0001752724-19-154893.txt : 20191029 0001752724-19-154893.hdr.sgml : 20191029 20191029152647 ACCESSION NUMBER: 0001752724-19-154893 CONFORMED SUBMISSION TYPE: NPORT-EX PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20190831 FILED AS OF DATE: 20191029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN GEORGIA QUALITY MUNICIPAL INCOME FUND CENTRAL INDEX KEY: 0001177219 IRS NUMBER: 431969098 STATE OF INCORPORATION: MA FILING VALUES: FORM TYPE: NPORT-EX SEC ACT: 1940 Act SEC FILE NUMBER: 811-21152 FILM NUMBER: 191176144 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3129178146 MAIL ADDRESS: STREET 1: 333 W WACKER DRIVE CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: NUVEEN GEORGIA DIVIDEND ADVANTAGE MUNICIPAL FUND 2 DATE OF NAME CHANGE: 20020709 ACCESSION NUMBER: 0001752724-19-154734 NPORT-EX 1 NKG.htm
NKG
Nuveen Georgia Quality Municipal Income Fund
Portfolio of Investments    August 31, 2019
(Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    LONG-TERM INVESTMENTS – 150.5% (100.0% of Total Investments)        
    MUNICIPAL BONDS – 150.5% (100.0% of Total Investments)        
    Education and Civic Organizations – 15.9% (10.6% of Total Investments)        
$1,600   Cobb County Development Authority, Georgia, Revenue Bonds, KSU University II Real Estate Foundation, LLC Project, Series 2011, 5.000%, 7/15/41  –  AGM Insured   7/21 at 100.00 AA $1,697,040
3,000   Colorado State Board of Governors, Colorado State University Auxiliary Enterprise System Revenue Bonds, Refunding Series 2017E, 4.000%, 3/01/43   3/28 at 100.00 AA 3,391,560
1,340   Douglas County Development Authority, Georgia, Charter School Revenue Bonds, Brighten Academy Project, Series 2013B, 7.000%, 10/01/43   10/23 at 100.00 N/R 1,428,493
3,000   Fulton County Development Authority, Georgia, Revenue Bonds, Robert W Woodruff Arts Center, Inc. Project, Refunding Series 2015A, 5.000%, 3/15/36   3/26 at 100.00 A2 3,570,300
1,530   Gwinnett County Development Authority, Georgia, Revenue Bonds, Georgia Gwinnett College Student Housing Project, Refunding Series 2017B, 5.000%, 7/01/37   7/27 at 100.00 A+ 1,866,386
3,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2013A, 5.000%, 10/01/43   10/23 at 100.00 AA+ 3,390,390
2,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Emory University, Refunding Series 2016A, 5.000%, 10/01/46 (UB) (4)   10/26 at 100.00 AA 2,419,280
1,325   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Refunding Series 2012C, 5.250%, 10/01/30   10/22 at 100.00 Baa1 1,457,964
1,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Mercer University, Series 2012A, 5.000%, 10/01/32   10/21 at 100.00 Baa1 1,058,790
3,000   Private Colleges and Universities Authority, Georgia, Revenue Bonds, Savannah College of Art & Design Projects, Series 2014, 5.000%, 4/01/44   4/24 at 100.00 A+ 3,411,180
20,795   Total Education and Civic Organizations       23,691,383
    Health Care – 17.3% (11.5% of Total Investments)        
    Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 1998:        
205   5.250%, 12/01/22 (5), (6)   9/19 at 100.00 N/R 18,035
745   5.375%, 12/01/28 (5), (6)   9/19 at 100.00 N/R 65,544
231   Baldwin County Hospital Authority, Georgia, Revenue Bonds, Oconee Regional Medical Center, Series 2016, 6.500%, 3/31/17 (5), (6)   No Opt. Call N/R 252,938
3,245   Brookhaven Development Authority, Georgia, Revenue Bonds, Children's Healthcare of Atlanta, Inc. Project, Series 2019A, 4.000%, 7/01/49   7/29 at 100.00 AA+ 3,677,429
715   Coweta County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. Project, Series 2010, 5.000%, 6/15/40   6/20 at 100.00 AA- 734,219
3,485   Development Authority of Fulton County Revenue Bonds, Georgia, Piedmont Healthcare, Inc. Project, Series 2016A, 5.000%, 7/01/46   7/26 at 100.00 AA- 4,085,047
1
NKG Nuveen Georgia Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Health Care (continued)        
    Fulton County Development Authority, Georgia, Hospital Revenue Bonds, Wellstar Health System, Inc. Project, Series 2017A:        
$1,780   5.000%, 4/01/36   4/27 at 100.00 A $2,140,664
1,000   5.000%, 4/01/37   4/27 at 100.00 A 1,199,420
    Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc, Series 2010B:        
235   5.000%, 2/15/33   2/20 at 100.00 AA 238,894
235   5.125%, 2/15/40   2/20 at 100.00 AA 238,917
930   5.250%, 2/15/45   2/20 at 100.00 AA 945,810
    Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc, Series 2017B:        
3,000   5.500%, 2/15/42 (UB) (4)   2/27 at 100.00 AA 3,764,550
5,500   5.250%, 2/15/45 (UB) (4)   2/27 at 100.00 AA 6,716,050
1,620   Greene County Development Authority, Georgia, Health System Revenue Bonds, Catholic Health East Issue, Series 2012, 5.000%, 11/15/37   11/22 at 100.00 AA- 1,789,436
22,926   Total Health Care       25,866,953
    Housing/Multifamily – 0.8% (0.6% of Total Investments)        
1,205   Atlanta Urban Residential Finance Authority, Georgia, Multifamily Housing Revenue Bonds, Trestletree Village Apartments, Series 2013A, 4.500%, 11/01/35   11/23 at 100.00 BBB+ 1,267,516
    Tax Obligation/General – 33.3% (22.1% of Total Investments)        
4,000   Bryan County School District, Georgia, General Obligation Bonds, Series 2018, 5.000%, 8/01/42 (UB) (4)   8/26 at 100.00 AA+ 4,812,080
3,000   Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center, Inc. Project, Series 2015, 5.000%, 7/01/41   7/25 at 100.00 AA 3,472,830
2,000   Clark County School District, Nevada, General Obligation Bonds, Limited Tax Building Series 2018A, 4.000%, 6/15/37   6/28 at 100.00 A+ 2,269,920
    East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project, Refunding Series 2017:        
1,000   5.000%, 2/01/29  –  AGM Insured   2/27 at 100.00 AA 1,250,340
650   5.000%, 2/01/35  –  AGM Insured   2/27 at 100.00 AA 793,221
2,350   Evanston, Illinois, General Obligation Bonds, Corporate Purpose Series 2016A, 4.000%, 12/01/43   6/28 at 100.00 AA+ 2,618,276
2,000   Floyd County Hospital Authority, Georgia, Revenue Anticipation Certificates, Floyd Medical Center, Series 2016, 5.000%, 7/01/35   7/26 at 100.00 Aa2 2,400,000
3,000   Forsyth County Water and Sewerage Authority, Georgia, Revenue Bonds, Refunding & Improvement Series 2015, 5.000%, 4/01/44   4/25 at 100.00 AAA 3,504,360
3,000   Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc, Series 2014A, 5.500%, 8/15/54   2/25 at 100.00 AA 3,575,730
10   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 10,028
3,550   Georgia State, General Obligation Bonds, Series 2015A, 5.000%, 2/01/28   2/25 at 100.00 AAA 4,275,940
2
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/General (continued)        
$3,500   Gwinnett County School District, Georgia, General Obligation Bonds, Series 2013, 5.000%, 2/01/36   2/23 at 100.00 AAA $3,903,095
1,500   Habersham County Hospital Authority, Georgia, Revenue Anticipation Certificates, Series 2014B, 5.000%, 2/01/37   2/24 at 100.00 Aa3 1,683,075
170   Jackson County School District, Georgia, General Obligation Bonds, School Series 2019, 5.000%, 3/01/32   3/29 at 100.00 AA+ 222,659
345   Lamar County School District, Georgia, General Obligation Bonds, Series 2017, 5.000%, 3/01/33   9/27 at 100.00 Aa1 433,199
    Liberty County Industrial Authority, Georgia, Revenue Bonds, Series 2014:        
251   5.500%, 7/15/23   7/21 at 100.00 N/R 252,199
601   5.500%, 7/15/30   7/21 at 100.00 N/R 604,552
659   5.500%, 1/15/36   7/21 at 100.00 N/R 663,603
500   Paulding County, Georgia, General Obligation Bonds, Series 2017, 5.000%, 2/01/31   2/28 at 100.00 Aa1 641,880
3,000   Sandy Springs Public Facilities Authority, Georgia, Revenue Bonds, Sandy Springs City Center Project, Series 2015, 5.000%, 5/01/47   5/26 at 100.00 Aaa 3,598,500
    Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Anticipation Certificates, Refunding Series 2019A:        
500   5.000%, 10/01/34   10/29 at 100.00 Aa2 641,770
370   5.000%, 10/01/36   10/29 at 100.00 Aa2 472,287
195   5.000%, 10/01/37   10/29 at 100.00 Aa2 248,223
    Vidalia School District, Toombs County, Georgia, General Obligation Bonds, Series 2016:        
500   5.000%, 8/01/30   2/26 at 100.00 Aa1 612,915
400   5.000%, 8/01/31   2/26 at 100.00 Aa1 487,844
3,500   West Virginia State, General Obligation Bonds, State Road Competitive Series 2018B, 4.000%, 6/01/42   6/28 at 100.00 Aa2 3,995,075
2,000   Winder-Barrow Industrial Building Authority, Revenue Bonds, Georgia, City of Winder Project, Refunding Series 2012, 5.000%, 12/01/29  –  AGM Insured   12/21 at 100.00 A1 2,160,480
42,551   Total Tax Obligation/General       49,604,081
    Tax Obligation/Limited – 25.2% (16.7% of Total Investments)        
    Atlanta and Fulton County Recreation Authority, Georgia, Revenue Bonds, Zoo Atlanta Parking Facility Project, Series 2017:        
1,180   5.000%, 12/01/34   12/27 at 100.00 AA+ 1,480,133
1,260   5.000%, 12/01/36  –    12/27 at 100.00 AA+ 1,571,913
3,250   Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1, 5.250%, 7/01/44   7/25 at 100.00 Aa3 3,870,392
575   Atlanta, Georgia, Tax Allocation Bonds Atlanta Station Project, Refunding Series 2017, 5.000%, 12/01/24   No Opt. Call A3 676,884
    Atlanta, Georgia, Tax Allocation Bonds, Beltline Project, Series 2016D:        
1,200   5.000%, 1/01/30   1/27 at 100.00 A2 1,470,744
1,525   5.000%, 1/01/31   1/27 at 100.00 A2 1,860,393
725   Atlanta, Georgia, Tax Allocation Bonds, Perry Bolton Project Series 2014, 5.000%, 7/01/41   7/23 at 100.00 A- 801,836
3
NKG Nuveen Georgia Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Tax Obligation/Limited (continued)        
$5,160   Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 1993, 5.625%, 10/01/26  –  NPFG Insured   No Opt. Call Baa2 $5,926,260
405   Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 2005, 5.500%, 10/01/26  –  NPFG Insured   No Opt. Call AA- 472,226
3,020   Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A, 4.750%, 6/01/28  –  NPFG Insured   No Opt. Call Baa2 3,481,426
700   Georgia State Road and Tollway Authority, Federal Highway Grant Anticipation Revenue Bonds, Series 2017A, 5.000%, 6/01/29   6/27 at 100.00 AA 887,306
    Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Third Indenture, Series 2015B:        
1,000   5.000%, 7/01/41   7/26 at 100.00 AA+ 1,206,780
3,000   5.000%, 7/01/42   7/26 at 100.00 AA+ 3,615,360
5,000   Miami-Dade County, Florida, Transit System Sales Surtax Revenue Bonds, Series 2018, 4.000%, 7/01/48   7/28 at 100.00 AA 5,630,050
2,000   Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1, 4.550%, 7/01/40   7/28 at 100.00 N/R 2,064,380
810   Tift County Hospital Authority, Georgia, Revenue Anticipation Certificates Series 2012, 5.000%, 12/01/38   12/22 at 100.00 Aa2 895,050
1,500   Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018, 4.000%, 7/01/58   7/28 at 100.00 A1 1,619,655
32,310   Total Tax Obligation/Limited       37,530,788
    Transportation – 10.8% (7.2% of Total Investments)        
2,000   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2011B, 5.000%, 1/01/30 (AMT)   1/21 at 100.00 AA- 2,093,500
2,000   Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2012B, 5.000%, 1/01/31   1/22 at 100.00 AA- 2,170,640
2,810   Atlanta, Georgia, Airport General Revenue Bonds, Series 2012C, 5.000%, 1/01/42 (AMT)   1/22 at 100.00 AA- 3,013,528
    Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Refunding Subordinate Lien Series 2014A:        
2,575   5.000%, 1/01/32   1/24 at 100.00 AA- 2,951,877
3,750   5.000%, 1/01/34   1/24 at 100.00 AA- 4,285,275
1,500   Clayton County Development Authority, Georgia, Special Facilities Revenue Bonds, Delta Air Lines, Inc. Project, Series 2009A, 8.750%, 6/01/29   6/20 at 100.00 Baa3 1,581,960
14,635   Total Transportation       16,096,780
    U.S. Guaranteed – 7.3% (4.8% of Total Investments) (7)        
2,000   Chatham County Hospital Authority, Georgia, Seven Mill Tax Pledge Revenue Bonds, Memorial Health University Medical Center, Inc, Refunding & Improvement Series 2012A, 5.000%, 1/01/31 (Pre-refunded 1/01/22)   1/22 at 100.00 N/R 2,178,540
600   Clarke County Hospital Authority, Georgia, Hospital Revenue Certificates, Athens Regional Medical Center, Series 2012, 5.000%, 1/01/32 (Pre-refunded 1/01/22)   1/22 at 100.00 AA 654,288
625   Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Foundation Technology Square Project, Refunding Series 2012A, 5.000%, 11/01/31 (Pre-refunded 5/01/22)   5/22 at 100.00 AA+ 690,413
4
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    U.S. Guaranteed (7) (continued)        
    Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc, Series 2010B:        
$765   5.000%, 2/15/33 (Pre-refunded 2/15/20)   2/20 at 100.00 N/R $778,479
765   5.125%, 2/15/40 (Pre-refunded 2/15/20)   2/20 at 100.00 N/R 778,900
3,015   5.250%, 2/15/45 (Pre-refunded 2/15/20)   2/20 at 100.00 N/R 3,071,471
290   Metropolitan Atlanta Rapid Transit Authority, Georgia, Sales Tax Revenue Bonds, Refunding Series 1992P, 6.250%, 7/01/20  –  AMBAC Insured (ETM)   No Opt. Call N/R 301,513
2,260   Valdosta and Lowndes County Hospital Authority, Georgia, Revenue Certificates, South Georgia Medical Center Project, Series 2011B, 5.000%, 10/01/41 (Pre-refunded 10/01/21)   10/21 at 100.00 Aa2 2,440,800
10,320   Total U.S. Guaranteed       10,894,404
    Utilities – 17.2% (11.4% of Total Investments)        
1,975   Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company, Fourth Series 1994, 2.250%, 10/01/32 (Mandatory Put 5/25/23)   No Opt. Call A- 2,016,850
1,250   Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C, 4.125%, 11/01/45   2/28 at 100.00 BBB+ 1,354,938
1,250   Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D, 4.125%, 11/01/45   2/28 at 100.00 BBB+ 1,354,938
1,750   Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2017, 5.000%, 3/01/33   3/27 at 100.00 A2 2,118,742
3,000   Georgia Municipal Electric Authority, General Power Revenue Bonds, Series 2012GG, 5.000%, 1/01/43   1/23 at 100.00 A1 3,286,500
    Main Street Natural Gas Inc, Georgia, Gas Project Revenue Bonds, Series 2006B:        
1,055   5.000%, 3/15/20   No Opt. Call A+ 1,075,393
1,300   5.000%, 3/15/21   No Opt. Call A+ 1,368,666
1,500   5.000%, 3/15/22   No Opt. Call A+ 1,628,910
2,000   Main Street Natural Gas Inc, Georgia, Gas Project Revenue Bonds, Series 2007A, 5.000%, 3/15/22   No Opt. Call A+ 2,175,000
1,000   Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2019A, 5.000%, 5/15/49   No Opt. Call A3 1,434,770
1,525   Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Series 2019B, 4.000%, 8/01/49 (Mandatory Put 12/02/24)   No Opt. Call Aa1 1,734,611
2,000   Main Street Natural Gas Inc, Georgia, Gas Supply Revenue Bonds, Variable Rate Demand Bonds, Series 2018A, 4.000%, 4/01/48 (Mandatory Put 9/01/23)   8/23 at 100.40 Aa2 2,192,420
1,500   Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2015A, 0.000%, 1/01/32   No Opt. Call A2 1,116,195
2,260   Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2016A, 5.000%, 1/01/30  –  BAM Insured   7/26 at 100.00 AA 2,735,459
23,365   Total Utilities       25,593,392
    Water and Sewer – 22.7% (15.1% of Total Investments)        
4,000   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018A, 5.000%, 11/01/39 (UB) (4)   11/27 at 100.00 Aa2 4,969,120
5
NKG Nuveen Georgia Quality Municipal Income Fund (continued)
  Portfolio of Investments August 31, 2019
  (Unaudited)
Principal Amount (000)   Description (1)   Optional Call Provisions (2) Ratings (3) Value
    Water and Sewer (continued)        
$5,000   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018B, 5.000%, 11/01/47   11/27 at 100.00 Aa2 $6,139,000
260   Atlanta, Georgia, Water and Wastewater Revenue Bonds, Series 2004, 5.750%, 11/01/30  –  AGM Insured   No Opt. Call AA 375,066
5   Cherokee County Water and Sewerage Authority, Georgia, Revenue Bonds, Series 2001, 5.000%, 8/01/35  –  AGM Insured   9/19 at 100.00 AA 5,014
500   Columbus, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2014A, 5.000%, 5/01/31   5/24 at 100.00 AA+ 580,075
500   Columbus, Georgia, Water and Sewerage Revenue Bonds, Series 2016, 5.000%, 5/01/36   5/26 at 100.00 AA+ 606,735
    DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B:        
6,000   5.250%, 10/01/32  –  AGM Insured (UB) (4)   10/26 at 100.00 AA 7,546,560
300   5.000%, 10/01/35  –  AGM Insured   10/26 at 100.00 AA 368,763
5,350   DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2011A, 5.250%, 10/01/41   10/21 at 100.00 Aa3 5,777,518
1,000   Fulton County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2013, 5.000%, 1/01/33   1/23 at 100.00 AA 1,114,840
635   Midgeville, Georgia, Water and Sewerage Revenue Refunding Bonds, Series 1996, 6.000%, 12/01/21  –  AGM Insured   No Opt. Call AA 668,147
    Oconee County, Georgia, Water and Sewer Revenue Bonds, Series 2017A:        
155   5.000%, 9/01/35   9/27 at 100.00 AA 193,572
535   5.000%, 9/01/37   9/27 at 100.00 AA 663,560
2,000   South Fulton Municipal Regional Water and Sewer Authority, Georgia, Revenue Bonds, Refunding Series 2014, 5.000%, 1/01/30   1/24 at 100.00 AA 2,306,600
2,315   Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Oconee-Hard Creek Reservoir Project, Series 2016, 4.000%, 2/01/38   2/26 at 100.00 Aa2 2,579,327
28,555   Total Water and Sewer       33,893,897
$196,662   Total Long-Term Investments (cost $208,467,182)       224,439,194
    Floating Rate Obligations – (13.1)%       (19,600,000)
    Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering costs – (39.1)% (8)       (58,360,756)
    Other Assets Less Liabilities – 1.7%       2,607,186
    Net Asset Applicable to Common Shares – 100%       $149,085,624
6
Part F of Form N-PORT was prepared in accordance with accounting principles general accepted in teh United States of America ("U.S. GAAP") and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund's notes to financial statements, please refer to the Fund's most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value. Fair value is defined as the price that would be received 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 entity’s 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, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s 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 the Fund’s fair value measurements as of the end of the reporting period:
  Level 1 Level 2 Level 3 Total
Long-Term Investments:        
Municipal Bonds $ — $224,102,676 $336,518 $224,439,194
    
(1) All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.  
(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) For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s 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) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3.  
(6) Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.  
(7) 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.  
(8) Adjustable Rate MuniFund Term Preferred Shares, net of deferred offering cost as a percentage of Total Investments is 26.0%.  
AMT Alternative Minimum Tax  
ETM Escrowed to maturity  
UB Underlying bond of an inverse floating rate trust reflected as a financing transaction.  
7