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Portfolio of Investments (Unaudited)
|
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Nuveen Pennsylvania Dividend Advantage Municipal Fund (NXM)
|
|
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|
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July 31, 2012
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Principal
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Optional Call
|
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|
Amount (000)
|
|
Description (1)
|
Provisions (2)
|
Ratings (3)
|
Value
|
|
|
Consumer Staples – 2.4% (1.7% of Total Investments)
|
|
|
|
$ 1,000
|
|
Pennsylvania Economic Development Financing Authority, Solid Waste Disposal Revenue Bonds,
|
No Opt. Call
|
AA–
|
$ 1,268,009
|
|
|
Procter & Gamble Paper Project, Series 2001, 5.375%, 3/01/31 (Alternative Minimum Tax)
|
|
|
|
|
|
Education and Civic Organizations – 21.9% (15.9% of Total Investments)
|
|
|
|
100
|
|
Allegheny County Higher Education Building Authority, Pennsylvania, College Revenue Refunding
|
No Opt. Call
|
Baa3
|
116,170
|
|
|
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
|
237,280
|
|
|
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
|
723,583
|
|
|
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–
|
750,089
|
|
|
Revenue Bonds, Series 2007A, 6.375%, 12/15/37
|
|
|
|
300
|
|
Delaware County Authority, Pennsylvania, General Revenue Bonds, Eastern Univsersity, Series
|
10/16 at 100.00
|
N/R
|
288,798
|
|
|
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+
|
324,491
|
145
|
|
5.000%, 8/01/24 – AMBAC Insured
|
8/16 at 100.00
|
A+
|
158,845
|
160
|
|
Erie Higher Education Building Authority, Pennsylvania, College Revenue Bonds, Gannon University,
|
5/17 at 100.00
|
N/R
|
162,214
|
|
|
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+
|
219,672
|
|
|
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
|
1,068,440
|
|
|
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
|
77,174
|
|
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RAAI Insured
|
|
|
|
500
|
|
Pennsylvania Higher Educational Facilities Authority, General Revenue Bonds, State System of
|
No Opt. Call
|
Aa2
|
626,225
|
|
|
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
|
Aa2
|
1,015,074
|
|
|
Higher Education, Series 2008AH, 5.000%, 6/15/33
|
|
|
|
500
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, AICUP Financing Program-
|
11/21 at 100.00
|
A–
|
538,915
|
|
|
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–
|
230,166
|
|
|
2006, 4.750%, 5/01/31
|
|
|
|
540
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Drexel University, Series
|
11/17 at 100.00
|
A
|
581,866
|
|
|
2007A, 5.000%, 5/01/37 – NPFG Insured
|
|
|
|
400
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Gwynedd Mercy College,
|
No Opt. Call
|
BBB–
|
417,712
|
|
|
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
|
795,207
|
|
|
Series of 2006, 5.000%, 4/01/21 – NPFG Insured
|
|
|
|
350
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Thomas Jefferson University,
|
1/13 at 100.00
|
A1
|
356,832
|
|
|
Series 2002, 5.500%, 1/01/16
|
|
|
|
1,000
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|
Pennsylvania State University, General Revenue Bonds, Series 2010, 5.000%, 3/01/35
|
3/20 at 100.00
|
Aa1
|
1,124,980
|
470
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Leadership
|
1/13 at 102.00
|
N/R
|
338,597
|
|
|
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+
|
124,333
|
|
|
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–
|
234,736
|
|
|
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
|
870,308
|
|
|
County Area Community College, Series 2011, 5.500%, 3/01/31
|
|
|
|
150
|
|
Wilkes-Barre Finance Authority, Pennsylvania, Revenue Bonds, University of Scranton, Series 2010,
|
11/20 at 100.00
|
A
|
166,052
|
|
|
5.000%, 11/01/40
|
|
|
|
10,750
|
|
Total Education and Civic Organizations
|
|
|
11,547,759
|
|
|
Health Care – 25.9% (18.8% of Total Investments)
|
|
|
|
550
|
|
Allegheny County Hospital Development Authority, Pennsylvania, Revenue Bonds, Ohio Valley
|
4/15 at 100.00
|
Ba2
|
523,419
|
|
|
General Hospital, Series 2005A, 5.125%, 4/01/35
|
|
|
|
455
|
|
Allentown Area Hospital Authority, Pennsylvania, Revenue Bonds, Sacred Heart Hospital, Series
|
No Opt. Call
|
N/R
|
462,849
|
|
|
2005, 6.000%, 11/15/16
|
|
|
|
700
|
|
Beaver County Hospital Authority, Pennsylvania, Revenue Bonds, Heritage Valley Health System,
|
5/21 at 100.00
|
AA–
|
792,106
|
|
|
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
|
843,435
|
|
|
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–
|
507,692
|
|
|
5.375%, 12/01/41
|
|
|
|
175
|
|
Dauphin County General Authority, Pennsylvania, Health System Revenue Bonds, Pinnacle Health
|
6/22 at 100.00
|
A
|
189,030
|
|
|
System Project, Series 2012, 5.000%, 6/01/42 (WI/DD, Settling 8/07/12)
|
|
|
|
200
|
|
Erie County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Saint Vincent Health Center
|
7/20 at 100.00
|
Ba2
|
219,976
|
|
|
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
|
85,488
|
|
|
2007, 5.000%, 11/01/37 – CIFG Insured
|
|
|
|
835
|
|
Franklin County Industrial Development Authority, Pennsylvania, Revenue Bonds, Chambersburg
|
7/20 at 100.00
|
A+
|
904,272
|
|
|
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
|
234,292
|
|
|
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–
|
516,484
|
|
|
General Hospital Project, Tender Option Bond 4234, 13.500%, 7/01/36 (IF)
|
|
|
|
600
|
|
Lebanon County Health Facilities Authority, Pennsylvania, Revenue Bonds, Good Samaritan
|
11/12 at 101.00
|
BB+
|
607,836
|
|
|
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–
|
698,263
|
|
|
Health Network, Series 2008A, 5.000%, 7/01/33 – AGM Insured
|
|
|
|
250
|
|
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group,
|
11/14 at 100.00
|
A
|
259,625
|
|
|
Series 2004A, 5.500%, 11/01/24
|
|
|
|
1,025
|
|
Lehigh County General Purpose Authority, Pennsylvania, Revenue Bonds, Good Shepherd Group,
|
11/17 at 100.00
|
AA–
|
1,099,374
|
|
|
Series 2007, 5.000%, 11/01/37 – AGC Insured
|
|
|
|
700
|
|
Lycoming County Athority, Pennsylvania, Health System Revenue Bonds, Susquehanna Health
|
7/19 at 100.00
|
A–
|
770,469
|
|
|
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
|
77,285
|
170
|
|
5.000%, 1/01/41
|
1/22 at 100.00
|
A
|
180,958
|
140
|
|
Monroe County Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pocono Medical Center,
|
1/17 at 100.00
|
A
|
145,194
|
|
|
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
|
374,246
|
|
|
Abington Memorial Hospital Obligated Group, Series 2012, 5.000%, 6/01/31 (WI/DD,
|
|
|
|
|
|
Settling 8/02/12)
|
|
|
|
165
|
|
Montgomery County Industrial Development Authority, Pennsylvania, FHA Insured Mortgage
|
8/20 at 100.00
|
AA
|
189,839
|
|
|
Revenue Bonds, New Regional Medical Center Project, Series 2010, 5.375%, 8/01/38
|
|
|
|
310
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, University of Pennsylvania
|
8/22 at 100.00
|
AA–
|
344,770
|
|
|
Health System, Series 2012A, 5.000%, 8/15/42
|
|
|
|
400
|
|
Philadelphia Hospitals and Higher Education Facilities Authoirty, Pennsylvania, Hospital Revenue
|
7/22 at 100.00
|
BBB–
|
419,180
|
|
|
Bonds, Temple University Health System Obligated Group, Series 2012A, 5.625%, 7/01/42
|
|
|
|
1,495
|
|
Philadelphia Hospitals and Higher Education Facilities Authority, Pennsylvania, Health System
|
5/20 at 100.00
|
AA
|
1,640,776
|
|
|
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
|
306,059
|
|
|
Bonds, Children’s Hospital of Philadelphia, Tender Option Bond Trust 3975, 13.490%, 7/01/19 (IF)
|
|
|
|
25
|
|
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue Bonds, Pottsville Hospital and
|
1/13 at 100.00
|
N/R
|
25,002
|
|
|
Warne Clinic, Series 1998, 5.625%, 7/01/24
|
|
|
|
625
|
|
West Shore Area Authority, Cumberland County, Pennsylvania, Hospital Revenue Bonds, Holy
|
1/21 at 100.00
|
BBB+
|
737,906
|
|
|
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+
|
475,247
|
|
|
Spirit Hospital of the Sisters of Christian Charity, Series 2011B, 5.750%, 1/01/41
|
|
|
|
12,445
|
|
Total Health Care
|
|
|
13,631,072
|
|
|
Housing/Multifamily – 2.6% (1.9% of Total Investments)
|
|
|
|
150
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Edinboro University
|
7/20 at 100.00
|
BBB–
|
168,557
|
|
|
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+
|
375,886
|
|
|
Housing at Indiana University, Project Series 2012A, 5.000%, 7/01/32
|
|
|
|
700
|
|
Pennsylvania Higher Educational Facilities Authority, Revenue Bonds, Slippery Rock University
|
7/15 at 100.00
|
BBB+
|
712,117
|
|
|
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
|
100,698
|
|
|
Bonds, Presbyterian Homes Germantown – Morrisville Project, Series 2005A, 5.625%, 7/01/35
|
|
|
|
1,300
|
|
Total Housing/Multifamily
|
|
|
1,357,258
|
|
|
Housing/Single Family – 5.5% (4.0% of Total Investments)
|
|
|
|
175
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-93A,
|
4/15 at 100.00
|
AA+
|
180,848
|
|
|
4.950%, 10/01/26 (Alternative Minimum Tax) (UB)
|
|
|
|
345
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2007-98A,
|
10/16 at 100.00
|
AA+
|
357,222
|
|
|
4.850%, 10/01/31 (Alternative Minimum Tax) (UB)
|
|
|
|
550
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-94A,
|
10/15 at 100.00
|
AA+
|
566,214
|
|
|
5.150%, 10/01/37 (Alternative Minimum Tax) (UB)
|
|
|
|
475
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2006-95A,
|
10/15 at 100.00
|
AA+
|
484,381
|
|
|
4.900%, 10/01/37 (Alternative Minimum Tax) (UB)
|
|
|
|
400
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Series 2011-112,
|
10/20 at 100.00
|
AA+
|
449,992
|
|
|
5.000%, 10/01/25
|
|
|
|
665
|
|
Pennsylvania Housing Finance Agency, Single Family Mortgage Revenue Bonds, Tender Option
|
4/21 at 100.00
|
AA+
|
833,265
|
|
|
Bonds Trust 3950, 12.481%, 4/01/27 (IF)
|
|
|
|
2,610
|
|
Total Housing/Single Family
|
|
|
2,871,922
|
|
|
Industrials – 0.6% (0.5% of Total Investments)
|
|
|
|
290
|
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Refunding
|
11/22 at 100.00
|
A1
|
325,534
|
|
|
Bonds, Amtrak Project, Series 2012A, 5.000%, 11/01/27 (Alternative Minimum Tax)
|
|
|
|
|
|
Long-Term Care – 15.2% (11.1% 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
|
225,188
|
360
|
|
5.750%, 1/01/37
|
1/17 at 100.00
|
N/R
|
363,467
|
1,000
|
|
Cumberland County Municipal Authority Revenue Bonds, Pennsylvania, Diakon Lutheran Social
|
1/19 at 100.00
|
BBB+
|
1,090,660
|
|
|
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+
|
222,334
|
|
|
Ministries, Series 2007, 5.000%, 1/01/36
|
|
|
|
230
|
|
Delaware County Authority, Pennsylvania, Revenue Bonds, Elwyn, Inc. Project, Series 2010,
|
6/17 at 100.00
|
BBB
|
240,417
|
|
|
5.000%, 6/01/21
|
|
|
|
200
|
|
Lancaster County Hospital Authority, Pennsylvania, Health Center Revenue Bonds, Masonic Homes
|
11/16 at 100.00
|
A
|
208,250
|
|
|
Project, Series 2006, 5.000%, 11/01/36
|
|
|
|
185
|
|
Lancaster County Hospital Authority, Pennsylvania, Revenue Bonds, Brethren Village Project, Series
|
7/17 at 100.00
|
N/R
|
199,227
|
|
|
2008A, 6.375%, 7/01/30
|
|
|
|
785
|
|
Lebanon County Health Facilities Authority, Pennsylvania, Health Center Revenue Bonds, Pleasant
|
12/14 at 100.00
|
N/R
|
796,571
|
|
|
View Retirement Community, Series 2005A, 5.300%, 12/15/26
|
|
|
|
190
|
|
Montgomery Count Inudustrial Development Authority, Pennsylvania, Revenue Refunding Bonds,
|
5/22 at 100.00
|
A–
|
208,890
|
|
|
ACTS Retirement-Life Communities, Inc. , Series 2012, 5.000%, 11/15/26
|
|
|
|
|
|
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Northwestern Human
|
|
|
|
|
|
Services Inc., Series 1998A:
|
|
|
|
855
|
|
5.250%, 6/01/14
|
10/12 at 100.00
|
BB
|
855,898
|
50
|
|
5.125%, 6/01/18
|
10/12 at 100.00
|
BB
|
50,017
|
|
|
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
|
674,221
|
2,875
|
|
5.250%, 7/01/31 – AMBAC Insured
|
1/13 at 100.50
|
Baa1
|
2,891,358
|
7,840
|
|
Total Long-Term Care
|
|
|
8,026,498
|
|
|
Materials – 2.5% (1.8% of Total Investments)
|
|
|
|
350
|
|
Allegheny County Industrial Development Authority, Pennsylvania, Revenue Bonds, United States
|
No Opt. Call
|
BB
|
358,344
|
|
|
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
|
225,786
|
|
|
Bonds, International Paper Company, Series 2005B, 5.200%, 12/01/19 (Alternative Minimum Tax)
|
|
|
|
750
|
|
Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds,
|
11/12 at 100.00
|
N/R
|
731,438
|
|
|
National Gypsum Company, Series 1997B, 6.125%, 11/01/27 (Alternative Minimum Tax)
|
|
|
|
1,310
|
|
Total Materials
|
|
|
1,315,568
|
|
|
Tax Obligation/General – 22.2% (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+
|
557,535
|
1,965
|
|
Gateway School District, Allegheny County, Pennsylvania, General Obligation Bonds, Refunding
|
10/22 at 100.00
|
A1
|
2,054,642
|
|
|
Series 2012, 4.000%, 10/15/32
|
|
|
|
500
|
|
Heidelberg, Lebanon County, Pennsylvania, Guaranteed Sewer Revenue Bonds, Series 2011,
|
12/16 at 100.00
|
A
|
528,115
|
|
|
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–
|
1,047,350
|
|
|
AGM Insured
|
|
|
|
375
|
|
Philadelphia School District, Pennsylvania, General Obligation Bonds, Series 2007A, 5.000%,
|
No Opt. Call
|
AA
|
451,031
|
|
|
6/01/34 – FGIC Insured
|
|
|
|
840
|
|
Pine-Richland School District, Pennsylvania, General Obligation Bonds, School Improvement Series
|
7/15 at 100.00
|
AA–
|
878,800
|
|
|
2005, 5.000%, 7/15/35 – AGM Insured
|
|
|
|
3,000
|
|
Pittsburgh School District, Allegheny County, Pennsylvania, General Obligation Refunding Bonds,
|
No Opt. Call
|
AA–
|
3,284,697
|
|
|
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
|
553,858
|
505
|
|
Radnor Township, Pennsylvania, General Obligation Bonds, Series 2012, 4.000%, 11/01/37
|
11/22 at 100.00
|
Aa1
|
529,457
|
2,220
|
|
Reading School District, Berks County, Pennsylvania, General Obligation Bonds, Series 2003B,
|
No Opt. Call
|
A
|
1,015,250
|
|
|
0.000%, 1/15/32 – FGIC Insured
|
|
|
|
160
|
|
Scranton Parking Authority, Pennsylvania, Guaranteed Parking Revenue Bonds, Series 2004,
|
9/13 at 100.00
|
BBB
|
152,760
|
|
|
5.000%, 9/15/33 – FGIC Insured
|
|
|
|
600
|
|
York County, Pennsylvania, General Obligation Bonds, Series 2006, 5.000%, 6/01/33 –
|
12/15 at 100.00
|
AA
|
662,736
|
|
|
NPFG Insured
|
|
|
|
12,145
|
|
Total Tax Obligation/General
|
|
|
11,716,231
|
|
|
Tax Obligation/Limited – 11.9% (8.6% of Total Investments)
|
|
|
|
1,000
|
|
Allegheny County Redevelopment Authority, Pennsylvania, TIF Revenue Bonds, Pittsburg Mills
|
7/15 at 101.00
|
N/R
|
1,032,170
|
|
|
Project, Series 2004, 5.600%, 7/01/23
|
|
|
|
450
|
|
Erie County Convention Center Authority, Pennsylvania, Convention Center Revenue Bonds, Series
|
1/15 at 100.00
|
AA–
|
483,480
|
|
|
2005, 5.000%, 1/15/36 – FGIC Insured
|
|
|
|
425
|
|
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue Bonds, Senior Lien Series 2003A,
|
12/18 at 100.00
|
AA
|
471,997
|
|
|
5.000%, 12/01/32 – NPFG Insured
|
|
|
|
1,000
|
|
Pennsylvania Turnpike Commission, Registration Fee Revenue Bonds, Series 2005A, 5.250%,
|
No Opt. Call
|
AA–
|
1,222,510
|
|
|
7/15/18 – AGM Insured
|
|
|
|
1,000
|
|
Philadelphia Municipal Authority, Pennsylvania, Lease Revenue Bonds, Series 2003B, 5.250%,
|
11/13 at 100.00
|
AA–
|
1,057,790
|
|
|
11/15/17 – AGM Insured
|
|
|
|
610
|
|
Pittsburgh and Allegheny County Sports and Exhibition Authority, Pennsylvania, Hotel Room Excise
|
8/22 at 100.00
|
AA–
|
709,686
|
|
|
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,
|
No Opt. Call
|
Baa1
|
829,470
|
|
|
5.250%, 7/01/33 – NPFG Insured
|
|
|
|
630
|
|
Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Series 2005A,
|
No Opt. Call
|
BBB+
|
206,123
|
|
|
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
|
246,115
|
|
|
Increment Bonds, Series 2006A, 5.450%, 7/01/35
|
|
|
|
6,105
|
|
Total Tax Obligation/Limited
|
|
|
6,259,341
|
|
|
Transportation – 10.4% (7.5% of Total Investments)
|
|
|
|
130
|
|
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Revenue Bonds,
|
7/13 at 100.00
|
A2
|
135,309
|
|
|
Series 2003, 5.250%, 7/01/17
|
|
|
|
680
|
|
Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2010E,
|
1/20 at 100.00
|
A–
|
748,666
|
|
|
5.000%, 1/01/40
|
|
|
|
1,000
|
|
Pennsylvania Economic Development Financing Authority, Revenue Bonds, Amtrak 30th Street
|
6/14 at 100.00
|
BBB+
|
1,019,630
|
|
|
Station Parking Garage, Series 2002, 5.875%, 6/01/33 – ACA Insured (Alternative Minimum Tax)
|
|
|
|
|
|
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
|
828,414
|
250
|
|
5.000%, 12/01/38
|
12/19 at 100.00
|
AA
|
277,213
|
680
|
|
Pennsylvania Turnpike Commission, Motor License Fund-Enhanced Subordinate Special Revenue
|
12/21 at 100.00
|
AA
|
786,073
|
|
|
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
|
475,545
|
|
|
AMBAC Insured
|
|
|
|
150
|
|
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Subordinate Lien, Refunding Series
|
12/19 at 100.00
|
A–
|
162,366
|
|
|
2009B-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
|
1,034,580
|
|
|
6/01/33 – AGM Insured
|
|
|
|
5,190
|
|
Total Transportation
|
|
|
5,467,796
|
|
|
U.S. Guaranteed – 6.2% (4.5% of Total Investments) (4)
|
|
|
|
1,000
|
|
Cumberland County Municipal Authority, Pennsylvania, Retirement Community Revenue Bonds,
|
1/13 at 101.00
|
N/R (4)
|
1,038,560
|
|
|
Wesley Affiliated Services Inc., Series 2002A, 7.125%, 1/01/25 (Pre-refunded 1/01/13)
|
|
|
|
800
|
|
Hazleton Area School District, Luzerne County, Pennsylvania, General Obligation Bonds, Series
|
9/14 at 100.00
|
Aa3 (4)
|
879,664
|
|
|
2004, 5.125%, 3/01/28 (Pre-refunded 9/01/14) – AGM Insured
|
|
|
|
300
|
|
Pennsylvania, General Obligation Bonds, First Series 2006, 5.000%, 10/01/18
|
10/16 at 100.00
|
Aa1 (4)
|
356,280
|
|
|
(Pre-refunded 10/01/16)
|
|
|
|
255
|
|
Philadelphia Authority for Industrial Development, Pennsylvania, Revenue Bonds, Franklin Towne
|
1/17 at 100.00
|
Baa1 (4)
|
303,351
|
|
|
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)
|
367,640
|
|
|
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
|
BBB (4)
|
150,062
|
|
|
NPFG Insured (ETM)
|
|
|
|
170
|
|
St. Mary Hospital Authority, Pennsylvania, Health System Revenue Bonds, Catholic Health East,
|
11/14 at 100.00
|
A+ (4)
|
188,919
|
|
|
Series 2004B, 5.375%, 11/15/34 (Pre-refunded 11/15/14)
|
|
|
|
2,995
|
|
Total U.S. Guaranteed
|
|
|
3,284,476
|
|
|
Utilities – 3.4% (2.5% of Total Investments)
|
|
|
|
500
|
|
Allegheny County Industrial Development Authority, Pennsylvania, Pollution Control Revenue
|
No Opt. Call
|
BBB+
|
518,275
|
|
|
Refunding Bonds, Duquesne Light Company, Series 1999A, 4.350%, 12/01/13 – AMBAC Insured
|
|
|
|
140
|
|
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, General Ordinance, Fifth Series 2004A-1,
|
9/14 at 100.00
|
AA–
|
145,202
|
|
|
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+
|
1,148,990
|
|
|
AMBAC Insured
|
|
|
|
1,745
|
|
Total Utilities
|
|
|
1,812,467
|
|
|
Water and Sewer – 6.9% (5.0% of Total Investments)
|
|
|
|
500
|
|
Bethlehem Authority, Northampton and Lehigh Counties, Pennsylvania, Guaranteed Water Revenue
|
11/14 at 100.00
|
AA–
|
527,335
|
|
|
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–
|
547,530
|
|
|
4015, 13.220%, 12/01/19 (IF) (5)
|
|
|
|
600
|
|
Harrisburg Authority, Dauphin County, Pennsylvania, Water Revenue Refunding Bonds, Series 2004,
|
7/14 at 100.00
|
AA–
|
604,416
|
|
|
5.000%, 7/15/22 – AGM Insured
|
|
|
|
400
|
|
Luzerne County Industrial Development Authority, Pennsylvania, Water Facility Revenue Refunding
|
12/19 at 100.00
|
A
|
449,816
|
|
|
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+
|
111,796
|
|
|
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–
|
557,040
|
|
|
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
|
840,970
|
3,225
|
|
Total Water and Sewer
|
|
|
3,638,903
|
$ 68,950
|
|
Total Investments (cost $67,050,505) – 137.6%
|
|
|
72,522,834
|
|
|
Floating Rate Obligations – (1.7)%
|
|
|
(915,000)
|
|
|
MuniFund Term Preferred Shares, at Liquidation Value – (44.0)% (6)
|
|
|
(23,190,000)
|
|
|
Other Assets Less Liabilities – 8.1%
|
|
|
4,270,344
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 52,688,178
|