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Portfolio of Investments (Unaudited)
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Nuveen North Carolina Dividend Advantage Municipal Fund 3 (NII)
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August 31, 2011
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Principal
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Optional Call
|
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Amount (000)
|
|
Description (1)
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Provisions (2)
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Ratings (3)
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Value
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|
Consumer Staples – 2.9% (1.8% of Total Investments)
|
|
|
|
$ 2,000
|
|
Puerto Rico, The Children’s Trust Fund, Tobacco Settlement Asset-Backed Refunding Bonds,
|
5/12 at 100.00
|
BBB
|
$ 1,673,060
|
|
|
Series 2002, 5.500%, 5/15/39
|
|
|
|
|
|
Education and Civic Organizations – 4.6% (2.9% of Total Investments)
|
|
|
|
750
|
|
Fayetteville State University, North Carolina, Limited Obligation Revenue Bonds, Student
|
4/21 at 100.00
|
AA+
|
742,328
|
|
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Housing Project, Series 2011, 5.000%, 4/01/43 – AGM Insured
|
|
|
|
|
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North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series 2001A:
|
|
|
|
330
|
|
5.125%, 10/01/26
|
10/11 at 100.00
|
AA+
|
330,518
|
95
|
|
5.125%, 10/01/41
|
10/11 at 100.00
|
AA+
|
95,280
|
200
|
|
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Johnson and Wales
|
4/13 at 100.00
|
N/R
|
196,622
|
|
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University, Series 2003A, 5.000%, 4/01/33 – SYNCORA GTY Insured
|
|
|
|
705
|
|
University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A, 5.000%,
|
10/12 at 100.00
|
A+
|
712,269
|
|
|
4/01/27 – AMBAC Insured
|
|
|
|
500
|
|
University of North Carolina Wilmington, Certificates of Participation, Student Housing
|
6/16 at 100.00
|
A–
|
537,835
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|
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Project Revenue Bonds, Series 2006, 5.000%, 6/01/21 – FGIC Insured
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|
|
|
2,580
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Total Education and Civic Organizations
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|
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2,614,852
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Energy – 1.7% (1.1% of Total Investments)
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|
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|
1,000
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Virgin Islands Public Finance Authority, Refinery Facilities Revenue Bonds, Hovensa Coker
|
1/13 at 100.00
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Ba2
|
994,800
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Project, Senior Lien Series 2002, 6.500%, 7/01/21 (Alternative Minimum Tax)
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|
|
|
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Health Care – 25.0% (15.6% of Total Investments)
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Albemarle Hospital Authority, North Carolina, Health Care Facilities Revenue Bonds, Series 2007:
|
|
|
|
695
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5.250%, 10/01/27
|
10/17 at 100.00
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N/R
|
605,943
|
70
|
|
5.250%, 10/01/38
|
10/17 at 100.00
|
N/R
|
56,356
|
1,200
|
|
Charlotte-Mecklenberg Hospital Authority, North Carolina, Carolinas HealthCare System Revenue
|
1/18 at 100.00
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AA–
|
1,175,544
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|
Bonds, Series 2008A, 5.000%, 1/15/47
|
|
|
|
500
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Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Refunding Revenue Bonds,
|
1/19 at 100.00
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AA–
|
506,370
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|
|
Carolinas HealthCare System, Series 2009A, 5.250%, 1/15/39
|
|
|
|
1,000
|
|
Charlotte-Mecklenberg Hospital Authority, North Carolina, Health Care Revenue Bonds, Carolinas
|
1/21 at 100.00
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AA–
|
1,012,490
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|
|
HealthCare System, Series 2011A, 5.250%, 1/15/42
|
|
|
|
580
|
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds,
|
1/12 at 100.00
|
AA–
|
580,789
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|
|
Carolinas Healthcare System, Series 2001A, 5.000%, 1/15/31
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|
|
|
520
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Johnston Memorial Hospital Authority, North Carolina, Mortgage Revenue Bonds, Johnston
|
4/18 at 100.00
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AA+
|
535,865
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|
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Memorial Hospital Project, Series 2008A, 5.250%, 10/01/36 – AGM Insured
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|
|
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180
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|
New Hanover County, North Carolina, Hospital Revenue Bonds, New Hanover Regional Medical
|
10/19 at 100.00
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AA+
|
187,733
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|
|
Center, Series 2006B, 5.125%, 10/01/31 – AGM Insured
|
|
|
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North Carolina Medical Care Commission Health Care Facilities Revenue Bonds Novant Health
|
|
|
|
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Inc., Series 2010A:
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2,000
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|
5.250%, 11/01/40
|
11/20 at 100.00
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A+
|
1,990,960
|
500
|
|
5.000%, 11/01/43
|
11/20 at 100.00
|
A+
|
481,400
|
1,000
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|
North Carolina Medical Care Commission, Health Care Facilities Refunding Revenue Bonds, Blue
|
1/20 at 100.00
|
A
|
932,030
|
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Ridge HealthCare, Series 2010A, 5.000%, 1/01/36
|
|
|
|
1,000
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North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Appalachian
|
7/21 at 100.00
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BBB+
|
1,058,720
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Regional HealthCare System, Series 2011A, 6.500%, 7/01/31
|
|
|
|
1,000
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|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, Cleveland County
|
1/21 at 100.00
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A
|
1,017,970
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Healthcare System, Refunding Series 2011A, 5.750%, 1/01/35
|
|
|
|
545
|
|
North Carolina Medical Care Commission, Health Care Facilities Revenue Bonds, WakeMed, Series
|
10/14 at 100.00
|
AA+
|
559,366
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|
|
2009A, 5.625%, 10/01/38 – AGC Insured
|
|
|
|
2,000
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|
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Novant Health
|
11/13 at 100.00
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A+
|
2,070,240
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|
|
Obligated Group, Series 2003A, 5.000%, 11/01/18
|
|
|
|
1,000
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North Carolina Medical Care Commission, Hospital Revenue Bonds, Wilson Medical Center, Series
|
11/17 at 100.00
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A–
|
1,000,460
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2007, 5.000%, 11/01/27
|
|
|
|
400
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|
North Carolina Medical Care Commission, Revenue Bonds, Blue Ridge Healthcare System, Series
|
1/15 at 100.00
|
A
|
381,308
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|
|
2005, 5.000%, 1/01/33 – FGIC Insured
|
|
|
|
150
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|
Northern Hospital District of Surry County, North Carolina, Health Care Facilities Revenue
|
4/18 at 100.00
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BBB
|
150,551
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|
Bonds, Series 2008, 6.250%, 10/01/38
|
|
|
|
14,340
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Total Health Care
|
|
|
14,304,095
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Housing/Multifamily – 1.8% (1.1% of Total Investments)
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|
|
|
1,000
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Mecklenburg County, North Carolina, FNMA Multifamily Housing Revenue Bonds, Little Rock
|
7/13 at 105.00
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AA+
|
1,054,040
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Apartments, Series 2003, 5.150%, 1/01/22 (Alternative Minimum Tax)
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|
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|
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Housing/Single Family – 4.4% (2.7% of Total Investments)
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|
|
|
550
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|
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, 1998 Trust Agreement,
|
1/12 at 100.00
|
AA
|
550,259
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|
|
Series 5A, 5.625%, 7/01/30 (Alternative Minimum Tax)
|
|
|
|
480
|
|
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2007-29A, 4.800%,
|
1/17 at 100.00
|
AA
|
472,627
|
|
|
7/01/33 (Alternative Minimum Tax)
|
|
|
|
1,000
|
|
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 2011-1,
|
1/21 at 100.00
|
AA
|
1,009,060
|
|
|
4.500%, 1/01/28
|
|
|
|
495
|
|
North Carolina Housing Finance Agency, Home Ownership Revenue Bonds, Series 25-A, 4.900%,
|
7/16 at 100.00
|
AA
|
488,892
|
|
|
7/01/37 (Alternative Minimum Tax)
|
|
|
|
2,525
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|
Total Housing/Single Family
|
|
|
2,520,838
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|
|
Long-Term Care – 1.6% (1.0% of Total Investments)
|
|
|
|
|
|
North Carolina Medical Care Commission, Healthcare Facilities Revenue Bonds, Presbyterian
|
|
|
|
|
|
Homes, Series 2006:
|
|
|
|
250
|
|
5.400%, 10/01/27
|
10/16 at 100.00
|
N/R
|
225,105
|
600
|
|
5.500%, 10/01/31
|
10/16 at 100.00
|
N/R
|
530,142
|
190
|
|
North Carolina Medical Care Commission, Revenue Bonds, Pines at Davidson, Series 2006A,
|
1/16 at 100.00
|
N/R
|
174,939
|
|
|
5.000%, 1/01/36
|
|
|
|
1,040
|
|
Total Long-Term Care
|
|
|
930,186
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|
|
Materials – 0.4% (0.2% of Total Investments)
|
|
|
|
200
|
|
Columbus County Industrial Facilities and Pollution Control Financing Authority, North Carolina,
|
3/17 at 100.00
|
BBB
|
177,310
|
|
|
Environmental Improvement Revenue Bonds, International Paper Company Project, Series 2007A,
|
|
|
|
|
|
4.625%, 3/01/27
|
|
|
|
|
|
Tax Obligation/General – 1.6% (1.0% of Total Investments)
|
|
|
|
300
|
|
North Carolina, General Obligation Bonds, Series 2004A, 5.000%, 3/01/22
|
3/14 at 100.00
|
AAA
|
325,401
|
550
|
|
Wake County, North Carolina, Limited Obligation Bonds, Series 2010, 5.000%, 1/01/37
|
1/20 at 100.00
|
AA+
|
582,423
|
850
|
|
Total Tax Obligation/General
|
|
|
907,824
|
|
|
Tax Obligation/Limited – 31.7% (19.8% of Total Investments)
|
|
|
|
1,800
|
|
Catawba County, North Carolina, Certificates of Participation, Series 2004, 5.250%, 6/01/22 –
|
6/14 at 100.00
|
Aa2
|
1,895,238
|
|
|
NPFG Insured
|
|
|
|
2,750
|
|
Charlotte, North Carolina, Certificates of Participation, Governmental Facilities Projects,
|
6/13 at 100.00
|
AA+
|
2,793,313
|
|
|
Series 2003G, 5.000%, 6/01/33
|
|
|
|
575
|
|
Charlotte, North Carolina, Certificates of Participation, Transit Projects Phase 2, Series
|
6/18 at 100.00
|
AA+
|
593,803
|
|
|
2008A, 5.000%, 6/01/33
|
|
|
|
800
|
|
Craven County, North Carolina, Certificates of Participation, Series 2007, 5.000%, 6/01/27 –
|
6/17 at 100.00
|
AA–
|
847,216
|
|
|
NPFG Insured
|
|
|
|
3,000
|
|
Dare County, North Carolina, Certificates of Participation, Series 2002, 5.000%, 6/01/23 –
|
12/12 at 100.00
|
AA–
|
3,117,900
|
|
|
AMBAC Insured
|
|
|
|
200
|
|
Harnett County, North Carolina, Certificates of Participation, Series 2009, 5.000%, 6/01/28 –
|
6/19 at 100.00
|
AA+
|
211,904
|
|
|
AGC Insured
|
|
|
|
500
|
|
Lee County, North Carolina, Certificates of Participation, Public Schools and Community
|
4/14 at 100.00
|
AA+
|
532,950
|
|
|
College, Series 2004, 5.250%, 4/01/20 – AGM Insured
|
|
|
|
200
|
|
Mecklenburg County, North Carolina, Certificates of Participation, Series 2009A, 5.000%, 2/01/27
|
No Opt. Call
|
AA+
|
215,714
|
1,000
|
|
North Carolina, Certificates of Participation, Repair and Renovation Project, Series 2004B,
|
6/14 at 100.00
|
AA+
|
1,066,420
|
|
|
5.000%, 6/01/20
|
|
|
|
2,625
|
|
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2010A,
|
No Opt. Call
|
A+
|
569,809
|
|
|
0.000%, 8/01/35
|
|
|
|
565
|
|
Raleigh, North Carolina, Certificates of Participation, Series 2007, 5.000%, 2/01/27
|
2/17 at 100.00
|
AA+
|
602,019
|
565
|
|
Rutherford County, North Carolina, Certificates of Participation, Series 2002, 5.000%,
|
9/12 at 101.00
|
A1
|
580,543
|
|
|
9/01/21 – AMBAC Insured
|
|
|
|
1,000
|
|
Rutherford County, North Carolina, Certificates of Participation, Series 2007, 5.000%,
|
12/17 at 100.00
|
AA+
|
1,065,860
|
|
|
12/01/27 – AGM Insured
|
|
|
|
1,200
|
|
Sampson County, North Carolina, Certificates of Participation, Series 2006, 5.000%, 6/01/34 –
|
6/17 at 100.00
|
AA+
|
1,231,548
|
|
|
AGM Insured (UB)
|
|
|
|
1,785
|
|
Union County, North Carolina, Certificates of Participation, Series 2003, 5.000%, 6/01/20 –
|
6/13 at 101.00
|
Aa2
|
1,911,771
|
|
|
AMBAC Insured
|
|
|
|
500
|
|
Wilmington, North Carolina, Certificates of Participation, Series 2008A, 5.000%, 6/01/29
|
6/18 at 100.00
|
AA
|
533,100
|
400
|
|
Wilson County, North Carolina, Certificates of Participation, School Facilities Project,
|
4/17 at 100.00
|
Aa3
|
420,948
|
|
|
Series 2007, 5.000%, 4/01/25 – AMBAC Insured
|
|
|
|
19,465
|
|
Total Tax Obligation/Limited
|
|
|
18,190,056
|
|
|
Transportation – 7.9% (5.0% of Total Investments)
|
|
|
|
500
|
|
Charlotte, North Carolina, Airport Revenue Bonds, Charlotte Douglas International Refunding
|
7/20 at 100.00
|
A+
|
509,440
|
|
|
Series 2010A, 5.000%, 7/01/39
|
|
|
|
660
|
|
North Carolina State Ports Authority, Port Facilities Revenue Bonds, Senior Lien Series 2010A,
|
2/20 at 100.00
|
A3
|
677,992
|
|
|
5.250%, 2/01/40
|
|
|
|
|
|
North Carolina Turnpike Authority, Triangle Expressway System Revenue Bonds, Series 2009A:
|
|
|
|
260
|
|
5.500%, 1/01/29 – AGC Insured
|
1/19 at 100.00
|
AA+
|
280,446
|
1,155
|
|
5.750%, 1/01/39 – AGC Insured
|
1/19 at 100.00
|
AA+
|
1,229,417
|
|
|
North Carolina Turnpike Authority, Triangle Expressway System Senior Lien Revenue Bonds,
|
|
|
|
|
|
Series 2009B:
|
|
|
|
2,295
|
|
0.000%, 1/01/35 – AGC Insured
|
No Opt. Call
|
AA+
|
608,634
|
100
|
|
0.000%, 1/01/37 – AGC Insured
|
No Opt. Call
|
AA+
|
23,668
|
300
|
|
0.000%, 1/01/38 – AGC Insured
|
No Opt. Call
|
AA+
|
66,906
|
1,100
|
|
Raleigh Durham Airport Authority, North Carolina, Airport Revenue Bonds, Refunding Series
|
No Opt. Call
|
Aa3
|
1,149,082
|
|
|
2010A, 5.000%, 5/01/36
|
|
|
|
6,370
|
|
Total Transportation
|
|
|
4,545,585
|
|
|
U.S. Guaranteed – 21.4% (13.4% of Total Investments) (4)
|
|
|
|
200
|
|
Charlotte-Mecklenburg Hospital Authority, North Carolina, Healthcare System Revenue Bonds, DBA
|
1/15 at 100.00
|
AA+ (4)
|
230,712
|
|
|
Carolinas Healthcare System, Series 2005A, 5.000%, 1/15/45 (Pre-refunded 1/15/15)
|
|
|
|
|
|
Forsyth County, North Carolina, Certificates of Participation, Public Facilities and Equipment
|
|
|
|
|
|
Project, Series 2002:
|
|
|
|
1,325
|
|
5.125%, 1/01/16 (Pre-refunded 1/01/13)
|
1/13 at 101.00
|
AA+ (4)
|
1,421,434
|
770
|
|
5.250%, 1/01/19 (Pre-refunded 1/01/13)
|
1/13 at 101.00
|
AA+ (4)
|
827,319
|
|
|
Lincoln County, North Carolina, General Obligation Bonds, Series 2002A:
|
|
|
|
850
|
|
5.000%, 6/01/19 (Pre-refunded 6/01/12) – FGIC Insured
|
6/12 at 101.00
|
AA– (4)
|
889,253
|
900
|
|
5.000%, 6/01/20 (Pre-refunded 6/01/12) – FGIC Insured
|
6/12 at 101.00
|
AA– (4)
|
941,562
|
1,050
|
|
5.000%, 6/01/21 (Pre-refunded 6/01/12) – FGIC Insured
|
6/12 at 101.00
|
AA– (4)
|
1,098,489
|
920
|
|
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series
|
10/11 at 100.00
|
Aaa
|
923,827
|
|
|
2001A, 5.125%, 10/01/26 (Pre-refunded 10/01/11)
|
|
|
|
1,600
|
|
North Carolina Capital Facilities Financing Agency, Revenue Bonds, Duke University, Series
|
10/12 at 100.00
|
Aaa
|
1,684,784
|
|
|
2002A, 5.125%, 7/01/42 (Pre-refunded 10/01/12)
|
|
|
|
500
|
|
North Carolina Medical Care Commission, Health System Revenue Bonds, Mission St. Joseph’s
|
10/11 at 101.00
|
AA (4)
|
507,135
|
|
|
Health System, Series 2001, 5.250%, 10/01/31 (Pre-refunded 10/01/11)
|
|
|
|
500
|
|
North Carolina Medical Care Commission, Revenue Bonds, Northeast Medical Center, Series 2004,
|
11/14 at 100.00
|
Aa3 (4)
|
572,265
|
|
|
5.000%, 11/01/24 (Pre-refunded 11/01/14)
|
|
|
|
400
|
|
Raleigh, North Carolina, General Obligation Bonds, Series 2002, 5.000%, 6/01/21
|
6/12 at 100.00
|
AAA
|
414,476
|
|
|
(Pre-refunded 6/01/12)
|
|
|
|
1,435
|
|
Rutherford County, North Carolina, Certificates of Participation, Series 2002, 5.000%, 9/01/21
|
9/12 at 101.00
|
A1 (4)
|
1,516,422
|
|
|
(Pre-refunded 9/01/12) – AMBAC Insured
|
|
|
|
|
|
University of North Carolina System, Pooled Revenue Refunding Bonds, Series 2002A:
|
|
|
|
610
|
|
5.000%, 4/01/27 (Pre-refunded 10/01/12) – AMBAC Insured
|
10/12 at 100.00
|
N/R (4)
|
641,500
|
585
|
|
5.000%, 4/01/27 (Pre-refunded 10/01/12) – AMBAC Insured
|
10/12 at 100.00
|
N/R (4)
|
614,876
|
11,645
|
|
Total U.S. Guaranteed
|
|
|
12,284,054
|
|
|
Utilities – 14.5% (9.1% of Total Investments)
|
|
|
|
150
|
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2003F,
|
1/13 at 100.00
|
A–
|
157,275
|
|
|
5.500%, 1/01/16
|
|
|
|
500
|
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2005,
|
1/16 at 100.00
|
A–
|
564,895
|
|
|
5.250%, 1/01/20 – AMBAC Insured
|
|
|
|
1,400
|
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Bonds, Series 2009B,
|
1/19 at 100.00
|
A–
|
1,501,024
|
|
|
5.000%, 1/01/26
|
|
|
|
|
|
North Carolina Eastern Municipal Power Agency, Power System Revenue Refunding Bonds,
|
|
|
|
|
|
Series 1993B:
|
|
|
|
1,210
|
|
5.500%, 1/01/17 – FGIC Insured
|
1/17 at 100.00
|
Baa1
|
1,213,352
|
25
|
|
6.000%, 1/01/22
|
No Opt. Call
|
A–
|
30,428
|
15
|
|
6.000%, 1/01/22 – FGIC Insured
|
No Opt. Call
|
Baa1
|
18,257
|
275
|
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Refunding Series
|
1/19 at 100.00
|
A
|
286,894
|
|
|
2009A, 5.000%, 1/01/30
|
|
|
|
2,665
|
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2003A,
|
1/13 at 100.00
|
A
|
2,808,031
|
|
|
5.250%, 1/01/15 – AMBAC Insured
|
|
|
|
250
|
|
North Carolina Municipal Power Agency 1, Catawba Electric Revenue Bonds, Series 2008A,
|
1/18 at 100.00
|
A
|
288,053
|
|
|
5.250%, 1/01/20
|
|
|
|
1,400
|
|
Wake County Industrial Facilities and Pollution Control Financing Authority, North Carolina,
|
2/12 at 101.00
|
A1
|
1,440,208
|
|
|
Revenue Refunding Bonds, Carolina Power and Light Company, Series 2002, 5.375%, 2/01/17
|
|
|
|
7,890
|
|
Total Utilities
|
|
|
8,308,417
|
|
|
Water and Sewer – 40.4% (25.3% of Total Investments)
|
|
|
|
2,000
|
|
Brunswick County, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%,
|
4/18 at 100.00
|
AA+
|
2,097,580
|
|
|
4/01/31 – AGM Insured
|
|
|
|
425
|
|
Cape Fear Public Utility Authority, North Carolina, Water & Sewer System Revenue Bonds, Series
|
8/18 at 100.00
|
AA
|
460,186
|
|
|
2008, 5.000%, 8/01/28
|
|
|
|
|
|
Dare County, North Carolina, Utilities System Revenue Bonds, Series 2011:
|
|
|
|
1,320
|
|
5.000%, 2/01/36
|
2/21 at 100.00
|
AA
|
1,408,268
|
500
|
|
5.000%, 2/01/41
|
2/21 at 100.00
|
AA
|
530,630
|
300
|
|
Durham County, North Carolina, Enterprise System Revenue Bonds, Series 2002, 5.000%, 6/01/18 –
|
6/13 at 100.00
|
AA
|
318,378
|
|
|
NPFG Insured
|
|
|
|
3,050
|
|
Durham, North Carolina, Utility System Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/41
|
6/21 at 100.00
|
AAA
|
3,287,687
|
2,500
|
|
Kannapolis, North Carolina, Water and Sewerage System Revenue Bonds, Series 2001B, 5.250%,
|
2/12 at 101.00
|
AA+
|
2,505,275
|
|
|
2/01/26 – AGM Insured (Alternative Minimum Tax)
|
|
|
|
600
|
|
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2008A, 5.000%, 6/01/23 –
|
6/18 at 100.00
|
A2
|
641,814
|
|
|
NPFG Insured
|
|
|
|
|
|
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2009A:
|
|
|
|
50
|
|
6.000%, 6/01/34 – AGC Insured
|
6/19 at 100.00
|
AA+
|
54,499
|
20
|
|
6.000%, 6/01/36 – AGC Insured
|
6/19 at 100.00
|
AA+
|
21,732
|
300
|
|
Oak Island, North Carolina, Enterprise System Revenue Bonds, Series 2011, 5.750%, 6/01/36 –
|
6/21 at 100.00
|
AA+
|
323,778
|
|
|
AGC Insured
|
|
|
|
500
|
|
Onslow County, North Carolina, Combined Enterprise System Revenue Bonds, Series 2004B, 5.000%,
|
6/14 at 100.00
|
A+
|
539,160
|
|
|
6/01/23 – SYNCORA GTY Insured
|
|
|
|
|
|
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A:
|
|
|
|
4,950
|
|
5.000%, 3/01/31 (UB)
|
3/16 at 100.00
|
AAA
|
5,281,106
|
3,000
|
|
5.000%, 3/01/36 (UB)
|
3/16 at 100.00
|
AAA
|
3,155,730
|
5
|
|
Raleigh, North Carolina, Combined Enterprise System Revenue Bonds, Series 2006A,
|
No Opt. Call
|
AAA
|
5,779
|
|
|
Residuals Series 11-R-645-2, 13.706%, 3/01/14 (IF)
|
|
|
|
2,375
|
|
Winston-Salem, North Carolina, Water and Sewer System Revenue Bonds, Series 2007A, 5.000%,
|
6/17 at 100.00
|
AAA
|
2,526,501
|
|
|
6/01/37 (UB)
|
|
|
|
21,895
|
|
Total Water and Sewer
|
|
|
23,158,103
|
$ 92,800
|
|
Total Investments (cost $89,199,962) – 159.9%
|
|
|
91,663,212
|
|
|
Floating Rate Obligations – (13.0)%
|
|
|
(7,480,000)
|
|
|
MuniFund Term Preferred Shares, at Liquidation Value – (50.1)% (5)
|
|
|
(28,725,000)
|
|
|
Other Assets Less Liabilities – 3.2%
|
|
|
1,872,756
|
|
|
Net Assets Applicable to Common Shares – 100%
|
|
|
$ 57,330,968
|