Portfolio of Investments (Unaudited)
|
|||||
Nuveen Build America Bond Fund (NBB)
|
|||||
December 31, 2014
|
|||||
Principal
|
Optional Call
|
||||
Amount (000)
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
LONG-TERM INVESTMENTS – 118.0% (99.7% of Total Investments)
|
|||||
MUNICIPAL BONDS – 118.0% (99.7% of Total Investments)
|
|||||
Alabama – 0.3% (0.3% of Total Investments)
|
|||||
$ 2,000
|
Baptist Health Care Authority, Alabama, An Affiliate of UAB Health System, Taxable Bond Series
|
No Opt. Call
|
A3
|
$ 2,099,820
|
|
2013A, 5.500%, 11/15/43
|
|||||
Arizona – 1.6% (1.4% of Total Investments)
|
|||||
4,070
|
Downtown Phoenix Hotel Corporation, Arizona, Revenue Bonds, Subordinate Lien Series 2005C,
|
No Opt. Call
|
AA–
|
4,139,963
|
|
5.290%, 7/01/18 – FGIC Insured
|
|||||
5,000
|
Mesa, Arizona, Utility System Revenue Bonds, Series 2010, 6.100%, 7/01/34
|
7/20 at 100.00
|
Aa2
|
5,740,350
|
|
9,070
|
Total Arizona
|
9,880,313
|
|||
California – 28.2% (23.8% of Total Investments)
|
|||||
2,520
|
Alameda Corridor Transportation Authority, California, User Fee Revenue Bonds, Subordinate
|
No Opt. Call
|
BBB+
|
926,176
|
|
Lien Series 2004B, 0.000%, 10/01/31 – AMBAC Insured
|
|||||
1,995
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Build
|
No Opt. Call
|
AA
|
2,822,187
|
|
America Federally Taxable Bond Series 2009F-2, 6.263%, 4/01/49
|
|||||
75
|
Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge,
|
No Opt. Call
|
A+
|
95,603
|
|
Subordinate Lien, Build America Federally Taxable Bond Series 2010S-1, 6.793%, 4/01/30
|
|||||
500
|
California Infrastructure and Economic Development Bank, Revenue Bonds, University of
|
No Opt. Call
|
AA–
|
624,905
|
|
California San Francisco Neurosciences Building, Build America Taxable Bond Series 2010B,
|
|||||
6.486%, 5/15/49
|
|||||
465
|
California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies
|
No Opt. Call
|
BB
|
466,600
|
|
Project, Taxable Series 2013B, 7.000%, 8/01/18
|
|||||
3,005
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Build
|
No Opt. Call
|
A1
|
4,451,697
|
|
America Taxable Bond Series 2009G-2, 8.361%, 10/01/34
|
|||||
2,050
|
California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Build
|
3/20 at 100.00
|
A1
|
2,468,979
|
|
America Taxable Bond Series 2010A-2, 8.000%, 3/01/35
|
|||||
7,000
|
California State University, Systemwide Revenue Bonds, Build America Taxable Bond Series
|
No Opt. Call
|
Aa2
|
9,331,210
|
|
2010B, 6.484%, 11/01/41
|
|||||
7,115
|
California State, General Obligation Bonds, Various Purpose Build America Taxable Bond Series
|
3/20 at 100.00
|
Aa3
|
8,846,079
|
|
2010, 7.950%, 3/01/36
|
|||||
16,610
|
California State, General Obligation Bonds, Various Purpose, Build America Taxable Bond Series
|
No Opt. Call
|
Aa3
|
26,388,141
|
|
2010, 7.600%, 11/01/40
|
|||||
1,000
|
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda
|
No Opt. Call
|
BBB
|
1,046,330
|
|
University Medical Center, Series 2014B, 6.000%, 12/01/24
|
|||||
15,000
|
Los Angeles Community College District, California, General Obligation Bonds, Build America
|
No Opt. Call
|
AA+
|
21,318,600
|
|
Taxable Bonds, Series 2010, 6.600%, 8/01/42
|
|||||
10,000
|
Los Angeles Community College District, Los Angeles County, California, General Obligation
|
No Opt. Call
|
AA+
|
14,212,400
|
|
Bonds, Series 2010, 6.600%, 8/01/42 (UB) (4)
|
|||||
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Multiple
|
|||||
Capital Projects I, Build America Taxable Bond Series 2010B:
|
|||||
5,500
|
7.488%, 8/01/33
|
No Opt. Call
|
AA
|
7,330,125
|
|
18,085
|
7.618%, 8/01/40
|
No Opt. Call
|
AA
|
26,360,334
|
|
9,390
|
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International
|
No Opt. Call
|
AA–
|
12,350,667
|
|
Airport, Build America Taxable Bonds, Series 2009C, 6.582%, 5/15/39
|
|||||
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Federally
|
|||||
Taxable – Direct Payment – Build America Bonds, Series 2010A:
|
|||||
50
|
5.716%, 7/01/39
|
No Opt. Call
|
AA–
|
63,768
|
|
2,115
|
6.166%, 7/01/40
|
7/20 at 100.00
|
AA–
|
2,465,604
|
|
1,685
|
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Federally
|
No Opt. Call
|
AA–
|
2,437,454
|
|
Taxable – Direct Payment – Build America Bonds, Series 2010D, 6.574%, 7/01/45
|
|||||
2,000
|
Los Angeles Department of Water and Power, California, Water System Revenue Bonds, Tender
|
No Opt. Call
|
AA
|
6,765,200
|
|
Option Bond Trust T0003, 29.822%, 7/01/42 (IF) (4)
|
|||||
3,000
|
Oakland Redevelopment Agency, California, Subordinated Housing Set Aside Revenue Bonds,
|
No Opt. Call
|
A
|
3,346,680
|
|
Federally Taxable Series 2011A-T, 7.500%, 9/01/19
|
|||||
1,365
|
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds,
|
No Opt. Call
|
AA–
|
1,780,206
|
|
Build America Taxable Bonds, Series 2010B, 6.000%, 11/01/40
|
|||||
3,000
|
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds,
|
No Opt. Call
|
AA–
|
4,454,220
|
|
Build America Taxable Bonds, Series 2010G, 6.950%, 11/01/50
|
|||||
4,000
|
San Francisco City and County, California, Certificates of Participation, 525 Golden Gate
|
No Opt. Call
|
AA
|
9,589,800
|
|
Avenue, San Francisco Public Utilities Commission Office Project, Tender Option Bond Trust
|
|||||
B001, 29.563%, 11/01/30 (IF)
|
|||||
Stanton Redevelopment Agency, California, Consolidated Project Tax Allocation Bonds,
|
|||||
Series 2011A:
|
|||||
275
|
6.500%, 12/01/17
|
No Opt. Call
|
A–
|
300,550
|
|
295
|
6.750%, 12/01/18
|
No Opt. Call
|
A–
|
330,332
|
|
2,505
|
University of California, General Revenue Bonds, Limited Project, Build America Taxable Bond
|
No Opt. Call
|
AA–
|
3,212,287
|
|
Series 2010F, 5.946%, 5/15/45
|
|||||
120,600
|
Total California
|
173,786,134
|
|||
Colorado – 0.6% (0.5% of Total Investments)
|
|||||
3,100
|
Denver School District 1, Colorado, General Obligation Bonds, Build America Taxable Bonds,
|
No Opt. Call
|
AA+
|
3,752,860
|
|
Series 2009C, 5.664%, 12/01/33
|
|||||
Connecticut – 0.9% (0.7% of Total Investments)
|
|||||
4,500
|
Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue
|
4/20 at 100.00
|
N/R
|
5,466,240
|
|
Bonds, Harbor Point Project, Federally Taxable – Issuer Subsidy – Recovery Zone Economic
|
|||||
Development Bond Series 2010B, 12.500%, 4/01/39
|
|||||
Florida – 1.4% (1.1% of Total Investments)
|
|||||
2,850
|
Academic Charter Schools Finance LLC, Florida, Mortgage Loan Revenue Bonds, Series 2004A,
|
No Opt. Call
|
N/R
|
2,864,906
|
|
8.000%, 8/15/24
|
|||||
5,000
|
Florida State Board of Education, Public Education Capital Outlay Bonds, Build America Taxable
|
6/19 at 100.00
|
AAA
|
5,557,000
|
|
Bonds, Series 2010G, 5.750%, 6/01/35
|
|||||
7,850
|
Total Florida
|
8,421,906
|
|||
Georgia – 4.9% (4.2% of Total Investments)
|
|||||
9,000
|
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project J Bonds, Taxable Build
|
No Opt. Call
|
A+
|
12,046,590
|
|
America Bonds Series 2010A, 6.637%, 4/01/57
|
|||||
15,000
|
Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project P Bonds, Refunding
|
No Opt. Call
|
A–
|
18,306,300
|
|
Taxable Build America Bonds Series 2010A, 7.055%, 4/01/57
|
|||||
24,000
|
Total Georgia
|
30,352,890
|
|||
Illinois – 15.2% (12.9% of Total Investments)
|
|||||
4,320
|
Chicago Transit Authority, Illinois, Sales Tax Receipts Revenue Bonds, Federally Taxable Build
|
No Opt. Call
|
AA
|
5,133,758
|
|
America Bonds, Series 2010B, 6.200%, 12/01/40
|
|||||
10,925
|
Chicago, Illinois, General Airport Revenue Bonds, O’Hare International Airport, Third Lien,
|
1/20 at 100.00
|
A2
|
12,486,401
|
|
Build America Taxable Bond Series 2010B, 6.845%, 1/01/38
|
|||||
11,085
|
Chicago, Illinois, Wastewater Transmission Revenue Bonds, Build America Taxable Bond Series
|
No Opt. Call
|
AA
|
14,576,332
|
|
2010B, 6.900%, 1/01/40
|
|||||
14,695
|
Chicago, Illinois, Water Revenue Bonds, Taxable Second Lien Series 2010B, 6.742%, 11/01/40
|
No Opt. Call
|
AA
|
19,415,916
|
|
15,480
|
Cook County, Illinois, General Obligation Bonds, Build America Taxable Bonds, Series 2010D,
|
No Opt. Call
|
AA
|
17,189,147
|
|
6.229%, 11/15/34
|
|||||
260
|
Illinois Finance Authority, Revenue Bonds, Illinois Institute of Technology, Refunding Series
|
No Opt. Call
|
Baa3
|
260,034
|
|
2006A, 6.100%, 4/01/15
|
|||||
14,000
|
Illinois State, General Obligation Bonds, Taxable Build America Bonds, Series 2010-3,
|
No Opt. Call
|
A–
|
15,696,940
|
|
6.725%, 4/01/35
|
|||||
4,900
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds,
|
No Opt. Call
|
AA–
|
6,398,028
|
|
Senior Lien Series 2009A, 6.184%, 1/01/34
|
|||||
1,555
|
Illinois Toll Highway Authority, Toll Highway Revenue Bonds, Build America Taxable Bonds,
|
No Opt. Call
|
AA–
|
2,024,672
|
|
Senior Lien Series 2009B, 5.851%, 12/01/34
|
|||||
685
|
Northern Illinois Municipal Power Agency, Power Project Revenue Bonds, Prairie State Project,
|
No Opt. Call
|
A2
|
846,948
|
|
Build America Taxable Bond Series 2010A, 7.820%, 1/01/40
|
|||||
77,905
|
Total Illinois
|
94,028,176
|
|||
Indiana – 0.9% (0.8% of Total Investments)
|
|||||
5,000
|
Indiana University, Consolidated Revenue Bonds, Build America Taxable Bonds, Series 2010B,
|
6/20 at 100.00
|
Aaa
|
5,539,550
|
|
5.636%, 6/01/35
|
|||||
Kentucky – 1.8% (1.5% of Total Investments)
|
|||||
5,000
|
Kentucky Municipal Power Agency, Power Supply System Revenue Bonds, Prairie State Project,
|
9/20 at 100.00
|
AA
|
8,486,750
|
|
Tender Option Bond Trust B002, 29.266%, 9/01/37 – AGC Insured (IF)
|
|||||
1,950
|
Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage
|
No Opt. Call
|
AA
|
2,614,346
|
|
System Revenue Bonds, Build America Taxable Bonds Series 2010A, 6.250%, 5/15/43
|
|||||
6,950
|
Total Kentucky
|
11,101,096
|
|||
Louisiana – 3.7% (3.1% of Total Investments)
|
|||||
20,350
|
East Baton Rouge Sewerage Commission, Louisiana, Revenue Bonds, Build America Taxable Bonds,
|
2/20 at 100.00
|
AA
|
22,929,770
|
|
Series 2010B, 6.087%, 2/01/45 (UB) (4)
|
|||||
Massachusetts – 0.8% (0.7% of Total Investments)
|
|||||
2,000
|
Massachusetts, Transportation Fund Revenue Bonds, Accelerated Bridge Program, Tender Option
|
No Opt. Call
|
AAA
|
5,040,600
|
|
Bond Trust T0004, 25.796%, 6/01/40 (IF) (4)
|
|||||
Michigan – 4.8% (4.1% of Total Investments)
|
|||||
8,905
|
Detroit City School District, Wayne County, Michigan, General Obligation Bonds, Build America
|
No Opt. Call
|
Aa2
|
11,774,458
|
|
Taxable Bond Series 2009B, 7.747%, 5/01/39
|
|||||
3,145
|
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds,
|
No Opt. Call
|
B2
|
2,793,420
|
|
Taxable Turbo Series 2006A, 7.309%, 6/01/34
|
|||||
13,955
|
Wayne County Building Authority, Michigan, General Obligation Bonds, Jail Facilities,
|
12/20 at 100.00
|
BBB–
|
15,223,928
|
|
Federally Taxable Recovery Zone Economic Development Series 2010, 10.000%, 12/01/40
|
|||||
26,005
|
Total Michigan
|
29,791,806
|
|||
Missouri – 0.3% (0.2% of Total Investments)
|
|||||
1,290
|
Curators of the University of Missouri, System Facilities Revenue Bonds, Build America Taxable
|
No Opt. Call
|
AA+
|
1,674,188
|
|
Bonds, Series 2009A, 5.960%, 11/01/39
|
|||||
Nevada – 3.3% (2.8% of Total Investments)
|
|||||
8,810
|
Clark County, Nevada, Airport Revenue Bonds, Senior Lien Series 2009B, 6.881%, 7/01/42
|
7/19 at 100.00
|
AA–
|
10,219,248
|
|
1,800
|
Clark County, Nevada, Airport Revenue Bonds, Taxable Direct Payment Build America Bond Series
|
No Opt. Call
|
AA–
|
2,644,380
|
|
2010C, 6.820%, 7/01/45
|
|||||
1,315
|
Las Vegas, Nevada, Certificates of Participation, City Hall Project, Build America Federally
|
9/19 at 100.00
|
AA–
|
1,589,217
|
|
Taxable Bonds, Series 2009B, 7.800%, 9/01/39
|
|||||
5,250
|
North Las Vegas, Nevada, General Obligation Water and Wastewater Improvement Bonds, Build
|
No Opt. Call
|
BB–
|
4,757,550
|
|
America Taxable Bonds, Series 2010A, 6.572%, 6/01/40
|
|||||
1,035
|
Reno, Nevada, 1999 Special Assessment District 2 Local Improvement Bonds, ReTRAC Project,
|
No Opt. Call
|
BBB
|
1,063,928
|
|
Taxable Series 2006, 6.890%, 6/01/16
|
|||||
18,210
|
Total Nevada
|
20,274,323
|
|||
New Jersey – 4.2% (3.5% of Total Investments)
|
|||||
130
|
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Build America
|
12/20 at 100.00
|
A2
|
145,276
|
|
Bonds Issuer Subsidy Program, Series 2010C, 6.104%, 12/15/28
|
|||||
4,755
|
New Jersey Turnpike Authority, Revenue Bonds, Build America Taxable Bonds, Series 2009F,
|
No Opt. Call
|
A+
|
7,187,087
|
|
7.414%, 1/01/40
|
|||||
12,535
|
New Jersey Turnpike Authority, Revenue Bonds, Build America Taxable Bonds, Series 2010A,
|
No Opt. Call
|
A+
|
18,358,510
|
|
7.102%, 1/01/41
|
|||||
17,420
|
Total New Jersey
|
25,690,873
|
|||
New York – 13.5% (11.4% of Total Investments)
|
|||||
25,000
|
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, Build
|
No Opt. Call
|
AAA
|
31,813,250
|
|
America Taxable Bonds, Series 2010D, 5.600%, 3/15/40 (UB)
|
|||||
5,100
|
Long Island Power Authority, New York, Electric System Revenue Bonds, Build America Taxable
|
No Opt. Call
|
A–
|
5,877,648
|
|
Bond Series 2010B, 5.850%, 5/01/41
|
|||||
3,815
|
Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Build America
|
No Opt. Call
|
AA
|
5,844,542
|
|
Taxable Bonds, Series 2010C, 7.336%, 11/15/39
|
|||||
4,980
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Build America
|
No Opt. Call
|
AA–
|
6,233,864
|
|
Taxable Bonds, Series 2009A-1, 5.871%, 11/15/39
|
|||||
100
|
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Build America
|
No Opt. Call
|
AA–
|
136,452
|
|
Taxable Bonds, Series 2010B-1, 6.648%, 11/15/39
|
|||||
1,890
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
|
6/20 at 100.00
|
AA+
|
2,144,866
|
|
Bonds, Second Generation Resolution, Build America Taxable Bonds, Fiscal 2011 Series AA,
|
|||||
5.790%, 6/15/41
|
|||||
2,595
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
|
No Opt. Call
|
AA+
|
3,495,699
|
|
Bonds, Second Generation Resolution, Build America Taxable Bonds, Series 2010DD,
|
|||||
5.952%, 6/15/42
|
|||||
2,025
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
|
No Opt. Call
|
AA+
|
2,727,857
|
|
Bonds, Second Generation Resolution, Build America Taxable Bonds, Series 2010DD,
|
|||||
5.952%, 6/15/42 (UB)
|
|||||
1,595
|
New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue
|
No Opt. Call
|
AA+
|
4,374,766
|
|
Bonds, Second Generation Resolution, Taxable Tender Option Bonds Trust T30001-2,
|
|||||
26.959%, 6/15/44 (IF)
|
|||||
6,340
|
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Build
|
No Opt. Call
|
AA
|
8,470,430
|
|
America Taxable Bond Fiscal 2011 Series 2010S-1B, 6.828%, 7/15/40
|
|||||
10,000
|
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Build
|
No Opt. Call
|
AAA
|
12,445,700
|
|
America Taxable Bonds, Series 2010G-1, 5.467%, 5/01/40 (4)
|
|||||
63,440
|
Total New York
|
83,565,074
|
|||
Ohio – 5.5% (4.6% of Total Investments)
|
|||||
10,700
|
American Municipal Power Inc., Ohio, Combined Hydroelectric Projects Revenue Bonds, Build
|
No Opt. Call
|
A
|
16,274,165
|
|
America Bond Series 2010B, 7.834%, 2/15/41
|
|||||
25
|
JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Taxable
|
No Opt. Call
|
AA
|
27,257
|
|
Series 2013B, 4.532%, 1/01/35
|
|||||
15,000
|
Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Build America
|
11/20 at 100.00
|
AA+
|
17,493,300
|
|
Taxable Bonds, Series 2010, 6.038%, 11/15/40
|
|||||
25,725
|
Total Ohio
|
33,794,722
|
|||
Oregon – 2.7% (2.3% of Total Investments)
|
|||||
4,000
|
Oregon Department of Administrative Services, Certificates of Participation, Federally Taxable
|
5/20 at 100.00
|
AA
|
6,983,800
|
|
Build America Bonds, Tender Option Bond Trust TN-011, 27.314%, 5/01/35 (IF) (4)
|
|||||
8,790
|
Warm Springs Reservation Confederated Tribes, Oregon, Tribal Economic Development Bonds,
|
No Opt. Call
|
A3
|
9,622,940
|
|
Hydroelectric Revenue Bonds, Pelton Round Butte Project, Refunding Series 2009A,
|
|||||
8.250%, 11/01/19
|
|||||
12,790
|
Total Oregon
|
16,606,740
|
|||
Pennsylvania – 1.1% (0.9% of Total Investments)
|
|||||
1,915
|
Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Build America
|
No Opt. Call
|
A+
|
2,353,688
|
|
Taxable Bonds, Series 2009D, 6.218%, 6/01/39
|
|||||
2,000
|
Pennsylvania State, General Obligation Bonds, Build America Taxable Bonds, Third Series 2010B,
|
7/20 at 100.00
|
Aa3
|
2,303,740
|
|
5.850%, 7/15/30
|
|||||
1,420
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Build America Taxable Bonds, Series
|
No Opt. Call
|
A+
|
1,890,673
|
|
2009A, 6.105%, 12/01/39
|
|||||
5,335
|
Total Pennsylvania
|
6,548,101
|
|||
South Carolina – 3.7% (3.1% of Total Investments)
|
|||||
7,220
|
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,
|
No Opt. Call
|
AA–
|
9,978,545
|
|
Federally Taxable Build America Series 2010C, 6.454%, 1/01/50
|
|||||
8,985
|
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,
|
No Opt. Call
|
AA–
|
12,417,899
|
|
Federally Taxable Build America, Series 2010C, 6.454%, 1/01/50 (UB)
|
|||||
205
|
South Carolina Public Service Authority, Electric System Revenue Bonds, Santee Cooper,
|
No Opt. Call
|
AA–
|
596,622
|
|
Federally Taxable Build America, Tender Option Bond Trust T30002, 28.411%, 1/01/50 (IF)
|
|||||
16,410
|
Total South Carolina
|
22,993,066
|
|||
Tennessee – 1.6% (1.4% of Total Investments)
|
|||||
5,000
|
Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee,
|
No Opt. Call
|
A1
|
7,165,800
|
|
Tourism Tax Revenue Bonds, Build America Taxable Bonds, Series 2010A-2, 7.431%, 7/01/43
|
|||||
2,030
|
Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee,
|
No Opt. Call
|
Aa3
|
2,736,237
|
|
Tourism Tax Revenue Bonds, Build America Taxable Bonds, Subordinate Lien Series 2010B,
|
|||||
6.731%, 7/01/43
|
|||||
7,030
|
Total Tennessee
|
9,902,037
|
|||
Texas – 10.0% (8.4% of Total Investments)
|
|||||
9,280
|
Dallas Convention Center Hotel Development Corporation, Texas, Hotel Revenue Bonds, Build
|
No Opt. Call
|
A+
|
12,540,435
|
|
America Taxable Bonds, Series 09B, 7.088%, 1/01/42
|
|||||
15,000
|
North Texas Tollway Authority, System Revenue Bonds, Taxable Build America Bond Series 2009B,
|
No Opt. Call
|
A2
|
21,845,250
|
|
6.718%, 1/01/49
|
|||||
10,000
|
North Texas Tollway Authority, System Revenue Bonds, Taxable Build America Bonds, Series
|
2/20 at 100.00
|
Baa3
|
12,142,900
|
|
2010-B2, 8.910%, 2/01/30
|
|||||
5,000
|
San Antonio, Texas, General Obligation Bonds, Build America Taxable Bonds, Series 2010B,
|
8/20 at 100.00
|
AAA
|
5,793,500
|
|
6.038%, 8/01/40
|
|||||
7,015
|
Texas State, General Obligation Bonds, Transportation Commission, Build America Taxable Bonds,
|
No Opt. Call
|
AAA
|
9,262,185
|
|
Series 2009A, 5.517%, 4/01/39
|
|||||
46,295
|
Total Texas
|
61,584,270
|
|||
Utah – 0.9% (0.8% of Total Investments)
|
|||||
4,000
|
Central Utah Water Conservancy District, Utah, Revenue Bonds, Federally Taxable Build America
|
4/20 at 100.00
|
AA+
|
4,400,920
|
|
Bonds, Series 2010A, 5.700%, 10/01/40
|
|||||
1,000
|
Tooele County Municipal Building Authority, Utah, Lease Revenue Bonds, Build America Bond
|
12/20 at 100.00
|
A+
|
1,144,000
|
|
Series 2010A-2, 8.000%, 12/15/32
|
|||||
5,000
|
Total Utah
|
5,544,920
|
|||
Virginia – 3.6% (3.1% of Total Investments)
|
|||||
14,800
|
Metropolitan Washington Airports Authority, Virginia, Dulles Toll Road Second Senior Lien
|
No Opt. Call
|
BBB+
|
20,313,148
|
|
Revenue Bonds, Build America Bonds, Series 2009D, 7.462%, 10/01/46 – AGC Insured
|
|||||
2,625
|
Tobacco Settlement Financing Corporation of Virginia, Tobacco Settlement Asset Backed Bonds,
|
No Opt. Call
|
B–
|
2,014,530
|
|
Refunding Senior Lien Series 2007A, 6.706%, 6/01/46
|
|||||
17,425
|
Total Virginia
|
22,327,678
|
|||
Washington – 2.5% (2.1% of Total Investments)
|
|||||
4,000
|
Seattle, Washington, Municipal Light and Power Revenue Bonds, Federally Taxable Build America
|
No Opt. Call
|
AA
|
8,825,000
|
|
Bonds, Tender Option Bond Trust T0001, 24.504%, 2/01/40 (IF) (4)
|
|||||
5,015
|
Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds,
|
No Opt. Call
|
Aa3
|
6,315,791
|
|
Build America Taxable Bond Series 2010B, 6.790%, 7/01/40
|
|||||
9,015
|
Total Washington
|
15,140,791
|
|||
$ 554,715
|
Total Long-Term Investments (cost $599,779,982)
|
727,837,944
|
|||
Principal
|
|||||
Amount (000)
|
Description (1)
|
Coupon
|
Maturity
|
Value
|
|
SHORT-TERM INVESTMENTS – 0.4% (0.3% of Total Investments)
|
|||||
$ 2,334
|
Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/14,
|
0.000%
|
1/02/15
|
$ 2,333,827
|
|
repurchase price $2,333,827, collateralized by $2,370,000 U.S. Treasury Notes,
|
|||||
1.500%, due 1/31/19, value $2,384,813
|
|||||
Total Short-Term Investments (cost $2,333,827)
|
2,333,827
|
||||
Total Investments (cost $602,113,809) – 118.4%
|
730,171,771
|
||||
Borrowings – (14.5)% (5), (6)
|
(89,500,000)
|
||||
Floating Rate Obligations – (8.6)%
|
(53,090,000)
|
||||
Other Assets Less Liabilities – 4.7% (7)
|
29,058,676
|
||||
Net Assets – 100%
|
$ 616,640,447
|
Counterparty
|
Notional
Amount |
Fund
Pay/ReceiveRate |
Floating
IndexRate |
Fixed Rate
(Annualized) |
Fixed Rate
Payment |
Effective
Date (8) |
Termination
Date |
Value
|
Unrealized
Appreciation |
Barclays Bank PLC*
|
$ 47,600,000
|
Receive
|
3-Month USD-LIBOR-BBA
|
3.219%
|
Semi-Annually
|
1/15/16
|
1/15/44
|
$ (3,855,867)
|
$ (3,857,095)
|
Barclays Bank PLC*
|
46,500,000
|
Receive
|
3-Month USD-LIBOR-BBA
|
3.502
|
Semi-Annually
|
6/15/15
|
6/15/44
|
(7,253,156)
|
(7,254,369)
|
Morgan Stanley
|
121,000,000
|
Receive
|
1-Month USD-LIBOR-BBA
|
1.500
|
Monthly
|
12/01/15
|
12/01/19
|
(587,629)
|
(587,629)
|
$215,100,000
|
$(11,696,652)
|
$(11,699,093)
|
|||||||
* Citigroup is the clearing broker for this transaction.
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Long-Term Investments:
|
||||
Municipal Bonds
|
$ —
|
$727,837,944
|
$ —
|
$727,837,944
|
Short-Term Investments:
|
||||
Repurchase Agreements
|
—
|
2,333,827
|
—
|
2,333,827
|
Investments in Derivatives:
|
||||
Interest Rate Swaps*
|
—
|
(11,699,093)
|
—
|
(11,699,093)
|
Total
|
$ —
|
$718,472,678
|
$ —
|
$718,472,678
|
* Represents net unrealized appreciation (depreciation).
|
Gross unrealized:
|
|
Appreciation
|
$126,862,934
|
Depreciation
|
(252,327)
|
Net unrealized appreciation (depreciation) of investments
|
$126,610,607
|
(1)
|
All percentages shown in the Portfolio of Investments are based on net assets unless otherwise noted.
|
|
(2)
|
Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption.
|
|
There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities
|
||
may be subject to periodic principal paydowns.
|
||
(3)
|
Ratings: Using the highest of Standard & Poor’s Group ("Standard & Poor's"), Moody’s Investors Service,
|
|
Inc. ("Moody's") or Fitch, Inc. ("Fitch") rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s
|
||
or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated
|
||
by any of these national rating agencies.
|
||
(4)
|
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for
|
|
investments in derivatives and/or inverse floating rate transactions.
|
||
(5)
|
Borrowings as a percentage of Total Investments is 12.3%.
|
|
(6)
|
The Fund segregates 100% of its eligible investments in the Portfolio of Investments as collateral
|
|
for Borrowings.
|
||
(7)
|
Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative
|
|
instruments as listed within Investments in Derivatives as of the end of the reporting period.
|
||
(8)
|
Effective date represents the date on which both the Fund and Counterparty commence interest
|
|
payment accruals on each contract.
|
||
(IF)
|
Inverse floating rate investment.
|
|
(UB)
|
Underlying bond of an inverse floating rate trust reflected as a financing transaction.
|
|
USD-LIBOR-BBA
|
United States Dollar-London Inter-Bank Offered Rate-British Bankers’ Association.
|
a.
|
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).
|
b.
|
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
|