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Portfolio of Investments (Unaudited)
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Nuveen Municipal Value Fund 2 (NUW)
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July 31, 2009
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Principal
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Optional Call
|
|
|
Amount (000)
|
Description (1)
|
Provisions (2)
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Ratings (3)
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Value
|
|
Alaska 0.1%
|
|
|
|
$ 155
|
Northern Tobacco Securitization Corporation, Alaska, Tobacco Settlement Asset-Backed Bonds,
|
6/14 at 100.00
|
Baa3
|
$ 84,796
|
|
Series 2006A, 5.000%, 6/01/46
|
|
|
|
|
Arizona 3.4%
|
|
|
|
4,000
|
Maricopa County Pollution Control Corporation, Arizona, Pollution Control Revenue Bonds,
|
2/19 at 100.00
|
BBB
|
4,265,640
|
|
El Paso Electric Company, Refunding Series 2009A, 7.250%, 2/01/40
|
|
|
|
2,995
|
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Series 2007,
|
No Opt. Call
|
A
|
2,290,666
|
|
5.000%, 12/01/37
|
|
|
|
6,995
|
Total Arizona
|
|
|
6,556,306
|
|
California 9.4%
|
|
|
|
11,000
|
Alhambra Unified School District, Los Angeles County, California, General Obligation Bonds,
|
No Opt. Call
|
AAA
|
1,331,440
|
|
Capital Appreciation Series 2009B, 0.000%, 8/01/41 AGC Insured
|
|
|
|
2,500
|
California State Public Works Board, Lease Revenue Bonds, Department of General Services
|
4/19 at 100.00
|
A
|
2,545,075
|
|
Buildings 8 & 9, Series 2009A, 6.250%, 4/01/34
|
|
|
|
|
Chawanakee Unified School District, Madera County, California, Certificates of Participation,
|
|
|
|
|
Series 2009B:
|
|
|
|
145
|
7.125%, 5/01/34
|
10/09 at 100.00
|
A
|
145,055
|
250
|
7.125%, 5/01/39
|
10/09 at 100.00
|
A
|
250,080
|
1,900
|
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement
|
6/17 at 100.00
|
BBB
|
1,202,567
|
|
Asset-Backed Bonds, Series 2007A-1, 5.000%, 6/01/33
|
|
|
|
1,800
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Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed
|
6/15 at 100.00
|
A
|
1,451,520
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|
Revenue Bonds, Series 2005A, 5.000%, 6/01/45
|
|
|
|
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Palomar Pomerado Health General Obligation Bonds, California, Election of 2004, Series 2009A:
|
|
|
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9,320
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0.000%, 8/01/33 AGC Insured
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No Opt. Call
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AAA
|
1,876,862
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10,200
|
0.000%, 8/01/38 AGC Insured
|
8/29 at 100.00
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AAA
|
5,875,710
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Poway Unified School District, San Diego County, California, School Facilities Improvement
|
|
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|
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District 2007-1 General Obligation Bonds, Series 2009A:
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8,000
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0.000%, 8/01/32
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No Opt. Call
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AA
|
1,764,960
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8,000
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0.000%, 8/01/33
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No Opt. Call
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AA
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1,648,880
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53,115
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Total California
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|
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18,092,149
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Colorado 5.2%
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|
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5,000
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Denver City and County, Colorado, Airport System Revenue Bonds, Series 2005A, 5.000%,
|
11/15 at 100.00
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A+
|
4,923,000
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|
11/15/25 SYNCORA GTY Insured
|
|
|
|
3,605
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E-470 Public Highway Authority, Colorado, Toll Revenue Bonds, Series 2004B, 0.000%, 9/01/27
|
9/20 at 67.94
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A
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984,129
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NPFG Insured
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|
|
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4,000
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Park Creek Metropolitan District, Colorado, Senior Property Tax Supported Revenue Bonds,
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No Opt. Call
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AAA
|
4,148,160
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Series 2009, 6.375%, 12/01/37 AGC Insured
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|
|
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12,605
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Total Colorado
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|
|
10,055,289
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Florida 9.0%
|
|
|
|
9,500
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Miami-Dade County, Florida, Aviation Revenue Bonds, Miami International Airport, Series 2009A,
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10/19 at 100.00
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A2
|
9,275,230
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5.500%, 10/01/41
|
|
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Miami-Dade County, Florida, General Obligation Bonds, Build Better Communities Program,
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|
|
|
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Series 2009-B1:
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2,500
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6.000%, 7/01/38
|
7/18 at 100.00
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AA
|
2,606,700
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2,000
|
5.625%, 7/01/38
|
7/18 at 100.00
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AA
|
2,008,940
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4,500
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Tolomato Community Development District, Florida, Special Assessment Bonds, Series 2007,
|
5/18 at 100.00
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N/R
|
3,399,930
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6.450%, 5/01/23
|
|
|
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18,500
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Total Florida
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|
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17,290,800
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Illinois 11.8%
|
|
|
|
5,000
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Illinois Finance Authority, Revenue Bonds, Northwestern Memorial Hospital, Series 2009A,
|
8/19 at 100.00
|
AA+
|
5,190,750
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|
6.000%, 8/15/39
|
|
|
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3,500
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Illinois Finance Authority, Revenue Bonds, OSF Healthcare System, Series 2009A,
|
5/19 at 100.00
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A
|
3,650,990
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|
7.125%, 11/15/37
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|
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5,000
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Illinois Finance Authority, Revenue Bonds, Rush University Medical Center Obligated Group,
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11/18 at 100.00
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A
|
5,271,150
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|
Series 2009A and 2009B, 7.250%, 11/01/38
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|
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3,995
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Illinois Finance Authority, Student Housing Revenue Bonds, Educational Advancement Fund Inc.,
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5/17 at 100.00
|
Baa3
|
2,948,909
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|
Refunding Series 2007A, 5.250%, 5/01/34
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|
|
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28,000
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Metropolitan Pier and Exposition Authority, Illinois, Revenue Bonds, McCormick Place Expansion
|
No Opt. Call
|
AAA
|
5,595,520
|
|
Project, Series 2002A, 0.000%, 12/15/35 MBIA Insured
|
|
|
|
45,495
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Total Illinois
|
|
|
22,657,319
|
|
Indiana 5.4%
|
|
|
|
5,000
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Indiana Finance Authority, Hospital Revenue Bonds, Deaconess Hospital Obligated Group, Series
|
3/19 at 100.00
|
A+
|
5,105,600
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2009A, 6.750%, 3/01/39
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|
|
|
3,650
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Indiana Health Facility Financing Authority, Revenue Bonds, Community Foundation of Northwest
|
3/17 at 100.00
|
BBB
|
3,184,406
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|
Indiana, Series 2007, 5.500%, 3/01/37
|
|
|
|
2,000
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Indiana Municipal Power Agency, Power Supply System Revenue Bonds, Series 2009B,
|
1/19 at 100.00
|
A+
|
2,083,060
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|
6.000%, 1/01/39
|
|
|
|
10,650
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Total Indiana
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|
|
10,373,066
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|
Iowa 0.9%
|
|
|
|
3,000
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Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C,
|
6/15 at 100.00
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BBB
|
1,794,300
|
|
5.375%, 6/01/38
|
|
|
|
|
Louisiana 7.3%
|
|
|
|
5,000
|
Louisiana Citizens Property Insurance Corporation, Assessment Revenue Bonds, Series 2006C-3,
|
6/18 at 100.00
|
AAA
|
5,482,950
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|
6.125%, 6/01/25
|
|
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Louisiana Public Facilities Authority, Revenue Bonds, Ochsner Clinic Foundation Project,
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|
|
|
|
Series 2007A:
|
|
|
|
7,000
|
5.375%, 5/15/43
|
5/17 at 100.00
|
A3
|
5,600,840
|
275
|
5.500%, 5/15/47
|
5/17 at 100.00
|
A3
|
223,347
|
3,255
|
St John Baptist Parish, Louisiana, Revenue Bonds, Marathon Oil Corporation, Series 2007A,
|
6/17 at 100.00
|
BBB+
|
2,810,790
|
|
5.125%, 6/01/37
|
|
|
|
15,530
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Total Louisiana
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|
|
14,117,927
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|
Maine 1.8%
|
|
|
|
3,335
|
Maine Health and Higher Educational Facilities Authority, Revenue Bonds, Bowdoin College,
|
7/19 at 100.00
|
Aa2
|
3,451,658
|
|
Tender Option Bond Trust 09-5B, 12.750%, 7/01/39 (IF)
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|
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|
|
Massachusetts 2.9%
|
|
|
|
|
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Senior
|
|
|
|
|
Series 1997A:
|
|
|
|
375
|
5.000%, 1/01/11
|
10/09 at 100.00
|
Baa2
|
375,656
|
1,200
|
5.000%, 1/01/13 MBIA Insured
|
10/09 at 100.00
|
A
|
1,201,644
|
|
Massachusetts Turnpike Authority, Metropolitan Highway System Revenue Bonds, Subordinate
|
|
|
|
|
Series 1999A:
|
|
|
|
2,045
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5.250%, 1/01/15 AMBAC Insured
|
1/10 at 100.00
|
AA
|
2,060,767
|
1,000
|
4.750%, 1/01/34 AMBAC Insured
|
1/10 at 100.00
|
AA
|
887,580
|
1,000
|
Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2009-14, Trust
|
8/19 at 100.00
|
AAA
|
1,071,180
|
|
2989, 13.138%, 8/01/38 (IF)
|
|
|
|
5,620
|
Total Massachusetts
|
|
|
5,596,827
|
|
Michigan 2.2%
|
|
|
|
5,000
|
Detroit, Michigan, Second Lien Sewerage Disposal System Revenue Bonds, Series 2005A, 5.000%,
|
7/15 at 100.00
|
A
|
4,299,650
|
|
7/01/35 MBIA Insured
|
|
|
|
|
Nevada 3.1%
|
|
|
|
250
|
Clark County, Nevada, Senior Lien Airport Revenue Bonds, Series 2005A, 5.000%, 7/01/40
|
No Opt. Call
|
Aa2
|
228,400
|
|
AMBAC Insured
|
|
|
|
5,415
|
Las Vegas Redevelopment Agency, Nevada, Tax Increment Revenue Bonds, Series 2009A,
|
6/19 at 100.00
|
A
|
5,803,635
|
|
8.000%, 6/15/30
|
|
|
|
5,665
|
Total Nevada
|
|
|
6,032,035
|
|
New Jersey 2.9%
|
|
|
|
|
New Jersey Educational Facilities Authority Revenue Refunding Bonds, University of Medicine
|
|
|
|
|
and Dentistry of New Jersey Issue, Series 2009 B:
|
|
|
|
2,135
|
7.125%, 12/01/23
|
6/19 at 100.00
|
Baa2
|
2,272,067
|
3,000
|
7.500%, 12/01/32
|
6/19 at 100.00
|
Baa2
|
3,183,750
|
5,135
|
Total New Jersey
|
|
|
5,455,817
|
|
New York 1.5%
|
|
|
|
3,000
|
Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series
|
No Opt. Call
|
A1
|
2,949,120
|
|
2007, 5.500%, 10/01/37
|
|
|
|
|
North Carolina 1.6%
|
|
|
|
3,000
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A,
|
1/13 at 100.00
|
A
|
3,093,390
|
|
5.250%, 1/01/19 MBIA Insured
|
|
|
|
|
Ohio 5.6%
|
|
|
|
5,000
|
American Municipal Power Ohio INC Prairie State Energy Campus Project Revenue Bonds Series
|
2/19 at 100.00
|
AAA
|
5,131,250
|
|
2009 A, 5.750%, 2/15/39 AGC Insured
|
|
|
|
5,500
|
Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue
|
6/17 at 100.00
|
BBB
|
3,511,805
|
|
Bonds, Senior Lien, Series 2007A-2, 6.500%, 6/01/47
|
|
|
|
2,000
|
Ohio State Higher Educational Facilities Commission, Hospital Revenue Bonds, University
|
1/15 at 100.00
|
A
|
2,059,480
|
|
Hospitals Health System, Series 2009, 6.750%, 1/15/39
|
|
|
|
12,500
|
Total Ohio
|
|
|
10,702,535
|
|
Puerto Rico 3.8%
|
|
|
|
4,390
|
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A,
|
7/18 at 100.00
|
BBB
|
4,258,827
|
|
6.000%, 7/01/44
|
|
|
|
3,000
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
|
8/19 at 100.00
|
A+
|
3,026,940
|
|
2009A, 6.000%, 8/01/42
|
|
|
|
7,390
|
Total Puerto Rico
|
|
|
7,285,767
|
|
Rhode Island 3.0%
|
|
|
|
3,000
|
Rhode Island Health and Educational Building Corporation Hospital Financing Revenue Bonds,
|
5/19 at 100.00
|
A
|
3,109,170
|
|
Lifespan Obligated Group Issue, Series 2009A, 7.000%, 5/15/39
|
|
|
|
3,240
|
Rhode Island Tobacco Settlement Financing Corporation, Tobacco Settlement Asset-Backed Bonds,
|
6/12 at 100.00
|
BBB
|
2,691,922
|
|
Series 2002A, 6.125%, 6/01/32
|
|
|
|
6,240
|
Total Rhode Island
|
|
|
5,801,092
|
|
Texas 7.5%
|
|
|
|
|
Leander Independent School District, Williamson and Travis Counties, Texas, General Obligation
|
|
|
|
|
Bonds, Series 2008:
|
|
|
|
13,510
|
0.000%, 8/15/39
|
8/17 at 27.35
|
AAA
|
2,359,386
|
19,300
|
0.000%, 8/15/41
|
8/17 at 24.20
|
AAA
|
2,984,166
|
5,300
|
North Texas Thruway Authority, Second Tier System Revenue Refunding Bonds, Series 2008,
|
1/18 at 100.00
|
A3
|
5,078,248
|
|
5.750%, 1/01/38
|
|
|
|
5,000
|
Richardson Hospital Authority, Texas, Revenue Bonds, Richardson Regional Medical Center,
|
12/13 at 100.00
|
Baa2
|
3,891,850
|
|
Series 2004, 6.000%, 12/01/34
|
|
|
|
43,110
|
Total Texas
|
|
|
14,313,650
|
|
Virgin Islands 0.5%
|
|
|
|
1,000
|
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note Diageo Project,
|
10/19 at 100.00
|
Baa3
|
1,006,890
|
|
Series 2009A, 6.750%, 10/01/37
|
|
|
|
|
Virginia 1.1%
|
|
|
|
2,000
|
Washington County Industrial Development Authority , Virginia, Hospital Revenue Bonds,
|
1/19 at 100.00
|
BBB+
|
2,149,080
|
|
Mountain States Health Alliance, Series 2009C, 7.750%, 7/01/38
|
|
|
|
|
Wisconsin 8.4%
|
|
|
|
195
|
Badger Tobacco Asset Securitization Corporation, Wisconsin, Tobacco Settlement Asset-Backed
|
6/12 at 100.00
|
AAA
|
212,100
|
|
Bonds, Series 2002, 6.125%, 6/01/27 (Pre-refunded 6/01/12)
|
|
|
|
5,000
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Aurora Healthcare Inc.,
|
4/13 at 100.00
|
BBB+
|
4,833,950
|
|
Series 2003, 6.400%, 4/15/33
|
|
|
|
1,500
|
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, ProHealth Care, Inc.
|
2/19 at 100.00
|
A+
|
1,556,265
|
|
Obligated Group, Series 2009, 6.625%, 2/15/39
|
|
|
|
9,000
|
Wisconsin State, General Fund Annual Appropriation Revenue Bonds, Series 2009A,
|
5/19 at 100.00
|
AA
|
9,601,109
|
|
6.000%, 5/01/36
|
|
|
|
15,695
|
Total Wisconsin
|
|
|
16,203,424
|
$ 284,735
|
Total Investments (cost $177,781,777) 98.4%
|
|
|
189,362,887
|
|
Other Assets Less Liabilities 1.6%
|
|
|
3,158,144
|
|
Net Assets 100%
|
|
|
$ 192,521,031
|