|
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|
|
|
|
|
|
Portfolio of Investments (Unaudited)
|
|
|
|
|
|
|
Nuveen Pennsylvania Dividend Advantage Municipal Fund (NXM)
|
|
|
|
|
|
January 31, 2013
|
|
|
|
|
|
Principal
|
|
|
Optional Call
|
|
|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Consumer Staples – 2.5% (1.7% of Total Investments)
|
|
|
|
$ 1,000
|
|
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds,
|
No Opt. Call
|
AA–
|
$ 1,285,629
|
|
|
Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)
|
|
|
|
|
|
Education and Civic Organizations – 22.2% (15.6% of Total Investments)
|
|
|
|
100
|
|
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding
|
No Opt. Call
|
Baa3
|
117,876
|
|
|
Bonds, Robert Morris College, Series 1998A, 6.000%, 5/01/28
|
|
|
|
235
|
|
Allegheny County Higher Education Building Authority, Pennsylvania, Revenue Bonds, Robert
|
2/16 at 100.00
|
Baa3
|
237,977
|
|
|
Morris University, Series 2006A, 4.750%, 2/15/26
|
|
|
|
700
|
|
Chester County Health and Education Facilities Authority, Pennsylvania, Revenue Bonds,
|
10/15 at 102.00
|
N/R
|
726,929
|
|
|
Immaculata University, Series 2005, 5.500%, 10/15/25
|
|
|
|
720
|
|
Chester County Industrial Development Authority, Pennsylvania, Avon Grove Charter School
|
12/17 at 100.00
|
BBB–
|
758,635
|
|
|
Revenue Bonds, Series 2007A, 6.375%, 12/15/37
|
|
|
|
300
|
|
Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern University, Series
|
10/16 at 100.00
|
N/R
|
301,695
|
|
|
2006, 4.500%, 10/01/27 – RAAI Insured
|
|
|
|
|
|
Delaware County Authority, Pennsylvania, Revenue Bonds, Villanova University, Series 2006:
|
|
|
|
295
|
|
5.000%, 8/01/23 – AMBAC Insured
|
8/16 at 100.00
|
A+
|
332,562
|
145
|
|
5.000%, 8/01/24 – AMBAC Insured
|
8/16 at 100.00
|
A+
|
163,039
|
160
|
|
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon
|
5/17 at 100.00
|
N/R
|
164,360
|
|
|
University, Series 2007-GG3, 5.000%, 5/01/32 – RAAI Insured
|
|
|
|
200
|
|
Montgomery County Higher Education and Health Authority, Pennsylvania, Revenue Bonds, Arcadia
|
4/20 at 100.00
|
BBB+
|
220,392
|
|
|
University, Series 2010, 5.625%, 4/01/40
|
|
|
|
1,000
|
|
Montgomery County Industrial Development Authority, Pennsylvania, Revenue Bonds, Hill School,
|
8/15 at 100.00
|
A1
|
1,084,590
|
|
|
Series 2005, 5.000%, 8/15/27 – NPFG Insured
|
|
|
|
75
|
|
New Wilmington, Pennsylvania, Revenue, Westminster College, Series 2007G, 5.125%, 5/01/33 –
|
5/17 at 100.00
|
N/R
|
78,017
|
|
|
RAAI Insured
|
|
|
|
500
|
|
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of
|
No Opt. Call
|
AA
|
619,920
|
|
|
Higher Education, Refunding Series 2012AN, 5.000%, 6/15/21
|
|
|
|
900
|
|
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of
|
6/18 at 100.00
|
AA
|
1,036,809
|
|
|
Higher Education, Series 2008AH, 5.000%, 6/15/33
|
|
|
|
500
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing
|
11/21 at 100.00
|
A–
|
545,255
|
|
|
Program-Mount Aloysius College Project, Series 2011R-1, 5.000%, 11/01/35
|
|
|
|
220
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Allegheny College, Series
|
5/16 at 100.00
|
A–
|
238,124
|
|
|
2006, 4.750%, 5/01/31
|
|
|
|
540
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series
|
11/17 at 100.00
|
A
|
582,687
|
|
|
2007A, 5.000%, 5/01/37 – NPFG Insured
|
|
|
|
400
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Gwynedd Mercy College,
|
5/22 at 100.00
|
BBB–
|
424,040
|
|
|
Series 2012-KK1, 5.375%, 5/01/42
|
|
|
|
700
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Temple University, First
|
4/16 at 100.00
|
Aa3
|
786,541
|
|
|
Series of 2006, 5.000%, 4/01/21 – NPFG Insured
|
|
|
|
70
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson
|
9/22 at 100.00
|
A+
|
78,636
|
|
|
University, Series 2012, 5.000%, 3/01/42
|
|
|
|
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of the
|
|
|
|
|
|
Sciences in Philadelphia, Series 2012:
|
|
|
|
120
|
|
4.000%, 11/01/39
|
11/22 at 100.00
|
A3
|
122,435
|
215
|
|
5.000%, 11/01/42
|
11/22 at 100.00
|
A3
|
237,784
|
1,000
|
|
Pennsylvania State University, General Revenue Bonds, Series 2010, 5.000%, 3/01/35
|
3/20 at 100.00
|
AA
|
1,140,100
|
470
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Leadership
|
4/13 at 100.00
|
N/R
|
320,357
|
|
|
Learning Partners, Series 2005A, 5.375%, 7/01/36
|
|
|
|
110
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, MaST Charter
|
8/20 at 100.00
|
BBB+
|
125,549
|
|
|
School Project, Series 2010, 6.000%, 8/01/35
|
|
|
|
230
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Richard Allen
|
5/16 at 100.00
|
BBB–
|
239,343
|
|
|
Preparatory Charter School, Series 2006, 6.250%, 5/01/33
|
|
|
|
750
|
|
State Public School Building Authority, Pennsylvania, College Revenue Bonds, Northampton
|
3/21 at 100.00
|
A1
|
874,020
|
|
|
County Area Community College, Series 2011, 5.500%, 3/01/31
|
|
|
|
150
|
|
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series
|
11/20 at 100.00
|
A
|
166,817
|
|
|
2010, 5.000%, 11/01/40
|
|
|
|
10,805
|
|
Total Education and Civic Organizations
|
|
|
11,724,489
|
|
|
Health Care – 27.3% (19.2% of Total Investments)
|
|
|
|
550
|
|
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley
|
4/15 at 100.00
|
Ba2
|
527,461
|
|
|
General Hospital, Series 2005A, 5.125%, 4/01/35
|
|
|
|
385
|
|
Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series
|
No Opt. Call
|
N/R
|
392,785
|
|
|
2005, 6.000%, 11/15/16
|
|
|
|
700
|
|
Beaver County Hospital Authority, Pennsylvania, Revenue Bonds, Heritage Valley Health System,
|
5/21 at 100.00
|
AA–
|
797,356
|
|
|
Inc., Series 2012, 5.000%, 5/15/27
|
|
|
|
765
|
|
Berks County Municipal Authority, Pennsylvania, Revenue Bonds, Reading Hospital and Medical
|
5/22 at 100.00
|
AA
|
848,905
|
|
|
Center Project, Series 2012A, 5.000%, 11/01/44
|
|
|
|
445
|
|
Central Bradford Progress Authority, Pennsylvania, Revenue Bonds, Guthrie Health, Series 2011,
|
12/21 at 100.00
|
AA–
|
508,088
|
|
|
5.375%, 12/01/41
|
|
|
|
175
|
|
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health
|
6/22 at 100.00
|
A
|
188,580
|
|
|
System Project, Series 2012A, 5.000%, 6/01/42
|
|
|
|
200
|
|
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health
|
7/20 at 100.00
|
Ba2
|
221,456
|
|
|
Center Project, Series 2010A, 7.000%, 7/01/27
|
|
|
|
80
|
|
Erie County Hospital Authority, Pennsylvania, Revenue Bonds, Hamot Health Foundation, Series
|
11/17 at 100.00
|
Aa3
|
85,658
|
|
|
2007, 5.000%, 11/01/37 – CIFG Insured
|
|
|
|
835
|
|
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg
|
7/20 at 100.00
|
A+
|
918,425
|
|
|
Hospital Project, Series 2010, 5.375%, 7/01/42
|
|
|
|
230
|
|
Fulton County, Pennsylvania, Industrial Development Authority Hospital Revenue Bonds, Fulton
|
7/16 at 100.00
|
N/R
|
235,373
|
|
|
County Medical Center Project, Series 2006, 5.900%, 7/01/40
|
|
|
|
400
|
|
Lancaster County Hospital Authority, Pennsylvania, Health System Revenue Bonds, Lancaster
|
1/22 at 100.00
|
AA–
|
543,088
|
|
|
General Hospital Project, Tender Option Bond 4234, 13.829%, 01/01/36 (IF)
|
|
|
|
600
|
|
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan
|
4/13 at 100.00
|
BB+
|
606,276
|
|
|
Hospital Project, Series 2002, 5.900%, 11/15/28
|
|
|
|
650
|
|
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley
|
7/18 at 100.00
|
AA–
|
700,206
|
|
|
Health Network, Series 2008A, 5.000%, 7/01/33 – AGM Insured
|
|
|
|
360
|
|
Lehigh County General Purpose Authority, Pennsylvania, Hospital Revenue Bonds, Lehigh Valley
|
No Opt. Call
|
A+
|
366,361
|
|
|
Health Network, Series 2012B, 4.000%, 7/01/43
|
|
|
|
1,025
|
|
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group,
|
11/17 at 100.00
|
AA–
|
1,129,776
|
|
|
Series 2007, 5.000%, 11/01/37 – AGC Insured
|
|
|
|
350
|
|
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, The Good Shepherd Group,
|
No Opt. Call
|
A
|
352,377
|
|
|
Series 2012, 4.000%, 11/01/32
|
|
|
|
700
|
|
Lycoming County Authority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health
|
7/19 at 100.00
|
A–
|
775,586
|
|
|
System Project, Series 2009, 5.750%, 7/01/39
|
|
|
|
|
|
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center,
|
|
|
|
|
|
Series 2012A:
|
|
|
|
75
|
|
4.000%, 1/01/25
|
1/22 at 100.00
|
A
|
78,230
|
170
|
|
5.000%, 1/01/41
|
1/22 at 100.00
|
A
|
183,367
|
140
|
|
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center,
|
1/17 at 100.00
|
A
|
145,524
|
|
|
Series 2007, 5.125%, 1/01/37
|
|
|
|
330
|
|
Montgomery County Higher Education and Health Authority, Pennsylvania, Hospital Revenue Bonds,
|
6/22 at 100.00
|
A
|
374,593
|
|
|
Abington Memorial Hospital Obligated Group, Series 2012A, 5.000%, 6/01/31
|
|
|
|
165
|
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage Revenue
|
8/20 at 100.00
|
AA
|
190,605
|
|
|
Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
|
|
|
|
310
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of
|
8/22 at 100.00
|
AA–
|
348,635
|
|
|
Pennsylvania Health System, Series 2012A, 5.000%, 8/15/42
|
|
|
|
1,495
|
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System
|
5/20 at 100.00
|
AA
|
1,640,612
|
|
|
Revenue Bonds, Jefferson Health System, Series 2010B, 5.000%, 5/15/40
|
|
|
|
230
|
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue
|
No Opt. Call
|
AA
|
309,828
|
|
|
Bonds, Children’s Hospital of Philadelphia, Tender Option Bond Trust 3975, 13.819%, 7/01/19 (IF)
|
|
|
|
400
|
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Hospital Revenue
|
7/22 at 100.00
|
BBB–
|
438,076
|
|
|
Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
|
|
|
|
25
|
|
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pottsville Hospital and
|
4/13 at 100.00
|
N/R
|
24,997
|
|
|
Warne Clinic, Series 1998, 5.625%, 7/01/24
|
|
|
|
240
|
|
Southcentral Pennsylvania General Authority, Revenue Bonds, Hanover Hospital Inc., Series
|
12/15 at 100.00
|
BBB–
|
246,530
|
|
|
2005, 5.000%, 12/01/25 – RAAI Insured
|
|
|
|
625
|
|
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
|
1/21 at 100.00
|
BBB+
|
744,831
|
|
|
Spirit Hospital of the Sisters of Christian Charity Project, Series 2011, 6.500%, 1/01/36
|
|
|
|
420
|
|
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
|
1/22 at 100.00
|
BBB+
|
482,294
|
|
|
Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.750%, 1/01/41
|
|
|
|
13,075
|
|
Total Health Care
|
|
|
14,405,879
|
|
|
Housing/Multifamily – 2.7% (1.9% of Total Investments)
|
|
|
|
150
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University
|
7/20 at 100.00
|
BBB–
|
170,423
|
|
|
Foundation Student Housing Project, Series 2010, 6.000%, 7/01/43
|
|
|
|
350
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Foundation for Student
|
7/22 at 100.00
|
BBB+
|
381,962
|
|
|
Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/32
|
|
|
|
50
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Shippensburg University
|
No Opt. Call
|
BBB–
|
54,476
|
|
|
Student Services, Inc. Student Housing Project at Shippensburg University of Pennsylvania,
|
|
|
|
|
|
Series 2012, 5.000%, 10/01/44
|
|
|
|
700
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University
|
7/15 at 100.00
|
BBB+
|
715,463
|
|
|
Foundation Inc., Student Housing Project, Series 2005A, 5.000%, 7/01/37 – SYNCORA GTY Insured
|
|
|
|
100
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Multifamily Housing Revenue
|
5/15 at 102.00
|
Baa3
|
101,732
|
|
|
Bonds, PresbyHomes Germantown-Morrisville Project, Series 2005A, 5.625%, 7/01/35
|
|
|
|
1,350
|
|
Total Housing/Multifamily
|
|
|
1,424,056
|
|
|
Housing/Single Family – 6.1% (4.3% of Total Investments)
|
|
|
|
240
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-96B,
|
No Opt. Call
|
AA+
|
256,459
|
|
|
3.950%, 4/01/16
|
|
|
|
95
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-93A,
|
4/13 at 100.00
|
AA+
|
97,896
|
|
|
4.950%, 10/01/26 (Alternative Minimum Tax) (UB)
|
|
|
|
475
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-95A,
|
10/15 at 100.00
|
AA+
|
485,060
|
|
|
4.900%, 10/01/37 (Alternative Minimum Tax) (UB)
|
|
|
|
295
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A,
|
10/16 at 100.00
|
AA+
|
305,811
|
|
|
4.850%, 10/01/31 (Alternative Minimum Tax) (UB)
|
|
|
|
400
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2011-112,
|
10/20 at 100.00
|
AA+
|
437,768
|
|
|
5.000%, 10/01/25
|
|
|
|
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2012-114:
|
|
|
|
375
|
|
3.300%, 10/01/32
|
No Opt. Call
|
AA+
|
370,703
|
165
|
|
3.650%, 10/01/37
|
No Opt. Call
|
AA+
|
164,036
|
250
|
|
3.700%, 10/01/42
|
No Opt. Call
|
AA+
|
249,230
|
665
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option Bonds
|
4/21 at 100.00
|
AA+
|
848,613
|
|
|
Trust 3950, 12.652%, 4/01/27 (IF)
|
|
|
|
2,960
|
|
Total Housing/Single Family
|
|
|
3,215,576
|
|
|
Industrials – 0.8% (0.6% of Total Investments)
|
|
|
|
290
|
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding
|
11/22 at 100.00
|
A1
|
326,882
|
|
|
Bonds, Amtrak Project, Series 2012A, 5.000%, 11/01/27 (Alternative Minimum Tax)
|
|
|
|
100
|
|
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds,
|
No Opt. Call
|
BBB
|
100,198
|
|
|
Waste Management Inc., Project, Series 2009, 1.750%, 12/01/33 (Mandatory put 12/01/15)
|
|
|
|
390
|
|
Total Industrials
|
|
|
427,080
|
|
|
Long-Term Care – 13.7% (9.6% of Total Investments)
|
|
|
|
|
|
Bucks County Industrial Development Authority, Pennsylvania, Revenue Bonds, Lutheran Community
|
|
|
|
|
|
at Telford Center, Series 2007:
|
|
|
|
220
|
|
5.750%, 1/01/27
|
1/17 at 100.00
|
N/R
|
226,384
|
360
|
|
5.750%, 1/01/37
|
1/17 at 100.00
|
N/R
|
365,897
|
1,000
|
|
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social
|
1/19 at 100.00
|
BBB+
|
1,123,430
|
|
|
Ministries Project, Series 2009, 6.375%, 1/01/39
|
|
|
|
220
|
|
Cumberland County Municipal Authority, Pennsylvania, Revenue Bonds, Diakon Lutheran Social
|
1/17 at 100.00
|
BBB+
|
227,814
|
|
|
Ministries, Series 2007, 5.000%, 1/01/36
|
|
|
|
230
|
|
Delaware County Authority, Revenue Bonds, Elwyn, Inc. Project, Series 2010, 5.000%, 6/01/21
|
6/17 at 100.00
|
BBB
|
246,714
|
200
|
|
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes
|
11/16 at 100.00
|
A
|
208,410
|
|
|
Project, Series 2006, 5.000%, 11/01/36
|
|
|
|
50
|
|
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Saint Anne’s
|
4/22 at 100.00
|
BB+
|
50,695
|
|
|
Retirement Community, Inc. , Series 2012, 5.000%, 4/01/33
|
|
|
|
185
|
|
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Brethren Village Project,
|
7/17 at 100.00
|
N/R
|
199,606
|
|
|
Series 2008A, 6.375%, 7/01/30
|
|
|
|
785
|
|
Lebanon County Health Facilities Authority, Pennsylvania, Health Center Revenue Bonds,
|
12/14 at 100.00
|
N/R
|
796,477
|
|
|
Pleasant View Retirement Community, Series 2005A, 5.300%, 12/15/26
|
|
|
|
190
|
|
Montgomery Count Industrial Development Authority, Pennsylvania, Revenue Refunding Bonds, ACTS
|
5/22 at 100.00
|
A–
|
214,128
|
|
|
Retirement-Life Communities, Inc. , Series 2012, 5.000%, 11/15/26
|
|
|
|
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Philadelphia
|
|
|
|
|
|
Corporation for the Aging Project, Series 2001B:
|
|
|
|
670
|
|
5.250%, 7/01/23 – AMBAC Insured
|
7/13 at 100.00
|
Baa1
|
674,295
|
2,875
|
|
5.250%, 7/01/31 – AMBAC Insured
|
4/13 at 100.50
|
Baa1
|
2,887,793
|
6,985
|
|
Total Long-Term Care
|
|
|
7,221,643
|
|
|
Materials – 2.6% (1.8% of Total Investments)
|
|
|
|
350
|
|
Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States
|
No Opt. Call
|
BB
|
367,469
|
|
|
Steel Corporation, Series 2005, 5.500%, 11/01/16
|
|
|
|
210
|
|
Bradford County Industrial Development Authority, Pennsylvania, Solid Waste Disposal Revenue
|
12/15 at 100.00
|
BBB
|
224,694
|
|
|
Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
|
|
|
|
750
|
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,
|
5/13 at 100.00
|
N/R
|
746,678
|
|
|
National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
|
|
|
|
1,310
|
|
Total Materials
|
|
|
1,338,841
|
|
|
Tax Obligation/General – 23.2% (16.2% of Total Investments)
|
|
|
|
500
|
|
Allegheny County, Pennsylvania, General Obligation Bonds, Series 2011C-65, 5.375%, 5/01/31
|
5/21 at 100.00
|
A+
|
573,595
|
1,965
|
|
Gateway School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding
|
10/22 at 100.00
|
Aa3
|
2,082,879
|
|
|
Series 2012, 4.000%, 10/15/32
|
|
|
|
500
|
|
Heidelberg, Lebanon County, Pennsylvania, Guaranteed Sewer Revenue Bonds, Series 2011,
|
12/16 at 100.00
|
A
|
529,715
|
|
|
5.125%, 12/01/46
|
|
|
|
1,000
|
|
Luzerne County, Pennsylvania, General Obligation Bonds, Series 2008B, 5.000%, 12/15/27 –
|
6/18 at 100.00
|
AA–
|
1,049,150
|
|
|
AGM Insured
|
|
|
|
375
|
|
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%,
|
No Opt. Call
|
AA
|
462,570
|
|
|
6/01/34 – FGIC Insured
|
|
|
|
840
|
|
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement
|
7/15 at 100.00
|
AA–
|
903,168
|
|
|
Series 2005, 5.000%, 7/15/35 – AGM Insured
|
|
|
|
3,000
|
|
Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Refunding
|
No Opt. Call
|
AA–
|
3,222,626
|
|
|
Bonds, Series 2002A, 5.500%, 9/01/14 – AGM Insured
|
|
|
|
480
|
|
Pittsburgh, Pennsylvania, General Obligation Bonds, Series 2012B, 5.000%, 9/01/26
|
9/22 at 100.00
|
A1
|
560,650
|
340
|
|
Radnor Township School District, Delaware County, Pennsylvania, General Obligation Bonds,
|
2/18 at 100.00
|
Aa2
|
337,477
|
|
|
Series 2012, 3.000%, 2/15/34
|
|
|
|
505
|
|
Radnor Township, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/37
|
11/22 at 100.00
|
Aa1
|
534,896
|
2,220
|
|
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B,
|
No Opt. Call
|
A
|
1,076,500
|
|
|
0.000%, 1/15/32 – FGIC Insured
|
|
|
|
125
|
|
Scranton, Pennsylvania, General Obligation Bonds, Series 2012A, 8.500%, 9/01/22
|
No Opt. Call
|
N/R
|
121,493
|
125
|
|
Scranton, Pennsylvania, General Obligation Bonds, Series 2012C, 7.250%, 9/01/22
|
No Opt. Call
|
N/R
|
122,049
|
600
|
|
York County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 –
|
12/15 at 100.00
|
AA
|
658,590
|
|
|
NPFG Insured
|
|
|
|
12,575
|
|
Total Tax Obligation/General
|
|
|
12,235,358
|
|
|
Tax Obligation/Limited – 14.3% (10.0% of Total Investments)
|
|
|
|
1,000
|
|
Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg Mills
|
7/15 at 101.00
|
N/R
|
1,033,400
|
|
|
Project, Series 2004, 5.600%, 7/01/23
|
|
|
|
225
|
|
Allentown Neighborhood Improvement Zone Development Authority, Pennsylvania, Tax Revenue
|
5/22 at 100.00
|
Baa2
|
243,689
|
|
|
Bonds, Series 2012A, 5.000%, 5/01/35
|
|
|
|
450
|
|
Erie County Convention Center Authority, Pennsylvania, Convention Center Revenue Bonds, Series
|
1/15 at 100.00
|
Aa2
|
479,354
|
|
|
2005, 5.000%, 1/15/36 – FGIC Insured
|
|
|
|
1,000
|
|
Pennsylvania Economic Development Financing Authority, Unemployment Compensation Revenue
|
No Opt. Call
|
Aaa
|
1,150,230
|
|
|
Bonds, Series 2012A, 5.000%, 7/01/16
|
|
|
|
425
|
|
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2003A,
|
12/18 at 100.00
|
AA
|
478,393
|
|
|
5.000%, 12/01/32 – NPFG Insured
|
|
|
|
1,000
|
|
Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%,
|
No Opt. Call
|
AA–
|
1,211,540
|
|
|
7/15/18 – AGM Insured
|
|
|
|
1,000
|
|
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%,
|
11/13 at 100.00
|
AA–
|
1,037,470
|
|
|
11/15/17 – AGM Insured
|
|
|
|
610
|
|
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room
|
8/22 at 100.00
|
AA–
|
710,473
|
|
|
Excise Tax Revenue Bonds, Refunding Series 2012, 5.000%, 2/01/26 – AGC Insured
|
|
|
|
750
|
|
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N, 5.250%,
|
No Opt. Call
|
BBB
|
757,950
|
|
|
7/01/33 – NPFG Insured
|
|
|
|
630
|
|
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A,
|
No Opt. Call
|
BBB+
|
192,188
|
|
|
0.000%, 7/01/32 – FGIC Insured
|
|
|
|
240
|
|
Washington County Redevelopment Authority, Pennsylvania, Tanger Outlet Victory Center Tax
|
7/17 at 100.00
|
N/R
|
246,900
|
|
|
Increment Bonds, Series 2006A, 5.450%, 7/01/35
|
|
|
|
7,330
|
|
Total Tax Obligation/Limited
|
|
|
7,541,587
|
|
|
Transportation – 9.7% (6.8% of Total Investments)
|
|
|
|
680
|
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
|
1/20 at 100.00
|
A–
|
760,532
|
|
|
5.000%, 1/01/40
|
|
|
|
505
|
|
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port
|
No Opt. Call
|
BBB–
|
588,946
|
|
|
District Project, Series 2012, 5.000%, 1/01/23
|
|
|
|
|
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue
|
|
|
|
|
|
Bonds, Series 2010A:
|
|
|
|
880
|
|
0.000%, 12/01/34
|
12/20 at 100.00
|
AA
|
866,096
|
250
|
|
5.000%, 12/01/38
|
12/19 at 100.00
|
AA
|
278,468
|
680
|
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue
|
12/21 at 100.00
|
AA
|
789,113
|
|
|
Bonds, Series 2012A, 5.000%, 12/01/31
|
|
|
|
420
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series 2006A, 5.000%, 12/01/24 –
|
6/16 at 100.00
|
Aa3
|
470,089
|
|
|
AMBAC Insured
|
|
|
|
150
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series
|
12/19 at 100.00
|
A–
|
162,662
|
|
|
2010B-1, 5.000%, 12/01/37
|
|
|
|
1,000
|
|
Pennsylvania Turnpike Commission, Turnpike Subordinate Revenue Bonds, Series 2009C, 0.000%,
|
6/26 at 100.00
|
AA
|
1,062,640
|
|
|
6/01/33 – AGM Insured
|
|
|
|
160
|
|
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004,
|
9/13 at 100.00
|
BBB
|
153,238
|
|
|
5.000%, 9/15/33 – FGIC Insured
|
|
|
|
4,725
|
|
Total Transportation
|
|
|
5,131,784
|
|
|
U.S. Guaranteed – 4.9% (3.5% of Total Investments) (4)
|
|
|
|
130
|
|
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Revenue Bonds,
|
7/13 at 100.00
|
A2 (4)
|
132,691
|
|
|
Series 2003, 5.250%, 7/01/17 (Pre-refunded 7/01/13)
|
|
|
|
800
|
|
Hazleton Area School District, Luzerne County, Pennsylvania, General Obligation Bonds, Series
|
9/14 at 100.00
|
A1 (4)
|
861,200
|
|
|
2004, 5.125%, 3/01/28 (Pre-refunded 9/01/14) – AGM Insured
|
|
|
|
250
|
|
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group,
|
11/14 at 100.00
|
A (4)
|
272,340
|
|
|
Series 2004A, 5.500%, 11/01/24 (Pre-refunded 11/01/14)
|
|
|
|
300
|
|
Pennsylvania, General Obligation Bonds, First Series 2006, 5.000%, 10/01/18 (Pre-refunded 10/01/16)
|
10/16 at 100.00
|
AA+ (4)
|
348,510
|
255
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne
|
1/17 at 100.00
|
Baa1 (4)
|
297,004
|
|
|
Charter High School, Series 2006A, 5.250%, 1/01/27 (Pre-refunded 1/01/17)
|
|
|
|
350
|
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fourth Series 1998,
|
8/13 at 100.00
|
AA- (4)
|
358,778
|
|
|
5.250%, 8/01/18 (Pre-refunded 8/01/13) – AGM Insured
|
|
|
|
120
|
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Twelfth Series 1990B, 7.000%, 5/15/20 -
|
No Opt. Call
|
N/R (4)
|
147,031
|
|
|
NPFG Insured (ETM)
|
|
|
|
170
|
|
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East,
|
11/14 at 100.00
|
A+ (4)
|
184,979
|
|
|
Series 2004B, 5.375%, 11/15/34 (Pre-refunded 11/15/14)
|
|
|
|
2,375
|
|
Total U.S. Guaranteed
|
|
|
2,602,533
|
|
|
Utilities – 5.6% (3.9% of Total Investments)
|
|
|
|
500
|
|
Allegheny County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
A2
|
512,085
|
|
|
Refunding Bonds, Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 – AMBAC Insured
|
|
|
|
1,125
|
|
Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
BBB–
|
1,145,689
|
|
|
Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2008A, 2.700%, 4/01/35
|
|
|
|
|
|
(Mandatory put 4/02/18)
|
|
|
|
140
|
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1,
|
9/14 at 100.00
|
AA–
|
146,898
|
|
|
5.000%, 9/01/26 – AGM Insured
|
|
|
|
1,105
|
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, Seventh Series, 2007, 5.000%, 10/01/37 –
|
10/17 at 100.00
|
BBB+
|
1,155,145
|
|
|
AMBAC Insured
|
|
|
|
2,870
|
|
Total Utilities
|
|
|
2,959,817
|
|
|
Water and Sewer – 7.0% (4.9% of Total Investments)
|
|
|
|
500
|
|
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue
|
11/14 at 100.00
|
AA–
|
538,940
|
|
|
Bonds, Series 2004, 5.000%, 11/15/20 – AGM Insured
|
|
|
|
375
|
|
Bucks County Water and Sewer Authority, Pennsylvania, Revenue Bonds, Tender Option Bond Trust
|
No Opt. Call
|
AA–
|
556,474
|
|
|
4015, 13.378%, 12/01/19 – AGM Insured (IF) (5)
|
|
|
|
600
|
|
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series
|
7/14 at 100.00
|
AA–
|
608,052
|
|
|
2004, 5.000%, 7/15/22 – AGM Insured
|
|
|
|
400
|
|
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue
|
12/19 at 100.00
|
A
|
450,948
|
|
|
Refunding Bonds, Pennsylvania-American Water Company, Series 2009, 5.500%, 12/01/39
|
|
|
|
100
|
|
Pennsylvania Economic Development Financing Authority, Sewage Sludge Disposal Revenue Bonds,
|
1/20 at 100.00
|
BBB+
|
114,546
|
|
|
Philadelphia Biosolids Facility Project, Series 2009, 6.250%, 1/01/32
|
|
|
|
500
|
|
Pennsylvania Economic Development Financing Authority, Water Facilities Revenue Bonds, Aqua
|
10/19 at 100.00
|
AA–
|
557,915
|
|
|
Pennsylvania, Inc. Project, Series 2009A, 5.000%, 10/01/39
|
|
|
|
750
|
|
Philadelphia, Pennsylvania, Water and Wastewater Revenue Bonds, Series 2011A, 5.000%, 1/01/41
|
1/21 at 100.00
|
A1
|
843,458
|
3,225
|
|
Total Water and Sewer
|
|
|
3,670,333
|
$ 70,975
|
|
Total Investments (cost $69,495,537) – 142.6%
|
|
|
75,184,605
|
|
|
Floating Rate Obligations – (1.0)%
|
|
|
(505,000)
|
|
|
MuniFund Term Preferred Shares, at Liquidation Value – (44.0)% (6)
|
|
|
(23,190,000)
|
|
|
Other Assets Less Liabilities – 2.4%
|
|
|
1,248,304
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 52,737,909
|