 4, Colorado, General Obligation Bonds, Limited Tax Convertible to Unlimited Tax, Refunding
Series 2013, 7.000%, 12/01/23
|
|
|
|
|
7/18 at 100.00
|
|
|
|
N/R
|
|
|
|
492,290
|
|
|
|
|
|
|
|
|
|
|
|
Colorado State Higher Education Capital Construction Lease Purchase Financing Program Certificates of Participation, Series
2008:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
425
|
|
|
5.500%, 11/01/19
|
|
|
|
|
11/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
497,097
|
|
|
1,255
|
|
|
5.500%, 11/01/27
|
|
|
|
|
11/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,407,721
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Conservatory Metropolitan District, Aurora, Arapahoe County, Colorado, General Obligation Bonds, Limited Tax Series 2007, 5.125%,
12/01/37 RAAI Insured
|
|
|
|
|
12/17 at 100.00
|
|
|
|
N/R
|
|
|
|
1,618,960
|
|
|
|
|
|
|
|
|
500
|
|
|
Denver West Promenade Metropolitan District, Colorado, General Obligation Bonds, Series 2013, 5.375%, 12/01/42
|
|
|
|
|
6/23 at 100.00
|
|
|
|
N/R
|
|
|
|
413,540
|
|
|
|
|
|
|
|
|
|
|
|
Eagle River Fire Protection District, Colorado, Certificates of Participation, Series 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
225
|
|
|
6.125%, 12/01/19
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R
|
|
|
|
242,946
|
|
|
440
|
|
|
6.625%, 12/01/24
|
|
|
|
|
12/19 at 100.00
|
|
|
|
N/R
|
|
|
|
462,026
|
|
|
800
|
|
|
6.875%, 12/01/30
|
|
|
|
|
12/19 at 100.00
|
|
|
|
N/R
|
|
|
|
831,192
|
|
|
|
|
|
|
|
|
500
|
|
|
Fitzsimons Village Metropolitan District 1, Aurora, Arapahoe County, Colorado, Tax Increment Public Improvement Fee Supported Revenue
Bonds, Series 2010A, 7.500%, 3/01/40
|
|
|
|
|
3/20 at 100.00
|
|
|
|
N/R
|
|
|
|
513,680
|
|
|
|
|
|
|
|
|
500
|
|
|
Fossil Ridge Metropolitan District 1, Lakewood, Colorado, Tax-Supported Revenue Bonds, Refunding Series 2010, 7.250%,
12/01/40
|
|
|
|
|
12/20 at 100.00
|
|
|
|
N/R
|
|
|
|
500,540
|
|
|
|
|
|
|
|
|
835
|
|
|
Garfield County Public Library District, Colorado, Certificates of Participation, Regional Lease Purchase Financing Program,
Series 2009, 5.375%, 12/01/27
|
|
|
|
|
12/19 at 100.00
|
|
|
|
A
|
|
|
|
896,331
|
|
|
|
|
|
|
|
|
500
|
|
|
Granby Ranch Metropolitan District, Colorado, General Obligation Bonds, Series 2006, 6.750%, 12/01/36
|
|
|
|
|
12/15 at 100.00
|
|
|
|
N/R
|
|
|
|
484,145
|
|
|
|
|
|
|
|
|
335
|
|
|
Harvest Junction Metropolitan District, Longmont, Colorado, General Obligation Bonds, Refunding and Improvement Series 2012, 5.200%,
12/01/32
|
|
|
|
|
12/22 at 100.00
|
|
|
|
N/R
|
|
|
|
305,915
|
|
|
|
|
|
|
|
|
335
|
|
|
High Plains Metropolitan District, Colorado, General Obligation Bonds, Series 2005B, 4.375%, 12/01/15
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
344,745
|
|
|
|
|
|
|
|
|
340
|
|
|
Lone Tree, Colorado, Sales & Use Tax Revenue Bonds, Recreation Projects Series 2008A, 5.000%, 12/01/20
|
|
|
|
|
12/18 at 100.00
|
|
|
|
AA
|
|
|
|
388,528
|
|
|
|
|
|
|
|
|
295
|
|
|
North Range Metropolitan District 1, Adams County, Colorado, Limited Tax General Obligation Bonds, Refunding Series 2007, 4.250%,
12/15/18 ACA Insured
|
|
|
|
|
12/16 at 100.00
|
|
|
|
N/R
|
|
|
|
290,717
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Park Creek Metropolitan District, Colorado, Senior Limited Property Tax Supported Revenue Refunding Bonds, Series 2011, 6.125%,
12/01/41 AGM Insured
|
|
|
|
|
12/20 at 100.00
|
|
|
|
AA
|
|
|
|
2,140,140
|
|
|
|
|
|
|
|
|
|
|
|
Park Meadows Business Improvement District, Colorado, Sales Tax Revenue Bonds, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
140
|
|
|
5.000%, 12/01/17
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R
|
|
|
|
147,589
|
|
|
475
|
|
|
5.300%, 12/01/27
|
|
|
|
|
12/17 at 100.00
|
|
|
|
N/R
|
|
|
|
491,658
|
|
|
|
|
|
|
|
|
1,200
|
|
|
Pinery West Metropolitan District 2, Colorado, General Obligation Limited Tax Bonds, Series 2007, 5.000%, 12/01/27 RAAI
Insured
|
|
|
|
|
12/17 at 100.00
|
|
|
|
N/R
|
|
|
|
1,116,408
|
|
|
|
|
|
|
|
|
1,040
|
|
|
Platte Valley Fire Protection District, Colorado, Certificates of Participation, Series 2012, 5.000%, 12/01/46
|
|
|
|
|
12/21 at 100.00
|
|
|
|
Baa1
|
|
|
|
953,971
|
|
|
|
|
|
|
|
|
500
|
|
|
Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment Revenue Bonds, Refunding Series 2013,
5.000%, 12/01/40
|
|
|
|
|
12/22 at 100.00
|
|
|
|
N/R
|
|
|
|
460,305
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Pueblo, Colorado, Certificates of Participation, Police Complex Project, Series 2008, 5.500%, 8/15/23 AGC Insured
|
|
|
|
|
8/18 at 100.00
|
|
|
|
AA
|
|
|
|
1,152,600
|
|
|
|
|
|
|
|
|
800
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A,
6.000%, 8/01/42
|
|
|
|
|
8/19 at 100.00
|
|
|
|
A+
|
|
|
|
645,840
|
|
|
|
|
|
|
|
|
1,150
|
|
|
Regional Transportation District, Colorado, Master Lease Purchase Agreement II, Fixed Rate Certificates of Participation, Transit
Vehicles Project, Series 2002A, 5.000%, 12/01/22 AMBAC Insured
|
|
|
|
|
12/17 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,230,362
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Sand Creek Metropolitan District, Colorado, General Obligation Bonds, Refunding Series 2010B, 5.000%, 12/01/40
|
|
|
|
|
12/20 at 100.00
|
|
|
|
A
|
|
|
|
953,040
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Colorado Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
505
|
|
|
Tallyns Reach Metropolitan District 3, Aurora, Colorado, General Obligation Refunding and Improvement Bonds, Limited Tax
Convertible to Unlimited Tax, Series 2013, 5.000%, 12/01/33
|
|
|
|
|
12/23 at 100.00
|
|
|
|
N/R
|
|
|
$
|
455,874
|
|
|
|
|
|
|
|
|
1,460
|
|
|
Tower Metropolitan District, Adams County, Colorado, General Obligation Limited Tax Bonds,
Series 2005, 5.000%, 12/01/29 RAAI Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
N/R
|
|
|
|
1,355,070
|
|
|
22,395
|
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
22,248,242
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 8.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,440
|
|
|
Denver City and County, Colorado, Airport System Revenue Bonds, Refunding Series 2010A, 5.000%, 11/15/29
|
|
|
|
|
11/20 at 100.00
|
|
|
|
A+
|
|
|
|
1,505,347
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Denver City and County, Colorado, Airport System Revenue Bonds, Series 2009A, 5.000%, 11/15/31
|
|
|
|
|
11/19 at 100.00
|
|
|
|
A+
|
|
|
|
1,030,610
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Denver City and County, Colorado, Airport System Revenue Bonds, Subordinate Lien Series 2013B, 5.250%, 11/15/33
|
|
|
|
|
11/23 at 100.00
|
|
|
|
A
|
|
|
|
1,042,520
|
|
|
|
|
|
|
|
|
300
|
|
|
E-470 Public Highway Authority, Colorado, Revenue Bonds, Senior Series 2007D-1, 5.500%, 9/01/24 NPFG Insured
|
|
|
|
|
9/15 at 100.00
|
|
|
|
A
|
|
|
|
317,505
|
|
|
|
|
|
|
|
|
|
|
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 1997B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,595
|
|
|
0.000%, 9/01/17 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,451,099
|
|
|
1,135
|
|
|
0.000%, 9/01/19 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
937,624
|
|
|
1,510
|
|
|
0.000%, 9/01/22 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,043,078
|
|
|
|
|
|
|
|
|
700
|
|
|
E-470 Public Highway Authority, Colorado, Senior Revenue Bonds, Series 2007B-1, 5.500%, 9/01/24 NPFG Insured
|
|
|
|
|
9/15 at 100.00
|
|
|
|
A
|
|
|
|
740,845
|
|
|
|
|
|
|
|
|
660
|
|
|
Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Improvement Series 2006B, 5.250%, 5/01/20
(Alternative Minimum Tax)
|
|
|
|
|
5/16 at 100.00
|
|
|
|
N/R
|
|
|
|
675,629
|
|
|
|
|
|
|
|
|
750
|
|
|
Eagle County Air Terminal Corporation, Colorado, Airport Terminal Project Revenue Bonds, Refunding Series 2011A, 6.000%, 5/01/27
(Alternative Minimum Tax)
|
|
|
|
|
5/21 at 100.00
|
|
|
|
Baa2
|
|
|
|
786,518
|
|
|
|
|
|
|
|
|
|
|
|
Regional Transportation District, Colorado, Denver Transit Partners Eagle P3 Project Private Activity Bonds,
Series 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75
|
|
|
5.000%, 7/15/22
|
|
|
|
|
7/20 at 100.00
|
|
|
|
Baa3
|
|
|
|
78,260
|
|
|
255
|
|
|
5.375%, 7/15/25
|
|
|
|
|
7/20 at 100.00
|
|
|
|
Baa3
|
|
|
|
266,314
|
|
|
10,420
|
|
|
Total Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
9,875,349
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed 6.7% (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adams and Arapahoe Counties Joint School District 28J, Aurora, Colorado, General Obligation Bonds, Series 2008:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
300
|
|
|
5.500%, 12/01/21 (Pre-refunded 12/01/18)
|
|
|
|
|
12/18 at 100.00
|
|
|
|
Aa2 (4)
|
|
|
|
362,904
|
|
|
135
|
|
|
5.500%, 12/01/25 (Pre-refunded 12/01/18)
|
|
|
|
|
12/18 at 100.00
|
|
|
|
Aa2 (4)
|
|
|
|
163,307
|
|
|
|
|
|
|
|
|
600
|
|
|
Colorado Springs, Colorado, Utility System Revenue Bonds, Series 1978B, 6.600%, 11/15/18 (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
Aaa
|
|
|
|
713,790
|
|
|
|
|
|
|
|
|
525
|
|
|
Colorado State Higher Education Capital Construction Lease Purchase Financing Program Certificates of Participation, Series 2008,
5.500%, 11/01/27 (Pre-refunded 11/01/18)
|
|
|
|
|
11/18 at 100.00
|
|
|
|
Aa2 (4)
|
|
|
|
629,974
|
|
|
|
|
|
|
|
|
2,020
|
|
|
Colorado State, Certificates of Participation, UCDHSC Fitzsimons Academic Projects, Series 2005B, 5.250%, 11/01/24 (Pre-refunded
11/01/15) NPFG Insured
|
|
|
|
|
11/15 at 100.00
|
|
|
|
AA (4)
|
|
|
|
2,208,971
|
|
|
|
|
|
|
|
|
585
|
|
|
Denver City & County Housing Authority, Colorado, Capital Fund Program Revenue Bonds, Three Tower Rehabilitation, Series 2007,
4.550%, 11/01/17 AGM Insured (Alternative Minimum Tax) (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
Aaa
|
|
|
|
628,506
|
|
|
|
|
|
|
|
|
240
|
|
|
Denver City & County Housing Authority, Colorado, Capital Fund Program Revenue Bonds, Three Tower Rehabilitation, Series 2007,
5.200%, 11/01/27 (Pre-refunded 11/01/17) AGM Insured (Alternative Minimum Tax)
|
|
|
|
|
11/17 at 100.00
|
|
|
|
Aaa
|
|
|
|
279,662
|
|
|
|
|
|
|
|
|
560
|
|
|
Denver Health and Hospitals Authority, Colorado, Revenue Bonds, Series 2004A, 6.250%, 12/01/33
(Pre-refunded
12/01/14)
|
|
|
|
|
12/14 at 100.00
|
|
|
|
AA+ (4)
|
|
|
|
594,154
|
|
|
|
|
|
|
|
|
650
|
|
|
Douglas County School District RE1, Douglas and Elbert Counties, Colorado, General Obligation Bonds, Series 2004, 5.750%, 12/15/23
(Pre-refunded 12/15/14) FGIC Insured
|
|
|
|
|
12/14 at 100.00
|
|
|
|
Aa1 (4)
|
|
|
|
687,622
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Winter Farm Metropolitan District 1, Colorado, Property Tax Supported Revenue Bonds, Series
2011, 144A, 7.500%, 12/01/39 (Pre-refunded 12/01/18)
|
|
|
|
|
12/18 at 100.00
|
|
|
|
N/R (4)
|
|
|
|
1,301,530
|
|
|
6,615
|
|
|
Total U.S. Guaranteed
|
|
|
|
|
|
|
|
|
|
|
|
|
7,570,420
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Improvement Series 2010, 6.125%, 10/01/40
|
|
|
|
|
10/20 at 100.00
|
|
|
|
BBB
|
|
|
|
1,023,130
|
|
|
|
|
|
|
|
|
220
|
|
|
Arkansas River Power Authority, Colorado, Power Revenue Bonds, Improvement Series 2008, 6.000%, 10/01/40
|
|
|
|
|
10/18 at 100.00
|
|
|
|
BBB
|
|
|
|
221,078
|
|
|
|
|
|
|
|
|
1,200
|
|
|
Colorado Springs, Colorado, Utility System Revenue Bonds, Improvement Series 2008C, 5.500%, 11/15/48
|
|
|
|
|
11/18 at 100.00
|
|
|
|
AA
|
|
|
|
1,298,472
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Utilities
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
425
|
|
|
Public Authority for Colorado Energy, Natural Gas Purchase Revenue Bonds, Colorado Springs
Utilities, Series 2008, 6.250%, 11/15/28
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
$
|
480,641
|
|
|
2,845
|
|
|
Total Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
3,023,321
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer 2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
715
|
|
|
Colorado Water Resources and Power Development Authority, Small Water Resources Program Revenue Bonds, City of Fountain Utility
Enterprise Project, Series 2011A, 5.000%, 9/01/36 AGM Insured
|
|
|
|
|
9/21 at 100.00
|
|
|
|
AA
|
|
|
|
739,081
|
|
|
|
|
|
|
|
|
500
|
|
|
Colorado Water Resources and Power Development Authority, Water Resources Revenue Bonds, Donala Water and Sanitation District Project,
Series 2011C, 5.000%, 9/01/36
|
|
|
|
|
9/21 at 100.00
|
|
|
|
AA
|
|
|
|
519,500
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Colorado Water Resources and Power Development Authority, Water Resources Revenue Bonds, Steamboat Springs Utilities Fund, Series 2011B,
4.125%, 8/01/26
|
|
|
|
|
8/21 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,026,220
|
|
|
|
|
|
|
|
|
800
|
|
|
Eagle River Water and Sanitation District, Eagle County, Colorado, Enterprise Water Revenue
Bonds, Series 2009, 5.000%, 12/01/34 AGC Insured
|
|
|
|
|
12/19 at 100.00
|
|
|
|
AA
|
|
|
|
836,248
|
|
|
3,015
|
|
|
Total Water and Sewer
|
|
|
|
|
|
|
|
|
|
|
|
|
3,121,049
|
|
$
|
109,050
|
|
|
Total Long-Term Investments (cost $108,028,088)
|
|
|
|
|
|
|
|
|
|
|
|
|
111,069,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets Less Liabilities 2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
2,387,953
|
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
113,457,180
|
|
(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 & Poors Group (Standard & Poors), Moodys Investors Service, Inc. (Moodys)
or Fitch, Inc. (Fitch) rating. Ratings below BBB by Standard & Poors, Baa by Moodys or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating
agencies.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds
backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(ETM)
|
Escrowed to maturity.
|
144A
|
Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration,
which are normally those transactions with qualified institutional buyers.
|
See accompanying notes to financial statements.
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen New Mexico Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 98.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 98.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations 13.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,000
|
|
|
Los Ranchos de Albuquerque, New Mexico, Educational Facilities Revenue Bonds, Albuquerque Academy Project, Refunding and improvement
Series 2010, 5.375%, 9/01/35
|
|
|
|
|
9/20 at 100.00
|
|
|
|
A+
|
|
|
$
|
3,169,110
|
|
|
|
|
|
|
|
|
1,400
|
|
|
New Mexico Institute of Mining and Technology, Revenue Bonds, Series 2011, 5.000%, 7/01/31
|
|
|
|
|
7/21 at 100.00
|
|
|
|
A+
|
|
|
|
1,437,282
|
|
|
|
|
|
|
|
|
350
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue
Bonds, Inter-American University of Puerto Rico Project, Refunding Series 2012, 5.000%, 10/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
337,173
|
|
|
|
|
|
|
|
|
750
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue
Refunding Bonds, Ana G. Mendez University System, Series 2002, 5.500%, 12/01/31
|
|
|
|
|
12/13 at 100.00
|
|
|
|
BBB
|
|
|
|
573,293
|
|
|
|
|
|
|
|
|
2,275
|
|
|
University of New Mexico, Revenue Refunding Bonds, Series 1992A, 6.000%, 6/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
2,664,753
|
|
|
|
|
|
|
|
|
750
|
|
|
University of New Mexico, Subordinate Lien Revenue Refunding Bonds, Series 2003A, 5.250%, 6/01/18
|
|
|
|
|
12/13 at 100.00
|
|
|
|
AA
|
|
|
|
753,120
|
|
|
|
|
|
|
|
|
750
|
|
|
University of New Mexico, Subordinate Lien System Revenue Bonds, Refunding Series 2012, 5.000%, 6/01/32
|
|
|
|
|
6/21 at 100.00
|
|
|
|
AA
|
|
|
|
806,768
|
|
|
|
|
|
|
|
|
1,000
|
|
|
University of New Mexico, System Improvement Subordinated Lien Revenue Bonds, Series 2007A,
5.000%, 6/01/25 AGM Insured
|
|
|
|
|
6/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,095,950
|
|
|
10,275
|
|
|
Total Education and Civic Organizations
|
|
|
|
|
|
|
|
|
|
|
|
|
10,837,449
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 10.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Farmington, New Mexico, Hospital Revenue Bonds, San Juan Regional Medical Center Inc.,
Series 2004A, 5.000%, 6/01/23
|
|
|
|
|
6/14 at 100.00
|
|
|
|
A3
|
|
|
|
2,013,620
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Farmington, New Mexico, Hospital Revenue Bonds, San Juan Regional Medical Center Inc.,
Series 2007A, 5.250%, 6/01/27
|
|
|
|
|
6/17 at 100.00
|
|
|
|
A3
|
|
|
|
1,029,520
|
|
|
|
|
|
|
|
|
2,000
|
|
|
New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2008A, 6.375%,
8/01/32
|
|
|
|
|
8/18 at 100.00
|
|
|
|
AA
|
|
|
|
2,259,620
|
|
|
|
|
|
|
|
|
2,000
|
|
|
New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare Services, Series 2009, 5.000%,
8/01/39
|
|
|
|
|
8/19 at 100.00
|
|
|
|
AA
|
|
|
|
2,007,700
|
|
|
|
|
|
|
|
|
1,000
|
|
|
New Mexico Hospital Equipment Loan Council, Hospital Revenue Bonds, Presbyterian Healthcare
Services, Series 2012A, 5.000%, 8/01/42
|
|
|
|
|
8/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,000,630
|
|
|
8,000
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
8,311,090
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily 3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,985
|
|
|
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, Las Palomas Apartments, Series 2006C, 4.700%, 9/01/22
(Alternative Minimum Tax)
|
|
|
|
|
3/20 at 100.00
|
|
|
|
AA
|
|
|
|
2,071,903
|
|
|
|
|
|
|
|
|
1,000
|
|
|
New Mexico Mortgage Finance Authority, Multifamily Housing Revenue Bonds, St Anthony, Series
2007A, 5.250%, 9/01/42 (Alternative Minimum Tax)
|
|
|
|
|
9/17 at 100.00
|
|
|
|
N/R
|
|
|
|
966,810
|
|
|
2,985
|
|
|
Total Housing/Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
3,038,713
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Single Family 5.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
915
|
|
|
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds CL 1, Series 2009-B2, 5.250%, 9/01/34
|
|
|
|
|
3/19 at 100.00
|
|
|
|
AA+
|
|
|
|
971,474
|
|
|
|
|
|
|
|
|
355
|
|
|
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2011B, 5.000%, 3/01/28
|
|
|
|
|
3/21 at 100.00
|
|
|
|
AA+
|
|
|
|
376,914
|
|
|
|
|
|
|
|
|
940
|
|
|
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Class 1 Series 2012A, 4.125%, 9/01/42
|
|
|
|
|
3/22 at 100.00
|
|
|
|
AA+
|
|
|
|
860,025
|
|
|
|
|
|
|
|
|
445
|
|
|
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Series 2007A-1, 4.800%, 1/01/33 (Alternative Minimum
Tax)
|
|
|
|
|
7/17 at 100.00
|
|
|
|
AA+
|
|
|
|
450,073
|
|
|
|
|
|
|
|
|
545
|
|
|
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Series 2007B-2, 4.850%, 7/01/38 (Alternative Minimum
Tax)
|
|
|
|
|
1/17 at 100.00
|
|
|
|
AA+
|
|
|
|
525,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Single Family
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
410
|
|
|
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Series 2007E, 5.000%, 7/01/28 (Alternative
Minimum Tax)
|
|
|
|
|
7/17 at 100.00
|
|
|
|
AA+
|
|
|
$
|
424,399
|
|
|
|
|
|
|
|
|
445
|
|
|
New Mexico Mortgage Finance Authority, Single Family Mortgage Program Bonds, Series 2008D-2,
5.500%, 7/01/39
|
|
|
|
|
7/18 at 100.00
|
|
|
|
AA+
|
|
|
|
463,921
|
|
|
4,055
|
|
|
Total Housing/Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
4,072,072
|
|
|
|
|
|
|
|
|
|
|
|
Information Technology 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
Sandoval County, New Mexico, Incentive Payment Revenue Bonds, Intel Corporation Project, Series
2005, 5.000%, 6/01/20
|
|
|
|
|
6/15 at 100.00
|
|
|
|
A+
|
|
|
|
520,795
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Care 2.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
New Mexico Hospital Equipment Loan Council, First Mortgage Revenue Bonds, La Vida LLena Project,
Series 2010A, 5.875%, 7/01/30
|
|
|
|
|
7/20 at 100.00
|
|
|
|
BBB
|
|
|
|
1,005,900
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL Castillo Retirement Residences
Project, Series 2012, 5.000%, 5/15/42
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
854,040
|
|
|
2,000
|
|
|
Total Long-Term Care
|
|
|
|
|
|
|
|
|
|
|
|
|
1,859,940
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General 5.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
525
|
|
|
New Mexico State, General Obligation Bonds, Capital Projects Series 2009, 5.000%, 3/01/15
|
|
|
|
|
No Opt. Call
|
|
|
|
Aaa
|
|
|
|
556,826
|
|
|
|
|
|
|
|
|
1,970
|
|
|
Sandoval County, New Mexico, General Obligation Bonds, Series 2004, 5.000%, 4/15/23 NPFG Insured
|
|
|
|
|
4/14 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,023,880
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Santa Fe Public School District, Santa Fe County, New Mexico, General Obligation Bonds, Series
2012, 5.000%, 8/01/16
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa1
|
|
|
|
1,677,510
|
|
|
3,995
|
|
|
Total Tax Obligation/General
|
|
|
|
|
|
|
|
|
|
|
|
|
4,258,216
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited 33.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
600
|
|
|
Albuquerque, New Mexico Gross Receipts Tax Revenue Bonds, Improvement Series 2013, 5.000%, 7/01/28
|
|
|
|
|
7/23 at 100.00
|
|
|
|
AAA
|
|
|
|
674,058
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Albuquerque, New Mexico, Gross Receipts Lodgers Tax Revenue Bonds, Refunding Series 2004A, 5.000%, 7/01/37 AGM
Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
AAA
|
|
|
|
1,525,740
|
|
|
|
|
|
|
|
|
1,450
|
|
|
Bernalillo County, New Mexico, Gross Receipts Tax Revenue Bonds, Series 1996B, 5.700%, 4/01/27 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AAA
|
|
|
|
1,724,703
|
|
|
|
|
|
|
|
|
500
|
|
|
Boulders Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2013,
7.250%, 10/01/43
|
|
|
|
|
10/23 at 100.00
|
|
|
|
N/R
|
|
|
|
500,275
|
|
|
|
|
|
|
|
|
1,125
|
|
|
Cibola County, New Mexico, Gross Receipts Tax Revenue Bonds, Series 2006B, 5.000%, 6/01/25 AMBAC Insured
|
|
|
|
|
6/16 at 100.00
|
|
|
|
A2
|
|
|
|
1,159,920
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Clayton, New Mexico, Appropriation Debt, Jail Project, Series 2006, 4.650%, 11/01/29 CIFG Insured
|
|
|
|
|
11/16 at 100.00
|
|
|
|
BBB+
|
|
|
|
929,220
|
|
|
|
|
|
|
|
|
110
|
|
|
Dona Ana County, New Mexico, Gross Receipts Tax Revenue Refunding and Improvement Bonds, Subordinate Series 1998, 5.500%,
6/01/14 AMBAC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R
|
|
|
|
111,928
|
|
|
|
|
|
|
|
|
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
900
|
|
|
5.000%, 1/01/31
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
922,824
|
|
|
500
|
|
|
5.250%, 1/01/36
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
503,905
|
|
|
|
|
|
|
|
|
1,455
|
|
|
Los Alamos County Incorporated, New Mexico, Gross Receipts Tax Improvement Revenue Bonds, Refunding Series 2013, 5.000%,
6/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
1,697,869
|
|
|
|
|
|
|
|
|
475
|
|
|
Montecito Estates Public Improvement District, New Mexico, Special Levee Revenue Bonds, Series 2007,
7.000%, 10/01/37
|
|
|
|
|
10/17 at 100.00
|
|
|
|
N/R
|
|
|
|
478,420
|
|
|
|
|
|
|
|
|
2,500
|
|
|
New Mexico Finance Authority, State Transportation Revenue Bonds, Senior Lien, Refunding Series 2012,
4.000%, 6/15/26
|
|
|
|
|
No Opt. Call
|
|
|
|
AAA
|
|
|
|
2,631,100
|
|
|
|
|
|
|
|
|
1,265
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A,
5.375%, 8/01/39
|
|
|
|
|
2/20 at 100.00
|
|
|
|
A+
|
|
|
|
957,112
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Santa Fe County, New Mexico, Correctional System Gross Receipts Tax Revenue Bonds, Series 1997, 6.000%, 2/01/27 AGM
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
4,668,477
|
|
|
|
|
|
|
|
|
|
|
|
Santa Fe County, New Mexico, Gross Receipts Tax Revenue Bonds, Capital Outlay Series 2010A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,095
|
|
|
5.000%, 6/01/24
|
|
|
|
|
6/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,282,738
|
|
|
1,255
|
|
|
5.000%, 6/01/25
|
|
|
|
|
6/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,468,902
|
|
|
|
|
|
|
|
|
1,245
|
|
|
Santa Fe, New Mexico, Gross Receipts Sales Tax Revenue Bonds, Series 2006B, 5.000%, 6/01/23 AGM Insured
|
|
|
|
|
6/16 at 100.00
|
|
|
|
AA+
|
|
|
|
1,370,421
|
|
|
|
|
|
|
|
|
1,240
|
|
|
Santa Fe, New Mexico, Gross Receipts Tax Revenue Bonds, Improvement & Refunding Series 2012A, 5.000%, 6/01/26
|
|
|
|
|
6/21 at 100.00
|
|
|
|
AA+
|
|
|
|
1,373,288
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen New Mexico Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
600
|
|
|
The Trails Public Improvement District, Albuquerque, New Mexico, Special Levy Revenue Bonds, Series 2008, 7.750%,
10/01/38
|
|
|
|
|
10/18 at 100.00
|
|
|
|
N/R
|
|
|
$
|
597,282
|
|
|
|
|
|
|
|
|
1,765
|
|
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien
Series 2010A, 5.000%, 10/01/29
|
|
|
|
|
10/20 at 100.00
|
|
|
|
BBB
|
|
|
|
1,761,064
|
|
|
24,580
|
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
26,339,246
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed 1.3% (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2004C, 5.000%,
6/01/24
(Pre-refunded
6/01/14) AMBAC Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
AAA
|
|
|
|
1,024,600
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,100
|
|
|
Farmington, New Mexico, Pollution Control Revenue Refunding Bonds, Public Service Company of New Mexico San Juan Project, Series 2010D,
5.900%, 6/01/40
|
|
|
|
|
6/20 at 100.00
|
|
|
|
BBB
|
|
|
|
1,129,832
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 AGM
Insured
|
|
|
|
|
10/20 at 100.00
|
|
|
|
AA
|
|
|
|
990,310
|
|
|
2,100
|
|
|
Total Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
2,120,142
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer 18.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Albuquerque and Benralillo County Water Utility Authority, New Mexico, Joint Water and Sewer System Revenue Bonds, Series 2006A, 5.000%,
7/01/26 AMBAC Insured
|
|
|
|
|
7/16 at 100.00
|
|
|
|
AA+
|
|
|
|
2,197,660
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Albuquerque and Bernalillo County Water Utility Authority, New Mexico, Joint Water and Sewer System Revenue Bonds, Series 2008A, 5.000%,
7/01/33
|
|
|
|
|
7/18 at 100.00
|
|
|
|
AA+
|
|
|
|
4,247,480
|
|
|
|
|
|
|
|
|
1,000
|
|
|
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2005C, 5.000%, 6/15/25 AMBAC
Insured
|
|
|
|
|
6/15 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,054,440
|
|
|
|
|
|
|
|
|
4,000
|
|
|
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2006B, 5.000%, 6/01/36 NPFG
Insured
|
|
|
|
|
6/16 at 100.00
|
|
|
|
AAA
|
|
|
|
4,106,640
|
|
|
|
|
|
|
|
|
1,000
|
|
|
New Mexico Finance Authority, Public Project Revolving Fund Revenue Bonds, Series 2007E, 5.000%, 6/01/29 NPFG
Insured
|
|
|
|
|
6/17 at 100.00
|
|
|
|
AAA
|
|
|
|
1,051,810
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Roswell, New Mexico, Joint Water and Sewerage Revenue Bonds, Series 2005, 5.000%, 6/01/23 NPFG Insured
|
|
|
|
|
6/15 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,063,710
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Santa Fe, New Mexico Water Utility System Capital Outlay Gross Receipts Tax Revenue Bonds,
Series 2009, 5.000%, 6/01/27
|
|
|
|
|
6/19 at 100.00
|
|
|
|
AAA
|
|
|
|
1,093,330
|
|
|
14,000
|
|
|
Total Water and Sewer
|
|
|
|
|
|
|
|
|
|
|
|
|
14,815,070
|
|
$
|
73,490
|
|
|
Total Long-Term Investments (cost $75,827,346)
|
|
|
|
|
|
|
|
|
|
|
|
|
77,197,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets Less Liabilities 1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
1,062,663
|
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
78,259,996
|
|
(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 & Poors Group (Standard & Poors), Moodys Investors Service, Inc. (Moodys)
or Fitch, Inc. (Fitch) rating. Ratings below BBB by Standard & Poors, Baa by Moodys or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating
agencies.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds
backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
See accompanying notes to financial statements.
Statement of
Assets and Liabilities
November
30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona
|
|
|
Colorado
|
|
|
New Mexico
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at value (cost $75,801,398, $108,028,088 and $75,827,346, respectively)
|
|
$
|
76,688,348
|
|
|
$
|
111,069,227
|
|
|
$
|
77,197,333
|
|
Cash
|
|
|
1,052,229
|
|
|
|
365,494
|
|
|
|
|
|
Receivable for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
1,566,615
|
|
|
|
1,725,816
|
|
|
|
1,425,941
|
|
Investments sold
|
|
|
64,000
|
|
|
|
1,035,000
|
|
|
|
15,166
|
|
Shares sold
|
|
|
37,583
|
|
|
|
59,328
|
|
|
|
20,413
|
|
Other assets
|
|
|
150
|
|
|
|
147
|
|
|
|
150
|
|
Total assets
|
|
|
79,408,925
|
|
|
|
114,255,012
|
|
|
|
78,659,003
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash overdraft
|
|
|
|
|
|
|
|
|
|
|
100,723
|
|
Floating rate obligations
|
|
|
845,000
|
|
|
|
|
|
|
|
|
|
Payable for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
111,797
|
|
|
|
152,270
|
|
|
|
53,642
|
|
Shares redeemed
|
|
|
159,981
|
|
|
|
530,516
|
|
|
|
157,324
|
|
Accrued expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
|
|
33,759
|
|
|
|
49,925
|
|
|
|
33,686
|
|
Trustees fees
|
|
|
326
|
|
|
|
476
|
|
|
|
330
|
|
12b-1
distribution and service fees
|
|
|
13,228
|
|
|
|
17,284
|
|
|
|
20,631
|
|
Other
|
|
|
28,422
|
|
|
|
47,361
|
|
|
|
32,671
|
|
Total liabilities
|
|
|
1,192,513
|
|
|
|
797,832
|
|
|
|
399,007
|
|
Net assets
|
|
$
|
78,216,412
|
|
|
$
|
113,457,180
|
|
|
$
|
78,259,996
|
|
Class A Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
42,067,154
|
|
|
$
|
52,966,875
|
|
|
$
|
48,732,091
|
|
Shares outstanding
|
|
|
4,089,685
|
|
|
|
5,241,275
|
|
|
|
4,846,353
|
|
Net asset value per share
|
|
$
|
10.29
|
|
|
$
|
10.11
|
|
|
$
|
10.06
|
|
Offering price per share (net asset value per share plus maximum sales charge of 4.20% of offering
price)
|
|
$
|
10.74
|
|
|
$
|
10.55
|
|
|
$
|
10.50
|
|
Class C Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
9,935,931
|
|
|
$
|
12,117,408
|
|
|
$
|
20,293,468
|
|
Shares outstanding
|
|
|
966,212
|
|
|
|
1,202,520
|
|
|
|
2,016,016
|
|
Net asset value and offering price per share
|
|
$
|
10.28
|
|
|
$
|
10.08
|
|
|
$
|
10.07
|
|
Class I Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
26,213,327
|
|
|
$
|
48,372,897
|
|
|
$
|
9,234,437
|
|
Shares outstanding
|
|
|
2,544,275
|
|
|
|
4,796,316
|
|
|
|
912,714
|
|
Net asset value and offering price per share
|
|
$
|
10.30
|
|
|
$
|
10.09
|
|
|
$
|
10.12
|
|
Net assets consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital paid-in
|
|
$
|
80,705,849
|
|
|
$
|
111,777,201
|
|
|
$
|
79,213,736
|
|
Undistributed (Over-distribution of) net investment income
|
|
|
173,193
|
|
|
|
168,177
|
|
|
|
(32,645
|
)
|
Accumulated net realized gain (loss)
|
|
|
(3,549,580
|
)
|
|
|
(1,529,337
|
)
|
|
|
(2,291,082
|
)
|
Net unrealized appreciation (depreciation)
|
|
|
886,950
|
|
|
|
3,041,139
|
|
|
|
1,369,987
|
|
Net assets
|
|
$
|
78,216,412
|
|
|
$
|
113,457,180
|
|
|
$
|
78,259,996
|
|
Authorized shares per class
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
Par value per share
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
See accompanying notes to financial
statements.
Statement of
Operations
Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona
|
|
|
Colorado
|
|
|
New Mexico
|
|
Investment Income
|
|
$
|
2,030,142
|
|
|
$
|
3,025,085
|
|
|
$
|
1,826,508
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
|
|
213,139
|
|
|
|
325,747
|
|
|
|
219,940
|
|
12b-1
service fees Class A
(1)
|
|
|
44,653
|
|
|
|
54,960
|
|
|
|
51,452
|
|
12b-1
distribution and service fees Class C
|
|
|
39,847
|
|
|
|
51,363
|
|
|
|
85,071
|
|
Interest expense
|
|
|
2,369
|
|
|
|
|
|
|
|
|
|
Shareholder servicing agent fees and expenses
|
|
|
17,766
|
|
|
|
26,144
|
|
|
|
16,366
|
|
Custodian fees and expenses
|
|
|
11,362
|
|
|
|
17,056
|
|
|
|
9,990
|
|
Trustees fees and expenses
|
|
|
1,181
|
|
|
|
1,754
|
|
|
|
1,217
|
|
Professional fees
|
|
|
14,134
|
|
|
|
15,429
|
|
|
|
14,206
|
|
Shareholder reporting expenses
|
|
|
11,945
|
|
|
|
14,962
|
|
|
|
11,981
|
|
Federal and state registration fees
|
|
|
7,029
|
|
|
|
3,310
|
|
|
|
3,266
|
|
Other expenses
|
|
|
2,862
|
|
|
|
3,963
|
|
|
|
2,764
|
|
Total expenses
|
|
|
366,287
|
|
|
|
514,688
|
|
|
|
416,253
|
|
Net investment income (loss)
|
|
|
1,663,855
|
|
|
|
2,510,397
|
|
|
|
1,410,255
|
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from investments
|
|
|
(1,913,634
|
)
|
|
|
(1,209,597
|
)
|
|
|
(2,220,877
|
)
|
Net change in unrealized appreciation (depreciation) of investments
|
|
|
(3,633,588
|
)
|
|
|
(6,631,851
|
)
|
|
|
(3,638,267
|
)
|
Net realized and unrealized gain (loss)
|
|
|
(5,547,222
|
)
|
|
|
(7,841,448
|
)
|
|
|
(5,859,144
|
)
|
Net increase (decrease) in net assets from operations
|
|
$
|
(3,883,367
|
)
|
|
$
|
(5,331,051
|
)
|
|
$
|
(4,448,889
|
)
|
(1)
|
Includes 12b-1 distribution and service fees incurred on Colorados Class B Shares during the period. Class B Shares of Colorado converted to Class A Shares at the close of
business on October 28, 2013, and are no longer available through an exchange from other Nuveen mutual funds.
|
See accompanying notes to financial statements.
Statement of
Changes in Net Assets
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona
|
|
|
|
|
Colorado
|
|
|
|
|
New Mexico
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
1,663,855
|
|
|
$
|
3,210,478
|
|
|
|
|
$
|
2,510,397
|
|
|
$
|
5,002,700
|
|
|
|
|
$
|
1,410,255
|
|
|
$
|
3,074,132
|
|
Net realized gain (loss) from investments
|
|
|
(1,913,634
|
)
|
|
|
263,603
|
|
|
|
|
|
(1,209,597
|
)
|
|
|
145,452
|
|
|
|
|
|
(2,220,877
|
)
|
|
|
(13,070
|
)
|
Change in net unrealized appreciation (depreciation) of investments
|
|
|
(3,633,588
|
)
|
|
|
(851,209
|
)
|
|
|
|
|
(6,631,851
|
)
|
|
|
67,739
|
|
|
|
|
|
(3,638,267
|
)
|
|
|
(1,288,424
|
)
|
Net increase (decrease) in net assets from operations
|
|
|
(3,883,367
|
)
|
|
|
2,622,872
|
|
|
|
|
|
(5,331,051
|
)
|
|
|
5,215,891
|
|
|
|
|
|
(4,448,889
|
)
|
|
|
1,772,638
|
|
Distributions to Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
(1)
|
|
|
(898,938
|
)
|
|
|
(1,852,228
|
)
|
|
|
|
|
(1,046,533
|
)
|
|
|
(2,253,687
|
)
|
|
|
|
|
(872,832
|
)
|
|
|
(1,814,801
|
)
|
Class B
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
N/A
|
|
|
|
(9,807
|
)
|
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Class C
|
|
|
(182,242
|
)
|
|
|
(354,308
|
)
|
|
|
|
|
(223,775
|
)
|
|
|
(454,726
|
)
|
|
|
|
|
(324,378
|
)
|
|
|
(734,961
|
)
|
Class I
|
|
|
(564,879
|
)
|
|
|
(999,383
|
)
|
|
|
|
|
(1,096,030
|
)
|
|
|
(2,249,118
|
)
|
|
|
|
|
(193,056
|
)
|
|
|
(489,710
|
)
|
Decrease in net assets from distributions to shareholders
|
|
|
(1,646,059
|
)
|
|
|
(3,205,919
|
)
|
|
|
|
|
(2,366,338
|
)
|
|
|
(4,967,338
|
)
|
|
|
|
|
(1,390,266
|
)
|
|
|
(3,039,472
|
)
|
Fund Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
9,523,935
|
|
|
|
22,619,506
|
|
|
|
|
|
8,731,039
|
|
|
|
46,064,832
|
|
|
|
|
|
2,499,584
|
|
|
|
16,986,672
|
|
Proceeds from shares issued to shareholders due to reinvestment of distributions
|
|
|
951,425
|
|
|
|
1,931,858
|
|
|
|
|
|
1,351,039
|
|
|
|
2,770,288
|
|
|
|
|
|
1,021,034
|
|
|
|
2,073,100
|
|
|
|
|
10,475,360
|
|
|
|
24,551,364
|
|
|
|
|
|
10,082,078
|
|
|
|
48,835,120
|
|
|
|
|
|
3,520,618
|
|
|
|
19,059,772
|
|
Cost of shares redeemed
|
|
|
(15,003,535
|
)
|
|
|
(10,548,211
|
)
|
|
|
|
|
(28,406,898
|
)
|
|
|
(28,188,165
|
)
|
|
|
|
|
(16,643,151
|
)
|
|
|
(14,049,086
|
)
|
Net increase (decrease) in net assets from Fund share transactions
|
|
|
(4,528,175
|
)
|
|
|
14,003,153
|
|
|
|
|
|
(18,324,820
|
)
|
|
|
20,646,955
|
|
|
|
|
|
(13,122,533
|
)
|
|
|
5,010,686
|
|
Net increase (decrease) in net assets
|
|
|
(10,057,601
|
)
|
|
|
13,420,106
|
|
|
|
|
|
(26,022,209
|
)
|
|
|
20,895,508
|
|
|
|
|
|
(18,961,688
|
)
|
|
|
3,743,852
|
|
Net assets at the beginning of period
|
|
|
88,274,013
|
|
|
|
74,853,907
|
|
|
|
|
|
139,479,389
|
|
|
|
118,583,881
|
|
|
|
|
|
97,221,684
|
|
|
|
93,477,832
|
|
Net assets at the end of period
|
|
$
|
78,216,412
|
|
|
$
|
88,274,013
|
|
|
|
|
$
|
113,457,180
|
|
|
$
|
139,479,389
|
|
|
|
|
$
|
78,259,996
|
|
|
$
|
97,221,684
|
|
Undistributed (Over-distribution of) net investment income at the end of period
|
|
$
|
173,193
|
|
|
$
|
155,397
|
|
|
|
|
$
|
168,177
|
|
|
$
|
24,118
|
|
|
|
|
$
|
(32,645
|
)
|
|
$
|
(52,634
|
)
|
N/A
|
Fund no longer offers Class B Shares.
|
(1)
|
Includes distributions to shareholders on Colorados Class B Shares during the period. Class B Shares of Colorado converted to Class A Shares at the close of business on
October 28, 2013, and are no longer available through an exchange from other Nuveen mutual funds.
|
See accompanying notes to financial statements.
Financial
Highlights
(Unaudited)
Selected data for a share
outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ARIZONA
|
|
|
|
|
Investment Operations
|
|
|
|
|
Less Distributions
|
|
|
|
|
Class (Commencement Date)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
May 31,
|
|
Beginning
Net
Asset
Value
|
|
|
Net
Investment
Income
(Loss)(a)
|
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
|
Total
|
|
|
|
|
From
Net
Investment
Income
|
|
|
From
Accumulated
Net
Realized
Gains
|
|
|
Total
|
|
|
Ending
Net
Asset
Value
|
|
Class A (10/86)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
$
|
10.97
|
|
|
$
|
.21
|
|
|
$
|
(.68
|
)
|
|
$
|
(.47
|
)
|
|
|
|
$
|
(.21
|
)
|
|
$
|
|
|
|
$
|
(.21
|
)
|
|
$
|
10.29
|
|
2013
|
|
|
11.03
|
|
|
|
.43
|
|
|
|
(.06
|
)
|
|
|
.37
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
10.97
|
|
2012
|
|
|
10.27
|
|
|
|
.44
|
|
|
|
.76
|
|
|
|
1.20
|
|
|
|
|
|
(.44
|
)
|
|
|
|
|
|
|
(.44
|
)
|
|
|
11.03
|
|
2011
|
|
|
10.42
|
|
|
|
.45
|
|
|
|
(.15
|
)
|
|
|
.30
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
10.27
|
|
2010
|
|
|
9.82
|
|
|
|
.44
|
|
|
|
.61
|
|
|
|
1.05
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
10.42
|
|
2009
|
|
|
10.35
|
|
|
|
.44
|
|
|
|
(.52
|
)
|
|
|
(.08
|
)
|
|
|
|
|
(.43
|
)
|
|
|
(.02
|
)
|
|
|
(.45
|
)
|
|
|
9.82
|
|
Class C (2/94)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
10.97
|
|
|
|
.18
|
|
|
|
(.69
|
)
|
|
|
(.51
|
)
|
|
|
|
|
(.18
|
)
|
|
|
|
|
|
|
(.18
|
)
|
|
|
10.28
|
|
2013
|
|
|
11.02
|
|
|
|
.36
|
|
|
|
(.05
|
)
|
|
|
.31
|
|
|
|
|
|
(.36
|
)
|
|
|
|
|
|
|
(.36
|
)
|
|
|
10.97
|
|
2012
|
|
|
10.26
|
|
|
|
.38
|
|
|
|
.76
|
|
|
|
1.14
|
|
|
|
|
|
(.38
|
)
|
|
|
|
|
|
|
(.38
|
)
|
|
|
11.02
|
|
2011
|
|
|
10.41
|
|
|
|
.40
|
|
|
|
(.16
|
)
|
|
|
.24
|
|
|
|
|
|
(.39
|
)
|
|
|
|
|
|
|
(.39
|
)
|
|
|
10.26
|
|
2010
|
|
|
9.81
|
|
|
|
.39
|
|
|
|
.61
|
|
|
|
1.00
|
|
|
|
|
|
(.40
|
)
|
|
|
|
|
|
|
(.40
|
)
|
|
|
10.41
|
|
2009
|
|
|
10.34
|
|
|
|
.39
|
|
|
|
(.53
|
)
|
|
|
(.14
|
)
|
|
|
|
|
(.37
|
)
|
|
|
(.02
|
)
|
|
|
(.39
|
)
|
|
|
9.81
|
|
Class I (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
10.99
|
|
|
|
.22
|
|
|
|
(.69
|
)
|
|
|
(.47
|
)
|
|
|
|
|
(.22
|
)
|
|
|
|
|
|
|
(.22
|
)
|
|
|
10.30
|
|
2013
|
|
|
11.04
|
|
|
|
.45
|
|
|
|
(.05
|
)
|
|
|
.40
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
10.99
|
|
2012
|
|
|
10.27
|
|
|
|
.46
|
|
|
|
.77
|
|
|
|
1.23
|
|
|
|
|
|
(.46
|
)
|
|
|
|
|
|
|
(.46
|
)
|
|
|
11.04
|
|
2011
|
|
|
10.43
|
|
|
|
.47
|
|
|
|
(.16
|
)
|
|
|
.31
|
|
|
|
|
|
(.47
|
)
|
|
|
|
|
|
|
(.47
|
)
|
|
|
10.27
|
|
2010
|
|
|
9.82
|
|
|
|
.46
|
|
|
|
.62
|
|
|
|
1.08
|
|
|
|
|
|
(.47
|
)
|
|
|
|
|
|
|
(.47
|
)
|
|
|
10.43
|
|
2009
|
|
|
10.35
|
|
|
|
.46
|
|
|
|
(.53
|
)
|
|
|
(.07
|
)
|
|
|
|
|
(.44
|
)
|
|
|
(.02
|
)
|
|
|
(.46
|
)
|
|
|
9.82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Ratios to Average
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(b)
|
|
|
Ending
Net
Assets
(000)
|
|
|
|
|
Expenses
Including
Interest(c)
|
|
|
Expenses
Excluding
Interest
|
|
|
Net
Investment
Income
(Loss)
|
|
|
Portfolio
Turnover
Rate(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.28
|
)%
|
|
$
|
42,067
|
|
|
|
|
|
.89
|
%*
|
|
|
.88
|
%*
|
|
|
4.05
|
%*
|
|
|
6
|
%
|
|
3.36
|
|
|
|
49,239
|
|
|
|
|
|
.88
|
|
|
|
.87
|
|
|
|
3.84
|
|
|
|
3
|
|
|
11.96
|
|
|
|
45,209
|
|
|
|
|
|
.90
|
|
|
|
.90
|
|
|
|
4.10
|
|
|
|
4
|
|
|
2.94
|
|
|
|
38,379
|
|
|
|
|
|
.89
|
|
|
|
.89
|
|
|
|
4.39
|
|
|
|
6
|
|
|
10.89
|
|
|
|
46,701
|
|
|
|
|
|
.89
|
|
|
|
.89
|
|
|
|
4.34
|
|
|
|
2
|
|
|
(.65
|
)
|
|
|
47,006
|
|
|
|
|
|
.92
|
|
|
|
.92
|
|
|
|
4.52
|
|
|
|
27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.66
|
)
|
|
|
9,936
|
|
|
|
|
|
1.44
|
*
|
|
|
1.43
|
*
|
|
|
3.50
|
*
|
|
|
6
|
|
|
2.85
|
|
|
|
11,637
|
|
|
|
|
|
1.42
|
|
|
|
1.41
|
|
|
|
3.29
|
|
|
|
3
|
|
|
11.34
|
|
|
|
9,677
|
|
|
|
|
|
1.45
|
|
|
|
1.45
|
|
|
|
3.55
|
|
|
|
4
|
|
|
2.35
|
|
|
|
7,104
|
|
|
|
|
|
1.44
|
|
|
|
1.44
|
|
|
|
3.83
|
|
|
|
6
|
|
|
10.31
|
|
|
|
7,531
|
|
|
|
|
|
1.44
|
|
|
|
1.44
|
|
|
|
3.79
|
|
|
|
2
|
|
|
(1.23
|
)
|
|
|
6,983
|
|
|
|
|
|
1.47
|
|
|
|
1.47
|
|
|
|
3.96
|
|
|
|
27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.28
|
)
|
|
|
26,213
|
|
|
|
|
|
.69
|
*
|
|
|
.68
|
*
|
|
|
4.25
|
*
|
|
|
6
|
|
|
3.61
|
|
|
|
27,398
|
|
|
|
|
|
.68
|
|
|
|
.67
|
|
|
|
4.04
|
|
|
|
3
|
|
|
12.24
|
|
|
|
19,968
|
|
|
|
|
|
.70
|
|
|
|
.70
|
|
|
|
4.30
|
|
|
|
4
|
|
|
3.02
|
|
|
|
13,625
|
|
|
|
|
|
.69
|
|
|
|
.69
|
|
|
|
4.59
|
|
|
|
6
|
|
|
11.19
|
|
|
|
12,885
|
|
|
|
|
|
.69
|
|
|
|
.69
|
|
|
|
4.54
|
|
|
|
2
|
|
|
(.46
|
)
|
|
|
12,273
|
|
|
|
|
|
.72
|
|
|
|
.72
|
|
|
|
4.72
|
|
|
|
27
|
|
(a)
|
Per share Net Investment Income (Loss) is calculated using the average daily shares method.
|
|
(b)
|
Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions
at net asset value, if any. Total returns are not annualized.
|
|
(c)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts
for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.
|
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 Investment Transactions) divided by the average long-term
market value during the period.
|
|
(e)
|
For the six months ended November 30, 2013.
|
|
See
accompanying notes to financial statements.
Financial Highlights
(Unaudited) (continued)
Selected data for a share
outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COLORADO
|
|
|
|
|
Investment Operations
|
|
|
|
|
Less Distributions
|
|
|
|
|
Class (Commencement Date)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
May 31,
|
|
Beginning
Net
Asset
Value
|
|
|
Net
Investment
Income
(Loss)(a)
|
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
|
Total
|
|
|
|
|
From
Net
Investment
Income
|
|
|
From
Accumulated
Net
Realized
Gains
|
|
|
Total
|
|
|
Ending
Net
Asset
Value
|
|
Class A (5/87)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(f)
|
|
$
|
10.70
|
|
|
$
|
.21
|
|
|
$
|
(.60
|
)
|
|
$
|
(.39
|
)
|
|
|
|
$
|
(.20
|
)
|
|
$
|
|
|
|
$
|
(.20
|
)
|
|
$
|
10.11
|
|
2013
|
|
|
10.66
|
|
|
|
.40
|
|
|
|
.04
|
|
|
|
.44
|
|
|
|
|
|
(.40
|
)
|
|
|
|
|
|
|
(.40
|
)
|
|
|
10.70
|
|
2012
|
|
|
9.89
|
|
|
|
.42
|
|
|
|
.78
|
|
|
|
1.20
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
10.66
|
|
2011
|
|
|
10.07
|
|
|
|
.44
|
|
|
|
(.19
|
)
|
|
|
.25
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
9.89
|
|
2010
|
|
|
9.48
|
|
|
|
.44
|
|
|
|
.58
|
|
|
|
1.02
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
10.07
|
|
2009
|
|
|
10.09
|
|
|
|
.43
|
|
|
|
(.62
|
)
|
|
|
(.19
|
)
|
|
|
|
|
(.42
|
)
|
|
|
|
|
|
|
(.42
|
)
|
|
|
9.48
|
|
Class C (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(f)
|
|
|
10.66
|
|
|
|
.18
|
|
|
|
(.59
|
)
|
|
|
(.41
|
)
|
|
|
|
|
(.17
|
)
|
|
|
|
|
|
|
(.17
|
)
|
|
|
10.08
|
|
2013
|
|
|
10.63
|
|
|
|
.34
|
|
|
|
.03
|
|
|
|
.37
|
|
|
|
|
|
(.34
|
)
|
|
|
|
|
|
|
(.34
|
)
|
|
|
10.66
|
|
2012
|
|
|
9.86
|
|
|
|
.37
|
|
|
|
.78
|
|
|
|
1.15
|
|
|
|
|
|
(.38
|
)
|
|
|
|
|
|
|
(.38
|
)
|
|
|
10.63
|
|
2011
|
|
|
10.05
|
|
|
|
.38
|
|
|
|
(.19
|
)
|
|
|
.19
|
|
|
|
|
|
(.38
|
)
|
|
|
|
|
|
|
(.38
|
)
|
|
|
9.86
|
|
2010
|
|
|
9.45
|
|
|
|
.38
|
|
|
|
.60
|
|
|
|
.98
|
|
|
|
|
|
(.38
|
)
|
|
|
|
|
|
|
(.38
|
)
|
|
|
10.05
|
|
2009
|
|
|
10.06
|
|
|
|
.38
|
|
|
|
(.62
|
)
|
|
|
(.24
|
)
|
|
|
|
|
(.37
|
)
|
|
|
|
|
|
|
(.37
|
)
|
|
|
9.45
|
|
Class I (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(f)
|
|
|
10.67
|
|
|
|
.22
|
|
|
|
(.59
|
)
|
|
|
(.37
|
)
|
|
|
|
|
(.21
|
)
|
|
|
|
|
|
|
(.21
|
)
|
|
|
10.09
|
|
2013
|
|
|
10.64
|
|
|
|
.42
|
|
|
|
.03
|
|
|
|
.45
|
|
|
|
|
|
(.42
|
)
|
|
|
|
|
|
|
(.42
|
)
|
|
|
10.67
|
|
2012
|
|
|
9.86
|
|
|
|
.44
|
|
|
|
.79
|
|
|
|
1.23
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
10.64
|
|
2011
|
|
|
10.05
|
|
|
|
.46
|
|
|
|
(.20
|
)
|
|
|
.26
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
9.86
|
|
2010
|
|
|
9.45
|
|
|
|
.45
|
|
|
|
.60
|
|
|
|
1.05
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
10.05
|
|
2009
|
|
|
10.07
|
|
|
|
.45
|
|
|
|
(.62
|
)
|
|
|
(.17
|
)
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
9.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Ratios to Average
Net Assets Before
Waiver/Reimbursement
|
|
|
|
|
Ratios to Average
Net Assets After
Waiver/Reimbursement(c)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(b)
|
|
|
Ending
Net
Assets
(000)
|
|
|
|
|
Expenses
Including
Interest(d)
|
|
|
Expenses
Excluding
Interest
|
|
|
Net
Investment
Income
(Loss)
|
|
|
|
|
Expenses
Including
Interest(d)
|
|
|
Expenses
Excluding
Interest
|
|
|
Net
Investment
Income
(Loss)
|
|
|
Portfolio
Turnover
Rate(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.67
|
)%
|
|
$
|
52,967
|
|
|
|
|
|
.87
|
%*
|
|
|
.87
|
%*
|
|
|
4.08
|
%*
|
|
|
|
|
.87
|
%*
|
|
|
.87
|
%*
|
|
|
4.08
|
%*
|
|
|
8
|
%
|
|
4.17
|
|
|
|
59,700
|
|
|
|
|
|
.86
|
|
|
|
.86
|
|
|
|
3.73
|
|
|
|
|
|
.86
|
|
|
|
.86
|
|
|
|
3.73
|
|
|
|
6
|
|
|
12.40
|
|
|
|
54,622
|
|
|
|
|
|
.94
|
|
|
|
.94
|
|
|
|
4.10
|
|
|
|
|
|
.94
|
|
|
|
.94
|
|
|
|
4.11
|
|
|
|
5
|
|
|
2.58
|
|
|
|
30,067
|
|
|
|
|
|
.91
|
|
|
|
.91
|
|
|
|
4.41
|
|
|
|
|
|
.91
|
|
|
|
.91
|
|
|
|
4.41
|
|
|
|
14
|
|
|
10.98
|
|
|
|
31,964
|
|
|
|
|
|
.91
|
|
|
|
.91
|
|
|
|
4.44
|
|
|
|
|
|
.91
|
|
|
|
.91
|
|
|
|
4.44
|
|
|
|
5
|
|
|
(1.67
|
)
|
|
|
28,820
|
|
|
|
|
|
.95
|
|
|
|
.95
|
|
|
|
4.60
|
|
|
|
|
|
.95
|
|
|
|
.95
|
|
|
|
4.60
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.87
|
)
|
|
|
12,117
|
|
|
|
|
|
1.42
|
*
|
|
|
1.42
|
*
|
|
|
3.52
|
*
|
|
|
|
|
1.42
|
*
|
|
|
1.42
|
*
|
|
|
3.52
|
*
|
|
|
8
|
|
|
3.51
|
|
|
|
16,227
|
|
|
|
|
|
1.41
|
|
|
|
1.41
|
|
|
|
3.16
|
|
|
|
|
|
1.41
|
|
|
|
1.41
|
|
|
|
3.16
|
|
|
|
6
|
|
|
11.83
|
|
|
|
11,514
|
|
|
|
|
|
1.50
|
|
|
|
1.50
|
|
|
|
3.57
|
|
|
|
|
|
1.49
|
|
|
|
1.49
|
|
|
|
3.57
|
|
|
|
5
|
|
|
1.92
|
|
|
|
8,694
|
|
|
|
|
|
1.46
|
|
|
|
1.46
|
|
|
|
3.86
|
|
|
|
|
|
1.46
|
|
|
|
1.46
|
|
|
|
3.86
|
|
|
|
14
|
|
|
10.51
|
|
|
|
8,796
|
|
|
|
|
|
1.46
|
|
|
|
1.46
|
|
|
|
3.89
|
|
|
|
|
|
1.46
|
|
|
|
1.46
|
|
|
|
3.89
|
|
|
|
5
|
|
|
(2.25
|
)
|
|
|
7,488
|
|
|
|
|
|
1.50
|
|
|
|
1.50
|
|
|
|
4.04
|
|
|
|
|
|
1.50
|
|
|
|
1.50
|
|
|
|
4.04
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.50
|
)
|
|
|
48,373
|
|
|
|
|
|
.67
|
*
|
|
|
.67
|
*
|
|
|
4.26
|
*
|
|
|
|
|
.67
|
*
|
|
|
.67
|
*
|
|
|
4.26
|
*
|
|
|
8
|
|
|
4.25
|
|
|
|
63,242
|
|
|
|
|
|
.66
|
|
|
|
.66
|
|
|
|
3.93
|
|
|
|
|
|
.66
|
|
|
|
.66
|
|
|
|
3.93
|
|
|
|
6
|
|
|
12.73
|
|
|
|
52,110
|
|
|
|
|
|
.72
|
|
|
|
.72
|
|
|
|
4.18
|
|
|
|
|
|
.72
|
|
|
|
.72
|
|
|
|
4.19
|
|
|
|
5
|
|
|
2.67
|
|
|
|
5,435
|
|
|
|
|
|
.71
|
|
|
|
.71
|
|
|
|
4.60
|
|
|
|
|
|
.71
|
|
|
|
.71
|
|
|
|
4.60
|
|
|
|
14
|
|
|
11.32
|
|
|
|
3,511
|
|
|
|
|
|
.71
|
|
|
|
.71
|
|
|
|
4.63
|
|
|
|
|
|
.71
|
|
|
|
.71
|
|
|
|
4.63
|
|
|
|
5
|
|
|
(1.55
|
)
|
|
|
3,756
|
|
|
|
|
|
.74
|
|
|
|
.74
|
|
|
|
4.78
|
|
|
|
|
|
.74
|
|
|
|
.74
|
|
|
|
4.78
|
|
|
|
12
|
|
(a)
|
Per share Net Investment Income (Loss) is calculated using the average daily shares method.
|
|
(b)
|
Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions
at net asset value, if any. Total returns are not annualized.
|
|
(c)
|
After fee waiver and/or expense reimbursement from the Adviser, where applicable.
|
|
(d)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts
for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.
|
|
(e)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 Investment Transactions) divided by the average long-term
market value during the period.
|
|
(f)
|
For the six months ended November 30, 2013.
|
|
See
accompanying notes to financial statements.
Financial Highlights
(Unaudited) (continued)
Selected data for a share
outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NEW MEXICO
|
|
|
|
|
Investment Operations
|
|
|
|
|
Less Distributions
|
|
|
|
|
Class (Commencement Date)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
May 31,
|
|
Beginning
Net
Asset
Value
|
|
|
Net
Investment
Income
(Loss)(a)
|
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
|
Total
|
|
|
|
|
From
Net
Investment
Income
|
|
|
From
Accumulated
Net
Realized
Gains
|
|
|
Total
|
|
|
Ending
Net
Asset
Value
|
|
Class A (9/92)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
$
|
10.71
|
|
|
$
|
.18
|
|
|
$
|
(.66
|
)
|
|
$
|
(.48
|
)
|
|
|
|
$
|
(.17
|
)
|
|
$
|
|
|
|
$
|
(.17
|
)
|
|
$
|
10.06
|
|
2013
|
|
|
10.85
|
|
|
|
.36
|
|
|
|
(.15
|
)
|
|
|
.21
|
|
|
|
|
|
(.35
|
)
|
|
|
|
|
|
|
(.35
|
)
|
|
|
10.71
|
|
2012
|
|
|
10.19
|
|
|
|
.37
|
|
|
|
.67
|
|
|
|
1.04
|
|
|
|
|
|
(.38
|
)
|
|
|
|
|
|
|
(.38
|
)
|
|
|
10.85
|
|
2011
|
|
|
10.36
|
|
|
|
.40
|
|
|
|
(.16
|
)
|
|
|
.24
|
|
|
|
|
|
(.41
|
)
|
|
|
|
|
|
|
(.41
|
)
|
|
|
10.19
|
|
2010
|
|
|
9.93
|
|
|
|
.41
|
|
|
|
.44
|
|
|
|
.85
|
|
|
|
|
|
(.42
|
)
|
|
|
|
|
|
|
(.42
|
)
|
|
|
10.36
|
|
2009
|
|
|
10.24
|
|
|
|
.42
|
|
|
|
(.32
|
)
|
|
|
.10
|
|
|
|
|
|
(.41
|
)
|
|
|
|
|
|
|
(.41
|
)
|
|
|
9.93
|
|
Class C (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
10.72
|
|
|
|
.15
|
|
|
|
(.65
|
)
|
|
|
(.50
|
)
|
|
|
|
|
(.15
|
)
|
|
|
|
|
|
|
(.15
|
)
|
|
|
10.07
|
|
2013
|
|
|
10.86
|
|
|
|
.30
|
|
|
|
(.14
|
)
|
|
|
.16
|
|
|
|
|
|
(.30
|
)
|
|
|
|
|
|
|
(.30
|
)
|
|
|
10.72
|
|
2012
|
|
|
10.20
|
|
|
|
.32
|
|
|
|
.67
|
|
|
|
.99
|
|
|
|
|
|
(.33
|
)
|
|
|
|
|
|
|
(.33
|
)
|
|
|
10.86
|
|
2011
|
|
|
10.38
|
|
|
|
.35
|
|
|
|
(.17
|
)
|
|
|
.18
|
|
|
|
|
|
(.36
|
)
|
|
|
|
|
|
|
(.36
|
)
|
|
|
10.20
|
|
2010
|
|
|
9.95
|
|
|
|
.35
|
|
|
|
.45
|
|
|
|
.80
|
|
|
|
|
|
(.37
|
)
|
|
|
|
|
|
|
(.37
|
)
|
|
|
10.38
|
|
2009
|
|
|
10.26
|
|
|
|
.37
|
|
|
|
(.32
|
)
|
|
|
.05
|
|
|
|
|
|
(.36
|
)
|
|
|
|
|
|
|
(.36
|
)
|
|
|
9.95
|
|
Class I (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
10.78
|
|
|
|
.19
|
|
|
|
(.67
|
)
|
|
|
(.48
|
)
|
|
|
|
|
(.18
|
)
|
|
|
|
|
|
|
(.18
|
)
|
|
|
10.12
|
|
2013
|
|
|
10.91
|
|
|
|
.38
|
|
|
|
(.14
|
)
|
|
|
.24
|
|
|
|
|
|
(.37
|
)
|
|
|
|
|
|
|
(.37
|
)
|
|
|
10.78
|
|
2012
|
|
|
10.25
|
|
|
|
.40
|
|
|
|
.66
|
|
|
|
1.06
|
|
|
|
|
|
(.40
|
)
|
|
|
|
|
|
|
(.40
|
)
|
|
|
10.91
|
|
2011
|
|
|
10.42
|
|
|
|
.43
|
|
|
|
(.17
|
)
|
|
|
.26
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
10.25
|
|
2010
|
|
|
10.00
|
|
|
|
.43
|
|
|
|
.43
|
|
|
|
.86
|
|
|
|
|
|
(.44
|
)
|
|
|
|
|
|
|
(.44
|
)
|
|
|
10.42
|
|
2009
|
|
|
10.30
|
|
|
|
.44
|
|
|
|
(.31
|
)
|
|
|
.13
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Ratios to Average
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(b)
|
|
|
Ending
Net
Assets
(000)
|
|
|
|
|
Expenses
Including
Interest(c)
|
|
|
Expenses
Excluding
Interest
|
|
|
Net
Investment
Income
(Loss)
|
|
|
Portfolio
Turnover
Rate(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.45
|
)%
|
|
$
|
48,732
|
|
|
|
|
|
.86
|
%*
|
|
|
.86
|
%*
|
|
|
3.44
|
%*
|
|
|
4
|
%
|
|
1.93
|
|
|
|
56,335
|
|
|
|
|
|
.84
|
|
|
|
.84
|
|
|
|
3.26
|
|
|
|
7
|
|
|
10.39
|
|
|
|
55,040
|
|
|
|
|
|
.88
|
|
|
|
.88
|
|
|
|
3.55
|
|
|
|
15
|
|
|
2.38
|
|
|
|
51,278
|
|
|
|
|
|
.86
|
|
|
|
.86
|
|
|
|
3.96
|
|
|
|
2
|
|
|
8.72
|
|
|
|
55,167
|
|
|
|
|
|
.87
|
|
|
|
.87
|
|
|
|
4.02
|
|
|
|
7
|
|
|
1.19
|
|
|
|
50,256
|
|
|
|
|
|
.90
|
|
|
|
.90
|
|
|
|
4.32
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.70
|
)
|
|
|
20,293
|
|
|
|
|
|
1.41
|
*
|
|
|
1.41
|
*
|
|
|
2.90
|
*
|
|
|
4
|
|
|
1.43
|
|
|
|
27,167
|
|
|
|
|
|
1.39
|
|
|
|
1.39
|
|
|
|
2.71
|
|
|
|
7
|
|
|
9.81
|
|
|
|
25,046
|
|
|
|
|
|
1.43
|
|
|
|
1.43
|
|
|
|
2.99
|
|
|
|
15
|
|
|
1.74
|
|
|
|
19,046
|
|
|
|
|
|
1.41
|
|
|
|
1.41
|
|
|
|
3.40
|
|
|
|
2
|
|
|
8.13
|
|
|
|
14,706
|
|
|
|
|
|
1.41
|
|
|
|
1.41
|
|
|
|
3.46
|
|
|
|
7
|
|
|
.63
|
|
|
|
8,352
|
|
|
|
|
|
1.45
|
|
|
|
1.45
|
|
|
|
3.77
|
|
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.41
|
)
|
|
|
9,234
|
|
|
|
|
|
.66
|
*
|
|
|
.66
|
*
|
|
|
3.64
|
*
|
|
|
4
|
|
|
2.24
|
|
|
|
13,720
|
|
|
|
|
|
.64
|
|
|
|
.64
|
|
|
|
3.46
|
|
|
|
7
|
|
|
10.57
|
|
|
|
13,392
|
|
|
|
|
|
.68
|
|
|
|
.68
|
|
|
|
3.73
|
|
|
|
15
|
|
|
2.60
|
|
|
|
7,764
|
|
|
|
|
|
.66
|
|
|
|
.66
|
|
|
|
4.18
|
|
|
|
2
|
|
|
8.80
|
|
|
|
4,695
|
|
|
|
|
|
.66
|
|
|
|
.66
|
|
|
|
4.21
|
|
|
|
7
|
|
|
1.47
|
|
|
|
2,276
|
|
|
|
|
|
.70
|
|
|
|
.70
|
|
|
|
4.51
|
|
|
|
7
|
|
(a)
|
Per share Net Investment Income (Loss) is calculated using the average daily shares method.
|
|
(b)
|
Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions
at net asset value, if any. Total returns are not annualized.
|
|
(c)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts
for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.
|
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 Investment Transactions) divided by the average long-term
market value during the period.
|
|
(e)
|
For the six months ended November 30, 2013.
|
|
See
accompanying notes to financial statements.
Notes to
Financial Statements
(Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust Information
The Nuveen Multistate Trust I (the Trust) is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust
is comprised of the Nuveen Arizona Municipal Bond Fund (Arizona), Nuveen Colorado Municipal Bond Fund (Colorado) and Nuveen New Mexico Municipal Bond Fund (New Mexico) (each a Fund and collectively,
the Funds), as diversified funds (non-diversified for New Mexico), among others. The Trust was organized as a Massachusetts business trust on July 1, 1996. The Funds were each organized as a series of predecessor trusts or corporations
prior to that date.
Investment Adviser
The
Funds investment adviser is Nuveen Fund Advisors, LLC (the Adviser), a wholly-owned subsidiary of Nuveen Investments, Inc. (Nuveen). The Adviser is responsible for each Funds overall investment strategy and asset
allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the Sub-Adviser), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Fund Information
Each Funds investment
objective is to provide as high a level of current interest income exempt from regular, federal, state and, in some cases, local income taxes as is consistent with preservation of capital. Under normal market conditions, each Fund invests at least
80% of the sum its net assets and the amount of any borrowings for investment purposes, in municipal bonds that pay interest that is exempt from regular federal and its respective state personal income tax. These municipal bonds include obligations
issued U.S. states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular
federal and respective state personal income tax. Each Fund may invest without limit in securities that generate income subject to the alternative minimum tax. Each Fund will generally maintain, under normal market conditions, an investment
portfolio with an overall weighted average maturity in excess of 10 years. Under normal market conditions, each Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at
least one independent rating agency, or if unrated, judged by the Sub-Adviser to be of comparable quality. Each Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as high yield or
junk bonds. Each Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (i.e., inverse floaters). Inverse floaters are derivative
securities that provide leveraged exposure to underlying municipal bonds. Each Funds investments in inverse floaters are designed to increase the Funds income and returns through this leveraged exposure. These investments are
speculative, however, and also create the possibility that income and returns will be diminished. Each Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal
leases. Each Fund may invest in zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature.
Each Fund may utilize futures contracts, swap contracts, options on futures contracts and options on swap contracts in an attempt to manage market risk, credit risk and yield curve risk, and to manage the effective
maturity or duration of securities in each Funds portfolio.
The Funds most recent prospectus provides further descriptions of each
Funds investment objective, principal investment strategies and principal risks.
Class B Shares
During the current fiscal period, Colorado offered Class B Shares. Effective at the close of business on October 28, 2013, Class B Shares of Colorado were converted
to Class A Shares and are no longer available through an exchange from other Nuveen mutual funds.
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting
principles generally accepted in the United States (U.S. GAAP).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification
method, which is the same basis used for federal income tax purposes. Investments purchased on a
when-issued/delayed
delivery basis
may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to earmark securities in the
Funds portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of November 30, 2013, there were no such outstanding purchase commitments in any of the Funds.
Investment Income
Investment income, which reflects the
amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Investment income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the
Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment,
or to pursue other claims or legal actions on behalf of Fund shareholders. Should a Fund receive a refund of workout expenditures paid in a prior reporting period, such amounts will be recognized as Legal fee refund on the Statement of
Operations.
Dividends and Distributions to Shareholders
The Funds declare dividends from their net investment income daily and pay shareholders monthly. Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares
are collected by the Funds transfer agent.
Net realized capital gains and/or market discount from investment transactions, if any, are declared
and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in
accordance with federal income tax regulations, which may differ from U.S. GAAP.
Share Classes and Sales Charges
Class A Shares are generally sold with an
up-front
sales charge and incur a .20% annual
12b-1
service fee. Class A Share purchases of $1 million or more are sold at net asset value without an
up-front
sales charge but may be subject to a contingent
deferred sales charge (CDSC) if redeemed within eighteen months of purchase. Colorado issued Class B Shares upon the exchange of Class B Shares from another Nuveen mutual fund, but Class B Shares were not available for new accounts
or for additional investment into existing accounts. Class B Shares were sold without an up-front sales charge but incurred a .75% annual 12b-1 distribution fee and a .20% annual 12b-1 service fee. Class B Shares were subject to a CDSC of up to 5%
depending upon the length of time the shares are held by the investor (CDSC was reduced to 0% at the end of six years). Class C Shares are sold without an
up-front
sales charge but incur a .55% annual
12b-1
distribution fee and a .20% annual
12b-1
service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class I Shares are not
subject to any sales charge or
12b-1
distribution or service fees.
Multiclass Operations and Allocations
Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the
relative settled shares of each class. Expenses directly attributable to a class of shares, which presently only include
12b-1 distribution
and service fees, are recorded to the specific class.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Indemnifications
Under the Trusts organizational
documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general
indemnifications to other parties. The Trusts maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims
or losses pursuant to these contracts and expects the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc.
(ISDA) master agreements or other similar arrangements (netting agreements). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral received
or delivered to that counterparty based on the terms of the agreements. Generally, a Fund manages its cash collateral and securities collateral on a counterparty basis. As of November 30, 2013, the Funds were not invested in any portfolio
securities or derivative instruments that are subject to netting agreements.
Notes to Financial Statements
(Unaudited) (continued)
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
Investment Valuation
Prices of municipal bonds are provided
by a pricing service approved by the Funds Board of Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a securitys fair value using methods that may
include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or
collateral, general market conditions and other information and analysis, including the obligors credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing
service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Certain securities may not be able to be priced by the
pre-established
pricing methods as described above. Such securities
may be valued by the Funds Board of Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities
Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a
security whose market price is not available from a
pre-established
pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after
the market has closed but before the calculation of a Funds net asset value (as may be the case in
non-U.S.
markets on which the security is primarily traded) or make it difficult or impossible to obtain
a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the securitys fair value. As a general principle, the fair value of a security would appear to be the amount that the owner
might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable
quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the
obligors credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all
valuations are subject to review by the Funds Board of Trustees or its designee.
Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent
buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value
measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity.
Unobservable inputs reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The
following is a summary of the three-tiered hierarchy of valuation input levels.
|
|
|
Level 1
|
|
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
|
Level 2
|
|
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
Level 3
|
|
Prices are determined using significant unobservable inputs (including managements assumptions in determining the fair value of investments).
|
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those
securities. The following is a summary of each Funds fair value measurements as of the end of the reporting period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
|
|
|
$
|
76,688,348
|
|
|
$
|
|
|
|
$
|
76,688,348
|
|
|
|
|
|
|
Colorado
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
|
|
|
$
|
111,069,227
|
|
|
$
|
|
|
|
$
|
111,069,227
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
|
|
|
$
|
77,197,333
|
|
|
$
|
|
|
|
$
|
77,197,333
|
|
*
|
Refer to the Funds Portfolio of Investments for industry classifications.
|
The Nuveen funds Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Advisers Valuation Committee. The Valuation
Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds pricing policies and reporting to the Board
of Directors/Trustees. The Valuation Committee is aided in its efforts by the Advisers dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by
the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the
quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider
pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public
or private market information:
|
(i)
|
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
|
|
(ii)
|
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals,
research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar
freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
|
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly
reflects the instruments current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of
Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of
Directors/Trustees.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a
fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bonds par amount or market value, that
typically pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an inverse floater) that
represents all remaining or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates holders, and in most circumstances the inverse
floater holder bears substantially all of the underlying bonds downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bonds value. The price of an inverse floating rate security
will be more volatile than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the
inverse floating rate security essentially bears the risk of loss of the greater face value of the underlying bond.
The inverse floater held by a Fund
gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust.
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an
externally-deposited inverse floater), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a
self-deposited inverse floater). An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as (IF) Inverse floating rate investment. The Funds Statement of Assets and
Liabilities shows only the inverse floaters and not the underlying bonds as an asset, and does not reflect the short-term floating rate certificates as liabilities. Also, the Fund reflects in Investment Income only the net amount of
earnings on its inverse floater investment (net of the interest paid to the holders of the short-term floating rate certificates and the expenses of the trust), and does not show the amount of that interest paid as an interest expense on the
Statement of Operations.
Notes to Financial Statements
(Unaudited) (continued)
An investment in a
self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate bond deposited into a special purpose trust is identified in the Portfolio of Investments as (UB) Underlying bond of an inverse
floating rate trust reflected as a financing transaction, with the Fund accounting for the short-term floating rate certificates issued by the trust, at their liquidation value, as Floating rate obligations on the Statement of
Assets and Liabilities. In addition, the Fund reflects in Investment Income the entire earnings of the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of
Interest expense on the Statement of Operations.
During the six months ended November 30, 2013, Arizona invested in self-deposited
inverse floaters. The Funds did not have any other transactions in self-deposited inverse floaters and/or externally-deposited inverse floaters.
The
average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters for Arizona during the six months ended November 30, 2013, were as follows:
|
|
|
|
|
|
|
Arizona
|
|
Average floating rate obligations outstanding
|
|
$
|
845,000
|
|
Average annual interest rate and fees
|
|
|
.56
|
%
|
As of November 30, 2013, the total amount of floating rate obligations issued by the Funds self-deposited inverse
floaters and externally-deposited inverse floaters was as follows:
|
|
|
|
|
|
|
Arizona
|
|
Floating rate obligations: self-deposited inverse floaters
|
|
$
|
845,000
|
|
Floating rate obligations: externally-deposited inverse floaters
|
|
|
|
|
Total
|
|
$
|
845,000
|
|
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a recourse trust or
credit recovery swap) (such agreements are referred to herein as Recourse Trusts), with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the
liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Funds potential exposure to losses
related to or on inverse floaters may increase beyond the value of a Funds inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such
shortfall is denoted as Unrealized depreciation on Recourse Trusts on the Statement of Assets and Liabilities. As of November 30, 2013, none of the Funds were invested in externally-deposited Recourse Trusts.
Zero Coupon Securities
Each Fund is authorized to invest in
zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of
the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
Each Fund is
authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds investments in
derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any
such investments during the six months ended November 30, 2013.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to
changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,
which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Funds exposure to counterparty credit risk in
respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser
believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation
of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a
pre-determined
threshold. Reciprocally, when each Fund has an unrealized loss, the
Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a
pre-determined
threshold. Collateral pledges are
monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4.
Fund Shares
Transactions in Fund shares were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
368,300
|
|
|
$
|
3,816,616
|
|
|
|
740,498
|
|
|
$
|
8,239,641
|
|
Class C
|
|
|
65,136
|
|
|
|
684,142
|
|
|
|
339,204
|
|
|
|
3,766,649
|
|
Class I
|
|
|
481,952
|
|
|
|
5,023,177
|
|
|
|
953,087
|
|
|
|
10,613,216
|
|
Shares issued to shareholders due to reinvestment of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
58,781
|
|
|
|
609,392
|
|
|
|
108,071
|
|
|
|
1,201,545
|
|
Class C
|
|
|
12,414
|
|
|
|
128,589
|
|
|
|
21,687
|
|
|
|
240,977
|
|
Class I
|
|
|
20,568
|
|
|
|
213,444
|
|
|
|
43,902
|
|
|
|
489,336
|
|
|
|
|
1,007,151
|
|
|
|
10,475,360
|
|
|
|
2,206,449
|
|
|
|
24,551,364
|
|
Shares redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(824,927
|
)
|
|
|
(8,538,847
|
)
|
|
|
(459,494
|
)
|
|
|
(5,104,157
|
)
|
Class C
|
|
|
(172,499
|
)
|
|
|
(1,796,357
|
)
|
|
|
(177,725
|
)
|
|
|
(1,974,061
|
)
|
Class I
|
|
|
(451,577
|
)
|
|
|
(4,668,331
|
)
|
|
|
(312,147
|
)
|
|
|
(3,469,993
|
)
|
|
|
|
(1,449,003
|
)
|
|
|
(15,003,535
|
)
|
|
|
(949,366
|
)
|
|
|
(10,548,211
|
)
|
Net increase (decrease)
|
|
|
(441,852
|
)
|
|
$
|
(4,528,175
|
)
|
|
|
1,257,083
|
|
|
$
|
14,003,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Colorado
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
410,256
|
|
|
$
|
4,167,473
|
|
|
|
1,837,454
|
|
|
$
|
19,790,637
|
|
Class A automatic conversion of Class B Shares
|
|
|
15,569
|
|
|
|
157,865
|
|
|
|
|
|
|
|
|
|
Class B
1
exchanges
|
|
|
18
|
|
|
|
184
|
|
|
|
|
|
|
|
|
|
Class C
|
|
|
86,732
|
|
|
|
881,871
|
|
|
|
644,975
|
|
|
|
6,935,743
|
|
Class I
|
|
|
346,139
|
|
|
|
3,523,646
|
|
|
|
1,796,354
|
|
|
|
19,338,452
|
|
Shares issued to shareholders due to reinvestment of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
79,132
|
|
|
|
800,391
|
|
|
|
150,593
|
|
|
|
1,626,659
|
|
Class B
1
|
|
|
183
|
|
|
|
1,856
|
|
|
|
894
|
|
|
|
9,648
|
|
Class C
|
|
|
17,246
|
|
|
|
173,949
|
|
|
|
31,545
|
|
|
|
339,767
|
|
Class I
|
|
|
37,155
|
|
|
|
374,843
|
|
|
|
73,688
|
|
|
|
794,214
|
|
|
|
|
992,430
|
|
|
|
10,082,078
|
|
|
|
4,535,503
|
|
|
|
48,835,120
|
|
Shares redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(845,503
|
)
|
|
|
(8,582,511
|
)
|
|
|
(1,527,867
|
)
|
|
|
(16,511,742
|
)
|
Class B
1
|
|
|
(13,671
|
)
|
|
|
(140,898
|
)
|
|
|
(3,539
|
)
|
|
|
(38,222
|
)
|
Class B
1
automatic conversion to Class A Shares
|
|
|
(15,569
|
)
|
|
|
(157,865
|
)
|
|
|
|
|
|
|
|
|
Class C
|
|
|
(423,185
|
)
|
|
|
(4,274,022
|
)
|
|
|
(237,561
|
)
|
|
|
(2,555,739
|
)
|
Class I
|
|
|
(1,512,260
|
)
|
|
|
(15,251,602
|
)
|
|
|
(842,196
|
)
|
|
|
(9,082,462
|
)
|
|
|
|
(2,810,188
|
)
|
|
|
(28,406,898
|
)
|
|
|
(2,611,163
|
)
|
|
|
(28,188,165
|
)
|
Net increase (decrease)
|
|
|
(1,817,758
|
)
|
|
$
|
(18,324,820
|
)
|
|
|
1,924,340
|
|
|
$
|
20,646,955
|
|
1
|
Class B Shares of Colorado converted to Class A Shares at the close of business on October 28, 2013, and are no longer available through an exchange from other
Nuveen mutual funds.
|
Notes to Financial Statements
(Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
New Mexico
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
128,814
|
|
|
$
|
1,309,538
|
|
|
|
703,748
|
|
|
$
|
7,654,720
|
|
Class C
|
|
|
81,178
|
|
|
|
828,471
|
|
|
|
496,500
|
|
|
|
5,416,145
|
|
Class I
|
|
|
35,395
|
|
|
|
361,575
|
|
|
|
357,290
|
|
|
|
3,915,807
|
|
Shares issued to shareholders due to reinvestment of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
69,882
|
|
|
|
705,839
|
|
|
|
130,650
|
|
|
|
1,420,887
|
|
Class C
|
|
|
25,513
|
|
|
|
257,991
|
|
|
|
44,470
|
|
|
|
484,308
|
|
Class I
|
|
|
5,623
|
|
|
|
57,204
|
|
|
|
15,320
|
|
|
|
167,905
|
|
|
|
|
346,405
|
|
|
|
3,520,618
|
|
|
|
1,747,978
|
|
|
|
19,059,772
|
|
Shares redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(612,242
|
)
|
|
|
(6,198,996
|
)
|
|
|
(649,651
|
)
|
|
|
(7,067,936
|
)
|
Class C
|
|
|
(624,328
|
)
|
|
|
(6,344,176
|
)
|
|
|
(312,933
|
)
|
|
|
(3,407,223
|
)
|
Class I
|
|
|
(401,347
|
)
|
|
|
(4,099,979
|
)
|
|
|
(326,697
|
)
|
|
|
(3,573,927
|
)
|
|
|
|
(1,637,917
|
)
|
|
|
(16,643,151
|
)
|
|
|
(1,289,281
|
)
|
|
|
(14,049,086
|
)
|
Net increase (decrease)
|
|
|
(1,291,512
|
)
|
|
$
|
(13,122,533
|
)
|
|
|
458,697
|
|
|
$
|
5,010,686
|
|
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended November 30, 2013, were
as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona
|
|
|
Colorado
|
|
|
New Mexico
|
|
Purchases
|
|
$
|
4,636,994
|
|
|
$
|
10,208,710
|
|
|
$
|
3,741,720
|
|
Sales and maturities
|
|
|
9,716,445
|
|
|
|
27,418,224
|
|
|
|
16,739,670
|
|
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to
satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital
gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions,
management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the
last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly
change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and
federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating
rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require
reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
As of November 30, 2013, the cost and unrealized
appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona
|
|
|
Colorado
|
|
|
New Mexico
|
|
Cost of investments
|
|
$
|
74,773,560
|
|
|
$
|
107,972,558
|
|
|
$
|
75,826,663
|
|
Gross unrealized:
|
|
|
|
|
|
|
|
|
|
|
|
|
Appreciation
|
|
$
|
2,850,122
|
|
|
$
|
5,152,511
|
|
|
$
|
2,795,619
|
|
Depreciation
|
|
|
(1,780,179
|
)
|
|
|
(2,055,842
|
)
|
|
|
(1,424,949
|
)
|
Net unrealized appreciation (depreciation) of investments
|
|
$
|
1,069,943
|
|
|
$
|
3,096,669
|
|
|
$
|
1,370,670
|
|
Permanent differences, primarily due to federal taxes paid and taxable market discount resulted in reclassifications
among the Funds components of net assets as of May 31, 2013, the Funds last tax year end, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona
|
|
|
Colorado
|
|
|
New Mexico
|
|
Capital paid-in
|
|
$
|
254
|
|
|
$
|
54
|
|
|
$
|
|
|
Undistributed (Over-distribution of) net investment income
|
|
|
(419
|
)
|
|
|
(609
|
)
|
|
|
(729
|
)
|
Accumulated net realized gain (loss)
|
|
|
165
|
|
|
|
555
|
|
|
|
729
|
|
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31, 2013,
the Funds last tax year end, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona
|
|
|
Colorado
|
|
|
New Mexico
|
|
Undistributed net tax-exempt income
1
|
|
$
|
283,303
|
|
|
$
|
369,759
|
|
|
$
|
201,330
|
|
Undistributed net ordinary income
2
|
|
|
|
|
|
|
|
|
|
|
|
|
Undistributed net long-term capital gains
|
|
|
|
|
|
|
|
|
|
|
|
|
1
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Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period May 1, 2013 through May 31, 2013, and
paid on June 3, 2013.
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
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The tax character of distributions paid during the Funds last tax year ended May 31, 2013, was designated for purposes of the dividends paid deduction as
follows:
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|
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|
|
|
|
|
|
|
|
|
|
|
Arizona
|
|
|
Colorado
|
|
|
New Mexico
|
|
Distributions from net tax-exempt income
|
|
$
|
3,137,757
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|
|
$
|
4,940,790
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|
|
$
|
3,033,611
|
|
Distributions from net ordinary income
2
|
|
|
27,504
|
|
|
|
|
|
|
|
|
|
Distributions from net long-term capital gains
|
|
|
|
|
|
|
|
|
|
|
|
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
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As of May 31, 2013, the Funds last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied
against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration retain the character reflected and will be utilized first by a Fund, while the losses subject
to expiration are considered short-term.
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|
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Arizona
|
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|
Colorado
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|
New Mexico
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Expiration:
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|
|
|
|
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May 31, 2016
|
|
$
|
|
|
|
$
|
105,238
|
|
|
$
|
|
|
May 31, 2017
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|
|
|
|
|
|
214,504
|
|
|
|
57,864
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|
May 31, 2018
|
|
|
1,053,409
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|
|
|
|
|
|
|
|
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Not subject to expiration:
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|
|
|
|
|
|
|
|
|
|
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Short-term losses
|
|
|
|
|
|
|
|
|
|
|
292
|
|
Long-term losses
|
|
|
612,723
|
|
|
|
|
|
|
|
696
|
|
Total
|
|
$
|
1,666,132
|
|
|
$
|
319,742
|
|
|
$
|
58,852
|
|
During the Funds last tax year ended May 31, 2013, the following Funds utilized capital loss carryforwards as follows:
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|
|
|
|
|
|
|
|
|
|
Arizona
|
|
|
Colorado
|
|
Utilized capital loss carryforwards
|
|
$
|
233,583
|
|
|
$
|
146,007
|
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The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having
arisen on the first day of the current fiscal year. The following Fund has elected to defer losses as follows:
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|
|
|
|
|
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New Mexico
|
|
Post-October capital
losses
3
|
|
$
|
11,353
|
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Late-year ordinary losses
4
|
|
|
|
|
3
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Capital losses incurred from November 1, 2012 through May 31, 2013, the Funds last tax year end.
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4
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Ordinary losses incurred from January 1, 2013 through May 31, 2013 and specified losses incurred from November 1, 2012 through May 31, 2013.
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7. Management Fees and Other Transactions with Affiliates
Each Funds management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from
the management fees paid to the Adviser.
Notes to Financial Statements
(Unaudited) (continued)
Each Funds management fee
consists of two components a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure
enables each Funds shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
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Average Daily Net Assets
|
|
Fund-Level Fee Rate
|
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For the first $125 million
|
|
|
.3500%
|
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For the next $125 million
|
|
|
.3375
|
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For the next $250 million
|
|
|
.3250
|
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For the next $500 million
|
|
|
.3125
|
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For the next $1 billion
|
|
|
.3000
|
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For the next $3 billion
|
|
|
.2750
|
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For net assets over $5 billion
|
|
|
.2500
|
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The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:
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|
|
|
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Complex-Level Asset Breakpoint Level*
|
|
Effective Rate at Breakpoint Level
|
|
$55 billion
|
|
|
.2000%
|
|
$56 billion
|
|
|
.1996
|
|
$57 billion
|
|
|
.1989
|
|
$60 billion
|
|
|
.1961
|
|
$63 billion
|
|
|
.1931
|
|
$66 billion
|
|
|
.1900
|
|
$71 billion
|
|
|
.1851
|
|
$76 billion
|
|
|
.1806
|
|
$80 billion
|
|
|
.1773
|
|
$91 billion
|
|
|
.1691
|
|
$125 billion
|
|
|
.1599
|
|
$200 billion
|
|
|
.1505
|
|
$250 billion
|
|
|
.1469
|
|
$300 billion
|
|
|
.1445
|
|
*
|
The complex-level fee is calculated based upon the aggregate daily eligible assets of all Nuveen Funds. Eligible assets do not include assets attributable to
investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Advisers assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets
include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds use of preferred stock and borrowings and certain investments in the residual
interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trusts issuance of floating rate securities,
subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of November 30, 2013, the complex-level fee rate was .1679% for Arizona and New Mexico and
.1807% for Colorado.
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The Adviser may voluntarily reimburse expenses from time to time in any of the Funds. Voluntary reimbursements may be
terminated at any time at the Advisers discretion.
The Trust pays no compensation directly to those of its trustees who are affiliated with the
Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect
to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select
Nuveen-advised funds.
During the six months ended November 30, 2013, Nuveen Securities, LLC, (the Distributor), a wholly-owned subsidiary of
Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona
|
|
|
Colorado
|
|
|
New Mexico
|
|
Sales charges collected
|
|
$
|
22,154
|
|
|
$
|
29,232
|
|
|
$
|
15,264
|
|
Paid to financial intermediaries
|
|
|
18,745
|
|
|
|
26,599
|
|
|
|
13,126
|
|
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial
intermediaries for providing services to shareholders relating to their investments.
During the six months ended November 30, 2013, the Distributor compensated financial intermediaries directly with
commission advances at the time of purchase as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona
|
|
|
Colorado
|
|
|
New Mexico
|
|
Commission advances
|
|
$
|
6,285
|
|
|
$
|
18,366
|
|
|
$
|
5,811
|
|
To compensate for commissions advanced to financial intermediaries, all 12b-1 service fees collected on Class B Shares during the
first year following a purchase, all 12b-1 distribution fees collected on Class B Shares, and all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the
six months ended November 30, 2013, the Distributor retained such 12b-1 fees as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona
|
|
|
Colorado
|
|
|
New Mexico
|
|
12b-1 fees retained
|
|
$
|
9,750
|
|
|
$
|
16,037
|
|
|
$
|
13,708
|
|
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to
shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the six months ended November
30, 2013, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Arizona
|
|
|
Colorado
|
|
|
New Mexico
|
|
CDSC retained
|
|
$
|
2,197
|
|
|
$
|
7,903
|
|
|
$
|
7,488
|
|
8. Subsequent Events
Class C and Class C2 Shares
During the reporting period, the
Funds Board of Trustees approved the following changes:
Effective February 10, 2014, subsequent to the close of this reporting period, each Fund
intends to offer a new share class, designated as Class C Shares, which will be subject to annual distribution and service fees of 1.00% of the Funds average daily net assets. Current Class C Shares of the Funds will be re-designated Class C2
Shares. Class C2 Shares will not be available for new accounts or for additional investment into existing accounts except in connection with dividend reinvestments. Class C2 Shares will not be eligible for the reinstatement privilege. Shareholders
of Class C2 Shares will be eligible to exchange their shares into Class C2 Shares of other Nuveen municipal bond funds. Shareholders of Class C2 Shares will also remain eligible to exchange their shares into Class C Shares of any other Nuveen mutual
Fund, but if they exchange back into a Nuveen municipal bond fund, they will issued newly established Class C Shares.
Notes
Glossary of Terms Used in this Report
Average Annual Total Return:
This is a commonly used method to express an
investments performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investments actual cumulative performance (including change in NAV or offer price
and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Duration:
Duration is a measure
of the expected period over which a bonds principal and interest will be paid, and consequently is a measure of the sensitivity of a bonds (or bond funds) value to changes when market interest rates change. Generally, the longer a
bond or Funds duration, the more the price of the bond or Fund will change as interest rates change.
Effective Leverage (Effective Leverage
Ratio):
Effective leverage is investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or
referenced by the levered instrument.
Gross Domestic Product (GDP):
The total market value of all final goods and services produced in a
country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Inverse Floating Rate Securities:
Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by
depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third
parties in amounts equal to some fraction of the deposited bonds par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an inverse floater) to an investor (such as a Fund)
interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates holders, and in most
circumstances the holder of the inverse floater bears substantially all of the underlying bonds downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the
underlying bonds value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
Leverage:
Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment
capital.
Lipper Other States Municipal Debt Funds Classification Average:
Represents the average annualized total return for all reporting
funds in the Lipper Other States Municipal Debt Funds Classification. Shareholders should note that the performance of the Lipper Other States Municipal Debt Funds Classification Average represents the overall average of returns for funds from
multiple states with a wide variety of municipal market conditions, making direct comparisons less meaningful. Lipper returns account for the effects of management fees and assume reinvestment of dividends, but do not reflect any applicable sales
charge.
Net Asset Value (NAV) Per Share:
A funds Net Assets is equal to its total assets (securities, cash and accrued earnings)
less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the funds (or share class) Net Assets divided by its number of shares outstanding.
Glossary of Terms Used in this Report
(continued)
Pre-Refundings:
Pre-Refundings, also known as advance refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and interest payments of older existing bonds. This process often results in lower borrowing costs for
bond issuers.
S&P Municipal Bond Index:
An unleveraged, market value-weighted index designed to measure the performance of the
tax-exempt, investment-grade U.S. municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Total Investment Exposure:
Total investment exposure is a funds assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes a
funds use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has
been effectively financed by the trusts issuance of floating rate securities.
Zero Coupon Bond:
A zero coupon bond does not pay a
regular interest coupon to its holders during the life of the bond. Tax-exempt income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at issuance and the par value of the bond at
maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
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Additional Fund Information
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Fund Manager
Nuveen Fund
Advisors, LLC
333 West Wacker Drive
Chicago, IL
60606
Sub-Adviser
Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
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Independent Registered
Public Accounting Firm
PricewaterhouseCoopers LLP
Chicago, IL 60606
Custodian
State Street Bank & Trust Company
Boston, MA 02111
Transfer Agent and Shareholder Services
Boston Financial
Data Services, Inc.
Nuveen Investor Services
P.O. Box 8530
Boston, MA 02266-8530
(800) 257-8787
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Quarterly Form N-Q Portfolio of Investments Information:
Each Fund is required to file its complete schedule of portfolio
holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the
SECs Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
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Nuveen Funds Proxy Voting Information:
You may obtain (i) information regarding how each fund voted proxies relating to
portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveens website at www.nuveen.com and (ii) a
description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at
(800) 257-8787.
You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
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The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding
the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. FINRA also provides an investor brochure that includes information describing
the Public Disclosure Program.
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Nuveen Investments:
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Serving Investors for Generations
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Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through
continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
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Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the
consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management,
Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $215 billion
as of September 30, 2013.
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Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call
us at
(800) 257-8787.
Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of
any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or
Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606.
Please read the prospectus carefully before you invest or send money.
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Learn more about Nuveen Funds at:
www.nuveen.com/mf
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Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
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MSA-MS2-1113P
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Mutual Funds
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Nuveen Municipal
Bond Funds
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Dependable, tax-free income because its not what you earn,
its what you
keep.
®
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Semi-Annual Report
November 30, 2013
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Share Class / Ticker Symbol
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Fund Name
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Class A
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Class B
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Class C
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Class I
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Nuveen Maryland Municipal Bond Fund
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NMDAX
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NBMDX
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NMDCX
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NMMDX
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Nuveen Pennsylvania Municipal Bond Fund
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FPNTX
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FPMBX
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NBPAX
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Nuveen Virginia Municipal Bond Fund
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FVATX
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NFVBX
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FVACX
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NMVAX
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Life is Complex.
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Nuveen makes things
e-simple.
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It only takes a minute to sign up for
e-Reports.
Once enrolled, youll receive an
e-mail
as soon as your Nuveen Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the
e-mail
to see the report
and save it on your computer if you wish.
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Free
e-Reports
right to your
e-mail!
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www.investordelivery.com
If you receive your Nuveen Fund distributions and statements from your financial advisor or brokerage account.
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or
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www.nuveen.com/accountaccess
If you receive your Nuveen Fund distributions and statements directly from Nuveen.
Must be preceded by or accompanied by a prospectus.
NOT FDIC INSURED MAY LOSE VALUE
NO BANK GUARANTEE
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Table of Contents
Chairmans Letter to Shareholders
Dear Shareholders,
I am pleased to have this opportunity to introduce myself to you as the new independent chairman of the Nuveen Fund Board, effective July 1, 2013. I am honored to
have been selected as chairman, with its primary responsibility to serve the interests of the Nuveen Fund shareholders. My predecessor, Robert Bremner, was the first independent director to serve as chairman of the Board and I, and my fellow Board
members, plan to continue his legacy of strong independent oversight of your funds.
The global economy has hit major turning points over the last
several months to a year. The developed world is gradually recovering from its financial crisis while the emerging markets appear to be struggling with the downshift of Chinas growth potential. Japan is entering a new era of growth after
decades of economic stagnation and many of the Eurozone nations appear to be exiting their recession. Despite the positive events, there are still potential risks. Middle East tensions, rising oil prices, defaults in Europe and fallout from the
financial stress in emerging markets could all reverse the recent progress in the global economy.
On the domestic front, recent events such as the
Federal Reserve decision to slow down its bond buying program beginning in January of 2014 and the federal budget compromise that would guide government spending into 2015 are both positives for the economy moving forward. Corporate fundamentals are
strong as earnings per share and corporate cash are at the highest level in two decades. Unemployment is trending down and the housing market has experienced a rebound, each assisting the positive economic scenario. However, there are some issues to
be watched. Interest rates are expected to increase but significant uncertainty about the timing remains. Partisan politics in Washington D.C. with their troublesome outcomes add to the uncertainties that could cause problems for the economy going
forward.
In the near term, governments are focused on economic recovery and the growth of their economies, which could lead to an environment of
attractive investment opportunities. Over the long term, the uncertainties mentioned earlier could hinder the potential growth. Because of this, Nuveens investment management teams work hard to balance return and risk with a range of
investment strategies. I encourage you to read the following commentary on the management of your fund.
On behalf of the other members of the Nuveen
Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of
the Board
January 21, 2014
Portfolio Managers Comments
Nuveen Maryland Municipal Bond Fund
Nuveen Pennsylvania Municipal Bond Fund
Nuveen Virginia
Municipal Bond Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio
managers Thomas C. Spalding, CFA, and Paul L. Brennan, CFA, review key investment strategies and the performance of the Nuveen Maryland Municipal Bond Fund, the Nuveen Pennsylvania Municipal Bond Fund and the Nuveen Virginia Municipal Bond Fund. Tom
has managed the Maryland and Virginia Funds since 2011 and Paul has managed the Pennsylvania Fund since that same year.
How did the Funds
perform during the six-month reporting period ending November 30, 2013?
The tables in the Fund Performance, Expense and Effective Leverage
Ratios section of this report provide each Funds total return performance information for its Class A Shares at net asset value (NAV) for the six-month, one-year, five-year and ten-year periods ending November 30, 2013. Each
Funds returns are compared with the performance of a corresponding market index and its and Lipper classification average.
During the first part
of this reporting period, widespread uncertainty about the next step for the Federal Reserves (Fed) quantitative easing program and the potential impact on the economy and financial markets led to increased market volatility. After surprising
the market in September 2013 with its decision to wait for additional evidence of an improving economy before making any adjustments to the program, the Fed announced on December 18 (subsequent to the close of this reporting period) that it
would begin tapering its monthly bond-buying program by $10 billion (to $75 billion) in January 2014. Political debate over federal spending and headline credit stories involving Detroit and Puerto Rico also contributed to the unsettled
environment during this reporting period and prompted an increase in selling by bondholders across the fixed income markets. Although the second half of the period brought some stabilization and a rally in the municipal market, municipal bond prices
generally declined for the period as a whole, especially at the longer end of the maturity spectrum, while interest rates rose. During this time, we continued to take a bottom-up approach to discovering sectors that appeared undervalued as well as
individual credits that had the potential to perform well over the long term and helped us keep our Funds fully invested.
During the six-months ending
November 30, 2013, the Class A Shares at NAV of the Maryland, Pennsylvania and Virginia Funds underperformed the benchmark S&P Municipal Bond Index. Meanwhile, the Pennsylvania Fund outperformed its Lipper classification average, while
the Maryland and Virginia Funds lagged their individual state Lipper classification averages.
Certain statements in this report are forward-looking
statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of
the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other
factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Ratings shown
are the highest rating given by one of the following national rating agencies: Standard & Poors (S&P), Moodys Investors Service (Moodys), Inc. or Fitch, Inc. (Fitch). Credit ratings are subject to change. AAA, AA, A and BBB
are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities. Holdings
designated N/R are not rated by these national rating agencies.
Bond insurance guarantees only the payment of principal and interest on the bond
when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a
Fund. No representation is made as to the insurers ability to meet their commitments.
Portfolio Managers Comments
(continued)
What strategies were used to
manage the Funds during the six-month reporting period ended November 30, 2013? How did these strategies influence performance?
All of the
Funds continued to employ the same fundamental investment strategies and tactics long relied upon by Nuveen Asset Management. Our municipal bond portfolios are managed with a value-oriented approach and close input from Nuveen Asset
Managements research team. Below we highlight the specific factors influencing each Funds investment strategy, as well as how we managed each portfolio in light of recent market conditions.
Nuveen Maryland and Virginia Municipal Bond Funds
The Nuveen Maryland Municipal Bond Fund underperformed the national S&P Municipal Bond Index during the six-month reporting period ending November 30,
2013.
This Fund, along with the rest of the municipal bond industry, experienced a significant level of shareholder redemptions during the reporting
period. Rising interest rates resulting from the Feds tapering announcement in May, coupled with investors heightened concerns about the credit quality of municipal bond issuers, led investors to seek alternatives to the municipal
market, especially during the summer months.
A significant source of relative underperformance for the Fund was our exposure to Puerto Rico bonds. At
the start of the six-month reporting period, approximately 10% of the portfolio was invested in Puerto Rico-issued debt. These securities have traditionally been widely held by portfolio managers because of their ability to diversify a portfolio
while providing tax-exempt income to U.S. residents. Given relatively low bond issuance in Maryland, the Fund had a heightened exposure to Puerto Rico securities going into the reporting period, with an emphasis on more conservative issues, such as
bonds insured by Assured Guaranty or National Public Finance Guarantee (NPFG), and Puerto Rico sales-tax bonds known as Puerto Rico Sales Tax Financing Corporation (COFINA). While these holdings fared better than Puerto Rico general obligation
bonds, which we did not own, they nevertheless performed poorly, and the Funds higher than normal allocation hampered results.
Also hurting
relative performance was the Funds exposure to bonds on the lower end of the credit quality spectrum. The Funds allocation to BBB- and BB-rated credits, two greater-than-average weightings in the portfolio, had a negative impact on our
results as lower quality bonds trailed their higher grade counterparts amid the markets uneasiness about riskier debt. We thoroughly investigated the credit quality of these lower rated issues prior to buying them and continued to believe in
their long term potential for shareholders.
Our portfolio management activity during the reporting period focused on finding appropriate ways to meet
shareholder redemptions, which, as we mentioned, were prevalent in response to difficult market conditions. Fortunately, the Fund received a large number of bond calls through July, which provided much of the proceeds necessary to fund investment
outflows, reducing the need to sell bonds we did not otherwise wish to sell.
When call activity slowed, our selling emphasis shifted to securities for
which we could find available buyers at reasonable prices. To a large extent, this included Puerto Rico bonds, and we were able to reduce the portfolios exposure to direct Puerto Rico obligations to roughly 6% at the end of the reporting
period. Other sales included some short pre-refunded bonds that offered ready liquidity, as well as a small number of transportation issues. While selling activity significantly outpaced buying transactions, we did make a very modest number of
purchases. Early in the reporting period, we bought long dated bonds issued by Johns Hopkins University that we believed would be a defensive, highly liquid investment providing good value for shareholders. Other purchases included adding onto
existing positions in the health care sector and replenishing some of the Funds short-term investments.
The Nuveen Virginia Municipal Bond Fund also underperformed the national S&P Municipal Bond Index during the
six-month reporting period. Our exposure to Puerto Rico debt posed a notable challenge for relative performance, given how poorly those bonds fared in the wake of weakening credit quality for this U.S. territory. The Fund began the reporting period
with an approximate weighting of 10% in Puerto Rico. While we were able to cut that exposure nearly in half in the final months of the reporting period and therefore moderating further losses, the Funds allocation nevertheless was a meaningful
detractor.
To a lesser extent, our duration positioning also hindered returns. The Fund began the reporting period with a longer duration than the
benchmark, meaning that the portfolio was modestly more sensitive to the detrimental effects of rising interest rates. In addition, duration continued to drift upward during the summer as we sold some of our highly liquid, shorter dated bond
holdings to satisfy shareholder redemptions. Accordingly, when interest rates rose during the reporting period, the Funds higher relative duration was a negative factor.
The Virginia Fund experienced significant bond call activity during the reporting period. In fact, this was a fortuitous development, given the high level of shareholder redemptions, because it limited our need to
sell securities we otherwise liked and preferred to hold. During the summer, we did sell several highly liquid bonds to generate necessary cash to fund redemptions. Subsequent redemption activity provided an opportunity to reduce the Funds
weighting in Puerto Rico bonds to roughly 6% of the portfolio.
Purchase activity, which was minimal, focused on identifying attractive investment
opportunities when cash was available. New purchases during the reporting period included bonds issued by Washington and Lee University, single-family housing bonds added both early and late in the reporting period, and Guam-issued water works bonds
toward the end of the reporting period. These securities all offered good yields at what we believed were favorable valuations, and we thought they could provide our shareholders with solid long-term value if the market reverted to more normalized
conditions which, in fact, occurred late in the reporting period.
Nuveen Pennsylvania Municipal Bond Fund
The Nuveen Pennsylvania Municipal Bond Funds duration positioning was the major contributor to underperformance relative to the national S&P Municipal
Bond Index. Specifically, the Fund had a sizeable overweighting in longer maturity bonds compared with the index, which made the Fund more sensitive to the adverse effects of rising interest rates. During the summer, after the Fed announced its
plans to begin tapering its economic stimulus program, interest rates rose sharply, especially on intermediate and longer bonds. Accordingly, the Funds greater exposure to bonds on the long end of the yield curve had a negative impact on
relative performance during the reporting period.
In addition, duration naturally drifted higher during the reporting period in tandem with interest
rates, further hampering the Funds results. However, this elevated duration proved to be a positive factor in the final months of the reporting period when municipal market conditions improved, and the Fund was able to make up a portion of its
losses.
Credit quality positioning proved a secondary challenge. The Funds overweighting in bonds with credit ratings of A and BBB was a
disadvantage in a market environment in which investors, wary of credit related challenges facing Detroit and Puerto Rico, favored higher rated credits. Tempering the underperformance, however, was the Funds substantial allocation to high
quality issues, which included a sizable allocation to AA-rated bonds that contributed positively to results.
Portfolio Managers Comments
(continued)
Regarding Puerto Rico, the Fund
was negatively affected by its modest exposure to the U.S. territorys bonds (roughly 2% of the portfolio at the beginning of the reporting period). This was despite the relatively conservative nature of our Puerto Rico holdings, which included
insured bonds and sales-tax backed Puerto Rico Sales Tax Financing Corporation (COFINA) securities. While all of these holdings saw substantial price depreciation during the reporting period, they generally held up better than most other Puerto Rico
issues.
We liked the portfolios essential positioning during the reporting period and tried to keep it consistent amid an environment of
significant shareholder redemptions. Accordingly, we were tactical about our selling activity, choosing to sell those bonds that would generate needed liquidity while preserving the Funds credit quality positioning. We had a bias toward
selling shorter dated and higher quality holdings, because we believed that the long term credit fundamentals of municipal bond issuers were still relatively favorable. By selling these shorter dated and higher quality issues, we sought to maintain
or even slightly increase our exposure to longer dated, creditworthy lower rated bonds that would be poised to benefit from more normalized market conditions. We also sold some of our Puerto Rico bonds, which allowed us to achieve two goals
simultaneously, reducing our exposure to this financially troubled issuer and generating the proceeds needed to meet redemptions.
While most of our
management activity involved selling bonds to fulfill investor outflows, we did make periodic purchases that furthered our portfolio objectives. The biggest addition to the portfolio included bonds for a water distribution project in Lehigh County.
We also added Widener University bonds, as well as debt issued for the Philadelphia Performing Arts Charter School and Temple University Health System bonds.
An Update Regarding Detroit and Puerto Rico
During this reporting period, two credit situations weighed on the
municipal market. It is important to note that, while these situations received much attention from the media, they represented isolated events. On July 18, 2013, the City of Detroit filed for Chapter 9 bankruptcy. Detroit, burdened by decades
of population loss, declines in the auto manufacturing industry, and significant tax base deterioration, has been under severe financial stress for an extended period. Detroits bankruptcy filing will likely be a lengthy one, given the
complexity of its debt portfolio, number of creditors, numerous union contracts, and significant legal questions that must be addressed.
Another factor
affecting the Funds holdings was the downgrade of debt issued by Puerto Rico. In 2012, Moodys downgraded Puerto Rico general obligation (GO) bonds to Baa3 from Baa1, Puerto Rico Sales Tax Financing Corporation (COFINA) senior sales tax
revenue bonds to Aa3 from Aa2, and COFINA subordinate sales tax revenue bonds to A3 from A1. In October 2013, Moodys further downgraded the COFINA senior sales tax bonds to A2, while affirming the subordinate bonds at A3. On November 14,
2013, Fitch Ratings announced that it was placing the majority of Puerto Rico issuancewith the exception of the COFINA bondson negative credit watch, which implies that another downgrade may be likely. While Fitch currently rates Puerto
Rico issuance at BBB-, it affirmed the ratings on COFINA bonds at AA- for the senior bonds and A+ for the subordinate bonds, with stable outlooks. On December 11, 2013 (subsequent to the close of this reporting period), Moodys announced
that it also had placed its Baa3 rating on Puerto Rico GOs (and other Puerto Rico issues linked to the GO rating) on review for downgrade. These downgrades were based on Puerto Ricos ongoing economic problems and, in the case of the COFINA
bonds, the impact of these problems on the projected growth of sales tax revenues. However, the COFINA bonds were able to maintain a higher credit rating than the GOs because, unlike the revenue streams supporting some Puerto Rican issues, the sales
taxes supporting the COFINA bonds cannot be diverted and used to support Puerto Ricos GO bonds. For the six-month reporting period ended November 30, 2013, Puerto Rico paper underperformed the municipal market as a whole.
Risk Considerations and Dividend
Information
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Debt or fixed income securities such as those held by the Funds, are subject to market risk, credit
risk, interest rate risk, call risk, state concentration risk, tax risk and income risk. As interest rates rise, bond prices fall. Credit risk refers to an issuers ability to make interest and principal payments when due. Below investment grade or
high yield debt securities are subject to liquidity risk and heightened credit risk. The Funds use of inverse floaters creates effective leverage. Leverage involves the risk that the Funds could lose more than their original investment and
also increases the Funds exposure to volatility and interest rate risk.
Dividend Information
Each Fund seeks to pay dividends at a rate that reflects the past and projected performance of the Fund. To permit a Fund to maintain a more stable monthly
dividend, the Fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the Fund during the period. If the Fund has cumulatively earned more than it has paid in dividends, it will hold the
excess in reserve as undistributed net investment income (UNII) as part of the Funds net asset value. Conversely, if the Fund has cumulatively paid in dividends more than it has earned, the excess will constitute negative UNII that will
likewise be reflected in the Funds net asset value. Each Fund will, over time, pay all its net investment income as dividends to shareholders. As of November 30, 2013, all three Funds had positive UNII balances for tax purposes, based upon our
best estimate, and positive UNII balances for financial reporting purposes.
[THIS PAGE INTENTIONALLY LEFT BLANK]
Fund Performance, Expense and Effective Leverage Ratios
The Fund Performance, Expense and Effective Leverage Ratios for each
Fund are shown on the following three pages.
Returns quoted represent past performance, which is no guarantee of future results.
Current
performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be
lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. Income is generally exempt from regular federal income taxes. Some income may
be subject to state and local income taxes and to the federal alternative minimum tax. Capital gains, if any, are subject to tax.
Returns may reflect a
contractual agreement between certain Funds and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Note 7Management Fees and Other Transactions with Affiliates for more information. In addition,
returns may reflect a voluntary expense limitation by the Funds investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume
reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for the Funds Class A Shares at net
asset value (NAV) only.
The expense ratios shown reflect the Funds total operating expenses (before fee waivers and/or expense reimbursements, if
any) as shown in the Funds most recent prospectus. The expense ratios include management fees and other fees and expenses.
Leverage is created
whenever a Fund has investment exposure (both reward and/or risk) equivalent to more than 100% of the investment capital. The effective leverage ratio shown is the amount of investment exposure created either through borrowings or indirectly through
inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or referenced by the levered instrument.
Fund Performance, Expense and Effective Leverage Ratios
(continued)
Nuveen Maryland Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense and Effective Leverage Ratios section for further explanation of the information included within this
page.
Fund Performance
Average Annual Total
Returns as of November 30, 2013
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Cumulative
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Average Annual
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6-Month
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1-Year
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5-Year
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10-Year
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Class A Shares at NAV
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(5.64)%
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(5.64)%
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6.47%
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3.81%
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Class A Shares at maximum Offering Price
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(9.62)%
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(9.63)%
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5.57%
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3.37%
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S&P Municipal Bond Index*
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(2.73)%
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(3.57)%
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6.57%
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4.44%
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Lipper Maryland Municipal Debt Funds Classification Average*
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(4.89)%
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(5.97)%
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6.07%
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3.22%
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Class B Shares w/o CDSC
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(6.02)%
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(6.37)%
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5.66%
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3.18%
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Class B Shares w/CDSC
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(10.65)%
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(10.01)%
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5.50%
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3.18%
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Class C Shares
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(5.84)%
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(6.10)%
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5.91%
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3.24%
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Class I Shares
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(5.53)%
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(5.43)%
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6.68%
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4.01%
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Average Annual Total Returns as of December 31, 2013 (Most Recent Calendar Quarter)
**
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Cumulative
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Average Annual
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6-Month
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1-Year
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5-Year
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10-Year
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Class A Shares at NAV
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(3.00)%
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(4.94)%
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6.51%
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3.66%
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Class A Shares at maximum Offering Price
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(7.07)%
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(8.94)%
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5.60%
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3.22%
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Class C Shares
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(3.29)%
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(5.48)%
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5.96%
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3.10%
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Class I Shares
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(2.98)%
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(4.81)%
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6.73%
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3.87%
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Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net
asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class B Shares had a CDSC that begins at 5% for
redemptions during the first year and declined periodically until after six years when the charge became 0%. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I
Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent
Prospectus
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Share Class
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Class A
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Class B
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Class C
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Class I
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Expense Ratios
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0.82%
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1.57%
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1.37%
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0.62%
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Effective Leverage Ratio as of November 30, 2013
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Effective Leverage Ratio
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0.00%
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*
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Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
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**
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Class B Shares were converted to Class A Shares at the close of business on December 16, 2013, therefore no performance is shown as of December 31, 2013.
|
Nuveen Pennsylvania Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense and Effective Leverage Ratios
section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of November 30, 2013
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Cumulative
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Average Annual
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6-Month
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1-Year
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5-Year
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10-Year
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Class A Shares at NAV
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(3.67)%
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(4.82)%
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|
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6.83%
|
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|
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4.19%
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Class A Shares at maximum Offering Price
|
|
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(7.68)%
|
|
|
|
(8.83)%
|
|
|
|
5.92%
|
|
|
|
3.75%
|
|
S&P Municipal Bond Index*
|
|
|
(2.73)%
|
|
|
|
(3.57)%
|
|
|
|
6.57%
|
|
|
|
4.44%
|
|
Lipper Pennsylvania Municipal Debt Funds Classification Average*
|
|
|
(4.69)%
|
|
|
|
(5.88)%
|
|
|
|
6.06%
|
|
|
|
3.44%
|
|
|
|
|
|
|
Class C Shares
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(3.88)%
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|
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(5.32)%
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|
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6.26%
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|
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3.62%
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Class I Shares
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(3.59)%
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(4.68)%
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|
|
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7.06%
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|
|
4.39%
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|
Average Annual Total Returns as of December 31, 2013 (Most Recent Calendar Quarter)
|
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|
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|
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|
|
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|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
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1-Year
|
|
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5-Year
|
|
|
10-Year
|
|
Class A Shares at NAV
|
|
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(0.47)%
|
|
|
|
(3.70)%
|
|
|
|
6.99%
|
|
|
|
4.10%
|
|
Class A Shares at maximum Offering Price
|
|
|
(4.69)%
|
|
|
|
(7.74)%
|
|
|
|
6.07%
|
|
|
|
3.65%
|
|
Class C Shares
|
|
|
(0.77)%
|
|
|
|
(4.19)%
|
|
|
|
6.42%
|
|
|
|
3.53%
|
|
Class I Shares
|
|
|
(0.39)%
|
|
|
|
(3.55)%
|
|
|
|
7.20%
|
|
|
|
4.30%
|
|
Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net
asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within
less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
|
|
|
Class C
|
|
|
Class I
|
|
Expense Ratios
|
|
|
0.80%
|
|
|
|
1.35%
|
|
|
|
0.60%
|
|
Effective Leverage Ratio as of November 30, 2013
|
|
|
|
|
Effective Leverage Ratio
|
|
|
0.18%
|
|
*
|
Refer to the Glossary of Terms Used in the Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
Fund Performance, Expense and Effective Leverage Ratios
(continued)
Nuveen Virginia Municipal Bond Fund
Refer to the first page of this Fund Performance, Expense and Effective Leverage Ratios section for further explanation of the information included within this
page.
Fund Performance
Average Annual Total
Returns as of November 30, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
Class A Shares at NAV
|
|
|
(5.63)%
|
|
|
|
(6.24)%
|
|
|
|
6.75%
|
|
|
|
3.99%
|
|
Class A Shares at maximum Offering Price
|
|
|
(9.60)%
|
|
|
|
(10.16)%
|
|
|
|
5.84%
|
|
|
|
3.54%
|
|
S&P Municipal Bond Index*
|
|
|
(2.73)%
|
|
|
|
(3.57)%
|
|
|
|
6.57%
|
|
|
|
4.44%
|
|
Lipper Virginia Municipal Debt Funds Classification Average*
|
|
|
(5.26)%
|
|
|
|
(6.73)%
|
|
|
|
5.80%
|
|
|
|
3.27%
|
|
|
|
|
|
|
Class B Shares w/o CDSC
|
|
|
(5.94)%
|
|
|
|
(6.92)%
|
|
|
|
5.97%
|
|
|
|
3.37%
|
|
Class B Shares w/CDSC
|
|
|
(10.58)%
|
|
|
|
(10.53)%
|
|
|
|
5.81%
|
|
|
|
3.37%
|
|
Class C Shares
|
|
|
(5.84)%
|
|
|
|
(6.80)%
|
|
|
|
6.17%
|
|
|
|
3.43%
|
|
Class I Shares
|
|
|
(5.49)%
|
|
|
|
(6.11)%
|
|
|
|
6.96%
|
|
|
|
4.19%
|
|
Average Annual Total Returns as of December 31, 2013 (Most Recent Calendar Quarter)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cumulative
|
|
|
Average Annual
|
|
|
|
6-Month
|
|
|
1-Year
|
|
|
5-Year
|
|
|
10-Year
|
|
Class A Shares at NAV
|
|
|
(2.47)%
|
|
|
|
(5.43)%
|
|
|
|
6.71%
|
|
|
|
3.84%
|
|
Class A Shares at maximum Offering Price
|
|
|
(6.56)%
|
|
|
|
(9.37)%
|
|
|
|
5.79%
|
|
|
|
3.40%
|
|
Class B Shares w/o CDSC
|
|
|
(2.86)%
|
|
|
|
(6.11)%
|
|
|
|
5.92%
|
|
|
|
3.23%
|
|
Class B Shares w/CDSC
|
|
|
(7.65)%
|
|
|
|
(9.76)%
|
|
|
|
5.76%
|
|
|
|
3.23%
|
|
Class C Shares
|
|
|
(2.76)%
|
|
|
|
(5.91)%
|
|
|
|
6.12%
|
|
|
|
3.28%
|
|
Class I Shares
|
|
|
(2.30)%
|
|
|
|
(5.12)%
|
|
|
|
6.93%
|
|
|
|
4.06%
|
|
Class A Shares have a maximum 4.20% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net
asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class B Shares have a CDSC that begins at 5% for
redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within
less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
|
|
|
Class B
|
|
|
Class C
|
|
|
Class I
|
|
Expense Ratios
|
|
|
0.79%
|
|
|
|
1.54%
|
|
|
|
1.34%
|
|
|
|
0.59%
|
|
Effective Leverage Ratio as of November 30, 2013
|
|
|
|
|
Effective Leverage Ratio
|
|
|
0.00%
|
|
*
|
Refer to the Glossary of Terms Used in the Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
Yields
November 30, 2013
Dividend Yield is the most
recent dividend per share (annualized) divided by the offering price per share.
The SEC
30-Day
Yield is a
standardized measure of a Funds yield that accounts for the future amortization of premiums or discounts of bonds held in the Funds portfolio. The SEC
30-Day
Yield is computed under an SEC
standardized formula and is based on the maximum offer price per share. Dividend Yield may differ from the SEC
30-Day
Yield because the Fund may be paying out more or less than it is earning and it may not
include the effect of amortization of bond premium.
The Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment
in order to equal the yield of the Fund on an
after-tax
basis at a specified tax rate. With respect to investments that generate qualified dividend income that is taxable at a maximum rate of 15%, the
Taxable-Equivalent Yield is lower.
Nuveen Maryland Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
1
|
|
|
Class B
|
|
|
Class C
|
|
|
Class I
|
|
Dividend Yield
|
|
|
3.57%
|
|
|
|
2.97%
|
|
|
|
3.15%
|
|
|
|
3.95%
|
|
SEC 30-Day Yield
|
|
|
3.06%
|
|
|
|
2.44%
|
|
|
|
2.64%
|
|
|
|
3.39%
|
|
Taxable-Equivalent Yield
2
|
|
|
4.50%
|
|
|
|
3.59%
|
|
|
|
3.88%
|
|
|
|
4.99%
|
|
Nuveen Pennsylvania Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
1
|
|
|
Class C
|
|
|
Class I
|
|
Dividend Yield
|
|
|
3.75%
|
|
|
|
3.35%
|
|
|
|
4.10%
|
|
SEC 30-Day Yield
|
|
|
3.11%
|
|
|
|
2.69%
|
|
|
|
3.44%
|
|
Taxable-Equivalent Yield
3
|
|
|
4.46%
|
|
|
|
3.85%
|
|
|
|
4.93%
|
|
Nuveen Virginia Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
1
|
|
|
Class B
|
|
|
Class C
|
|
|
Class I
|
|
Dividend Yield
|
|
|
3.59%
|
|
|
|
2.96%
|
|
|
|
3.18%
|
|
|
|
3.94%
|
|
SEC 30-Day Yield
|
|
|
3.05%
|
|
|
|
2.44%
|
|
|
|
2.64%
|
|
|
|
3.39%
|
|
Taxable-Equivalent Yield
4
|
|
|
4.49%
|
|
|
|
3.59%
|
|
|
|
3.89%
|
|
|
|
4.99%
|
|
1
|
The SEC Yield for Class A shares quoted in the table reflects the maximum sales load. Investors paying a reduced load because of volume discounts, investors paying no load
because they qualify for one of the several exclusions from the load, and existing shareholders who previously paid a load but would like to know the SEC Yield applicable to their shares on a going-forward basis, should understand that the SEC Yield
effectively applicable to them would be higher than the figure quoted in the table.
|
2
|
The Taxable-Equivalent Yield is based on the Funds SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 32.0%.
|
3
|
The Taxable-Equivalent Yield is based on the Funds SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 30.2%.
|
4
|
The Taxable-Equivalent Yield is based on the Funds SEC 30-Day Yield on the indicated date and a combined federal and state income tax rate of 32.1%.
|
Holding Summaries
November 30, 2013
This data relates to the securities held in each Funds portfolio of investments. It should not be construed as a measure of performance for the Fund itself.
Ratings shown are the highest rating given by one of the following national rating agencies: Standard & Poors Group, Moodys Investors
Service, Inc. or Fitch, Inc. Credit ratings are subject to change. AAA, AA, A and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below investment grade ratings. Certain bonds backed by U.S. Government or agency securities are regarded
as having an implied rating equal to the rating of such securities. Holdings designated N/R are not rated by these national rating agencies.
Nuveen Maryland Municipal Bond Fund
Bond Credit Quality
1,2,3
|
|
|
|
|
AAA/U.S. Guaranteed
|
|
|
14.3%
|
|
AA
|
|
|
22.4%
|
|
A
|
|
|
27.8%
|
|
BBB
|
|
|
22.1%
|
|
BB or Lower
|
|
|
4.8%
|
|
N/R
|
|
|
4.5%
|
|
Portfolio Composition
1,4
|
|
|
|
|
Health Care
|
|
|
26.7%
|
|
Tax Obligation/Limited
|
|
|
17.5%
|
|
Education and Civic Organizations
|
|
|
8.7%
|
|
U.S. Guaranteed
|
|
|
8.0%
|
|
Tax Obligation/General
|
|
|
7.4%
|
|
Housing/Single Family
|
|
|
5.6%
|
|
Industrials
|
|
|
5.2%
|
|
Long-Term Care
|
|
|
4.9%
|
|
Other
|
|
|
16.0%
|
|
1
|
Holdings are subject to change.
|
2
|
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
|
3
|
As a percentage of total investment exposure. Refer to the Glossary of Terms Used in this Report for further information.
|
4
|
As a percentage of total investments.
|
Nuveen Pennsylvania Municipal Bond Fund
Bond Credit Quality
1,2,3
|
|
|
|
|
AAA/U.S. Guaranteed
|
|
|
8.2%
|
|
AA
|
|
|
37.5%
|
|
A
|
|
|
31.6%
|
|
BBB
|
|
|
11.8%
|
|
BB or Lower
|
|
|
3.4%
|
|
N/R
|
|
|
5.7%
|
|
Portfolio Composition
1,4
|
|
|
|
|
Tax Obligation/General
|
|
|
20.2%
|
|
Health Care
|
|
|
20.1%
|
|
Education and Civic Organizations
|
|
|
16.9%
|
|
Transportation
|
|
|
8.5%
|
|
U.S. Guaranteed
|
|
|
8.4%
|
|
Water and Sewer
|
|
|
8.3%
|
|
Tax Obligation/Limited
|
|
|
6.6%
|
|
Other
|
|
|
11.0%
|
|
Nuveen Virginia Municipal Bond Fund
Bond Credit Quality
1,2,3
|
|
|
|
|
AAA/U.S. Guaranteed
|
|
|
17.3%
|
|
AA
|
|
|
35.1%
|
|
A
|
|
|
14.9%
|
|
BBB
|
|
|
21.2%
|
|
BB or Lower
|
|
|
4.5%
|
|
N/R
|
|
|
4.9%
|
|
Portfolio Composition
1,4
|
|
|
|
|
Tax Obligation/Limited
|
|
|
22.2%
|
|
Transportation
|
|
|
18.7%
|
|
Health Care
|
|
|
14.6%
|
|
Education and Civic Organizations
|
|
|
7.8%
|
|
U.S. Guaranteed
|
|
|
7.4%
|
|
Consumer Staples
|
|
|
6.0%
|
|
Long-Term Care
|
|
|
5.1%
|
|
Other
|
|
|
18.2%
|
|
1
|
Holdings are subject to change.
|
2
|
Percentages may not add to 100% due to the exclusion of other assets less liabilities from the table.
|
3
|
As a percentage of total investment exposure. Refer to the Glossary of Terms Used in this Report for further information.
|
4
|
As a percentage of total investments.
|
Expense Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1)
transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The
Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period.
The information under Actual Performance, together with the amount you invested, allows you to estimate actual expenses incurred over the reporting
period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled Expenses Incurred During Period to
estimate the expenses incurred on your account during this period.
The information under Hypothetical Performance, provides information
about hypothetical account values and hypothetical expenses based on the respective Funds actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds actual return. The hypothetical account
values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5%
hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown
in the tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of
owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Maryland
Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Performance
|
|
|
|
|
Hypothetical Performance
(5% annualized return before expenses)
|
|
|
|
A Shares
|
|
|
B Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
|
|
|
A Shares
|
|
|
B Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
Beginning Account Value (6/01/13)
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
Ending Account Value (11/30/13)
|
|
$
|
943.60
|
|
|
$
|
939.80
|
|
|
$
|
941.60
|
|
|
$
|
944.70
|
|
|
|
|
$
|
1,020.86
|
|
|
$
|
1,017.10
|
|
|
$
|
1,018.10
|
|
|
$
|
1,021.86
|
|
Expenses Incurred During Period
|
|
$
|
4.09
|
|
|
$
|
7.73
|
|
|
$
|
6.77
|
|
|
$
|
3.12
|
|
|
|
|
$
|
4.26
|
|
|
$
|
8.04
|
|
|
$
|
7.03
|
|
|
$
|
3.24
|
|
For each class of the Fund, expenses are equal to the Funds annualized net expense ratio of .84%, 1.59%, 1.39% and .64% for
Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Nuveen Pennsylvania Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Performance
|
|
|
|
|
Hypothetical Performance
(5% annualized return before expenses)
|
|
|
|
A Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
|
|
|
A Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
Beginning Account Value (6/01/13)
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
Ending Account Value (11/30/13)
|
|
$
|
963.30
|
|
|
$
|
961.20
|
|
|
$
|
964.10
|
|
|
|
|
$
|
1,020.96
|
|
|
$
|
1,018.20
|
|
|
$
|
1,021.96
|
|
Expenses Incurred During Period
|
|
$
|
4.04
|
|
|
$
|
6.74
|
|
|
$
|
3.05
|
|
|
|
|
$
|
4.15
|
|
|
$
|
6.93
|
|
|
$
|
3.14
|
|
For each class of the Fund, expenses are equal to the Funds annualized net expense ratio of .82%, 1.37% and .62% for
Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Nuveen Virginia Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual Performance
|
|
|
|
|
Hypothetical Performance
(5% annualized return before expenses)
|
|
|
|
A Shares
|
|
|
B Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
|
|
|
A Shares
|
|
|
B Shares
|
|
|
C Shares
|
|
|
I Shares
|
|
Beginning Account Value (6/01/13)
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
|
$
|
1,000.00
|
|
Ending Account Value (11/30/13)
|
|
$
|
943.70
|
|
|
$
|
940.60
|
|
|
$
|
941.60
|
|
|
$
|
945.10
|
|
|
|
|
$
|
1,021.01
|
|
|
$
|
1,017.25
|
|
|
$
|
1,018.25
|
|
|
$
|
1,022.01
|
|
Expenses Incurred During Period
|
|
$
|
3.95
|
|
|
$
|
7.59
|
|
|
$
|
6.62
|
|
|
$
|
2.97
|
|
|
|
|
$
|
4.10
|
|
|
$
|
7.89
|
|
|
$
|
6.88
|
|
|
$
|
3.09
|
|
For each class of the Fund, expenses are equal to the Funds annualized net expense ratio of .81%, 1.56%, 1.36% and .61% for
Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
Portfolio of Investments
November 30, 2013 (Unaudited)
Nuveen Maryland Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 95.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 95.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary 3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
150
|
|
|
Baltimore, Maryland, Senior Lien Convention Center Hotel Revenue Bonds, Series 2006A:
5.000%, 9/01/14 SYNCORA GTY
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
BB+
|
|
|
$
|
152,489
|
|
|
945
|
|
|
5.000%, 9/01/15 SYNCORA GTY Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
BB+
|
|
|
|
977,045
|
|
|
180
|
|
|
5.250%, 9/01/25 SYNCORA GTY Insured
|
|
|
|
|
9/16 at 100.00
|
|
|
|
BB+
|
|
|
|
177,503
|
|
|
40
|
|
|
5.250%, 9/01/27 SYNCORA GTY Insured
|
|
|
|
|
9/16 at 100.00
|
|
|
|
BB+
|
|
|
|
38,444
|
|
|
4,950
|
|
|
5.250%, 9/01/39 SYNCORA GTY Insured
|
|
|
|
|
9/16 at 100.00
|
|
|
|
BB+
|
|
|
|
4,400,648
|
|
|
|
|
|
|
|
|
260
|
|
|
Baltimore, Maryland, Subordinate Lien Convention Center Hotel Revenue Bonds, Series 2006B, 5.250%, 9/01/22 SYNCORA GTY
Insured
|
|
|
|
|
9/16 at 100.00
|
|
|
|
BB+
|
|
|
|
262,532
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Maryland Economic Development Corporation, Revenue Bonds, Chesapeake Bay Hyatt Conference
Center, Series 2006A, 5.000%, 12/01/31
|
|
|
|
|
12/16 at 100.00
|
|
|
|
N/R
|
|
|
|
569,990
|
|
|
7,525
|
|
|
Total Consumer Discretionary
|
|
|
|
|
|
|
|
|
|
|
|
|
6,578,651
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples 3.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,000
|
|
|
Puerto Rico, The Childrens Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 0.000%, 5/15/50
|
|
|
|
|
5/15 at 11.19
|
|
|
|
BB
|
|
|
|
880,350
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico, The Childrens Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,005
|
|
|
5.375%, 5/15/33
|
|
|
|
|
2/14 at 100.00
|
|
|
|
BBB+
|
|
|
|
2,803,365
|
|
|
545
|
|
|
5.500%, 5/15/39
|
|
|
|
|
2/14 at 100.00
|
|
|
|
BBB
|
|
|
|
475,818
|
|
|
|
|
|
|
|
|
125
|
|
|
Tobacco Settlement Financing Corporation, Virgin Islands, Tobacco Settlement Asset-Backed Bonds, Series 2001, 5.000%,
5/15/31
|
|
|
|
|
5/14 at 100.00
|
|
|
|
A3
|
|
|
|
117,239
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note Diageo Project,
Series 2009A, 6.625%, 10/01/29
|
|
|
|
|
10/19 at 100.00
|
|
|
|
BBB
|
|
|
|
1,634,655
|
|
|
20,175
|
|
|
Total Consumer Staples
|
|
|
|
|
|
|
|
|
|
|
|
|
5,911,427
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations 8.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
625
|
|
|
Frederick County, Maryland, Educational Facilities Revenue Bonds, Mount Saint Marys University, Series 2006, 5.625%,
9/01/38
|
|
|
|
|
9/16 at 100.00
|
|
|
|
BB+
|
|
|
|
563,731
|
|
|
|
|
|
|
|
|
645
|
|
|
Hartford County, Maryland, Economic Development Revenue Bonds, Battelle Memorial Institute, Series 2004, 5.250%, 4/01/34
|
|
|
|
|
4/14 at 100.00
|
|
|
|
A+
|
|
|
|
651,502
|
|
|
|
|
|
|
|
|
500
|
|
|
Maryland Health and Higher Educational Facilities Authority, Educational Facilities Leasehold Mortgage Revenue Bonds, McLean School,
Series 2001, 6.000%, 7/01/31
|
|
|
|
|
1/14 at 100.00
|
|
|
|
BB+
|
|
|
|
482,610
|
|
|
|
|
|
|
|
|
700
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, Series 2012A, 5.000%,
7/01/34
|
|
|
|
|
7/22 at 100.00
|
|
|
|
A
|
|
|
|
720,153
|
|
|
|
|
|
|
|
|
1,870
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2007, 5.000%,
6/01/36
|
|
|
|
|
6/17 at 100.00
|
|
|
|
Baa1
|
|
|
|
1,832,862
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Maryland Institute College of Art, Series 2012, 5.000%,
6/01/29
|
|
|
|
|
6/22 at 100.00
|
|
|
|
Baa1
|
|
|
|
1,028,600
|
|
|
|
|
|
|
|
|
255
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Patterson Park Public Charter School Issue, Series 2010,
6.000%, 7/01/40
|
|
|
|
|
7/20 at 100.00
|
|
|
|
BBB
|
|
|
|
250,334
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, The Johns Hopkins University,
Series 2013B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
5.000%, 7/01/38
|
|
|
|
|
7/23 at 100.00
|
|
|
|
AA+
|
|
|
|
529,265
|
|
|
2,625
|
|
|
4.250%, 7/01/41
|
|
|
|
|
7/23 at 100.00
|
|
|
|
AA+
|
|
|
|
2,574,705
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Industrial Development Financing Authority, Revenue Bonds, Our Lady of Good Counsel High School, Series 2005A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
635
|
|
|
5.500%, 5/01/20
|
|
|
|
|
5/15 at 100.00
|
|
|
|
N/R
|
|
|
|
658,997
|
|
|
500
|
|
|
6.000%, 5/01/35
|
|
|
|
|
5/15 at 100.00
|
|
|
|
N/R
|
|
|
|
513,395
|
|
|
|
|
|
|
|
|
815
|
|
|
Montgomery County Revenue Authority, Maryland, Lease Revenue Bonds, Montgomery College Arts Center Project, Series 2005A, 5.000%,
5/01/20
|
|
|
|
|
5/15 at 100.00
|
|
|
|
AA
|
|
|
|
859,792
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
475
|
|
|
Morgan State University, Maryland, Student Tuition and Fee Revenue Bonds, Academic Fees and Auxiliary Facilities, Series 2012, 5.000%,
7/01/31
|
|
|
|
|
7/22 at 100.00
|
|
|
|
Aa3
|
|
|
$
|
500,745
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Morgan State University, Maryland, Student Tuition and Fee Revenue Refunding Bonds, Academic Fees and Auxiliary Facilities, Series 1993,
6.100%, 7/01/20 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
|
1,766,265
|
|
|
|
|
|
|
|
|
1,250
|
|
|
Westminster, Maryland, Educational Facilities Revenue Bonds, McDaniel College, Series 2006,
4.500%, 11/01/36
|
|
|
|
|
11/16 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,133,563
|
|
|
13,895
|
|
|
Total Education and Civic Organizations
|
|
|
|
|
|
|
|
|
|
|
|
|
14,066,519
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 25.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
625
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Adventist Healthcare, Series 2011A,
6.125%, 1/01/36
|
|
|
|
|
1/22 at 100.00
|
|
|
|
Baa2
|
|
|
|
658,738
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System, Series 2009A, 6.750%,
7/01/39
|
|
|
|
|
7/19 at 100.00
|
|
|
|
A
|
|
|
|
2,330,060
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Anne Arundel Health System, Series 2010, 5.000%,
7/01/32
|
|
|
|
|
7/19 at 100.00
|
|
|
|
A
|
|
|
|
1,022,690
|
|
|
|
|
|
|
|
|
725
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll Hospital Center, Series 2006, 5.000%,
7/01/40
|
|
|
|
|
7/16 at 100.00
|
|
|
|
A3
|
|
|
|
729,423
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Carroll Hospital Center, Series 2012A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
4.000%, 7/01/30
|
|
|
|
|
7/22 at 100.00
|
|
|
|
A3
|
|
|
|
894,890
|
|
|
475
|
|
|
5.000%, 7/01/37
|
|
|
|
|
7/22 at 100.00
|
|
|
|
A3
|
|
|
|
468,184
|
|
|
|
|
|
|
|
|
950
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Doctors Community Hospital, Series 2007A, 5.000%,
7/01/29
|
|
|
|
|
7/17 at 100.00
|
|
|
|
Baa3
|
|
|
|
883,719
|
|
|
|
|
|
|
|
|
1,665
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Frederick Memorial Hospital Issue, Series 2012A, 4.250%,
7/01/32
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa1
|
|
|
|
1,500,898
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Kaiser Permanente System, Series 1998A, 5.375%,
7/01/15
|
|
|
|
|
1/14 at 100.00
|
|
|
|
A+
|
|
|
|
2,007,720
|
|
|
|
|
|
|
|
|
765
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2008, 5.000%, 7/01/28
AGC Insured
|
|
|
|
|
7/17 at 100.00
|
|
|
|
AA
|
|
|
|
780,438
|
|
|
|
|
|
|
|
|
850
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2004,
5.375%, 8/15/24
|
|
|
|
|
8/14 at 100.00
|
|
|
|
A2
|
|
|
|
880,158
|
|
|
|
|
|
|
|
|
2,280
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, MedStar Health, Series 2007, 5.250%, 5/15/46
BHAC Insured
|
|
|
|
|
5/16 at 100.00
|
|
|
|
AA+
|
|
|
|
2,390,124
|
|
|
|
|
|
|
|
|
900
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center, Series 2011, 5.000%,
7/01/31
|
|
|
|
|
7/22 at 100.00
|
|
|
|
BBB
|
|
|
|
889,074
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Medical Center Project,
Series 2007A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
635
|
|
|
5.000%, 7/01/37
|
|
|
|
|
7/17 at 100.00
|
|
|
|
BBB
|
|
|
|
591,312
|
|
|
440
|
|
|
5.500%, 7/01/42
|
|
|
|
|
7/17 at 100.00
|
|
|
|
BBB
|
|
|
|
433,431
|
|
|
|
|
|
|
|
|
1,580
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Peninsula Regional Medical Center, Series 2006, 5.000%,
7/01/36
|
|
|
|
|
7/16 at 100.00
|
|
|
|
A
|
|
|
|
1,581,264
|
|
|
|
|
|
|
|
|
2,450
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, The Johns Hopkins Health System Obligated Group Issue,
Series 2010, 5.000%, 5/15/40
|
|
|
|
|
5/20 at 100.00
|
|
|
|
AA
|
|
|
|
2,470,115
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Union Hospital of Cecil County,
Series 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,405
|
|
|
5.000%, 7/01/35
|
|
|
|
|
7/15 at 100.00
|
|
|
|
A
|
|
|
|
1,396,682
|
|
|
900
|
|
|
5.000%, 7/01/40
|
|
|
|
|
7/15 at 100.00
|
|
|
|
A
|
|
|
|
877,347
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System Issue, Series
2013A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,700
|
|
|
5.000%, 7/01/43
|
|
|
|
|
7/22 at 100.00
|
|
|
|
A2
|
|
|
|
5,557,898
|
|
|
2,250
|
|
|
4.000%, 7/01/43
|
|
|
|
|
7/22 at 100.00
|
|
|
|
A2
|
|
|
|
1,808,280
|
|
|
|
|
|
|
|
|
585
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 1991B, 7.000%,
7/01/22 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
710,155
|
|
|
|
|
|
|
|
|
675
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2006, 5.000%,
7/01/36
|
|
|
|
|
7/16 at 100.00
|
|
|
|
A2
|
|
|
|
672,705
|
|
|
|
|
|
|
|
|
895
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, University of Maryland Medical System, Series 2010, 5.125%,
7/01/39
|
|
|
|
|
7/19 at 100.00
|
|
|
|
A2
|
|
|
|
893,693
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Maryland Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,000
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Upper Chesapeake Hospitals Issue C, Series 2007, 6.000%,
1/01/38
|
|
|
|
|
1/18 at 100.00
|
|
|
|
Baa1
|
|
|
$
|
1,047,990
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Washington County Hospital,
Series 2008:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
5.750%, 1/01/33
|
|
|
|
|
1/18 at 100.00
|
|
|
|
BBB
|
|
|
|
1,507,770
|
|
|
3,385
|
|
|
5.750%, 1/01/38
|
|
|
|
|
1/18 at 100.00
|
|
|
|
BBB
|
|
|
|
3,387,843
|
|
|
800
|
|
|
6.000%, 1/01/43
|
|
|
|
|
1/18 at 100.00
|
|
|
|
BBB
|
|
|
|
804,688
|
|
|
|
|
|
|
|
|
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Western Maryland Health, Series 2006A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
95
|
|
|
5.000%, 7/01/26 NPFG Insured
|
|
|
|
|
7/16 at 100.00
|
|
|
|
A
|
|
|
|
100,017
|
|
|
1,965
|
|
|
5.000%, 7/01/34 NPFG Insured
|
|
|
|
|
7/16 at 100.00
|
|
|
|
A
|
|
|
|
1,966,808
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Montgomery County, Maryland, Revenue Bonds, Trinity Health Credit Group, Refunding Series
2011MD, 5.000%, 12/01/40
|
|
|
|
|
12/21 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,019,700
|
|
|
43,495
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
43,263,814
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily 2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,460
|
|
|
Howard County Housing Commission, Maryland, Revenue Bonds, The Verona at Oakland Mills Project, Series 2013, 5.000%,
10/01/28
|
|
|
|
|
10/23 at 100.00
|
|
|
|
A+
|
|
|
|
1,470,337
|
|
|
|
|
|
|
|
|
110
|
|
|
Maryland Economic Development Corporation, Senior Lien Student Housing Revenue Bonds, University of Maryland Baltimore, Series
2003A, 5.625%, 10/01/23
|
|
|
|
|
2/14 at 100.00
|
|
|
|
B3
|
|
|
|
102,095
|
|
|
|
|
|
|
|
|
500
|
|
|
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Salisbury University Project, Refunding Series 2013, 5.000%,
6/01/34
|
|
|
|
|
6/23 at 100.00
|
|
|
|
Baa3
|
|
|
|
478,365
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Maryland Economic Development Corporation, Student Housing Revenue Bonds, Sheppard Pratt University Village, Series 2012, 5.000%,
7/01/27
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
1,016,010
|
|
|
|
|
|
|
|
|
570
|
|
|
Maryland Economic Development Corporation, Student Housing Revenue Refunding Bonds, University of Maryland College Park Projects, Series
2006, 5.000%, 6/01/33 CIFG Insured
|
|
|
|
|
6/16 at 100.00
|
|
|
|
AA
|
|
|
|
573,597
|
|
|
|
|
|
|
|
|
200
|
|
|
Montgomery County Housing Opportunities Commission, Maryland, GNMA/FHA-Insured Multifamily Housing Revenue Bonds, Series 1995A, 6.000%,
7/01/20
|
|
|
|
|
1/14 at 100.00
|
|
|
|
Aa2
|
|
|
|
200,446
|
|
|
|
|
|
|
|
|
960
|
|
|
Puerto Rico Housing Finance Authority, Capital Fund Program Revenue Bonds, Series 2003, 5.000%,
12/01/17
|
|
|
|
|
2/14 at 100.00
|
|
|
|
AA
|
|
|
|
959,981
|
|
|
4,800
|
|
|
Total Housing/Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
4,800,831
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Single Family 5.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
145
|
|
|
Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2008C,
5.375%, 9/01/39
|
|
|
|
|
9/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
148,310
|
|
|
|
|
|
|
|
|
1,160
|
|
|
Maryland Community Development Administration Department of Housing and Community Development, Residential Revenue Bonds, Series 2010B,
5.250%, 9/01/35
|
|
|
|
|
3/20 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,180,312
|
|
|
|
|
|
|
|
|
1,175
|
|
|
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006F,
4.900%, 9/01/26 (Alternative Minimum Tax)
|
|
|
|
|
9/15 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,185,892
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006I,
4.875%, 9/01/26 (Alternative Minimum Tax)
|
|
|
|
|
3/16 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,517,295
|
|
|
|
|
|
|
|
|
980
|
|
|
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006L,
4.900%, 9/01/31 (Alternative Minimum Tax)
|
|
|
|
|
9/16 at 100.00
|
|
|
|
Aa2
|
|
|
|
985,106
|
|
|
|
|
|
|
|
|
920
|
|
|
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2006P,
4.700%, 3/01/37 (Alternative Minimum Tax)
|
|
|
|
|
3/16 at 100.00
|
|
|
|
Aa2
|
|
|
|
883,458
|
|
|
|
|
|
|
|
|
880
|
|
|
Maryland Community Development Administration, Department of Housing and Community Development, Residential Revenue Bonds, Series 2007D,
4.850%, 9/01/37 (Alternative Minimum Tax)
|
|
|
|
|
3/17 at 100.00
|
|
|
|
Aa2
|
|
|
|
851,013
|
|
|
|
|
|
|
|
|
1,125
|
|
|
Maryland Community Development Administration, Residential Revenue Bonds, Series 2005E, 4.900%, 9/01/36 (Alternative Minimum
Tax)
|
|
|
|
|
9/14 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,115,258
|
|
|
|
|
|
|
|
|
1,200
|
|
|
Maryland Community Development Administration, Residential Revenue Bonds, Series 2006B, 4.750%,
9/01/25 (Alternative Minimum Tax)
|
|
|
|
|
9/15 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,211,556
|
|
|
9,085
|
|
|
Total Housing/Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
9,078,200
|
|
|
|
|
|
|
|
|
|
|
|
Industrials 5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,855
|
|
|
Maryland Economic Development Corporation, Economic Development Revenue Bonds, Transportation Facilities Project, Series 2010A, 5.750%,
6/01/35
|
|
|
|
|
6/20 at 100.00
|
|
|
|
Baa3
|
|
|
|
3,899,333
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Industrials
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,360
|
|
|
Maryland Economic Development Corporation, Solid Waste Disposal Revenue Bonds, Waste Management
Inc., Series 2002, 4.600%, 4/01/16 (Alternative Minimum Tax)
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
$
|
4,557,507
|
|
|
8,215
|
|
|
Total Industrials
|
|
|
|
|
|
|
|
|
|
|
|
|
8,456,840
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Care 4.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,285
|
|
|
Baltimore County, Maryland, Revenue Bonds, Oak Crest Village, Series 2007A, 5.000%, 1/01/37
|
|
|
|
|
1/17 at 100.00
|
|
|
|
A
|
|
|
|
2,252,576
|
|
|
|
|
|
|
|
|
950
|
|
|
Gaithersburg, Maryland, Economic Development Revenue Bonds, Asbury Methodist Homes Inc., Series 2009B, 6.000%, 1/01/23
|
|
|
|
|
1/20 at 100.00
|
|
|
|
BBB
|
|
|
|
1,019,626
|
|
|
|
|
|
|
|
|
2,610
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Charlestown Community Issue, Series 2010, 6.250%,
1/01/41
|
|
|
|
|
1/21 at 100.00
|
|
|
|
A
|
|
|
|
2,730,478
|
|
|
|
|
|
|
|
|
1,965
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Mercy Ridge
Retirement Community, Series 2007, 4.750%, 7/01/34
|
|
|
|
|
7/17 at 100.00
|
|
|
|
A
|
|
|
|
1,896,087
|
|
|
7,810
|
|
|
Total Long-Term Care
|
|
|
|
|
|
|
|
|
|
|
|
|
7,898,767
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General 7.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
435
|
|
|
Anne Arundel County, Maryland, General Obligation Bonds, Series 2006, 5.000%, 3/01/21
|
|
|
|
|
3/16 at 100.00
|
|
|
|
AAA
|
|
|
|
476,316
|
|
|
|
|
|
|
|
|
400
|
|
|
Anne Arundel County, Maryland, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 3/01/17
|
|
|
|
|
3/16 at 100.00
|
|
|
|
AAA
|
|
|
|
440,364
|
|
|
|
|
|
|
|
|
295
|
|
|
Charles County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2006, 5.000%, 3/01/16
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
325,839
|
|
|
|
|
|
|
|
|
6,000
|
|
|
Maryland, General Obligation Bonds, State and Local Facilities Loan, First Series 2001, 5.500%, 3/01/15
|
|
|
|
|
No Opt. Call
|
|
|
|
AAA
|
|
|
|
6,399,776
|
|
|
|
|
|
|
|
|
1,800
|
|
|
Montgomery County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2005A, 5.000%, 7/01/15
|
|
|
|
|
No Opt. Call
|
|
|
|
AAA
|
|
|
|
1,936,242
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 5.500%, 7/01/29 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa3
|
|
|
|
1,839,425
|
|
|
|
|
|
|
|
|
560
|
|
|
Puerto Rico, General Obligation Bonds, Series 2004A, 5.000%, 7/01/15 AGM
Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
AA
|
|
|
|
562,285
|
|
|
11,990
|
|
|
Total Tax Obligation/General
|
|
|
|
|
|
|
|
|
|
|
|
|
11,980,247
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited 16.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
300
|
|
|
Anne Arundel County, Maryland, Special Obligation Bonds, National Business Park North Project, Series 2010, 6.100%,
7/01/40
|
|
|
|
|
7/18 at 102.00
|
|
|
|
N/R
|
|
|
|
308,988
|
|
|
|
|
|
|
|
|
1,200
|
|
|
Baltimore, Maryland, Revenue Refunding Bonds, Convention Center, Series 1998, 5.000%, 9/01/19 NPFG Insured
|
|
|
|
|
3/14 at 100.00
|
|
|
|
A
|
|
|
|
1,204,056
|
|
|
|
|
|
|
|
|
200
|
|
|
Baltimore, Maryland, Special Obligation Bonds, North Locust Point Project, Series 2005, 5.500%, 9/01/34
|
|
|
|
|
9/15 at 101.00
|
|
|
|
N/R
|
|
|
|
195,864
|
|
|
|
|
|
|
|
|
|
|
|
Frederick County, Maryland, Lake Linganore Village Community Development Special Obligation Bonds, Series 2001A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
255
|
|
|
5.600%, 7/01/20 RAAI Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
N/R
|
|
|
|
255,321
|
|
|
115
|
|
|
5.700%, 7/01/29 RAAI Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
N/R
|
|
|
|
114,057
|
|
|
|
|
|
|
|
|
|
|
|
Fredrick County, Maryland, Special Obligation Bonds, Urbana Community Development Authority, Series 2010A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,850
|
|
|
5.000%, 7/01/30
|
|
|
|
|
7/20 at 100.00
|
|
|
|
A
|
|
|
|
1,895,806
|
|
|
2,870
|
|
|
5.000%, 7/01/40
|
|
|
|
|
7/20 at 100.00
|
|
|
|
A
|
|
|
|
2,865,666
|
|
|
|
|
|
|
|
|
670
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
675,233
|
|
|
|
|
|
|
|
|
450
|
|
|
Hyattsville, Maryland, Special Obligation Bonds, University Town Center Project, Series 2004, 5.750%, 7/01/34
|
|
|
|
|
7/14 at 102.00
|
|
|
|
N/R
|
|
|
|
438,327
|
|
|
|
|
|
|
|
|
1,335
|
|
|
Maryland Department of Transportation, Certificates of Participation, Maryland Port Administration Facility Project, Series 2006,
5.250%, 6/15/14 AMBAC Insured (Alternative Minimum Tax)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
1,372,994
|
|
|
|
|
|
|
|
|
1,750
|
|
|
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2002, 5.500%, 2/01/16
|
|
|
|
|
No Opt. Call
|
|
|
|
AAA
|
|
|
|
1,945,108
|
|
|
|
|
|
|
|
|
455
|
|
|
Montgomery County, Maryland, Special Obligation Bonds, West Germantown Development District, Senior Series 2002A, 5.375%, 7/01/20
RAAI Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
A+
|
|
|
|
456,087
|
|
|
|
|
|
|
|
|
1,040
|
|
|
Prince Georges County, Maryland, Certificates of Participation, Equipment Acquisition Program, Series 2012, 3.000%,
10/15/14
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
1,065,823
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Prince Georges County, Maryland, Lease Revenue Bonds, Upper Marlboro Justice Center, Series 2003A, 5.000%, 6/30/14
NPFG Insured
|
|
|
|
|
2/14 at 100.00
|
|
|
|
AA+
|
|
|
|
1,004,050
|
|
|
|
|
|
|
|
|
4,100
|
|
|
Prince Georges County, Maryland, Special Obligation Bonds, National Harbor Project, Series 2005, 5.200%, 7/01/34
|
|
|
|
|
7/15 at 100.00
|
|
|
|
N/R
|
|
|
|
4,019,106
|
|
|
|
|
|
|
|
|
7,030
|
|
|
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/43 AMBAC
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB+
|
|
|
|
674,669
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Maryland Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,000
|
|
|
Puerto Rico Municipal Finance Agency, Series 2002A, 5.250%, 8/01/21 AGM Insured
|
|
|
|
|
2/14 at 100.00
|
|
|
|
AA
|
|
|
$
|
978,030
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A,
6.000%, 8/01/42
|
|
|
|
|
8/19 at 100.00
|
|
|
|
A+
|
|
|
|
1,210,950
|
|
|
|
|
|
|
|
|
1,400
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2010A,
5.375%, 8/01/39
|
|
|
|
|
2/20 at 100.00
|
|
|
|
A+
|
|
|
|
1,059,254
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
800
|
|
|
0.000%, 8/01/40 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
132,712
|
|
|
7,500
|
|
|
0.000%, 8/01/41 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,163,100
|
|
|
7,500
|
|
|
0.000%, 8/01/54 AMBAC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
482,700
|
|
|
450
|
|
|
5.250%, 8/01/57
|
|
|
|
|
8/17 at 100.00
|
|
|
|
AA
|
|
|
|
364,919
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2007CC, 5.500%, 7/01/30 AGM
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
925,110
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.000%, 10/01/26 RAAI
Insured
|
|
|
|
|
10/14 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,007,660
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2006, 5.000%, 10/01/28 FGIC
Insured
|
|
|
|
|
10/16 at 100.00
|
|
|
|
A
|
|
|
|
1,005,180
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien
Series 2010A, 5.000%, 10/01/29
|
|
|
|
|
10/20 at 100.00
|
|
|
|
BBB
|
|
|
|
1,496,655
|
|
|
49,270
|
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
28,317,425
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 1.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
District of Columbia Metropolitan Area Transit Authority, Gross Revenue Bonds, Series 2009A, 5.125%, 7/01/32
|
|
|
|
|
7/19 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,055,810
|
|
|
|
|
|
|
|
|
500
|
|
|
Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series
1996A, 6.250%, 6/01/26 (Alternative Minimum Tax) (4)
|
|
|
|
|
6/14 at 100.00
|
|
|
|
N/R
|
|
|
|
577,500
|
|
|
1,500
|
|
|
Total Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
1,633,310
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed 7.7% (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
865
|
|
|
Baltimore, Maryland, Revenue Refunding Bonds, Water Projects, Series 1998A, 5.000%, 7/01/28 FGIC Insured (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA (5)
|
|
|
|
1,001,047
|
|
|
|
|
|
|
|
|
400
|
|
|
Carroll County, Maryland, General Obligation Consolidated Public Improvement Bonds, Series 2005A, 5.000%, 12/01/16
(Pre-refunded
12/01/15)
|
|
|
|
|
12/15 at 100.00
|
|
|
|
AAA
|
|
|
|
437,592
|
|
|
|
|
|
|
|
|
5
|
|
|
Charles County, Maryland, Consolidated General Obligation Public Improvement Bonds, Series 2006, 5.000%, 3/01/16
(ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa1 (5)
|
|
|
|
5,518
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Frederick, Maryland, General Obligation Bonds, Series 2005, 5.000%, 8/01/16 (Pre-refunded 8/01/15) NPFG Insured
|
|
|
|
|
8/15 at 100.00
|
|
|
|
AA (5)
|
|
|
|
1,617,930
|
|
|
|
|
|
|
|
|
650
|
|
|
Maryland Department of Transportation, Consolidated Transportation Revenue Bonds, Series 2004, 5.000%, 5/01/15
(Pre-refunded
5/01/14)
|
|
|
|
|
5/14 at 100.00
|
|
|
|
AAA
|
|
|
|
663,332
|
|
|
|
|
|
|
|
|
820
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Calvert Memorial Hospital, Series 2004, 5.500%, 7/01/36
(Pre-refunded 7/01/14)
|
|
|
|
|
7/14 at 100.00
|
|
|
|
A (5)
|
|
|
|
845,740
|
|
|
|
|
|
|
|
|
2,805
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Civista Medical Center, Series 2005, 5.000%, 7/01/37
(Pre-refunded 7/01/14) RAAI Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
N/R (5)
|
|
|
|
2,884,438
|
|
|
|
|
|
|
|
|
625
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Goucher College, Series 2004, 5.125%, 7/01/34 (Pre-refunded
7/01/14)
|
|
|
|
|
7/14 at 100.00
|
|
|
|
A (5)
|
|
|
|
643,350
|
|
|
|
|
|
|
|
|
1,610
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, Helix Health, Series 1997, 5.000%, 7/01/27 AMBAC
Insured (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R (5)
|
|
|
|
1,873,895
|
|
|
|
|
|
|
|
|
525
|
|
|
Maryland Health and Higher Educational Facilities Authority, Revenue Bonds, LifeBridge Health System, Series 2004A, 5.125%, 7/01/34
(Pre-refunded 7/01/14)
|
|
|
|
|
7/14 at 100.00
|
|
|
|
N/R (5)
|
|
|
|
540,257
|
|
|
|
|
|
|
|
|
595
|
|
|
Maryland Transportation Authority, Revenue Refunding Bonds, Transportation Facilities Projects, First Series 1978, 6.800%, 7/01/16
(ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
Aaa
|
|
|
|
654,220
|
|
|
|
|
|
|
|
|
1,100
|
|
|
University of Maryland, Auxiliary Facility and Tuition Revenue Bonds, Series 2006A, 5.000%, 10/01/22
(Pre-refunded 10/01/16)
|
|
|
|
|
10/16 at 100.00
|
|
|
|
AA+ (5)
|
|
|
|
1,238,677
|
|
|
|
|
|
|
|
|
500
|
|
|
Washington Suburban Sanitary District, Montgomery and Prince Georges Counties, Maryland,
Sewerage Disposal Bonds, Series 2005, 5.000%, 6/01/16 (Pre-refunded 6/01/15)
|
|
|
|
|
6/15 at 100.00
|
|
|
|
AAA
|
|
|
|
535,720
|
|
|
12,000
|
|
|
Total U.S. Guaranteed
|
|
|
|
|
|
|
|
|
|
|
|
|
12,941,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,500
|
|
|
Maryland Economic Development Corporation, Pollution Control Revenue Bonds, Potomac Electric
Power Company, Series 2006, 6.200%, 9/01/22
|
|
|
|
|
3/19 at 100.00
|
|
|
|
A
|
|
|
$
|
2,944,925
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer 2.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Baltimore, Maryland, Revenue Bonds, Water Projects, Series 2009A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
5.375%, 7/01/34
|
|
|
|
|
7/19 at 100.00
|
|
|
|
AA
|
|
|
|
546,375
|
|
|
1,020
|
|
|
5.750%, 7/01/39
|
|
|
|
|
7/19 at 100.00
|
|
|
|
AA
|
|
|
|
1,126,610
|
|
|
|
|
|
|
|
|
855
|
|
|
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2006C, 5.000%, 7/01/31 AMBAC Insured
|
|
|
|
|
7/16 at 100.00
|
|
|
|
AA
|
|
|
|
903,504
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Baltimore, Maryland, Wastewater Project Revenue Bonds, Series 2007D, 5.000%, 7/01/25 AGM Insured
|
|
|
|
|
7/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,110,750
|
|
|
|
|
|
|
|
|
760
|
|
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%,
7/01/38
|
|
|
|
|
7/18 at 100.00
|
|
|
|
BBB
|
|
|
|
569,620
|
|
|
4,135
|
|
|
Total Water and Sewer
|
|
|
|
|
|
|
|
|
|
|
|
|
4,256,859
|
|
$
|
196,395
|
|
|
Total Long-Term Investments (cost $162,950,760)
|
|
|
|
|
|
|
|
|
|
|
|
|
162,129,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets Less Liabilities 4.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
6,865,904
|
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
168,995,435
|
|
(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 & Poors Group (Standard & Poors), Moodys Investors Service, Inc. (Moodys)
or Fitch, Inc. (Fitch) rating. Ratings below BBB by Standard & Poors, Baa by Moodys 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)
|
At 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 Funds Adviser has concluded that the issue is not likely to meet its future interest
payment obligations and has directed the Funds custodian to cease accruing additional income on the Funds records.
|
(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.
|
(ETM)
|
Escrowed to maturity.
|
See accompanying notes to financial statements.
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Pennsylvania Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 98.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 98.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples 0.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
220
|
|
|
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds,
Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
$
|
240,000
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations 16.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
515
|
|
|
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding Bonds, Robert Morris College, Series
1998A, 5.500%, 5/01/15
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa3
|
|
|
|
529,950
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Carnegie Mellon University, Series 2013, 5.000%,
3/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
3,537,810
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Allegheny County Higher Education Building Authority, Pennsylvania, University Revenue Bonds, Robert Morris University, Series 2008A,
5.900%, 10/15/28
|
|
|
|
|
10/18 at 100.00
|
|
|
|
Baa3
|
|
|
|
2,547,950
|
|
|
|
|
|
|
|
|
1,445
|
|
|
Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School Revenue Bonds, Series 2007A, 6.375%,
12/15/37
|
|
|
|
|
12/17 at 100.00
|
|
|
|
BBB
|
|
|
|
1,463,886
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Cumberland County, Pennsylvania, Municipal Authority College Revenue Bonds, Dickinson College,
Series 2009H-H1,
5.000%, 11/01/39
|
|
|
|
|
11/19 at 100.00
|
|
|
|
A+
|
|
|
|
1,025,710
|
|
|
|
|
|
|
|
|
920
|
|
|
Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern University, Series 2006, 4.500%, 10/01/27 RAAI
Insured
|
|
|
|
|
10/16 at 100.00
|
|
|
|
N/R
|
|
|
|
825,424
|
|
|
|
|
|
|
|
|
320
|
|
|
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann College, Series 2008, 6.250%, 10/01/38
|
|
|
|
|
10/18 at 100.00
|
|
|
|
BBB
|
|
|
|
315,011
|
|
|
|
|
|
|
|
|
1,250
|
|
|
Delaware County Authority, Pennsylvania, Revenue Bonds, Neumann University, Series 2010, 5.250%, 10/01/31
|
|
|
|
|
10/20 at 100.00
|
|
|
|
BBB
|
|
|
|
1,272,900
|
|
|
|
|
|
|
|
|
|
|
|
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
800
|
|
|
5.000%, 8/01/23 AMBAC Insured
|
|
|
|
|
8/16 at 100.00
|
|
|
|
A+
|
|
|
|
881,280
|
|
|
330
|
|
|
5.000%, 8/01/24 AMBAC Insured
|
|
|
|
|
8/16 at 100.00
|
|
|
|
A+
|
|
|
|
361,967
|
|
|
|
|
|
|
|
|
375
|
|
|
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon University,
Series 2007-GG3,
5.000%, 5/01/32 RAAI Insured
|
|
|
|
|
5/17 at 100.00
|
|
|
|
N/R
|
|
|
|
362,925
|
|
|
|
|
|
|
|
|
1,280
|
|
|
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Mercyhurst College Project, Series 2008, 5.500%,
3/15/38
|
|
|
|
|
9/18 at 100.00
|
|
|
|
BBB
|
|
|
|
1,289,523
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Indiana County Industrial Development Authority, Pennsylvania, Revenue Bonds, Student Cooperative Association Inc./Indiana University of
Pennsylvania Student Union Project, Series 2004, 5.000%, 11/01/24 AMBAC Insured
|
|
|
|
|
11/14 at 100.00
|
|
|
|
N/R
|
|
|
|
1,975,920
|
|
|
|
|
|
|
|
|
1,985
|
|
|
Lycoming County Authority, Pennsylvania, Revenue Bonds, Pennsylvania College of Technology, Series 2012, 5.000%, 5/01/32
|
|
|
|
|
5/22 at 100.00
|
|
|
|
A
|
|
|
|
2,021,802
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2006, 5.000%, 4/01/36
RAAI Insured
|
|
|
|
|
4/16 at 100.00
|
|
|
|
BBB
|
|
|
|
1,362,000
|
|
|
|
|
|
|
|
|
|
|
|
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia University, Series 2010:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
330
|
|
|
5.250%, 4/01/30
|
|
|
|
|
4/20 at 100.00
|
|
|
|
BBB
|
|
|
|
340,923
|
|
|
220
|
|
|
5.625%, 4/01/40
|
|
|
|
|
4/20 at 100.00
|
|
|
|
BBB
|
|
|
|
224,501
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, Hill School, Series 2005, 5.000%, 8/15/26
NPFG Insured
|
|
|
|
|
8/15 at 100.00
|
|
|
|
A1
|
|
|
|
2,644,250
|
|
|
|
|
|
|
|
|
165
|
|
|
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 RAAI Insured
|
|
|
|
|
5/17 at 100.00
|
|
|
|
N/R
|
|
|
|
161,159
|
|
|
|
|
|
|
|
|
3,090
|
|
|
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of Higher Education, Series 2008AH, 5.000%,
6/15/33
|
|
|
|
|
6/18 at 100.00
|
|
|
|
AA
|
|
|
|
3,199,510
|
|
|
|
|
|
|
|
|
1,110
|
|
|
Pennsylvania Higher Educational Facilities Authority, Philadelphia University Refunding Revenue Bonds, Refunding Series 2013, 5.000%,
6/01/32
|
|
|
|
|
6/23 at 100.00
|
|
|
|
BBB
|
|
|
|
1,096,802
|
|
|
|
|
|
|
|
|
665
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series 2006,
4.750%, 5/01/31
|
|
|
|
|
5/16 at 100.00
|
|
|
|
A
|
|
|
|
667,693
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series 2007A, 5.000%, 5/01/37 NPFG
Insured
|
|
|
|
|
11/17 at 100.00
|
|
|
|
A
|
|
|
|
1,006,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,205
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Gwynedd Mercy College, Series 2007-GG5, 5.000%, 5/01/27 RAAI
Insured
|
|
|
|
|
5/17 at 100.00
|
|
|
|
BBB
|
|
|
$
|
1,211,471
|
|
|
|
|
|
|
|
|
280
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, LaSalle University, Series 2012,
4.000%, 5/01/32
|
|
|
|
|
11/22 at 100.00
|
|
|
|
BBB+
|
|
|
|
236,048
|
|
|
|
|
|
|
|
|
1,700
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2006, 5.000%, 4/01/21
NPFG Insured
|
|
|
|
|
4/16 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,863,523
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First Series of 2012, 5.000%,
4/01/42
|
|
|
|
|
4/22 at 100.00
|
|
|
|
Aa3
|
|
|
|
2,042,260
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2010, 5.000%,
3/01/40
|
|
|
|
|
3/20 at 100.00
|
|
|
|
A+
|
|
|
|
1,022,010
|
|
|
|
|
|
|
|
|
220
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University, Series 2012, 5.000%,
3/01/42
|
|
|
|
|
9/22 at 100.00
|
|
|
|
A+
|
|
|
|
222,314
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania, Series 2005C, 5.000%,
7/15/38
|
|
|
|
|
7/15 at 100.00
|
|
|
|
AA+
|
|
|
|
1,031,990
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the Sciences in Philadelphia, Series
2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
360
|
|
|
4.000%, 11/01/39
|
|
|
|
|
11/22 at 100.00
|
|
|
|
A3
|
|
|
|
311,674
|
|
|
1,165
|
|
|
5.000%, 11/01/42
|
|
|
|
|
11/22 at 100.00
|
|
|
|
A3
|
|
|
|
1,170,778
|
|
|
|
|
|
|
|
|
385
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Widener University, Series 2013A,
5.500%, 7/15/38
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
379,610
|
|
|
|
|
|
|
|
|
1,250
|
|
|
Pennsylvania Higher Educational Facilities Authority, University of the Sciences in Philadelphia Revenue Bonds, Series 2005, 4.750%,
11/01/33 SYNCORA GTY Insured
|
|
|
|
|
5/15 at 100.00
|
|
|
|
A3
|
|
|
|
1,234,100
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Global Leadership Academy Project, Series 2010, 6.375%,
11/15/40
|
|
|
|
|
11/20 at 100.00
|
|
|
|
BBB
|
|
|
|
1,025,330
|
|
|
|
|
|
|
|
|
1,400
|
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia Performing Arts Charter School, Series
2013, 6.750%, 6/15/43
|
|
|
|
|
6/20 at 100.00
|
|
|
|
BB
|
|
|
|
1,393,714
|
|
|
|
|
|
|
|
|
800
|
|
|
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series
2010, 5.000%, 11/01/40
|
|
|
|
|
11/20 at 100.00
|
|
|
|
A
|
|
|
|
809,296
|
|
|
42,065
|
|
|
Total Education and Civic Organizations
|
|
|
|
|
|
|
|
|
|
|
|
|
43,069,554
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 19.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,905
|
|
|
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley General Hospital, Series 2005A, 5.125%,
4/01/35
|
|
|
|
|
4/15 at 100.00
|
|
|
|
Ba3
|
|
|
|
3,140,011
|
|
|
|
|
|
|
|
|
1,400
|
|
|
Beaver County Hospital Authority, Pennsylvania, Revenue Bonds, Heritage Valley Health System, Inc., Series 2012, 5.000%,
5/15/27
|
|
|
|
|
5/21 at 100.00
|
|
|
|
AA
|
|
|
|
1,461,964
|
|
|
|
|
|
|
|
|
695
|
|
|
Centre County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Mount Nittany Medical Center Project, Series 2012A, 5.000%,
11/15/47
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
679,981
|
|
|
|
|
|
|
|
|
700
|
|
|
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health System Project, Series 2012A, 5.000%,
6/01/42
|
|
|
|
|
6/22 at 100.00
|
|
|
|
A
|
|
|
|
679,812
|
|
|
|
|
|
|
|
|
500
|
|
|
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Series 2013A, 5.000%, 7/01/28
|
|
|
|
|
7/23 at 100.00
|
|
|
|
BBB
|
|
|
|
500,545
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2006, 5.000%, 11/01/35 CIFG
Insured
|
|
|
|
|
5/16 at 100.00
|
|
|
|
Aa3
|
|
|
|
5,024,100
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series 2007, 5.000%, 11/01/37 CIFG
Insured
|
|
|
|
|
11/17 at 100.00
|
|
|
|
Aa3
|
|
|
|
2,009,460
|
|
|
|
|
|
|
|
|
2,160
|
|
|
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg Hospital Project, Series 2010, 5.375%,
7/01/42
|
|
|
|
|
7/20 at 100.00
|
|
|
|
A+
|
|
|
|
2,176,567
|
|
|
|
|
|
|
|
|
3,360
|
|
|
Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster General Hospital Project, Series 2012B,
5.000%, 7/01/42
|
|
|
|
|
1/22 at 100.00
|
|
|
|
AA
|
|
|
|
3,329,558
|
|
|
|
|
|
|
|
|
255
|
|
|
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley Health Network, Series 2012B, 4.000%,
7/01/43
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
205,262
|
|
|
|
|
|
|
|
|
2,820
|
|
|
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2007, 5.000%, 11/01/37 AGC
Insured
|
|
|
|
|
11/17 at 100.00
|
|
|
|
AA
|
|
|
|
2,866,445
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2012, 4.000%, 11/01/32
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,736,000
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Pennsylvania Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health System Project, Series 2009A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,500
|
|
|
5.500%, 7/01/28
|
|
|
|
|
7/19 at 100.00
|
|
|
|
A
|
|
|
$
|
1,538,670
|
|
|
1,110
|
|
|
5.750%, 7/01/39
|
|
|
|
|
7/19 at 100.00
|
|
|
|
A
|
|
|
|
1,128,737
|
|
|
|
|
|
|
|
|
840
|
|
|
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2007, 5.125%,
1/01/37
|
|
|
|
|
1/17 at 100.00
|
|
|
|
A
|
|
|
|
822,158
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center, Series 2012A, 5.000%,
1/01/41
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
945,400
|
|
|
|
|
|
|
|
|
975
|
|
|
Montgomery County Higher Education and Health Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East,
Series 2009E, 6.250%, 11/15/34
|
|
|
|
|
5/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,058,255
|
|
|
|
|
|
|
|
|
1,270
|
|
|
Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds, Abington Memorial Hospital Obligated
Group, Series 2012A, 5.000%, 6/01/31
|
|
|
|
|
6/22 at 100.00
|
|
|
|
A
|
|
|
|
1,302,271
|
|
|
|
|
|
|
|
|
445
|
|
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue Bonds, New Regional Medical Center
Project, Series 2010, 5.375%, 8/01/38
|
|
|
|
|
8/20 at 100.00
|
|
|
|
AA
|
|
|
|
468,247
|
|
|
|
|
|
|
|
|
3,075
|
|
|
Montgomery County Industrial Development Authority, Pennsylvania, Health Facilities Revenue Bonds, Jefferson Health System,
Series 2012A, 5.000%, 10/01/41
|
|
|
|
|
4/22 at 100.00
|
|
|
|
AA
|
|
|
|
3,095,633
|
|
|
|
|
|
|
|
|
5,750
|
|
|
Northampton County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Saint Lukes Hospital Project, Series 2008A,
5.500%, 8/15/35
|
|
|
|
|
8/18 at 100.00
|
|
|
|
A3
|
|
|
|
5,781,453
|
|
|
|
|
|
|
|
|
2,085
|
|
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System Revenue Bonds, Jefferson Health System,
Series 2010B, 5.000%, 5/15/40
|
|
|
|
|
5/20 at 100.00
|
|
|
|
AA
|
|
|
|
2,087,231
|
|
|
|
|
|
|
|
|
230
|
|
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Childrens Hospital of
Philadelphia, Tender Option Bond Trust 3975, 13.690%, 7/01/19 (IF)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
240,398
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue Bonds, Temple University Health System
Obligated Group, Series 2012A, 5.625%, 7/01/42
|
|
|
|
|
7/22 at 100.00
|
|
|
|
BB+
|
|
|
|
1,221,345
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pottsville Hospital and Warne Clinic,
Series 1998, 5.625%,
7/01/24
|
|
|
|
|
1/14 at 100.00
|
|
|
|
N/R
|
|
|
|
968,390
|
|
|
|
|
|
|
|
|
1,225
|
|
|
Saint Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2010A, 5.000%,
11/15/40
|
|
|
|
|
11/20 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,226,397
|
|
|
|
|
|
|
|
|
1,612
|
|
|
South Fork Municipal Authority, Pennsylvania, Hospital Revenue Bonds, Conemaugh Valley Memorial Hospital, Series 2010, 5.500%,
7/01/29
|
|
|
|
|
7/20 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,651,704
|
|
|
|
|
|
|
|
|
|
|
|
South Central Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
430
|
|
|
5.000%, 12/01/27 RAAI Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
BBB
|
|
|
|
430,864
|
|
|
300
|
|
|
5.000%, 12/01/29 RAAI Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
BBB
|
|
|
|
296,904
|
|
|
1,000
|
|
|
5.000%, 12/01/30 RAAI Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
BBB
|
|
|
|
978,150
|
|
|
|
|
|
|
|
|
1,140
|
|
|
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2009D, 6.250%,
11/15/34
|
|
|
|
|
5/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,237,345
|
|
|
|
|
|
|
|
|
530
|
|
|
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy Spirit Hospital of the Sisters of Christian
Charity, Series 2011B, 5.750%, 1/01/41
|
|
|
|
|
1/22 at 100.00
|
|
|
|
BBB+
|
|
|
|
549,197
|
|
|
|
|
|
|
|
|
425
|
|
|
Westmoreland County Industrial Development Authority, Pennsylvania, Health System Revenue Bonds,
Excela Health Project, Series 2010A, 5.125%, 7/01/30
|
|
|
|
|
7/20 at 100.00
|
|
|
|
A3
|
|
|
|
428,052
|
|
|
52,237
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
51,266,506
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily 1.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
650
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University Foundation Student Housing Project, Series
2010, 6.000%, 7/01/43
|
|
|
|
|
7/20 at 100.00
|
|
|
|
Baa3
|
|
|
|
637,611
|
|
|
|
|
|
|
|
|
100
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Shippensburg University Student Services, Inc. Student Housing
Project at Shippensburg University of Pennsylvania, Series 2012, 5.000%, 10/01/44
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
89,351
|
|
|
|
|
|
|
|
|
1,565
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc.,
Series 2007A, 5.000%,
7/01/39 SYNCORA GTY Insured
|
|
|
|
|
7/17 at 100.00
|
|
|
|
BBB
|
|
|
|
1,496,406
|
|
|
|
|
|
|
|
|
1,800
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University Foundation Inc., Student Housing Project,
Series 2005A, 5.000%, 7/01/37 SYNCORA GTY Insured
|
|
|
|
|
7/15 at 100.00
|
|
|
|
BBB
|
|
|
|
1,737,090
|
|
|
|
|
|
|
|
|
240
|
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue Bonds, Presbyterian Homes Germantown
Morrisville Project, Series 2005A, 5.625%, 7/01/35
|
|
|
|
|
5/15 at 102.00
|
|
|
|
Baa3
|
|
|
|
220,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
210
|
|
|
Philadelphia Redevelopment Authority, Pennsylvania, Multifamily Housing Revenue Bonds, Pavilion
Apartments,
Series 2003A, 4.250%, 10/01/16 (Alternative Minimum Tax)
|
|
|
|
|
2/14 at 100.00
|
|
|
|
A
|
|
|
$
|
210,353
|
|
|
4,565
|
|
|
Total Housing/Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
4,391,556
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Single Family 2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,315
|
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-97A, 4.600%, 10/01/27 (Alternative Minimum
Tax)
|
|
|
|
|
10/16 at 100.00
|
|
|
|
AA+
|
|
|
|
1,318,748
|
|
|
|
|
|
|
|
|
210
|
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A, 4.850%, 10/01/31 (Alternative Minimum
Tax)
|
|
|
|
|
10/16 at 100.00
|
|
|
|
AA+
|
|
|
|
210,704
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,250
|
|
|
3.300%, 10/01/32
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
1,849,163
|
|
|
980
|
|
|
3.650%, 10/01/37
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
813,625
|
|
|
1,335
|
|
|
3.700%, 10/01/42
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
1,094,994
|
|
|
|
|
|
|
|
|
1,455
|
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2013-115A, 4.200%, 10/01/33 (Alternative Minimum
Tax)
|
|
|
|
|
10/22 at 100.00
|
|
|
|
AA+
|
|
|
|
1,307,812
|
|
|
|
|
|
|
|
|
625
|
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2013-115B,
4.000%, 10/01/38
|
|
|
|
|
10/22 at 100.00
|
|
|
|
AA+
|
|
|
|
537,419
|
|
|
8,170
|
|
|
Total Housing/Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
7,132,465
|
|
|
|
|
|
|
|
|
|
|
|
Industrials 0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
955
|
|
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding Bonds, Amtrak Project, Series 2012A,
5.000%, 11/01/27 (Alternative Minimum Tax)
|
|
|
|
|
11/22 at 100.00
|
|
|
|
A1
|
|
|
|
996,390
|
|
|
|
|
|
|
|
|
255
|
|
|
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds, Waste
Management Inc., Project, Series 2009, 1.750%, 12/01/33 (Mandatory put 12/01/15)
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
256,760
|
|
|
1,210
|
|
|
Total Industrials
|
|
|
|
|
|
|
|
|
|
|
|
|
1,253,150
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Care 3.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, Lutheran Community at Telford Center,
Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
530
|
|
|
5.750%, 1/01/27
|
|
|
|
|
1/17 at 100.00
|
|
|
|
N/R
|
|
|
|
519,713
|
|
|
840
|
|
|
5.750%, 1/01/37
|
|
|
|
|
1/17 at 100.00
|
|
|
|
N/R
|
|
|
|
770,776
|
|
|
|
|
|
|
|
|
|
|
|
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social Ministries, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.000%, 1/01/27
|
|
|
|
|
1/17 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,008,200
|
|
|
275
|
|
|
5.000%, 1/01/36
|
|
|
|
|
1/17 at 100.00
|
|
|
|
BBB+
|
|
|
|
266,409
|
|
|
|
|
|
|
|
|
510
|
|
|
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes Project,
Series 2006, 5.000%,
11/01/36
|
|
|
|
|
11/16 at 100.00
|
|
|
|
A
|
|
|
|
505,512
|
|
|
|
|
|
|
|
|
630
|
|
|
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Brethren Village Project, Series 2008A,
6.375%, 7/01/30
|
|
|
|
|
7/17 at 100.00
|
|
|
|
N/R
|
|
|
|
631,701
|
|
|
|
|
|
|
|
|
|
|
|
Lebanon County Health Facilities Authority, Pennsylvania, Health Center Revenue Bonds, Pleasant View Retirement Community,
Series 2005A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
105
|
|
|
5.125%, 12/15/20
|
|
|
|
|
12/14 at 100.00
|
|
|
|
N/R
|
|
|
|
105,553
|
|
|
2,320
|
|
|
5.300%, 12/15/26
|
|
|
|
|
12/14 at 100.00
|
|
|
|
N/R
|
|
|
|
2,291,139
|
|
|
|
|
|
|
|
|
760
|
|
|
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Refunding Bonds, ACTS Retirement-Life Communities, Inc.,
Series 2012, 5.000%, 11/15/26
|
|
|
|
|
5/22 at 100.00
|
|
|
|
A
|
|
|
|
762,523
|
|
|
|
|
|
|
|
|
1,580
|
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia
Corporation for the Aging Project, Series 2001B, 5.250%, 7/01/23 AMBAC Insured
|
|
|
|
|
2/14 at 100.00
|
|
|
|
Baa1
|
|
|
|
1,581,311
|
|
|
8,550
|
|
|
Total Long-Term Care
|
|
|
|
|
|
|
|
|
|
|
|
|
8,442,837
|
|
|
|
|
|
|
|
|
|
|
|
Materials 0.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
560
|
|
|
Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue
Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
|
|
|
|
|
12/15 at 100.00
|
|
|
|
BBB
|
|
|
|
568,938
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General 19.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,400
|
|
|
Allegheny County, Pennsylvania, General Obligation Bonds, Series C69-C70 of 2012, 5.000%, 12/01/37
|
|
|
|
|
12/22 at 100.00
|
|
|
|
A+
|
|
|
|
3,407,310
|
|
|
|
|
|
|
|
|
1,125
|
|
|
Bethel Park School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 2009, 5.100%, 8/01/33
|
|
|
|
|
8/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,229,715
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Pennsylvania Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,250
|
|
|
Butler Area School District, Butler County, Pennsylvania, General Obligation Bonds, Series 2008, 5.250%, 10/01/25
|
|
|
|
|
10/18 at 100.00
|
|
|
|
A+
|
|
|
$
|
5,800,830
|
|
|
|
|
|
|
|
|
3,125
|
|
|
Chichester School District, Delaware County, Pennsylvania, General Obligation Bonds, Series 1999, 0.000%, 3/01/26 FGIC
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,897,031
|
|
|
|
|
|
|
|
|
950
|
|
|
Delaware Valley Regional Finance Authority, Pennsylvania, Local Government Revenue Bonds, Series 2002,
5.750%, 7/01/17
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
1,070,850
|
|
|
|
|
|
|
|
|
1,635
|
|
|
Girard School District, Erie County, Pennsylvania, General Obligation Bonds, Series 1999B, 0.000%, 11/15/28 FGIC
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
730,453
|
|
|
|
|
|
|
|
|
500
|
|
|
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2008B, 5.000%, 12/15/27 AGM Insured
|
|
|
|
|
6/18 at 100.00
|
|
|
|
AA
|
|
|
|
501,415
|
|
|
|
|
|
|
|
|
4,875
|
|
|
McKeesport Area School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 1997D, 0.000%, 10/01/24 NPFG
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A1
|
|
|
|
2,881,613
|
|
|
|
|
|
|
|
|
2,195
|
|
|
Montour School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 1993B, 0.000%, 1/01/14 NPFG
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
2,194,166
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Owen J. Roberts School District, Pennsylvania, General Obligation Bonds, Series 2008, 5.000%, 11/15/37
|
|
|
|
|
5/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,524,945
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Pennsylvania State Public School Building Authority, Lease Revenue Bonds, Philadelphia School District Project, Series 2006A, 5.000%,
6/01/31 AGM Insured
|
|
|
|
|
12/16 at 100.00
|
|
|
|
AA
|
|
|
|
5,097,944
|
|
|
|
|
|
|
|
|
3,565
|
|
|
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%, 6/01/34 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
|
3,569,528
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2008E, 6.000%, 9/01/38
|
|
|
|
|
9/18 at 100.00
|
|
|
|
Aa3
|
|
|
|
3,209,010
|
|
|
|
|
|
|
|
|
2,585
|
|
|
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement Series 2005, 5.000%, 7/15/35 AGM
Insured
|
|
|
|
|
7/15 at 100.00
|
|
|
|
AA
|
|
|
|
2,609,738
|
|
|
|
|
|
|
|
|
|
|
|
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,410
|
|
|
5.000%, 9/01/25
|
|
|
|
|
9/22 at 100.00
|
|
|
|
A1
|
|
|
|
2,667,677
|
|
|
1,200
|
|
|
5.000%, 9/01/26
|
|
|
|
|
9/22 at 100.00
|
|
|
|
A1
|
|
|
|
1,315,692
|
|
|
|
|
|
|
|
|
1,585
|
|
|
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2006B, 5.250%, 9/01/16 AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,770,207
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Reading, Berks County, Pennsylvania, General Obligation Bonds, Series 2009, 5.000%, 11/01/29 AGM Insured
|
|
|
|
|
11/19 at 100.00
|
|
|
|
A2
|
|
|
|
2,606,475
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Reading, Pennsylvania, General Obligation Bonds, Series 2008, 6.000%, 11/01/28 AGM Insured
|
|
|
|
|
11/18 at 100.00
|
|
|
|
A2
|
|
|
|
2,160,500
|
|
|
|
|
|
|
|
|
460
|
|
|
Scranton, Pennsylvania, General Obligation Bonds, Series 2012A, 8.500%, 9/01/22
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R
|
|
|
|
442,198
|
|
|
|
|
|
|
|
|
465
|
|
|
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R
|
|
|
|
423,782
|
|
|
|
|
|
|
|
|
1,320
|
|
|
Wallenpaupack Area School District, Wayne and Pike Counties, Pennsylvania, General Obligation Bonds, Series 2012A, 3.000%,
9/01/17
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,410,829
|
|
|
|
|
|
|
|
|
2,900
|
|
|
York County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 NPFG
Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
AA
|
|
|
|
3,030,703
|
|
|
53,545
|
|
|
Total Tax Obligation/General
|
|
|
|
|
|
|
|
|
|
|
|
|
51,552,611
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited 6.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue Bonds, Series 2012A, 5.000%,
5/01/35
|
|
|
|
|
5/22 at 100.00
|
|
|
|
Baa2
|
|
|
|
462,520
|
|
|
|
|
|
|
|
|
935
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
942,302
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Luzerne County Industrial Development Authority, Pennsylvania, Guaranteed Lease Revenue Bonds, Series 2009, 7.750%,
12/15/27
|
|
|
|
|
12/19 at 100.00
|
|
|
|
N/R
|
|
|
|
2,998,050
|
|
|
|
|
|
|
|
|
2,625
|
|
|
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2003A, 5.000%, 12/01/32 NPFG
Insured
|
|
|
|
|
12/18 at 100.00
|
|
|
|
AA
|
|
|
|
2,733,570
|
|
|
|
|
|
|
|
|
1,335
|
|
|
Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%, 7/15/18 AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,562,511
|
|
|
|
|
|
|
|
|
1,250
|
|
|
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2009, 6.500%, 4/01/34
|
|
|
|
|
4/19 at 100.00
|
|
|
|
A2
|
|
|
|
1,356,900
|
|
|
|
|
|
|
|
|
|
|
|
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise Tax Revenue Bonds, Refunding Series
2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,530
|
|
|
5.000%, 2/01/26 AGC Insured
|
|
|
|
|
8/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,658,780
|
|
|
1,220
|
|
|
4.000%, 2/01/29 AGC Insured
|
|
|
|
|
8/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,175,873
|
|
|
|
|
|
|
|
|
2,540
|
|
|
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Sales Tax Revenue Bonds, Refunding Series 2010, 5.000%,
2/01/31 AGM Insured
|
|
|
|
|
8/20 at 100.00
|
|
|
|
AA
|
|
|
|
2,642,032
|
|
|
|
|
|
|
|
|
720
|
|
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%, 7/01/33 NPFG
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
582,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
450
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 5.250%, 8/01/57
|
|
|
|
|
8/17 at 100.00
|
|
|
|
AA
|
|
|
$
|
364,919
|
|
|
|
|
|
|
|
|
360
|
|
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%,
7/01/20 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
341,852
|
|
|
16,465
|
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
16,821,436
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 8.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,480
|
|
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E, 5.000%, 1/01/40
|
|
|
|
|
1/20 at 100.00
|
|
|
|
A
|
|
|
|
2,545,298
|
|
|
|
|
|
|
|
|
|
|
|
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project,
Series 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,305
|
|
|
5.000%, 1/01/22
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
1,404,663
|
|
|
880
|
|
|
5.000%, 1/01/25
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
903,901
|
|
|
|
|
|
|
|
|
3,500
|
|
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue Bonds, Series 2010A, 0.000%,
12/01/34
|
|
|
|
|
12/20 at 100.00
|
|
|
|
AA
|
|
|
|
3,228,295
|
|
|
|
|
|
|
|
|
4,300
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Capital Appreciation Series 2009E, 0.000%, 12/01/38
|
|
|
|
|
12/27 at 100.00
|
|
|
|
A
|
|
|
|
3,777,421
|
|
|
|
|
|
|
|
|
2,990
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Senior Lien Series 2012A, 5.000%, 12/01/24
|
|
|
|
|
12/22 at 100.00
|
|
|
|
A+
|
|
|
|
3,336,093
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Series 2009C, 0.000%, 6/01/33 AGM Insured
|
|
|
|
|
6/26 at 100.00
|
|
|
|
AA
|
|
|
|
1,948,220
|
|
|
|
|
|
|
|
|
1,900
|
|
|
Pittsburgh Public Parking Authority, Pennsylvania, Parking Revenue Bonds, Series 2005B, 5.000%, 12/01/23 FGIC
Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
A
|
|
|
|
1,937,525
|
|
|
|
|
|
|
|
|
380
|
|
|
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004, 5.000%, 9/15/33 FGIC
Insured
|
|
|
|
|
2/14 at 100.00
|
|
|
|
A
|
|
|
|
347,799
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Susquehanna Area Regional Airport Authority, Pennsylvania, Airport System Revenue Bonds, Series
2008A, 6.500%, 1/01/38 (Alternative Minimum Tax)
|
|
|
|
|
1/18 at 100.00
|
|
|
|
Baa3
|
|
|
|
2,148,940
|
|
|
21,735
|
|
|
Total Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
21,578,155
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed 8.2% (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,550
|
|
|
Allegheny County Hospital Development Authority, Pennsylvania, Hospital Revenue Bonds, Allegheny Valley Hospital-Sublessee, Series
1982Q, 7.000%, 8/01/15 (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+ (4)
|
|
|
|
1,666,638
|
|
|
|
|
|
|
|
|
1,225
|
|
|
Bentworth School District, Washington County, Pennsylvania, General Obligation Bonds, Series 2006B, 5.000%, 3/15/25 (Pre-refunded
3/15/16) AGM Insured
|
|
|
|
|
3/16 at 100.00
|
|
|
|
AA (4)
|
|
|
|
1,353,637
|
|
|
|
|
|
|
|
|
85
|
|
|
Bucks County Water and Sewer Authority, Pennsylvania, Sewer System Revenue Bonds, Neshaminy Interceptor Project, Series 2004, 5.250%,
6/01/14 AGM Insured (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA (4)
|
|
|
|
87,198
|
|
|
|
|
|
|
|
|
825
|
|
|
Deer Lakes School District, Allegheny County, Pennsylvania, General Obligation Bonds, Series 1995, 6.350%, 1/15/14 NPFG
Insured (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
A (4)
|
|
|
|
831,138
|
|
|
|
|
|
|
|
|
1,320
|
|
|
Delaware County Authority, Pennsylvania, Health Facilities Revenue Bonds, Mercy Health Corporation of Southeastern Pennsylvania
Obligation Group, Series 1996, 6.000%, 12/15/26 (ETM)
|
|
|
|
|
2/14 at 100.00
|
|
|
|
Aaa
|
|
|
|
1,423,607
|
|
|
|
|
|
|
|
|
1,800
|
|
|
Hazleton Area School District, Luzerne County, Pennsylvania, General Obligation Bonds, Series 2004, 5.125%, 3/01/28 (Pre-refunded
9/01/14) AGM Insured
|
|
|
|
|
9/14 at 100.00
|
|
|
|
A1 (4)
|
|
|
|
1,867,572
|
|
|
|
|
|
|
|
|
750
|
|
|
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group, Series 2004A, 5.500%, 11/01/24 (Pre-refunded
11/01/14)
|
|
|
|
|
11/14 at 100.00
|
|
|
|
A (4)
|
|
|
|
786,833
|
|
|
|
|
|
|
|
|
|
|
|
Oxford Area School District, Chester County, Pennsylvania, General Obligation Bonds, Series 2007D:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,115
|
|
|
5.375%, 2/01/27 (Pre-refunded 8/01/15) FGIC Insured
|
|
|
|
|
8/15 at 100.00
|
|
|
|
A (4)
|
|
|
|
1,209,831
|
|
|
885
|
|
|
5.375%, 2/01/27 (Pre-refunded 8/01/15) FGIC Insured
|
|
|
|
|
8/15 at 100.00
|
|
|
|
AA (4)
|
|
|
|
960,119
|
|
|
|
|
|
|
|
|
1,075
|
|
|
Palmyra Area School District, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/20
(Pre-refunded 6/01/14)
SYNCORA GTY Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
Aa3 (4)
|
|
|
|
1,101,445
|
|
|
|
|
|
|
|
|
|
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne Charter High School, Series
2006A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
245
|
|
|
5.250%, 1/01/27 (Pre-refunded 1/01/17)
|
|
|
|
|
1/17 at 100.00
|
|
|
|
Baa1 (4)
|
|
|
|
277,592
|
|
|
440
|
|
|
5.375%, 1/01/32 (Pre-refunded 1/01/17)
|
|
|
|
|
1/17 at 100.00
|
|
|
|
Baa1 (4)
|
|
|
|
500,205
|
|
|
|
|
|
|
|
|
650
|
|
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 NPFG Insured (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
A (4)
|
|
|
|
783,614
|
|
|
|
|
|
|
|
|
640
|
|
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/20 NPFG Insured
(ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa1 (4)
|
|
|
|
786,957
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Pennsylvania Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed (4)
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southmoreland School District, Westmoreland County, Pennsylvania, General Obligation Bonds, Series 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,320
|
|
|
5.000%, 4/01/25 (Pre-refunded 4/01/15) NPFG Insured
|
|
|
|
|
4/15 at 100.00
|
|
|
|
A (4)
|
|
|
$
|
3,531,119
|
|
|
3,455
|
|
|
5.000%, 4/01/25 (Pre-refunded 4/01/15) NPFG Insured
|
|
|
|
|
4/15 at 100.00
|
|
|
|
A (4)
|
|
|
|
3,674,703
|
|
|
|
|
|
|
|
|
260
|
|
|
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East, Series 2004B, 5.375%, 11/15/34
(Pre-refunded 11/15/14)
|
|
|
|
|
11/14 at 100.00
|
|
|
|
Aa2 (4)
|
|
|
|
272,737
|
|
|
|
|
|
|
|
|
295
|
|
|
West View Borough Municipal Authority, Allegheny County, Pennsylvania, Special Obligation Bonds,
Series 1985A, 9.500%, 11/15/14 (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
Aaa
|
|
|
|
316,975
|
|
|
19,935
|
|
|
Total U.S. Guaranteed
|
|
|
|
|
|
|
|
|
|
|
|
|
21,431,920
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 2.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,875
|
|
|
Allegheny County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, Duquesne Light Company,
Series 1999A, 4.350%, 12/01/13 AMBAC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A2
|
|
|
|
1,875,338
|
|
|
|
|
|
|
|
|
3,010
|
|
|
Delaware County Industrial Development Authority, Pennsylvania, Resource Recovery Revenue Refunding Bonds, Series 1997A, 6.200%,
7/01/19
|
|
|
|
|
1/14 at 100.00
|
|
|
|
Ba1
|
|
|
|
3,000,970
|
|
|
|
|
|
|
|
|
315
|
|
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1, 5.000%, 9/01/26 AGM
Insured
|
|
|
|
|
9/14 at 100.00
|
|
|
|
AA
|
|
|
|
321,902
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Seventeenth Series 2003,
5.375%, 7/01/19 AGM Insured
|
|
|
|
|
2/14 at 100.00
|
|
|
|
AA
|
|
|
|
1,003,290
|
|
|
6,200
|
|
|
Total Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
6,201,500
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer 8.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Allegheny County Sanitary Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2005A, 5.000%, 12/01/21 NPFG
Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
A1
|
|
|
|
1,076,890
|
|
|
|
|
|
|
|
|
180
|
|
|
Bucks County Water and Sewer Authority, Pennsylvania, Sewer System Revenue Bonds, Neshaminy Interceptor Project, Series 2004, 5.250%,
6/01/14 AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
184,534
|
|
|
|
|
|
|
|
|
1,250
|
|
|
Erie Water Authority, Pennsylvania, Water Revenue Bonds, Series 2008, 5.000%, 12/01/43 AGM Insured
|
|
|
|
|
12/18 at 100.00
|
|
|
|
AA
|
|
|
|
1,255,488
|
|
|
|
|
|
|
|
|
1,930
|
|
|
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004, 5.000%, 7/15/22 AGM
Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
AA
|
|
|
|
1,930,483
|
|
|
|
|
|
|
|
|
2,960
|
|
|
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2008, 5.250%, 7/15/31
|
|
|
|
|
7/18 at 100.00
|
|
|
|
N/R
|
|
|
|
2,466,006
|
|
|
|
|
|
|
|
|
3,050
|
|
|
Lehigh County Authority, Pennsylvania, Water and Sewer Revenue Bonds, City of Allentown Concession, Series 2013A, 5.125%,
12/01/47
|
|
|
|
|
12/23 at 100.00
|
|
|
|
A
|
|
|
|
3,051,281
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Montgomery County Industrial Development Authority, Pennsylvania, Water Facilities Revenue Bonds, Aqua Pennsylvania, Inc. Project,
Series 2007A, 5.250%, 7/01/42
|
|
|
|
|
7/18 at 100.00
|
|
|
|
AA
|
|
|
|
3,045,000
|
|
|
|
|
|
|
|
|
900
|
|
|
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds, Philadelphia Biosolids Facility Project,
Series 2009, 6.250%, 1/01/32
|
|
|
|
|
1/20 at 100.00
|
|
|
|
BBB
|
|
|
|
896,175
|
|
|
|
|
|
|
|
|
1,250
|
|
|
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2009A, 5.250%, 1/01/32
|
|
|
|
|
1/19 at 100.00
|
|
|
|
A1
|
|
|
|
1,315,375
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2010C, 5.000%, 8/01/30 AGM Insured
|
|
|
|
|
8/20 at 100.00
|
|
|
|
AA
|
|
|
|
2,094,520
|
|
|
|
|
|
|
|
|
940
|
|
|
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2011A, 5.000%, 1/01/41
|
|
|
|
|
1/21 at 100.00
|
|
|
|
A1
|
|
|
|
947,774
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Unity Township Municipal Authority, Pennsylvania, Sewerage Revenue Bonds, Series 2004, 5.000%,
12/01/34 AGM Insured
|
|
|
|
|
12/14 at 100.00
|
|
|
|
AA
|
|
|
|
3,031,920
|
|
|
21,460
|
|
|
Total Water and Sewer
|
|
|
|
|
|
|
|
|
|
|
|
|
21,295,446
|
|
$
|
256,917
|
|
|
Total Long-Term Investments (cost $251,084,431)
|
|
|
|
|
|
|
|
|
|
|
|
|
255,246,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets Less Liabilities 1.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
4,683,062
|
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
259,929,136
|
|
(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 & Poors Group (Standard & Poors), Moodys Investors Service, Inc. (Moodys)
or Fitch, Inc. (Fitch) rating. Ratings below BBB by Standard & Poors, Baa by Moodys or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating
agencies.
|
(4)
|
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. Certain bonds
backed by U.S. Government or agency securities are regarded as having an implied rating equal to the rating of such securities.
|
(ETM)
|
Escrowed to maturity.
|
(IF)
|
Inverse floating rate investment.
|
See accompanying notes to financial statements.
Portfolio of Investments
November 30, 2013 (Unaudited)
Nuveen Virginia Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 97.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 97.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples 5.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
425
|
|
|
5.250%, 6/01/32
|
|
|
|
|
6/17 at 100.00
|
|
|
|
B
|
|
|
$
|
361,186
|
|
|
|
|
|
|
|
|
600
|
|
|
5.625%, 6/01/47
|
|
|
|
|
6/17 at 100.00
|
|
|
|
B
|
|
|
|
454,926
|
|
|
|
|
|
|
|
|
22,000
|
|
|
Puerto Rico, The Childrens Trust Fund, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 0.000%, 5/15/50
|
|
|
|
|
5/15 at 11.19
|
|
|
|
BB
|
|
|
|
1,291,180
|
|
|
|
|
|
|
|
|
5,370
|
|
|
Puerto Rico, The Childrens Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds, Series 2002,
5.375%, 5/15/33
|
|
|
|
|
2/14 at 100.00
|
|
|
|
BBB+
|
|
|
|
5,009,673
|
|
|
|
|
|
|
|
|
19,530
|
|
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds, Series 2007B1, 5.000%,
6/01/47
|
|
|
|
|
6/17 at 100.00
|
|
|
|
B2
|
|
|
|
12,609,154
|
|
|
|
|
|
|
|
|
2,410
|
|
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds,
Series 2007B2, 5.200%, 6/01/46
|
|
|
|
|
6/17 at 100.00
|
|
|
|
B2
|
|
|
|
1,616,411
|
|
|
50,335
|
|
|
Total Consumer Staples
|
|
|
|
|
|
|
|
|
|
|
|
|
21,342,530
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations 7.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Lexington Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, VMI Development Board Project, Series 2006C,
5.000%, 12/01/36
|
|
|
|
|
6/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,052,000
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Lexington Industrial Development Authority, Virginia, Educational Facilities Revenue Bonds, Washington & Lee University, Series
2013, 5.000%, 1/01/43
|
|
|
|
|
1/22 at 100.00
|
|
|
|
AA
|
|
|
|
3,142,080
|
|
|
|
|
|
|
|
|
2,590
|
|
|
Montgomery County Economic Development Authority, Virginia, Revenue Bonds, Virginia Tech Foundation, Refunding Series 2010A, 5.000%,
6/01/35
|
|
|
|
|
6/20 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,706,887
|
|
|
|
|
|
|
|
|
1,570
|
|
|
Prince William County Industrial Development Authority, Virginia, Student Housing Revenue Bonds, George Mason University Foundation
Prince William Housing LLC Project, Series 2011A, 5.125%, 9/01/41
|
|
|
|
|
9/21 at 100.00
|
|
|
|
A
|
|
|
|
1,596,502
|
|
|
|
|
|
|
|
|
625
|
|
|
Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority, Higher Education Revenue
Refunding Bonds, Ana G. Mendez University System, Series 2002, 5.375%, 12/01/21
|
|
|
|
|
2/14 at 100.00
|
|
|
|
BBB
|
|
|
|
545,313
|
|
|
|
|
|
|
|
|
1,425
|
|
|
The Rector and Visitors of the University of Virginia, General Revenue Bonds, Series 2005, 5.000%, 6/01/37
|
|
|
|
|
6/15 at 100.00
|
|
|
|
AAA
|
|
|
|
1,486,817
|
|
|
|
|
|
|
|
|
10,100
|
|
|
The Rector and Visitors of the University of Virginia, General Revenue Bonds, Series 2008, 5.000%, 6/01/40
|
|
|
|
|
6/18 at 100.00
|
|
|
|
AAA
|
|
|
|
10,776,296
|
|
|
|
|
|
|
|
|
1,250
|
|
|
University of Puerto Rico, University System Revenue Bonds, Series 2006P, 5.000%, 6/01/14
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
1,231,900
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Virginia College Building Authority, Educational Facilities Revenue Bonds, Public Higher Education Financing Program, Series 2009A,
5.000%, 9/01/28
|
|
|
|
|
9/18 at 100.00
|
|
|
|
Aa1
|
|
|
|
1,620,915
|
|
|
|
|
|
|
|
|
1,575
|
|
|
Virginia College Building Authority, Educational Facilities Revenue Bonds, Washington and Lee University,
Series 1998, 5.250%,
1/01/31 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,782,601
|
|
|
|
|
|
|
|
|
1,250
|
|
|
Virginia College Building Authority, Educational Facilities Revenue Refunding Bonds, Marymount University,
Series 1998, 5.125%,
7/01/28 RAAI Insured
|
|
|
|
|
1/14 at 100.00
|
|
|
|
N/R
|
|
|
|
1,250,100
|
|
|
|
|
|
|
|
|
500
|
|
|
Virginia Small Business Finance Authority, Educational Facilities Revenue Bonds, Roanoke
College, Series 2011, 5.750%, 4/01/41
|
|
|
|
|
4/20 at 100.00
|
|
|
|
A
|
|
|
|
523,990
|
|
|
26,385
|
|
|
Total Education and Civic Organizations
|
|
|
|
|
|
|
|
|
|
|
|
|
27,715,401
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 14.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charlotte County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Halifax Regional Hospital Incorporated, Series
2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,100
|
|
|
5.000%, 9/01/27
|
|
|
|
|
9/17 at 100.00
|
|
|
|
A
|
|
|
|
1,122,231
|
|
|
4,250
|
|
|
5.000%, 9/01/37
|
|
|
|
|
9/17 at 100.00
|
|
|
|
A
|
|
|
|
4,254,718
|
|
|
|
|
|
|
|
|
2,140
|
|
|
Chesterfield County Economic Development Authority, Virginia, Revenue Bonds, Bon Secours Health,
Series 2010C-2, 5.000%, 11/01/42
AGC Insured
|
|
|
|
|
11/20 at 100.00
|
|
|
|
AA
|
|
|
|
2,169,275
|
|
|
|
|
|
|
|
|
1,125
|
|
|
Colorado Health Facilities Authority, Colorado, Revenue Bonds, Catholic Health Initiatives, Series 2013A,
5.250%, 1/01/40
|
|
|
|
|
1/23 at 100.00
|
|
|
|
A+
|
|
|
|
1,120,984
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Virginia Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,000
|
|
|
Fairfax County Industrial Development Authority, Virginia, Healthcare Revenue Bonds, Inova Health System,
Series 2009C, 5.000%,
5/15/25
|
|
|
|
|
5/19 at 100.00
|
|
|
|
AA+
|
|
|
$
|
3,237,780
|
|
|
|
|
|
|
|
|
400
|
|
|
Fairfax County Industrial Development Authority, Virginia, Hospital Revenue Refunding Bonds, Inova Health System, Series 1993A, 5.000%,
8/15/23
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
460,232
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Fredericksburg Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series 2007, 5.250%,
6/15/21
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa1
|
|
|
|
2,679,050
|
|
|
|
|
|
|
|
|
1,375
|
|
|
Fredericksburg Industrial Development Authority, Virginia, Revenue Bonds, MediCorp Health System, Series 2002B, 5.125%,
6/15/33
|
|
|
|
|
2/14 at 100.00
|
|
|
|
Baa1
|
|
|
|
1,375,096
|
|
|
|
|
|
|
|
|
2,215
|
|
|
Hanover County Industrial Development Authority, Virginia, Hospital Revenue Bonds, Memorial Regional Medical Center, Series 1995,
6.375%, 8/15/18 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
2,436,589
|
|
|
|
|
|
|
|
|
3,380
|
|
|
Harrisonburg Industrial Development Authority, Virginia, Hospital Facilities Revenue Bonds, Rockingham Memorial Hospital, Series 2006,
5.000%, 8/15/31 AMBAC Insured
|
|
|
|
|
8/16 at 100.00
|
|
|
|
AA
|
|
|
|
3,454,495
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Prince William County Industrial Development Authority, Virginia, Health Care Facilities Revenue Refunding Bonds, Novant Health
Obligated Group-Prince William Hospital, Series 2013B, 5.000%, 11/01/25
|
|
|
|
|
11/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,089,920
|
|
|
|
|
|
|
|
|
1,310
|
|
|
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health System Obligated Group, Series 2005B,
5.000%, 7/01/38
|
|
|
|
|
7/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,330,881
|
|
|
|
|
|
|
|
|
|
|
|
Stafford County Economic Development Authority, Virginia, Hospital Facilities Revenue Bonds, MediCorp Health System, Series
2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,040
|
|
|
5.250%, 6/15/24
|
|
|
|
|
6/16 at 100.00
|
|
|
|
Baa1
|
|
|
|
3,111,622
|
|
|
1,475
|
|
|
5.250%, 6/15/31
|
|
|
|
|
6/16 at 100.00
|
|
|
|
Baa1
|
|
|
|
1,467,433
|
|
|
4,360
|
|
|
5.250%, 6/15/37
|
|
|
|
|
6/16 at 100.00
|
|
|
|
Baa1
|
|
|
|
4,208,577
|
|
|
|
|
|
|
|
|
2,450
|
|
|
Virginia Small Business Finance Authority, Healthcare Facilities Revenue Bonds, Sentara Healthcare, Refunding Series 2010, 5.000%,
11/01/40
|
|
|
|
|
5/20 at 100.00
|
|
|
|
AA
|
|
|
|
2,486,187
|
|
|
|
|
|
|
|
|
|
|
|
Virginia Small Business Financing Authority, Wellmont Health System Project Revenue Bonds, Series 2007A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.125%, 9/01/22
|
|
|
|
|
9/17 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,039,450
|
|
|
5,055
|
|
|
5.250%, 9/01/37
|
|
|
|
|
9/17 at 100.00
|
|
|
|
BBB+
|
|
|
|
4,839,657
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Washington County Industrial Development Authority , Virginia, Hospital Revenue Bonds, Mountain States Health Alliance, Series 2009C,
7.500%, 7/01/29
|
|
|
|
|
1/19 at 100.00
|
|
|
|
BBB+
|
|
|
|
5,647,350
|
|
|
|
|
|
|
|
|
1,980
|
|
|
Winchester Industrial Development Authority, Virginia, Hospital Revenue Bonds Valley Health System Obligated Group, Series 2009E,
5.625%, 1/01/44
|
|
|
|
|
1/19 at 100.00
|
|
|
|
A+
|
|
|
|
2,085,277
|
|
|
|
|
|
|
|
|
2,145
|
|
|
Winchester Industrial Development Authority, Virginia, Hospital Revenue Bonds, Winchester Medical Center,
Series 2007, 5.125%,
1/01/31
|
|
|
|
|
1/17 at 100.00
|
|
|
|
A+
|
|
|
|
2,188,136
|
|
|
|
|
|
|
|
|
480
|
|
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Health Care, Inc.,
Series 2010A, 5.625%, 4/15/39
|
|
|
|
|
4/20 at 100.00
|
|
|
|
A
|
|
|
|
487,411
|
|
|
50,780
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
52,292,351
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily 2.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
850
|
|
|
Arlington County Industrial Development Authority, Virginia, Multifamily Housing Mortgage Revenue Bonds, Berkeley Apartments, Series
2000, 5.850%, 12/01/20 (Alternative Minimum Tax)
|
|
|
|
|
3/14 at 100.00
|
|
|
|
AA
|
|
|
|
850,000
|
|
|
|
|
|
|
|
|
1,200
|
|
|
Fairfax County Redevelopment and Housing Authority, Virginia, FHA-Insured Elderly Housing Mortgage Revenue Refunding Bonds, Little River
Glen, Series 1996, 6.100%, 9/01/26
|
|
|
|
|
3/14 at 100.00
|
|
|
|
AA
|
|
|
|
1,201,728
|
|
|
|
|
|
|
|
|
2,690
|
|
|
Virginia Beach Development Authority, Virginia, Multifamily Residential Rental Housing Revenue Bonds, Hamptons and Hampton Court
Apartments, Series 1999, 7.500%, 10/01/39 (Alternative Minimum Tax)
|
|
|
|
|
10/14 at 102.00
|
|
|
|
N/R
|
|
|
|
2,718,568
|
|
|
|
|
|
|
|
|
600
|
|
|
Virginia Housing Development Authority, Rental Housing Bonds, Series 2010A, 5.000%, 4/01/45
|
|
|
|
|
10/19 at 100.00
|
|
|
|
AA+
|
|
|
|
606,312
|
|
|
|
|
|
|
|
|
490
|
|
|
Virginia Housing Development Authority, Rental Housing Bonds, Series 2010C, 4.550%, 8/01/32
|
|
|
|
|
2/20 at 100.00
|
|
|
|
AA+
|
|
|
|
492,857
|
|
|
|
|
|
|
|
|
1,365
|
|
|
Waynesboro Redevelopment and Housing Authority, Virginia, Multifamily Housing Revenue Bonds,
Epworth Manor, GNMA Collateralized Series 2010, 5.000%, 10/20/51
|
|
|
|
|
4/20 at 100.00
|
|
|
|
AA+
|
|
|
|
1,376,821
|
|
|
7,195
|
|
|
Total Housing/Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
7,246,286
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Single Family 3.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,310
|
|
|
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2006, 4.800%, 7/01/29 (Alternative Minimum
Tax)
|
|
|
|
|
7/15 at 100.00
|
|
|
|
AAA
|
|
|
|
2,318,131
|
|
|
|
|
|
|
|
|
6,500
|
|
|
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2007B, 4.750%, 7/01/32 (Alternative Minimum
Tax)
|
|
|
|
|
7/16 at 100.00
|
|
|
|
AAA
|
|
|
|
6,504,420
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Single Family
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,500
|
|
|
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2012C-5, 4.550%, 7/01/31
|
|
|
|
|
10/22 at 100.00
|
|
|
|
AAA
|
|
|
$
|
2,533,675
|
|
|
|
|
|
|
|
|
|
|
|
Virginia Housing Development Authority, Commonwealth Mortgage Bonds, Series 2012C-8:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,785
|
|
|
4.400%, 10/01/31 (WI/DD, Settling 12/19/13)
|
|
|
|
|
10/22 at 100.00
|
|
|
|
AAA
|
|
|
|
1,795,299
|
|
|
1,000
|
|
|
4.750%, 10/01/38 (WI/DD, Settling 12/19/13)
|
|
|
|
|
10/22 at 100.00
|
|
|
|
AAA
|
|
|
|
1,009,290
|
|
|
14,095
|
|
|
Total Housing/Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
14,160,815
|
|
|
|
|
|
|
|
|
|
|
|
Industrials 0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Henrico County Industrial Development Authority, Virginia, Solid Waste Disposal Revenue Bonds,
Browning-Ferris Industries of South Atlantic Inc., Series 1996A, 5.450%, 1/01/14 (Alternative Minimum Tax)
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
2,005,260
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Care 5.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chesterfield County Health Center Commission, Virginia, Residential Care Facility First Mortgage Revenue Bonds, Lucy Corr Village,
Series 2008A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
6.125%, 12/01/30
|
|
|
|
|
12/18 at 100.00
|
|
|
|
N/R
|
|
|
|
1,466,100
|
|
|
2,500
|
|
|
6.250%, 12/01/38
|
|
|
|
|
11/18 at 100.00
|
|
|
|
N/R
|
|
|
|
1,713,825
|
|
|
|
|
|
|
|
|
|
|
|
Fairfax County Economic Development Authority, Virginia, Residential Care Facilities Mortgage Revenue Bonds, Goodwin House, Inc., Series
2007A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,860
|
|
|
5.125%, 10/01/37
|
|
|
|
|
10/17 at 100.00
|
|
|
|
BBB
|
|
|
|
3,854,442
|
|
|
1,250
|
|
|
5.125%, 10/01/42
|
|
|
|
|
10/17 at 100.00
|
|
|
|
BBB
|
|
|
|
1,249,913
|
|
|
|
|
|
|
|
|
1,200
|
|
|
Fairfax County Economic Development Authority, Virginia, Retirement Center Revenue Bonds, Greenspring Village, Series 2006A,
4.875%, 10/01/36
|
|
|
|
|
10/16 at 100.00
|
|
|
|
A
|
|
|
|
1,186,884
|
|
|
|
|
|
|
|
|
|
|
|
Henrico County Economic Development Authority, Virginia, Residential Care Facility Revenue Bonds, Westminster Canterbury of Richmond,
Series 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,350
|
|
|
5.000%, 10/01/27
|
|
|
|
|
10/17 at 100.00
|
|
|
|
BBB
|
|
|
|
1,365,053
|
|
|
3,500
|
|
|
5.000%, 10/01/35
|
|
|
|
|
2/14 at 100.00
|
|
|
|
BBB
|
|
|
|
3,438,155
|
|
|
|
|
|
|
|
|
4,210
|
|
|
Suffolk Industrial Development Authority, Virginia, Retirement Facilities First Mortgage Revenue
Bonds, Lake Prince Center, Series 2006, 5.300%, 9/01/31
|
|
|
|
|
9/16 at 100.00
|
|
|
|
N/R
|
|
|
|
3,899,007
|
|
|
19,870
|
|
|
Total Long-Term Care
|
|
|
|
|
|
|
|
|
|
|
|
|
18,173,379
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General 3.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,100
|
|
|
Bristol, Virginia, General Obligation Bonds, Refunding & Improvement Series 2010, 5.000%, 7/15/25
|
|
|
|
|
7/20 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,376,423
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Chesapeake, Virginia, General Obligation Bonds, Series 2004, 5.000%, 12/01/20
|
|
|
|
|
12/14 at 101.00
|
|
|
|
AA+
|
|
|
|
1,056,680
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Pittsylvania County, Virginia, General Obligation Bonds, Series 2008B, 5.750%, 2/01/30
|
|
|
|
|
2/19 at 100.00
|
|
|
|
Aa3
|
|
|
|
3,250,200
|
|
|
|
|
|
|
|
|
1,875
|
|
|
Portsmouth, Virginia, General Obligation Bonds, Refunding Series 2010D, 5.000%, 7/15/34
|
|
|
|
|
7/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,954,519
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Portsmouth, Virginia, General Obligation Bonds, Series 2005A, 5.000%, 4/01/15 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
2,127,320
|
|
|
|
|
|
|
|
|
460
|
|
|
Puerto Rico, General Obligation and Public Improvement Bonds, Series 2002A, 4.500%, 7/01/16 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
447,028
|
|
|
|
|
|
|
|
|
775
|
|
|
Puerto Rico, General Obligation Bonds, Public Improvement Refunding Series 2007A, 5.500%, 7/01/20 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
735,932
|
|
|
|
|
|
|
|
|
540
|
|
|
Suffolk, Virginia, General Obligation Bonds, Series 2005, 5.000%, 12/01/25
|
|
|
|
|
12/15 at 100.00
|
|
|
|
AA+
|
|
|
|
585,679
|
|
|
11,750
|
|
|
Total Tax Obligation/General
|
|
|
|
|
|
|
|
|
|
|
|
|
12,533,781
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited 21.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buena Vista Public Recreational Facilities Authority, Virginia, Lease Revenue Bonds, Golf Course Project,
Series 2005A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
630
|
|
|
5.250%, 7/15/25 ACA Insured
|
|
|
|
|
7/15 at 100.00
|
|
|
|
N/R
|
|
|
|
529,011
|
|
|
520
|
|
|
5.500%, 7/15/35 ACA Insured
|
|
|
|
|
7/15 at 100.00
|
|
|
|
N/R
|
|
|
|
399,381
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Caroline County Industrial Development Authority, Virginia, Lease Revenue Bonds, Series 2002, 5.125%, 6/15/34 AMBAC
Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
N/R
|
|
|
|
1,001,360
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Culpeper Industrial Development Authority, Virginia, Lease Revenue Bonds, School Facilities Project, Series 2005, 5.000%, 1/01/18
NPFG Insured
|
|
|
|
|
1/15 at 100.00
|
|
|
|
AA
|
|
|
|
1,050,320
|
|
|
|
|
|
|
|
|
400
|
|
|
Dulles Town Center Community Development Authority, Loudon County, Virginia Special Assessment Refunding Bonds, Dulles Town Center
Project, Series 2012, 4.250%, 3/01/26
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R
|
|
|
|
358,460
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Fairfax County Economic Development Authority, Virginia, Lease Revenue Bonds, Government Center Properties, Series 2003, 5.000%,
5/15/15
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
2,138,260
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Virginia Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,895
|
|
|
Fairfax County Economic Development Authority, Virginia, Lease Revenue Bonds, Joint Public Uses Community Project, Series 2006, 5.000%,
5/15/18
|
|
|
|
|
5/16 at 100.00
|
|
|
|
AA+
|
|
|
$
|
3,164,640
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Fairfax County Economic Development Authority, Virginia, Transportation Contract Revenue Bonds, Route 23,
Series 2007A, 4.250%,
4/01/34 NPFG Insured
|
|
|
|
|
4/17 at 100.00
|
|
|
|
AA+
|
|
|
|
3,006,330
|
|
|
|
|
|
|
|
|
|
|
|
Fairfax County Economic Development Authority, Virginia, Transportation District Improvement Revenue Bonds, Silver Line Phase 1 Project,
Series 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,540
|
|
|
5.000%, 4/01/27
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
3,826,846
|
|
|
1,500
|
|
|
5.000%, 4/01/30
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,590,075
|
|
|
|
|
|
|
|
|
|
|
|
Government of Guam, Business Privilege Tax Bonds, Series 2011A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,020
|
|
|
5.000%, 1/01/31
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
1,045,867
|
|
|
500
|
|
|
5.250%, 1/01/36
|
|
|
|
|
1/22 at 100.00
|
|
|
|
A
|
|
|
|
503,905
|
|
|
|
|
|
|
|
|
|
|
|
Greater Richmond Convention Center Authority, Virginia, Hotel Tax Revenue Bonds, Series 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,950
|
|
|
5.000%, 6/15/17 NPFG Insured
|
|
|
|
|
6/15 at 100.00
|
|
|
|
A+
|
|
|
|
4,180,913
|
|
|
1,130
|
|
|
5.000%, 6/15/22 NPFG Insured
|
|
|
|
|
6/15 at 100.00
|
|
|
|
A+
|
|
|
|
1,203,733
|
|
|
2,900
|
|
|
5.000%, 6/15/25 NPFG Insured
|
|
|
|
|
6/15 at 100.00
|
|
|
|
A+
|
|
|
|
3,078,582
|
|
|
3,925
|
|
|
5.000%, 6/15/30 NPFG Insured
|
|
|
|
|
6/15 at 100.00
|
|
|
|
A+
|
|
|
|
4,068,577
|
|
|
|
|
|
|
|
|
|
|
|
James City County Economic Development Authority, Virginia, Lease Revenue Bonds, County Government Projects,
Series 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,155
|
|
|
5.000%, 7/15/17
|
|
|
|
|
7/15 at 100.00
|
|
|
|
AA+
|
|
|
|
1,229,509
|
|
|
1,210
|
|
|
5.000%, 7/15/18
|
|
|
|
|
7/15 at 100.00
|
|
|
|
AA+
|
|
|
|
1,296,406
|
|
|
|
|
|
|
|
|
1,845
|
|
|
Manassas Park Economic Development Authority, Virginia, Lease Revenue Bond, Series 2010A, 6.000%, 7/15/35
|
|
|
|
|
7/20 at 100.00
|
|
|
|
N/R
|
|
|
|
1,904,815
|
|
|
|
|
|
|
|
|
860
|
|
|
Montgomery County Industrial Development Authority, Virginia, Public Facility Lease Revenue Bonds, Public Projects Series 2008,
5.000%, 2/01/29
|
|
|
|
|
2/18 at 100.00
|
|
|
|
AA
|
|
|
|
895,217
|
|
|
|
|
|
|
|
|
3,585
|
|
|
New Kent County Economic Development Authority, Virginia, Lease Revenue Bonds, School and Governmental Projects, Series 2006, 5.000%,
2/01/26 AGM Insured
|
|
|
|
|
2/17 at 100.00
|
|
|
|
AA
|
|
|
|
3,872,625
|
|
|
|
|
|
|
|
|
675
|
|
|
Norfolk Redevelopment and Housing Authority, Virginia, Educational Facility Revenue Bonds, Community College System Tidewater
Community College Downtown Campus, Series 1999, 5.500%, 11/01/19
|
|
|
|
|
5/14 at 100.00
|
|
|
|
AA+
|
|
|
|
677,957
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2004J:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,375
|
|
|
5.000%, 7/01/15 NPFG Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
A
|
|
|
|
1,367,589
|
|
|
500
|
|
|
5.000%, 7/01/16 NPFG Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
A
|
|
|
|
488,380
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005K, 5.000%, 7/01/30
|
|
|
|
|
7/15 at 100.00
|
|
|
|
BBB
|
|
|
|
1,073,130
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,050
|
|
|
5.500%, 7/01/22
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
818,444
|
|
|
1,000
|
|
|
5.500%, 7/01/25
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
747,700
|
|
|
4,305
|
|
|
5.250%, 7/01/31 AMBAC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
3,352,906
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Highway and Transportation Authority, Subordinate Lien Highway Revenue Bonds, Series 2003:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,055
|
|
|
5.250%, 7/01/15 FGIC Insured
|
|
|
|
|
2/14 at 100.00
|
|
|
|
BBB
|
|
|
|
1,024,964
|
|
|
1,125
|
|
|
5.250%, 7/01/17 FGIC Insured
|
|
|
|
|
2/14 at 100.00
|
|
|
|
BBB
|
|
|
|
1,014,469
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A, 0.000%, 7/01/44 AMBAC
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB+
|
|
|
|
436,850
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Refunding Bonds, Series 2002D:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
135
|
|
|
5.250%, 7/01/27
|
|
|
|
|
2/14 at 100.00
|
|
|
|
BBB
|
|
|
|
98,801
|
|
|
480
|
|
|
5.250%, 7/01/36
|
|
|
|
|
2/14 at 100.00
|
|
|
|
BBB
|
|
|
|
336,139
|
|
|
|
|
|
|
|
|
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series 2009A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,090
|
|
|
5.750%, 8/01/37
|
|
|
|
|
8/19 at 100.00
|
|
|
|
A+
|
|
|
|
874,965
|
|
|
4,500
|
|
|
6.000%, 8/01/42
|
|
|
|
|
8/19 at 100.00
|
|
|
|
A+
|
|
|
|
3,632,850
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%, 8/01/41 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
775,400
|
|
|
|
|
|
|
|
|
270
|
|
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 5.500%, 7/01/19 NPFG
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
258,093
|
|
|
|
|
|
|
|
|
805
|
|
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2005BB, 5.250%, 7/01/22 AGM
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
781,687
|
|
|
|
|
|
|
|
|
740
|
|
|
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia
Association of Counties Finance Program, Series 2005B, 4.125%, 8/01/17
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
766,736
|
|
|
|
|
|
|
|
|
1,925
|
|
|
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia
Association of Counties Finance Program, Series 2006A, 5.000%, 8/01/23 NPFG Insured
|
|
|
|
|
8/16 at 100.00
|
|
|
|
Baa1
|
|
|
|
1,996,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
785
|
|
|
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia
Association of Counties Finance Program, Series 2007C, 5.000%, 2/01/37 SYNCORA GTY Insured
|
|
|
|
|
2/17 at 100.00
|
|
|
|
N/R
|
|
|
$
|
759,833
|
|
|
|
|
|
|
|
|
2,100
|
|
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2003, 5.000%, 10/01/33 RAAI
Insured
|
|
|
|
|
10/14 at 100.00
|
|
|
|
BBB+
|
|
|
|
2,028,096
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Series 2006, 5.000%, 10/01/28 FGIC
Insured
|
|
|
|
|
10/16 at 100.00
|
|
|
|
A
|
|
|
|
1,005,180
|
|
|
|
|
|
|
|
|
3,525
|
|
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Senior Lien Series 2010A, 5.000%,
10/01/29
|
|
|
|
|
10/20 at 100.00
|
|
|
|
BBB
|
|
|
|
3,517,139
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Refunding Bonds, Series 2009C, 5.000%,
10/01/22
|
|
|
|
|
10/19 at 100.00
|
|
|
|
Baa2
|
|
|
|
1,040,330
|
|
|
|
|
|
|
|
|
500
|
|
|
Virginia College Building Authority, Educational Facilities Revenue Bonds, 21st Century College Program, Refunding Series 2009E-2,
4.000%, 2/01/14
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
503,350
|
|
|
|
|
|
|
|
|
385
|
|
|
Virginia Commonwealth Transportation Board, Federal Highway Reimbursement Anticipation Notes, Series 2005, 5.000%,
9/28/15
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa1
|
|
|
|
417,386
|
|
|
|
|
|
|
|
|
2,750
|
|
|
Virginia Public Building Authority, Public Facilities Revenue Bonds, Series 2005A, 5.000%, 8/01/15
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
2,966,948
|
|
|
|
|
|
|
|
|
|
|
|
Virginia Resources Authority, Infrastructure Revenue Bonds, Pre-refunded-Pooled Loan Bond Program, Series 2002A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
90
|
|
|
5.000%, 5/01/20
|
|
|
|
|
2/14 at 100.00
|
|
|
|
AA
|
|
|
|
90,356
|
|
|
35
|
|
|
5.000%, 5/01/21
|
|
|
|
|
2/14 at 100.00
|
|
|
|
AA
|
|
|
|
35,139
|
|
|
|
|
|
|
|
|
|
|
|
Virginia Transportation Board, Transportation Revenue Bonds, U.S. Route 58 Corridor Development Program,
Series 2004B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
5.000%, 5/15/15
|
|
|
|
|
5/14 at 100.00
|
|
|
|
AA+
|
|
|
|
1,534,560
|
|
|
500
|
|
|
5.000%, 5/15/17
|
|
|
|
|
5/14 at 100.00
|
|
|
|
AA+
|
|
|
|
510,990
|
|
|
|
|
|
|
|
|
2,160
|
|
|
Washington County Industrial Development Authority, Virginia, Public Facilities Lease Revenue Bonds, Refunding Series 2010, 5.500%,
8/01/40
|
|
|
|
|
8/20 at 100.00
|
|
|
|
A+
|
|
|
|
2,274,264
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Westmoreland County Industrial Development Authority, Virginia, Lease Revenue Bonds,
Northumberland County School Project, Series 2006, 5.000%, 11/01/31 NPFG Insured
|
|
|
|
|
11/16 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,566,435
|
|
|
88,925
|
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
79,118,373
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 18.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,800
|
|
|
Capital Region Airport Commission, Virginia, Airport Revenue Bonds, Series 2008A, 5.000%, 7/01/38 AGM Insured
|
|
|
|
|
7/18 at 100.00
|
|
|
|
AA
|
|
|
|
6,841,208
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Chesapeake, Virginia, Transportation System Senior Toll Road Revenue Bonds, Capital Appreciation Series 2012B, 0.000%,
7/15/32
|
|
|
|
|
7/28 at 100.00
|
|
|
|
BBB
|
|
|
|
1,519,050
|
|
|
|
|
|
|
|
|
1,000
|
|
|
District of Columbia Metropolitan Area Transit Authority, Gross Revenue Bonds, Series 2009A, 5.125%, 7/01/32
|
|
|
|
|
7/19 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,055,810
|
|
|
|
|
|
|
|
|
5,250
|
|
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds,
Series 2009C, 0.000%,
10/01/41 AGC Insured
|
|
|
|
|
10/26 at 100.00
|
|
|
|
AA
|
|
|
|
5,006,505
|
|
|
|
|
|
|
|
|
3,300
|
|
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds, Dulles Metrorail Capital
Appreciation, Series 2010B, 0.000%, 10/01/44
|
|
|
|
|
10/28 at 100.00
|
|
|
|
BBB+
|
|
|
|
2,554,563
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Washington D.C. Airports Authority, Virginia, Dulles Toll Road Second Senior Lien Revenue Bonds,
Series
2009B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,200
|
|
|
0.000%, 10/01/26 AGC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
2,228,520
|
|
|
5,850
|
|
|
0.000%, 10/01/34 AGC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,748,565
|
|
|
13,000
|
|
|
0.000%, 10/01/36 AGC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
3,325,920
|
|
|
|
|
|
|
|
|
3,025
|
|
|
Metropolitan Washington D.C. Airports Authority, Virginia, Airport System Revenue Bonds, Series 2008A, 5.375%, 10/01/29
(Alternative Minimum Tax)
|
|
|
|
|
10/18 at 100.00
|
|
|
|
AA
|
|
|
|
3,162,789
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Washington D.C. Airports Authority, Virginia, Airport System Revenue Bonds, Series 2009C:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,200
|
|
|
5.000%, 10/01/28
|
|
|
|
|
10/18 at 100.00
|
|
|
|
AA
|
|
|
|
1,283,508
|
|
|
3,000
|
|
|
5.625%, 10/01/39
|
|
|
|
|
10/18 at 100.00
|
|
|
|
AA
|
|
|
|
3,215,100
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Washington D.C. Airports Authority, Virginia, Airport System Revenue Bonds, Series 2010A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,450
|
|
|
5.000%, 10/01/30
|
|
|
|
|
10/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,553,588
|
|
|
3,800
|
|
|
5.000%, 10/01/35
|
|
|
|
|
10/20 at 100.00
|
|
|
|
AA
|
|
|
|
3,951,392
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Washington D.C. Airports Authority, Virginia, System Revenue Bonds, Series 2007B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
5.000%, 10/01/25 AMBAC Insured (Alternative Minimum Tax)
|
|
|
|
|
1/17 at 100.00
|
|
|
|
AA
|
|
|
|
5,199,050
|
|
|
2,500
|
|
|
5.000%, 10/01/35 AMBAC Insured (Alternative Minimum Tax)
|
|
|
|
|
10/17 at 100.00
|
|
|
|
AA
|
|
|
|
2,518,925
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Virginia Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Transportation
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
800
|
|
|
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013, 5.000%,
1/01/31 AGM Insured (Alternative Minimum Tax)
|
|
|
|
|
1/24 at 100.00
|
|
|
|
AA
|
|
|
$
|
801,848
|
|
|
|
|
|
|
|
|
1,750
|
|
|
Puerto Rico Ports Authority, Special Facilities Revenue Bonds, American Airlines Inc., Series 1996A, 6.250%, 6/01/26 (Alternative
Minimum Tax) (4)
|
|
|
|
|
6/14 at 100.00
|
|
|
|
N/R
|
|
|
|
2,021,250
|
|
|
|
|
|
|
|
|
1,195
|
|
|
Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System, Series 1998, 5.250%, 7/15/22 FGIC
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,344,028
|
|
|
|
|
|
|
|
|
1,485
|
|
|
Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System, Series 2002, 5.250%, 7/15/22 FGIC
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,670,313
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012A, 5.125%, 7/01/49
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
1,851,120
|
|
|
|
|
|
|
|
|
|
|
|
Route 460 Funding Corporation, Virginia, Toll Road Revenue Bonds, Series 2012B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
0.000%, 7/01/33
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
887,550
|
|
|
2,925
|
|
|
0.000%, 7/01/34
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
818,064
|
|
|
|
|
|
|
|
|
1,015
|
|
|
Virginia Port Authority, Port Facilities Revenue Refunding Bonds Series 2010, 5.000%, 7/01/40
|
|
|
|
|
7/19 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,038,781
|
|
|
|
|
|
|
|
|
3,215
|
|
|
Virginia Port Authority, Revenue Bonds, Port Authority Facilities, Series 2006, 5.000%, 7/01/36 FGIC Insured (Alternative Minimum
Tax)
|
|
|
|
|
2/14 at 100.00
|
|
|
|
Aa3
|
|
|
|
3,180,535
|
|
|
|
|
|
|
|
|
|
|
|
Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project,
Series 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
5.250%, 1/01/32 (Alternative Minimum Tax)
|
|
|
|
|
7/22 at 100.00
|
|
|
|
BBB
|
|
|
|
1,486,110
|
|
|
6,500
|
|
|
5.500%, 1/01/42 (Alternative Minimum Tax)
|
|
|
|
|
7/22 at 100.00
|
|
|
|
BBB
|
|
|
|
6,408,155
|
|
|
87,760
|
|
|
Total Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
66,672,247
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed 7.3% (5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
750
|
|
|
Bristol, Virginia, General Obligation Utility System Revenue Bonds, Series 2002, 5.000%, 11/01/24 AGM Insured
(ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
AA (5)
|
|
|
|
876,158
|
|
|
|
|
|
|
|
|
1,090
|
|
|
Dinwiddie County Industrial Development Authority, Virginia, Lease Revenue Bonds, Refunding Series 2004B, 5.125%, 2/15/15 (Pre-refunded
2/15/14) NPFG Insured
|
|
|
|
|
2/14 at 100.00
|
|
|
|
A+ (5)
|
|
|
|
1,100,965
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Fairfax County Economic Development Authority, Virginia, Transportation Contract Revenue Bonds, Route 28, Series 2004, 5.000%,
4/01/33 (Pre-refunded 4/01/14) NPFG Insured
|
|
|
|
|
4/14 at 100.00
|
|
|
|
AA+ (5)
|
|
|
|
2,033,120
|
|
|
|
|
|
|
|
|
1,915
|
|
|
Front Royal and Warren County Industrial Development Authority, Virginia, Lease Revenue Bonds, Series 2004B, 5.000%, 4/01/17
(Pre-refunded 4/01/14) AGM Insured
|
|
|
|
|
4/14 at 100.00
|
|
|
|
AA (5)
|
|
|
|
1,946,655
|
|
|
|
|
|
|
|
|
|
|
|
Hampton Roads Regional Jail Authority, Virginia, Revenue Bonds, Regional Jail Facility, Series 2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,020
|
|
|
5.000%, 7/01/17 (Pre-refunded 7/01/14) NPFG Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
Aa2 (5)
|
|
|
|
2,077,833
|
|
|
1,625
|
|
|
5.000%, 7/01/18 (Pre-refunded 7/01/14) NPFG Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
Aa2 (5)
|
|
|
|
1,671,524
|
|
|
|
|
|
|
|
|
5
|
|
|
Loudoun County, Virginia, General Obligation Bonds, Series 2006B, 5.000%, 12/01/24 (Pre-refunded 12/01/16)
|
|
|
|
|
12/16 at 100.00
|
|
|
|
AAA
|
|
|
|
5,660
|
|
|
|
|
|
|
|
|
2,610
|
|
|
Norfolk, Virginia, Parking System Revenue Bonds, Series 2005A, 5.000%, 2/01/23 (Pre-refunded 2/01/15) NPFG
Insured
|
|
|
|
|
2/15 at 100.00
|
|
|
|
A (5)
|
|
|
|
2,755,742
|
|
|
|
|
|
|
|
|
|
|
|
Prince William County, Virginia, Certificates of Participation, County Facilities, Series 2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,100
|
|
|
5.000%, 6/01/20 (Pre-refunded 6/01/15) AMBAC Insured
|
|
|
|
|
6/15 at 100.00
|
|
|
|
Aa1 (5)
|
|
|
|
1,178,408
|
|
|
1,930
|
|
|
5.000%, 6/01/21 (Pre-refunded 6/01/15) AMBAC Insured
|
|
|
|
|
6/15 at 100.00
|
|
|
|
Aa1 (5)
|
|
|
|
2,067,570
|
|
|
|
|
|
|
|
|
120
|
|
|
Puerto Rico, Highway Revenue Bonds, Highway and Transportation Authority, Series 2003AA, 4.000%, 7/01/15 FGIC Insured
(ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB+ (5)
|
|
|
|
127,062
|
|
|
|
|
|
|
|
|
535
|
|
|
Richmond Metropolitan Authority, Virginia, Revenue Refunding Bonds, Expressway System, Series 1998, 5.250%, 7/15/22 NPFG
Insured (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
A (5)
|
|
|
|
620,637
|
|
|
|
|
|
|
|
|
20
|
|
|
Roanoke Industrial Development Authority, Virginia, Hospital Revenue Bonds, Carillion Health System Obligated Group, Series 2005B,
5.000%, 7/01/38 (Pre-refunded 7/01/20)
|
|
|
|
|
7/20 at 100.00
|
|
|
|
AA (5)
|
|
|
|
23,891
|
|
|
|
|
|
|
|
|
260
|
|
|
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia
Association of Counties Finance Program, Series 2005B, 4.125%, 8/01/17 (Pre-refunded 8/01/15)
|
|
|
|
|
8/15 at 100.00
|
|
|
|
A (5)
|
|
|
|
276,424
|
|
|
|
|
|
|
|
|
550
|
|
|
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia
Association of Counties Finance Program, Series 2006A, 5.000%, 8/01/23 (Pre-refunded 8/01/16) NPFG Insured
|
|
|
|
|
8/16 at 100.00
|
|
|
|
Baa1 (5)
|
|
|
|
614,878
|
|
|
|
|
|
|
|
|
215
|
|
|
Stafford County and Staunton Industrial Development Authority, Virginia, Revenue Bonds, Virginia Municipal League and Virginia
Association of Counties Finance Program, Series 2007C, 5.000%, 2/01/37 (Pre-refunded 2/01/17) SYNCORA GTY Insured
|
|
|
|
|
2/17 at 100.00
|
|
|
|
N/R (5)
|
|
|
|
244,593
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed (5)
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
630
|
|
|
Suffolk, Virginia, General Obligation Bonds, Series 2005, 5.000%, 12/01/25 (Pre-refunded 12/01/15)
|
|
|
|
|
12/15 at 100.00
|
|
|
|
N/R (5)
|
|
|
$
|
688,804
|
|
|
|
|
|
|
|
|
3,565
|
|
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset-Backed Bonds, Series 2005, 5.500%, 6/01/26 (Pre-refunded
6/01/15)
|
|
|
|
|
6/15 at 100.00
|
|
|
|
Aaa
|
|
|
|
3,761,574
|
|
|
|
|
|
|
|
|
950
|
|
|
Virgin Islands Public Finance Authority, Senior Lien Matching Fund Loan Note, Series 2004A, 5.250%, 10/01/15 (Pre-refunded
10/01/14)
|
|
|
|
|
10/14 at 100.00
|
|
|
|
BBB (5)
|
|
|
|
990,518
|
|
|
|
|
|
|
|
|
1,945
|
|
|
Virginia Port Authority, General Fund Revenue Bonds, Series 2005A, 5.250%, 7/01/19 (Pre-refunded 7/01/15) AGM Insured
(Alternative Minimum Tax)
|
|
|
|
|
7/15 at 100.00
|
|
|
|
AA+ (5)
|
|
|
|
2,095,718
|
|
|
|
|
|
|
|
|
1,360
|
|
|
Virginia Public School Authority, School Financing Bonds, 1997 Resolution, Series 2005C, 5.000%,
8/01/17
(Pre-refunded
8/01/15)
|
|
|
|
|
8/15 at 100.00
|
|
|
|
AA+ (5)
|
|
|
|
1,467,413
|
|
|
25,195
|
|
|
Total U.S. Guaranteed
|
|
|
|
|
|
|
|
|
|
|
|
|
26,625,147
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 3.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Chesterfield County Economic Development Authority, Virginia, Solid Waste and Sewerage Disposal Revenue Bonds, Virginia Electric and
Power Company Projects, Series 2007A, 5.600%, 11/01/31
(Alternative Minimum Tax)
|
|
|
|
|
11/17 at 100.00
|
|
|
|
A
|
|
|
|
3,087,330
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Chesterfield County Economic Development Authority, Virginia, Solid Waste and Sewerage Disposal Revenue Bonds, Virginia Electric and
Power Company Projects, Series 2009A, 5.000%, 5/01/23
|
|
|
|
|
5/19 at 100.00
|
|
|
|
A
|
|
|
|
3,288,750
|
|
|
|
|
|
|
|
|
390
|
|
|
Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/27 AGM Insured
|
|
|
|
|
10/22 at 100.00
|
|
|
|
AA
|
|
|
|
407,979
|
|
|
|
|
|
|
|
|
645
|
|
|
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2002KK, 5.500%, 7/01/16 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
643,581
|
|
|
|
|
|
|
|
|
|
|
|
Richmond, Virginia, Public Utility Revenue Bonds, Series 2009A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,100
|
|
|
5.000%, 1/15/35
|
|
|
|
|
1/19 at 100.00
|
|
|
|
AA
|
|
|
|
4,305,656
|
|
|
2,000
|
|
|
5.000%, 1/15/40
|
|
|
|
|
1/19 at 100.00
|
|
|
|
AA
|
|
|
|
2,073,960
|
|
|
13,135
|
|
|
Total Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
13,807,256
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer 4.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,220
|
|
|
Guam Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43
(WI/DD, Settling
12/12/13)
|
|
|
|
|
7/23 at 100.00
|
|
|
|
A
|
|
|
|
1,191,891
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Hampton Roads Sanitation District, Virginia, Wastewater Revenue Bonds, Series 2012A, 5.000%, 1/01/39
|
|
|
|
|
No Opt. Call
|
|
|
|
AAA
|
|
|
|
4,206,800
|
|
|
|
|
|
|
|
|
1,395
|
|
|
Henry County Public Service Authority, Virginia, Water and Sewerage Revenue Refunding Bonds, Series 2001, 5.500%, 11/15/19 AGM
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,627,784
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Loudoun County Sanitation Authority, Virginia, Water and Sewer System Revenue Bonds, Series 2007, 4.500%, 1/01/32
|
|
|
|
|
1/17 at 100.00
|
|
|
|
AAA
|
|
|
|
3,050,070
|
|
|
|
|
|
|
|
|
1,750
|
|
|
Newport News, Virginia, Water Revenue Bonds, Series 2007, 4.750%, 6/01/31 AGM Insured
|
|
|
|
|
6/17 at 100.00
|
|
|
|
AAA
|
|
|
|
1,762,338
|
|
|
|
|
|
|
|
|
1,520
|
|
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/38
|
|
|
|
|
7/18 at 100.00
|
|
|
|
BBB
|
|
|
|
1,139,240
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Virginia Resources Authority, Clean Water State Revolving Fund Revenue Bonds, Series 2007, 4.750%, 10/01/27
|
|
|
|
|
10/17 at 100.00
|
|
|
|
AAA
|
|
|
|
1,083,520
|
|
|
|
|
|
|
|
|
1,135
|
|
|
York County, Virginia, Sewer System Revenue Bonds, Series 2005, 5.000%, 6/01/29 AMBAC
Insured
|
|
|
|
|
6/15 at 101.00
|
|
|
|
Aa2
|
|
|
|
1,149,267
|
|
|
15,020
|
|
|
Total Water and Sewer
|
|
|
|
|
|
|
|
|
|
|
|
|
15,210,910
|
|
$
|
412,445
|
|
|
Total Long-Term Investments (cost $359,315,262)
|
|
|
|
|
|
|
|
|
|
|
|
|
356,903,736
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets Less Liabilities 2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
7,720,055
|
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
364,623,791
|
|
(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 & Poors Group (Standard & Poors), Moodys Investor Service, Inc. (Moodys)
or Fitch, Inc. (Fitch) rating. Ratings below BBB by Standard & Poors, Baa by Moodys 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)
|
At 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 Funds Adviser has concluded that the issue is not likely to meet its future interest
payment obligations and has directed the Funds custodian to cease accruing additional income on the Funds records.
|
(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.
|
WI/DD
|
Investment, or portion of investment purchased on a when-issued or delayed delivery basis.
|
(ETM)
|
Escrowed to maturity.
|
See accompanying notes to financial statements.
Statement of
Assets and Liabilities
November
30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland
|
|
|
Pennsylvania
|
|
|
Virginia
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at value (cost $162,950,760, $251,084,431 and $359,315,262, respectively)
|
|
$
|
162,129,531
|
|
|
$
|
255,246,074
|
|
|
$
|
356,903,736
|
|
Cash
|
|
|
4,205,356
|
|
|
|
640,412
|
|
|
|
7,236,944
|
|
Receivable for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
2,814,033
|
|
|
|
3,650,368
|
|
|
|
5,740,605
|
|
Investments sold
|
|
|
608,169
|
|
|
|
1,016,111
|
|
|
|
105,000
|
|
Shares sold
|
|
|
90,441
|
|
|
|
178,985
|
|
|
|
345,341
|
|
Other assets
|
|
|
141
|
|
|
|
7,934
|
|
|
|
28,769
|
|
Total assets
|
|
|
169,847,671
|
|
|
|
260,739,884
|
|
|
|
370,360,395
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable for:
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
152,995
|
|
|
|
312,335
|
|
|
|
355,249
|
|
Investments purchased
|
|
|
|
|
|
|
|
|
|
|
3,983,101
|
|
Shares redeemed
|
|
|
544,409
|
|
|
|
272,187
|
|
|
|
1,052,708
|
|
Accrued expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
|
|
72,378
|
|
|
|
109,361
|
|
|
|
153,094
|
|
Trustees fees
|
|
|
716
|
|
|
|
8,865
|
|
|
|
31,232
|
|
12b-1 distribution and service fees
|
|
|
35,456
|
|
|
|
44,557
|
|
|
|
65,718
|
|
Other
|
|
|
46,282
|
|
|
|
63,443
|
|
|
|
95,502
|
|
Total liabilities
|
|
|
852,236
|
|
|
|
810,748
|
|
|
|
5,736,604
|
|
Net assets
|
|
$
|
168,995,435
|
|
|
$
|
259,929,136
|
|
|
$
|
364,623,791
|
|
Class A Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
70,189,484
|
|
|
$
|
102,787,161
|
|
|
$
|
176,910,989
|
|
Shares outstanding
|
|
|
6,801,725
|
|
|
|
9,851,717
|
|
|
|
16,753,333
|
|
Net asset value per share
|
|
$
|
10.32
|
|
|
$
|
10.43
|
|
|
$
|
10.56
|
|
Offering price per share (net asset value per share plus maximum sales charge of 4.20% of offering
price)
|
|
$
|
10.77
|
|
|
$
|
10.89
|
|
|
$
|
11.02
|
|
Class B Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
561,299
|
|
|
|
N/A
|
|
|
$
|
984,481
|
|
Shares outstanding
|
|
|
54,375
|
|
|
|
N/A
|
|
|
|
93,525
|
|
Net asset value and offering price per share
|
|
$
|
10.32
|
|
|
|
N/A
|
|
|
$
|
10.53
|
|
Class C Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
37,531,385
|
|
|
$
|
44,782,682
|
|
|
$
|
56,761,593
|
|
Shares outstanding
|
|
|
3,648,534
|
|
|
|
4,310,073
|
|
|
|
5,381,305
|
|
Net asset value and offering price per share
|
|
$
|
10.29
|
|
|
$
|
10.39
|
|
|
$
|
10.55
|
|
Class I Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
60,713,267
|
|
|
$
|
112,359,293
|
|
|
$
|
129,966,728
|
|
Shares outstanding
|
|
|
5,876,532
|
|
|
|
10,801,531
|
|
|
|
12,350,900
|
|
Net asset value and offering price per share
|
|
$
|
10.33
|
|
|
$
|
10.40
|
|
|
$
|
10.52
|
|
Net assets consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital paid-in
|
|
$
|
171,874,231
|
|
|
$
|
255,968,031
|
|
|
$
|
371,903,365
|
|
Undistributed (Over-distribution of) net investment income
|
|
|
654,014
|
|
|
|
1,196,869
|
|
|
|
1,360,557
|
|
Accumulated net realized gain (loss)
|
|
|
(2,711,581
|
)
|
|
|
(1,397,407
|
)
|
|
|
(6,228,605
|
)
|
Net unrealized appreciation (depreciation)
|
|
|
(821,229
|
)
|
|
|
4,161,643
|
|
|
|
(2,411,526
|
)
|
Net assets
|
|
$
|
168,995,435
|
|
|
$
|
259,929,136
|
|
|
$
|
364,623,791
|
|
Authorized shares per class
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
Par value per share
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
N/A
|
Pennsylvania does not offer Class B Shares. Class B Shares of Pennsylvania converted to Class A Shares at the close of business on October 28, 2013, and are no longer available
through an exchange from other Nuveen mutual funds.
|
See accompanying notes to financial statements.
Statement of
Operations
Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland
|
|
|
Pennsylvania
|
|
|
Virginia
|
|
Investment Income
|
|
$
|
4,289,696
|
|
|
$
|
6,438,251
|
|
|
$
|
9,460,859
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
|
|
470,270
|
|
|
|
692,681
|
|
|
|
1,015,005
|
|
12b-1 service fees Class A
(1)
|
|
|
74,802
|
|
|
|
108,114
|
|
|
|
192,040
|
|
12b-1 distribution and service fees Class B
|
|
|
3,681
|
|
|
|
N/A
|
|
|
|
5,617
|
|
12b-1 distribution and service fees Class C
|
|
|
154,489
|
|
|
|
174,135
|
|
|
|
236,907
|
|
Shareholder servicing agent fees and expenses
|
|
|
49,665
|
|
|
|
73,282
|
|
|
|
110,295
|
|
Custodian fees and expenses
|
|
|
20,034
|
|
|
|
29,453
|
|
|
|
39,753
|
|
Trustees fees and expenses
|
|
|
2,633
|
|
|
|
3,891
|
|
|
|
5,799
|
|
Professional fees
|
|
|
16,130
|
|
|
|
17,860
|
|
|
|
20,588
|
|
Shareholder reporting expenses
|
|
|
13,265
|
|
|
|
17,760
|
|
|
|
28,276
|
|
Federal and state registration fees
|
|
|
6,932
|
|
|
|
5,130
|
|
|
|
6,069
|
|
Other expenses
|
|
|
4,280
|
|
|
|
5,293
|
|
|
|
6,684
|
|
Total expenses
|
|
|
816,181
|
|
|
|
1,127,599
|
|
|
|
1,667,033
|
|
Net investment income (loss)
|
|
|
3,473,515
|
|
|
|
5,310,652
|
|
|
|
7,793,826
|
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from investments
|
|
|
(2,915,466
|
)
|
|
|
(1,039,702
|
)
|
|
|
(6,315,965
|
)
|
Change in net unrealized appreciation (depreciation) of investments
|
|
|
(12,025,234
|
)
|
|
|
(15,408,609
|
)
|
|
|
(27,319,515
|
)
|
Net realized and unrealized gain (loss)
|
|
|
(14,940,700
|
)
|
|
|
(16,448,311
|
)
|
|
|
(33,635,480
|
)
|
Net increase (decrease) in net assets from operations
|
|
$
|
(11,467,185
|
)
|
|
$
|
(11,137,659
|
)
|
|
$
|
(25,841,654
|
)
|
N/A
|
Fund no longer offers Class B Shares.
|
(1)
|
Includes 12b-1 distribution and service fees incurred on Pennsylvanias Class B Shares during the period. Class B Shares of Pennsylvania converted to Class A Shares at the
close of business on October 28, 2013, and are no longer available through an exchange from other Nuveen mutual funds.
|
See accompanying notes to financial statements.
Statement of
Changes in Net Assets
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Maryland
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
Operations
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
3,473,515
|
|
|
$
|
6,963,549
|
|
Net realized gain (loss) from investments
|
|
|
(2,915,466
|
)
|
|
|
318,211
|
|
Change in net unrealized appreciation (depreciation) of investments
|
|
|
(12,025,234
|
)
|
|
|
(858,542
|
)
|
Net increase (decrease) in net assets from operations
|
|
|
(11,467,185
|
)
|
|
|
6,423,218
|
|
Distributions to Shareholders
|
|
|
|
|
|
|
|
|
From net investment income:
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(1,365,373
|
)
|
|
|
(2,929,044
|
)
|
Class B
|
|
|
(11,026
|
)
|
|
|
(32,982
|
)
|
Class C
|
|
|
(636,059
|
)
|
|
|
(1,335,887
|
)
|
Class I
|
|
|
(1,278,767
|
)
|
|
|
(2,700,834
|
)
|
From accumulated net realized gains:
|
|
|
|
|
|
|
|
|
Class A
|
|
|
|
|
|
|
(44,167
|
)
|
Class B
|
|
|
|
|
|
|
(577
|
)
|
Class C
|
|
|
|
|
|
|
(23,541
|
)
|
Class I
|
|
|
|
|
|
|
(38,069
|
)
|
Decrease in net assets from distributions to shareholders
|
|
|
(3,291,225
|
)
|
|
|
(7,105,101
|
)
|
Fund Share Transactions
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
12,721,919
|
|
|
|
36,051,196
|
|
Proceeds from shares issued to shareholders due to reinvestment
of distributions
|
|
|
2,310,713
|
|
|
|
4,786,991
|
|
|
|
|
15,032,632
|
|
|
|
40,838,187
|
|
Cost of shares redeemed
|
|
|
(32,897,791
|
)
|
|
|
(28,376,533
|
)
|
Net increase (decrease) in net assets from Fund share transactions
|
|
|
(17,865,159
|
)
|
|
|
12,461,654
|
|
Net increase (decrease) in net assets
|
|
|
(32,623,569
|
)
|
|
|
11,779,771
|
|
Net assets at the beginning of period
|
|
|
201,619,004
|
|
|
|
189,839,233
|
|
Net assets at the end of period
|
|
$
|
168,995,435
|
|
|
$
|
201,619,004
|
|
Undistributed (Over-distribution of) net investment income at the end of period
|
|
$
|
654,014
|
|
|
$
|
471,724
|
|
See accompanying notes to financial
statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania
|
|
|
|
|
Virginia
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
|
|
$
|
5,310,652
|
|
|
$
|
10,957,201
|
|
|
|
|
$
|
7,793,826
|
|
|
$
|
15,880,843
|
|
Net realized gain (loss) from investments
|
|
|
(1,039,702
|
)
|
|
|
444,228
|
|
|
|
|
|
(6,315,965
|
)
|
|
|
143,652
|
|
Change in net unrealized appreciation (depreciation) of
investments
|
|
|
(15,408,609
|
)
|
|
|
(780,917
|
)
|
|
|
|
|
(27,319,515
|
)
|
|
|
799,014
|
|
Net increase (decrease) in net assets from operations
|
|
|
(11,137,659
|
)
|
|
|
10,620,512
|
|
|
|
|
|
(25,841,654
|
)
|
|
|
16,823,509
|
|
Distributions to Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A
(1)
|
|
|
(2,065,501
|
)
|
|
|
(4,026,804
|
)
|
|
|
|
|
(3,538,018
|
)
|
|
|
(7,286,321
|
)
|
Class B
|
|
|
N/A
|
|
|
|
(26,880
|
)
|
|
|
|
|
(17,082
|
)
|
|
|
(54,700
|
)
|
Class C
|
|
|
(767,049
|
)
|
|
|
(1,542,781
|
)
|
|
|
|
|
(974,750
|
)
|
|
|
(2,003,654
|
)
|
Class I
|
|
|
(2,399,549
|
)
|
|
|
(5,352,511
|
)
|
|
|
|
|
(2,813,294
|
)
|
|
|
(6,392,089
|
)
|
From accumulated net realized gains:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(393,416
|
)
|
Class
B
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,758
|
)
|
Class C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(130,226
|
)
|
Class I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(328,844
|
)
|
Decrease in net assets from distributions to shareholders
|
|
|
(5,232,099
|
)
|
|
|
(10,948,976
|
)
|
|
|
|
|
(7,343,144
|
)
|
|
|
(16,593,008
|
)
|
Fund Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
24,492,803
|
|
|
|
48,555,456
|
|
|
|
|
|
45,909,610
|
|
|
|
82,769,574
|
|
Proceeds from shares issued to shareholders due to reinvestment
of distributions
|
|
|
3,256,295
|
|
|
|
6,427,017
|
|
|
|
|
|
5,034,831
|
|
|
|
10,817,285
|
|
|
|
|
27,749,098
|
|
|
|
54,982,473
|
|
|
|
|
|
50,944,441
|
|
|
|
93,586,859
|
|
Cost of shares redeemed
|
|
|
(47,205,425
|
)
|
|
|
(39,030,863
|
)
|
|
|
|
|
(105,286,781
|
)
|
|
|
(68,453,044
|
)
|
Net increase (decrease) in net assets from Fund share transactions
|
|
|
(19,456,327
|
)
|
|
|
15,951,610
|
|
|
|
|
|
(54,342,340
|
)
|
|
|
25,133,815
|
|
Net increase (decrease) in net assets
|
|
|
(35,826,085
|
)
|
|
|
15,623,146
|
|
|
|
|
|
(87,527,138
|
)
|
|
|
25,364,316
|
|
Net assets at the beginning of period
|
|
|
295,755,221
|
|
|
|
280,132,075
|
|
|
|
|
|
452,150,929
|
|
|
|
426,786,613
|
|
Net assets at the end of period
|
|
$
|
259,929,136
|
|
|
$
|
295,755,221
|
|
|
|
|
$
|
364,623,791
|
|
|
$
|
452,150,929
|
|
Undistributed (Over-distribution of) net investment income at the
end of period
|
|
$
|
1,196,869
|
|
|
$
|
1,118,316
|
|
|
|
|
$
|
1,360,557
|
|
|
$
|
909,875
|
|
N/A
|
Fund no longer offers Class B Shares.
|
(1)
|
Includes distribution to shareholders on Pennsylvanias Class B Shares during the period. Class B Shares of Pennsylvania converted to Class A Shares at the close of business
on October 28, 2013, and are no longer available through an exchange from other Nuveen mutual funds.
|
See accompanying notes to financial statements.
Financial
Highlights
(Unaudited)
Selected data for a share
outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MARYLAND
|
|
|
|
|
Investment Operations
|
|
|
|
|
Less Distributions
|
|
|
|
|
Class (Commencement Date)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
May 31,
|
|
Beginning
Net
Asset
Value
|
|
|
Net
Investment
Income
(Loss)(a)
|
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
|
Total
|
|
|
|
|
From
Net
Investment
Income
|
|
|
From
Accumulated
Net
Realized
Gains
|
|
|
Total
|
|
|
Ending
Net
Asset
Value
|
|
Class A (9/94)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
$
|
11.14
|
|
|
$
|
.20
|
|
|
$
|
(.83
|
)
|
|
$
|
(.63
|
)
|
|
|
|
$
|
(.19
|
)
|
|
$
|
|
|
|
$
|
(.19
|
)
|
|
$
|
10.32
|
|
2013
|
|
|
11.17
|
|
|
|
.40
|
|
|
|
(.02
|
)
|
|
|
.38
|
|
|
|
|
|
(.40
|
)
|
|
|
(.01
|
)
|
|
|
(.41
|
)
|
|
|
11.14
|
|
2012
|
|
|
10.45
|
|
|
|
.43
|
|
|
|
.73
|
|
|
|
1.16
|
|
|
|
|
|
(.43
|
)
|
|
|
(.01
|
)
|
|
|
(.44
|
)
|
|
|
11.17
|
|
2011
|
|
|
10.69
|
|
|
|
.43
|
|
|
|
(.24
|
)
|
|
|
.19
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
10.45
|
|
2010
|
|
|
10.03
|
|
|
|
.43
|
|
|
|
.67
|
|
|
|
1.10
|
|
|
|
|
|
(.42
|
)
|
|
|
(.02
|
)
|
|
|
(.44
|
)
|
|
|
10.69
|
|
2009
|
|
|
10.27
|
|
|
|
.42
|
|
|
|
(.25
|
)
|
|
|
.17
|
|
|
|
|
|
(.41
|
)
|
|
|
|
|
|
|
(.41
|
)
|
|
|
10.03
|
|
Class B (3/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.14
|
|
|
|
.16
|
|
|
|
(.83
|
)
|
|
|
(.67
|
)
|
|
|
|
|
(.15
|
)
|
|
|
|
|
|
|
(.15
|
)
|
|
|
10.32
|
|
2013
|
|
|
11.18
|
|
|
|
.31
|
|
|
|
(.02
|
)
|
|
|
.29
|
|
|
|
|
|
(.32
|
)
|
|
|
(.01
|
)
|
|
|
(.33
|
)
|
|
|
11.14
|
|
2012
|
|
|
10.46
|
|
|
|
.35
|
|
|
|
.73
|
|
|
|
1.08
|
|
|
|
|
|
(.35
|
)
|
|
|
(.01
|
)
|
|
|
(.36
|
)
|
|
|
11.18
|
|
2011
|
|
|
10.70
|
|
|
|
.35
|
|
|
|
(.24
|
)
|
|
|
.11
|
|
|
|
|
|
(.35
|
)
|
|
|
|
|
|
|
(.35
|
)
|
|
|
10.46
|
|
2010
|
|
|
10.04
|
|
|
|
.35
|
|
|
|
.67
|
|
|
|
1.02
|
|
|
|
|
|
(.34
|
)
|
|
|
(.02
|
)
|
|
|
(.36
|
)
|
|
|
10.70
|
|
2009
|
|
|
10.28
|
|
|
|
.34
|
|
|
|
(.25
|
)
|
|
|
.09
|
|
|
|
|
|
(.33
|
)
|
|
|
|
|
|
|
(.33
|
)
|
|
|
10.04
|
|
Class C (9/94)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.10
|
|
|
|
.17
|
|
|
|
(.82
|
)
|
|
|
(.65
|
)
|
|
|
|
|
(.16
|
)
|
|
|
|
|
|
|
(.16
|
)
|
|
|
10.29
|
|
2013
|
|
|
11.14
|
|
|
|
.33
|
|
|
|
(.02
|
)
|
|
|
.31
|
|
|
|
|
|
(.34
|
)
|
|
|
(.01
|
)
|
|
|
(.35
|
)
|
|
|
11.10
|
|
2012
|
|
|
10.42
|
|
|
|
.37
|
|
|
|
.73
|
|
|
|
1.10
|
|
|
|
|
|
(.37
|
)
|
|
|
(.01
|
)
|
|
|
(.38
|
)
|
|
|
11.14
|
|
2011
|
|
|
10.66
|
|
|
|
.38
|
|
|
|
(.25
|
)
|
|
|
.13
|
|
|
|
|
|
(.37
|
)
|
|
|
|
|
|
|
(.37
|
)
|
|
|
10.42
|
|
2010
|
|
|
10.00
|
|
|
|
.37
|
|
|
|
.67
|
|
|
|
1.04
|
|
|
|
|
|
(.36
|
)
|
|
|
(.02
|
)
|
|
|
(.38
|
)
|
|
|
10.66
|
|
2009
|
|
|
10.25
|
|
|
|
.36
|
|
|
|
(.26
|
)
|
|
|
.10
|
|
|
|
|
|
(.35
|
)
|
|
|
|
|
|
|
(.35
|
)
|
|
|
10.00
|
|
Class I (2/92)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.15
|
|
|
|
.21
|
|
|
|
(.83
|
)
|
|
|
(.62
|
)
|
|
|
|
|
(.20
|
)
|
|
|
|
|
|
|
(.20
|
)
|
|
|
10.33
|
|
2013
|
|
|
11.19
|
|
|
|
.42
|
|
|
|
(.03
|
)
|
|
|
.39
|
|
|
|
|
|
(.42
|
)
|
|
|
(.01
|
)
|
|
|
(.43
|
)
|
|
|
11.15
|
|
2012
|
|
|
10.47
|
|
|
|
.45
|
|
|
|
.73
|
|
|
|
1.18
|
|
|
|
|
|
(.45
|
)
|
|
|
(.01
|
)
|
|
|
(.46
|
)
|
|
|
11.19
|
|
2011
|
|
|
10.70
|
|
|
|
.46
|
|
|
|
(.24
|
)
|
|
|
.22
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
10.47
|
|
2010
|
|
|
10.04
|
|
|
|
.45
|
|
|
|
.67
|
|
|
|
1.12
|
|
|
|
|
|
(.44
|
)
|
|
|
(.02
|
)
|
|
|
(.46
|
)
|
|
|
10.70
|
|
2009
|
|
|
10.29
|
|
|
|
.44
|
|
|
|
(.26
|
)
|
|
|
.18
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
10.04
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Ratios to Average
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(b)
|
|
|
Ending
Net
Assets
(000)
|
|
|
|
|
Expenses
Including
Interest(c)
|
|
|
Expenses
Excluding
Interest
|
|
|
Net
Investment
Income
(Loss)
|
|
|
Portfolio
Turnover
Rate(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.64
|
)%
|
|
$
|
70,189
|
|
|
|
|
|
.84
|
%*
|
|
|
.84
|
%*
|
|
|
3.86
|
%*
|
|
|
8
|
%
|
|
3.48
|
|
|
|
81,761
|
|
|
|
|
|
.82
|
|
|
|
.82
|
|
|
|
3.54
|
|
|
|
13
|
|
|
11.27
|
|
|
|
78,838
|
|
|
|
|
|
.85
|
|
|
|
.85
|
|
|
|
3.97
|
|
|
|
8
|
|
|
1.78
|
|
|
|
69,162
|
|
|
|
|
|
.84
|
|
|
|
.84
|
|
|
|
4.12
|
|
|
|
9
|
|
|
11.11
|
|
|
|
77,430
|
|
|
|
|
|
.85
|
|
|
|
.85
|
|
|
|
4.05
|
|
|
|
1
|
|
|
1.85
|
|
|
|
63,367
|
|
|
|
|
|
.86
|
|
|
|
.86
|
|
|
|
4.30
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6.02
|
)
|
|
|
561
|
|
|
|
|
|
1.59
|
*
|
|
|
1.59
|
*
|
|
|
3.09
|
*
|
|
|
8
|
|
|
2.72
|
|
|
|
928
|
|
|
|
|
|
1.57
|
|
|
|
1.57
|
|
|
|
2.80
|
|
|
|
13
|
|
|
10.37
|
|
|
|
1,509
|
|
|
|
|
|
1.60
|
|
|
|
1.60
|
|
|
|
3.24
|
|
|
|
8
|
|
|
1.03
|
|
|
|
2,072
|
|
|
|
|
|
1.59
|
|
|
|
1.59
|
|
|
|
3.36
|
|
|
|
9
|
|
|
10.31
|
|
|
|
3,700
|
|
|
|
|
|
1.60
|
|
|
|
1.60
|
|
|
|
3.32
|
|
|
|
1
|
|
|
1.09
|
|
|
|
6,070
|
|
|
|
|
|
1.61
|
|
|
|
1.61
|
|
|
|
3.53
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.84
|
)
|
|
|
37,531
|
|
|
|
|
|
1.39
|
*
|
|
|
1.39
|
*
|
|
|
3.30
|
*
|
|
|
8
|
|
|
2.94
|
|
|
|
46,210
|
|
|
|
|
|
1.37
|
|
|
|
1.37
|
|
|
|
2.99
|
|
|
|
13
|
|
|
10.59
|
|
|
|
40,786
|
|
|
|
|
|
1.40
|
|
|
|
1.40
|
|
|
|
3.42
|
|
|
|
8
|
|
|
1.22
|
|
|
|
32,705
|
|
|
|
|
|
1.39
|
|
|
|
1.39
|
|
|
|
3.57
|
|
|
|
9
|
|
|
10.57
|
|
|
|
35,665
|
|
|
|
|
|
1.40
|
|
|
|
1.40
|
|
|
|
3.50
|
|
|
|
1
|
|
|
1.18
|
|
|
|
24,992
|
|
|
|
|
|
1.41
|
|
|
|
1.41
|
|
|
|
3.75
|
|
|
|
15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.53
|
)
|
|
|
60,713
|
|
|
|
|
|
.64
|
*
|
|
|
.64
|
*
|
|
|
4.05
|
*
|
|
|
8
|
|
|
3.70
|
|
|
|
72,720
|
|
|
|
|
|
.62
|
|
|
|
.62
|
|
|
|
3.74
|
|
|
|
13
|
|
|
11.37
|
|
|
|
68,707
|
|
|
|
|
|
.65
|
|
|
|
.65
|
|
|
|
4.17
|
|
|
|
8
|
|
|
2.09
|
|
|
|
62,835
|
|
|
|
|
|
.64
|
|
|
|
.64
|
|
|
|
4.33
|
|
|
|
9
|
|
|
11.34
|
|
|
|
64,665
|
|
|
|
|
|
.65
|
|
|
|
.65
|
|
|
|
4.25
|
|
|
|
1
|
|
|
1.96
|
|
|
|
53,920
|
|
|
|
|
|
.66
|
|
|
|
.66
|
|
|
|
4.50
|
|
|
|
15
|
|
(a)
|
Per share Net Investment Income (Loss) is calculated using the average daily shares method.
|
|
(b)
|
Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions
at net asset value, if any. Total returns are not annualized.
|
|
(c)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts
for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.
|
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 Investment Transactions) divided by the average long-term
market value during the period.
|
|
(e)
|
For the six months ended November 30, 2013.
|
|
See
accompanying notes to financial statements.
Financial Highlights
(Unaudited) (continued)
Selected data for a share
outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PENNSYLVANIA
|
|
|
|
|
Investment Operations
|
|
|
|
|
Less Distributions
|
|
|
|
|
Class (Commencement Date)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
May 31,
|
|
Beginning
Net
Asset
Value
|
|
|
Net
Investment
Income
(Loss)(a)
|
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
|
Total
|
|
|
|
|
From
Net
Investment
Income
|
|
|
From
Accumulated
Net
Realized
Gains
|
|
|
Total
|
|
|
Ending
Net
Asset
Value
|
|
Class A (10/86)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
$
|
11.04
|
|
|
$
|
.21
|
|
|
$
|
(.62
|
)
|
|
$
|
(.41
|
)
|
|
|
|
$
|
(.20
|
)
|
|
$
|
|
|
|
$
|
(.20
|
)
|
|
$
|
10.43
|
|
2013
|
|
|
11.05
|
|
|
|
.42
|
|
|
|
(.01
|
)
|
|
|
.41
|
|
|
|
|
|
(.42
|
)
|
|
|
|
|
|
|
(.42
|
)
|
|
|
11.04
|
|
2012
|
|
|
10.28
|
|
|
|
.44
|
|
|
|
.77
|
|
|
|
1.21
|
|
|
|
|
|
(.44
|
)
|
|
|
|
|
|
|
(.44
|
)
|
|
|
11.05
|
|
2011
|
|
|
10.54
|
|
|
|
.44
|
|
|
|
(.27
|
)
|
|
|
.17
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
10.28
|
|
2010
|
|
|
9.96
|
|
|
|
.44
|
|
|
|
.56
|
|
|
|
1.00
|
|
|
|
|
|
(.42
|
)
|
|
|
|
|
|
|
(.42
|
)
|
|
|
10.54
|
|
2009
|
|
|
10.23
|
|
|
|
.43
|
|
|
|
(.29
|
)
|
|
|
.14
|
|
|
|
|
|
(.41
|
)
|
|
|
|
|
|
|
(.41
|
)
|
|
|
9.96
|
|
Class C (2/94)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
10.99
|
|
|
|
.18
|
|
|
|
(.61
|
)
|
|
|
(.43
|
)
|
|
|
|
|
(.17
|
)
|
|
|
|
|
|
|
(.17
|
)
|
|
|
10.39
|
|
2013
|
|
|
11.00
|
|
|
|
.35
|
|
|
|
(.01
|
)
|
|
|
.34
|
|
|
|
|
|
(.35
|
)
|
|
|
|
|
|
|
(.35
|
)
|
|
|
10.99
|
|
2012
|
|
|
10.23
|
|
|
|
.38
|
|
|
|
.77
|
|
|
|
1.15
|
|
|
|
|
|
(.38
|
)
|
|
|
|
|
|
|
(.38
|
)
|
|
|
11.00
|
|
2011
|
|
|
10.49
|
|
|
|
.38
|
|
|
|
(.27
|
)
|
|
|
.11
|
|
|
|
|
|
(.37
|
)
|
|
|
|
|
|
|
(.37
|
)
|
|
|
10.23
|
|
2010
|
|
|
9.92
|
|
|
|
.39
|
|
|
|
.55
|
|
|
|
.94
|
|
|
|
|
|
(.37
|
)
|
|
|
|
|
|
|
(.37
|
)
|
|
|
10.49
|
|
2009
|
|
|
10.19
|
|
|
|
.38
|
|
|
|
(.30
|
)
|
|
|
.08
|
|
|
|
|
|
(.35
|
)
|
|
|
|
|
|
|
(.35
|
)
|
|
|
9.92
|
|
Class I (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.01
|
|
|
|
.22
|
|
|
|
(.62
|
)
|
|
|
(.40
|
)
|
|
|
|
|
(.21
|
)
|
|
|
|
|
|
|
(.21
|
)
|
|
|
10.40
|
|
2013
|
|
|
11.01
|
|
|
|
.44
|
|
|
|
|
*
|
|
|
.44
|
|
|
|
|
|
(.44
|
)
|
|
|
|
|
|
|
(.44
|
)
|
|
|
11.01
|
|
2012
|
|
|
10.24
|
|
|
|
.46
|
|
|
|
.76
|
|
|
|
1.22
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
11.01
|
|
2011
|
|
|
10.50
|
|
|
|
.46
|
|
|
|
(.27
|
)
|
|
|
.19
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
10.24
|
|
2010
|
|
|
9.93
|
|
|
|
.46
|
|
|
|
.55
|
|
|
|
1.01
|
|
|
|
|
|
(.44
|
)
|
|
|
|
|
|
|
(.44
|
)
|
|
|
10.50
|
|
2009
|
|
|
10.20
|
|
|
|
.45
|
|
|
|
(.29
|
)
|
|
|
.16
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
9.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Ratios to Average
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(b)
|
|
|
Ending
Net
Assets
(000)
|
|
|
|
|
Expenses
Including
Interest(c)
|
|
|
Expenses
Excluding
Interest
|
|
|
Net
Investment
Income
(Loss)
|
|
|
Portfolio
Turnover
Rate(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.67
|
)%
|
|
$
|
102,787
|
|
|
|
|
|
.82
|
%**
|
|
|
.82
|
%**
|
|
|
3.92
|
%**
|
|
|
2
|
%
|
|
3.71
|
|
|
|
110,880
|
|
|
|
|
|
.80
|
|
|
|
.80
|
|
|
|
3.73
|
|
|
|
11
|
|
|
11.96
|
|
|
|
98,862
|
|
|
|
|
|
.83
|
|
|
|
.83
|
|
|
|
4.12
|
|
|
|
6
|
|
|
1.69
|
|
|
|
89,025
|
|
|
|
|
|
.82
|
|
|
|
.82
|
|
|
|
4.26
|
|
|
|
6
|
|
|
10.25
|
|
|
|
95,603
|
|
|
|
|
|
.83
|
|
|
|
.83
|
|
|
|
4.29
|
|
|
|
4
|
|
|
1.57
|
|
|
|
77,292
|
|
|
|
|
|
.84
|
|
|
|
.84
|
|
|
|
4.44
|
|
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.88
|
)
|
|
|
44,783
|
|
|
|
|
|
1.37
|
**
|
|
|
1.37
|
**
|
|
|
3.38
|
**
|
|
|
2
|
|
|
3.14
|
|
|
|
50,548
|
|
|
|
|
|
1.35
|
|
|
|
1.35
|
|
|
|
3.17
|
|
|
|
11
|
|
|
11.39
|
|
|
|
44,852
|
|
|
|
|
|
1.38
|
|
|
|
1.38
|
|
|
|
3.57
|
|
|
|
6
|
|
|
1.10
|
|
|
|
38,812
|
|
|
|
|
|
1.37
|
|
|
|
1.37
|
|
|
|
3.71
|
|
|
|
6
|
|
|
9.61
|
|
|
|
38,945
|
|
|
|
|
|
1.38
|
|
|
|
1.38
|
|
|
|
3.74
|
|
|
|
4
|
|
|
1.01
|
|
|
|
30,512
|
|
|
|
|
|
1.39
|
|
|
|
1.39
|
|
|
|
3.89
|
|
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.59
|
)
|
|
|
112,359
|
|
|
|
|
|
.62
|
**
|
|
|
.62
|
**
|
|
|
4.12
|
**
|
|
|
2
|
|
|
3.98
|
|
|
|
133,792
|
|
|
|
|
|
.60
|
|
|
|
.60
|
|
|
|
3.93
|
|
|
|
11
|
|
|
12.20
|
|
|
|
134,908
|
|
|
|
|
|
.63
|
|
|
|
.63
|
|
|
|
4.32
|
|
|
|
6
|
|
|
1.87
|
|
|
|
124,277
|
|
|
|
|
|
.62
|
|
|
|
.62
|
|
|
|
4.46
|
|
|
|
6
|
|
|
10.37
|
|
|
|
136,741
|
|
|
|
|
|
.63
|
|
|
|
.63
|
|
|
|
4.49
|
|
|
|
4
|
|
|
1.81
|
|
|
|
123,533
|
|
|
|
|
|
.64
|
|
|
|
.64
|
|
|
|
4.65
|
|
|
|
17
|
|
(a)
|
Per share Net Investment Income (Loss) is calculated using the average daily shares method.
|
|
(b)
|
Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions
at net asset value, if any. Total returns are not annualized.
|
|
(c)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts
for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.
|
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 Investment Transactions) divided by the average long-term
market value during the period.
|
|
(e)
|
For the six months ended November 30, 2013.
|
|
*
|
Rounds to less than $.01 per share.
|
|
See
accompanying notes to financial statements.
Financial Highlights
(Unaudited) (continued)
Selected data for a share
outstanding throughout each period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VIRGINIA
|
|
|
|
|
Investment Operations
|
|
|
|
|
Less Distributions
|
|
|
|
|
Class (Commencement Date)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
May 31,
|
|
Beginning
Net
Asset
Value
|
|
|
Net
Investment
Income
(Loss)(a)
|
|
|
Net
Realized/
Unrealized
Gain (Loss)
|
|
|
Total
|
|
|
|
|
From
Net
Investment
Income
|
|
|
From
Accumulated
Net
Realized
Gains
|
|
|
Total
|
|
|
Ending
Net
Asset
Value
|
|
Class A (3/86)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
$
|
11.40
|
|
|
$
|
.21
|
|
|
$
|
(.85
|
)
|
|
$
|
(.64
|
)
|
|
|
|
$
|
(.20
|
)
|
|
$
|
|
|
|
$
|
(.20
|
)
|
|
$
|
10.56
|
|
2013
|
|
|
11.38
|
|
|
|
.41
|
|
|
|
.04
|
|
|
|
.45
|
|
|
|
|
|
(.41
|
)
|
|
|
(.02
|
)
|
|
|
(.43
|
)
|
|
|
11.40
|
|
2012
|
|
|
10.69
|
|
|
|
.43
|
|
|
|
.71
|
|
|
|
1.14
|
|
|
|
|
|
(.44
|
)
|
|
|
(.01
|
)
|
|
|
(.45
|
)
|
|
|
11.38
|
|
2011
|
|
|
10.89
|
|
|
|
.45
|
|
|
|
(.19
|
)
|
|
|
.26
|
|
|
|
|
|
(.45
|
)
|
|
|
(.01
|
)
|
|
|
(.46
|
)
|
|
|
10.69
|
|
2010
|
|
|
10.24
|
|
|
|
.45
|
|
|
|
.66
|
|
|
|
1.11
|
|
|
|
|
|
(.44
|
)
|
|
|
(.02
|
)
|
|
|
(.46
|
)
|
|
|
10.89
|
|
2009
|
|
|
10.61
|
|
|
|
.45
|
|
|
|
(.37
|
)
|
|
|
.08
|
|
|
|
|
|
(.43
|
)
|
|
|
(.02
|
)
|
|
|
(.45
|
)
|
|
|
10.24
|
|
Class B (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.36
|
|
|
|
.17
|
|
|
|
(.84
|
)
|
|
|
(.67
|
)
|
|
|
|
|
(.16
|
)
|
|
|
|
|
|
|
(.16
|
)
|
|
|
10.53
|
|
2013
|
|
|
11.34
|
|
|
|
.32
|
|
|
|
.04
|
|
|
|
.36
|
|
|
|
|
|
(.32
|
)
|
|
|
(.02
|
)
|
|
|
(.34
|
)
|
|
|
11.36
|
|
2012
|
|
|
10.66
|
|
|
|
.35
|
|
|
|
.70
|
|
|
|
1.05
|
|
|
|
|
|
(.36
|
)
|
|
|
(.01
|
)
|
|
|
(.37
|
)
|
|
|
11.34
|
|
2011
|
|
|
10.86
|
|
|
|
.36
|
|
|
|
(.18
|
)
|
|
|
.18
|
|
|
|
|
|
(.37
|
)
|
|
|
(.01
|
)
|
|
|
(.38
|
)
|
|
|
10.66
|
|
2010
|
|
|
10.20
|
|
|
|
.36
|
|
|
|
.68
|
|
|
|
1.04
|
|
|
|
|
|
(.36
|
)
|
|
|
(.02
|
)
|
|
|
(.38
|
)
|
|
|
10.86
|
|
2009
|
|
|
10.58
|
|
|
|
.37
|
|
|
|
(.38
|
)
|
|
|
(.01
|
)
|
|
|
|
|
(.35
|
)
|
|
|
(.02
|
)
|
|
|
(.37
|
)
|
|
|
10.20
|
|
Class C (10/93)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.38
|
|
|
|
.18
|
|
|
|
(.84
|
)
|
|
|
(.66
|
)
|
|
|
|
|
(.17
|
)
|
|
|
|
|
|
|
(.17
|
)
|
|
|
10.55
|
|
2013
|
|
|
11.37
|
|
|
|
.34
|
|
|
|
.03
|
|
|
|
.37
|
|
|
|
|
|
(.34
|
)
|
|
|
(.02
|
)
|
|
|
(.36
|
)
|
|
|
11.38
|
|
2012
|
|
|
10.68
|
|
|
|
.37
|
|
|
|
.71
|
|
|
|
1.08
|
|
|
|
|
|
(.38
|
)
|
|
|
(.01
|
)
|
|
|
(.39
|
)
|
|
|
11.37
|
|
2011
|
|
|
10.88
|
|
|
|
.39
|
|
|
|
(.19
|
)
|
|
|
.20
|
|
|
|
|
|
(.39
|
)
|
|
|
(.01
|
)
|
|
|
(.40
|
)
|
|
|
10.68
|
|
2010
|
|
|
10.22
|
|
|
|
.39
|
|
|
|
.67
|
|
|
|
1.06
|
|
|
|
|
|
(.38
|
)
|
|
|
(.02
|
)
|
|
|
(.40
|
)
|
|
|
10.88
|
|
2009
|
|
|
10.60
|
|
|
|
.40
|
|
|
|
(.39
|
)
|
|
|
.01
|
|
|
|
|
|
(.37
|
)
|
|
|
(.02
|
)
|
|
|
(.39
|
)
|
|
|
10.22
|
|
Class I (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.35
|
|
|
|
.22
|
|
|
|
(.84
|
)
|
|
|
(.62
|
)
|
|
|
|
|
(.21
|
)
|
|
|
|
|
|
|
(.21
|
)
|
|
|
10.52
|
|
2013
|
|
|
11.34
|
|
|
|
.43
|
|
|
|
.02
|
|
|
|
.45
|
|
|
|
|
|
(.42
|
)
|
|
|
(.02
|
)
|
|
|
(.44
|
)
|
|
|
11.35
|
|
2012
|
|
|
10.65
|
|
|
|
.45
|
|
|
|
.71
|
|
|
|
1.16
|
|
|
|
|
|
(.46
|
)
|
|
|
(.01
|
)
|
|
|
(.47
|
)
|
|
|
11.34
|
|
2011
|
|
|
10.85
|
|
|
|
.46
|
|
|
|
(.18
|
)
|
|
|
.28
|
|
|
|
|
|
(.47
|
)
|
|
|
(.01
|
)
|
|
|
(.48
|
)
|
|
|
10.65
|
|
2010
|
|
|
10.19
|
|
|
|
.47
|
|
|
|
.67
|
|
|
|
1.14
|
|
|
|
|
|
(.46
|
)
|
|
|
(.02
|
)
|
|
|
(.48
|
)
|
|
|
10.85
|
|
2009
|
|
|
10.57
|
|
|
|
.47
|
|
|
|
(.38
|
)
|
|
|
.09
|
|
|
|
|
|
(.45
|
)
|
|
|
(.02
|
)
|
|
|
(.47
|
)
|
|
|
10.19
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Ratios to Average
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(b)
|
|
|
Ending
Net
Assets
(000)
|
|
|
|
|
Expenses
Including
Interest(c)
|
|
|
Expenses
Excluding
Interest
|
|
|
Net
Investment
Income
(Loss)
|
|
|
Portfolio
Turnover
Rate(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.63
|
)%
|
|
$
|
176,911
|
|
|
|
|
|
.81
|
%*
|
|
|
.81
|
%*
|
|
|
3.89
|
%*
|
|
|
7
|
%
|
|
3.96
|
|
|
|
206,968
|
|
|
|
|
|
.79
|
|
|
|
.79
|
|
|
|
3.54
|
|
|
|
10
|
|
|
10.91
|
|
|
|
194,890
|
|
|
|
|
|
.81
|
|
|
|
.81
|
|
|
|
3.92
|
|
|
|
10
|
|
|
2.46
|
|
|
|
175,082
|
|
|
|
|
|
.81
|
|
|
|
.81
|
|
|
|
4.15
|
|
|
|
8
|
|
|
11.03
|
|
|
|
178,140
|
|
|
|
|
|
.82
|
|
|
|
.82
|
|
|
|
4.19
|
|
|
|
5
|
|
|
.95
|
|
|
|
156,724
|
|
|
|
|
|
.87
|
|
|
|
.83
|
|
|
|
4.50
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.94
|
)
|
|
|
984
|
|
|
|
|
|
1.56
|
*
|
|
|
1.56
|
*
|
|
|
3.14
|
*
|
|
|
7
|
|
|
3.17
|
|
|
|
1,516
|
|
|
|
|
|
1.54
|
|
|
|
1.54
|
|
|
|
2.80
|
|
|
|
10
|
|
|
10.01
|
|
|
|
2,363
|
|
|
|
|
|
1.56
|
|
|
|
1.56
|
|
|
|
3.20
|
|
|
|
10
|
|
|
1.67
|
|
|
|
3,760
|
|
|
|
|
|
1.56
|
|
|
|
1.56
|
|
|
|
3.38
|
|
|
|
8
|
|
|
10.37
|
|
|
|
6,710
|
|
|
|
|
|
1.57
|
|
|
|
1.57
|
|
|
|
3.46
|
|
|
|
5
|
|
|
.10
|
|
|
|
9,786
|
|
|
|
|
|
1.62
|
|
|
|
1.58
|
|
|
|
3.77
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.84
|
)
|
|
|
56,762
|
|
|
|
|
|
1.36
|
*
|
|
|
1.36
|
*
|
|
|
3.35
|
*
|
|
|
7
|
|
|
3.29
|
|
|
|
72,592
|
|
|
|
|
|
1.34
|
|
|
|
1.34
|
|
|
|
2.99
|
|
|
|
10
|
|
|
10.32
|
|
|
|
59,673
|
|
|
|
|
|
1.36
|
|
|
|
1.36
|
|
|
|
3.37
|
|
|
|
10
|
|
|
1.89
|
|
|
|
49,300
|
|
|
|
|
|
1.36
|
|
|
|
1.36
|
|
|
|
3.60
|
|
|
|
8
|
|
|
10.56
|
|
|
|
45,814
|
|
|
|
|
|
1.37
|
|
|
|
1.37
|
|
|
|
3.63
|
|
|
|
5
|
|
|
.29
|
|
|
|
36,241
|
|
|
|
|
|
1.42
|
|
|
|
1.38
|
|
|
|
3.96
|
|
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5.49
|
)
|
|
|
129,967
|
|
|
|
|
|
.61
|
*
|
|
|
.61
|
*
|
|
|
4.09
|
*
|
|
|
7
|
|
|
4.04
|
|
|
|
171,075
|
|
|
|
|
|
.59
|
|
|
|
.59
|
|
|
|
3.75
|
|
|
|
10
|
|
|
11.13
|
|
|
|
169,861
|
|
|
|
|
|
.61
|
|
|
|
.61
|
|
|
|
4.12
|
|
|
|
10
|
|
|
2.64
|
|
|
|
146,947
|
|
|
|
|
|
.61
|
|
|
|
.61
|
|
|
|
4.35
|
|
|
|
8
|
|
|
11.38
|
|
|
|
147,034
|
|
|
|
|
|
.62
|
|
|
|
.62
|
|
|
|
4.39
|
|
|
|
5
|
|
|
1.08
|
|
|
|
131,244
|
|
|
|
|
|
.67
|
|
|
|
.63
|
|
|
|
4.71
|
|
|
|
11
|
|
(a)
|
Per share Net Investment Income (Loss) is calculated using the average daily shares method.
|
|
(b)
|
Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions
at net asset value, if any. Total returns are not annualized.
|
|
(c)
|
The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts
for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 3 Portfolio Securities and Investments in Derivatives, Inverse Floating Rate Securities.
|
|
(d)
|
Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 Investment Transactions) divided by the average long-term
market value during the period.
|
|
(e)
|
For the six months ended November 30, 2013.
|
|
See
accompanying notes to financial statements.
Notes to
Financial Statements
(Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust Information
The Nuveen Multistate Trust I (the Trust) is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust
is comprised of the Nuveen Maryland Municipal Bond Fund (Maryland), Nuveen Pennsylvania Municipal Bond Fund (Pennsylvania) and Nuveen Virginia Municipal Bond Fund (Virginia) (each a Fund and
collectively, the Funds), as diversified funds, among others. The Trust was organized as a Massachusetts business trust on July 1, 1996. The Funds were each organized as a series of predecessor trusts or corporations prior to that date.
Investment Adviser
The Funds investment
adviser is Nuveen Fund Advisors, LLC (the Adviser), a wholly-owned subsidiary of Nuveen Investments, Inc. (Nuveen). The Adviser is responsible for each Funds overall investment strategy and asset allocation decisions.
The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the Sub-Adviser), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Fund Information
Each Funds investment objective is
to provide as high a level of current interest income exempt from regular, federal, state and, in some cases, local income taxes as is consistent with preservation of capital. Under normal market conditions, each Fund invests at least 80% of the sum
its net assets and the amount of any borrowings for investment purposes in municipal bonds that pay interest that is exempt from regular federal and its respective state personal income tax. These municipal bonds include obligations issued by U.S.
states and their subdivisions, authorities, instrumentalities and corporations, as well as obligations issued by U.S. territories (such as Puerto Rico, the U.S. Virgin Islands and Guam) that pay interest that is exempt from regular federal and
respective state personal income tax. Each Fund may invest without limit in securities that generate income subject to the alternative minimum tax. Each Fund will generally maintain, under normal market conditions, an investment portfolio with an
overall weighted average maturity in excess of 10 years. Under normal market conditions, each Fund invests at least 80% of its net assets in investment grade municipal bonds rated BBB/Baa or higher at the time of purchase by at least one independent
rating agency, or if unrated, judged by the Sub-Adviser to be of comparable quality. Each Fund may invest up to 20% of its net assets in below investment grade municipal bonds, commonly referred to as high yield or junk
bonds. Each Fund may invest up to 15% of its net assets in municipal securities whose interest payments vary inversely with changes in short-term tax-exempt interest rates (i.e., inverse floaters). Inverse floaters are derivative securities that
provide leveraged exposure to underlying municipal bonds. Each Funds investments in inverse floaters are designed to increase the Funds income and returns through this leveraged exposure. These investments are speculative, however, and
also create the possibility that income and returns will be diminished. Each Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds and participation interests in municipal leases. Each Fund may invest in
zero coupon bonds, which are issued at substantial discounts from their value at maturity and pay no cash income to their holders until they mature.
Each Fund may utilize futures contracts, swap contracts, options on futures contracts and options on swap contracts in an attempt to manage market risk, credit risk
and yield curve risk, and to manage the effective maturity or duration of securities in each Funds portfolio.
The Funds most recent
prospectus provides further description of each Funds investment objective, principal investment strategies, and principal risks.
Class
B Shares
During the current fiscal period each of the Funds offered Class B Shares. Effective at the close of business on October 28, 2013, Class B
Shares of Pennsylvania were converted to Class A Shares and are no longer available through an exchange from other Nuveen mutual funds.
Effective at the
close of business on December 16, 2013 (subsequent to the close of this reporting period,) Class B Shares of Maryland converted to Class A Shares and are no longer available through an exchange from other Nuveen mutual funds.
Significant Accounting Policies
The following is a summary
of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (U.S. GAAP).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal
income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have instructed the custodian to
earmark securities in the Funds portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. As of November 30, 2013, outstanding when-issued/delayed delivery purchase commitments were
as follows:
|
|
|
|
|
|
|
Virginia
|
|
Outstanding when-issued/delayed delivery purchase commitments
|
|
$
|
3,983,101
|
|
Investment Income
Investment income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual
basis. Investment income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and,
in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Should a Fund receive a refund of workout
expenditures paid in a prior reporting period, such amounts will be recognized as Legal fee refund on the Statement of Operations.
Dividends and Distributions to Shareholders
The Funds
declare dividends from their net investment income daily and pay shareholders monthly. Fund shares begin to accrue dividends on the business day after the day when the monies used to purchase Fund shares are collected by the Funds transfer
agent.
Net realized capital gains and/or market discount from investment transactions, if any, are declared and distributed to shareholders at least
annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders
of net investment income, net realized capital gains and/or market discount, if any, are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from
U.S. GAAP.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge and incur a .20% annual
12b-1
service fee. Class A Share
purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) if redeemed within eighteen months of purchase. Maryland and Pennsylvania issued
and Virginia will issue Class B Shares upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares are not available for new accounts or for additional investment into existing
accounts. Class B Shares were sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .20% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are
held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .55% annual 12b-1
distribution fee and a .20% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
Multiclass Operations and Allocations
Income
and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative settled shares of each class. Expenses directly attributable to a class of shares, which presently only
include 12b-1 distribution and service fees, are recorded to the specific class.
Realized and unrealized capital gains and losses of the Funds are
prorated among the classes based on the relative net assets of each class.
Indemnifications
Under the Trusts organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their
duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trusts maximum exposure under these arrangements is unknown as this would involve
future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Notes to Financial Statements
(Unaudited) (continued)
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association,
Inc. (ISDA) master agreements or other similar arrangements (netting agreements). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty with any collateral
received or delivered to that counterparty based on the terms of the agreements. Generally, a Fund manages its cash collateral and securities collateral on a counterparty basis. As of November 30, 2013, the Funds were not invested in any portfolio
securities or derivative instruments that are subject to netting agreements.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of
assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
Investment Valuation
Prices of municipal bonds are provided
by a pricing service approved by the Funds Board of Trustees. These securities are generally classified as Level 2 for fair value measurement purposes. The pricing service establishes a securitys fair value using methods that may
include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or
collateral, general market conditions and other information and analysis, including the obligors credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing
service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds Board of
Trustees or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a
pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available
from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Funds net asset value (as
may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the
securitys fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair
value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations
of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligors credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending
on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds Board of Trustees or its designee.
Fair Value Measurements
Fair value is defined as the price
that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use
of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or
liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entitys own assumptions about the assumptions market participants would use in pricing
the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
|
|
|
Level 1
|
|
Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
|
Level 2
|
|
Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
|
Level 3
|
|
Prices are determined using significant unobservable inputs (including managements assumptions in determining the fair value of investments).
|
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing
in those securities. The following is a summary of each Funds fair value measurements as of the end of the reporting period:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
|
|
|
$
|
162,129,531
|
|
|
$
|
|
|
|
$
|
162,129,531
|
|
|
|
|
|
|
Pennsylvania
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
|
|
|
$
|
255,246,074
|
|
|
$
|
|
|
|
$
|
255,246,074
|
|
|
|
|
|
|
Virginia
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
|
|
|
$
|
356,903,736
|
|
|
$
|
|
|
|
$
|
356,903,736
|
|
*
|
Refer to the Funds Portfolio of Investments for industry classifications.
|
The Nuveen funds Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Advisers Valuation Committee. The Valuation
Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds pricing policies, and reporting to the
Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Advisers dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as
approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and
monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee
will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows,
using public or private market information:
|
(i)
|
If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities.
|
|
(ii)
|
If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals,
research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar
freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis.
|
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly
reflects the instruments current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of
Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of
Directors/Trustees.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Inverse Floating Rate Securities
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created by depositing a municipal bond, typically with a
fixed interest rate, into a special purpose trust created by a broker-dealer. In turn, this trust (a) issues floating rate certificates, in face amounts equal to some fraction of the deposited bonds par amount or market value, that typically
pay short-term tax-exempt interest rates to third parties, and (b) issues to a long-term investor (such as one of the Funds) an inverse floating rate certificate (sometimes referred to as an inverse floater) that represents all remaining
or residual interest in the trust. The income received by the inverse floater holder varies inversely with the short-term rate paid to the floating rate certificates holders, and in most circumstances the inverse floater holder bears
substantially all of the underlying bonds downside investment risk and also benefits disproportionately from any potential appreciation of the underlying bonds value. The price of an inverse floating rate security will be more volatile
than that of the underlying bond because the interest rate is dependent on not only the fixed coupon rate of the underlying bond but also on the short-term interest paid on the floating rate certificates, and because the inverse floating rate
security essentially bears the risk of loss of the greater face value of the underlying bond.
Notes to Financial Statements
(Unaudited) (continued)
The inverse floater held by a
Fund gives the Fund the right (a) to cause the holders of the floating rate certificates to tender their notes at par, and (b) to have the broker transfer the fixed-rate bond held by the trust to the Fund, thereby collapsing the trust.
A Fund may purchase an inverse floating rate security in a secondary market transaction without first owning the underlying bond (referred to as an
externally-deposited inverse floater), or instead by first selling a fixed-rate bond to a broker-dealer for deposit into the special purpose trust and receiving in turn the residual interest in the trust (referred to as a
self-deposited inverse floater). An investment in an externally-deposited inverse floater is identified in the Portfolio of Investments as (IF) Inverse floating rate investment. The Funds Statement of Assets and
Liabilities shows only the inverse floaters and not the underlying bonds as an asset, and does not reflect the short-term floating rate certificates as liabilities. Also, the Fund reflects in Investment Income only the net amount of
earnings on its inverse floater investment (net of the interest paid to the holders of the short-term floating rate certificates and the expenses of the trust), and does not show the amount of that interest paid as an interest expense on the
Statement of Operations.
An investment in a self-deposited inverse floater is accounted for as a financing transaction. In such instances, a fixed-rate
bond deposited into a special purpose trust is identified in the Portfolio of Investments as (UB) Underlying bond of an inverse floating rate trust reflected as a financing transaction, with the Fund accounting for the short-term
floating rate certificates issued by the trust, at their liquidation value, as Floating rate obligations on the Statement of Assets and Liabilities. In addition, the Fund reflects in Investment Income the entire earnings of
the underlying bond and recognizes the related interest paid to the holders of the short-term floating rate certificates as a component of Interest expense on the Statement of Operations.
During the six months ended November 30, 2013, Pennsylvania invested in externally-deposited inverse floaters. The Funds did not have any other transactions in
self-deposited inverse floaters and/or externally-deposited inverse floaters.
As of November 30, 2013, the total amount of floating rate obligations
issued by the Funds self-deposited inverse floaters and externally-deposited inverse floaters was as follows:
|
|
|
|
|
|
|
Pennsylvania
|
|
Floating rate obligations: self-deposited inverse floaters
|
|
$
|
|
|
Floating rate obligations: externally-deposited inverse floaters
|
|
|
465,000
|
|
Total
|
|
$
|
465,000
|
|
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a recourse trust or
credit recovery swap) (such agreements are referred to herein as Recourse Trusts), with a broker-dealer by which a Fund agrees to reimburse the broker-dealer, in certain circumstances, for the difference between the
liquidation value of the fixed-rate bond held by the trust and the liquidation value of the floating rate certificates issued by the trust plus any shortfalls in interest cash flows. Under these agreements, a Funds potential exposure to losses
related to or on inverse floaters may increase beyond the value of a Funds inverse floater investments as a Fund may potentially be liable to fulfill all amounts owed to holders of the floating rate certificates. At period end, any such
shortfall is denoted as Unrealized depreciation on Recourse Trusts on the Statement of Assets and Liabilities. As of November 30, 2013, none of the Funds were invested in externally-deposited Recourse Trusts.
Zero Coupon Securities
Each Fund is authorized to invest in
zero coupon securities. A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to the holder of the security comes from accretion of the difference between the original purchase price of
the security at issuance and the par value of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market prices of securities that pay interest periodically.
Investments in Derivatives
Each Fund is
authorized to invest in certain derivatives instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds investments in
derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any
such investments during the six months ended November 30, 2013.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to
changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,
which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Funds exposure to counterparty credit risk in
respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser
believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation
of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a
pre-determined
threshold. Reciprocally, when each Fund has an unrealized loss, the
Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a
pre-determined
threshold. Collateral pledges are
monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4.
Fund Shares
Transactions in Fund shares were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
612,218
|
|
|
$
|
6,408,067
|
|
|
|
1,116,945
|
|
|
$
|
12,517,124
|
|
Class A automatic conversion of Class B Shares
|
|
|
|
|
|
|
|
|
|
|
1,237
|
|
|
|
13,786
|
|
Class B exchanges
|
|
|
67
|
|
|
|
702
|
|
|
|
211
|
|
|
|
2,362
|
|
Class C
|
|
|
283,929
|
|
|
|
2,982,548
|
|
|
|
1,036,693
|
|
|
|
11,583,406
|
|
Class I
|
|
|
313,518
|
|
|
|
3,330,602
|
|
|
|
1,062,799
|
|
|
|
11,934,518
|
|
Shares issued to shareholders due to reinvestment of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
98,792
|
|
|
|
1,030,628
|
|
|
|
196,245
|
|
|
|
2,200,425
|
|
Class B
|
|
|
894
|
|
|
|
9,334
|
|
|
|
2,256
|
|
|
|
25,308
|
|
Class C
|
|
|
45,483
|
|
|
|
473,121
|
|
|
|
88,184
|
|
|
|
985,669
|
|
Class I
|
|
|
76,370
|
|
|
|
797,630
|
|
|
|
140,342
|
|
|
|
1,575,589
|
|
|
|
|
1,431,271
|
|
|
|
15,032,632
|
|
|
|
3,644,912
|
|
|
|
40,838,187
|
|
Shares redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(1,251,039
|
)
|
|
|
(12,995,798
|
)
|
|
|
(1,030,518
|
)
|
|
|
(11,551,548
|
)
|
Class B
|
|
|
(29,924
|
)
|
|
|
(311,387
|
)
|
|
|
(52,882
|
)
|
|
|
(593,194
|
)
|
Class B automatic conversion to Class A Shares
|
|
|
|
|
|
|
|
|
|
|
(1,236
|
)
|
|
|
(13,786
|
)
|
Class C
|
|
|
(843,703
|
)
|
|
|
(8,773,638
|
)
|
|
|
(624,304
|
)
|
|
|
(6,970,485
|
)
|
Class I
|
|
|
(1,034,931
|
)
|
|
|
(10,816,968
|
)
|
|
|
(823,975
|
)
|
|
|
(9,247,520
|
)
|
|
|
|
(3,159,597
|
)
|
|
|
(32,897,791
|
)
|
|
|
(2,532,915
|
)
|
|
|
(28,376,533
|
)
|
Net increase (decrease)
|
|
|
(1,728,326
|
)
|
|
$
|
(17,865,159
|
)
|
|
|
1,111,997
|
|
|
$
|
12,461,654
|
|
Notes to Financial Statements
(Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
1,745,283
|
|
|
$
|
18,378,532
|
|
|
|
1,987,759
|
|
|
$
|
22,200,062
|
|
Class A automatic conversion of Class B Shares
|
|
|
41,538
|
|
|
|
433,870
|
|
|
|
43,327
|
|
|
|
484,942
|
|
Class B
1
exchanges
|
|
|
25
|
|
|
|
263
|
|
|
|
957
|
|
|
|
10,713
|
|
Class C
|
|
|
168,483
|
|
|
|
1,760,863
|
|
|
|
923,219
|
|
|
|
10,290,607
|
|
Class I
|
|
|
376,215
|
|
|
|
3,919,275
|
|
|
|
1,397,306
|
|
|
|
15,569,132
|
|
Shares issued to shareholders due to reinvestment of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
164,008
|
|
|
|
1,713,445
|
|
|
|
285,324
|
|
|
|
3,188,640
|
|
Class B
1
|
|
|
392
|
|
|
|
4,104
|
|
|
|
1,941
|
|
|
|
21,667
|
|
Class C
|
|
|
53,652
|
|
|
|
558,188
|
|
|
|
96,313
|
|
|
|
1,071,399
|
|
Class I
|
|
|
94,108
|
|
|
|
980,558
|
|
|
|
192,591
|
|
|
|
2,145,311
|
|
|
|
|
2,643,704
|
|
|
|
27,749,098
|
|
|
|
4,928,737
|
|
|
|
54,982,473
|
|
Shares redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(2,142,209
|
)
|
|
|
(22,329,073
|
)
|
|
|
(1,222,714
|
)
|
|
|
(13,666,760
|
)
|
Class B
1
|
|
|
(7,375
|
)
|
|
|
(77,185
|
)
|
|
|
(47,699
|
)
|
|
|
(533,061
|
)
|
Class B
1
automatic conversion to Class A Shares
|
|
|
(41,502
|
)
|
|
|
(433,870
|
)
|
|
|
(43,327
|
)
|
|
|
(484,942
|
)
|
Class C
|
|
|
(510,198
|
)
|
|
|
(5,311,163
|
)
|
|
|
(499,146
|
)
|
|
|
(5,552,472
|
)
|
Class I
|
|
|
(1,824,463
|
)
|
|
|
(19,054,134
|
)
|
|
|
(1,687,281
|
)
|
|
|
(18,793,628
|
)
|
|
|
|
(4,525,747
|
)
|
|
|
(47,205,425
|
)
|
|
|
(3,500,167
|
)
|
|
|
(39,030,863
|
)
|
Net increase (decrease)
|
|
|
(1,882,043
|
)
|
|
$
|
(19,456,327
|
)
|
|
|
1,428,570
|
|
|
$
|
15,951,610
|
|
1
|
Class B Shares of Pennsylvania converted to Class A Shares at the close of business on October 28, 2013, and are no longer available through an exchange from
other Nuveen mutual funds.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Virginia
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
3,195,417
|
|
|
$
|
34,570,822
|
|
|
|
3,011,333
|
|
|
$
|
34,598,815
|
|
Class A automatic conversion of Class B Shares
|
|
|
2,860
|
|
|
|
32,094
|
|
|
|
21,068
|
|
|
|
243,363
|
|
Class B exchanges
|
|
|
140
|
|
|
|
1,490
|
|
|
|
4,231
|
|
|
|
48,845
|
|
Class C
|
|
|
315,960
|
|
|
|
3,397,646
|
|
|
|
1,637,147
|
|
|
|
18,810,409
|
|
Class I
|
|
|
745,647
|
|
|
|
7,907,558
|
|
|
|
2,534,561
|
|
|
|
29,068,142
|
|
Shares issued to shareholders due to reinvestment of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
267,597
|
|
|
|
2,848,351
|
|
|
|
521,563
|
|
|
|
6,007,455
|
|
Class B
|
|
|
1,427
|
|
|
|
15,144
|
|
|
|
4,101
|
|
|
|
47,077
|
|
Class C
|
|
|
67,008
|
|
|
|
712,665
|
|
|
|
133,817
|
|
|
|
1,539,429
|
|
Class I
|
|
|
137,508
|
|
|
|
1,458,671
|
|
|
|
280,937
|
|
|
|
3,223,324
|
|
|
|
|
4,733,564
|
|
|
|
50,944,441
|
|
|
|
8,148,758
|
|
|
|
93,586,859
|
|
Shares redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(4,874,095
|
)
|
|
|
(51,964,375
|
)
|
|
|
(2,512,569
|
)
|
|
|
(28,895,823
|
)
|
Class B
|
|
|
(38,681
|
)
|
|
|
(414,530
|
)
|
|
|
(61,986
|
)
|
|
|
(710,901
|
)
|
Class B automatic conversion to Class A Shares
|
|
|
(2,868
|
)
|
|
|
(32,094
|
)
|
|
|
(21,133
|
)
|
|
|
(243,363
|
)
|
Class C
|
|
|
(1,380,526
|
)
|
|
|
(14,696,514
|
)
|
|
|
(641,898
|
)
|
|
|
(7,369,420
|
)
|
Class I
|
|
|
(3,598,351
|
)
|
|
|
(38,179,268
|
)
|
|
|
(2,729,034
|
)
|
|
|
(31,233,537
|
)
|
|
|
|
(9,894,521
|
)
|
|
|
(105,286,781
|
)
|
|
|
(5,966,620
|
)
|
|
|
(68,453,044
|
)
|
Net increase (decrease)
|
|
|
(5,160,957
|
)
|
|
$
|
(54,342,340
|
)
|
|
|
2,182,138
|
|
|
$
|
25,133,815
|
|
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments, where applicable) during the six months ended November 30, 2013, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland
|
|
|
Pennsylvania
|
|
|
Virginia
|
|
Purchases
|
|
$
|
13,838,031
|
|
|
$
|
5,382,830
|
|
|
$
|
26,715,612
|
|
Sales and maturities
|
|
|
32,778,645
|
|
|
|
25,755,931
|
|
|
|
82,898,444
|
|
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital
gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required. Furthermore, each Fund intends to
satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital
gains and ordinary income distributions paid by the Funds are subject to federal taxation.
For all open tax years and all major taxing jurisdictions,
management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the
last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly
change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and
federal income tax purposes are primarily due to timing differences in recognizing taxable market discount, timing differences in recognizing certain gains and losses on investment transactions and the treatment of investments in inverse floating
rate securities reflected as financing transactions, if any. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require
reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
As of November 30, 2013, the cost and unrealized
appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland
|
|
|
Pennsylvania
|
|
|
Virginia
|
|
Cost of investments
|
|
$
|
162,639,746
|
|
|
$
|
250,723,762
|
|
|
$
|
358,786,100
|
|
Gross unrealized:
|
|
|
|
|
|
|
|
|
|
|
|
|
Appreciation
|
|
$
|
6,738,914
|
|
|
$
|
10,183,678
|
|
|
$
|
12,603,474
|
|
Depreciation
|
|
|
(7,249,129
|
)
|
|
|
(5,661,366
|
)
|
|
|
(14,485,838
|
)
|
Net unrealized appreciation (depreciation) of investments
|
|
$
|
(510,215
|
)
|
|
$
|
4,522,312
|
|
|
$
|
(1,882,364
|
)
|
Permanent differences, primarily due to federal taxes paid, taxable market discount and distribution character reclassifications,
resulted in reclassifications among the Funds components of net assets as of May 31, 2013, the Funds last tax year end, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland
|
|
|
Pennsylvania
|
|
|
Virginia
|
|
Capital paid-in
|
|
$
|
102
|
|
|
$
|
11,057
|
|
|
$
|
|
|
Undistributed (Over-distribution of) net investment income
|
|
|
(1,130
|
)
|
|
|
(18,721
|
)
|
|
|
(13,078
|
)
|
Accumulated net realized gain (loss)
|
|
|
1,028
|
|
|
|
7,664
|
|
|
|
13,078
|
|
The tax components of undistributed net tax-exempt income, net ordinary income and net long-term capital gains as of May 31,
2013, the Funds last tax year end, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland
|
|
|
Pennsylvania
|
|
|
Virginia
|
|
Undistributed net tax-exempt income
1
|
|
$
|
724,593
|
|
|
$
|
1,577,519
|
|
|
$
|
1,722,662
|
|
Undistributed net ordinary income
2
|
|
|
10,250
|
|
|
|
112,143
|
|
|
|
|
|
Undistributed net long-term capital gains
|
|
|
248,970
|
|
|
|
|
|
|
|
87,359
|
|
1
|
Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period May 1, 2013 through May 31,
2013, and paid on June 3, 2013.
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
Notes to Financial Statements
(Unaudited) (continued)
The tax character of
distributions paid during the Funds last tax year ended May 31, 2013, was designated for purposes of the dividends paid deduction as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland
|
|
|
Pennsylvania
|
|
|
Virginia
|
|
Distributions from net tax-exempt income
|
|
$
|
6,995,222
|
|
|
$
|
10,945,036
|
|
|
$
|
15,511,414
|
|
Distributions from net ordinary income
2
|
|
|
27,039
|
|
|
|
|
|
|
|
188,817
|
|
Distributions from net long-term capital gains
|
|
|
106,354
|
|
|
|
|
|
|
|
856,244
|
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
As of May 31, 2013, the Funds last tax year end, the following Fund had unused capital loss carryforwards available for federal income tax purposes to be
applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration retain the character reflected and will be utilized first by a Fund, while the losses
subject to expiration are considered short-term.
|
|
|
|
|
|
|
Pennsylvania
|
|
Expiration:
|
|
|
|
|
May 31, 2018
|
|
$
|
344,897
|
|
Not subject to expiration:
|
|
|
|
|
Short-term losses
|
|
|
|
|
Long-term losses
|
|
|
|
|
Total
|
|
$
|
344,897
|
|
During the Funds last tax year ended May 31, 2013, Pennsylvania utilized $464,705 of its capital loss carryforward.
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day
of the current fiscal year. The following Fund has elected to defer losses as follows:
|
|
|
|
|
|
|
Pennsylvania
|
|
Post-October capital losses
3
|
|
$
|
11,093
|
|
Late-year ordinary losses
4
|
|
|
|
|
3
|
Capital losses incurred from November 1, 2012 through May 31, 2013, the Funds last tax year end.
|
4
|
Ordinary losses incurred from January 1, 2013 through May 31, 2013 and specified losses incurred from November 1, 2012 through May 31, 2013.
|
7. Management Fees and Other Transactions with Affiliates
Each Funds management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The
Sub-Adviser
is
compensated for its services to the Funds from the management fees paid to the Adviser.
Each Funds management fee consists of two components
a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Funds
shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
|
|
|
|
|
Average Daily Net Assets
|
|
Fund-Level Fee Rate
|
|
For the first $125 million
|
|
|
.3500
|
%
|
For the next $125 million
|
|
|
.3375
|
|
For the next $250 million
|
|
|
.3250
|
|
For the next $500 million
|
|
|
.3125
|
|
For the next $1 billion
|
|
|
.3000
|
|
For the next $3 billion
|
|
|
.2750
|
|
For net assets over $5 billion
|
|
|
.2500
|
|
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:
|
|
|
|
|
Complex-Level Asset Breakpoint Level*
|
|
Effective Rate at Breakpoint Level
|
|
$55 billion
|
|
|
.2000
|
%
|
$56 billion
|
|
|
.1996
|
|
$57 billion
|
|
|
.1989
|
|
$60 billion
|
|
|
.1961
|
|
$63 billion
|
|
|
.1931
|
|
$66 billion
|
|
|
.1900
|
|
$71 billion
|
|
|
.1851
|
|
$76 billion
|
|
|
.1806
|
|
$80 billion
|
|
|
.1773
|
|
$91 billion
|
|
|
.1691
|
|
$125 billion
|
|
|
.1599
|
|
$200 billion
|
|
|
.1505
|
|
$250 billion
|
|
|
.1469
|
|
$300 billion
|
|
|
.1445
|
|
*
|
The complex-level fee is calculated based upon the aggregate daily eligible assets of all Nuveen Funds. Eligible assets do not include assets attributable to
investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Advisers assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets
include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds use of preferred stock and borrowings and certain investments in the residual
interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trusts issuance of floating rate securities,
subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of November 30, 2013, the complex-level fee rate for each of these Funds was .1679%.
|
The Adviser may voluntarily reimburse expenses from time to time in any of the Funds. Voluntary reimbursements may be terminated at any
time at the Advisers discretion.
The Trust pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its
officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of
all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
During the six months ended November 30, 2013, Nuveen Securities, LLC, (the Distributor), a wholly-owned subsidiary of Nuveen, collected
sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland
|
|
|
Pennsylvania
|
|
|
Virginia
|
|
Sales charges collected
|
|
$
|
32,202
|
|
|
$
|
47,574
|
|
|
$
|
71,457
|
|
Paid to financial intermediaries
|
|
|
27,432
|
|
|
|
42,456
|
|
|
|
65,606
|
|
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial
intermediaries for providing services to shareholders relating to their investments.
During the six months ended November 30, 2013, the Distributor
compensated financial intermediaries directly with commission advances at the time of purchase as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland
|
|
|
Pennsylvania
|
|
|
Virginia
|
|
Commission advances
|
|
$
|
29,835
|
|
|
$
|
26,980
|
|
|
$
|
60,144
|
|
To compensate for commissions advanced to financial intermediaries, all 12b-1 service fees collected on Class B Shares during the
first year following a purchase, all 12b-1 distribution fees collected on Class B Shares, and all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the
six months ended November 30, 2013, the Distributor retained such 12b-1 fees as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland
|
|
|
Pennsylvania
|
|
|
Virginia
|
|
12b-1 fees retained
|
|
$
|
37,591
|
|
|
$
|
32,145
|
|
|
$
|
56,670
|
|
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to
shareholders relating to their investments.
Notes to Financial Statements
(Unaudited) (continued)
The Distributor also collected
and retained CDSC on share redemptions during the six months ended November 30, 2013, as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maryland
|
|
|
Pennsylvania
|
|
|
Virginia
|
|
CDSC retained
|
|
$
|
12,897
|
|
|
$
|
3,584
|
|
|
$
|
24,433
|
|
8. Subsequent Events
Class C and Class C2 Shares
During the reporting period, the
Funds Board of Trustees approved the following changes:
Effective February 10, 2014, subsequent to the close of this reporting period, each Fund
intends to offer a new share class, designated as Class C Shares, which will be subject to annual distribution and service fees of 1.00% of the Funds average daily net assets. Current Class C Shares of the Funds will be re-designated Class C2
Shares. Class C2 Shares will not be available for new accounts or for additional investment into existing accounts except in connection with dividend reinvestments. Class C2 Shares will not be eligible for the reinstatement privilege. Shareholders
of Class C2 Shares will be eligible to exchange their shares into Class C2 Shares of other Nuveen municipal bond funds. Shareholders of Class C2 Shares will also remain eligible to exchange their shares into Class C Shares of any other Nuveen mutual
Fund, but if they exchange back into a Nuveen municipal bond fund, they will issued newly established Class C Shares.
Glossary of Terms Used in this Report
Average Annual Total Return:
This is a commonly used method to express an
investments performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investments actual cumulative performance (including change in NAV or offer price
and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Duration:
Duration is a measure
of the expected period over which a bonds principal and interest will be paid, and consequently is a measure of the sensitivity of a bonds (or bond funds) value to changes when market interest rates change. Generally, the longer a
bond or Funds duration, the more the price of the bond or Fund will change as interest rates change.
Effective Leverage (Effective Leverage
Ratio):
Effective leverage is investment exposure created either through borrowings or indirectly through inverse floaters, divided by the assets invested, including those assets that were purchased with the proceeds of the leverage, or
referenced by the levered instrument.
Gross Domestic Product (GDP):
The total market value of all final goods and services produced in a
country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Inverse Floating Rate Securities:
Inverse floating rate securities, also known as inverse floaters or tender option bonds (TOBs), are created by
depositing a municipal bond, typically with a fixed interest rate, into a special purpose trust created by a broker-dealer. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest rates to third
parties in amounts equal to some fraction of the deposited bonds par amount or market value, and (b) issues an inverse floating rate certificate (sometimes referred to as an inverse floater) to an investor (such as a Fund)
interested in gaining investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely with the short-term rate paid to the floating rate certificates holders, and in most
circumstances the holder of the inverse floater bears substantially all of the underlying bonds downside investment risk. The holder of the inverse floater typically also benefits disproportionately from any potential appreciation of the
underlying bonds value. Hence, an inverse floater essentially represents an investment in the underlying bond on a leveraged basis.
Lipper
Maryland Municipal Debt Funds Classification Average:
Represents the average annualized total return for all reporting funds in the Lipper Maryland Municipal Debt Funds Classification. Lipper returns account for the effects of management
fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Pennsylvania Municipal Debt Funds
Classification Average:
Represents the average annualized total return for all reporting funds in the Lipper Pennsylvania Municipal Debt Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment
of distributions, but do not reflect any applicable sales charge.
Lipper Virginia Municipal Debt Funds Classification Average:
Represents
the average annualized total return for all reporting funds in the Lipper Virginia Municipal Debt Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any
applicable sales charge.
Net Asset Value (NAV) Per Share:
A funds Net Assets is equal to its total assets (securities, cash and
accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the funds (or share class) Net Assets divided by its number of
shares outstanding.
Glossary of Terms Used in this Report
(continued)
Pre-Refundings:
Pre-Refundings,
also known as advance refundings or refinancings, occur when an issuer sells new bonds and uses the proceeds to fund principal and
interest payments of older existing bonds. This process often results in lower borrowing costs for bond issuers.
S&P Municipal Bond
Index:
An unleveraged, market value-weighted index designed to measure the performance of the
tax-exempt,
investment-grade U.S. municipal bond market. Index returns assume reinvestment of
distributions, but do not reflect any applicable sales charges or management fees.
Zero Coupon Bond:
A zero coupon bond does not pay a
regular interest coupon to its holders during the life of the bond.
Tax-exempt
income to the holder of the bond comes from accretion of the difference between the original purchase price of the bond at
issuance and the par value of the bond at maturity and is effectively paid at maturity. The market prices of zero coupon bonds generally are more volatile than the market prices of bonds that pay interest periodically.
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Additional Fund Information
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Fund Manager
Nuveen Fund
Advisors, LLC
333 West Wacker Drive
Chicago, IL
60606
Sub-Adviser
Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
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Independent Registered
Public Accounting Firm
PricewaterhouseCoopers LLP
Chicago, IL 60606
Custodian
State Street Bank & Trust Company
Boston, MA 02111
Transfer Agent and Shareholder Services
Boston Financial
Data Services, Inc.
Nuveen Investor Services
P.O. Box 8530
Boston, MA 02266-8530
(800) 257-8787
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Quarterly Form N-Q Portfolio of Investments Information:
Each Fund is required to file its complete schedule of portfolio
holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the
SECs Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
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Nuveen Funds Proxy Voting Information:
You may obtain (i) information regarding how each Fund voted proxies relating to
portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveens website at www.nuveen.com and (ii) a
description of the policies and procedures that each Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at
(800) 257-8787.
You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
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The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding
the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. FINRA also provides an investor brochure that includes information describing
the Public Disclosure Program.
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Nuveen Investments:
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Serving Investors for Generations
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Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through
continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
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Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the
consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliatesNuveen Asset
Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately
$215 billion as of September 30, 2013.
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Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call
us at
(800) 257-8787.
Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of
any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or
Nuveen Investments, 333 W. Wacker Dr.,
Chicago, IL 60606.
Please read the prospectus carefully before you invest or send money.
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Learn more about Nuveen Funds at:
www.nuveen.com/mf
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Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com
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MSA-MS1-1113P