Item 1. Reports to Stockholders.
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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 Georgia Municipal Bond Fund
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FGATX
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FGACX
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FGARX
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Nuveen Louisiana Municipal Bond Fund
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FTLAX
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FTLCX
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FTLRX
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Nuveen North Carolina Municipal Bond Fund
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FLNCX
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FCNCX
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FCNRX
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Nuveen Tennessee Municipal Bond Fund
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FTNTX
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FMTBX
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FTNCX
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FTNRX
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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 Georgia Municipal Bond Fund
Nuveen Louisiana Municipal Bond Fund
Nuveen North
Carolina Municipal Bond Fund
Nuveen Tennessee Municipal Bond Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. Portfolio managers Daniel J. Close, CFA, and Steven M. Hlavin review key investment strategies
and the performance of the Nuveen Georgia Municipal Bond Fund, Nuveen Louisiana Municipal Bond Fund, Nuveen North Carolina Municipal Bond Fund and Nuveen Tennessee Municipal Bond Fund. Dan has managed the Georgia, North Carolina and Tennessee Funds
since 2007, and Steve has managed the Louisiana Fund since 2011.
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 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-month period, the Class A Shares at net asset value (NAV) of the Georgia, Louisiana,
North Carolina and Tennessee Funds all underperformed the S&P Municipal Bond Index. However, all four Funds outperformed the Lipper Other States Municipal Debt Funds Classification Average to varying degrees. Shareholders should note that the
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.
Portfolio Managers Comments
(continued)
performance of the Lipper Other States classification represents the overall average of returns for funds from multiple states with a wide variety of municipal market conditions, making direct
comparisons less meaningful.
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 Georgia, North Carolina and Tennessee
Municipal Bond Funds
The Nuveen Georgia Municipal Bond Fund modestly underperformed the S&P Municipal Bond Index, as our results were held
back in relative terms by unfavorable duration positioning, which reflects the Funds sensitivity to interest rate changes. Specifically, we were underweighted in shorter duration bonds, which were hurt less by the detrimental effects of rising
interest rates than their longer dated counterparts. We also had exposure to inverse floating rate securities (known as inverse floaters), whose interest payments go down when rates go up, and these long-term securities also lagged.
During a six-month span characterized by a high degree of risk aversion on the part of investors, bonds with higher credit ratings tended to outperform lower rated
securities. This trend worked to the Funds benefit, given our overweighting in AA-rated issues. As of period end, the portfolios AA allocation was a relatively high 43%, up from 42% six months earlier. Our sector positioning also added
value. We maintained an overweighting in local general obligation (GO) bonds, which outpaced the market as a whole. Tempering those favorable results, however, was an underweight in single-family housing bonds. This was a modest disadvantage, as
this sector has tended to hold up well amid rising interest rates. Also of note, the Funds exposure to Puerto Rico was 0.7% of the portfolio at the start of the six-month reporting period and 0.5% at its end of the reporting period, consisting
of one long dated zero coupon tobacco bond issue. Puerto Rico bonds were poor performers in absolute terms, reflecting their long durations and ties to the credit challenged U.S. territory. Because of our modest exposure, however, the overall impact
on the Funds relative performance was minimal.
The Georgia Fund experienced significant investment outflows during the reporting period as was
evidenced with other municipal bond state funds. Accordingly, our management focused on generating the proceeds needed to accommodate shareholder redemption activity. Simultaneously, we worked to maintain the portfolios existing structure as
much as possible. To satisfy redemptions, we used funds generated from bond calls. We also sold bonds across a wide variety of sectors and credit quality segments. Our sales were concentrated on bonds with structural characteristics that tend to
appeal to individual investors, a more consistent source of demand during the reporting period, over institutional investors. These included Atlanta airport bonds priced at a modest discount to their face value. The vast majority of our transactions
were bond sales, though we also made a small number of purchases, which enabled us to put money to work in the market when it became available to us. We purchased AA-rated water/sewer bonds, short dated tax-increment financing district credits and a
prepaid-gas bond issue, all with maturities ranging from 7 to 20 years.
The Nuveen North Carolina Municipal Bond Fund also underperformed the S&P
Municipal Bond Index during the
six-month
reporting period. Again, duration positioning was a negative factor. In addition to being underweighted in short term bonds, the Fund was also overweighted in longer
duration issues. This positioning was unfavorable, given
that longer duration bonds, including the Funds inverse floaters, suffered the most in response to rising interest rates. In contrast, the Funds credit quality positioning provided a
positive impact on our results. Owing largely to the high quality issuance that tends to predominate in North Carolina, the Fund had substantial exposure to highly rated bonds, including a 23% stake in AAA-rated bonds and a 53% allocation to
AA-rated issues at period end. With higher quality securities faring better than lower rated issues, the Fund did relatively well compared to the national municipal market. The Fund also modestly benefited from its sector positioning, especially an
underweight in dedicated-tax bonds, one of the markets poorer performing sectors during the reporting period. Our health care positioning also proved helpful, but our overweighting in the lagging public power bond category was an offsetting
negative for relative performance. Meanwhile, the fairly small exposure to Puerto Rico bonds impacted the Fund negatively, given the U.S. territorys credit difficulties. Coming into the reporting period, about 1.2% of the portfolio was held in
a combination of Puerto Rico Sales Tax Financing Corporation (COFINA) sales-tax bonds and long dated zero coupon issues, the latter of which were further hampered by their relatively long durations. We sold all of our Puerto Rico holdings before end
of the reporting period, though not before they detracted from the Funds results.
Our portfolio management emphasis was to generate sufficient
funds to meet the heightened level of investment outflows. At times, this entailed using the proceeds of bond calls, as well as selling short dated pre-refunded bonds, which were logical liquidation candidates, given investor demand for
short-maturity, high-quality issues. We also sold bonds from a variety of sectors, maturity ranges and credit ratings. Because we believed the Fund was already attractively positioned, our aim was to preserve the Funds structural
characteristics as much as possible. The main exception, however, was among territorial bonds, as we looked to meet shareholder redemptions first with territorial paper. During the reporting period, we sold our two Puerto Rico bond positions and
liquidated the Funds modest stake in U.S. Virgin Islands and Guam issues. Accordingly, by period end, the portfolio was 100% invested in North Carolina debt.
On the purchase side, our additions to the Fund included a health care bond; an intermediate duration, A-rated higher education bond issue; and a short dated, below investment grade tax-increment financing district
issue. Our buying strategy was similar to our selling approach, as we structured the portfolio to avoid major changes to the Funds sector, credit quality and duration composition. Despite a relatively large number of transactions during the
reporting period, we believe we were successful in limiting the impact of these changes on the Fund.
Similar to the other two funds, duration
positioning was a notable factor for the Nuveen Tennessee Municipal Bond Funds underperformance of the S&P Municipal Bond Index. Specifically, the combination of underweighting short dated securities and overweighting longer dated issues
was negative, given that bonds on the shorter end of the yield curve were far less vulnerable to rising rates. The Funds underperforming long duration bonds included its inverse floaters.
Credit quality and sector positioning slightly enhanced performance. Largely because of the high quality nature of the Tennessee municipal marketplace, the Fund
was overweighted in AA-rated bonds. From a sector standpoint, our underweighting in struggling dedicated-tax bonds and positioning in the health care sector also aided results. The Fund had negligible exposure to Puerto Rico bonds. Our allocation
was 0.7% of the portfolio at the beginning of the six month reporting period and was entirely eliminated by the end of the reporting period. Our caution in owning bonds issued by this credit challenged U.S. territory spared the Fund damage from this
very poor performing segment of the municipal market.
Throughout the reporting period, we purchased only one new bond issue, Knoxville water-treatment
bonds with a 2044 maturity. We were more active in selling bonds, reflecting the large amount of shareholder redemptions taking place
Portfolio Managers Comments
(continued)
across the municipal industry. When liquidating securities, our priority was to sell territorial bonds while maintaining our Tennessee paper. As previously mentioned, we sold our small Puerto
Rico position during the reporting period and finished the reporting period with a small portfolio stake in U.S. Virgin Islands bonds.
We also sold
some of the Funds lower coupon bonds, which had been added to the portfolio in previous reporting periods, when we were receiving abundant investment inflows and were focused on keeping the Fund fully invested. Because these securities tend to
be particularly attractive to individual investors, they were in healthy demand during the reporting period and provided a ready source of funds.
Nuveen Louisiana Municipal Bond Fund
The Nuveen
Louisiana Municipal Bond Fund lagged the S&P Municipal Bond Index during the six-month reporting period, with duration positioning being the primary reason for the Funds underperformance.
Having a longer duration than the index meant the Fund was more sensitive to rising interest rates. The durations of both the Fund and the index naturally
increased in response to higher rates. Furthermore, the Fund was overweight longer term bonds compared with the index, which further curtailed its ability to keep pace with the benchmark. As interest rates climbed, the yield curve steepened, meaning
that yields on longer term bonds significantly rose disproportionately more than yields on shorter term bonds. This bear market steepening is rare, having occurred in only two other quarters since the 1980s. Recognizing that municipal
bonds had suffered disproportionately compared with U.S. government bonds during this reporting period of rising rates, we were hesitant to reduce the Funds duration. Had we overreacted to this short term market dislocation, we would have
locked in duration driven losses. Instead, we wanted to preserve the Funds ability to participate in a municipal market recovery, which it did in the final months of the reporting period as rates declined.
During the reporting period, we eliminated holdings in Puerto Rico bonds, which made up roughly 2.6% of net assets at the beginning of the reporting period.
Fortunately, our sales of Puerto Rico bonds occurred before any price declines in the summer, which resulted from worries about the islands fiscal and economic challenges. While these sales tempered the negative performance impact of our
allocation to these territorial issues, our weighting in Puerto Rico nevertheless detracted from the Funds results in relative terms.
Another
detractor was the Funds credit quality positioning. Specifically, the Fund was hurt by a relatively large overweighting in BBB bonds during the reporting period, although this performance impact was skewed by the Funds allocation to
BBB-rated Puerto Rico bonds. The reduction in the Funds Puerto Rico stake also helps explain why the portfolio allocation to BBB-rated bonds declined substantially during the reporting period. What we lost from our quality positioning,
however, was offset more than two-fold by favorable individual credit selection, with particularly strong performance from some of our A-rated and AA-rated securities, as well as certain BBB-rated positions.
Sector selection provided a generally positive contribution, with most of our under- and overweightings of the various segments that make up the municipal bond
market benefiting performance relative to the index. Security selection was another positive because the Funds holdings generally outpaced comparable securities in the index. This was especially obvious within our health care holdings, which
handily outpaced similar securities in the index. The Fund mirrored the overall municipal bond market, in that it incurred investor outflows. In order to meet shareholder redemptions, we took advantage of pockets of strong investor demand to sell
some lower yielding, A-rated parish sales tax bonds. To a lesser extent, we also sold some corporate-backed municipal bonds that had performed well and, as such, provided comparatively high prices.
Although our management activity was driven toward the sale side given investor outflows, we also made some purchases
during the reporting period. As interest rates rose, we tended to turn to the new issue market as a source for bonds offering comparatively high yields and opportunities to further diversify the Fund. We also added bonds from Guam. Securities from
this U.S. territory are free from income taxes nationwide and Guams fiscal and economic outlook is more favorable than that of Puerto Rico and is exhibiting improving fundamentals. Guam bonds also provided an opportunity to diversify the
portfolio beyond Louisiana. Other high coupon purchases were made as a way to bolster the Funds income-generating capabilities.
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 four Funds had positive UNII balances for tax purposes, based upon our
best estimate, and positive UNII balances for financial reporting purposes.
Fund Performance, Expense and Effective Leverage
Ratios
The Fund Performance and Expense Ratios for each Fund are shown on the following four 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 Georgia 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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(3.04)%
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(3.74)%
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6.50%
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3.78%
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Class A Shares at maximum Offering Price
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(7.10)%
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(7.76)%
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5.59%
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3.33%
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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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S&P Municipal Bond Georgia Index*
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(1.74)%
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(2.76)%
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6.45%
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4.22%
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Lipper Other States Municipal Debt Funds Classification Average*
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(4.59)%
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(6.06)%
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5.66%
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3.40%
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Class C Shares
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(3.41)%
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(4.28)%
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5.94%
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3.22%
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Class I Shares
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(2.95)%
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(3.48)%
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6.74%
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4.00%
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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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0.00%
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(2.59)%
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6.37%
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3.69%
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Class A Shares at maximum Offering Price
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(4.17)%
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(6.71)%
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5.45%
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3.24%
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Class C Shares
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(0.29)%
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(3.13)%
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5.78%
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3.13%
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Class I Shares
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0.18%
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(2.40)%
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6.58%
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3.91%
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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 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
|
|
|
0.81%
|
|
|
|
1.36%
|
|
|
|
0.61%
|
|
Effective Leverage Ratio as of November 30, 2013
|
|
|
|
|
Effective Leverage Ratio
|
|
|
3.88%
|
|
*
|
Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
Nuveen Louisiana 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
|
|
|
(3.80)%
|
|
|
|
(5.11)%
|
|
|
|
6.84%
|
|
|
|
3.83%
|
|
Class A Shares at maximum Offering Price
|
|
|
(7.87)%
|
|
|
|
(9.08)%
|
|
|
|
5.93%
|
|
|
|
3.38%
|
|
S&P Municipal Bond Index*
|
|
|
(2.73)%
|
|
|
|
(3.57)%
|
|
|
|
6.57%
|
|
|
|
4.44%
|
|
S&P Municipal Bond Louisiana Index*
|
|
|
(1.86)%
|
|
|
|
(2.35)%
|
|
|
|
8.13%
|
|
|
|
4.95%
|
|
Lipper Other States Municipal Debt Funds Classification Average*
|
|
|
(4.59)%
|
|
|
|
(6.06)%
|
|
|
|
5.66%
|
|
|
|
3.40%
|
|
|
|
|
|
|
Class C Shares
|
|
|
(4.08)%
|
|
|
|
(5.64)%
|
|
|
|
6.27%
|
|
|
|
3.26%
|
|
Class I Shares
|
|
|
(3.68)%
|
|
|
|
(4.89)%
|
|
|
|
7.08%
|
|
|
|
4.01%
|
|
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
|
|
|
(0.36)%
|
|
|
|
(3.88)%
|
|
|
|
7.42%
|
|
|
|
3.73%
|
|
Class A Shares at maximum Offering Price
|
|
|
(4.57)%
|
|
|
|
(7.90)%
|
|
|
|
6.50%
|
|
|
|
3.29%
|
|
Class C Shares
|
|
|
(0.73)%
|
|
|
|
(4.51)%
|
|
|
|
6.82%
|
|
|
|
3.16%
|
|
Class I Shares
|
|
|
(0.24)%
|
|
|
|
(3.67)%
|
|
|
|
7.65%
|
|
|
|
3.91%
|
|
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
|
|
|
0.85%
|
|
|
|
1.40%
|
|
|
|
0.65%
|
|
Effective Leverage Ratio as of November 30, 2013
|
|
|
|
|
Effective Leverage Ratio
|
|
|
4.21%
|
|
*
|
Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
Fund Performance, Expense and Effective Leverage Ratios
(continued)
Nuveen North Carolina
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
|
|
|
(3.53)%
|
|
|
|
(5.00)%
|
|
|
|
6.38%
|
|
|
|
3.91%
|
|
Class A Shares at maximum Offering Price
|
|
|
(7.55)%
|
|
|
|
(8.99)%
|
|
|
|
5.47%
|
|
|
|
3.46%
|
|
S&P Municipal Bond Index*
|
|
|
(2.73)%
|
|
|
|
(3.57)%
|
|
|
|
6.57%
|
|
|
|
4.44%
|
|
S&P Municipal Bond North Carolina Index*
|
|
|
(1.63)%
|
|
|
|
(2.59)%
|
|
|
|
6.04%
|
|
|
|
4.44%
|
|
Lipper Other States Municipal Debt Funds Classification Average*
|
|
|
(4.59)%
|
|
|
|
(6.06)%
|
|
|
|
5.66%
|
|
|
|
3.40%
|
|
|
|
|
|
|
Class C Shares
|
|
|
(3.80)%
|
|
|
|
(5.53)%
|
|
|
|
5.80%
|
|
|
|
3.35%
|
|
Class I Shares
|
|
|
(3.42)%
|
|
|
|
(4.79)%
|
|
|
|
6.61%
|
|
|
|
4.13%
|
|
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
|
|
|
(0.19)%
|
|
|
|
(3.68)%
|
|
|
|
6.07%
|
|
|
|
3.81%
|
|
Class A Shares at maximum Offering Price
|
|
|
(4.42)%
|
|
|
|
(7.72)%
|
|
|
|
5.16%
|
|
|
|
3.36%
|
|
Class C Shares
|
|
|
(0.38)%
|
|
|
|
(4.22)%
|
|
|
|
5.50%
|
|
|
|
3.24%
|
|
Class I Shares
|
|
|
(0.10)%
|
|
|
|
(3.57)%
|
|
|
|
6.27%
|
|
|
|
4.00%
|
|
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
|
|
|
0.00%
|
|
*
|
Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
Nuveen Tennessee 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
|
|
|
(3.55)%
|
|
|
|
(5.02)%
|
|
|
|
6.44%
|
|
|
|
4.27%
|
|
Class A Shares at maximum Offering Price
|
|
|
(7.62)%
|
|
|
|
(9.04)%
|
|
|
|
5.52%
|
|
|
|
3.82%
|
|
S&P Municipal Bond Index*
|
|
|
(2.73)%
|
|
|
|
(3.57)%
|
|
|
|
6.57%
|
|
|
|
4.44%
|
|
S&P Municipal Bond Tennessee Index*
|
|
|
(1.75)%
|
|
|
|
(2.32)%
|
|
|
|
7.34%
|
|
|
|
4.17%
|
|
Lipper Other States Municipal Debt Funds Classification Average*
|
|
|
(4.59)%
|
|
|
|
(6.06)%
|
|
|
|
5.66%
|
|
|
|
3.40%
|
|
|
|
|
|
|
Class B Shares w/o CDSC
|
|
|
(4.00)%
|
|
|
|
(5.82)%
|
|
|
|
5.64%
|
|
|
|
3.64%
|
|
Class B Shares w/CDSC
|
|
|
(8.74)%
|
|
|
|
(9.47)%
|
|
|
|
5.48%
|
|
|
|
3.64%
|
|
Class C Shares
|
|
|
(3.91)%
|
|
|
|
(5.64)%
|
|
|
|
5.84%
|
|
|
|
3.69%
|
|
Class I Shares
|
|
|
(3.45)%
|
|
|
|
(4.83)%
|
|
|
|
6.64%
|
|
|
|
4.48%
|
|
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
|
|
|
(0.08)%
|
|
|
|
(3.90)%
|
|
|
|
6.00%
|
|
|
|
4.13%
|
|
Class A Shares at maximum Offering Price
|
|
|
(4.24)%
|
|
|
|
(7.91)%
|
|
|
|
5.09%
|
|
|
|
3.68%
|
|
Class C Shares
|
|
|
(0.46)%
|
|
|
|
(4.52)%
|
|
|
|
5.40%
|
|
|
|
3.56%
|
|
Class I Shares
|
|
|
(0.06)%
|
|
|
|
(3.79)%
|
|
|
|
6.18%
|
|
|
|
4.33%
|
|
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%
|
|
|
|
1.55%
|
|
|
|
1.34%
|
|
|
|
0.59%
|
|
Effective Leverage Ratio as of November 30, 2013
|
|
|
|
|
Effective Leverage Ratio
|
|
|
3.45%
|
|
*
|
Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment.
|
**
|
Class B Shares were converted to Class A Shares at the close of business on December 16, 2013.
|
Yields
as of 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 Georgia Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
1
|
|
|
Class C
|
|
|
Class I
|
|
Dividend Yield
|
|
|
3.56%
|
|
|
|
3.16%
|
|
|
|
3.90%
|
|
SEC 30-Day Yield
|
|
|
2.87%
|
|
|
|
2.45%
|
|
|
|
3.20%
|
|
Taxable-Equivalent Yield
2
|
|
|
4.24%
|
|
|
|
3.62%
|
|
|
|
4.73%
|
|
Nuveen Louisiana Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
1
|
|
|
Class C
|
|
|
Class I
|
|
Dividend Yield
|
|
|
3.82%
|
|
|
|
3.44%
|
|
|
|
4.20%
|
|
SEC 30-Day Yield
|
|
|
3.56%
|
|
|
|
3.17%
|
|
|
|
3.92%
|
|
Taxable-Equivalent Yield
3
|
|
|
5.17%
|
|
|
|
4.61%
|
|
|
|
5.70%
|
|
Nuveen North Carolina Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
1
|
|
|
Class C
|
|
|
Class I
|
|
Dividend Yield
|
|
|
3.46%
|
|
|
|
3.04%
|
|
|
|
3.77%
|
|
SEC 30-Day Yield
|
|
|
2.51%
|
|
|
|
2.07%
|
|
|
|
2.82%
|
|
Taxable-Equivalent Yield
4
|
|
|
3.78%
|
|
|
|
3.12%
|
|
|
|
4.25%
|
|
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 32.3%.
|
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 31.2%.
|
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 33.6%.
|
Nuveen Tennessee Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Class
|
|
|
|
Class A
1
|
|
|
Class B
|
|
|
Class C
|
|
|
Class I
|
|
Dividend Yield
|
|
|
3.23%
|
|
|
|
2.58%
|
|
|
|
2.79%
|
|
|
|
3.58%
|
|
SEC 30-Day Yield
|
|
|
2.81%
|
|
|
|
2.18%
|
|
|
|
2.40%
|
|
|
|
3.14%
|
|
Taxable-Equivalent Yield
5
|
|
|
4.15%
|
|
|
|
3.22%
|
|
|
|
3.55%
|
|
|
|
4.64%
|
|
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 32.3%.
|
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
Georgia Municipal Bond Fund
Bond Credit Quality
1,2,3
|
|
|
|
|
AAA/U.S. Guaranteed
|
|
|
17.7%
|
|
AA
|
|
|
43.0%
|
|
A
|
|
|
23.0%
|
|
BBB
|
|
|
6.6%
|
|
BB or Lower
|
|
|
4.2%
|
|
N/R
|
|
|
4.3%
|
|
Portfolio Composition
1,4
|
|
|
|
|
Tax Obligation/General
|
|
|
23.9%
|
|
Health Care
|
|
|
17.1%
|
|
Water and Sewer
|
|
|
16.7%
|
|
Tax Obligation/Limited
|
|
|
13.0%
|
|
Utilities
|
|
|
10.0%
|
|
U.S. Guaranteed
|
|
|
6.0%
|
|
Education and Civic Organizations
|
|
|
5.3%
|
|
Other
|
|
|
8.0%
|
|
Nuveen Louisiana Municipal Bond Fund
Bond Credit Quality
1,2,3
|
|
|
|
|
AAA/U.S. Guaranteed
|
|
|
4.1%
|
|
AA
|
|
|
38.4%
|
|
A
|
|
|
28.6%
|
|
BBB
|
|
|
20.3%
|
|
BB or Lower
|
|
|
1.7%
|
|
N/R
|
|
|
7.1%
|
|
Portfolio Composition
1,4
|
|
|
|
|
Tax
Obligation/Limited
|
|
|
21.2%
|
|
Health Care
|
|
|
20.0%
|
|
Education and Civic Organizations
|
|
|
13.8%
|
|
Transportation
|
|
|
10.3%
|
|
Tax Obligation/General
|
|
|
8.4%
|
|
Housing/Multifamily
|
|
|
5.3%
|
|
Materials
|
|
|
4.6%
|
|
U.S. Guaranteed
|
|
|
4.1%
|
|
Other
|
|
|
12.3%
|
|
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 North Carolina Municipal Bond Fund
Bond Credit Quality
1,2,3
|
|
|
|
|
AAA/U.S. Guaranteed
|
|
|
23.1%
|
|
AA
|
|
|
53.2%
|
|
A
|
|
|
14.8%
|
|
BBB
|
|
|
4.3%
|
|
N/R
|
|
|
3.0%
|
|
Portfolio Composition
1,4
|
|
|
|
|
Health Care
|
|
|
20.8%
|
|
Tax Obligation/Limited
|
|
|
16.9%
|
|
Water and Sewer
|
|
|
15.4%
|
|
Transportation
|
|
|
14.4%
|
|
U.S. Guaranteed
|
|
|
12.3%
|
|
Education and Civic Organizations
|
|
|
10.3%
|
|
Utilities
|
|
|
5.7%
|
|
Other
|
|
|
4.2%
|
|
Nuveen Tennessee Municipal Bond Fund
Bond Credit Quality
1,2,3
|
|
|
|
|
AAA/U.S. Guaranteed
|
|
|
14.8%
|
|
AA
|
|
|
49.8%
|
|
A
|
|
|
19.7%
|
|
BBB
|
|
|
9.9%
|
|
BB or Lower
|
|
|
0.3%
|
|
N/R
|
|
|
3.2%
|
|
Portfolio Composition
1,4
|
|
|
|
|
Water and Sewer
|
|
|
18.2%
|
|
Tax Obligation/General
|
|
|
17.8%
|
|
Health Care
|
|
|
16.2%
|
|
Utilities
|
|
|
15.2%
|
|
U.S. Guaranteed
|
|
|
10.2%
|
|
Education and Civic Organizations
|
|
|
8.5%
|
|
Housing/Multifamily
|
|
|
6.7%
|
|
Other
|
|
|
7.2%
|
|
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 end of 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 Georgia
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)
|
|
$
|
969.60
|
|
|
$
|
965.90
|
|
|
$
|
970.50
|
|
|
$
|
1,021.01
|
|
|
$
|
1,018.25
|
|
|
$
|
1,022.01
|
|
Expenses Incurred During Period
|
|
$
|
4.00
|
|
|
$
|
6.70
|
|
|
$
|
3.01
|
|
|
$
|
4.10
|
|
|
$
|
6.88
|
|
|
$
|
3.09
|
|
For each class of the Fund, expenses are equal to the Funds annualized net expense ratio of .81%, 1.36% and .61% 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 Louisiana 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)
|
|
$
|
962.00
|
|
|
$
|
959.20
|
|
|
$
|
963.20
|
|
|
$
|
1,020.81
|
|
|
$
|
1,018.05
|
|
|
$
|
1,021.81
|
|
Expenses Incurred During Period
|
|
$
|
4.18
|
|
|
$
|
6.88
|
|
|
$
|
3.20
|
|
|
$
|
4.31
|
|
|
$
|
7.08
|
|
|
$
|
3.29
|
|
For each class of the Fund, expenses are equal to the Funds annualized net expense ratio of .85%, 1.40% and .65% 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 North Carolina 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)
|
|
$
|
964.70
|
|
|
$
|
962.00
|
|
|
$
|
965.80
|
|
|
$
|
1,021.06
|
|
|
$
|
1,018.30
|
|
|
$
|
1,022.06
|
|
Expenses Incurred During Period
|
|
$
|
3.94
|
|
|
$
|
6.64
|
|
|
$
|
2.96
|
|
|
$
|
4.05
|
|
|
$
|
6.83
|
|
|
$
|
3.04
|
|
For each class of the Fund, expenses are equal to the Funds annualized net expense ratio of .80%, 1.35% and .60% 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 Tennessee 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)
|
|
$
|
964.50
|
|
|
$
|
960.00
|
|
|
$
|
960.90
|
|
|
$
|
965.50
|
|
|
$
|
1,021.06
|
|
|
$
|
1,017.30
|
|
|
$
|
1,018.30
|
|
|
$
|
1,022.06
|
|
Expenses Incurred During Period
|
|
$
|
3.94
|
|
|
$
|
7.62
|
|
|
$
|
6.64
|
|
|
$
|
2.96
|
|
|
$
|
4.05
|
|
|
$
|
7.84
|
|
|
$
|
6.83
|
|
|
$
|
3.04
|
|
For each class of the Fund, expenses are equal to the Funds annualized net expense ratio of .80%, 1.55%, 1.35% and .60% 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 Georgia Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 100.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 100.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples 0.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
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
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations 5.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Athens Housing Authority, Georgia, Student Housing Lease Revenue Bonds, UGAREF East Campus Housing LLC Project, Series 2009, 5.250%,
6/15/35
|
|
|
|
|
6/19 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,041,400
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Atlanta Development Authority, Georgia, Educational Facilities Revenue Bonds, Science Park LLC Project, Series 2007, 5.000%,
7/01/39
|
|
|
|
|
7/17 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,009,600
|
|
|
|
|
|
|
|
|
1,375
|
|
|
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Foundation Technology Square Project, Series 2012A, 5.000%,
11/01/31
|
|
|
|
|
5/22 at 100.00
|
|
|
|
AA+
|
|
|
|
1,484,698
|
|
|
|
|
|
|
|
|
1,835
|
|
|
Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Molecular Science Building, Series 2004, 5.250%, 5/01/17
NPFG Insured
|
|
|
|
|
5/14 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,871,902
|
|
|
|
|
|
|
|
|
75
|
|
|
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University Project, Refunding Series 2012C, 5.250%,
10/01/27
|
|
|
|
|
10/22 at 100.00
|
|
|
|
Baa2
|
|
|
|
78,089
|
|
|
|
|
|
|
|
|
3,400
|
|
|
Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series
2012A, 5.000%, 10/01/32
|
|
|
|
|
10/21 at 100.00
|
|
|
|
Baa2
|
|
|
|
3,318,706
|
|
|
8,685
|
|
|
Total Education and Civic Organizations
|
|
|
|
|
|
|
|
|
|
|
|
|
8,804,395
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 17.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,270
|
|
|
Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 1998,
5.375%, 12/01/28
|
|
|
|
|
6/14 at 100.00
|
|
|
|
B
|
|
|
|
2,822,141
|
|
|
|
|
|
|
|
|
|
|
|
Coffee County Hospital Authority, Georgia, Revenue Bonds, Coffee County Regional Medical Center, Series 2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,885
|
|
|
5.000%, 12/01/16
|
|
|
|
|
12/14 at 100.00
|
|
|
|
BB
|
|
|
|
1,890,297
|
|
|
1,760
|
|
|
5.000%, 12/01/26
|
|
|
|
|
12/14 at 100.00
|
|
|
|
BB
|
|
|
|
1,619,059
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010,
8.000%, 12/01/40
|
|
|
|
|
12/20 at 100.00
|
|
|
|
N/R
|
|
|
|
1,549,335
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc.,
Series 2010B, 5.250%, 2/15/45
|
|
|
|
|
2/41 at 100.00
|
|
|
|
AA
|
|
|
|
3,031,410
|
|
|
|
|
|
|
|
|
1,380
|
|
|
Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 5.000%,
11/15/37
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
1,381,946
|
|
|
|
|
|
|
|
|
1,250
|
|
|
Gwinnett County Hospital Authority, Georgia, Revenue Anticipation Certificates, Gwinnett Hospital System Inc. Project, Series 2004B,
5.000%, 10/01/29
|
|
|
|
|
10/14 at 100.00
|
|
|
|
Aa1
|
|
|
|
1,251,288
|
|
|
|
|
|
|
|
|
|
|
|
Houston County Hospital Authority, Georgia, Revenue Bonds, Houston Healthcare Project, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,500
|
|
|
5.250%, 10/01/35
|
|
|
|
|
10/17 at 100.00
|
|
|
|
A+
|
|
|
|
2,526,200
|
|
|
2,000
|
|
|
5.250%, 10/01/42
|
|
|
|
|
10/17 at 100.00
|
|
|
|
A+
|
|
|
|
2,019,560
|
|
|
|
|
|
|
|
|
2,025
|
|
|
Macon-Bibb County Hospital Authority, Georgia, Revenue Anticipation Certificates, Medical Center of Central Georgia Inc., Series 2009,
5.000%, 8/01/35
|
|
|
|
|
8/19 at 100.00
|
|
|
|
AA
|
|
|
|
2,067,950
|
|
|
|
|
|
|
|
|
2,240
|
|
|
Richmond County Development Authority, Georgia, Revenue Bonds, Medical College of Georgia, Cancer Research Center Project, Series 2004A,
5.000%, 12/15/24 AMBAC Insured
|
|
|
|
|
12/14 at 100.00
|
|
|
|
A1
|
|
|
|
2,264,976
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Savannah Hospital Authority, Georgia, Revenue Bonds, St. Josephs/Candler Health System, Series 2003, 5.250%, 7/01/23
RAAI Insured
|
|
|
|
|
1/14 at 100.00
|
|
|
|
A3
|
|
|
|
4,018,280
|
|
|
|
|
|
|
|
|
2,250
|
|
|
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia
Medical Center, Series 2007, 5.000%, 10/01/33
|
|
|
|
|
10/17 at 100.00
|
|
|
|
A+
|
|
|
|
2,245,635
|
|
|
29,060
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
28,688,077
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily 2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,615
|
|
|
Cobb County Development Authority, Georgia, Student Housing Revenue Bonds, KSU Village II Real
Estate Foundation LLC Project, Series 2007A, 5.250%, 7/15/38 AMBAC Insured
|
|
|
|
|
7/17 at 100.00
|
|
|
|
Baa2
|
|
|
|
3,451,421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Industrials 1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,500
|
|
|
Fulton County Development Authority, Georgia, Local District Cooling Authority Revenue Bonds,
Maxon Atlantic Station LLC, Series 2005A, 5.125%, 3/01/26 (Mandatory put 3/01/15) (Alternative Minimum Tax)
|
|
|
|
|
9/15 at 100.00
|
|
|
|
BBB
|
|
|
$
|
2,499,100
|
|
|
|
|
|
|
|
|
|
|
|
Materials 0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Savannah Economic Development Authority, Georgia, Pollution Control Revenue Bonds, Union Camp
Corporation, Series 1995, 6.150%, 3/01/17
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa3
|
|
|
|
1,066,990
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General 24.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Refunding and Improvement Revenue Bonds, Memorial Health University
Medical Center Inc., Series 2012A, 5.000%, 1/01/31
|
|
|
|
|
1/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,040,430
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Cherokee County Resource Recovery Development Authority, Georgia, Solid Waste Disposal Revenue Bonds, Ball Ground Recycling LLC Project,
Series 2007A, 5.000%, 7/01/37 AMBAC Insured (Alternative Minimum Tax)
|
|
|
|
|
7/17 at 100.00
|
|
|
|
AA+
|
|
|
|
1,508,730
|
|
|
|
|
|
|
|
|
1,700
|
|
|
Clark County Hospital Authority, Georgia, Hospital Revenue Bonds, Athens Regional Medical Center, Series 2007, 5.000%, 1/01/32
NPFG Insured
|
|
|
|
|
1/17 at 100.00
|
|
|
|
Aa1
|
|
|
|
1,716,864
|
|
|
|
|
|
|
|
|
1,400
|
|
|
Clarke County Hospital Authority, Georgia, Hospital Revenue Certificates, Athens Regional Medical Center, Series 2012, 5.000%,
1/01/32
|
|
|
|
|
1/22 at 100.00
|
|
|
|
Aa1
|
|
|
|
1,432,662
|
|
|
|
|
|
|
|
|
3,500
|
|
|
Decatur, Georgia, General Obligation Bonds, Series 2007, 5.000%, 1/01/31 AGM Insured
|
|
|
|
|
1/17 at 100.00
|
|
|
|
AA+
|
|
|
|
3,710,140
|
|
|
|
|
|
|
|
|
1,395
|
|
|
Douglas County School District, Georgia, General Obligation Bonds, Series 2007, 5.000%, 4/01/25 AGM Insured
|
|
|
|
|
4/17 at 100.00
|
|
|
|
AA+
|
|
|
|
1,562,414
|
|
|
|
|
|
|
|
|
3,000
|
|
|
East Point Building Authority, Georgia, Revenue Bonds, Water and Sewer Project Revenue Bonds, Series 2006A, 5.000%, 2/01/34
SYNCORA GTY Insured
|
|
|
|
|
2/16 at 100.00
|
|
|
|
N/R
|
|
|
|
2,847,210
|
|
|
|
|
|
|
|
|
1,145
|
|
|
Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd Medical Center, Series 2003, 5.000%, 7/01/20
NPFG Insured
|
|
|
|
|
7/15 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,160,698
|
|
|
|
|
|
|
|
|
2,260
|
|
|
Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2007, 5.000%, 4/01/37
AGM Insured
|
|
|
|
|
4/17 at 100.00
|
|
|
|
Aaa
|
|
|
|
2,360,773
|
|
|
|
|
|
|
|
|
3,500
|
|
|
Georgia Environmental Loan Acquisition Corporation, Local Government Loan Securitization Bonds, Loan Pool Series 2011, 5.125%,
3/15/31
|
|
|
|
|
3/21 at 100.00
|
|
|
|
Aaa
|
|
|
|
3,714,445
|
|
|
|
|
|
|
|
|
500
|
|
|
Georgia State, General Obligation Bonds, Series 2007E, 5.000%, 8/01/24
|
|
|
|
|
8/17 at 100.00
|
|
|
|
AAA
|
|
|
|
566,760
|
|
|
|
|
|
|
|
|
5,100
|
|
|
Gwinnett County School District, Georgia, General Obligation Bonds, Series 2008, 5.000%, 2/01/36 (UB)
|
|
|
|
|
2/18 at 100.00
|
|
|
|
AAA
|
|
|
|
5,483,724
|
|
|
|
|
|
|
|
|
1,690
|
|
|
Gwinnett County School District, Georgia, General Obligation Bonds, Tender Option Bond Trust 2868, 13.424%, 2/01/16
(IF)
|
|
|
|
|
No Opt. Call
|
|
|
|
AAA
|
|
|
|
2,066,194
|
|
|
|
|
|
|
|
|
5,270
|
|
|
La Grange-Troup County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2008A,
5.500%, 7/01/38
|
|
|
|
|
7/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
5,562,485
|
|
|
|
|
|
|
|
|
|
|
|
Paulding County School District, Georgia, General Obligation Bonds, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
710
|
|
|
4.750%, 2/01/29
|
|
|
|
|
2/17 at 100.00
|
|
|
|
AA+
|
|
|
|
733,118
|
|
|
1,250
|
|
|
5.000%, 2/01/33
|
|
|
|
|
2/17 at 100.00
|
|
|
|
AA+
|
|
|
|
1,325,838
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B,
5.000%, 10/01/41
|
|
|
|
|
10/21 at 100.00
|
|
|
|
Aa2
|
|
|
|
998,440
|
|
|
|
|
|
|
|
|
2,200
|
|
|
Wayne County Hospital Authority, Georgia, Hospital Revenue Bonds, Series 2006, 5.000%, 3/01/23
SYNCORA GTY Insured
|
|
|
|
|
3/16 at 100.00
|
|
|
|
N/R
|
|
|
|
2,190,166
|
|
|
38,120
|
|
|
Total Tax Obligation/General
|
|
|
|
|
|
|
|
|
|
|
|
|
39,981,091
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited 13.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,200
|
|
|
Atlanta Downtown Development Authority, Georgia, Revenue Bonds, Downtown Parking Deck, Series 2006A, 5.000%, 12/01/31 NPFG
Insured
|
|
|
|
|
6/16 at 100.00
|
|
|
|
Aa2
|
|
|
|
3,341,952
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
610
|
|
|
5.250%, 12/01/22 AGC Insured
|
|
|
|
|
12/17 at 100.00
|
|
|
|
AA
|
|
|
|
644,916
|
|
|
1,420
|
|
|
5.000%, 12/01/23 AGC Insured
|
|
|
|
|
12/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,477,893
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008B. Remarketed, 7.375%, 1/01/31
|
|
|
|
|
1/19 at 100.00
|
|
|
|
A2
|
|
|
|
2,883,025
|
|
|
|
|
|
|
|
|
125
|
|
|
Atlanta, Georgia, Tax Allocation Bonds, Beltline Project Series 2008C. Remarketed, 7.500%, 1/01/31
|
|
|
|
|
1/19 at 100.00
|
|
|
|
A2
|
|
|
|
144,834
|
|
|
|
|
|
|
|
|
1,080
|
|
|
Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005A, 5.625%, 1/01/16 (Alternative Minimum Tax)
|
|
|
|
|
7/15 at 100.00
|
|
|
|
A
|
|
|
|
1,141,862
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta, Georgia, Tax Allocation Bonds, Eastside Project, Series 2005B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.400%, 1/01/20
|
|
|
|
|
7/15 at 100.00
|
|
|
|
A
|
|
|
|
1,051,520
|
|
|
1,575
|
|
|
5.600%, 1/01/30
|
|
|
|
|
7/15 at 100.00
|
|
|
|
A
|
|
|
|
1,640,048
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Atlanta, Georgia, Tax Allocation Bonds, Princeton Lakes Project, Series 2006, 5.500%, 1/01/31
|
|
|
|
|
1/16 at 100.00
|
|
|
|
BBB
|
|
|
|
1,000,140
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Georgia Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
960
|
|
|
Cobb-Marietta Coliseum and Exhibit Hall Authority, Cobb County, Georgia, Revenue Bonds, Performing Arts Center, Series 2004, 5.000%,
1/01/22
|
|
|
|
|
1/14 at 100.00
|
|
|
|
AAA
|
|
|
$
|
963,984
|
|
|
|
|
|
|
|
|
200
|
|
|
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 2005, 5.500%, 10/01/26 NPFG
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
229,796
|
|
|
|
|
|
|
|
|
|
|
|
Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Refunding Bonds, Series 1993:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
240
|
|
|
5.500%, 10/01/18 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
257,374
|
|
|
155
|
|
|
5.625%, 10/01/26 NPFG Insured
|
|
|
|
|
10/19 at 100.00
|
|
|
|
A
|
|
|
|
168,803
|
|
|
|
|
|
|
|
|
988
|
|
|
Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2011A-1, 4.600%, 7/01/26
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R
|
|
|
|
803,356
|
|
|
|
|
|
|
|
|
1,605
|
|
|
Macon-Bibb County Urban Development Authority, Georgia, Revenue Bonds, City of Macon Projects, Series 2002A, 5.000%,
8/01/17
|
|
|
|
|
2/14 at 100.00
|
|
|
|
A+
|
|
|
|
1,610,345
|
|
|
|
|
|
|
|
|
1,325
|
|
|
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Series 2007, 5.250%, 7/01/28
FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
1,498,814
|
|
|
|
|
|
|
|
|
1,885
|
|
|
Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Refunding Bonds, Series 1992N,
6.250%, 7/01/18
|
|
|
|
|
No Opt. Call
|
|
|
|
AAA
|
|
|
|
2,124,979
|
|
|
|
|
|
|
|
|
810
|
|
|
Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 5.000%,
12/01/38
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
826,484
|
|
|
20,678
|
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
21,810,125
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 3.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Atlanta, Georgia, Airport General Revenue Bonds, Series 2012B, 5.000%, 1/01/31
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
2,097,500
|
|
|
|
|
|
|
|
|
3,335
|
|
|
Atlanta, Georgia, Airport Passenger Facilities Charge Revenue Bonds, Series 2004J, 5.000%,
1/01/34 AGM Insured
|
|
|
|
|
1/15 at 100.00
|
|
|
|
AA
|
|
|
|
3,428,847
|
|
|
5,335
|
|
|
Total Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
5,526,347
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed 6.0% (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
405
|
|
|
Brunswick, Georgia, Water and Sewerage Revenue Bonds, Refunding & Improvement Series 1992, 6.100%, 10/01/19 NPFG Insured
(ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
A (4)
|
|
|
|
478,451
|
|
|
|
|
|
|
|
|
1,040
|
|
|
Carrollton Payroll Development Authority, Georgia, Revenue Anticipation Certificates, University of West Georgia, Campus Center Project,
Series 2004, 5.250%, 8/01/23 (Pre-refunded 8/01/14) NPFG Insured
|
|
|
|
|
8/14 at 100.00
|
|
|
|
A1 (4)
|
|
|
|
1,075,672
|
|
|
|
|
|
|
|
|
890
|
|
|
Columbia County, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 6/01/22 (Pre-refunded 6/01/14) AGM
Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
Aa2 (4)
|
|
|
|
911,903
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Commerce, Georgia, Water and Sewer Revenue Refunding and Improvement Bonds, Series 2006, 5.000%, 12/01/25
(Pre-refunded
12/01/15) AGM Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
A2 (4)
|
|
|
|
1,093,130
|
|
|
|
|
|
|
|
|
605
|
|
|
Douglas County School District, Georgia, General Obligation Bonds, Series 2007, 5.000%, 4/01/25 (Pre-refunded 4/01/17) AGM
Insured
|
|
|
|
|
4/17 at 100.00
|
|
|
|
Aa2 (4)
|
|
|
|
692,332
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Forsyth County School District, Georgia, General Obligation Bonds, Series 2005, 5.000%, 2/01/25 (Pre-refunded 2/01/15) NPFG
Insured
|
|
|
|
|
2/15 at 100.00
|
|
|
|
AA+ (4)
|
|
|
|
3,167,160
|
|
|
|
|
|
|
|
|
|
|
|
Fulton County, Georgia, Water and Sewerage Revenue Bonds, Series 2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
970
|
|
|
5.000%, 1/01/22 (Pre-refunded 1/01/14) FGIC Insured
|
|
|
|
|
1/14 at 100.00
|
|
|
|
AA (4)
|
|
|
|
974,229
|
|
|
1,000
|
|
|
5.000%, 1/01/35 (Pre-refunded 1/01/14) FGIC Insured
|
|
|
|
|
1/14 at 100.00
|
|
|
|
AA (4)
|
|
|
|
1,004,360
|
|
|
|
|
|
|
|
|
530
|
|
|
Private Colleges and University Facilities Authority, Georgia, Revenue Bonds, Mercer University,
Series 1991, 6.500%, 11/01/15 NPFG Insured (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
A (4)
|
|
|
|
574,986
|
|
|
9,440
|
|
|
Total U.S. Guaranteed
|
|
|
|
|
|
|
|
|
|
|
|
|
9,972,223
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 10.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Georgia Municipal Electric Authority, General Power Revenue Bonds, Project 1, Series 2007A, 5.000%, 1/01/26 NPFG
Insured
|
|
|
|
|
1/17 at 100.00
|
|
|
|
A+
|
|
|
|
2,094,160
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 1992B, 6.375%, 1/01/16
|
|
|
|
|
1/15 at 100.00
|
|
|
|
A+
|
|
|
|
1,619,580
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 5.000%, 1/01/43
|
|
|
|
|
1/23 at 100.00
|
|
|
|
A+
|
|
|
|
2,035,000
|
|
|
|
|
|
|
|
|
1,200
|
|
|
Griffin, Georgia, Combined Public Utility Revenue Bonds, Series 2012, 5.000%, 1/01/28 AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,283,100
|
|
|
|
|
|
|
|
|
|
|
|
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2006B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
750
|
|
|
5.000%, 3/15/19
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
828,593
|
|
|
500
|
|
|
5.000%, 3/15/21
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
548,750
|
|
|
2,315
|
|
|
5.000%, 3/15/22
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
2,505,036
|
|
|
|
|
|
|
|
|
|
|
|
Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.000%, 3/15/18
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
1,103,450
|
|
|
160
|
|
|
5.500%, 9/15/23
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
178,072
|
|
|
2,585
|
|
|
5.500%, 9/15/27
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
2,780,528
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Utilities
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,200
|
|
|
Municipal Electric Authority of Georgia, Project One Revenue Bonds, Series 2005A-2, 0.000%, 1/01/33 FGIC Insured
|
|
|
|
|
1/15 at 35.98
|
|
|
|
A+
|
|
|
$
|
405,936
|
|
|
|
|
|
|
|
|
1,150
|
|
|
Municipal Electric Authority of Georgia, Project One Subordinate Lien Revenue Bonds, Series
2008A, 5.250%, 1/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
1,342,062
|
|
|
16,360
|
|
|
Total Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
16,724,267
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer 16.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 1999A, 5.500%, 11/01/22 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
|
4,657,080
|
|
|
|
|
|
|
|
|
800
|
|
|
Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds,
Series 2001, 5.000%, 8/01/35 AGM
Insured
|
|
|
|
|
8/18 at 100.00
|
|
|
|
AA
|
|
|
|
831,184
|
|
|
|
|
|
|
|
|
110
|
|
|
Columbia County, Georgia, Water and Sewerage Revenue Bonds, Series 2004, 5.000%, 6/01/22 AGM Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
AA+
|
|
|
|
112,554
|
|
|
|
|
|
|
|
|
|
|
|
Coweta County Water and Sewer Authority, Georgia, Revenue Bonds, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,100
|
|
|
5.000%, 6/01/32
|
|
|
|
|
6/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,141,866
|
|
|
3,760
|
|
|
5.000%, 6/01/37
|
|
|
|
|
6/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
3,837,870
|
|
|
|
|
|
|
|
|
1,000
|
|
|
DeKalb County, Georgia, Water and Sewer Revenue Bonds, Series 2006A, 5.000%, 10/01/35 AGM Insured
|
|
|
|
|
10/16 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,024,890
|
|
|
|
|
|
|
|
|
3,410
|
|
|
DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B, 5.250%, 10/01/32 AGM Insured
|
|
|
|
|
10/26 at 100.00
|
|
|
|
Aa2
|
|
|
|
3,726,856
|
|
|
|
|
|
|
|
|
2,500
|
|
|
DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2011A, 5.250%, 10/01/41
|
|
|
|
|
10/21 at 100.00
|
|
|
|
Aa3
|
|
|
|
2,634,374
|
|
|
|
|
|
|
|
|
2,500
|
|
|
DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Series 2003A, 5.000%, 10/01/23
|
|
|
|
|
4/14 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,509,050
|
|
|
|
|
|
|
|
|
1,775
|
|
|
Douglasville-Douglas County Water and Sewer Authority, Georgia, Water and Sewage Revenue Bonds, Series 2007, 5.000%, 6/01/37
NPFG Insured
|
|
|
|
|
6/17 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,834,108
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Douglasville-Douglas County Water and Sewer Authority, Georgia, Water and Sewer Revenue Bonds, Series 2005, 5.000%, 6/01/29
NPFG Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,059,570
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013, 5.000%, 1/01/33
|
|
|
|
|
1/23 at 100.00
|
|
|
|
AA
|
|
|
|
1,068,460
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Henry County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2012, 5.000%, 2/01/29
|
|
|
|
|
2/22 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,189,200
|
|
|
|
|
|
|
|
|
640
|
|
|
Milledgeville, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 1996, 6.000%, 12/01/16 AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
684,570
|
|
|
|
|
|
|
|
|
100
|
|
|
Unified Government of Athens-Clarke County, Georgia, Water and Sewerage Revenue Bonds, Series 2008, 5.625%, 1/01/33
|
|
|
|
|
1/19 at 100.00
|
|
|
|
AA+
|
|
|
|
111,004
|
|
|
|
|
|
|
|
|
465
|
|
|
Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, The Oconee-Hard Creek
Reservoir Project, Series 2008, 5.000%, 2/01/38 AGM Insured
|
|
|
|
|
2/18 at 100.00
|
|
|
|
Aa2
|
|
|
|
470,724
|
|
|
26,160
|
|
|
Total Water and Sewer
|
|
|
|
|
|
|
|
|
|
|
|
|
27,893,360
|
|
$
|
175,953
|
|
|
Total Long-Term Investments (cost $165,208,723)
|
|
|
|
|
|
|
|
|
|
|
|
|
167,297,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Obligations (2.0)%
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,380,000
|
)
|
|
|
|
|
Other Assets Less Liabilities 1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
2,024,531
|
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
165,942,277
|
|
(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.
|
(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 Louisiana Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 101.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 101.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples 2.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,500
|
|
|
Tobacco Settlement Financing Corporation, Louisiana, Tobacco Settlement Asset-Backed Refunding
Bonds, Series 2013A, 5.250%, 5/15/35
|
|
|
|
|
5/23 at 100.00
|
|
|
|
BBB+
|
|
|
$
|
2,452,625
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations 14.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Calcasieu Parish Public Trust Authority, Louisiana, Student Lease Revenue Bonds, McNeese State University Student Housing-Cowboy
Facilities, Inc. Project, Refunding Series 2011, 5.000%, 5/01/29 AGM Insured
|
|
|
|
|
5/22 at 100.00
|
|
|
|
A2
|
|
|
|
1,048,990
|
|
|
|
|
|
|
|
|
815
|
|
|
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin Cajun Facilities Inc. Project, Refunding Series 2012,
5.000%, 10/01/27 AGM Insured
|
|
|
|
|
10/22 at 100.00
|
|
|
|
AA
|
|
|
|
863,607
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Lafayette Public Trust Financing Authority, Louisiana, Revenue Bonds, Ragin Cajun Facilities Inc. Project, Series 2010,
5.250%, 10/01/30 AGM Insured
|
|
|
|
|
10/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,585,395
|
|
|
|
|
|
|
|
|
750
|
|
|
Louisiana Public Facilities Authority, Revenue Bonds, Belle Chasse Educational Foundation Project, Series 2011, 6.750%,
5/01/41
|
|
|
|
|
5/21 at 100.00
|
|
|
|
BBB
|
|
|
|
803,993
|
|
|
|
|
|
|
|
|
1,035
|
|
|
Louisiana Public Facilities Authority, Revenue Bonds, Lake Charles Charter Academy Foundation Project, Series 2011A, 8.000%,
12/15/41
|
|
|
|
|
12/21 at 100.00
|
|
|
|
N/R
|
|
|
|
1,077,539
|
|
|
|
|
|
|
|
|
1,220
|
|
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, McNeese State University Student
Parking Cowboy Facilities, Inc. Project, Series 2011, 4.875%, 3/01/42 AGM Insured
|
|
|
|
|
3/22 at 100.00
|
|
|
|
A2
|
|
|
|
1,232,725
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Refunding Bonds, Louisiana Tech
University Student Housing/Innovative Student Facilities Inc. Project, Series 2013, 5.000%, 7/01/33
|
|
|
|
|
7/23 at 100.00
|
|
|
|
A3
|
|
|
|
2,045,800
|
|
|
|
|
|
|
|
|
1,920
|
|
|
Louisiana Public Facilities Authority, Revenue Bonds, Archdiocese of New Orleans, Series 2007, 4.500%, 7/01/37 CIFG
Insured
|
|
|
|
|
7/17 at 100.00
|
|
|
|
N/R
|
|
|
|
1,857,562
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Louisiana Public Facilities Authority, Revenue Bonds, Loyola University Project, Refunding Series 2011,
5.000%, 10/01/41
|
|
|
|
|
10/21 at 100.00
|
|
|
|
A+
|
|
|
|
3,066,150
|
|
|
|
|
|
|
|
|
1,530
|
|
|
Louisiana Public Facilities Authority, Revenue Bonds, University of New Orleans Research and Technology, Series 2006, 5.250%,
3/01/26 NPFG Insured
|
|
|
|
|
9/16 at 100.00
|
|
|
|
A+
|
|
|
|
1,633,168
|
|
|
|
|
|
|
|
|
375
|
|
|
Louisiana State University and Agricultural and Mechanical College Board of Supervisors,
Auxiliary Revenue Bonds, Series 2012, 5.000%, 7/01/25
|
|
|
|
|
7/22 at 100.00
|
|
|
|
AA
|
|
|
|
413,198
|
|
|
15,145
|
|
|
Total Education and Civic Organizations
|
|
|
|
|
|
|
|
|
|
|
|
|
15,628,127
|
|
|
|
|
|
|
|
|
|
|
|
Energy 1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,700
|
|
|
Saint Charles Parish, Louisiana, Gulf Opportunity Zone Revenue Bonds, Valero Project, Series
2010, 4.000%, 12/01/40 (Mandatory put 6/01/22)
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
1,687,046
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 20.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Jefferson Parish Hospital District1, Louisiana, Hospital Revenue Bonds, West Jefferson Medical Center, Refunding Series 2011A, 6.000%,
1/01/39
|
|
|
|
|
1/21 at 100.00
|
|
|
|
BBB
|
|
|
|
1,046,570
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Jefferson Parish Hospital Service District 2, Louisiana, Hospital Revenue Bonds, East Jefferson General Hospital, Refunding Series 2011,
6.375%, 7/01/41
|
|
|
|
|
7/21 at 100.00
|
|
|
|
BBB
|
|
|
|
1,578,075
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Louisiana Public Facilities Authority, Revenue Bonds, Christus Health, Refunding Series 2009A, 6.000%, 7/01/29
|
|
|
|
|
7/19 at 100.00
|
|
|
|
A+
|
|
|
|
2,143,120
|
|
|
|
|
|
|
|
|
3,410
|
|
|
Louisiana Public Facilities Authority, Health Facilities Revenue Refunding Bonds, Sisters of Mercy Health System of St. Louis Inc.,
Series 1993A, 5.000%, 6/01/19
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
3,698,043
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Louisiana Public Facilities Authority, Hospital Revenue and Refunding Bonds, Lafayette General Medical Center Project, Series 2010,
5.500%, 11/01/40
|
|
|
|
|
5/20 at 100.00
|
|
|
|
A3
|
|
|
|
1,005,050
|
|
|
|
|
|
|
|
|
1,800
|
|
|
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 1998A, 5.750%,
7/01/25 AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
2,047,824
|
|
|
|
|
|
|
|
|
2,620
|
|
|
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Touro Infirmary, Series 1999A, 5.625%, 8/15/29
|
|
|
|
|
2/14 at 100.00
|
|
|
|
BBB
|
|
|
|
2,615,677
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,500
|
|
|
Louisiana Public Facilities Authority, Revenue Bonds, Franciscan Missionaries of Our Lady of Health System Project, Series 2009, 6.750%,
7/01/39
|
|
|
|
|
7/19 at 100.00
|
|
|
|
A+
|
|
|
$
|
1,642,200
|
|
|
|
|
|
|
|
|
5,050
|
|
|
Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project, Series 2007A,
5.500%, 5/15/47
|
|
|
|
|
5/17 at 100.00
|
|
|
|
Baa1
|
|
|
|
5,059,545
|
|
|
|
|
|
|
|
|
2,085
|
|
|
Terrebonne Parish Hospital Service District 1, Louisiana, Hospital Revenue Bonds, Terrebonne
General Medical Center, Refunding Series 2013, 4.000%, 4/01/33
|
|
|
|
|
4/23 at 100.00
|
|
|
|
A+
|
|
|
|
1,824,813
|
|
|
21,965
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
22,660,917
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily 5.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Louisiana Housing Finance Agency, Multifamily Housing Revenue Bonds, Mallard Crossings Apartments, Series 2011, 4.750%,
10/01/29
|
|
|
|
|
10/21 at 100.00
|
|
|
|
AA+
|
|
|
|
2,022,060
|
|
|
|
|
|
|
|
|
985
|
|
|
Louisiana Local Government Environmental Facilities and Community Development Authority, GNMA Collateralized Mortgage Revenue Refunding
Bonds, Sharlo Apartments, Series 2002A, 6.500%, 6/20/37
|
|
|
|
|
6/36 at 101.00
|
|
|
|
Aa1
|
|
|
|
1,027,325
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Louisiana Public Facilities Authority, Grambling University Black and Gold Facilities Project
Revenue Bonds, Series 2007A, 5.000%, 7/01/39 CIFG Insured
|
|
|
|
|
7/17 at 100.00
|
|
|
|
AA
|
|
|
|
2,961,480
|
|
|
5,985
|
|
|
Total Housing/Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
6,010,865
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Single Family 1.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
335
|
|
|
Calcasieu Parish Public Trust Authority, Louisiana, Single Family Mortgage Revenue Bonds, Series 2006B, 5.350%, 9/01/38
(Alternative Minimum Tax)
|
|
|
|
|
9/16 at 104.00
|
|
|
|
Aa1
|
|
|
|
347,090
|
|
|
|
|
|
|
|
|
135
|
|
|
East Baton Rouge Mortgage Finance Authority, Louisiana, GNMA/FNMA Mortgage-Backed Securities Program Family Mortgage Revenue Refunding
Bonds, Series 1997D, 5.900%, 10/01/30 (Alternative Minimum Tax)
|
|
|
|
|
4/14 at 100.00
|
|
|
|
Aaa
|
|
|
|
135,761
|
|
|
|
|
|
|
|
|
640
|
|
|
Jefferson Parish Finance Authority, Louisiana, Single Family Mortgage Revenue Bonds, Series
2007C, 5.500%, 12/01/39
|
|
|
|
|
6/17 at 103.50
|
|
|
|
Aa1
|
|
|
|
690,714
|
|
|
1,110
|
|
|
Total Housing/Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
1,173,565
|
|
|
|
|
|
|
|
|
|
|
|
Industrials 1.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,690
|
|
|
Ascension Parish Industrial development Board, Louisiana, Revenue Bonds, Impala Warehousing (US)
LLC Project, Series 2013, 6.000%, 7/01/36
|
|
|
|
|
7/23 at 100.00
|
|
|
|
N/R
|
|
|
|
1,545,843
|
|
|
|
|
|
|
|
|
|
|
|
Materials 4.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,250
|
|
|
DeSoto Parish, Louisiana, Environmental Improvement Revenue Bonds, International Paper Company Project, Series 1998A, 5.600%,
11/01/22 (Alternative Minimum Tax)
|
|
|
|
|
5/14 at 100.00
|
|
|
|
BBB
|
|
|
|
1,250,125
|
|
|
|
|
|
|
|
|
1,275
|
|
|
Louisiana Local Government Environmental Facilities & Community Development Authority, Revenue Bonds, Westlake Chemical Corporation
Project, Series 2007, 6.750%, 11/01/32
|
|
|
|
|
11/17 at 100.00
|
|
|
|
BBB
|
|
|
|
1,355,606
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Westlake Chemical Corporation
Projects, Series 2010A-1, 6.500%, 11/01/35
|
|
|
|
|
11/20 at 100.00
|
|
|
|
BBB
|
|
|
|
1,612,065
|
|
|
|
|
|
|
|
|
1,035
|
|
|
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A,
5.125%, 6/01/37
|
|
|
|
|
6/17 at 100.00
|
|
|
|
Baa1
|
|
|
|
1,027,724
|
|
|
5,060
|
|
|
Total Materials
|
|
|
|
|
|
|
|
|
|
|
|
|
5,245,520
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General 8.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Guam, General Obligation Bonds, Series 2007A, 5.000%, 11/15/23
|
|
|
|
|
11/17 at 100.00
|
|
|
|
BB
|
|
|
|
1,967,640
|
|
|
|
|
|
|
|
|
1,175
|
|
|
LaFourche Parish Consolidated School District 1, Louisiana, General Obligation Bonds, Series 2012, 5.000%, 3/01/25
|
|
|
|
|
3/23 at 100.00
|
|
|
|
A+
|
|
|
|
1,293,123
|
|
|
|
|
|
|
|
|
2,085
|
|
|
New Orleans, Louisiana, General Obligation Bonds, Refunding Series 1998, 5.500%, 12/01/21 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
2,388,034
|
|
|
|
|
|
|
|
|
2,170
|
|
|
New Orleans, Louisiana, General Obligation Bonds, Refunding Series 2005, 5.250%, 12/01/25 NPFG Insured
|
|
|
|
|
12/15 at 100.00
|
|
|
|
A
|
|
|
|
2,230,348
|
|
|
|
|
|
|
|
|
1,000
|
|
|
New Orleans, Louisiana, General Obligation Bonds, Series 1998, 5.500%, 12/01/21 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A3
|
|
|
|
1,130,540
|
|
|
|
|
|
|
|
|
500
|
|
|
Shreveport, Louisiana, General Obligation Bonds, Series 2011, 5.000%, 8/01/31
|
|
|
|
|
8/21 at 100.00
|
|
|
|
A+
|
|
|
|
522,640
|
|
|
8,930
|
|
|
Total Tax Obligation/General
|
|
|
|
|
|
|
|
|
|
|
|
|
9,532,325
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited 21.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,260
|
|
|
Broussard, Louisiana, Sales & Use Tax Revenue Bonds, Recreational Facility Series 2012, 5.000%, 5/01/32
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,299,260
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Ernest N. Morial New Orleans Exhibition Hall Authority, Louisiana, Special Tax Refunding Bonds, Series 2012, 5.000%,
7/15/27
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
1,053,600
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Louisiana Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,525
|
|
|
Ernest N. Morial-New Orleans Exhibition Hall Authority, Louisiana, Special Tax Revenue Bonds, Senior Subordinate Series 2004, 5.000%,
7/15/15 AMBAC Insured
|
|
|
|
|
7/14 at 101.00
|
|
|
|
A+
|
|
|
$
|
1,574,929
|
|
|
|
|
|
|
|
|
1,850
|
|
|
Lafayette, Louisiana, Sales Tax Revenue Bonds, Public Improvements, Series 2011, 5.000%, 3/01/36
|
|
|
|
|
3/21 at 100.00
|
|
|
|
AA
|
|
|
|
1,903,132
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Refunding Series 2012, 5.000%, 6/01/24 AGM
Insured
|
|
|
|
|
6/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,087,400
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006B, 5.000%, 6/01/22 AMBAC
Insured
|
|
|
|
|
6/16 at 100.00
|
|
|
|
A
|
|
|
|
1,073,380
|
|
|
|
|
|
|
|
|
900
|
|
|
Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Bonds, Bossier Parish Public Improvement
Projects, Series 2012, 5.000%, 3/01/42
|
|
|
|
|
3/22 at 100.00
|
|
|
|
Aa3
|
|
|
|
905,372
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Baton Rouge Community College
Facilities Corporation Project, Refunding Series 2011, 5.000%, 12/01/26 AGM Insured
|
|
|
|
|
12/21 at 100.00
|
|
|
|
AA
|
|
|
|
1,079,890
|
|
|
|
|
|
|
|
|
725
|
|
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Bossier City Public Improvement
Projects, Series 2007, 5.000%, 11/01/32 AMBAC Insured
|
|
|
|
|
11/17 at 100.00
|
|
|
|
Aa3
|
|
|
|
750,071
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Capital Projects and Equipment
Acquisition Program, Series 2000A, 6.300%, 7/01/30 AMBAC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R
|
|
|
|
1,008,140
|
|
|
|
|
|
|
|
|
1,400
|
|
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Louisiana Community and
Technical College System Facilities Corporation Project, Capital Appreciation Series 2011, 0.000%, 10/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,161,258
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Louisiana Stadium and Exposition District, Revenue Refunding Bonds, Senior Lien Series 2013A, 5.000%, 7/01/36
|
|
|
|
|
7/23 at 100.00
|
|
|
|
A
|
|
|
|
2,516,925
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Second Lien Series 2010B, 5.000%, 5/01/37 (UB)
|
|
|
|
|
5/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,048,380
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Series 2006A, 5.000%, 5/01/31 AGM Insured (UB)
|
|
|
|
|
5/16 at 100.00
|
|
|
|
Aa1
|
|
|
|
1,579,860
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Louisiana State, Gasoline and Fuels Tax Revenue Bonds, Tender Option Bond Trust 11899, 18.209%, 5/01/33 (IF)
|
|
|
|
|
5/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,153,190
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Louisiana State, Highway Improvement Revenue Bonds, Series 2013A, 5.000%, 6/15/33
|
|
|
|
|
6/23 at 100.00
|
|
|
|
AA
|
|
|
|
1,060,740
|
|
|
|
|
|
|
|
|
2,930
|
|
|
Orleans Parish School Board, Louisiana, Public School Refunding Bonds, Series 1991, 0.000%, 2/01/15 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
N/R
|
|
|
|
2,741,865
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Saint Bernard Parish, Louisiana, Sales and Use Tax Revenue Bonds, Refunding Series 2012, 4.000%, 3/01/24
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,006,400
|
|
|
|
|
|
|
|
|
15
|
|
|
Saint Bernard Parish, Louisiana, Sales and Use Tax Revenue Bonds, Series 2004, 5.000%, 3/01/18
AGM Insured
|
|
|
|
|
3/14 at 101.00
|
|
|
|
AA
|
|
|
|
15,327
|
|
|
23,605
|
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
24,019,119
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 10.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
805
|
|
|
Greater New Orleans Expressway Commission, Louisiana, Revenue Bonds, Refunding Series 2013, 5.000%, 11/01/23 AGM
Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
899,724
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Lake Charles Harbor and Terminal District, Louisiana, Revenue Bonds, Series 2013B, 5.000%, 1/01/34 (WI/DD, Settling 12/04/13)
(Alternative Minimum Tax)
|
|
|
|
|
1/24 at 100.00
|
|
|
|
AA
|
|
|
|
1,979,900
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Refunding Bonds, Parking Facilities
Corporation Phase I Project, Series 2012, 4.250%, 10/01/36 AGM Insured
|
|
|
|
|
10/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,827,540
|
|
|
|
|
|
|
|
|
|
|
|
New Orleans Aviation Board, Louisiana, Gulf Opportunity Zone Revenue Bonds, Passenger Facility Charge Projects,
Series 2010A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100
|
|
|
5.125%, 1/01/31
|
|
|
|
|
1/20 at 100.00
|
|
|
|
A
|
|
|
|
102,277
|
|
|
1,700
|
|
|
5.250%, 1/01/41
|
|
|
|
|
1/20 at 100.00
|
|
|
|
A
|
|
|
|
1,720,213
|
|
|
|
|
|
|
|
|
2,115
|
|
|
New Orleans Aviation Board, Louisiana, Revenue Bonds, Series 2007A, 5.250%, 1/01/32 AGM Insured
(Alternative Minimum Tax)
|
|
|
|
|
1/18 at 100.00
|
|
|
|
AA
|
|
|
|
2,128,790
|
|
|
|
|
|
|
|
|
|
|
|
Port New Orleans Board of Commissioners, Louisiana, Revenue Bonds, Port Facilities, Refunding Series 2013B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,245
|
|
|
5.000%, 4/01/31 (Alternative Minimum Tax)
|
|
|
|
|
4/23 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,223,671
|
|
|
500
|
|
|
5.000%, 4/01/32 (Alternative Minimum Tax)
|
|
|
|
|
4/23 at 100.00
|
|
|
|
BBB+
|
|
|
|
487,085
|
|
|
|
|
|
|
|
|
1,305
|
|
|
Port New Orleans Board of Commissioners, Louisiana, Revenue Bonds, Port Facilities, Series 2008,
5.125%, 4/01/38 AGC Insured (Alternative Minimum Tax)
|
|
|
|
|
4/18 at 100.00
|
|
|
|
AA
|
|
|
|
1,268,669
|
|
|
11,770
|
|
|
Total Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
11,637,869
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed 4.2% (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Lafayette City and Parish, Louisiana, Utilities Revenue Bonds, Series 2004, 5.250%, 11/01/20
(Pre-refunded 11/01/14)
NPFG Insured
|
|
|
|
|
11/14 at 100.00
|
|
|
|
A+ (4)
|
|
|
|
1,046,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed (4)
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,460
|
|
|
Louisiana Local Government Environmental Facilities and Community Development Authority, Revenue Bonds, Southeastern Louisiana
University Student Housing Facilities Inc., Series 2004A, 5.000%, 8/01/27
(Pre-refunded 8/01/14) NPFG Insured
|
|
|
|
|
8/14 at 100.00
|
|
|
|
A3 (4)
|
|
|
$
|
1,507,289
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Louisiana Public Facilities Authority, Hospital Revenue Bonds, Franciscan Missionaries of Our Lady Health System, Series 2005A, 6.375%,
7/01/30 (Pre-refunded 7/01/14)
|
|
|
|
|
7/14 at 100.00
|
|
|
|
A+ (4)
|
|
|
|
1,036,720
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Louisiana Public Facilities Authority, Revenue Bonds, Baton Rouge General Hospital, Series 2004,
5.250%, 7/01/24
(Pre-refunded
7/01/14) NPFG Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
A (4)
|
|
|
|
1,028,470
|
|
|
4,460
|
|
|
Total U.S. Guaranteed
|
|
|
|
|
|
|
|
|
|
|
|
|
4,619,279
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 3.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Louisiana Energy and Power Authority, Power Project Revenue Bonds, LEPA Unit 1, Series 2013A, 5.250%, 6/01/38
AGM Insured
|
|
|
|
|
6/23 at 100.00
|
|
|
|
AA
|
|
|
|
1,542,959
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power LLC Project, Series 2008, 4.250%, 12/01/38
|
|
|
|
|
5/23 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,330,650
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Saint Tammany Parish, Louisiana, Utilities Revenue Bonds, Series 2010B, 5.000%,
8/01/40
|
|
|
|
|
8/20 at 100.00
|
|
|
|
AA
|
|
|
|
1,018,670
|
|
|
4,000
|
|
|
Total Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
3,892,279
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer 2.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
Caddo-Bossier Parishes Port Commission, Louisiana, Utility Revenue Refunding Bonds, Series 2011, 5.125%, 4/01/37
|
|
|
|
|
4/21 at 100.00
|
|
|
|
A
|
|
|
|
510,540
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Kenner Consolidated Sewer District, Louisiana, Sewer Revenue Bonds, Series 2011, 5.000%, 11/01/36 AGM Insured
|
|
|
|
|
11/21 at 100.00
|
|
|
|
AA
|
|
|
|
1,022,940
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Terrebonne Parish Waterworks District 1, Louisiana, Water Revenue Bonds, Series 2012A, 5.000%,
11/01/37
|
|
|
|
|
11/22 at 100.00
|
|
|
|
A+
|
|
|
|
1,518,255
|
|
|
3,000
|
|
|
Total Water and Sewer
|
|
|
|
|
|
|
|
|
|
|
|
|
3,051,735
|
|
$
|
110,920
|
|
|
Total Long-Term Investments (cost $112,180,539)
|
|
|
|
|
|
|
|
|
|
|
|
|
113,157,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Obligations (1.7)%
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,875,000
|
)
|
|
|
|
|
Other Assets Less Liabilities (0.2)%
|
|
|
|
|
|
|
|
|
|
|
|
|
(271,053
|
)
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
111,011,061
|
|
(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.
|
(IF)
|
Inverse floating rate investment.
|
(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.
|
WI/DD
|
Investment, or portion of investment, purchased on a when-issued or delayed delivery basis.
|
See accompanying notes to financial statements.
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen North Carolina Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 98.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 98.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations 10.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,550
|
|
|
Appalachian State University, North Carolina, Revenue Bonds, Series 2005, 5.250%, 7/15/17 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
$
|
1,792,870
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Board of Governors of the University of North Carolina, Winston-Salem State University General Revenue Bonds, Series 2013, 5.000%,
4/01/33
|
|
|
|
|
4/22 at 100.00
|
|
|
|
A
|
|
|
|
1,023,210
|
|
|
|
|
|
|
|
|
1,930
|
|
|
North Carolina Agricultural & Technical State University, General Revenue Bonds, Series 2013, 5.000%, 10/01/37
|
|
|
|
|
No Opt. Call
|
|
|
|
A1
|
|
|
|
1,964,952
|
|
|
|
|
|
|
|
|
1,440
|
|
|
North Carolina Capital Facilities Finance Agency, Educational Facilities Revenue Bonds, High Point University, Series 2012, 5.000%,
5/01/32
|
|
|
|
|
5/21 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,444,363
|
|
|
|
|
|
|
|
|
|
|
North Carolina Capital Facilities Financing Agency, Educational Facilities Revenue Bond, Meredith College,
Series 2008A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,180
|
|
|
6.000%, 6/01/31
|
|
|
|
|
6/18 at 100.00
|
|
|
|
BBB
|
|
|
|
1,237,737
|
|
|
60
|
|
|
6.125%, 6/01/35
|
|
|
|
|
6/18 at 100.00
|
|
|
|
BBB
|
|
|
|
62,668
|
|
|
|
|
|
|
|
|
3,000
|
|
|
North Carolina Capital Facilities Financing Agency, Educational Facility Revenue Bonds, Wake Forest University, Series 2009, 5.000%,
1/01/38
|
|
|
|
|
1/19 at 100.00
|
|
|
|
AA
|
|
|
|
3,133,980
|
|
|
|
|
|
|
|
|
2,000
|
|
|
North Carolina State University at Raleigh, General Revenue Bonds, Series 2013A, 5.000%, 10/01/42
|
|
|
|
|
10/23 at 100.00
|
|
|
|
Aa1
|
|
|
|
2,124,440
|
|
|
|
|
|
|
|
|
10,000
|
|
|
University of North Carolina, Chapel Hill, System Net Revenue Bonds, Series 2007, 5.000%, 12/01/36
|
|
|
|
|
12/17 at 100.00
|
|
|
|
AAA
|
|
|
|
10,898,099
|
|
|
|
|
|
|
|
|
|
|
|
University of North Carolina, Chapel Hill, Utilities System Revenue Refunding Bonds, Series 1997:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,000
|
|
|
0.000%, 8/01/15
|
|
|
|
|
No Opt. Call
|
|
|
|
Aaa
|
|
|
|
3,969,840
|
|
|
4,265
|
|
|
0.000%, 8/01/18
|
|
|
|
|
No Opt. Call
|
|
|
|
Aaa
|
|
|
|
4,000,570
|
|
|
2,750
|
|
|
0.000%, 8/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
Aaa
|
|
|
|
2,396,818
|
|
|
|
|
|
|
|
|
785
|
|
|
University of North Carolina, Charlotte, Certificates of Participation, Student Housing Project, Series 2005, 5.000%, 3/01/21
AMBAC Insured
|
|
|
|
|
3/15 at 100.00
|
|
|
|
A
|
|
|
|
827,123
|
|
|
|
|
|
|
|
|
4,000
|
|
|
University of North Carolina, Charlotte, General Revenue Bonds, Series 2007B, 5.000%, 4/01/32 AGM Insured
|
|
|
|
|
4/17 at 100.00
|
|
|
|
AA
|
|
|
|
4,241,360
|
|
|
|
|
|
|
|
|
1,300
|
|
|
University of North Carolina, Greensboro, General Revenue Bonds, Series 2009A, 5.000%, 4/01/34
AGC Insured
|
|
|
|
|
4/19 at 100.00
|
|
|
|
AA
|
|
|
|
1,372,748
|
|
|
39,260
|
|
|
Total Education and Civic Organizations
|
|
|
|
|
|
|
|
|
|
|
|
|
40,490,778
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 20.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,005
|
|
|
5.250%, 10/01/27
|
|
|
|
|
10/17 at 100.00
|
|
|
|
N/R
|
|
|
|
2,813,642
|
|
|
2,275
|
|
|
5.250%, 10/01/38
|
|
|
|
|
10/17 at 100.00
|
|
|
|
N/R
|
|
|
|
1,956,523
|
|
|
|
|
|
|
|
|
2,900
|
|
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series
2009A, 5.250%, 1/15/39
|
|
|
|
|
1/19 at 100.00
|
|
|
|
AA
|
|
|
|
3,015,420
|
|
|
|
|
|
|
|
|
3,050
|
|
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2008A,
5.000%, 1/15/47
|
|
|
|
|
1/18 at 100.00
|
|
|
|
AA
|
|
|
|
3,030,267
|
|
|
|
|
|
|
|
|
2,925
|
|
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Series 2011A,
5.125%, 1/15/37
|
|
|
|
|
1/21 at 100.00
|
|
|
|
AA
|
|
|
|
2,950,009
|
|
|
|
|
|
|
|
|
1,615
|
|
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Health Care Revenue Bonds, DBA Carolinas HealthCare System, Refunding Series
2012A, 5.000%, 1/15/31
|
|
|
|
|
1/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,679,406
|
|
|
|
|
|
|
|
|
3,180
|
|
|
Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston Memorial Hospital Project, Series 2008A, 5.250%,
10/01/36 AGM Insured
|
|
|
|
|
4/18 at 100.00
|
|
|
|
AA
|
|
|
|
3,238,353
|
|
|
|
|
|
|
|
|
2,445
|
|
|
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical Center, Series 2006B, 5.125%, 10/01/31
AGM Insured
|
|
|
|
|
10/19 at 100.00
|
|
|
|
AA
|
|
|
|
2,523,191
|
|
|
|
|
|
|
|
|
3,750
|
|
|
North Carolina Medical Care Commission Health Care Facilities Revenue Bonds Novant Health Inc., Series 2010A, 5.250%,
11/01/40
|
|
|
|
|
11/20 at 100.00
|
|
|
|
AA
|
|
|
|
3,807,413
|
|
|
|
|
|
|
|
|
2,770
|
|
|
North Carolina Medical Care Commission, Health Care Facilities Refunding Revenue Bonds, Blue Ridge HealthCare, Series 2010A, 5.000%,
1/01/36
|
|
|
|
|
1/20 at 100.00
|
|
|
|
A
|
|
|
|
2,650,281
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina Medical Care Commission, Health Care Facilities Revenue and Refunding Revenue Bonds, Columbus Regional Healthcare System,
Series 2013A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
3.750%, 10/01/33
|
|
|
|
|
10/22 at 100.00
|
|
|
|
BBB
|
|
|
|
1,553,000
|
|
|
2,000
|
|
|
4.000%, 10/01/42
|
|
|
|
|
10/22 at 100.00
|
|
|
|
BBB
|
|
|
|
1,517,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,000
|
|
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Duke University Health System, Series 2012A, 5.000%,
6/01/42
|
|
|
|
|
6/22 at 100.00
|
|
|
|
AA
|
|
|
$
|
3,056,160
|
|
|
|
|
|
|
|
|
4,665
|
|
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, FirstHealth of the Carolinas Project, Refunding Series
2012A, 4.000%, 10/01/39
|
|
|
|
|
10/17 at 100.00
|
|
|
|
AA
|
|
|
|
3,879,741
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Wake Forest Baptist Obligated Group, Series
2012A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
5.000%, 12/01/45
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
1,973,260
|
|
|
6,000
|
|
|
4.000%, 12/01/45
|
|
|
|
|
12/22 at 100.00
|
|
|
|
A+
|
|
|
|
4,847,340
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, Cape Fear Valley Health System, Series
2012A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,200
|
|
|
5.000%, 10/01/25
|
|
|
|
|
10/22 at 100.00
|
|
|
|
A
|
|
|
|
2,333,716
|
|
|
2,300
|
|
|
5.000%, 10/01/26
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
2,414,195
|
|
|
|
|
|
|
|
|
5,000
|
|
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Refunding Bonds, WakeMed, Series 2012A, 5.000%,
10/01/27
|
|
|
|
|
10/22 at 100.00
|
|
|
|
AA
|
|
|
|
5,342,050
|
|
|
|
|
|
|
|
|
6,000
|
|
|
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Duke University Health System, Series 2010A, 5.000%,
6/01/42
|
|
|
|
|
6/20 at 100.00
|
|
|
|
AA
|
|
|
|
6,089,820
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Scotland Memorial Hospital,
Series 1999:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
455
|
|
|
5.500%, 10/01/19 RAAI Insured
|
|
|
|
|
4/14 at 100.00
|
|
|
|
BBB
|
|
|
|
455,892
|
|
|
1,385
|
|
|
5.500%, 10/01/29 RAAI Insured
|
|
|
|
|
4/14 at 100.00
|
|
|
|
BBB
|
|
|
|
1,385,332
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina Medical Care Commission, Healthcare Revenue Refunding Bonds, Novant Health Inc., Series 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125
|
|
|
5.000%, 11/01/34
|
|
|
|
|
11/16 at 100.00
|
|
|
|
AA
|
|
|
|
125,315
|
|
|
1,650
|
|
|
5.000%, 11/01/39
|
|
|
|
|
11/16 at 100.00
|
|
|
|
AA
|
|
|
|
1,650,149
|
|
|
|
|
|
|
|
|
2,000
|
|
|
North Carolina Medical Care Commission, Hospital Revenue Bonds, Southeastern Regional Medical Center, Refunding Series 2012, 5.000%,
6/01/32
|
|
|
|
|
6/22 at 100.00
|
|
|
|
A
|
|
|
|
2,022,780
|
|
|
|
|
|
|
|
|
3,580
|
|
|
North Carolina Medical Care Commission, Hospital Revenue Bonds, Wilson Medical Center, Series 2007,
5.000%, 11/01/20
|
|
|
|
|
11/17 at 100.00
|
|
|
|
A
|
|
|
|
3,837,724
|
|
|
|
|
|
|
|
|
500
|
|
|
North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series 2005, 5.000%, 1/01/33 FGIC
Insured
|
|
|
|
|
1/15 at 100.00
|
|
|
|
A
|
|
|
|
484,730
|
|
|
|
|
|
|
|
|
7,040
|
|
|
North Carolina Medical Care Commission, Revenue Bonds, Hugh Chatham Memorial Hospital, Series 2007, 5.000%, 8/01/35 NPFG
Insured
|
|
|
|
|
2/17 at 100.00
|
|
|
|
A
|
|
|
|
7,016,416
|
|
|
|
|
|
|
|
|
750
|
|
|
Northern Hospital District of Surry County, North Carolina, Health Care Facilities Revenue Bonds, Series 2008, 6.250%,
10/01/38
|
|
|
|
|
4/18 at 100.00
|
|
|
|
BBB
|
|
|
|
764,295
|
|
|
|
|
|
|
|
|
|
|
|
Onslow County Hospital Authority, North Carolina, FHA Insured Mortgage Revenue Bonds, Onslow Memorial Hospital Project, Series
2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,255
|
|
|
5.000%, 4/01/31 NPFG Insured
|
|
|
|
|
10/16 at 100.00
|
|
|
|
A
|
|
|
|
1,265,316
|
|
|
2,055
|
|
|
5.000%, 10/01/34 NPFG Insured
|
|
|
|
|
10/16 at 100.00
|
|
|
|
A
|
|
|
|
2,059,973
|
|
|
83,875
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
81,739,589
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily 0.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Charlotte Housing Authority, North Carolina, Capital Fund Program Revenue Bonds, Strawn and
Parktowne Rehabilitation Project, Series 2011, 4.550%, 12/01/31
|
|
|
|
|
12/21 at 100.00
|
|
|
|
A+
|
|
|
|
2,974,500
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Single Family 1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,800
|
|
|
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%, 7/01/33 (Alternative Minimum
Tax)
|
|
|
|
|
1/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,800,432
|
|
|
|
|
|
|
|
|
2,800
|
|
|
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1, 4.500%, 1/01/28
|
|
|
|
|
1/21 at 100.00
|
|
|
|
AA
|
|
|
|
2,861,292
|
|
|
|
|
|
|
|
|
1,170
|
|
|
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%,
7/01/37 (Alternative Minimum Tax)
|
|
|
|
|
7/16 at 100.00
|
|
|
|
AA
|
|
|
|
1,171,076
|
|
|
5,770
|
|
|
Total Housing/Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
5,832,800
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Care 0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
North Carolina Medical Care Commission, First Mortgage Revenue Bonds, The Forest at Duke, Inc., Series 2007, 5.125%,
9/01/27
|
|
|
|
|
9/17 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,004,210
|
|
|
|
|
|
|
|
|
1,000
|
|
|
North Carolina Medical Care Commission, Revenue Bonds, Givens Estates, Series 2007, 5.000%, 7/01/33
|
|
|
|
|
7/17 at 102.00
|
|
|
|
BBB
|
|
|
|
952,540
|
|
|
|
|
|
|
|
|
600
|
|
|
North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A, 5.000%, 1/01/36
|
|
|
|
|
1/16 at 100.00
|
|
|
|
A
|
|
|
|
566,640
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen North Carolina Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Care
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,145
|
|
|
North Carolina Medical Care Commission, Revenue Bonds, United Methodist Retirement Homes Inc.,
Refunding Series 2013A, 5.000%, 10/01/33
|
|
|
|
|
10/23 at 100.00
|
|
|
|
N/R
|
|
|
$
|
1,049,770
|
|
|
3,745
|
|
|
Total Long-Term Care
|
|
|
|
|
|
|
|
|
|
|
|
|
3,573,160
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General 1.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Forsyth County, North Carolina, General Obligation Bonds, Limited Obligation Series 2009, 5.000%, 4/01/30
|
|
|
|
|
4/20 at 100.00
|
|
|
|
AA+
|
|
|
|
1,597,005
|
|
|
|
|
|
|
|
|
255
|
|
|
North Carolina State, General Obligation Bonds, Series 2004A, 5.000%, 3/01/16
|
|
|
|
|
3/14 at 100.00
|
|
|
|
AAA
|
|
|
|
258,139
|
|
|
|
|
|
|
|
|
105
|
|
|
North Carolina State, General Obligation Bonds, Series 2005A, 5.000%, 3/01/19
|
|
|
|
|
3/15 at 100.00
|
|
|
|
AAA
|
|
|
|
111,126
|
|
|
|
|
|
|
|
|
2,115
|
|
|
Wake County, North Carolina, Limited Obligation Bonds, Series 2010, 5.000%,
1/01/37
|
|
|
|
|
1/20 at 100.00
|
|
|
|
AA+
|
|
|
|
2,241,117
|
|
|
3,975
|
|
|
Total Tax Obligation/General
|
|
|
|
|
|
|
|
|
|
|
|
|
4,207,387
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited 16.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asheville, North Carolina, Limited Obligation Bonds, Series 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
300
|
|
|
5.000%, 4/01/30
|
|
|
|
|
4/22 at 100.00
|
|
|
|
AA
|
|
|
|
317,370
|
|
|
350
|
|
|
5.000%, 4/01/32
|
|
|
|
|
4/22 at 100.00
|
|
|
|
AA
|
|
|
|
366,748
|
|
|
|
|
|
|
|
|
|
|
|
Buncombe County, North Carolina, Project Development Financing Revenue Bonds, Woodfin Downtown Corridor Development, Series
2008:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,665
|
|
|
6.750%, 8/01/24
|
|
|
|
|
8/18 at 100.00
|
|
|
|
N/R
|
|
|
|
1,588,227
|
|
|
4,000
|
|
|
7.250%, 8/01/34
|
|
|
|
|
8/18 at 100.00
|
|
|
|
N/R
|
|
|
|
3,592,920
|
|
|
|
|
|
|
|
|
3,870
|
|
|
Catawba County, North Carolina, Certificates of Participation, Series 2005, 5.000%, 6/01/25 NPFG Insured
|
|
|
|
|
6/15 at 100.00
|
|
|
|
Aa2
|
|
|
|
4,102,703
|
|
|
|
|
|
|
|
|
1,260
|
|
|
Charlotte, North Carolina, Storm Water Fee Revenue Bonds, Series 2004, 5.000%, 6/01/34
|
|
|
|
|
6/14 at 100.00
|
|
|
|
AAA
|
|
|
|
1,280,173
|
|
|
|
|
|
|
|
|
|
|
|
Dare County, North Carolina, Certificates of Participation, Limited Obligation Series 2012B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
610
|
|
|
5.000%, 6/01/22
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
710,626
|
|
|
270
|
|
|
5.000%, 6/01/23
|
|
|
|
|
6/22 at 100.00
|
|
|
|
AA
|
|
|
|
309,407
|
|
|
|
|
|
|
|
|
|
|
|
Fayetteville Finance Corporation, North Carolina, Installment Payment Revenue Bonds, Municipal Building Project, Series
2005:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,990
|
|
|
5.250%, 2/01/17 NPFG Insured
|
|
|
|
|
2/15 at 100.00
|
|
|
|
AA
|
|
|
|
2,095,311
|
|
|
910
|
|
|
5.250%, 2/01/19 NPFG Insured
|
|
|
|
|
2/15 at 100.00
|
|
|
|
AA
|
|
|
|
957,720
|
|
|
|
|
|
|
|
|
|
|
|
Harnett County, North Carolina, Certificates of Participation, Series 2007A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,770
|
|
|
5.000%, 12/01/23 AGM Insured
|
|
|
|
|
12/17 at 100.00
|
|
|
|
AA
|
|
|
|
3,098,217
|
|
|
1,520
|
|
|
5.000%, 12/01/24 AGM Insured
|
|
|
|
|
12/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,614,346
|
|
|
|
|
|
|
|
|
1,160
|
|
|
Hillsborough, North Carolina, Special Assessment Revenue Bonds, Series 2013, 7.750%, 2/01/24
|
|
|
|
|
2/23 at 100.00
|
|
|
|
N/R
|
|
|
|
1,163,758
|
|
|
|
|
|
|
|
|
1,225
|
|
|
Iredell County, North Carolina, Certificates of Participation, Iredell County School Project, Series 2006, 5.000%, 6/01/25
AMBAC Insured
|
|
|
|
|
6/16 at 100.00
|
|
|
|
AA
|
|
|
|
1,331,514
|
|
|
|
|
|
|
|
1,265
|
|
|
Montgomery County, North Carolina, Certificates of Participation, Series 2007B, 5.000%, 2/01/30 AMBAC
Insured
|
|
|
2/17 at 100.00
|
|
|
|
A
|
|
|
|
1,288,289
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina Infrastructure Finance Corporation, Certificates of Participation, State Repair, Series 2007B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,750
|
|
|
5.000%, 6/01/22 AMBAC Insured
|
|
|
|
|
6/17 at 100.00
|
|
|
|
AA+
|
|
|
|
4,232,175
|
|
|
3,750
|
|
|
5.000%, 6/01/23 AMBAC Insured
|
|
|
|
|
6/17 at 100.00
|
|
|
|
AA+
|
|
|
|
4,226,663
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina Turnpike Authority, Monroe Connector System State Appropriation Bonds,
Series 2011:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
765
|
|
|
5.000%, 7/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
905,240
|
|
|
1,795
|
|
|
5.000%, 7/01/29
|
|
|
|
|
7/21 at 100.00
|
|
|
|
AA
|
|
|
|
1,948,114
|
|
|
9,375
|
|
|
5.000%, 7/01/36
|
|
|
|
|
7/21 at 100.00
|
|
|
|
AA
|
|
|
|
9,845,249
|
|
|
500
|
|
|
5.000%, 7/01/41
|
|
|
|
|
7/21 at 100.00
|
|
|
|
AA
|
|
|
|
518,830
|
|
|
|
|
|
|
|
|
|
|
|
Pitt County, North Carolina, Certificate of Participation, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,265
|
|
|
5.000%, 4/01/25 NPFG Insured
|
|
|
|
|
4/18 at 100.00
|
|
|
|
AA
|
|
|
|
1,386,427
|
|
|
1,175
|
|
|
5.000%, 4/01/26 NPFG Insured
|
|
|
|
|
4/18 at 100.00
|
|
|
|
AA
|
|
|
|
1,283,147
|
|
|
1,395
|
|
|
5.000%, 4/01/27 NPFG Insured
|
|
|
|
|
4/18 at 100.00
|
|
|
|
AA
|
|
|
|
1,496,500
|
|
|
1,240
|
|
|
5.000%, 4/01/28 NPFG Insured
|
|
|
|
|
4/18 at 100.00
|
|
|
|
AA
|
|
|
|
1,315,913
|
|
|
|
|
|
|
|
|
4,190
|
|
|
Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27
|
|
|
|
|
2/17 at 100.00
|
|
|
|
AA+
|
|
|
|
4,490,716
|
|
|
|
|
|
|
|
|
2,950
|
|
|
Sampson Area Development Corporation, Sampson County, North Carolina, Installment Payment Revenue Bonds, Series 2010, 5.250%, 6/01/24
AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
3,346,392
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%, 6/01/34 AGM Insured
|
|
|
|
|
6/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,017,700
|
|
|
|
|
|
|
|
|
1,975
|
|
|
Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/33
|
|
|
|
|
6/18 at 100.00
|
|
|
|
AA
|
|
|
|
2,057,753
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Wilmington, North Carolina, Storm Water Fee Revenue Bonds, Series 2007, 5.000%, 6/01/33 AMBAC Insured
|
|
|
|
|
6/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,029,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,700
|
|
|
Wilson County, North Carolina, Certificates of Participation, School Facilities Project, Series 2007, 5.000%, 4/01/25
AMBAC Insured
|
|
|
|
|
4/17 at 100.00
|
|
|
|
Aa3
|
|
|
$
|
1,882,410
|
|
|
|
|
|
|
|
|
1,635
|
|
|
Wilson, North Carolina, Certificates of Participation, Public Facilities, Series 2007A, 5.000%,
5/01/25 AGC Insured
|
|
|
|
|
5/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,709,311
|
|
|
62,625
|
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
66,509,829
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 14.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,000
|
|
|
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding Series 2010A,
5.500%, 7/01/34
|
|
|
|
|
7/20 at 100.00
|
|
|
|
Aa3
|
|
|
|
6,476,880
|
|
|
|
|
|
|
|
|
10,280
|
|
|
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding Series 2010B, 5.375%, 7/01/28
(Alternative Minimum Tax)
|
|
|
|
|
7/20 at 100.00
|
|
|
|
Aa3
|
|
|
|
10,859,483
|
|
|
|
|
|
|
|
|
900
|
|
|
Charlotte, North Carolina, Airport Revenue Bonds, Series 2004A, 5.250%, 7/01/24 NPFG Insured
|
|
|
|
|
7/14 at 100.00
|
|
|
|
Aa3
|
|
|
|
923,364
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Charlotte, North Carolina, Airport Revenue Bonds, Series 2007A, 5.000%, 7/01/36 AMBAC Insured
|
|
|
|
|
7/17 at 100.00
|
|
|
|
Aa3
|
|
|
|
5,162,750
|
|
|
|
|
|
|
|
|
3,300
|
|
|
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A, 5.250%, 2/01/40
|
|
|
|
|
2/20 at 100.00
|
|
|
|
A3
|
|
|
|
3,444,540
|
|
|
|
|
|
|
|
|
25
|
|
|
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010B, 5.000%, 2/01/29
|
|
|
|
|
2/20 at 100.00
|
|
|
|
A3
|
|
|
|
26,132
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
245
|
|
|
5.250%, 1/01/23 AGC Insured
|
|
|
|
|
1/19 at 100.00
|
|
|
|
AA
|
|
|
|
269,130
|
|
|
115
|
|
|
5.125%, 1/01/24 AGC Insured
|
|
|
|
|
1/19 at 100.00
|
|
|
|
AA
|
|
|
|
124,923
|
|
|
50
|
|
|
5.375%, 1/01/26 AGC Insured
|
|
|
|
|
1/19 at 100.00
|
|
|
|
AA
|
|
|
|
54,553
|
|
|
10,160
|
|
|
5.750%, 1/01/39 AGC Insured
|
|
|
|
|
1/19 at 100.00
|
|
|
|
AA
|
|
|
|
10,898,428
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds, Series 2009B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,640
|
|
|
0.000%, 1/01/36 AGC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
6,642,158
|
|
|
19,840
|
|
|
0.000%, 1/01/37 AGC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
6,038,304
|
|
|
14,640
|
|
|
0.000%, 1/01/38 AGC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
4,203,290
|
|
|
|
|
|
|
|
|
1,525
|
|
|
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series 2010A,
5.000%, 5/01/36
|
|
|
|
|
5/20 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,588,379
|
|
|
92,720
|
|
|
Total Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
56,712,314
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed 12.1% (4)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,280
|
|
|
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2004A, 5.250%, 4/01/23
(Pre-refunded
4/01/14) AGM Insured
|
|
|
|
|
4/14 at 100.00
|
|
|
|
AA (4)
|
|
|
|
1,302,170
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Buncombe County, North Carolina, Certificates of Participation, Series 2005, 5.000%, 4/01/22 (Pre-refunded 4/01/15)
AMBAC Insured
|
|
|
|
|
4/15 at 100.00
|
|
|
|
AA+ (4)
|
|
|
|
1,063,730
|
|
|
|
|
|
|
|
|
1,470
|
|
|
Burke County, North Carolina, Certificates of Participation, Series 2006A, 5.000%, 4/01/22 (Pre-refunded 4/01/16)
AMBAC Insured
|
|
|
|
|
4/16 at 100.00
|
|
|
|
A1 (4)
|
|
|
|
1,624,526
|
|
|
|
|
|
|
|
|
450
|
|
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA Carolinas Healthcare System, Series
2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
|
|
|
|
|
1/15 at 100.00
|
|
|
|
AA+ (4)
|
|
|
|
474,318
|
|
|
|
|
|
|
|
|
1,135
|
|
|
Craven County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 6/01/23 (Pre-refunded 6/01/17)
NPFG Insured
|
|
|
|
|
6/17 at 100.00
|
|
|
|
AA (4)
|
|
|
|
1,303,377
|
|
|
|
|
|
|
|
|
|
|
|
Greensboro, North Carolina, Combined Enterprise System Revenue Bonds, Series 2005A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,690
|
|
|
5.000%, 6/01/25 (Pre-refunded 6/01/15)
|
|
|
|
|
6/15 at 100.00
|
|
|
|
AAA
|
|
|
|
1,810,193
|
|
|
610
|
|
|
5.000%, 6/01/26 (Pre-refunded 6/01/15)
|
|
|
|
|
6/15 at 100.00
|
|
|
|
AAA
|
|
|
|
653,383
|
|
|
|
|
|
|
|
|
1,090
|
|
|
Johnston County, North Carolina, General Obligation Bonds, Series 2005, 5.250%, 2/01/17 (Pre-refunded 2/01/15)
FGIC Insured
|
|
|
|
|
2/15 at 100.00
|
|
|
|
AA+ (4)
|
|
|
|
1,154,321
|
|
|
|
|
|
|
|
|
2,315
|
|
|
Johnston County, North Carolina, General Obligation Bonds, Series 2007, 5.000%, 2/01/24 (Pre-refunded 2/01/17)
FGIC Insured
|
|
|
|
|
2/17 at 100.00
|
|
|
|
AA+ (4)
|
|
|
|
2,635,188
|
|
|
|
|
|
|
|
|
|
|
|
Lee County, North Carolina, Certificates of Participation, Public Schools and Community College, Series 2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,715
|
|
|
5.250%, 4/01/19 (Pre-refunded 4/01/14) AGM Insured
|
|
|
|
|
4/14 at 100.00
|
|
|
|
AA (4)
|
|
|
|
1,744,704
|
|
|
1,715
|
|
|
5.250%, 4/01/21 (Pre-refunded 4/01/14) AGM Insured
|
|
|
|
|
4/14 at 100.00
|
|
|
|
AA (4)
|
|
|
|
1,744,704
|
|
|
715
|
|
|
5.250%, 4/01/22 (Pre-refunded 4/01/14) AGM Insured
|
|
|
|
|
4/14 at 100.00
|
|
|
|
AA (4)
|
|
|
|
727,384
|
|
|
|
|
|
|
|
|
995
|
|
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 1991A, 6.500%, 1/01/18
(ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
Aaa
|
|
|
|
1,217,064
|
|
|
|
|
|
|
|
|
4,400
|
|
|
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Capital Improvements, Series 2005A,
5.000%, 2/01/19 (Pre-refunded 2/01/15)
|
|
|
|
|
2/15 at 100.00
|
|
|
|
AA+ (4)
|
|
|
|
4,646,224
|
|
|
|
|
|
|
|
|
1,000
|
|
|
North Carolina Infrastructure Finance Corporation, Certificates of Participation, Correctional Facilities, Series 2004A,
5.000%, 2/01/22 (Pre-refunded 2/01/14)
|
|
|
|
|
2/14 at 100.00
|
|
|
|
AA+ (4)
|
|
|
|
1,008,400
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen North Carolina Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed (4)
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,000
|
|
|
North Carolina Infrastructure Finance Corporation, Lease Purchase Revenue Bonds, North Carolina Facilities Project, Series 2004, 5.000%,
11/01/21 (Pre-refunded 11/01/14)
|
|
|
|
|
11/14 at 100.00
|
|
|
|
AA+ (4)
|
|
|
$
|
3,130,830
|
|
|
|
|
|
|
|
|
5,660
|
|
|
North Carolina Medical Care Commission, FHA-Insured Mortgage Revenue Bonds, Morehead Memorial Hospital Project, Series 2005,
5.000%, 11/01/30 (Pre-refunded 5/01/15) AGM Insured
|
|
|
|
|
5/15 at 100.00
|
|
|
|
AA (4)
|
|
|
|
6,039,616
|
|
|
|
|
|
|
|
|
1,250
|
|
|
North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004, 5.000%, 11/01/24 (Pre-refunded
11/01/14)
|
|
|
|
|
11/14 at 100.00
|
|
|
|
N/R (4)
|
|
|
|
1,305,113
|
|
|
|
|
|
|
|
|
1,655
|
|
|
North Carolina State, General Obligation Bonds, Series 2005A, 5.000%, 3/01/19 (Pre-refunded 3/01/15)
|
|
|
|
|
3/15 at 100.00
|
|
|
|
N/R (4)
|
|
|
|
1,753,952
|
|
|
|
|
|
|
|
|
|
|
|
Orange County, North Carolina, Certificates of Participation, Public Improvement Project, Series 2006A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,080
|
|
|
5.000%, 4/01/20 (Pre-refunded 4/01/16) AMBAC Insured
|
|
|
|
|
4/16 at 100.00
|
|
|
|
AA+ (4)
|
|
|
|
1,193,530
|
|
|
1,105
|
|
|
5.000%, 4/01/21 (Pre-refunded 4/01/16) AMBAC Insured
|
|
|
|
|
4/16 at 100.00
|
|
|
|
AA+ (4)
|
|
|
|
1,221,158
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Orange Water and Sewerage Authority, North Carolina, Water and Sewerage System Revenue Bonds, Series 2004A, 5.250%, 7/01/20
(Pre-refunded 7/01/14)
|
|
|
|
|
7/14 at 100.00
|
|
|
|
AA+ (4)
|
|
|
|
1,030,100
|
|
|
|
|
|
|
|
|
2,335
|
|
|
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2005, 5.000%, 3/01/21 (Pre-refunded 3/01/15)
|
|
|
|
|
3/15 at 100.00
|
|
|
|
AAA
|
|
|
|
2,474,913
|
|
|
|
|
|
|
|
|
2,990
|
|
|
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A, 5.000%, 3/01/36
(Pre-refunded
3/01/16)
|
|
|
|
|
3/16 at 100.00
|
|
|
|
N/R (4)
|
|
|
|
3,299,824
|
|
|
|
|
|
|
|
|
|
|
|
Shelby, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,035
|
|
|
5.000%, 5/01/20 (Pre-refunded 5/01/14) SYNCORA GTY Insured
|
|
|
|
|
5/14 at 100.00
|
|
|
|
A (4)
|
|
|
|
1,056,145
|
|
|
610
|
|
|
5.000%, 5/01/24 (Pre-refunded 5/01/14) SYNCORA GTY Insured
|
|
|
|
|
5/14 at 100.00
|
|
|
|
A (4)
|
|
|
|
622,462
|
|
|
|
|
|
|
|
|
|
|
|
University of North Carolina System, Pooled Revenue Bonds, Series 2004C:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
320
|
|
|
5.000%, 4/01/29 (Pre-refunded 4/01/14) AMBAC Insured
|
|
|
|
|
4/14 at 100.00
|
|
|
|
Aa3 (4)
|
|
|
|
325,274
|
|
|
520
|
|
|
5.000%, 4/01/29 (Pre-refunded 4/01/14) AMBAC Insured
|
|
|
|
|
4/14 at 100.00
|
|
|
|
Aa3 (4)
|
|
|
|
528,570
|
|
|
245
|
|
|
5.000%, 4/01/29 (Pre-refunded 4/01/14) AMBAC Insured
|
|
|
|
|
4/14 at 100.00
|
|
|
|
Aa3 (4)
|
|
|
|
249,038
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Wilmington, North Carolina, Certificates of Participation, Series 2004, 5.250%, 9/01/24
(Pre-refunded 9/01/14) AMBAC Insured
|
|
|
|
|
9/14 at 100.00
|
|
|
|
Aa2 (4)
|
|
|
|
1,038,040
|
|
|
45,385
|
|
|
Total U.S. Guaranteed
|
|
|
|
|
|
|
|
|
|
|
|
|
48,378,251
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 5.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Fayetteville Public Works Commission, North Carolina, Revenue Bonds, Series 2009B, 5.000%, 3/01/35
|
|
|
|
|
3/19 at 100.00
|
|
|
|
AA
|
|
|
|
1,055,260
|
|
|
|
|
|
|
|
|
3,875
|
|
|
Monroe, North Carolina, Combined Enterprise System Revenue Bonds, Series 2008A, 5.000%, 3/01/33 AGC Insured
|
|
|
|
|
3/18 at 100.00
|
|
|
|
AA
|
|
|
|
3,990,746
|
|
|
|
|
|
|
|
|
5,700
|
|
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2009B, 5.000%, 1/01/26
|
|
|
|
|
1/19 at 100.00
|
|
|
|
A
|
|
|
|
6,111,711
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 1993B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,320
|
|
|
6.000%, 1/01/18 AMBAC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa1
|
|
|
|
6,310,158
|
|
|
15
|
|
|
6.000%, 1/01/22 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa1
|
|
|
|
18,174
|
|
|
520
|
|
|
6.000%, 1/01/22 RAAI Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa1
|
|
|
|
630,042
|
|
|
75
|
|
|
6.000%, 1/01/26
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
91,688
|
|
|
|
|
|
|
|
|
340
|
|
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds, Series 2008A, 5.000%, 1/01/23
|
|
|
|
|
1/18 at 100.00
|
|
|
|
A
|
|
|
|
366,789
|
|
|
|
|
|
|
|
|
1,400
|
|
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series 2009A,
5.000%, 1/01/30
|
|
|
|
|
1/19 at 100.00
|
|
|
|
A
|
|
|
|
1,470,420
|
|
|
|
|
|
|
|
|
2,000
|
|
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2008C, 5.250%,
1/01/20
|
|
|
|
|
1/18 at 100.00
|
|
|
|
A
|
|
|
|
2,235,580
|
|
|
20,245
|
|
|
Total Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
22,280,568
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer 15.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Asheville, North Carolina, Water System Revenue Bonds, Series 2007, 5.000%, 8/01/32 NPFG Insured
|
|
|
|
|
8/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,038,010
|
|
|
|
|
|
|
|
|
7,900
|
|
|
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 4/01/31 AGM Insured
|
|
|
|
|
4/18 at 100.00
|
|
|
|
AA
|
|
|
|
8,361,754
|
|
|
|
|
|
|
|
|
1,465
|
|
|
Brunswick County, North Carolina, Enterprise Systems Revenue Refunding Bonds, Series 2012A, 5.000%, 4/01/28
|
|
|
|
|
4/22 at 100.00
|
|
|
|
AA
|
|
|
|
1,617,931
|
|
|
|
|
|
|
|
|
5,140
|
|
|
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series 2008,
5.000%, 8/01/35
|
|
|
|
|
8/18 at 100.00
|
|
|
|
AA
|
|
|
|
5,340,357
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Charlotte, North Carolina, Water and Sewer System Revenue Bonds, Series 2009B, 5.000%, 7/01/38
|
|
|
|
|
7/20 at 100.00
|
|
|
|
AAA
|
|
|
|
2,119,520
|
|
|
|
|
|
|
|
|
2,825
|
|
|
Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2005A, 5.000%, 12/01/21
|
|
|
|
|
12/14 at 102.00
|
|
|
|
AAA
|
|
|
|
3,012,382
|
|
|
|
|
|
|
|
|
1,075
|
|
|
Charlotte, North Carolina, Water and Sewerage System Revenue Bonds, Series 2008, 5.000%, 7/01/38
|
|
|
|
|
7/18 at 100.00
|
|
|
|
AAA
|
|
|
|
1,134,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
250
|
|
|
Dare County, North Carolina, Utilities System Revenue Bonds, Series 2011, 5.000%, 2/01/41
|
|
|
|
|
2/21 at 100.00
|
|
|
|
AA
|
|
|
$
|
259,280
|
|
|
|
|
|
|
|
|
6,400
|
|
|
Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/41
|
|
|
|
|
6/21 at 100.00
|
|
|
|
AAA
|
|
|
|
6,709,888
|
|
|
|
|
|
|
|
|
5,615
|
|
|
Harnett County, North Carolina, Enterprise System Revenue Bonds, Series 2007A, 5.000%, 5/01/27 AGM Insured
|
|
|
|
|
5/17 at 100.00
|
|
|
|
AA
|
|
|
|
6,024,053
|
|
|
|
|
|
|
|
|
2,080
|
|
|
High Point, North Carolina, Combined Enterprise System Revenue Bonds, Series 2008, 5.000%, 11/01/33 AGM
Insured
|
|
|
|
|
11/18 at 100.00
|
|
|
|
AAA
|
|
|
|
2,247,336
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 6/01/33 NPFG Insured
|
|
|
|
|
6/18 at 100.00
|
|
|
|
A
|
|
|
|
4,100,400
|
|
|
|
|
|
|
|
|
|
|
|
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
5.750%, 6/01/26
|
|
|
|
|
6/19 at 100.00
|
|
|
|
AA
|
|
|
|
550,595
|
|
|
3,500
|
|
|
6.000%, 6/01/34 AGC Insured
|
|
|
|
|
6/19 at 100.00
|
|
|
|
AA
|
|
|
|
3,769,395
|
|
|
1,500
|
|
|
6.000%, 6/01/36 AGC Insured
|
|
|
|
|
6/19 at 100.00
|
|
|
|
AA
|
|
|
|
1,613,175
|
|
|
|
|
|
|
|
|
|
|
|
Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
515
|
|
|
5.000%, 6/01/23 SYNCORA GTY Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
A+
|
|
|
|
526,057
|
|
|
1,030
|
|
|
5.000%, 6/01/24 SYNCORA GTY Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
A+
|
|
|
|
1,052,701
|
|
|
|
|
|
|
|
|
1,450
|
|
|
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Refunding Series 2012A, 5.000%, 3/01/30
|
|
|
|
|
3/22 at 100.00
|
|
|
|
AAA
|
|
|
|
1,597,059
|
|
|
|
|
|
|
|
|
|
|
|
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,010
|
|
|
5.000%, 3/01/36
|
|
|
|
|
3/16 at 100.00
|
|
|
|
AAA
|
|
|
|
4,238,370
|
|
|
30
|
|
|
4.500%, 3/01/36
|
|
|
|
|
3/16 at 100.00
|
|
|
|
AAA
|
|
|
|
30,005
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Wilmington, North Carolina, Water and Sewer Revenue Bonds, Series 2005, 5.000%, 6/01/34
AGM Insured
|
|
|
|
|
6/15 at 100.00
|
|
|
|
AA
|
|
|
|
5,066,050
|
|
|
57,285
|
|
|
Total Water and Sewer
|
|
|
|
|
|
|
|
|
|
|
|
|
60,408,701
|
|
$
|
417,885
|
|
|
Total Long-Term Investments (cost $381,458,603)
|
|
|
|
|
|
|
|
|
|
|
|
|
393,107,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets Less Liabilities 1.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
6,083,658
|
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
399,191,535
|
|
(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.
|
See accompanying notes to financial statements.
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Tennessee Municipal Bond Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
LONG-TERM INVESTMENTS 99.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MUNICIPAL BONDS 99.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Education and Civic Organizations 8.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
3,500
|
|
|
Claiborne County Industrial Development Board, Tennessee, Revenue Refunding Bonds, Lincoln Memorial University Project, Series 2010,
6.125%, 10/01/40
|
|
|
|
|
10/20 at 100.00
|
|
|
|
N/R
|
|
|
$
|
3,561,145
|
|
|
|
|
|
|
|
|
|
|
|
Claiborne County, Tennessee, Industrial Development Board, Revenue Refunding Bonds, Lincoln Memorial University Project, Series
2009:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
900
|
|
|
6.125%, 10/01/29
|
|
|
|
|
10/19 at 100.00
|
|
|
|
N/R
|
|
|
|
944,154
|
|
|
1,090
|
|
|
6.375%, 10/01/34
|
|
|
|
|
10/19 at 100.00
|
|
|
|
N/R
|
|
|
|
1,138,636
|
|
|
1,740
|
|
|
6.625%, 10/01/39
|
|
|
|
|
10/19 at 100.00
|
|
|
|
N/R
|
|
|
|
1,812,680
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Belmont
University Project, Series 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
660
|
|
|
5.000%, 11/01/27
|
|
|
|
|
11/21 at 100.00
|
|
|
|
BBB+
|
|
|
|
689,066
|
|
|
1,300
|
|
|
5.000%, 11/01/28
|
|
|
|
|
11/21 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,346,371
|
|
|
1,295
|
|
|
5.000%, 11/01/29
|
|
|
|
|
11/21 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,328,152
|
|
|
1,495
|
|
|
5.000%, 11/01/30
|
|
|
|
|
11/21 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,521,357
|
|
|
710
|
|
|
5.000%, 11/01/31
|
|
|
|
|
11/21 at 100.00
|
|
|
|
BBB+
|
|
|
|
717,838
|
|
|
|
|
|
|
|
|
11,000
|
|
|
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Vanderbilt
University, Series 2009A, 5.000%, 10/01/39 (UB) (4)
|
|
|
|
|
10/19 at 100.00
|
|
|
|
AA+
|
|
|
|
11,538,010
|
|
|
|
|
|
|
|
|
1,250
|
|
|
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Refunding Bonds,
Vanderbilt University, Series 2012D, 5.000%, 10/01/30
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
1,368,538
|
|
|
|
|
|
|
|
|
3,475
|
|
|
Shelby County Health, Educational and Housing Facility Board, Tennessee, Educational Facilities Revenue Bonds, Rhodes College, Series
2011, 5.500%, 8/01/40
|
|
|
|
|
8/21 at 100.00
|
|
|
|
A+
|
|
|
|
3,686,558
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds, Series 2005A, 5.000%, 5/01/25
NPFG Insured
|
|
|
|
|
5/15 at 100.00
|
|
|
|
Aa1
|
|
|
|
1,593,000
|
|
|
|
|
|
|
|
|
545
|
|
|
Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds, Series 2009A,
5.000%, 5/01/39
|
|
|
|
|
5/19 at 100.00
|
|
|
|
Aa1
|
|
|
|
569,961
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Tennessee State School Bond Authority, Higher Educational Facilities Second Program Bonds,
Series 2010A, 5.000%, 5/01/30
|
|
|
|
|
5/18 at 100.00
|
|
|
|
Aa1
|
|
|
|
5,360,350
|
|
|
35,460
|
|
|
Total Education and Civic Organizations
|
|
|
|
|
|
|
|
|
|
|
|
|
37,175,816
|
|
|
|
|
|
|
|
|
|
|
|
Health Care 16.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,060
|
|
|
Blount County, Tennessee, Hospital Revenue Improvement Bonds, Blount Memorial Hospital, Series 1998B,
5.125%, 7/01/19
|
|
|
|
|
1/14 at 100.00
|
|
|
|
Baa1
|
|
|
|
3,065,753
|
|
|
|
|
|
|
|
|
900
|
|
|
Chattanooga Health, Educational and Housing Facility Board, Tennessee, Hospital Revenue Bonds, Catholic Health Initiatives, Series
2008D, 6.250%, 10/01/33
|
|
|
|
|
10/18 at 100.00
|
|
|
|
A+
|
|
|
|
1,013,616
|
|
|
|
|
|
|
|
|
|
|
|
Chattanooga-Hamilton County Hospital Authority, Tennessee, Hospital Revenue Bonds, Erlanger Health System, Refunding Series
2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
5.000%, 10/01/18 AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
2,272,400
|
|
|
1,000
|
|
|
5.000%, 10/01/22 AGM Insured
|
|
|
|
|
10/19 at 100.00
|
|
|
|
AA
|
|
|
|
1,083,350
|
|
|
|
|
|
|
|
|
1,000
|
|
|
Franklin County Industrial Building Authority, Georgia, Revenue Bonds, Ty Cobb Regional Medical Center Project, Series 2010, 8.000%,
12/01/40
|
|
|
|
|
12/20 at 100.00
|
|
|
|
N/R
|
|
|
|
1,032,890
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Jackson, Tennessee, Hospital Revenue Refunding Bonds, Jackson-Madison County General Hospital Project, Series 2008, 5.750%,
4/01/41
|
|
|
|
|
4/18 at 100.00
|
|
|
|
A+
|
|
|
|
3,156,360
|
|
|
|
|
|
|
|
|
|
|
|
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Bonds, Mountain States Health Alliance, Refunding
Series 2010A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
905
|
|
|
5.375%, 7/01/25
|
|
|
|
|
7/20 at 100.00
|
|
|
|
BBB+
|
|
|
|
955,752
|
|
|
200
|
|
|
5.625%, 7/01/30
|
|
|
|
|
7/20 at 100.00
|
|
|
|
BBB+
|
|
|
|
209,044
|
|
|
1,250
|
|
|
6.000%, 7/01/38
|
|
|
|
|
7/20 at 100.00
|
|
|
|
BBB+
|
|
|
|
1,317,575
|
|
|
|
|
|
|
|
|
|
|
|
Johnson City Health and Educational Facilities Board, Tennessee, Revenue Bonds, Mountain States Health Alliance, Series
2006A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100
|
|
|
5.500%, 7/01/31
|
|
|
|
|
7/16 at 100.00
|
|
|
|
BBB+
|
|
|
|
102,083
|
|
|
5,000
|
|
|
5.500%, 7/01/36
|
|
|
|
|
7/16 at 100.00
|
|
|
|
BBB+
|
|
|
|
5,073,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Health Care
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Knox County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, University Health System, Inc., Series
2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,055
|
|
|
5.250%, 4/01/27
|
|
|
|
|
4/17 at 100.00
|
|
|
|
BBB+
|
|
|
$
|
2,091,004
|
|
|
4,000
|
|
|
5.250%, 4/01/36
|
|
|
|
|
4/17 at 100.00
|
|
|
|
BBB+
|
|
|
|
4,027,080
|
|
|
|
|
|
|
|
|
|
|
|
Knox County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Refunding Bonds, Covenant Health, Series
2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,000
|
|
|
0.000%, 1/01/35
|
|
|
|
|
1/17 at 41.04
|
|
|
|
A
|
|
|
|
887,430
|
|
|
8,930
|
|
|
0.000%, 1/01/36
|
|
|
|
|
1/17 at 38.98
|
|
|
|
A
|
|
|
|
2,482,629
|
|
|
1,955
|
|
|
0.000%, 1/01/38
|
|
|
|
|
1/17 at 35.16
|
|
|
|
A
|
|
|
|
479,522
|
|
|
5,000
|
|
|
0.000%, 1/01/39
|
|
|
|
|
1/17 at 33.38
|
|
|
|
A
|
|
|
|
1,135,650
|
|
|
5,820
|
|
|
0.000%, 1/01/40 AGM Insured
|
|
|
|
|
1/17 at 31.68
|
|
|
|
AA
|
|
|
|
1,276,617
|
|
|
18,145
|
|
|
0.000%, 1/01/42
|
|
|
|
|
1/17 at 28.53
|
|
|
|
A
|
|
|
|
3,315,092
|
|
|
|
|
|
|
|
|
10,000
|
|
|
Rutherford County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Ascension Health Group, Series 2010C, 5.000%,
11/15/40
|
|
|
|
|
11/19 at 100.00
|
|
|
|
AA+
|
|
|
|
10,159,400
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Shelby County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Methodist Healthcare, Series 2004, 5.250%,
9/01/27 AGM Insured
|
|
|
|
|
3/18 at 100.00
|
|
|
|
AA
|
|
|
|
2,612,875
|
|
|
|
|
|
|
|
|
7,500
|
|
|
Shelby County Health, Educational and Housing Facilities Board, Tennessee, Revenue Bonds, St Judes Childrens Hospital,
Series 2006, 5.000%, 7/01/36
|
|
|
|
|
7/16 at 100.00
|
|
|
|
AAA
|
|
|
|
7,784,550
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Sullivan County Health Educational and Housing Facilities Board, Tennessee, Revenue Bonds, Wellmont Health System, Series 2006C, 5.250%,
9/01/36
|
|
|
|
|
9/16 at 100.00
|
|
|
|
BBB+
|
|
|
|
5,000,200
|
|
|
|
|
|
|
|
|
|
|
|
Sullivan County Health, Educational and Housing Facilities Board, Tennessee, Hospital Revenue Bonds, Wellmont Health System, Series
2003:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
5.000%, 9/01/15 RAAI Insured
|
|
|
|
|
3/14 at 100.00
|
|
|
|
BBB+
|
|
|
|
2,006,480
|
|
|
3,500
|
|
|
5.000%, 9/01/18 RAAI Insured
|
|
|
|
|
3/14 at 100.00
|
|
|
|
BBB+
|
|
|
|
3,508,540
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Sumner County Health, Educational, and Housing Facilities Board, Tennessee, Revenue Refunding Bonds, Sumner Regional Health System Inc.,
Series 2007, 5.500%, 11/01/27 (5)
|
|
|
|
|
11/17 at 100.00
|
|
|
|
N/R
|
|
|
|
12,000
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Rutherford County Health and Educational Facilities Board, Tennessee, Revenue Bonds, Ascension
Health Group, Series 2012C, 5.000%, 11/15/47
|
|
|
|
|
11/21 at 100.00
|
|
|
|
AA+
|
|
|
|
5,068,700
|
|
|
107,820
|
|
|
Total Health Care
|
|
|
|
|
|
|
|
|
|
|
|
|
71,130,292
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Multifamily 6.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Chattanooga Health, Educational, and Housing Facility Board, Tennessee, Revenue Refunding Bonds, CDFI Phase I, LLC Project, Series
2005A, 5.125%, 10/01/35
|
|
|
|
|
10/15 at 100.00
|
|
|
|
BBB
|
|
|
|
3,705,000
|
|
|
|
|
|
|
|
|
5,750
|
|
|
Hendersonville Industrial Development Board, Tennessee, Multifamily Housing Revenue Bonds, Hickory Pointe Project, Series 2010, 4.875%,
12/01/25
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
6,213,565
|
|
|
|
|
|
|
|
|
1,500
|
|
|
Kingsport Industrial Development Board, Tennessee, Multifamily Housing Revenue Bonds, Model City Apartments Project, Series 2009,
5.000%, 7/20/29
|
|
|
|
|
7/19 at 100.00
|
|
|
|
N/R
|
|
|
|
1,546,725
|
|
|
|
|
|
|
|
|
2,765
|
|
|
Knox County Health, Educational and Housing Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Eastowne Village Project,
Refunding Series 2001, 4.000%, 6/01/31 (Mandatory put 6/01/21)
|
|
|
|
|
6/18 at 102.00
|
|
|
|
N/R
|
|
|
|
2,918,430
|
|
|
|
|
|
|
|
|
1,395
|
|
|
McMinnville-Warren County Industrial Development Board, Tennessee, Multifamily Housing Revenue Bonds, Beersheba Heights Towers, Series
2009, 5.500%, 11/20/39
|
|
|
|
|
10/19 at 100.00
|
|
|
|
AAA
|
|
|
|
1,444,453
|
|
|
|
|
|
|
|
|
3,975
|
|
|
Memphis Health, Educational and Housing Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Goodwill Village Apartments,
Series 2010A, 6.000%, 12/01/40
|
|
|
|
|
12/20 at 100.00
|
|
|
|
A
|
|
|
|
3,861,275
|
|
|
|
|
|
|
|
|
5,490
|
|
|
Metropolitan Government of Nashville & Davidson County Health and Educational Facilities Board, Tennessee, Multifamily Housing
Revenue Bonds, Parkwood Villa Apartments Project, Series 2010, 4.600%, 3/01/40 (Mandatory put 3/01/25)
|
|
|
|
|
3/20 at 100.00
|
|
|
|
AA+
|
|
|
|
5,720,964
|
|
|
|
|
|
|
|
|
|
|
|
Rutherford County Health and Educational Facilities Board, Tennessee, Multifamily Housing Revenue Bonds, Spring Valley Apartments
Project, Series 2010A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
5.125%, 10/01/30
|
|
|
|
|
10/20 at 100.00
|
|
|
|
A
|
|
|
|
464,495
|
|
|
3,700
|
|
|
5.850%, 10/01/46
|
|
|
|
|
10/20 at 100.00
|
|
|
|
A
|
|
|
|
3,553,924
|
|
|
29,075
|
|
|
Total Housing/Multifamily
|
|
|
|
|
|
|
|
|
|
|
|
|
29,428,831
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Single Family 2.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15
|
|
|
Hamilton County, Tennessee, GNMA Certificates Single Family Mortgage Revenue Bonds, Home Purchase and Rehabilitation Program, Series
1990, 8.000%, 9/01/23 (Alternative Minimum Tax)
|
|
|
|
|
3/14 at 100.00
|
|
|
|
AA
|
|
|
|
15,148
|
|
|
|
|
|
|
|
|
945
|
|
|
Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2009-1, 5.000%, 7/01/29
|
|
|
|
|
7/18 at 100.00
|
|
|
|
AA+
|
|
|
|
971,063
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Tennessee Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Housing/Single Family
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,265
|
|
|
Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2010-1C, 4.500%, 7/01/25 (Alternative Minimum
Tax)
|
|
|
|
|
1/20 at 100.00
|
|
|
|
AA+
|
|
|
$
|
2,291,410
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2011-1A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,080
|
|
|
4.350%, 7/01/22 (Alternative Minimum Tax)
|
|
|
|
|
1/21 at 100.00
|
|
|
|
AA+
|
|
|
|
3,190,202
|
|
|
945
|
|
|
4.500%, 7/01/23 (Alternative Minimum Tax)
|
|
|
|
|
1/21 at 100.00
|
|
|
|
AA+
|
|
|
|
973,898
|
|
|
|
|
|
|
|
|
1,870
|
|
|
Tennessee Housing Development Agency, Homeownership Program Bonds, Series 2012-1C, 4.200%,
7/01/42
|
|
|
|
|
1/22 at 100.00
|
|
|
|
AA+
|
|
|
|
1,889,130
|
|
|
9,120
|
|
|
Total Housing/Single Family
|
|
|
|
|
|
|
|
|
|
|
|
|
9,330,851
|
|
|
|
|
|
|
|
|
|
|
|
Long-Term Care 0.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Revenue Refunding Bonds,
Blakeford at Green Hills, Refunding & Improvement Series 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,500
|
|
|
5.000%, 7/01/27
|
|
|
|
|
7/22 at 100.00
|
|
|
|
BBB
|
|
|
|
1,500,450
|
|
|
1,340
|
|
|
5.000%, 7/01/32
|
|
|
|
|
7/22 at 100.00
|
|
|
|
BBB
|
|
|
|
1,219,668
|
|
|
1,200
|
|
|
5.000%, 7/01/37
|
|
|
|
|
7/22 at 100.00
|
|
|
|
BBB
|
|
|
|
1,066,812
|
|
|
4,040
|
|
|
Total Long-Term Care
|
|
|
|
|
|
|
|
|
|
|
|
|
3,786,930
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General 17.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Blount County, Tennessee, General Obligation Bonds, Refunding Series 2011, 5.000%, 6/01/23
|
|
|
|
|
6/21 at 100.00
|
|
|
|
Aa2
|
|
|
|
4,550,920
|
|
|
|
|
|
|
|
|
250
|
|
|
Franklin Special School District, Williamson County, Tennessee, General Obligation Bonds, Series 2009A,
5.000%, 6/01/33
|
|
|
|
|
6/19 at 100.00
|
|
|
|
Aa1
|
|
|
|
262,495
|
|
|
|
|
|
|
|
|
|
|
|
Gibson County School District, Tennessee, Revenue Bonds, Series 2007:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.000%, 4/01/25 AGM Insured
|
|
|
|
|
4/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,111,200
|
|
|
1,000
|
|
|
5.000%, 4/01/26 AGM Insured
|
|
|
|
|
4/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,067,680
|
|
|
1,000
|
|
|
5.000%, 4/01/27 AGM Insured
|
|
|
|
|
4/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,072,500
|
|
|
1,000
|
|
|
5.000%, 4/01/31 AGM Insured
|
|
|
|
|
4/17 at 100.00
|
|
|
|
AA
|
|
|
|
1,045,900
|
|
|
|
|
|
|
|
|
1,365
|
|
|
Greene County, Tennessee, General Obligation Bonds, Series 2005B, 5.000%, 6/01/22 NPFG Insured
|
|
|
|
|
6/16 at 100.00
|
|
|
|
A1
|
|
|
|
1,483,687
|
|
|
|
|
|
|
|
|
3,700
|
|
|
Knoxville County, Tennessee, General Obligation Bonds, Series 2002, 5.500%, 4/01/15
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
3,959,222
|
|
|
|
|
|
|
|
|
4,000
|
|
|
Memphis, Tennessee, General Obligation Bonds, Refunding General Improvement Series 2011, 5.000%, 5/01/36
|
|
|
|
|
5/21 at 100.00
|
|
|
|
AA
|
|
|
|
4,215,160
|
|
|
|
|
|
|
|
|
1,300
|
|
|
Metropolitan Government of Nashville-Davidson County, Tennessee, General Obligation Bonds, Refunding & Improvement Series 2010A,
5.000%, 7/01/25
|
|
|
|
|
7/20 at 100.00
|
|
|
|
Aa1
|
|
|
|
1,499,095
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Government of Nashville-Davidson County, Tennessee, General Obligation Bonds, Refunding Series 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,150
|
|
|
5.000%, 7/01/22
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa1
|
|
|
|
1,363,670
|
|
|
7,880
|
|
|
5.000%, 7/01/23
|
|
|
|
|
7/22 at 100.00
|
|
|
|
Aa1
|
|
|
|
9,214,951
|
|
|
|
|
|
|
|
|
2,500
|
|
|
Metropolitan Government of Nashville-Davidson County, Tennessee, General Obligation Bonds, Tender Option Bond Trust 2013-A, 18.058%,
7/01/27 (IF)
|
|
|
|
|
7/23 at 100.00
|
|
|
|
Aa1
|
|
|
|
3,808,400
|
|
|
|
|
|
|
|
|
600
|
|
|
Montgomery County, Tennessee, General Obligation Bonds, School & Public Improvement Series 2011,
5.000%, 4/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
712,392
|
|
|
|
|
|
|
|
|
575
|
|
|
Overton County, Tennessee, General Obligation Bonds, Series 2004, 5.000%, 4/01/14 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Baa1
|
|
|
|
582,308
|
|
|
|
|
|
|
|
|
4,250
|
|
|
Pigeon Forge Industrial Development Board, Tennessee, Revenue Bonds, Public Facility, Series 2011, 5.000%, 6/01/34
|
|
|
|
|
6/21 at 100.00
|
|
|
|
AA
|
|
|
|
4,466,920
|
|
|
|
|
|
|
|
|
|
|
|
Putnam County, Tennessee, General Obligation School Refunding Bonds, Series 2001:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
5.250%, 4/01/18 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
1,170,870
|
|
|
2,960
|
|
|
5.250%, 4/01/19 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
3,504,581
|
|
|
2,645
|
|
|
5.250%, 4/01/20 FGIC Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa2
|
|
|
|
3,139,192
|
|
|
|
|
|
|
|
|
1,205
|
|
|
Roane County, Tennessee, General Obligation Rural School Bonds, Series 2004, 5.000%, 5/01/16 NPFG Insured
|
|
|
|
|
5/14 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,229,269
|
|
|
|
|
|
|
|
|
3,460
|
|
|
Shelby County, Tennessee, General Obligation Bonds, Series 2005A, 5.000%, 4/01/17 AMBAC Insured
|
|
|
|
|
4/15 at 100.00
|
|
|
|
AA+
|
|
|
|
3,671,233
|
|
|
|
|
|
|
|
|
1,645
|
|
|
Smith County, Tennessee, General Obligation Bonds, Series 2005, 5.000%, 4/01/20 AMBAC Insured
|
|
|
|
|
4/15 at 102.00
|
|
|
|
N/R
|
|
|
|
1,766,072
|
|
|
|
|
|
|
|
|
1,750
|
|
|
Sullivan County, Tennessee, General Obligation Bonds, Series 2004, 5.000%, 5/01/17 AMBAC Insured
|
|
|
|
|
5/15 at 102.00
|
|
|
|
Aa2
|
|
|
|
1,896,353
|
|
|
|
|
|
|
|
|
1,965
|
|
|
Sullivan County, Tennessee, General Obligation Bonds, Series 2005, 5.000%, 4/01/24 AMBAC Insured
|
|
|
|
|
4/15 at 102.00
|
|
|
|
Aa2
|
|
|
|
2,109,624
|
|
|
|
|
|
|
|
|
3,050
|
|
|
Sumner County, Tennessee, General Obligation Bonds, Refunding Series 2011, 5.000%, 6/01/23
|
|
|
|
|
6/21 at 100.00
|
|
|
|
AA+
|
|
|
|
3,509,971
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee State, General Obligation Bonds, Series 2011A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,000
|
|
|
5.000%, 10/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
Aaa
|
|
|
|
6,002,850
|
|
|
1,000
|
|
|
5.000%, 10/01/30
|
|
|
|
|
10/21 at 100.00
|
|
|
|
Aaa
|
|
|
|
1,111,430
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/General
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,340
|
|
|
Williamson County, Tennessee, General Obligation Bonds, Refunding Series 2012B, 5.000%, 3/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
Aaa
|
|
|
$
|
5,156,788
|
|
|
|
|
|
|
|
|
1,435
|
|
|
Williamson County, Tennessee, General Obligation Bonds, Rural School, Series 2004, 5.000%, 4/01/18
|
|
|
|
|
No Opt. Call
|
|
|
|
Aaa
|
|
|
|
1,675,836
|
|
|
|
|
|
|
|
|
1,730
|
|
|
Wilson County, Tennessee, General Obligation Bonds, Refunding Series 2012, 5.000%,
4/01/23
|
|
|
|
|
4/22 at 100.00
|
|
|
|
AA
|
|
|
|
2,000,832
|
|
|
68,755
|
|
|
Total Tax Obligation/General
|
|
|
|
|
|
|
|
|
|
|
|
|
78,361,401
|
|
|
|
|
|
|
|
|
|
|
|
Tax Obligation/Limited 1.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,370
|
|
|
Coffee County Public Building Authority, Manchester, Tennessee, General Obligation Local Government Improvement Bonds, Series 2003Z-1-A,
5.375%, 6/01/18 AMBAC Insured
|
|
|
|
|
6/14 at 100.00
|
|
|
|
AA
|
|
|
|
1,375,233
|
|
|
|
|
|
|
|
|
|
|
|
Metropolitan Government Nashville & Davidson County Convention Center Authority, Tennessee, Tourism Tax Revenue Bonds, Series
2010A-1:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,425
|
|
|
5.000%, 7/01/21 AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
1,607,883
|
|
|
1,000
|
|
|
5.000%, 7/01/22
|
|
|
|
|
7/20 at 100.00
|
|
|
|
A1
|
|
|
|
1,109,300
|
|
|
1,035
|
|
|
5.000%, 7/01/26
|
|
|
|
|
7/20 at 100.00
|
|
|
|
A1
|
|
|
|
1,103,051
|
|
|
4,830
|
|
|
Total Tax Obligation/Limited
|
|
|
|
|
|
|
|
|
|
|
|
|
5,195,467
|
|
|
|
|
|
|
|
|
|
|
|
Transportation 3.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Memphis-Shelby County Airport Authority, Tennessee, Airport Revenue Bonds, Series 2010B:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,180
|
|
|
5.500%, 7/01/19 (Alternative Minimum Tax)
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
4,852,855
|
|
|
3,250
|
|
|
5.625%, 7/01/20 (Alternative Minimum Tax)
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
3,787,193
|
|
|
420
|
|
|
5.750%, 7/01/23 (Alternative Minimum Tax)
|
|
|
|
|
7/20 at 100.00
|
|
|
|
A
|
|
|
|
469,283
|
|
|
2,265
|
|
|
5.750%, 7/01/24 (Alternative Minimum Tax)
|
|
|
|
|
7/20 at 100.00
|
|
|
|
A
|
|
|
|
2,511,206
|
|
|
|
|
|
|
|
|
2,305
|
|
|
Metropolitan Nashville Airport Authority, Tennessee, Special Facility Revenue Bonds, Aero
Nashville LLC Project, Refunding Series 2010, 5.200%, 7/01/26
|
|
|
|
|
7/20 at 100.00
|
|
|
|
Baa3
|
|
|
|
2,315,349
|
|
|
12,420
|
|
|
Total Transportation
|
|
|
|
|
|
|
|
|
|
|
|
|
13,935,886
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Guaranteed 10.1% (6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,520
|
|
|
Clarksville, Tennessee, Water, Sewer, and Gas Revenue Refunding and Improvement Bonds, Series 1992, 0.000%, 2/01/16 NPFG
Insured (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
A (6)
|
|
|
|
1,499,465
|
|
|
|
|
|
|
|
|
|
|
|
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Revenue Bonds, Utility Improvements,
Series 2004:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,175
|
|
|
5.000%, 9/01/19 (Pre-refunded 9/01/14) NPFG Insured
|
|
|
|
|
9/14 at 100.00
|
|
|
|
Aa3 (6)
|
|
|
|
1,217,876
|
|
|
1,225
|
|
|
5.000%, 9/01/20 (Pre-refunded 9/01/14) NPFG Insured
|
|
|
|
|
9/14 at 100.00
|
|
|
|
Aa3 (6)
|
|
|
|
1,269,700
|
|
|
|
|
|
|
|
|
|
|
|
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical
Center, Series 1998C:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,735
|
|
|
5.125%, 7/01/25 NPFG Insured (ETM)
|
|
|
|
|
1/14 at 100.00
|
|
|
|
A (6)
|
|
|
|
2,752,340
|
|
|
9,570
|
|
|
5.250%, 7/01/28 NPFG Insured (ETM)
|
|
|
|
|
1/14 at 100.00
|
|
|
|
A (6)
|
|
|
|
9,585,695
|
|
|
|
|
|
|
|
|
1,035
|
|
|
Johnson City Health and Educational Facilities Board, Tennessee, Hospital Revenue Refunding and Improvement Bonds, Johnson City Medical
Center, Series 1998C, 5.125%, 7/01/25 (Pre-refunded 7/01/23) NPFG Insured
|
|
|
|
|
7/23 at 100.00
|
|
|
|
A (6)
|
|
|
|
1,038,964
|
|
|
|
|
|
|
|
|
18,670
|
|
|
Metropolitan Government of Nashville-Davidson County Health and Educational Facilities Board, Tennessee, Subordinate Lien Revenue Bonds,
Volunteer Healthcare Systems Inc., Series 1988, 0.000%, 6/01/21 (ETM)
|
|
|
|
|
No Opt. Call
|
|
|
|
Aaa
|
|
|
|
15,490,499
|
|
|
|
|
|
|
|
|
3,450
|
|
|
Metropolitan Government of Nashville-Davidson County, Tennessee, General Obligation Bonds, Series 2004, 5.250%, 6/01/15 (Pre-refunded
6/01/14)
|
|
|
|
|
6/14 at 100.00
|
|
|
|
Aa1 (6)
|
|
|
|
3,539,217
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Metropolitan Government of Nashville-Davidson County, Tennessee, General Obligation Bonds, Series 2005C, 5.000%, 2/01/19 (Pre-refunded
2/01/15)
|
|
|
|
|
2/15 at 100.00
|
|
|
|
Aa1 (6)
|
|
|
|
2,112,160
|
|
|
|
|
|
|
|
|
1,300
|
|
|
Montgomery County, Tennessee, General Obligation Bonds, Series 2004, 5.000%, 5/01/15 (Pre-refunded 5/01/14)
FGIC Insured
|
|
|
|
|
5/14 at 102.00
|
|
|
|
AA+ (6)
|
|
|
|
1,352,715
|
|
|
|
|
|
|
|
|
1,300
|
|
|
Rutherford County Consolidated Utility District, Tennessee, Waterworks Revenue Bonds, Series 2004, 5.000%, 2/01/22 (Pre-refunded
2/01/14) NPFG Insured
|
|
|
|
|
2/14 at 102.00
|
|
|
|
AAA
|
|
|
|
1,336,920
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Rutherford County Consolidated Utility District, Tennessee, Waterworks Revenue Bonds, Series 2006, 5.000%, 2/01/36 (Pre-refunded
2/01/16) AGM Insured
|
|
|
|
|
2/16 at 100.00
|
|
|
|
AAA
|
|
|
|
2,200,200
|
|
|
|
|
|
|
|
|
40
|
|
|
Shelby County, Tennessee, General Obligation Bonds, Series 2005A, 5.000%, 4/01/17 (Pre-refunded 4/01/15) AMBAC
Insured
|
|
|
|
|
4/15 at 100.00
|
|
|
|
Aa1 (6)
|
|
|
|
42,549
|
|
|
|
|
|
|
|
|
1,200
|
|
|
Williamson County, Tennessee, General Obligation Bonds, Rural School, Series 2004B, 5.000%,
5/01/20
(Pre-refunded
5/01/15)
|
|
|
|
|
5/15 at 100.00
|
|
|
|
Aaa
|
|
|
|
1,281,024
|
|
|
47,220
|
|
|
Total U.S. Guaranteed
|
|
|
|
|
|
|
|
|
|
|
|
|
44,719,324
|
|
Portfolio of Investments
November 30, 2013
(Unaudited)
Nuveen Tennessee Municipal Bond Fund
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Utilities 15.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chattanooga, Tennessee, Electric System Enterprise Revenue Bonds, Series 2008A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,000
|
|
|
5.000%, 9/01/28
|
|
|
|
|
3/18 at 100.00
|
|
|
|
AA+
|
|
|
$
|
1,080,500
|
|
|
5,000
|
|
|
5.000%, 9/01/33
|
|
|
|
|
3/18 at 100.00
|
|
|
|
AA+
|
|
|
|
5,310,350
|
|
|
|
|
|
|
|
|
|
|
|
Clarksville Natural Gas Acquisition Corporation, Tennessee, Natural Gas Revenue Bonds, Series 2006:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
5.000%, 12/15/14 SYNCORA GTY Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
520,220
|
|
|
1,000
|
|
|
5.000%, 12/15/17 SYNCORA GTY Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,100,300
|
|
|
3,250
|
|
|
5.000%, 12/15/19 SYNCORA GTY Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
3,613,773
|
|
|
2,725
|
|
|
5.000%, 12/15/20 SYNCORA GTY Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
2,993,440
|
|
|
8,775
|
|
|
5.000%, 12/15/21 SYNCORA GTY Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
9,548,516
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Clarksville, Tennessee, Electric System Revenue Bonds, Series 2007, 5.000%, 9/01/32 SYNCORA GTY Insured
|
|
|
|
|
9/17 at 100.00
|
|
|
|
Aa2
|
|
|
|
5,177,899
|
|
|
|
|
|
|
|
|
|
|
|
Clarksville, Tennessee, Electric System Revenue Bonds, Series 2010A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,160
|
|
|
5.000%, 9/01/34
|
|
|
|
|
9/20 at 100.00
|
|
|
|
Aa2
|
|
|
|
1,218,197
|
|
|
2,500
|
|
|
5.000%, 9/01/35
|
|
|
|
|
9/20 at 100.00
|
|
|
|
Aa2
|
|
|
|
2,616,425
|
|
|
|
|
|
|
|
|
1,100
|
|
|
Dickson, Tennessee, Electric System Revenue Bonds, Series 2002, 5.000%, 9/01/16 AGM Insured
|
|
|
|
|
9/14 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,115,389
|
|
|
|
|
|
|
|
|
2,000
|
|
|
Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue Bonds, Series 2008A,
5.000%, 5/15/33
|
|
|
|
|
5/18 at 100.00
|
|
|
|
AA+
|
|
|
|
2,091,420
|
|
|
|
|
|
|
|
|
10,000
|
|
|
Metropolitan Government of Nashville-Davidson County, Tennessee, Electric System Revenue Bonds, Series 2011A,
5.000%, 5/15/36
|
|
|
|
|
5/21 at 100.00
|
|
|
|
AA+
|
|
|
|
10,573,300
|
|
|
|
|
|
|
|
|
|
|
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,395
|
|
|
5.250%, 9/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,542,591
|
|
|
1,755
|
|
|
5.250%, 9/01/22
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
1,935,413
|
|
|
3,130
|
|
|
5.250%, 9/01/24
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
3,415,112
|
|
|
2,520
|
|
|
5.250%, 9/01/26
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
2,698,013
|
|
|
|
|
|
|
|
|
2,100
|
|
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006B, 5.625%, 9/01/26
|
|
|
|
|
No Opt. Call
|
|
|
|
BBB
|
|
|
|
2,146,851
|
|
|
|
|
|
|
|
|
|
|
|
The Tennessee Energy Acquisition Corporation, Gas Revenue Bonds, Series 2006C:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
450
|
|
|
5.000%, 2/01/19
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
497,201
|
|
|
100
|
|
|
5.000%, 2/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
109,257
|
|
|
250
|
|
|
5.000%, 2/01/22
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
272,120
|
|
|
600
|
|
|
5.000%, 2/01/23
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
648,672
|
|
|
100
|
|
|
5.000%, 2/01/24
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
107,502
|
|
|
4,760
|
|
|
5.000%, 2/01/27
|
|
|
|
|
No Opt. Call
|
|
|
|
A
|
|
|
|
4,914,795
|
|
|
|
|
|
|
|
|
1,625
|
|
|
Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Series 2007B, 5.000%,
7/01/31
|
|
|
|
|
7/17 at 100.00
|
|
|
|
BB+
|
|
|
|
1,419,421
|
|
|
62,795
|
|
|
Total Utilities
|
|
|
|
|
|
|
|
|
|
|
|
|
66,666,677
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer 18.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,830
|
|
|
Clarksville, Tennessee, Water, Sewer and Gas Revenue Refunding Bonds, Series 2002, 5.250%, 2/01/17 AGM Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
|
2,083,345
|
|
|
|
|
|
|
|
|
3,915
|
|
|
Clarksville, Tennessee, Water, Sewer and Gas Revenue Refunding Bonds, Series 2011, 5.000%, 2/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
Aa3
|
|
|
|
4,564,107
|
|
|
|
|
|
|
|
|
|
|
|
First Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Series 2012A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000
|
|
|
5.000%, 12/01/29
|
|
|
|
|
12/22 at 100.00
|
|
|
|
AA+
|
|
|
|
2,192,780
|
|
|
2,375
|
|
|
5.000%, 12/01/32
|
|
|
|
|
12/22 at 100.00
|
|
|
|
AA+
|
|
|
|
2,547,544
|
|
|
|
|
|
|
|
|
|
|
|
First Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Series 2013A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,000
|
|
|
4.000%, 12/01/25
|
|
|
|
|
6/23 at 100.00
|
|
|
|
AA+
|
|
|
|
1,054,060
|
|
|
1,845
|
|
|
4.000%, 12/01/26
|
|
|
|
|
6/23 at 100.00
|
|
|
|
AA+
|
|
|
|
1,920,165
|
|
|
|
|
|
|
|
|
5,000
|
|
|
Gallatin, Tennessee, Water and Sewer Revenue Bonds, Series 2008, 5.000%, 1/01/33 AGC Insured
|
|
|
|
|
1/18 at 100.00
|
|
|
|
Aa3
|
|
|
|
5,190,550
|
|
|
|
|
|
|
|
|
2,525
|
|
|
Hallsdale-Powell Utility District, Knox County, Tennessee, Water and Sewer Revenue Bonds, Series 2006, 5.000%, 4/01/36 FGIC
Insured
|
|
|
|
|
4/17 at 100.00
|
|
|
|
AA
|
|
|
|
2,578,505
|
|
|
|
|
|
|
|
|
4,350
|
|
|
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Utilities Revenue Bonds, Series 2012A,
4.000%, 9/01/40
|
|
|
|
|
9/22 at 100.00
|
|
|
|
AA
|
|
|
|
4,100,963
|
|
|
|
|
|
|
|
|
1,840
|
|
|
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Revenue Bonds, Series 2005, 5.000%, 9/01/24 NPFG
Insured
|
|
|
|
|
9/15 at 100.00
|
|
|
|
Aa3
|
|
|
|
1,971,910
|
|
|
|
|
|
|
|
|
10,610
|
|
|
Harpeth Valley Utilities District, Davidson and Williamson Counties, Tennessee, Revenue Bonds, Utility Improvements, Series 2007,
5.250%, 9/01/42 FGIC Insured
|
|
|
|
|
9/17 at 100.00
|
|
|
|
Aa3
|
|
|
|
11,223,787
|
|
|
|
|
|
|
|
|
5,380
|
|
|
Hendersonville Utility District, Tennessee, Waterworks and Sewer Revenue Bonds, Series 2008, 5.250%, 2/01/38 AGM
Insured
|
|
|
|
|
2/18 at 100.00
|
|
|
|
A1
|
|
|
|
5,604,238
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal
Amount (000)
|
|
|
Description (1)
|
|
|
|
Optional Call
Provisions (2)
|
|
|
Ratings (3)
|
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|
Water and Sewer
(continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Knox-Chapman Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Refunding and Improvement
Series 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
930
|
|
|
4.500%, 1/01/27
|
|
|
|
|
1/23 at 100.00
|
|
|
|
AA
|
|
|
$
|
993,621
|
|
|
1,000
|
|
|
4.000%, 1/01/40
|
|
|
|
|
1/23 at 100.00
|
|
|
|
AA
|
|
|
|
920,770
|
|
|
|
|
|
|
|
|
3,000
|
|
|
Knox-Chapman Utility District of Knox County, Tennessee, Water and Sewer Revenue Bonds, Series 2011,
5.250%, 1/01/36
|
|
|
|
|
1/21 at 100.00
|
|
|
|
AA
|
|
|
|
3,185,610
|
|
|
|
|
|
|
|
|
4,550
|
|
|
Knoxville, Tennessee, Wastewater System Revenue Bonds, Series 2005A, 4.000%, 4/01/40 NPFG Insured
|
|
|
|
|
No Opt. Call
|
|
|
|
AA+
|
|
|
|
4,128,989
|
|
|
|
|
|
|
|
|
705
|
|
|
Knoxville, Tennessee, Wastewater System Revenue Bonds, Series 2007, 5.000%, 4/01/41 AGM Insured
|
|
|
|
|
4/17 at 100.00
|
|
|
|
AA+
|
|
|
|
731,346
|
|
|
|
|
|
|
|
|
1,525
|
|
|
Knoxville, Tennessee, Water System Revenue Bonds, Series 2013Z, 5.000%, 3/01/44
|
|
|
|
|
3/21 at 100.00
|
|
|
|
AA+
|
|
|
|
1,596,645
|
|
|
|
|
|
|
|
|
|
|
|
Loudon, Tennessee, Water and Sewer Revenue Refunding Bonds, Series 2012A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,175
|
|
|
4.000%, 3/01/22 (Alternative Minimum Tax)
|
|
|
|
|
No Opt. Call
|
|
|
|
A+
|
|
|
|
3,350,927
|
|
|
1,000
|
|
|
4.000%, 3/01/28 (Alternative Minimum Tax)
|
|
|
|
|
3/22 at 100.00
|
|
|
|
A+
|
|
|
|
952,820
|
|
|
2,000
|
|
|
5.000%, 3/01/32 (Alternative Minimum Tax)
|
|
|
|
|
3/22 at 100.00
|
|
|
|
A+
|
|
|
|
2,051,540
|
|
|
|
|
|
|
|
|
|
|
|
Savannah Valley Utility District, Hamilton County, Tennessee, Waterworks Revenue Refunding Bonds,
Series 2012-A:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
535
|
|
|
5.000%, 6/01/19
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
630,872
|
|
|
525
|
|
|
5.000%, 6/01/20
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
620,718
|
|
|
585
|
|
|
5.000%, 6/01/21
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
691,412
|
|
|
515
|
|
|
5.000%, 6/01/22
|
|
|
|
|
No Opt. Call
|
|
|
|
AA
|
|
|
|
607,813
|
|
|
|
|
|
|
|
|
4,240
|
|
|
South Blount County Utility District, Tennessee, Waterworks Revenue Bonds, Improvement and Refunding Series 2009,
5.250%, 12/01/39 AGM Insured
|
|
|
|
|
12/19 at 100.00
|
|
|
|
AA
|
|
|
|
4,467,263
|
|
|
|
|
|
|
|
|
|
|
|
Watauga River Regional Water Authority, Tennessee, Waterworks Revenue Bonds, Series 2012:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
500
|
|
|
5.000%, 7/01/34
|
|
|
|
|
7/22 at 100.00
|
|
|
|
A
|
|
|
|
500,670
|
|
|
4,385
|
|
|
5.000%, 7/01/42
|
|
|
|
|
7/22 at 100.00
|
|
|
|
A
|
|
|
|
4,293,354
|
|
|
|
|
|
|
|
|
5,000
|
|
|
White House Utility District, Robertson and Sumner Counties, Tennessee, Water and Sewerage
Revenue Refunding Bonds, Series 2006, 5.000%, 1/01/28 NPFG Insured
|
|
|
|
|
1/17 at 100.00
|
|
|
|
Aa3
|
|
|
|
5,300,650
|
|
|
76,840
|
|
|
Total Water and Sewer
|
|
|
|
|
|
|
|
|
|
|
|
|
80,056,974
|
|
$
|
458,375
|
|
|
Total Long-Term Investments (cost $428,141,929)
|
|
|
|
|
|
|
|
|
|
|
|
|
439,788,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating Rate Obligations (1.9)%
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,250,000
|
)
|
|
|
|
|
Other Assets Less Liabilities 2.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
10,258,263
|
|
|
|
|
|
Net Assets 100%
|
|
|
|
|
|
|
|
|
|
|
|
$
|
441,796,712
|
|
(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)
|
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.
|
(6)
|
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.
|
(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.
Statement of
Assets and Liabilities
November
30, 2013 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
Louisiana
|
|
|
North Carolina
|
|
|
Tennessee
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments, at value (cost $165,208,723, $112,180,539, $381,458,603 and $428,141,929, respectively)
|
|
$
|
167,297,746
|
|
|
$
|
113,157,114
|
|
|
$
|
393,107,877
|
|
|
$
|
439,788,449
|
|
Cash
|
|
|
|
|
|
|
264,318
|
|
|
|
1,416,952
|
|
|
|
5,276,656
|
|
Receivable for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
|
|
|
2,789,520
|
|
|
|
1,577,237
|
|
|
|
5,958,067
|
|
|
|
5,919,507
|
|
Investments sold
|
|
|
185,000
|
|
|
|
40,000
|
|
|
|
|
|
|
|
222,566
|
|
Shares sold
|
|
|
76,544
|
|
|
|
158,527
|
|
|
|
233,582
|
|
|
|
258,941
|
|
Other assets
|
|
|
142
|
|
|
|
147
|
|
|
|
26,622
|
|
|
|
50,086
|
|
Total assets
|
|
|
170,348,952
|
|
|
|
115,197,343
|
|
|
|
400,743,100
|
|
|
|
451,516,205
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash overdraft
|
|
|
345,620
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Floating rate obligations
|
|
|
3,380,000
|
|
|
|
1,875,000
|
|
|
|
|
|
|
|
8,250,000
|
|
Payable for:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
210,101
|
|
|
|
88,562
|
|
|
|
430,598
|
|
|
|
276,091
|
|
Investments purchased
|
|
|
|
|
|
|
1,962,640
|
|
|
|
|
|
|
|
|
|
Shares redeemed
|
|
|
321,054
|
|
|
|
144,932
|
|
|
|
779,346
|
|
|
|
753,906
|
|
Accrued expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
|
|
70,713
|
|
|
|
47,427
|
|
|
|
166,510
|
|
|
|
183,836
|
|
Trustees fees
|
|
|
679
|
|
|
|
467
|
|
|
|
28,176
|
|
|
|
51,783
|
|
12b-1
distribution and service fees
|
|
|
37,110
|
|
|
|
29,467
|
|
|
|
58,223
|
|
|
|
110,943
|
|
Other
|
|
|
41,398
|
|
|
|
37,787
|
|
|
|
88,712
|
|
|
|
92,934
|
|
Total liabilities
|
|
|
4,406,675
|
|
|
|
4,186,282
|
|
|
|
1,551,565
|
|
|
|
9,719,493
|
|
Net assets
|
|
$
|
165,942,277
|
|
|
$
|
111,011,061
|
|
|
$
|
399,191,535
|
|
|
$
|
441,796,712
|
|
Class A Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
96,521,697
|
|
|
$
|
79,210,410
|
|
|
$
|
174,806,083
|
|
|
$
|
304,269,731
|
|
Shares outstanding
|
|
|
9,053,046
|
|
|
|
7,415,413
|
|
|
|
16,707,120
|
|
|
|
26,692,236
|
|
Net asset value per share
|
|
$
|
10.66
|
|
|
$
|
10.68
|
|
|
$
|
10.46
|
|
|
$
|
11.40
|
|
Offering price per share (net asset value per share plus maximum sales charge of 4.20% of offering
price)
|
|
$
|
11.13
|
|
|
$
|
11.15
|
|
|
$
|
10.92
|
|
|
$
|
11.90
|
|
Class B Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
$
|
618,921
|
|
Shares outstanding
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
54,280
|
|
Net asset value and offering price per share
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
$
|
11.40
|
|
Class C Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
34,365,825
|
|
|
$
|
26,494,565
|
|
|
$
|
47,313,392
|
|
|
$
|
97,038,162
|
|
Shares outstanding
|
|
|
3,234,463
|
|
|
|
2,490,121
|
|
|
|
4,523,592
|
|
|
|
8,523,699
|
|
Net asset value and offering price per share
|
|
$
|
10.62
|
|
|
$
|
10.64
|
|
|
$
|
10.46
|
|
|
$
|
11.38
|
|
Class I Shares
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets
|
|
$
|
35,054,755
|
|
|
$
|
5,306,086
|
|
|
$
|
177,072,060
|
|
|
$
|
39,869,898
|
|
Shares outstanding
|
|
|
3,300,864
|
|
|
|
495,402
|
|
|
|
16,871,271
|
|
|
|
3,501,876
|
|
Net asset value and offering price per share
|
|
$
|
10.62
|
|
|
$
|
10.71
|
|
|
$
|
10.50
|
|
|
$
|
11.39
|
|
Net assets consist of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
paid-in
|
|
$
|
170,071,620
|
|
|
$
|
113,958,246
|
|
|
$
|
396,382,782
|
|
|
$
|
430,564,383
|
|
Undistributed (Over-distribution of) net investment income
|
|
|
246,768
|
|
|
|
263,917
|
|
|
|
184,995
|
|
|
|
1,227,918
|
|
Accumulated net realized gain (loss)
|
|
|
(6,465,134
|
)
|
|
|
(4,187,677
|
)
|
|
|
(9,025,516
|
)
|
|
|
(1,642,109
|
)
|
Net unrealized appreciation (depreciation)
|
|
|
2,089,023
|
|
|
|
976,575
|
|
|
|
11,649,274
|
|
|
|
11,646,520
|
|
Net assets
|
|
$
|
165,942,277
|
|
|
$
|
111,011,061
|
|
|
$
|
399,191,535
|
|
|
$
|
441,796,712
|
|
Authorized shares per class
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
|
|
Unlimited
|
|
Par value per share
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
|
$
|
0.01
|
|
N/A Fund
|
does not, or no longer, offers Class B Shares. Class B Shares of Georgia and North Carolina 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
Louisiana
|
|
|
North Carolina
|
|
|
Tennessee
|
|
Investment Income
|
|
$
|
4,093,981
|
|
|
$
|
2,973,293
|
|
|
$
|
9,323,568
|
|
|
$
|
10,167,643
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Management fees
|
|
|
444,835
|
|
|
|
309,617
|
|
|
|
1,072,536
|
|
|
|
1,174,970
|
|
12b-1
service fees Class A
(1)
|
|
|
102,202
|
|
|
|
84,132
|
|
|
|
183,459
|
|
|
|
322,695
|
|
12b-1
distribution and service fees Class B
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
3,397
|
|
12b-1
distribution and service fees Class C
|
|
|
132,799
|
|
|
|
109,400
|
|
|
|
192,640
|
|
|
|
391,532
|
|
Shareholder servicing agent fees and expenses
|
|
|
31,812
|
|
|
|
30,605
|
|
|
|
104,481
|
|
|
|
100,899
|
|
Interest expense
|
|
|
7,304
|
|
|
|
5,445
|
|
|
|
19,049
|
|
|
|
23,960
|
|
Custodian fees and expenses
|
|
|
17,758
|
|
|
|
15,757
|
|
|
|
40,439
|
|
|
|
48,641
|
|
Trustees fees and expenses
|
|
|
2,474
|
|
|
|
1,715
|
|
|
|
6,138
|
|
|
|
6,720
|
|
Professional fees
|
|
|
15,900
|
|
|
|
14,904
|
|
|
|
20,946
|
|
|
|
22,228
|
|
Shareholder reporting expenses
|
|
|
11,165
|
|
|
|
9,921
|
|
|
|
21,688
|
|
|
|
25,849
|
|
Federal and state registration fees
|
|
|
2,800
|
|
|
|
2,654
|
|
|
|
4,262
|
|
|
|
5,530
|
|
Other expenses
|
|
|
3,814
|
|
|
|
3,106
|
|
|
|
6,570
|
|
|
|
6,822
|
|
Total expenses
|
|
|
772,863
|
|
|
|
587,256
|
|
|
|
1,672,208
|
|
|
|
2,133,243
|
|
Net investment income (loss)
|
|
|
3,321,118
|
|
|
|
2,386,037
|
|
|
|
7,651,360
|
|
|
|
8,034,400
|
|
Realized and Unrealized Gain (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gain (loss) from investments
|
|
|
151,468
|
|
|
|
(1,874,237
|
)
|
|
|
(1,169,845
|
)
|
|
|
(3,240,269
|
)
|
Change in net unrealized appreciation (depreciation) of investments
|
|
|
(9,604,891
|
)
|
|
|
(5,963,305
|
)
|
|
|
(24,186,449
|
)
|
|
|
(24,645,680
|
)
|
Net realized and unrealized gain (loss)
|
|
|
(9,453,423
|
)
|
|
|
(7,837,542
|
)
|
|
|
(25,356,294
|
)
|
|
|
(27,885,949
|
)
|
Net increase (decrease) in net assets from operations
|
|
$
|
(6,132,305
|
)
|
|
$
|
(5,451,505
|
)
|
|
$
|
(17,704,934
|
)
|
|
$
|
(19,851,549
|
)
|
N/A Fund does not, or no longer, offers Class B Shares.
(1)
|
12b-1 service fees for Georgia and North Carolina include 12b-1 distribution and service fees incurred on Class B Shares during the period. Class B Shares of Georgia and North
Carolina 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
|
|
Louisiana
|
|
|
|
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)
|
|
$
|
3,321,118
|
|
|
$
|
6,847,453
|
|
|
|
|
$
|
2,386,037
|
|
|
$
|
4,731,238
|
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
151,468
|
|
|
|
244,399
|
|
|
|
|
|
(1,874,237
|
)
|
|
|
(126,154
|
)
|
Forward swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in net unrealized appreciation (depreciation) of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
(9,604,891
|
)
|
|
|
818,700
|
|
|
|
|
|
(5,963,305
|
)
|
|
|
(877,122
|
)
|
Forward swaps
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets from operations
|
|
|
(6,132,305
|
)
|
|
|
7,910,552
|
|
|
|
|
|
(5,451,505
|
)
|
|
|
3,727,962
|
|
Distributions to Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A
(1)
|
|
|
(1,859,802
|
)
|
|
|
(4,081,676
|
)
|
|
|
|
|
(1,628,054
|
)
|
|
|
(3,427,212
|
)
|
Class B
|
|
|
N/A
|
|
|
|
(28,350
|
)
|
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Class C
|
|
|
(558,147
|
)
|
|
|
(1,184,287
|
)
|
|
|
|
|
(485,043
|
)
|
|
|
(1,025,234
|
)
|
Class I
|
|
|
(718,663
|
)
|
|
|
(1,662,549
|
)
|
|
|
|
|
(126,974
|
)
|
|
|
(275,852
|
)
|
From accumulated net realized gains:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Class C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decrease in net assets from distributions to shareholders
|
|
|
(3,136,612
|
)
|
|
|
(6,956,862
|
)
|
|
|
|
|
(2,240,071
|
)
|
|
|
(4,728,298
|
)
|
Fund Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
9,733,630
|
|
|
|
33,493,765
|
|
|
|
|
|
4,190,654
|
|
|
|
40,014,416
|
|
Proceeds from shares issued to shareholders due to reinvestment
of distributions
|
|
|
1,815,090
|
|
|
|
3,796,651
|
|
|
|
|
|
1,668,469
|
|
|
|
3,285,648
|
|
|
|
|
11,548,720
|
|
|
|
37,290,416
|
|
|
|
|
|
5,859,123
|
|
|
|
43,300,064
|
|
Cost of shares redeemed
|
|
|
(26,441,592
|
)
|
|
|
(31,527,252
|
)
|
|
|
|
|
(24,292,849
|
)
|
|
|
(18,269,382
|
)
|
Net increase (decrease) in net assets from Fund share transactions
|
|
|
(14,892,872
|
)
|
|
|
5,763,164
|
|
|
|
|
|
(18,433,726
|
)
|
|
|
25,030,682
|
|
Net increase (decrease) in net assets
|
|
|
(24,161,789
|
)
|
|
|
6,716,854
|
|
|
|
|
|
(26,125,302
|
)
|
|
|
24,030,346
|
|
Net assets at the beginning of period
|
|
|
190,104,066
|
|
|
|
183,387,212
|
|
|
|
|
|
137,136,363
|
|
|
|
113,106,017
|
|
Net assets at the end of period
|
|
$
|
165,942,277
|
|
|
$
|
190,104,066
|
|
|
|
|
$
|
111,011,061
|
|
|
$
|
137,136,363
|
|
Undistributed (Over-distribution of) net investment income at the end of
period
|
|
$
|
246,768
|
|
|
$
|
62,262
|
|
|
|
|
$
|
263,917
|
|
|
$
|
117,951
|
|
N/A
|
Fund does not, or no longer, offers Class B Shares.
|
(1)
|
Includes distributions to shareholders on Georgias Class B Shares during the period. Class B Shares of Georgia 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina
|
|
|
|
|
Tennessee
|
|
|
|
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)
|
|
$
|
7,651,360
|
|
|
$
|
16,514,419
|
|
|
|
|
$
|
8,034,400
|
|
|
$
|
16,188,151
|
|
Net realized gain (loss) from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
(1,169,845
|
)
|
|
|
495,374
|
|
|
|
|
|
(3,240,269
|
)
|
|
|
2,521,628
|
|
Forward swaps
|
|
|
|
|
|
|
20,000
|
|
|
|
|
|
|
|
|
|
|
|
Change in net unrealized appreciation (depreciation) of:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments
|
|
|
(24,186,449
|
)
|
|
|
(2,090,060
|
)
|
|
|
|
|
(24,645,680
|
)
|
|
|
(1,257,369
|
)
|
Forward swaps
|
|
|
|
|
|
|
462,608
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net assets from operations
|
|
|
(17,704,934
|
)
|
|
|
15,402,341
|
|
|
|
|
|
(19,851,549
|
)
|
|
|
17,452,410
|
|
Distributions to Shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A
(1)
|
|
|
(3,266,170
|
)
|
|
|
(6,851,875
|
)
|
|
|
|
|
(5,411,646
|
)
|
|
|
(11,827,823
|
)
|
Class B
|
|
|
N/A
|
|
|
|
(25,592
|
)
|
|
|
|
|
(9,196
|
)
|
|
|
(32,781
|
)
|
Class C
|
|
|
(777,186
|
)
|
|
|
(1,662,454
|
)
|
|
|
|
|
(1,453,062
|
)
|
|
|
(3,167,829
|
)
|
Class I
|
|
|
(3,618,933
|
)
|
|
|
(8,536,198
|
)
|
|
|
|
|
(698,160
|
)
|
|
|
(1,110,185
|
)
|
From accumulated net realized gains:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,813,406
|
)
|
Class B
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5,998
|
)
|
Class C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(593,568
|
)
|
Class I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(163,607
|
)
|
Decrease in net assets from distributions to shareholders
|
|
|
(7,662,289
|
)
|
|
|
(17,076,119
|
)
|
|
|
|
|
(7,572,064
|
)
|
|
|
(18,715,197
|
)
|
Fund Share Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale of shares
|
|
|
57,377,635
|
|
|
|
112,883,343
|
|
|
|
|
|
33,908,448
|
|
|
|
110,960,731
|
|
Proceeds from shares issued to shareholders due to reinvestment
of distributions
|
|
|
4,788,798
|
|
|
|
9,600,568
|
|
|
|
|
|
5,847,560
|
|
|
|
13,593,941
|
|
|
|
|
62,166,433
|
|
|
|
122,483,911
|
|
|
|
|
|
39,756,008
|
|
|
|
124,554,672
|
|
Cost of shares redeemed
|
|
|
(117,094,254
|
)
|
|
|
(80,335,475
|
)
|
|
|
|
|
(96,466,884
|
)
|
|
|
(55,413,382
|
)
|
Net increase (decrease) in net assets from Fund share transactions
|
|
|
(54,927,821
|
)
|
|
|
42,148,436
|
|
|
|
|
|
(56,710,876
|
)
|
|
|
69,141,290
|
|
Net increase (decrease) in net assets
|
|
|
(80,295,044
|
)
|
|
|
40,474,658
|
|
|
|
|
|
(84,134,489
|
)
|
|
|
67,878,503
|
|
Net assets at the beginning of period
|
|
|
479,486,579
|
|
|
|
439,011,921
|
|
|
|
|
|
525,931,201
|
|
|
|
458,052,698
|
|
Net assets at the end of period
|
|
$
|
399,191,535
|
|
|
$
|
479,486,579
|
|
|
|
|
$
|
441,796,712
|
|
|
$
|
525,931,201
|
|
Undistributed (Over-distribution of) net investment income at the end of period
|
|
$
|
184,995
|
|
|
$
|
195,924
|
|
|
|
|
$
|
1,227,918
|
|
|
$
|
765,582
|
|
N/A Fund no longer offers Class B Shares.
(1) Includes distributions to shareholders on North Carolinas Class B Shares during the period.
Class B Shares of North Carolina 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GEORGIA
|
|
|
|
|
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)
|
|
$
|
11.20
|
|
|
$
|
.21
|
|
|
$
|
(.55
|
)
|
|
$
|
(.34
|
)
|
|
|
|
$
|
(.20
|
)
|
|
$
|
|
|
|
$
|
(.20
|
)
|
|
$
|
10.66
|
|
2013
|
|
|
11.14
|
|
|
|
.41
|
|
|
|
.07
|
|
|
|
.48
|
|
|
|
|
|
(.42
|
)
|
|
|
|
|
|
|
(.42
|
)
|
|
|
11.20
|
|
2012
|
|
|
10.46
|
|
|
|
.44
|
|
|
|
.68
|
|
|
|
1.12
|
|
|
|
|
|
(.44
|
)
|
|
|
|
|
|
|
(.44
|
)
|
|
|
11.14
|
|
2011
|
|
|
10.66
|
|
|
|
.45
|
|
|
|
(.21
|
)
|
|
|
.24
|
|
|
|
|
|
(.44
|
)
|
|
|
|
|
|
|
(.44
|
)
|
|
|
10.46
|
|
2010
|
|
|
10.27
|
|
|
|
.44
|
|
|
|
.39
|
|
|
|
.83
|
|
|
|
|
|
(.44
|
)
|
|
|
|
|
|
|
(.44
|
)
|
|
|
10.66
|
|
2009
|
|
|
10.66
|
|
|
|
.44
|
|
|
|
(.40
|
)
|
|
|
.04
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
10.27
|
|
Class C (1/94)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.17
|
|
|
|
.18
|
|
|
|
(.56
|
)
|
|
|
(.38
|
)
|
|
|
|
|
(.17
|
)
|
|
|
|
|
|
|
(.17
|
)
|
|
|
10.62
|
|
2013
|
|
|
11.10
|
|
|
|
.35
|
|
|
|
.08
|
|
|
|
.43
|
|
|
|
|
|
(.36
|
)
|
|
|
|
|
|
|
(.36
|
)
|
|
|
11.17
|
|
2012
|
|
|
10.43
|
|
|
|
.38
|
|
|
|
.67
|
|
|
|
1.05
|
|
|
|
|
|
(.38
|
)
|
|
|
|
|
|
|
(.38
|
)
|
|
|
11.10
|
|
2011
|
|
|
10.63
|
|
|
|
.39
|
|
|
|
(.21
|
)
|
|
|
.18
|
|
|
|
|
|
(.38
|
)
|
|
|
|
|
|
|
(.38
|
)
|
|
|
10.43
|
|
2010
|
|
|
10.24
|
|
|
|
.38
|
|
|
|
.39
|
|
|
|
.77
|
|
|
|
|
|
(.38
|
)
|
|
|
|
|
|
|
(.38
|
)
|
|
|
10.63
|
|
2009
|
|
|
10.63
|
|
|
|
.39
|
|
|
|
(.41
|
)
|
|
|
(.02
|
)
|
|
|
|
|
(.37
|
)
|
|
|
|
|
|
|
(.37
|
)
|
|
|
10.24
|
|
Class I (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.16
|
|
|
|
.22
|
|
|
|
(.55
|
)
|
|
|
(.33
|
)
|
|
|
|
|
(.21
|
)
|
|
|
|
|
|
|
(.21
|
)
|
|
|
10.62
|
|
2013
|
|
|
11.10
|
|
|
|
.44
|
|
|
|
.06
|
|
|
|
.50
|
|
|
|
|
|
(.44
|
)
|
|
|
|
|
|
|
(.44
|
)
|
|
|
11.16
|
|
2012
|
|
|
10.43
|
|
|
|
.46
|
|
|
|
.67
|
|
|
|
1.13
|
|
|
|
|
|
(.46
|
)
|
|
|
|
|
|
|
(.46
|
)
|
|
|
11.10
|
|
2011
|
|
|
10.63
|
|
|
|
.47
|
|
|
|
(.21
|
)
|
|
|
.26
|
|
|
|
|
|
(.46
|
)
|
|
|
|
|
|
|
(.46
|
)
|
|
|
10.43
|
|
2010
|
|
|
10.24
|
|
|
|
.46
|
|
|
|
.39
|
|
|
|
.85
|
|
|
|
|
|
(.46
|
)
|
|
|
|
|
|
|
(.46
|
)
|
|
|
10.63
|
|
2009
|
|
|
10.63
|
|
|
|
.46
|
|
|
|
(.40
|
)
|
|
|
.06
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
10.24
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratios/Supplemental Data
|
|
|
|
|
|
|
|
|
|
Ratios to Average
Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Return(b)
|
|
|
Ending
Net
Assets
(000)
|
|
|
|
|
Expenses
Including
Interest(c)
|
|
|
Expenses
Excluding
Interest
|
|
|
Net
Invest ment
Income
(Loss)
|
|
|
Portfolio
Turnover
Rate(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.04
|
)%
|
|
$
|
96,522
|
|
|
|
|
|
.82
|
%*
|
|
|
.81
|
%*
|
|
|
3.92
|
%*
|
|
|
1
|
%
|
|
4.34
|
|
|
|
109,963
|
|
|
|
|
|
.81
|
|
|
|
.80
|
|
|
|
3.67
|
|
|
|
10
|
|
|
10.89
|
|
|
|
104,821
|
|
|
|
|
|
.84
|
|
|
|
.83
|
|
|
|
4.03
|
|
|
|
16
|
|
|
2.30
|
|
|
|
96,309
|
|
|
|
|
|
.83
|
|
|
|
.82
|
|
|
|
4.28
|
|
|
|
3
|
|
|
8.21
|
|
|
|
108,590
|
|
|
|
|
|
.84
|
|
|
|
.83
|
|
|
|
4.19
|
|
|
|
6
|
|
|
.53
|
|
|
|
104,963
|
|
|
|
|
|
.86
|
|
|
|
.83
|
|
|
|
4.40
|
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.41
|
)
|
|
|
34,366
|
|
|
|
|
|
1.37
|
*
|
|
|
1.36
|
*
|
|
|
3.37
|
*
|
|
|
1
|
|
|
3.90
|
|
|
|
38,589
|
|
|
|
|
|
1.36
|
|
|
|
1.35
|
|
|
|
3.12
|
|
|
|
10
|
|
|
10.24
|
|
|
|
34,504
|
|
|
|
|
|
1.39
|
|
|
|
1.38
|
|
|
|
3.48
|
|
|
|
16
|
|
|
1.75
|
|
|
|
31,425
|
|
|
|
|
|
1.38
|
|
|
|
1.37
|
|
|
|
3.73
|
|
|
|
3
|
|
|
7.68
|
|
|
|
34,199
|
|
|
|
|
|
1.39
|
|
|
|
1.38
|
|
|
|
3.64
|
|
|
|
6
|
|
|
(.04
|
)
|
|
|
30,338
|
|
|
|
|
|
1.41
|
|
|
|
1.38
|
|
|
|
3.86
|
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2.95
|
)
|
|
|
35,055
|
|
|
|
|
|
.62
|
*
|
|
|
.61
|
*
|
|
|
4.11
|
*
|
|
|
1
|
|
|
4.58
|
|
|
|
40,839
|
|
|
|
|
|
.61
|
|
|
|
.60
|
|
|
|
3.87
|
|
|
|
10
|
|
|
11.07
|
|
|
|
42,782
|
|
|
|
|
|
.64
|
|
|
|
.63
|
|
|
|
4.23
|
|
|
|
16
|
|
|
2.54
|
|
|
|
43,068
|
|
|
|
|
|
.63
|
|
|
|
.62
|
|
|
|
4.47
|
|
|
|
3
|
|
|
8.48
|
|
|
|
45,772
|
|
|
|
|
|
.64
|
|
|
|
.63
|
|
|
|
4.39
|
|
|
|
6
|
|
|
.77
|
|
|
|
49,861
|
|
|
|
|
|
.66
|
|
|
|
.63
|
|
|
|
4.60
|
|
|
|
13
|
|
(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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LOUISIANA
|
|
|
|
|
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 (9/89)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
$
|
11.32
|
|
|
$
|
.22
|
|
|
$
|
(.65
|
)
|
|
$
|
(.43
|
)
|
|
|
|
$
|
(.21
|
)
|
|
$
|
|
|
|
$
|
(.21
|
)
|
|
$
|
10.68
|
|
2013
|
|
|
11.38
|
|
|
|
.44
|
|
|
|
(.06
|
)
|
|
|
.38
|
|
|
|
|
|
(.44
|
)
|
|
|
|
|
|
|
(.44
|
)
|
|
|
11.32
|
|
2012
|
|
|
10.55
|
|
|
|
.47
|
|
|
|
.83
|
|
|
|
1.30
|
|
|
|
|
|
(.47
|
)
|
|
|
|
|
|
|
(.47
|
)
|
|
|
11.38
|
|
2011
|
|
|
10.58
|
|
|
|
.46
|
|
|
|
(.02
|
)
|
|
|
.44
|
|
|
|
|
|
(.47
|
)
|
|
|
|
|
|
|
(.47
|
)
|
|
|
10.55
|
|
2010
|
|
|
9.96
|
|
|
|
.46
|
|
|
|
.63
|
|
|
|
1.09
|
|
|
|
|
|
(.47
|
)
|
|
|
|
|
|
|
(.47
|
)
|
|
|
10.58
|
|
2009
|
|
|
10.83
|
|
|
|
.48
|
|
|
|
(.85
|
)
|
|
|
(.37
|
)
|
|
|
|
|
(.47
|
)
|
|
|
(.03
|
)
|
|
|
(.50
|
)
|
|
|
9.96
|
|
Class C (2/94)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.28
|
|
|
|
.19
|
|
|
|
(.65
|
)
|
|
|
(.46
|
)
|
|
|
|
|
(.18
|
)
|
|
|
|
|
|
|
(.18
|
)
|
|
|
10.64
|
|
2013
|
|
|
11.34
|
|
|
|
.37
|
|
|
|
(.05
|
)
|
|
|
.32
|
|
|
|
|
|
(.38
|
)
|
|
|
|
|
|
|
(.38
|
)
|
|
|
11.28
|
|
2012
|
|
|
10.51
|
|
|
|
.41
|
|
|
|
.83
|
|
|
|
1.24
|
|
|
|
|
|
(.41
|
)
|
|
|
|
|
|
|
(.41
|
)
|
|
|
11.34
|
|
2011
|
|
|
10.54
|
|
|
|
.41
|
|
|
|
(.03
|
)
|
|
|
.38
|
|
|
|
|
|
(.41
|
)
|
|
|
|
|
|
|
(.41
|
)
|
|
|
10.51
|
|
2010
|
|
|
9.93
|
|
|
|
.40
|
|
|
|
.62
|
|
|
|
1.02
|
|
|
|
|
|
(.41
|
)
|
|
|
|
|
|
|
(.41
|
)
|
|
|
10.54
|
|
2009
|
|
|
10.80
|
|
|
|
.43
|
|
|
|
(.86
|
)
|
|
|
(.43
|
)
|
|
|
|
|
(.41
|
)
|
|
|
(.03
|
)
|
|
|
(.44
|
)
|
|
|
9.93
|
|
Class I (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.35
|
|
|
|
.23
|
|
|
|
(.65
|
)
|
|
|
(.42
|
)
|
|
|
|
|
(.22
|
)
|
|
|
|
|
|
|
(.22
|
)
|
|
|
10.71
|
|
2013
|
|
|
11.41
|
|
|
|
.46
|
|
|
|
(.06
|
)
|
|
|
.40
|
|
|
|
|
|
(.46
|
)
|
|
|
|
|
|
|
(.46
|
)
|
|
|
11.35
|
|
2012
|
|
|
10.58
|
|
|
|
.49
|
|
|
|
.83
|
|
|
|
1.32
|
|
|
|
|
|
(.49
|
)
|
|
|
|
|
|
|
(.49
|
)
|
|
|
11.41
|
|
2011
|
|
|
10.61
|
|
|
|
.48
|
|
|
|
(.02
|
)
|
|
|
.46
|
|
|
|
|
|
(.49
|
)
|
|
|
|
|
|
|
(.49
|
)
|
|
|
10.58
|
|
2010
|
|
|
9.99
|
|
|
|
.48
|
|
|
|
.63
|
|
|
|
1.11
|
|
|
|
|
|
(.49
|
)
|
|
|
|
|
|
|
(.49
|
)
|
|
|
10.61
|
|
2009
|
|
|
10.86
|
|
|
|
.49
|
|
|
|
(.84
|
)
|
|
|
(.35
|
)
|
|
|
|
|
(.49
|
)
|
|
|
(.03
|
)
|
|
|
(.52
|
)
|
|
|
9.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.80
|
)%
|
|
$
|
79,210
|
|
|
|
|
|
.86
|
%*
|
|
|
.85
|
%*
|
|
|
4.12
|
%*
|
|
|
15
|
%
|
|
3.35
|
|
|
|
95,749
|
|
|
|
|
|
.85
|
|
|
|
.84
|
|
|
|
3.83
|
|
|
|
13
|
|
|
12.53
|
|
|
|
81,109
|
|
|
|
|
|
.87
|
|
|
|
.86
|
|
|
|
4.31
|
|
|
|
33
|
|
|
4.27
|
|
|
|
69,299
|
|
|
|
|
|
.84
|
|
|
|
.84
|
|
|
|
4.44
|
|
|
|
17
|
|
|
11.14
|
|
|
|
69,510
|
|
|
|
|
|
.86
|
|
|
|
.86
|
|
|
|
4.47
|
|
|
|
14
|
|
|
(3.30
|
)
|
|
|
64,722
|
|
|
|
|
|
.95
|
|
|
|
.87
|
|
|
|
4.86
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.08
|
)
|
|
|
26,495
|
|
|
|
|
|
1.41
|
*
|
|
|
1.40
|
*
|
|
|
3.57
|
*
|
|
|
15
|
|
|
2.82
|
|
|
|
33,593
|
|
|
|
|
|
1.40
|
|
|
|
1.39
|
|
|
|
3.27
|
|
|
|
13
|
|
|
11.97
|
|
|
|
26,990
|
|
|
|
|
|
1.42
|
|
|
|
1.41
|
|
|
|
3.74
|
|
|
|
33
|
|
|
3.70
|
|
|
|
21,819
|
|
|
|
|
|
1.39
|
|
|
|
1.39
|
|
|
|
3.89
|
|
|
|
17
|
|
|
10.49
|
|
|
|
21,609
|
|
|
|
|
|
1.41
|
|
|
|
1.41
|
|
|
|
3.91
|
|
|
|
14
|
|
|
(3.83
|
)
|
|
|
14,929
|
|
|
|
|
|
1.50
|
|
|
|
1.42
|
|
|
|
4.30
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.68
|
)
|
|
|
5,306
|
|
|
|
|
|
.66
|
*
|
|
|
.65
|
*
|
|
|
4.32
|
*
|
|
|
15
|
|
|
3.55
|
|
|
|
7,794
|
|
|
|
|
|
.65
|
|
|
|
.64
|
|
|
|
4.01
|
|
|
|
13
|
|
|
12.74
|
|
|
|
5,007
|
|
|
|
|
|
.67
|
|
|
|
.66
|
|
|
|
4.47
|
|
|
|
33
|
|
|
4.49
|
|
|
|
3,305
|
|
|
|
|
|
.64
|
|
|
|
.64
|
|
|
|
4.61
|
|
|
|
17
|
|
|
11.35
|
|
|
|
3,109
|
|
|
|
|
|
.66
|
|
|
|
.66
|
|
|
|
4.62
|
|
|
|
14
|
|
|
(3.09
|
)
|
|
|
857
|
|
|
|
|
|
.78
|
|
|
|
.70
|
|
|
|
4.93
|
|
|
|
5
|
|
(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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NORTH CAROLINA
|
|
|
|
|
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)
|
|
$
|
11.04
|
|
|
$
|
.19
|
|
|
$
|
(.58
|
)
|
|
$
|
(.39
|
)
|
|
|
|
$
|
(.19
|
)
|
|
$
|
|
|
|
$
|
(.19
|
)
|
|
$
|
10.46
|
|
2013
|
|
|
11.07
|
|
|
|
.39
|
|
|
|
(.02
|
)
|
|
|
.37
|
|
|
|
|
|
(.40
|
)
|
|
|
|
|
|
|
(.40
|
)
|
|
|
11.04
|
|
2012
|
|
|
10.36
|
|
|
|
.41
|
|
|
|
.71
|
|
|
|
1.12
|
|
|
|
|
|
(.41
|
)
|
|
|
|
|
|
|
(.41
|
)
|
|
|
11.07
|
|
2011
|
|
|
10.53
|
|
|
|
.42
|
|
|
|
(.18
|
)
|
|
|
.24
|
|
|
|
|
|
(.41
|
)
|
|
|
|
|
|
|
(.41
|
)
|
|
|
10.36
|
|
2010
|
|
|
10.02
|
|
|
|
.42
|
|
|
|
.49
|
|
|
|
.91
|
|
|
|
|
|
(.40
|
)
|
|
|
|
|
|
|
(.40
|
)
|
|
|
10.53
|
|
2009
|
|
|
10.21
|
|
|
|
.41
|
|
|
|
(.20
|
)
|
|
|
.21
|
|
|
|
|
|
(.40
|
)
|
|
|
|
|
|
|
(.40
|
)
|
|
|
10.02
|
|
Class C (10/93)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.04
|
|
|
|
.16
|
|
|
|
(.58
|
)
|
|
|
(.42
|
)
|
|
|
|
|
(.16
|
)
|
|
|
|
|
|
|
(.16
|
)
|
|
|
10.46
|
|
2013
|
|
|
11.07
|
|
|
|
.33
|
|
|
|
(.02
|
)
|
|
|
.31
|
|
|
|
|
|
(.34
|
)
|
|
|
|
|
|
|
(.34
|
)
|
|
|
11.04
|
|
2012
|
|
|
10.36
|
|
|
|
.35
|
|
|
|
.72
|
|
|
|
1.07
|
|
|
|
|
|
(.36
|
)
|
|
|
|
|
|
|
(.36
|
)
|
|
|
11.07
|
|
2011
|
|
|
10.53
|
|
|
|
.36
|
|
|
|
(.18
|
)
|
|
|
.18
|
|
|
|
|
|
(.35
|
)
|
|
|
|
|
|
|
(.35
|
)
|
|
|
10.36
|
|
2010
|
|
|
10.03
|
|
|
|
.36
|
|
|
|
.49
|
|
|
|
.85
|
|
|
|
|
|
(.35
|
)
|
|
|
|
|
|
|
(.35
|
)
|
|
|
10.53
|
|
2009
|
|
|
10.22
|
|
|
|
.36
|
|
|
|
(.20
|
)
|
|
|
.16
|
|
|
|
|
|
(.35
|
)
|
|
|
|
|
|
|
(.35
|
)
|
|
|
10.03
|
|
Class I (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
11.08
|
|
|
|
.20
|
|
|
|
(.58
|
)
|
|
|
(.38
|
)
|
|
|
|
|
(.20
|
)
|
|
|
|
|
|
|
(.20
|
)
|
|
|
10.50
|
|
2013
|
|
|
11.10
|
|
|
|
.41
|
|
|
|
|
*
|
|
|
.41
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
11.08
|
|
2012
|
|
|
10.40
|
|
|
|
.44
|
|
|
|
.70
|
|
|
|
1.14
|
|
|
|
|
|
(.44
|
)
|
|
|
|
|
|
|
(.44
|
)
|
|
|
11.10
|
|
2011
|
|
|
10.57
|
|
|
|
.44
|
|
|
|
(.18
|
)
|
|
|
.26
|
|
|
|
|
|
(.43
|
)
|
|
|
|
|
|
|
(.43
|
)
|
|
|
10.40
|
|
2010
|
|
|
10.05
|
|
|
|
.44
|
|
|
|
.50
|
|
|
|
.94
|
|
|
|
|
|
(.42
|
)
|
|
|
|
|
|
|
(.42
|
)
|
|
|
10.57
|
|
2009
|
|
|
10.25
|
|
|
|
.43
|
|
|
|
(.21
|
)
|
|
|
.22
|
|
|
|
|
|
(.42
|
)
|
|
|
|
|
|
|
(.42
|
)
|
|
|
10.05
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.53
|
)%
|
|
$
|
174,806
|
|
|
|
|
|
.81
|
%**
|
|
|
.80
|
%**
|
|
|
3.57
|
%**
|
|
|
6
|
%
|
|
3.37
|
|
|
|
197,820
|
|
|
|
|
|
.80
|
|
|
|
.78
|
|
|
|
3.47
|
|
|
|
10
|
|
|
11.04
|
|
|
|
176,927
|
|
|
|
|
|
.81
|
|
|
|
.80
|
|
|
|
3.85
|
|
|
|
9
|
|
|
2.30
|
|
|
|
158,176
|
|
|
|
|
|
.80
|
|
|
|
.79
|
|
|
|
4.06
|
|
|
|
5
|
|
|
9.26
|
|
|
|
179,633
|
|
|
|
|
|
.82
|
|
|
|
.80
|
|
|
|
4.03
|
|
|
|
9
|
|
|
2.27
|
|
|
|
151,627
|
|
|
|
|
|
.87
|
|
|
|
.81
|
|
|
|
4.20
|
|
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.80
|
)
|
|
|
47,313
|
|
|
|
|
|
1.36
|
**
|
|
|
1.35
|
**
|
|
|
3.03
|
**
|
|
|
6
|
|
|
2.82
|
|
|
|
57,987
|
|
|
|
|
|
1.35
|
|
|
|
1.33
|
|
|
|
2.92
|
|
|
|
10
|
|
|
10.47
|
|
|
|
49,381
|
|
|
|
|
|
1.36
|
|
|
|
1.35
|
|
|
|
3.30
|
|
|
|
9
|
|
|
1.77
|
|
|
|
42,587
|
|
|
|
|
|
1.35
|
|
|
|
1.34
|
|
|
|
3.51
|
|
|
|
5
|
|
|
8.58
|
|
|
|
43,056
|
|
|
|
|
|
1.37
|
|
|
|
1.35
|
|
|
|
3.48
|
|
|
|
9
|
|
|
1.71
|
|
|
|
37,953
|
|
|
|
|
|
1.42
|
|
|
|
1.36
|
|
|
|
3.66
|
|
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.42
|
)
|
|
|
177,072
|
|
|
|
|
|
.61
|
**
|
|
|
.60
|
**
|
|
|
3.77
|
**
|
|
|
6
|
|
|
3.67
|
|
|
|
223,051
|
|
|
|
|
|
.60
|
|
|
|
.58
|
|
|
|
3.67
|
|
|
|
10
|
|
|
11.15
|
|
|
|
211,559
|
|
|
|
|
|
.61
|
|
|
|
.60
|
|
|
|
4.05
|
|
|
|
9
|
|
|
2.53
|
|
|
|
197,520
|
|
|
|
|
|
.60
|
|
|
|
.59
|
|
|
|
4.26
|
|
|
|
5
|
|
|
9.56
|
|
|
|
214,030
|
|
|
|
|
|
.62
|
|
|
|
.60
|
|
|
|
4.23
|
|
|
|
9
|
|
|
2.36
|
|
|
|
173,940
|
|
|
|
|
|
.67
|
|
|
|
.61
|
|
|
|
4.40
|
|
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TENNESSEE
|
|
|
|
|
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 (11/87)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
$
|
12.02
|
|
|
$
|
.20
|
|
|
$
|
(.63
|
)
|
|
$
|
(.43
|
)
|
|
|
|
$
|
(.19
|
)
|
|
$
|
|
|
|
$
|
(.19
|
)
|
|
$
|
11.40
|
|
2013
|
|
|
12.04
|
|
|
|
.41
|
|
|
|
.03
|
|
|
|
.44
|
|
|
|
|
|
(.40
|
)
|
|
|
(.06
|
)
|
|
|
(.46
|
)
|
|
|
12.02
|
|
2012
|
|
|
11.24
|
|
|
|
.45
|
|
|
|
.83
|
|
|
|
1.28
|
|
|
|
|
|
(.45
|
)
|
|
|
(.03
|
)
|
|
|
(.48
|
)
|
|
|
12.04
|
|
2011
|
|
|
11.40
|
|
|
|
.46
|
|
|
|
(.17
|
)
|
|
|
.29
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
11.24
|
|
2010
|
|
|
10.91
|
|
|
|
.46
|
|
|
|
.48
|
|
|
|
.94
|
|
|
|
|
|
(.45
|
)
|
|
|
|
|
|
|
(.45
|
)
|
|
|
11.40
|
|
2009
|
|
|
11.12
|
|
|
|
.46
|
|
|
|
(.15
|
)
|
|
|
.31
|
|
|
|
|
|
(.45
|
)
|
|
|
(.07
|
)
|
|
|
(.52
|
)
|
|
|
10.91
|
|
Class B (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
12.03
|
|
|
|
.16
|
|
|
|
(.64
|
)
|
|
|
(.48
|
)
|
|
|
|
|
(.15
|
)
|
|
|
|
|
|
|
(.15
|
)
|
|
|
11.40
|
|
2013
|
|
|
12.04
|
|
|
|
.32
|
|
|
|
.05
|
|
|
|
.37
|
|
|
|
|
|
(.32
|
)
|
|
|
(.06
|
)
|
|
|
(.38
|
)
|
|
|
12.03
|
|
2012
|
|
|
11.24
|
|
|
|
.36
|
|
|
|
.83
|
|
|
|
1.19
|
|
|
|
|
|
(.36
|
)
|
|
|
(.03
|
)
|
|
|
(.39
|
)
|
|
|
12.04
|
|
2011
|
|
|
11.40
|
|
|
|
.38
|
|
|
|
(.17
|
)
|
|
|
.21
|
|
|
|
|
|
(.37
|
)
|
|
|
|
|
|
|
(.37
|
)
|
|
|
11.24
|
|
2010
|
|
|
10.91
|
|
|
|
.38
|
|
|
|
.48
|
|
|
|
.86
|
|
|
|
|
|
(.37
|
)
|
|
|
|
|
|
|
(.37
|
)
|
|
|
11.40
|
|
2009
|
|
|
11.13
|
|
|
|
.38
|
|
|
|
(.16
|
)
|
|
|
.22
|
|
|
|
|
|
(.37
|
)
|
|
|
(.07
|
)
|
|
|
(.44
|
)
|
|
|
10.91
|
|
Class C (10/93)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
12.01
|
|
|
|
.17
|
|
|
|
(.64
|
)
|
|
|
(.47
|
)
|
|
|
|
|
(.16
|
)
|
|
|
|
|
|
|
(.16
|
)
|
|
|
11.38
|
|
2013
|
|
|
12.02
|
|
|
|
.34
|
|
|
|
.05
|
|
|
|
.39
|
|
|
|
|
|
(.34
|
)
|
|
|
(.06
|
)
|
|
|
(.40
|
)
|
|
|
12.01
|
|
2012
|
|
|
11.23
|
|
|
|
.38
|
|
|
|
.83
|
|
|
|
1.21
|
|
|
|
|
|
(.39
|
)
|
|
|
(.03
|
)
|
|
|
(.42
|
)
|
|
|
12.02
|
|
2011
|
|
|
11.39
|
|
|
|
.40
|
|
|
|
(.17
|
)
|
|
|
.23
|
|
|
|
|
|
(.39
|
)
|
|
|
|
|
|
|
(.39
|
)
|
|
|
11.23
|
|
2010
|
|
|
10.90
|
|
|
|
.40
|
|
|
|
.48
|
|
|
|
.88
|
|
|
|
|
|
(.39
|
)
|
|
|
|
|
|
|
(.39
|
)
|
|
|
11.39
|
|
2009
|
|
|
11.11
|
|
|
|
.40
|
|
|
|
(.15
|
)
|
|
|
.25
|
|
|
|
|
|
(.39
|
)
|
|
|
(.07
|
)
|
|
|
(.46
|
)
|
|
|
10.90
|
|
Class I (2/97)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014(e)
|
|
|
12.01
|
|
|
|
.21
|
|
|
|
(.63
|
)
|
|
|
(.42
|
)
|
|
|
|
|
(.20
|
)
|
|
|
|
|
|
|
(.20
|
)
|
|
|
11.39
|
|
2013
|
|
|
12.02
|
|
|
|
.43
|
|
|
|
.05
|
|
|
|
.48
|
|
|
|
|
|
(.43
|
)
|
|
|
(.06
|
)
|
|
|
(.49
|
)
|
|
|
12.01
|
|
2012
|
|
|
11.23
|
|
|
|
.47
|
|
|
|
.82
|
|
|
|
1.29
|
|
|
|
|
|
(.47
|
)
|
|
|
(.03
|
)
|
|
|
(.50
|
)
|
|
|
12.02
|
|
2011
|
|
|
11.39
|
|
|
|
.48
|
|
|
|
(.16
|
)
|
|
|
.32
|
|
|
|
|
|
(.48
|
)
|
|
|
|
|
|
|
(.48
|
)
|
|
|
11.23
|
|
2010
|
|
|
10.90
|
|
|
|
.49
|
|
|
|
.47
|
|
|
|
.96
|
|
|
|
|
|
(.47
|
)
|
|
|
|
|
|
|
(.47
|
)
|
|
|
11.39
|
|
2009
|
|
|
11.11
|
|
|
|
.48
|
|
|
|
(.14
|
)
|
|
|
.34
|
|
|
|
|
|
(.48
|
)
|
|
|
(.07
|
)
|
|
|
(.55
|
)
|
|
|
10.90
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.55
|
)%
|
|
$
|
304,270
|
|
|
|
|
|
.81
|
%*
|
|
|
.80
|
%*
|
|
|
3.55
|
%*
|
|
|
0
|
%**
|
|
3.72
|
|
|
|
367,265
|
|
|
|
|
|
.79
|
|
|
|
.78
|
|
|
|
3.33
|
|
|
|
8
|
|
|
11.64
|
|
|
|
334,205
|
|
|
|
|
|
.82
|
|
|
|
.81
|
|
|
|
3.84
|
|
|
|
16
|
|
|
2.64
|
|
|
|
299,678
|
|
|
|
|
|
.81
|
|
|
|
.81
|
|
|
|
4.11
|
|
|
|
19
|
|
|
8.77
|
|
|
|
301,055
|
|
|
|
|
|
.82
|
|
|
|
.82
|
|
|
|
4.14
|
|
|
|
5
|
|
|
3.06
|
|
|
|
277,228
|
|
|
|
|
|
.83
|
|
|
|
.83
|
|
|
|
4.30
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4.00
|
)
|
|
|
619
|
|
|
|
|
|
1.56
|
*
|
|
|
1.55
|
*
|
|
|
2.79
|
*
|
|
|
0
|
**
|
|
3.05
|
|
|
|
930
|
|
|
|
|
|
1.55
|
|
|
|
1.54
|
|
|
|
2.60
|
|
|
|
8
|
|
|
10.84
|
|
|
|
1,640
|
|
|
|
|
|
1.57
|
|
|
|
1.56
|
|
|
|
3.11
|
|
|
|
16
|
|
|
1.88
|
|
|
|
2,798
|
|
|
|
|
|
1.56
|
|
|
|
1.56
|
|
|
|
3.36
|
|
|
|
19
|
|
|
8.00
|
|
|
|
4,749
|
|
|
|
|
|
1.57
|
|
|
|
1.57
|
|
|
|
3.40
|
|
|
|
5
|
|
|
2.21
|
|
|
|
7,443
|
|
|
|
|
|
1.57
|
|
|
|
1.57
|
|
|
|
3.54
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.91
|
)
|
|
|
97,038
|
|
|
|
|
|
1.36
|
*
|
|
|
1.35
|
*
|
|
|
3.00
|
*
|
|
|
0
|
**
|
|
3.26
|
|
|
|
121,645
|
|
|
|
|
|
1.34
|
|
|
|
1.33
|
|
|
|
2.78
|
|
|
|
8
|
|
|
10.99
|
|
|
|
97,520
|
|
|
|
|
|
1.37
|
|
|
|
1.36
|
|
|
|
3.28
|
|
|
|
16
|
|
|
2.09
|
|
|
|
73,960
|
|
|
|
|
|
1.36
|
|
|
|
1.36
|
|
|
|
3.56
|
|
|
|
19
|
|
|
8.20
|
|
|
|
72,563
|
|
|
|
|
|
1.37
|
|
|
|
1.37
|
|
|
|
3.58
|
|
|
|
5
|
|
|
2.49
|
|
|
|
53,849
|
|
|
|
|
|
1.38
|
|
|
|
1.38
|
|
|
|
3.74
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3.45
|
)
|
|
|
39,870
|
|
|
|
|
|
.61
|
*
|
|
|
.60
|
*
|
|
|
3.75
|
*
|
|
|
0
|
**
|
|
4.01
|
|
|
|
36,091
|
|
|
|
|
|
.59
|
|
|
|
.58
|
|
|
|
3.53
|
|
|
|
8
|
|
|
11.79
|
|
|
|
24,687
|
|
|
|
|
|
.62
|
|
|
|
.61
|
|
|
|
4.01
|
|
|
|
16
|
|
|
2.86
|
|
|
|
12,410
|
|
|
|
|
|
.61
|
|
|
|
.61
|
|
|
|
4.30
|
|
|
|
19
|
|
|
9.02
|
|
|
|
8,720
|
|
|
|
|
|
.61
|
|
|
|
.61
|
|
|
|
4.32
|
|
|
|
5
|
|
|
3.29
|
|
|
|
4,958
|
|
|
|
|
|
.63
|
|
|
|
.63
|
|
|
|
4.50
|
|
|
|
9
|
|
(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 1%.
|
|
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 III (the Trust) is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust
is comprised of Nuveen Georgia Municipal Bond Fund (Georgia), Nuveen Louisiana Municipal Bond Fund (Louisiana), Nuveen North Carolina Municipal Bond Fund (North Carolina) and Nuveen Tennessee Municipal Bond Fund
(Tennessee) (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, its respective state and, in some cases, its respective local income taxes as is
consistent with preservation of capital. Under normal market conditions, each Fund invests at least 80% of 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 its respective state and its 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 its respective state. 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 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 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 (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 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, principle
investment strategies and principal risks.
Class B Shares
During the current fiscal period, Georgia and North Carolina offered Class B Shares. Effective at the close of business on October 28, 2013, Class B Shares of Georgia and North Carolina 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 Tennessee converted to Class A Shares and are no longer available through an exchange for 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 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, the Funds outstanding
when-issued/delayed delivery purchase commitments were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
Louisiana
|
|
|
North
Carolina
|
|
|
Tennessee
|
|
Outstanding when-issued/delayed delivery purchase commitments
|
|
$
|
|
|
|
$
|
1,962,640
|
|
|
$
|
|
|
|
$
|
|
|
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. Louisiana does not offer Class B shares. Georgia and North Carolina issued and Tennessee 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 were 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.
Notes to Financial Statements
(Unaudited) (continued)
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.
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
|
|
|
$
|
167,297,746
|
|
|
$
|
|
|
|
$
|
167,297,746
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
|
|
|
$
|
113,157,114
|
|
|
$
|
|
|
|
$
|
113,157,114
|
|
|
|
|
|
|
North Carolina
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
|
|
|
$
|
393,107,877
|
|
|
$
|
|
|
|
$
|
393,107,877
|
|
|
|
|
|
|
Tennessee
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
Long-Term Investments*:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipal Bonds
|
|
$
|
|
|
|
$
|
439,788,449
|
|
|
$
|
|
|
|
$
|
439,788,449
|
|
*
|
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.
Notes to Financial Statements
(Unaudited) (continued)
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.
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, each Fund invested in externally-deposited inverse floaters and/or self-deposited
inverse floaters.
The average floating rate obligations outstanding and average annual interest rate and fees related to self-deposited inverse floaters
for the Funds during the six months ended November 30, 2013, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
Louisiana
|
|
|
North Carolina
|
|
|
Tennessee
|
|
Average floating rate obligations outstanding
|
|
$
|
3,380,000
|
|
|
$
|
1,875,000
|
|
|
$
|
6,569,536
|
|
|
$
|
8,250,000
|
|
Average annual interest rate and fees
|
|
|
.43
|
%
|
|
|
.58
|
%
|
|
|
.58
|
%
|
|
|
.58
|
%
|
As of November 30, 2013, the total amount of floating rate obligations issued by each Funds self-deposited inverse
floaters and externally-deposited inverse floaters was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
Louisiana
|
|
|
North Carolina
|
|
|
Tennessee
|
|
Floating rate obligations: self-deposited inverse floaters
|
|
$
|
3,380,000
|
|
|
$
|
1,875,000
|
|
|
$
|
|
|
|
$
|
8,250,000
|
|
Floating rate obligations: externally-deposited inverse floaters
|
|
|
3,310,000
|
|
|
|
3,000,000
|
|
|
|
|
|
|
|
7,500,000
|
|
Total
|
|
$
|
6,690,000
|
|
|
$
|
4,875,000
|
|
|
$
|
|
|
|
$
|
15,750,000
|
|
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,
each Funds maximum exposure to the floating rate obligations issued by externally-deposited Recourse Trusts was as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
Louisiana
|
|
|
North Carolina
|
|
|
Tennessee
|
|
Maximum exposure to Recourse Trusts
|
|
$
|
|
|
|
$
|
3,000,000
|
|
|
$
|
|
|
|
$
|
7,500,000
|
|
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. Each Fund will limit its investments in futures, options on futures and swap contracts to the
extent necessary for the Adviser to claim the exclusion from registration by the Commodity Futures Trading Commission as a commodity pool operator with respect to the Fund. 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 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
419,607
|
|
|
$
|
4,469,269
|
|
|
|
1,500,187
|
|
|
$
|
16,967,818
|
|
Class A automatic conversion of Class B
(1)
Shares
|
|
|
43,667
|
|
|
|
466,346
|
|
|
|
1,564
|
|
|
|
17,685
|
|
Class B
(1)
exchanges
|
|
|
17
|
|
|
|
179
|
|
|
|
|
|
|
|
|
|
Class C
|
|
|
175,062
|
|
|
|
1,866,411
|
|
|
|
662,927
|
|
|
|
7,471,730
|
|
Class I
|
|
|
277,430
|
|
|
|
2,931,425
|
|
|
|
802,390
|
|
|
|
9,036,532
|
|
Shares issued to shareholders due to reinvestment of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
123,617
|
|
|
|
1,314,626
|
|
|
|
243,479
|
|
|
|
2,750,190
|
|
Class B
(1)
|
|
|
300
|
|
|
|
3,192
|
|
|
|
1,878
|
|
|
|
21,255
|
|
Class C
|
|
|
30,667
|
|
|
|
324,988
|
|
|
|
60,279
|
|
|
|
678,700
|
|
Class I
|
|
|
16,262
|
|
|
|
172,284
|
|
|
|
30,783
|
|
|
|
346,506
|
|
|
|
|
1,086,629
|
|
|
|
11,548,720
|
|
|
|
3,303,487
|
|
|
|
37,290,416
|
|
Shares redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(1,348,040
|
)
|
|
|
(14,318,517
|
)
|
|
|
(1,342,859
|
)
|
|
|
(15,155,098
|
)
|
Class B
(1)
|
|
|
(20,205
|
)
|
|
|
(218,316
|
)
|
|
|
(51,412
|
)
|
|
|
(580,445
|
)
|
Class B
(1)
automatic conversion to Class A Shares
|
|
|
(43,585
|
)
|
|
|
(466,346
|
)
|
|
|
(1,560
|
)
|
|
|
(17,685
|
)
|
Class C
|
|
|
(427,306
|
)
|
|
|
(4,529,235
|
)
|
|
|
(375,124
|
)
|
|
|
(4,222,188
|
)
|
Class I
|
|
|
(652,005
|
)
|
|
|
(6,909,178
|
)
|
|
|
(1,029,369
|
)
|
|
|
(11,551,836
|
)
|
|
|
|
(2,491,141
|
)
|
|
|
(26,441,592
|
)
|
|
|
(2,800,324
|
)
|
|
|
(31,527,252
|
)
|
Net increase (decrease)
|
|
|
(1,404,512
|
)
|
|
$
|
(14,892,872
|
)
|
|
|
503,163
|
|
|
$
|
5,763,164
|
|
(1)
|
Class B Shares of Georgia 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)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
236,794
|
|
|
$
|
2,544,571
|
|
|
|
2,268,259
|
|
|
$
|
26,080,855
|
|
Class C
|
|
|
74,369
|
|
|
|
799,207
|
|
|
|
850,151
|
|
|
|
9,736,843
|
|
Class I
|
|
|
78,072
|
|
|
|
846,876
|
|
|
|
364,040
|
|
|
|
4,196,718
|
|
Shares issued to shareholders due to reinvestment of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
116,753
|
|
|
|
1,246,646
|
|
|
|
216,450
|
|
|
|
2,485,495
|
|
Class C
|
|
|
31,119
|
|
|
|
330,997
|
|
|
|
51,130
|
|
|
|
584,992
|
|
Class I
|
|
|
8,479
|
|
|
|
90,826
|
|
|
|
18,682
|
|
|
|
215,161
|
|
|
|
|
545,586
|
|
|
|
5,859,123
|
|
|
|
3,768,712
|
|
|
|
43,300,064
|
|
Shares redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(1,396,786
|
)
|
|
|
(14,971,647
|
)
|
|
|
(1,154,236
|
)
|
|
|
(13,257,933
|
)
|
Class C
|
|
|
(594,659
|
)
|
|
|
(6,355,030
|
)
|
|
|
(302,256
|
)
|
|
|
(3,461,168
|
)
|
Class I
|
|
|
(277,774
|
)
|
|
|
(2,966,172
|
)
|
|
|
(134,866
|
)
|
|
|
(1,550,281
|
)
|
|
|
|
(2,269,219
|
)
|
|
|
(24,292,849
|
)
|
|
|
(1,591,358
|
)
|
|
|
(18,269,382
|
)
|
Net increase (decrease)
|
|
|
(1,723,633
|
)
|
|
$
|
(18,433,726
|
)
|
|
|
2,177,354
|
|
|
$
|
25,030,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North Carolina
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
3,465,852
|
|
|
$
|
36,305,272
|
|
|
|
3,620,867
|
|
|
$
|
40,556,808
|
|
Class A automatic conversion of Class B
(1)
Shares
|
|
|
41,210
|
|
|
|
433,961
|
|
|
|
8,484
|
|
|
|
94,370
|
|
Class B
(1)
exchanges
|
|
|
5
|
|
|
|
50
|
|
|
|
|
|
|
|
|
|
Class C
|
|
|
248,601
|
|
|
|
2,618,394
|
|
|
|
1,501,241
|
|
|
|
16,818,075
|
|
Class I
|
|
|
1,705,118
|
|
|
|
18,019,958
|
|
|
|
4,931,854
|
|
|
|
55,414,090
|
|
Shares issued to shareholders due to reinvestment of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
258,919
|
|
|
|
2,706,402
|
|
|
|
485,740
|
|
|
|
5,437,866
|
|
Class B
(1)
|
|
|
422
|
|
|
|
4,410
|
|
|
|
1,979
|
|
|
|
22,168
|
|
Class C
|
|
|
53,190
|
|
|
|
555,678
|
|
|
|
100,639
|
|
|
|
1,126,106
|
|
Class I
|
|
|
145,183
|
|
|
|
1,522,308
|
|
|
|
268,432
|
|
|
|
3,014,428
|
|
|
|
|
5,918,500
|
|
|
|
62,166,433
|
|
|
|
10,919,236
|
|
|
|
122,483,911
|
|
Shares redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(4,971,741
|
)
|
|
|
(52,081,331
|
)
|
|
|
(2,187,033
|
)
|
|
|
(24,464,042
|
)
|
Class B
(1)
|
|
|
(16,194
|
)
|
|
|
(168,166
|
)
|
|
|
(39,783
|
)
|
|
|
(444,852
|
)
|
Class B
(1)
automatic conversion to Class A Shares
|
|
|
(41,171
|
)
|
|
|
(433,961
|
)
|
|
|
(8,473
|
)
|
|
|
(94,370
|
)
|
Class C
|
|
|
(1,031,263
|
)
|
|
|
(10,749,479
|
)
|
|
|
(811,551
|
)
|
|
|
(9,099,454
|
)
|
Class I
|
|
|
(5,116,240
|
)
|
|
|
(53,661,317
|
)
|
|
|
(4,119,184
|
)
|
|
|
(46,232,757
|
)
|
|
|
|
(11,176,609
|
)
|
|
|
(117,094,254
|
)
|
|
|
(7,166,024
|
)
|
|
|
(80,335,475
|
)
|
Net increase (decrease)
|
|
|
(5,258,109
|
)
|
|
$
|
(54,927,821
|
)
|
|
|
3,753,212
|
|
|
$
|
42,148,436
|
|
(1)
|
Class B Shares of North Carolina 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tennessee
|
|
|
|
Six Months Ended
11/30/13
|
|
|
Year Ended
5/31/13
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Shares
|
|
|
Amount
|
|
Shares sold:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
909,653
|
|
|
$
|
10,464,912
|
|
|
|
4,501,342
|
|
|
$
|
54,845,015
|
|
Class A automatic conversion of Class B Shares
|
|
|
391
|
|
|
|
4,685
|
|
|
|
38,019
|
|
|
|
463,812
|
|
Class B exchanges
|
|
|
27
|
|
|
|
314
|
|
|
|
|
|
|
|
|
|
Class C
|
|
|
293,535
|
|
|
|
3,358,377
|
|
|
|
3,165,139
|
|
|
|
38,492,555
|
|
Class I
|
|
|
1,759,833
|
|
|
|
20,080,160
|
|
|
|
1,409,983
|
|
|
|
17,159,349
|
|
Shares issued to shareholders due to reinvestment of distributions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
368,243
|
|
|
|
4,187,901
|
|
|
|
825,077
|
|
|
|
10,074,934
|
|
Class B
|
|
|
617
|
|
|
|
7,017
|
|
|
|
2,354
|
|
|
|
28,746
|
|
Class C
|
|
|
98,456
|
|
|
|
1,118,253
|
|
|
|
215,943
|
|
|
|
2,635,677
|
|
Class I
|
|
|
47,082
|
|
|
|
534,389
|
|
|
|
70,058
|
|
|
|
854,584
|
|
|
|
|
3,477,837
|
|
|
|
39,756,008
|
|
|
|
10,227,915
|
|
|
|
124,554,672
|
|
Shares redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
(5,128,154
|
)
|
|
|
(58,505,427
|
)
|
|
|
(2,590,818
|
)
|
|
|
(31,615,343
|
)
|
Class B
|
|
|
(23,286
|
)
|
|
|
(272,446
|
)
|
|
|
(23,195
|
)
|
|
|
(283,345
|
)
|
Class B automatic conversion to Class A Shares
|
|
|
(391
|
)
|
|
|
(4,685
|
)
|
|
|
(38,015
|
)
|
|
|
(463,812
|
)
|
Class C
|
|
|
(1,998,559
|
)
|
|
|
(22,759,359
|
)
|
|
|
(1,363,472
|
)
|
|
|
(16,608,243
|
)
|
Class I
|
|
|
(1,309,685
|
)
|
|
|
(14,924,967
|
)
|
|
|
(528,941
|
)
|
|
|
(6,442,639
|
)
|
|
|
|
(8,460,075
|
)
|
|
|
(96,466,884
|
)
|
|
|
(4,544,441
|
)
|
|
|
(55,413,382
|
)
|
Net increase (decrease)
|
|
|
(4,982,238
|
)
|
|
$
|
(56,710,876
|
)
|
|
|
5,683,474
|
|
|
$
|
69,141,290
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
Louisiana
|
|
|
North Carolina
|
|
|
Tennessee
|
|
Purchases
|
|
$
|
1,253,352
|
|
|
$
|
18,080,149
|
|
|
$
|
27,919,623
|
|
|
$
|
1,590,148
|
|
Sales and maturities
|
|
|
11,632,193
|
|
|
|
34,663,721
|
|
|
|
93,071,561
|
|
|
|
58,998,834
|
|
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.
Notes to Financial Statements
(Unaudited) (continued)
As of November 30, 2013, the
cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
Louisiana
|
|
|
North Carolina
|
|
|
Tennessee
|
|
Cost of investments
|
|
$
|
161,668,849
|
|
|
$
|
110,321,868
|
|
|
$
|
381,388,867
|
|
|
$
|
419,135,955
|
|
Gross unrealized:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Appreciation
|
|
$
|
5,575,179
|
|
|
$
|
3,105,760
|
|
|
$
|
19,002,043
|
|
|
$
|
19,510,375
|
|
Depreciation
|
|
|
(3,326,566
|
)
|
|
|
(2,145,514
|
)
|
|
|
(7,283,033
|
)
|
|
|
(7,107,881
|
)
|
Net unrealized appreciation (depreciation) of investments
|
|
$
|
2,248,613
|
|
|
$
|
960,246
|
|
|
$
|
11,719,010
|
|
|
$
|
12,402,494
|
|
Permanent differences, primarily due to 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
Louisiana
|
|
|
North Carolina
|
|
|
Tennessee
|
|
Capital paid-in
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
Undistributed (Over-distribution of) net investment income
|
|
|
|
|
|
|
(1,852
|
)
|
|
|
(1,033
|
)
|
|
|
(3,354
|
)
|
Accumulated net realized gain (loss)
|
|
|
|
|
|
|
1,852
|
|
|
|
1,033
|
|
|
|
3,354
|
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
Louisiana
|
|
|
North Carolina
|
|
|
Tennessee
|
|
Undistributed net tax-exempt income
1
|
|
$
|
476,774
|
|
|
$
|
467,690
|
|
|
$
|
1,425,209
|
|
|
$
|
1,219,669
|
|
Undistributed net ordinary income
2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
197,664
|
|
Undistributed net long-term capital gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,648,439
|
|
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 1, 2013.
|
2
|
Net ordinary income consists of taxable market discount income and net short-term capital gains, if any.
|
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
Louisiana
|
|
|
North Carolina
|
|
|
Tennessee
|
|
Distributions from net tax-exempt income
|
|
$
|
6,983,401
|
|
|
$
|
4,702,919
|
|
|
$
|
17,078,750
|
|
|
$
|
15,899,343
|
|
Distributions from net ordinary income
2
|
|
|
14,561
|
|
|
|
|
|
|
|
166
|
|
|
|
861,622
|
|
Distributions from net long-term capital gains
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,913,793
|
|
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 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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
Louisiana
|
|
|
North Carolina
|
|
Expiration:
|
|
|
|
|
|
|
|
|
|
|
|
|
May 31, 2016
|
|
$
|
|
|
|
$
|
|
|
|
$
|
1,256,363
|
|
May 31, 2017
|
|
|
3,107,776
|
|
|
|
|
|
|
|
1,649,881
|
|
May 31, 2018
|
|
|
3,466,007
|
|
|
|
1,974,371
|
|
|
|
4,606,864
|
|
May 31, 2019
|
|
|
|
|
|
|
107,840
|
|
|
|
|
|
Not subject to expiration:
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term losses
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term losses
|
|
|
|
|
|
|
|
|
|
|
342,564
|
|
Total
|
|
$
|
6,573,783
|
|
|
$
|
2,082,211
|
|
|
$
|
7,855,672
|
|
During the Funds last tax year ended May 31, 2013, the following Funds utilized their capital loss carryforwards as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
Louisiana
|
|
|
North Carolina
|
|
Utilized capital loss carryforwards
|
|
$
|
287,216
|
|
|
$
|
66,242
|
|
|
$
|
516,246
|
|
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 Funds have elected to defer losses as follows:
|
|
|
|
|
|
|
|
|
|
|
Georgia
|
|
|
Louisiana
|
|
Post-October capital losses
3
|
|
$
|
42,817
|
|
|
$
|
190,544
|
|
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
|
|
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.3250
|
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For the next $500 million
|
|
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.3125
|
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For the next $1 billion
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.3000
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For the next $3 billion
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.2750
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For net assets over $5 billion
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.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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Complex-Level Asset Breakpoint Level*
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Effective Rate at Breakpoint Level
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$55 billion
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|
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.2000
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%
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$56 billion
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|
|
.1996
|
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$57 billion
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|
|
.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
|
|
*
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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%.
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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 Nuveenadvised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in
shares of select Nuveenadvised funds.
Notes to Financial Statements
(Unaudited) (continued)
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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|
|
|
|
|
|
|
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Georgia
|
|
|
Louisiana
|
|
|
North Carolina
|
|
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Tennessee
|
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Sales charges collected
|
|
$
|
53,985
|
|
|
$
|
52,990
|
|
|
$
|
39,589
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|
|
$
|
115,656
|
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Paid to financial intermediaries
|
|
|
43,707
|
|
|
|
46,405
|
|
|
|
35,337
|
|
|
|
103,207
|
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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:
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|
|
|
|
|
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|
|
|
|
|
|
Georgia
|
|
|
Louisiana
|
|
|
North Carolina
|
|
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Tennessee
|
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Commission advances
|
|
$
|
20,568
|
|
|
$
|
15,196
|
|
|
$
|
33,099
|
|
|
$
|
61,932
|
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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:
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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Georgia
|
|
|
Louisiana
|
|
|
North Carolina
|
|
|
Tennessee
|
|
12b-1 fees retained
|
|
$
|
24,787
|
|
|
$
|
26,061
|
|
|
$
|
47,602
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|
|
$
|
98,207
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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:
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|
|
|
|
|
|
|
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Georgia
|
|
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Louisiana
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|
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North Carolina
|
|
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Tennessee
|
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CDSC retained
|
|
$
|
3,823
|
|
|
$
|
12,856
|
|
|
$
|
18,923
|
|
|
$
|
36,540
|
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8. Subsequent Events
Class C and Class C2 Shares
During the current 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
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 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 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.
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.
Glossary of Terms Used in this Report
(continued)
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. 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-MS5-1113P