UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-07751
Nuveen Multistate Trust IV
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Christopher M. Rohrbacher
Vice President and Secretary
333 West Wacker Drive,
Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: May 31
Date of reporting period: May 31, 2020
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
ITEM 1. | REPORTS TO STOCKHOLDERS. |
Bond Funds
Fund Name | Class A | Class C | Class C2 | Class I | |
Nuveen Kansas Municipal Bond Fund | FKSTX | FAFOX | FCKSX | FRKSX | |
Nuveen Kentucky Municipal Bond Fund | FKYTX | FKCCX | FKYCX | FKYRX | |
Nuveen Michigan Municipal Bond Fund | FMITX | FAFNX | FLMCX | NMMIX | |
Nuveen Missouri Municipal Bond Fund | FMOTX | FAFPX | FMOCX | FMMRX | |
Nuveen Ohio Municipal Bond Fund | FOHTX | FAFMX | FOHCX | NXOHX | |
Nuveen Wisconsin Municipal Bond Fund | FWIAX | FWCCX | FWICX | FWIRX |
Total Returns as of May 31, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 1/09/92 | 0.80% | 2.57% | 3.75% | 0.89% |
Class A Shares at maximum Offering Price | 1/09/92 | (3.34)% | 1.70% | 3.30% | — |
S&P Municipal Bond Index | — | 3.87% | 3.68% | 4.20% | — |
Lipper Other States Municipal Debt Funds Classification Average | — | 2.93% | 2.77% | 3.34% | — |
Class C2 Shares | 2/11/97 | 0.23% | 2.01% | 3.18% | 1.44% |
Class I Shares | 2/25/97 | 1.02% | 2.77% | 3.95% | 0.69% |
Total Returns as of May 31, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | (0.09)% | 1.75% | 2.68% | 1.69% |
Effective Leverage Ratio | 0.00% |
Total Returns as of May 31, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 5/04/87 | 2.55% | 2.95% | 3.66% | 0.97% |
Class A Shares at maximum Offering Price | 5/04/87 | (1.77)% | 2.07% | 3.22% | — |
S&P Municipal Bond Index | — | 3.87% | 3.68% | 4.20% | — |
Lipper Other States Municipal Debt Funds Classification Average | — | 2.93% | 2.77% | 3.34% | — |
Class C2 Shares | 10/04/93 | 2.00% | 2.41% | 3.11% | 1.51% |
Class I Shares | 2/07/97 | 2.77% | 3.16% | 3.88% | 0.76% |
Total Returns as of May 31, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | 1.73% | 2.15% | 2.67% | 1.77% |
Effective Leverage Ratio | 9.58% |
Total Returns as of May 31, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 6/27/85 | 4.66% | 3.63% | 4.24% | 0.86% |
Class A Shares at maximum Offering Price | 6/27/85 | 0.28% | 2.74% | 3.79% | — |
S&P Municipal Bond Index | — | 3.87% | 3.68% | 4.20% | — |
Lipper Other States Municipal Debt Funds Classification Average | — | 2.93% | 2.77% | 3.34% | — |
Class C2 Shares | 6/22/93 | 4.09% | 3.04% | 3.66% | 1.41% |
Class I Shares | 2/03/97 | 4.88% | 3.83% | 4.45% | 0.66% |
Total Returns as of May 31, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | 3.84% | 2.79% | 3.42% | 1.66% |
Effective Leverage Ratio | 2.70% |
Total Returns as of May 31, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 8/03/87 | 3.00% | 3.62% | 4.32% | 0.78% |
Class A Shares at maximum Offering Price | 8/03/87 | (1.31)% | 2.73% | 3.88% | — |
S&P Municipal Bond Index | — | 3.87% | 3.68% | 4.20% | — |
Lipper Other States Municipal Debt Funds Classification Average | — | 2.93% | 2.77% | 3.34% | — |
Class C2 Shares | 2/02/94 | 2.43% | 3.06% | 3.76% | 1.33% |
Class I Shares | 2/19/97 | 3.22% | 3.83% | 4.53% | 0.58% |
Total Returns as of May 31, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | 2.08% | 2.79% | 3.26% | 1.58% |
Effective Leverage Ratio | 0.00% |
Total Returns as of May 31, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 6/27/85 | 5.35% | 3.81% | 4.27% | 0.79% |
Class A Shares at maximum Offering Price | 6/27/85 | 0.92% | 2.93% | 3.82% | — |
S&P Municipal Bond Index | — | 3.87% | 3.68% | 4.20% | — |
Lipper Ohio Municipal Debt Funds Classification Average | — | 3.91% | 3.16% | 3.52% | — |
Class C2 Shares | 8/03/93 | 4.87% | 3.25% | 3.69% | 1.33% |
Class I Shares | 2/03/97 | 5.59% | 4.01% | 4.48% | 0.59% |
Total Returns as of May 31, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | 4.52% | 2.97% | 3.45% | 1.59% |
Effective Leverage Ratio | 1.89% |
Total Returns as of May 31, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 6/01/94 | 1.93% | 3.08% | 3.81% | 0.93% |
Class A Shares at maximum Offering Price | 6/01/94 | (2.32)% | 2.21% | 3.36% | — |
S&P Municipal Bond Index | — | 3.87% | 3.68% | 4.20% | — |
Lipper Other States Municipal Debt Funds Classification Average | — | 2.93% | 2.77% | 3.34% | — |
Class C2 Shares | 2/25/97 | 1.37% | 2.50% | 3.24% | 1.48% |
Class I Shares | 2/25/97 | 2.03% | 3.26% | 4.01% | 0.73% |
Total Returns as of May 31, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | 1.11% | 2.25% | 3.21% | 1.73% |
Effective Leverage Ratio | 5.28% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.52% | 1.83% | 2.06% | 2.84% |
SEC 30-Day Yield | 2.04% | 1.35% | 1.60% | 2.32% |
Taxable-Equivalent Yield (46.5%)2 | 3.76% | 2.49% | 2.95% | 4.27% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.48% | 1.76% | 2.03% | 2.75% |
SEC 30-Day Yield | 1.82% | 1.12% | 1.37% | 2.10% |
Taxable-Equivalent Yield (45.8%)2 | 3.36% | 2.07% | 2.53% | 3.87% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.32% | 1.62% | 1.87% | 2.62% |
SEC 30-Day Yield | 1.25% | 0.53% | 0.77% | 1.50% |
Taxable-Equivalent Yield (45.1%)2 | 2.28% | 0.97% | 1.40% | 2.73% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.82% | 2.16% | 2.37% | 3.15% |
SEC 30-Day Yield | 1.58% | 0.87% | 1.11% | 1.84% |
Taxable-Equivalent Yield (46.2%)2 | 2.92% | 1.61% | 2.05% | 3.40% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.36% | 1.67% | 1.91% | 2.67% |
SEC 30-Day Yield | 1.08% | 0.35% | 0.59% | 1.32% |
Taxable-Equivalent Yield (45.6%)2 | 1.99% | 0.64% | 1.08% | 2.43% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.63% | 1.96% | 2.18% | 2.97% |
SEC 30-Day Yield | 2.46% | 1.79% | 2.03% | 2.77% |
Taxable-Equivalent Yield (48.5%)2 | 4.65% | 3.38% | 3.83% | 5.23% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 96.4% |
Common Stocks | 1.2% |
Other Assets Less Liabilities | 2.4% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
Kansas | 64.2% |
Guam | 16.2% |
Puerto Rico | 5.6% |
New York | 4.5% |
Ohio | 2.2% |
Iowa | 2.0% |
Virgin Islands | 1.3% |
Virginia | 1.1% |
Texas | 1.1% |
California | 0.6% |
Colorado | 0.6% |
Illinois | 0.4% |
Indiana | 0.1% |
New Jersey | 0.1% |
Maryland | 0.0% |
Pennsylvania | 0.0% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/Limited | 26.4% |
Tax Obligation/General | 22.2% |
Utilities | 14.1% |
Health Care | 7.5% |
Transportation | 6.4% |
Consumer Staples | 6.0% |
Other | 17.4% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 4.9% |
AAA | 6.0% |
AA | 38.0% |
A | 15.0% |
BBB | 14.6% |
BB or Lower | 14.4% |
N/R (not rated) | 5.8% |
N/A (not applicable) | 1.3% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 104.4% |
Other Assets Less Liabilities | 4.1% |
Net Assets Plus Floating Rate Obligations | 108.5% |
Floating Rate Obligations | (8.5)% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
Kentucky | 96.3% |
Puerto Rico | 2.3% |
Ohio | 1.4% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/Limited | 28.3% |
Health Care | 17.7% |
Water and Sewer | 14.2% |
Education and Civic Organizations | 14.0% |
U.S. Guaranteed | 10.4% |
Transportation | 9.1% |
Utilities | 5.7% |
Other | 0.6% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 9.4% |
AAA | 8.2% |
AA | 29.5% |
A | 35.6% |
BBB | 11.7% |
BB or Lower | 0.6% |
N/R (not rated) | 5.0% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 98.5% |
Other Assets Less Liabilities | 3.2% |
Net Assets Plus Floating Rate Obligations | 101.7% |
Floating Rate Obligations | (1.7)% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
Michigan | 97.2% |
Puerto Rico | 2.8% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/General | 27.7% |
Education and Civic Organizations | 25.7% |
Tax Obligation/Limited | 11.8% |
U.S. Guaranteed | 8.5% |
Water and Sewer | 8.3% |
Utilities | 6.9% |
Health Care | 6.3% |
Other | 4.8% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 9.2% |
AAA | 13.8% |
AA | 53.7% |
A | 17.4% |
BB or Lower | 2.8% |
N/R (not rated) | 3.1% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 97.8% |
Short-Term Municipal Bonds | 0.1% |
Other Assets Less Liabilities | 2.1% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
Missouri | 97.6% |
Puerto Rico | 1.4% |
Guam | 1.0% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Health Care | 21.7% |
Tax Obligation/Limited | 18.8% |
Tax Obligation/General | 14.2% |
Education and Civic Organizations | 11.0% |
Water and Sewer | 9.8% |
Utilities | 7.0% |
U.S. Guaranteed | 6.5% |
Other | 11.0% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 5.7% |
AAA | 4.3% |
AA | 48.3% |
A | 25.1% |
BBB | 7.3% |
BB or Lower | 2.1% |
N/R (not rated) | 7.2% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 95.4% |
Common Stocks | 2.0% |
Other Assets Less Liabilities | 2.6% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
Ohio | 98.4% |
Puerto Rico | 1.6% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/Limited | 21.2% |
Tax Obligation/General | 17.4% |
U.S. Guaranteed | 13.3% |
Water and Sewer | 11.3% |
Health Care | 11.3% |
Education and Civic Organizations | 8.5% |
Utilities | 7.0% |
Transportation | 5.0% |
Other | 5.0% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 13.0% |
AAA | 19.3% |
AA | 44.6% |
A | 12.1% |
BBB | 1.0% |
BB or Lower | 2.5% |
N/R (not rated) | 5.5% |
N/A (not applicable) | 2.0% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 100.4% |
Common Stocks | 2.5% |
Other Assets Less Liabilities | 2.2% |
Net Assets Plus Floating Rate Obligations | 105.1% |
Floating Rate Obligations | (5.1)% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
Wisconsin | 77.6% |
Puerto Rico | 9.7% |
Virgin Islands | 3.9% |
Guam | 3.9% |
New York | 1.4% |
Iowa | 1.4% |
Illinois | 0.9% |
Virginia | 0.9% |
Minnesota | 0.2% |
Maryland | 0.1% |
Ohio | 0.0% |
Pennsylvania | 0.0% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/Limited | 34.8% |
Health Care | 19.2% |
Housing/Multifamily | 16.6% |
Utilities | 9.0% |
Long-Term Care | 8.1% |
Education and Civic Organizations | 5.5% |
Other | 6.8% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 0.6% |
AA | 35.6% |
A | 32.8% |
BBB | 15.5% |
BB or Lower | 4.8% |
N/R (not rated) | 8.3% |
N/A (not applicable) | 2.4% |
Total | 100% |
Share Class | ||||
Class A | Class C | Class C2 | Class I | |
Actual Performance | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $ 991.72 | $ 987.76 | $ 988.91 | $ 992.86 |
Expenses Incurred During the Period | $ 3.93 | $ 7.90 | $ 6.61 | $ 2.94 |
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,021.05 | $1,017.05 | $1,018.35 | $1,022.05 |
Expenses Incurred During the Period | $ 3.99 | $ 8.02 | $ 6.71 | $ 2.98 |
Share Class | ||||
Class A | Class C | Class C2 | Class I | |
Actual Performance | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,001.88 | $ 998.70 | $ 999.16 | $1,002.94 |
Expenses Incurred During the Period | $ 3.90 | $ 7.89 | $ 6.60 | $ 2.90 |
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,021.10 | $1,017.10 | $1,018.40 | $1,022.10 |
Expenses Incurred During the Period | $ 3.94 | $ 7.97 | $ 6.66 | $ 2.93 |
Share Class | ||||
Class A | Class C | Class C2 | Class I | |
Actual Performance | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,024.25 | $1,019.31 | $1,020.58 | $1,024.45 |
Expenses Incurred During the Period | $ 4.10 | $ 8.13 | $ 6.77 | $ 3.04 |
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,020.95 | $1,016.95 | $1,018.30 | $1,022.00 |
Expenses Incurred During the Period | $ 4.09 | $ 8.12 | $ 6.76 | $ 3.03 |
Share Class | ||||
Class A | Class C | Class C2 | Class I | |
Actual Performance | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,005.29 | $1,001.16 | $1,003.30 | $1,007.23 |
Expenses Incurred During the Period | $ 3.86 | $ 7.85 | $ 6.56 | $ 2.86 |
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,021.15 | $1,017.15 | $1,018.45 | $1,022.15 |
Expenses Incurred During the Period | $ 3.89 | $ 7.92 | $ 6.61 | $ 2.88 |
Share Class | ||||
Class A | Class C | Class C2 | Class I | |
Actual Performance | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,031.54 | $1,027.52 | $1,028.74 | $1,032.70 |
Expenses Incurred During the Period | $ 3.96 | $ 7.96 | $ 6.69 | $ 2.95 |
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,021.10 | $1,017.15 | $1,018.40 | $1,022.10 |
Expenses Incurred During the Period | $ 3.94 | $ 7.92 | $ 6.66 | $ 2.93 |
Share Class | ||||
Class A | Class C | Class C2 | Class I | |
Actual Performance | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $ 995.63 | $ 991.55 | $ 992.88 | $ 995.72 |
Expenses Incurred During the Period | $ 4.24 | $ 8.22 | $ 6.93 | $ 3.24 |
Hypothetical Performance (5% annualized return before expenses) | ||||
Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
Ending Account Value | $1,020.75 | $1,016.75 | $1,018.05 | $1,021.75 |
Expenses Incurred During the Period | $ 4.29 | $ 8.32 | $ 7.01 | $ 3.29 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 97.6% | ||||||
MUNICIPAL BONDS – 96.4% | ||||||
Consumer Staples – 5.9% | ||||||
$ 5,415 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 3.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | $4,998,099 | ||
1,000 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 | 6/30 at 100.00 | N/R | 1,010,670 | ||
1,000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2006A, 5.450%, 6/01/28 | 6/20 at 100.00 | B2 | 1,000,540 | ||
1,535 | Children's Trust Fund, Puerto Rico, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2002, 5.500%, 5/15/39 | 6/20 at 100.00 | Ba1 | 1,542,982 | ||
500 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2017A-1, 5.000%, 6/01/29 | 6/27 at 100.00 | BBB | 589,980 | ||
1,005 | Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 5.250%, 6/01/32 | 6/20 at 100.00 | N/R | 944,308 | ||
1,500 | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42 | 6/20 at 100.00 | B- | 1,519,800 | ||
750 | Iowa Tobacco Settlement Authority, Tobacco Asset-Backed Revenue Bonds, Series 2005B, 5.600%, 6/01/34 | 6/20 at 100.00 | B- | 759,900 | ||
830 | New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series 2016A-1, 5.625%, 6/01/35 | No Opt. Call | BBB | 868,197 | ||
625 | New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Turbo Term Series 2016A Including 2016A-1, 2016A-2A and 2016A-2B, 5.000%, 6/01/51 | 6/26 at 100.00 | N/R | 618,200 | ||
320 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46 | 6/28 at 100.00 | BB+ | 335,907 | ||
2,510 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 2,341,253 | ||
16,990 | Total Consumer Staples | 16,529,836 | ||||
Education and Civic Organizations – 3.2% | ||||||
250 | Kansas Development Finance Authority, Revenue Bonds, Kansas State University Projects, Refunding Series 2016A, 4.000%, 3/01/27 | 3/24 at 100.00 | Aa3 | 278,595 | ||
Kansas Development Finance Authority, Revenue Bonds, Wichita State University Union Corporation Student Housing Project, Series 2013F-1: | ||||||
1,690 | 5.250%, 6/01/38 | 6/21 at 100.00 | Aa3 | 1,735,731 | ||
2,000 | 5.250%, 6/01/42 | 6/21 at 100.00 | Aa3 | 2,051,420 | ||
1,000 | New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured | 6/20 at 100.00 | BBB | 1,000,040 | ||
1,000 | Topeka, Kansas, Economic Development Revenue Bonds, YMCA Project, Refunding Series 2011A, 6.500%, 9/01/32 | 9/21 at 100.00 | N/R | 310,000 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$ 3,135 | Washburn University of Topeka, Kansas, Revenue Bonds, Series 2015A, 5.000%, 7/01/35 | 7/25 at 100.00 | A1 | $ 3,552,958 | ||
9,075 | Total Education and Civic Organizations | 8,928,744 | ||||
Financials – 0.5% | ||||||
1,020 | Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35 | No Opt. Call | A | 1,340,780 | ||
Health Care – 7.4% | ||||||
385 | Colorado Health Facilities Authority, Colorado, Revenue Bonds, CommonSpirit Health, Series 2019A-2, 5.000%, 8/01/39 | 8/29 at 100.00 | BBB+ | 437,067 | ||
Hutchinson, Kansas, Hospital Facilities Revenue Bonds, Hutchinson Regional Medical Center, Inc., Series 2016: | ||||||
1,075 | 5.000%, 12/01/36 | 12/26 at 100.00 | Ba1 | 1,145,477 | ||
400 | 5.000%, 12/01/41 | 12/26 at 100.00 | Ba1 | 421,828 | ||
875 | Illinois Finance Authority, Revenue Bonds, Ascension Health/fka Presence Health Network, Series 2016C, 5.000%, 2/15/36 | 2/27 at 100.00 | AA+ | 1,024,564 | ||
2,000 | Kansas Development Finance Authority, Health Facilities Revenue Bonds, Stormont-Vail Health Care Inc., Series 2013J, 5.000%, 11/15/38 | 11/22 at 100.00 | A2 | 2,113,140 | ||
5,000 | Lawrence, Kansas, Hospital Revenue Bonds, Lawrence Memorial Hospital, Series 2018A, 5.000%, 7/01/48 | 7/28 at 100.00 | A | 5,753,750 | ||
3,000 | Manhattan, Kansas, Hospital Revenue Bonds, Mercy Regional Health Center, Inc., Refunding Series 2013, 5.000%, 11/15/29 | 11/22 at 100.00 | AA- | 3,236,760 | ||
2,000 | University of Kansas Hospital Authority, Health Facilities Revenue Bonds, KU Health System, Refunding & Improvement Series 2015, 5.000%, 9/01/45 | 9/25 at 100.00 | AA- | 2,304,940 | ||
University of Kansas Hospital Authority, Health Facilities Revenue Bonds, University of Kansas Health System, Series 2019B: | ||||||
2,205 | 4.000%, 3/01/37 | 3/30 at 100.00 | AA- | 2,534,405 | ||
1,490 | 4.000%, 3/01/38 | 3/30 at 100.00 | AA- | 1,706,467 | ||
18,430 | Total Health Care | 20,678,398 | ||||
Industrials – 1.4% | ||||||
425 | Indiana Finance Authority, Environmental Improvement Revenue Bonds, United States Steel Corporation Project, Refunding Series 2010, 6.000%, 12/01/26 | 6/20 at 100.00 | B- | 382,776 | ||
1,415 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc., Project, Series 2012, 4.750%, 8/01/42 | 8/22 at 100.00 | BBB- | 1,420,108 | ||
1,000 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25 | 12/23 at 100.00 | BB- | 1,011,120 | ||
205 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013A, 5.250%, 12/01/50 (Mandatory Put 12/01/33) | 12/22 at 103.00 | BB- | 205,873 | ||
530 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/26, 144A | 6/20 at 104.00 | BB- | 549,006 | ||
435 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 1 Series 2014, 5.000%, 11/15/44, 144A | 11/24 at 100.00 | N/R | 431,351 | ||
4,010 | Total Industrials | 4,000,234 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care – 3.1% | ||||||
$ 2,500 | Kansas Development Finance Authority Revenue Bonds, Village Shalom Project, Series 2018A, 5.250%, 11/15/53 | 11/23 at 103.75 | N/R | $2,081,575 | ||
3,125 | Kansas Development Finance Authority, Revenue Bonds, Lifespace Communities, Inc., Refunding Series 2010S, 5.000%, 5/15/30 | 6/20 at 100.00 | BBB | 3,125,187 | ||
2,715 | Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2013IV-A, 6.375%, 5/15/43 | 5/23 at 100.00 | N/R | 2,798,948 | ||
665 | Wichita, Kansas, Health Care Facilities Revenue Bonds, Presbyterian Manors, Series 2014IV-A, 5.625%, 5/15/44 | 5/24 at 100.00 | N/R | 665,559 | ||
9,005 | Total Long-Term Care | 8,671,269 | ||||
Tax Obligation/General – 21.7% | ||||||
Allen County Unified School District 257 Iola, Kansas, General Obligation Bonds, School Building Series 2019A: | ||||||
1,120 | 4.000%, 9/01/33 – BAM Insured | 9/28 at 100.00 | AA | 1,313,592 | ||
1,150 | 4.000%, 9/01/34 – BAM Insured | 9/28 at 100.00 | AA | 1,344,189 | ||
565 | Anderson County, Kansas, General Obligation Bonds, Refunding and Improvement Series 2013A, 5.000%, 8/01/33 – AGM Insured | 8/23 at 100.00 | AA | 641,320 | ||
1,000 | Butler County Unified School District 490, Kansas, General Obligation Bonds, Refunding Series 2016A, 4.000%, 9/01/35 – BAM Insured | 9/26 at 100.00 | AA | 1,145,260 | ||
2,250 | Johnson County Unified School District 229, Blue Valley, Kansas, General Obligation Bonds, Series 2012A, 5.000%, 10/01/23 – NPFG Insured | 10/22 at 100.00 | Aaa | 2,500,785 | ||
2,000 | Johnson County Unified School District 231 Gardner Edgerton, Kansas, General Obligation Bonds, Refunding & Improvement Series 2012A, 5.000%, 10/01/23 | 10/22 at 100.00 | AA- | 2,217,980 | ||
2,200 | Johnson County Unified School District 231 Gardner Edgerton, Kansas, General Obligation Bonds, Refunding & Improvement Series 2013A, 5.000%, 10/01/28 | 10/23 at 100.00 | AA- | 2,525,050 | ||
1,490 | Johnson County Unified School District 231 Gardner Edgerton, Kansas, General Obligation Bonds, Refunding & Improvement Series 2016A, 5.000%, 10/01/33 | 10/25 at 100.00 | AA- | 1,780,282 | ||
1,250 | Johnson County Unified School District 512, Shawnee Mission, Kansas, General Obligation Bonds, Refunding & Improvement Series 2015A, 5.000%, 10/01/34 | 10/25 at 100.00 | Aaa | 1,506,475 | ||
500 | Johnson County, Kansas, General Obligation Bonds, General Improvement Series 2016A, 5.000%, 9/01/24 | No Opt. Call | AAA | 596,965 | ||
5,000 | Johnson County, Kansas, General Obligation Bonds, Internal Improvement Series 2018A, 4.000%, 9/01/34 | 9/27 at 100.00 | AAA | 5,904,800 | ||
3,000 | Johnson/Miami County Unified School District 230 Spring Hill, Kansas, General Obligation Bonds, Series 2011A, 5.250%, 9/01/28 | 9/21 at 100.00 | Aa3 | 3,183,930 | ||
1,000 | Johnson/Miami County Unified School District 230 Spring Hill, Kansas, General Obligation Bonds, Series 2018A, 5.000%, 9/01/34 | 9/27 at 100.00 | Aa3 | 1,253,650 | ||
Leavenworth County Unified School District 453, Kansas, General Obligation Bonds, Series 2018A: | ||||||
365 | 4.000%, 9/01/37 | 9/26 at 100.00 | Aa3 | 412,841 | ||
2,155 | 4.000%, 9/01/38 | 9/26 at 100.00 | Aa3 | 2,431,788 | ||
1,000 | Leavenworth County Unified School District 464, Tonganoxie, Kansas, General Obligation Bonds, Refunding & Improvement Series 2019A, 4.000%, 9/01/45 | 9/27 at 100.00 | A1 | 1,124,930 | ||
2,575 | Lyon County Unified School District 253 Emporia, Kansas, General Obligation Bonds, Series 2019, 4.000%, 9/01/48 | 9/27 at 100.00 | A1 | 2,808,656 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 2,345 | Puerto Rico, General Obligation Bonds, Refunding Public Improvement Series 2011A, 5.500%, 7/01/27 – AGM Insured | 7/21 at 100.00 | AA | $2,413,638 | ||
4,715 | Puerto Rico, General Obligation Bonds, Refunding Public Improvement Series 2012A, 5.000%, 7/01/35 – AGM Insured | 7/22 at 100.00 | AA | 4,758,189 | ||
1,130 | Riley County Unified School District 383, Manhattan-Ogen, Kansas, General Obligation Bonds, Refunding Series 2016, 4.000%, 9/01/29 | 9/26 at 100.00 | Aa2 | 1,350,508 | ||
500 | Sedgwick County Unified School District 259, Wichita, Kansas, General Obligation Bonds, Refunding Series 2017A, 3.000%, 10/01/22 | No Opt. Call | Aa2 | 531,410 | ||
2,000 | Sedgwick County Unified School District 260, Kansas, General Obligation Bonds, Refunding & School Building Series 2018B, 5.000%, 10/01/40 | 10/26 at 100.00 | Aa3 | 2,407,260 | ||
465 | Sedgwick County Unified School District 262, Kansas, General Obligation Bonds, Refunding Series 2017, 4.000%, 9/01/30 – BAM Insured | 9/26 at 100.00 | AA | 550,793 | ||
Sedgwick County Unified School District 266 Maize, Harvey County, Kansas, General Obligation Bonds, Series 2019A: | ||||||
1,325 | 4.000%, 9/01/30 | 9/27 at 100.00 | AA | 1,611,412 | ||
1,650 | 4.000%, 9/01/31 | 9/27 at 100.00 | AA | 1,979,390 | ||
500 | 4.000%, 9/01/32 | 9/27 at 100.00 | AA | 595,955 | ||
2,000 | Wichita, Kansas, General Obligation Bonds, Airport Series 2015C, 5.000%, 12/01/39 (AMT) | 12/25 at 100.00 | AA+ | 2,327,260 | ||
Wyandotte County Unified School District 203, Piper, Kansas, General Obligation Bonds, Improvement Series 2018A: | ||||||
1,240 | 5.000%, 9/01/39 | 9/28 at 100.00 | AA- | 1,555,679 | ||
1,000 | 5.000%, 9/01/40 | 9/28 at 100.00 | AA- | 1,252,870 | ||
1,000 | 4.000%, 9/01/48 | 9/28 at 100.00 | AA- | 1,142,610 | ||
1,000 | Wyandotte County Unified School District 500, Kansas, General Obligation Bonds, Improvement Series 2016A, 4.125%, 9/01/37 | 9/26 at 100.00 | AA- | 1,153,770 | ||
200 | Wyandotte County/Kansas City Unified Government, Kansas, General Obligation Bonds, Improvement Series 2015A, 3.000%, 8/01/28 | 8/24 at 100.00 | AA | 215,692 | ||
Wyandotte County/Kansas City Unified Government, Kansas, General Obligation Bonds, Improvement Series 2020A: | ||||||
1,515 | 3.000%, 8/01/30 – BAM Insured | 8/28 at 100.00 | AA | 1,709,662 | ||
2,395 | 3.000%, 8/01/31 – BAM Insured | 8/28 at 100.00 | AA | 2,684,699 | ||
53,600 | Total Tax Obligation/General | 60,933,290 | ||||
Tax Obligation/Limited – 25.8% | ||||||
Dodge City, Kansas, Sales Tax Revenue Bonds, Refunding Series 2016: | ||||||
500 | 5.000%, 6/01/28 – AGM Insured | 6/27 at 100.00 | AA | 636,545 | ||
1,380 | 5.000%, 6/01/29 – AGM Insured | 6/27 at 100.00 | AA | 1,751,082 | ||
2,295 | 5.000%, 6/01/30 – AGM Insured | 6/27 at 100.00 | AA | 2,901,729 | ||
1,320 | 5.000%, 6/01/31 – AGM Insured | 6/27 at 100.00 | AA | 1,656,930 | ||
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | ||||||
1,000 | 5.000%, 11/15/34 | 11/25 at 100.00 | BB | 1,051,960 | ||
2,000 | 5.000%, 11/15/39 | 11/25 at 100.00 | BB | 2,088,480 | ||
250 | 4.000%, 11/15/39 | 11/25 at 100.00 | BB | 239,028 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Government of Guam, Business Privilege Tax Bonds, Series 2011A: | ||||||
$ 1,000 | 5.000%, 1/01/23 | 1/22 at 100.00 | BB | $1,027,520 | ||
500 | 5.000%, 1/01/31 | 1/22 at 100.00 | BB | 509,410 | ||
875 | 5.125%, 1/01/42 | 1/22 at 100.00 | BB | 888,038 | ||
1,910 | Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 | 1/22 at 100.00 | BB | 1,934,830 | ||
990 | Government of Guam, Hotel Occupancy Tax Revenue Bonds, Series 2011A, 6.500%, 11/01/40 | 5/21 at 100.00 | BB | 994,118 | ||
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: | ||||||
1,000 | 5.000%, 12/01/24 | No Opt. Call | BB | 1,067,720 | ||
2,000 | 5.000%, 12/01/25 | No Opt. Call | BB | 2,149,320 | ||
1,000 | 5.000%, 12/01/30 | 12/26 at 100.00 | BB | 1,068,920 | ||
1,000 | 5.000%, 12/01/32 | 12/26 at 100.00 | BB | 1,062,810 | ||
2,275 | 5.000%, 12/01/33 | 12/26 at 100.00 | BB | 2,414,549 | ||
4,250 | 5.000%, 12/01/46 | 12/26 at 100.00 | BB | 4,433,600 | ||
2,630 | Johnson County Community College, Kansas, Certificates of Participation, Series 2017, 4.000%, 10/01/28 | 10/26 at 100.00 | Aa1 | 3,132,277 | ||
Johnson County Public Building Commission, Kansas, Lease Purchase Revenue Bonds, Series 2011A: | ||||||
1,320 | 4.000%, 9/01/25 | 9/20 at 100.00 | AAA | 1,332,157 | ||
1,020 | 4.000%, 9/01/26 | 9/20 at 100.00 | AAA | 1,029,394 | ||
1,000 | 4.000%, 9/01/27 | 9/20 at 100.00 | AAA | 1,009,210 | ||
1,220 | 4.125%, 9/01/28 | 9/20 at 100.00 | AAA | 1,231,614 | ||
1,270 | 4.250%, 9/01/29 | 9/20 at 100.00 | AAA | 1,282,484 | ||
5,000 | Kansas Department of Transportation, Highway Revenue Bonds, Series 2014A, 5.000%, 9/01/27 | 9/24 at 100.00 | AA | 5,867,500 | ||
1,500 | Kansas Department of Transportation, Highway Revenue Bonds, Series 2015B, 5.000%, 9/01/35 | 9/25 at 100.00 | AA | 1,761,360 | ||
2,240 | Kansas Department of Transportation, Highway Revenue Bonds, Series 2017A, 5.000%, 9/01/33 | 9/27 at 100.00 | AA | 2,740,147 | ||
Kansas Development Finance Authority, Kansas, Sales Tax Revenue Bonds, K-State Olathe Innovation Campus Inc., Series 2019H-1: | ||||||
1,170 | 4.000%, 9/01/30 | 9/27 at 100.00 | Aa2 | 1,403,825 | ||
1,265 | 4.000%, 9/01/32 | 9/27 at 100.00 | Aa2 | 1,493,345 | ||
1,350 | 3.000%, 9/01/34 | 9/27 at 100.00 | Aa2 | 1,444,554 | ||
7,735 | Overland Park Development Corporation, Kansas, Revenue Bonds, Convention Center Hotel, Refunding & improvement Series 2019, 5.000%, 3/01/44 | 3/29 at 100.00 | BBB | 7,458,319 | ||
1,440 | Overland Park Transportation Development District, Kansas, Sales Tax Revenue Bonds, Oak Park Mall Project, Series 2010, 5.900%, 4/01/32 | 6/20 at 100.00 | BBB | 1,431,994 | ||
Overland Park, Kansas, Sales Tax Revenue Bonds, Prairiefire Community Improvement District No 1 Project, Series 2012B: | ||||||
200 | 5.250%, 12/15/29 | 12/22 at 100.00 | N/R | 130,000 | ||
200 | 6.100%, 12/15/34 | 12/22 at 100.00 | N/R | 130,000 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 2,775 | Overland Park, Kansas, Sales Tax Special Obligation Revenue Bonds, Prairiefire at Lionsgate Project, Series 2012, 6.000%, 12/15/32 | 12/22 at 100.00 | N/R | $1,332,000 | ||
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N: | ||||||
410 | 3.455%, 7/01/27 | No Opt. Call | C | 374,125 | ||
295 | 5.250%, 7/01/32 – NPFG Insured | No Opt. Call | Baa2 | 292,082 | ||
430 | 5.250%, 7/01/33 – NPFG Insured | No Opt. Call | Baa2 | 424,621 | ||
1,000 | Puerto Rico Infrastructure Financing Authority, Special Tax Revenue Bonds, Refunding Series 2005C, 5.500%, 7/01/27 – AMBAC Insured | No Opt. Call | C | 1,094,720 | ||
2,000 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 – AGM Insured | 10/22 at 100.00 | AA | 2,168,260 | ||
1,820 | Wyandotte County/Kansas City Unified Government, Kansas, Community Improvement District Sales Tax Revenue Bonds, Legends Apartments Garage & West Lawn Project, Series 2018, 4.500%, 6/01/40 | 12/26 at 100.00 | N/R | 1,652,232 | ||
Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Kansas International Speedway Corporation Project, Refunding Series 2014: | ||||||
1,370 | 5.000%, 12/01/25 | 12/24 at 100.00 | A | 1,548,744 | ||
1,260 | 5.000%, 12/01/26 | 12/24 at 100.00 | A | 1,418,382 | ||
1,175 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Bonds, Vacation Village Project Area 1 and 2A, Series 2015, 5.750%, 9/01/32 | 9/25 at 100.00 | N/R | 1,006,893 | ||
495 | Wyandotte County-Kansas City Unified Government, Kansas, Sales Tax Special Obligation Revenue Bonds, Kansas International Speedway Corporation, Series 1999, 0.000%, 12/01/27 – MBIA Insured | No Opt. Call | N/R | 362,167 | ||
69,135 | Total Tax Obligation/Limited | 72,428,995 | ||||
Transportation – 6.2% | ||||||
1,120 | Colorado High Performance Transportation Enterprise, C-470 Express Lanes Revenue Bonds, Senior Lien Series 2017, 5.000%, 12/31/51 | 12/24 at 100.00 | BBB | 1,104,197 | ||
Guam International Airport Authority, Revenue Bonds, Series 2013C: | ||||||
1,950 | 6.250%, 10/01/34 (AMT) | 10/23 at 100.00 | BBB+ | 2,005,497 | ||
500 | 6.375%, 10/01/43 (AMT) | 10/23 at 100.00 | BBB+ | 512,485 | ||
1,005 | Guam International Airport Authority, Revenue Bonds, Series 2019A, 5.000%, 10/01/23 (AMT) | No Opt. Call | BBB+ | 1,005,261 | ||
1,000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines Inc., Terminal Improvement Project, Refunding Series 2015B-1, 5.000%, 7/15/30 (AMT) | 7/25 at 100.00 | BB- | 999,920 | ||
2,000 | Houston, Texas, Airport System Special Facilities Revenue Bonds, United Airlines, Inc., Airport Improvement Projects, Series 2018C, 5.000%, 7/15/28 (AMT) | No Opt. Call | BB- | 1,999,880 | ||
1,100 | Kansas State Turnpike Authority, Turnpike Revenue Bonds, Refunding Series 20193A, 5.000%, 9/01/38 | 9/29 at 100.00 | Aa2 | 1,429,527 | ||
100 | Maryland Economic Development Corporation, Private Activity Revenue Bonds AP, Purple Line Light Rail Project, Green Bonds, Series 2016D, 5.000%, 3/31/46 (AMT) | 9/26 at 100.00 | BB | 97,724 | ||
1,515 | New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A, 5.000%, 7/01/46 (AMT) | 7/24 at 100.00 | BBB | 1,582,524 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc John F Kennedy International Airport Project, Refunding Series 2016: | ||||||
$ 1,705 | 5.000%, 8/01/26 (AMT) | 8/21 at 100.00 | BB- | $1,646,212 | ||
2,155 | 5.000%, 8/01/31 (AMT) | 8/21 at 100.00 | BB- | 2,078,023 | ||
2,000 | Virginia Small Business Financing Authority, Private Activity Revenue Bonds, Transform 66 P3 Project, Senior Lien Series 2017, 5.000%, 12/31/56 (AMT) | 6/27 at 100.00 | BBB | 2,087,060 | ||
945 | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.250%, 1/01/32 (AMT) | 7/22 at 100.00 | BBB | 979,190 | ||
17,095 | Total Transportation | 17,527,500 | ||||
U.S. Guaranteed – 4.8% (4) | ||||||
2,000 | Allen County, Kansas Public Building Commission Revenue Bonds, Allen County Hospital Project, Series 2012, 5.150%, 12/01/36 (Pre-refunded 12/01/22) | 12/22 at 100.00 | A | 2,245,420 | ||
935 | Anderson County, Kansas, General Obligation Bonds, Refunding and Improvement Series 2013A, 5.000%, 8/01/33 (Pre-refunded 8/01/23) – AGM Insured | 8/23 at 100.00 | AA | 1,072,632 | ||
2,575 | Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A, 5.000%, 12/01/31 (Pre-refunded 12/01/20) | 12/20 at 100.00 | A3 | 2,636,002 | ||
1,000 | Sedgwick County Unified School District 260, Kansas, General Obligation Bonds, Refunding & School Improvement Series 2012, 5.000%, 10/01/30 (Pre-refunded 10/01/22) | 10/22 at 100.00 | AA- | 1,112,290 | ||
4,000 | Wichita, Kansas, Hospital Facilities Revenue Refunding and Improvement Bonds, Via Christi Health System Inc., Series 2011A-IV, 5.000%, 11/15/29 (Pre-refunded 11/15/21) | 11/21 at 100.00 | N/R | 4,272,320 | ||
2,000 | Wichita, Kansas, Water and Sewer Utility Revenue Bonds, Refunding Series 2011A, 5.000%, 10/01/28 (Pre-refunded 10/01/21) | 10/21 at 100.00 | AA- | 2,121,960 | ||
12,510 | Total U.S. Guaranteed | 13,460,624 | ||||
Utilities – 12.5% | ||||||
1,255 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.500%, 4/01/41 (5) | No Opt. Call | N/R | 6,275 | ||
1,500 | Coffeyville, Kansas, Electric Utility System Revenue Bonds, Series 2015B, 5.000%, 6/01/42, 144A | 6/25 at 100.00 | BBB+ | 1,584,615 | ||
Guam Power Authority, Revenue Bonds, Refunding Series 2017A: | ||||||
2,650 | 5.000%, 10/01/33 | 10/27 at 100.00 | BBB | 2,880,947 | ||
3,750 | 5.000%, 10/01/40 | 10/27 at 100.00 | BBB | 3,989,925 | ||
1,375 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/30 – AGM Insured | 10/22 at 100.00 | AA | 1,473,368 | ||
Guam Power Authority, Revenue Bonds, Series 2014A: | ||||||
1,000 | 5.000%, 10/01/32 | 10/24 at 100.00 | AA | 1,100,170 | ||
1,000 | 5.000%, 10/01/33 | 10/24 at 100.00 | AA | 1,097,050 | ||
Kansas Municipal Energy Agency, Power Project Revenue Bonds, Dogwood Project, Series 2018A: | ||||||
1,000 | 5.000%, 4/01/33 – BAM Insured | 4/26 at 100.00 | AA | 1,208,610 | ||
1,000 | 5.000%, 4/01/34 – BAM Insured | 4/26 at 100.00 | AA | 1,204,260 | ||
1,000 | 5.000%, 4/01/35 – BAM Insured | 4/26 at 100.00 | AA | 1,198,680 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
$ 1,500 | Kansas Municipal Energy Agency, Power Project Revenue Bonds, Jameson Energy Center Project, Series 2013, 5.750%, 7/01/38 | 7/23 at 100.00 | A- | $1,708,770 | ||
Kansas State Power Pool, Electric Utility Revenue Bonds, Dogwood Energy Facility, Series 2012A: | ||||||
1,395 | 5.000%, 12/01/22 | No Opt. Call | A3 | 1,532,142 | ||
1,265 | 5.000%, 12/01/23 | 12/22 at 100.00 | A3 | 1,387,136 | ||
1,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (5) | No Opt. Call | N/R | 5,000 | ||
515 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor, Series 2005A, 3.750%, 12/01/40 (5) | No Opt. Call | N/R | 2,575 | ||
480 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/28 – AGC Insured | 6/20 at 100.00 | AA | 482,918 | ||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV: | ||||||
2,480 | 5.250%, 7/01/27 – AGM Insured | No Opt. Call | AA | 2,654,989 | ||
1,065 | 5.250%, 7/01/31 – AGM Insured | No Opt. Call | AA | 1,132,500 | ||
1,595 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Series 2007B, 5.000%, 7/01/31 | 6/20 at 100.00 | CCC | 1,365,176 | ||
2,000 | Wyandotte County/Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Improvement Series 2012B, 5.000%, 9/01/37 | 9/22 at 100.00 | A | 2,167,320 | ||
2,250 | Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Improvement Series 2016A, 5.000%, 9/01/40 | 9/25 at 100.00 | A | 2,619,877 | ||
1,535 | Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Refunding & Improvement Series 2011A, 5.000%, 9/01/28 | 9/21 at 100.00 | A | 1,622,787 | ||
2,500 | Wyandotte County-Kansas City Unified Government, Kansas, Utility System Revenue Bonds, Refunding Series 2012A, 5.000%, 9/01/32 | 9/22 at 100.00 | A | 2,721,950 | ||
35,110 | Total Utilities | 35,147,040 | ||||
Water and Sewer – 3.9% | ||||||
130 | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (AMT), 144A | 7/22 at 100.00 | BBB | 133,350 | ||
600 | Chisholm Creek Utility Authority, Kansas, Water and Wastewater Facilities Revenue Bonds, Bel Aire & Park Cities, Kansas Project, Refunding Series 2017, 5.000%, 9/01/27 – AGM Insured | No Opt. Call | AA | 765,756 | ||
100 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2014A, 5.000%, 7/01/35 | 7/24 at 100.00 | A- | 105,379 | ||
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013: | ||||||
1,750 | 5.000%, 7/01/28 | 7/23 at 100.00 | A- | 1,851,045 | ||
500 | 5.250%, 7/01/33 | 7/23 at 100.00 | A- | 525,870 | ||
2,000 | 5.500%, 7/01/43 | 7/23 at 100.00 | A- | 2,106,720 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Water and Sewer (continued) | ||||||
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016: | ||||||
$ 370 | 5.000%, 7/01/36 | 7/26 at 100.00 | A- | $397,417 | ||
2,580 | 5.000%, 1/01/46 | 7/26 at 100.00 | A- | 2,759,026 | ||
Salina, Kansas, Water and Sewer System Revenue Bonds, Refunding Series 2019A: | ||||||
475 | 3.000%, 10/01/28 | 10/26 at 100.00 | Aa3 | 528,485 | ||
355 | 3.000%, 10/01/29 | 10/26 at 100.00 | Aa3 | 391,341 | ||
780 | 3.000%, 10/01/30 | 10/26 at 100.00 | Aa3 | 853,445 | ||
580 | 3.000%, 10/01/31 | 10/26 at 100.00 | Aa3 | 631,156 | ||
10,220 | Total Water and Sewer | 11,048,990 | ||||
$ 256,200 | Total Municipal Bonds (cost $266,782,425) | 270,695,700 |
Shares | Description | Value | ||||
COMMON STOCKS – 1.2% | ||||||
Electric Utilities – 1.2% | ||||||
89,262 | Energy Harbor Corp, (6), (7), (8) | $ 3,436,587 | ||||
Total Common Stocks (cost $2,656,060) | 3,436,587 | |||||
Total Long-Term Investments (cost $269,438,485) | 274,132,287 | |||||
Other Assets Less Liabilities – 2.4% | 6,852,053 | |||||
Net Assets – 100% | $ 280,984,340 |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(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. Ratings are not covered by the report of independent registered public accounting firm. | |
(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. | |
(5) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. | |
(6) | Common Stock received as part of the bankruptcy settlement for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 and Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor, Series 2005A, 3.750%, 12/01/40. Subsequent to the end of the reporting period, the value of this common stock has been adversely impacted as compared to the value reported as of May 31, 2020. See Notes to Financial Statements, Note 9 - Subsequent Events for more information. | |
(7) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information. | |
(8) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 104.4% | ||||||
MUNICIPAL BONDS – 104.4% | ||||||
Education and Civic Organizations – 14.6% | ||||||
$ 155 | Campbellsville, Kentucky, Industrial Building Revenue Bonds, Campbellsville University Project, Series 2017, 5.000%, 3/01/39 | 3/27 at 100.00 | N/R | $147,383 | ||
Kentucky Economic Development Finance Authority, Revenue Bonds, Next Generation Kentucky Information Highway Project, Senior Series 2015A: | ||||||
2,000 | 5.000%, 7/01/33 | 7/25 at 100.00 | BBB+ | 2,101,520 | ||
6,250 | 5.000%, 1/01/45 | 7/25 at 100.00 | BBB+ | 6,400,437 | ||
Kentucky Higher Education Student Loan Corporation, Student Loan Revenue Bonds, Senior Series 2014A: | ||||||
900 | 5.000%, 6/01/22 (AMT) | No Opt. Call | A | 963,729 | ||
700 | 5.000%, 6/01/23 (AMT) | No Opt. Call | A | 772,954 | ||
400 | 5.000%, 6/01/24 (AMT) | No Opt. Call | A | 453,320 | ||
Kentucky Higher Education Student Loan Corporation, Student Loan Revenue Bonds, Series 2019A: | ||||||
1,000 | 5.000%, 6/01/28 (AMT) | No Opt. Call | A | 1,228,500 | ||
700 | 5.000%, 6/01/29 (AMT) | No Opt. Call | A | 873,439 | ||
Louisville-Jefferson County Metro Government, Kentucky, Revenue Bonds, Bellarmine University Inc Project, Refunding & Improvement Series 2015: | ||||||
1,790 | 5.000%, 5/01/31 | 5/25 at 100.00 | Baa3 | 1,893,623 | ||
1,210 | 5.000%, 5/01/40 | 5/25 at 100.00 | Baa3 | 1,249,398 | ||
Murray State University, Kentucky, General Receipts Bonds, Series 2015A: | ||||||
1,125 | 5.000%, 3/01/26 | 3/25 at 100.00 | A1 | 1,344,240 | ||
1,075 | 5.000%, 3/01/27 | 3/25 at 100.00 | A1 | 1,281,615 | ||
4,000 | University of Kentucky, General Receipts Bonds, Refunding Series 2015B, 5.000%, 10/01/27 | 4/25 at 100.00 | AA | 4,738,480 | ||
4,535 | University of Kentucky, General Receipts Bonds, Refunding Series 2018A, 4.000%, 10/01/32 | 4/26 at 100.00 | AA | 5,127,271 | ||
2,000 | University of Kentucky, General Receipts Bonds, Series 2015A, 5.000%, 4/01/29 | 4/25 at 100.00 | AA | 2,358,960 | ||
250 | University of Kentucky, General Receipts Bonds, Series 2016A, 5.000%, 4/01/32 | 4/25 at 100.00 | AA | 291,318 | ||
University of Louisville, Kentucky, Revenue Bonds, General Reciepts Series 2011A: | ||||||
150 | 5.000%, 9/01/20 | No Opt. Call | A+ | 151,283 | ||
2,005 | 5.000%, 9/01/26 | 9/21 at 100.00 | A+ | 2,078,182 | ||
1,200 | 5.000%, 9/01/27 | 9/21 at 100.00 | A+ | 1,242,684 | ||
1,910 | University of Louisville, Kentucky, Revenue Bonds, General Reciepts Series 2012A, 5.000%, 9/01/25 | 9/21 at 100.00 | A+ | 1,981,778 | ||
2,500 | University of Louisville, Kentucky, Revenue Bonds, General Reciepts Series 2016C, 4.000%, 9/01/28 | 3/26 at 100.00 | A+ | 2,760,925 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
University of Louisville, Kentucky, Revenue Bonds, General Reciepts Series 2016D: | ||||||
$ 1,155 | 5.000%, 3/01/31 | 9/26 at 100.00 | A+ | $1,352,667 | ||
3,450 | 5.000%, 3/01/32 | 9/26 at 100.00 | A+ | 4,018,249 | ||
Western Kentucky University, General Receipts Revenue Bonds, Refunding Series 2016A: | ||||||
2,690 | 5.000%, 9/01/25 | No Opt. Call | A1 | 3,092,397 | ||
2,820 | 5.000%, 9/01/26 | 9/25 at 100.00 | A1 | 3,221,371 | ||
45,970 | Total Education and Civic Organizations | 51,125,723 | ||||
Health Care – 18.5% | ||||||
10,295 | Ashland, Kentucky, Medical Center Revenue Bonds, Ashland Hospital Corporation d/b/a King's Daughters Medical Center Project, Refunding Series 2019, 3.000%, 2/01/40 – AGM Insured | 2/30 at 100.00 | AA | 10,607,762 | ||
Glasgow, Kentucky, Healthcare Revenue Bonds, TJ Samson Community Hospital Project, Series 2011: | ||||||
100 | 5.350%, 2/01/24 | 8/21 at 100.00 | BBB | 104,194 | ||
2,000 | 6.375%, 2/01/35 | 8/21 at 100.00 | BBB | 2,092,640 | ||
3,310 | 6.450%, 2/01/41 | 8/21 at 100.00 | BBB | 3,455,111 | ||
8,000 | Kentucky Bond Development Corporation, Hospital Revenue Bonds, Saint Elizabeth Medical Center, Inc, Refunding Series 2016, 5.000%, 5/01/39 | 5/26 at 100.00 | AA | 9,448,880 | ||
Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2011: | ||||||
3,500 | 5.000%, 8/15/42 | 8/21 at 100.00 | A | 3,572,450 | ||
3,645 | 5.250%, 8/15/46 | 8/21 at 100.00 | A | 3,721,873 | ||
3,000 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Baptist Healthcare System Obligated Group, Series 2017B, 5.000%, 8/15/41 | 8/27 at 100.00 | A | 3,274,530 | ||
500 | Kentucky Economic Development Finance Authority, Hospital Revenue Bonds, Owensboro Health, Refunding Series 2017A, 5.250%, 6/01/41 | 6/27 at 100.00 | Baa3 | 532,730 | ||
6,385 | Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-1, 5.000%, 8/01/44 | 8/29 at 100.00 | BBB+ | 7,152,477 | ||
Kentucky Economic Development Finance Authority, Revenue Bonds, CommonSpirit Health, Series 2019A-2: | ||||||
100 | 5.000%, 8/01/37 | 8/29 at 100.00 | BBB+ | 114,277 | ||
100 | 5.000%, 8/01/38 | 8/29 at 100.00 | BBB+ | 113,919 | ||
2,500 | 5.000%, 8/01/44 | 8/29 at 100.00 | BBB+ | 2,800,500 | ||
2,000 | Murray, Kentucky, Hospital Facilities Revenue Bonds, Murray-Calloway County Public Hospital Corporation Project, Refunding Series 2016, 5.000%, 8/01/37 | 8/26 at 100.00 | Ba2 | 2,205,700 | ||
7,500 | Pikeville, Kentucky, Hospital Revenue Bonds, Pikeville Medical Center, Inc Project, Improvement and Refunding Series 2011, 6.500%, 3/01/41 | 3/21 at 100.00 | N/R | 7,721,400 | ||
3,250 | Warren County, Kentucky, Hospital Refunding Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2013, 5.000%, 4/01/35 | 4/23 at 100.00 | A+ | 3,500,608 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Warren County, Kentucky, Hospital Revenue Bonds, Bowling Green-Warren County Community Hospital Corporation, Series 2012A: | ||||||
$ 1,980 | 5.000%, 10/01/33 | 10/22 at 100.00 | A+ | $2,110,145 | ||
2,000 | 5.000%, 10/01/37 | 10/22 at 100.00 | A+ | 2,121,440 | ||
60,165 | Total Health Care | 64,650,636 | ||||
Housing/Multifamily – 0.3% | ||||||
1,040 | Kentucky Housing Corporation, Conduit Multifamily Mortgage Revenue Bonds, Florence Homes III Apartments Project, Series 2005B, 5.000%, 6/01/35 (AMT) (Mandatory Put 6/01/23) | 8/20 at 100.00 | N/R | 1,042,028 | ||
Housing/Single Family – 0.3% | ||||||
Kentucky Housing Corporation, Housing Revenue Bonds, Series 2011B: | ||||||
150 | 3.000%, 1/01/21 | No Opt. Call | AAA | 152,365 | ||
485 | 3.000%, 7/01/21 | No Opt. Call | AAA | 499,046 | ||
465 | 3.100%, 7/01/22 | 7/21 at 100.00 | AAA | 478,894 | ||
1,100 | Total Housing/Single Family | 1,130,305 | ||||
Tax Obligation/Limited – 29.6% | ||||||
Barren County School District Finance Corporation, Kentucky, School Building Revenue Bonds, Series 2015: | ||||||
1,250 | 5.000%, 8/01/24 | No Opt. Call | A1 | 1,482,438 | ||
1,760 | 5.000%, 8/01/25 | 2/25 at 100.00 | A1 | 2,101,035 | ||
1,545 | Kentucky Bond Development Corporation, Tax Increment Revenue Bonds, Summit Lexington Project, Series 2016A, 4.400%, 10/01/24 | No Opt. Call | N/R | 1,467,348 | ||
Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington Center Corporation Project, Series 2018A: | ||||||
8,500 | 5.000%, 9/01/43 | 9/28 at 100.00 | A2 | 9,433,385 | ||
10,400 | 5.000%, 9/01/48 | 9/28 at 100.00 | A2 | 11,550,552 | ||
Kentucky Bond Development Corporation, Transient Room Tax Revenue Bonds, Lexington Center Corporation Project, Subordinate Series 2018B: | ||||||
1,050 | 5.000%, 9/01/24 | No Opt. Call | A3 | 1,210,881 | ||
1,435 | 5.000%, 9/01/25 | No Opt. Call | A3 | 1,684,848 | ||
1,485 | 5.000%, 9/01/26 | No Opt. Call | A3 | 1,764,655 | ||
555 | 5.000%, 9/01/28 | No Opt. Call | A3 | 670,007 | ||
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc, Series 2017A: | ||||||
13,650 | 4.000%, 12/01/41 – AGM Insured (UB) (4) | 12/27 at 100.00 | AA | 14,469,273 | ||
4,100 | 5.000%, 12/01/45 – AGM Insured | 12/27 at 100.00 | AA | 4,616,682 | ||
4,985 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 112, Refunding Series 2016B, 5.000%, 11/01/24 | No Opt. Call | A1 | 5,714,355 | ||
Kentucky State Property and Buildings Commission, Revenue Bonds, Project 115, Series 2017: | ||||||
7,000 | 5.000%, 4/01/32 (UB) (4) | 4/27 at 100.00 | A1 | 8,052,030 | ||
6,000 | 5.000%, 4/01/38 | 4/27 at 100.00 | A1 | 6,823,740 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 2,500 | Kentucky State Property and Buildings Commission, Revenue Bonds, Project 119, Series 2018, 5.000%, 5/01/30 | 5/28 at 100.00 | A1 | $2,938,075 | ||
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Refunding Series 2012A: | ||||||
1,250 | 5.000%, 7/01/30 | 7/22 at 100.00 | Aa3 | 1,337,200 | ||
6,740 | 5.000%, 7/01/31 | 7/22 at 100.00 | Aa3 | 7,197,309 | ||
5,000 | Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Refunding Series 2017B, 5.000%, 7/01/28 (UB) (4) | 7/27 at 100.00 | Aa3 | 5,926,850 | ||
Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Series 2017A: | ||||||
1,930 | 5.000%, 7/01/33 (UB) (4) | 7/27 at 100.00 | Aa3 | 2,207,129 | ||
550 | 5.000%, 7/01/36 (UB) (4) | 7/27 at 100.00 | Aa3 | 622,672 | ||
500 | 5.000%, 7/01/37 (UB) (4) | 7/27 at 100.00 | Aa3 | 564,480 | ||
3,000 | Lexington-Fayette Urban County Government Public Facilities Corporation, Kentucky State Lease Revenue Bonds, Eastern State Hospital Project, Series 2011A, 5.250%, 6/01/29 | 6/21 at 100.00 | A1 | 3,106,080 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
6,739 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 6,816,431 | ||
89 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 88,222 | ||
1,370 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured COFINA Project Series 2019A-2A, 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 1,358,026 | ||
93,383 | Total Tax Obligation/Limited | 103,203,703 | ||||
Transportation – 9.5% | ||||||
Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky International Airport, Series 2016: | ||||||
1,635 | 5.000%, 1/01/25 | No Opt. Call | A1 | 1,915,680 | ||
1,855 | 5.000%, 1/01/30 | 1/26 at 100.00 | A1 | 2,181,554 | ||
1,750 | 5.000%, 1/01/31 | 1/26 at 100.00 | A1 | 2,049,022 | ||
2,730 | 5.000%, 1/01/33 | 1/26 at 100.00 | A1 | 3,166,063 | ||
4,320 | Kenton County Airport Board, Kentucky, Airport Revenue Bonds, Cincinnati/Northern Kentucky International Airport, Series 2019, 5.000%, 1/01/49 | 1/29 at 100.00 | A1 | 5,130,130 | ||
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Capital Appreciation Series 2013B: | ||||||
2,000 | 0.000%, 7/01/23 | No Opt. Call | Baa3 | 1,796,440 | ||
700 | 0.000%, 7/01/32 | 7/28 at 76.98 | Baa3 | 379,057 | ||
1,000 | Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Convertible Capital Appreciation Series 2013C, 0.000%, 7/01/39 (5) | 7/31 at 100.00 | Baa3 | 955,380 | ||
Kentucky Public Transportation Infrastructure Authority, First Tier Toll Revenue Bonds, Downtown Crossing Project, Series 2013A: | ||||||
250 | 5.750%, 7/01/49 | 7/23 at 100.00 | Baa3 | 258,595 | ||
11,500 | 6.000%, 7/01/53 | 7/23 at 100.00 | Baa3 | 11,960,345 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
Louisville Regional Airport Authority, Kentucky, Airport System Revenue Bonds, Refunding Series 2014A: | ||||||
$ 1,555 | 5.000%, 7/01/31 (AMT) | 7/24 at 100.00 | A+ | $1,767,911 | ||
1,500 | 5.000%, 7/01/32 (AMT) | 7/24 at 100.00 | A+ | 1,703,475 | ||
30,795 | Total Transportation | 33,263,652 | ||||
U.S. Guaranteed – 10.9% (6) | ||||||
Kentucky Economic Development Finance Authority, Louisville Arena Project Revenue Bonds, Louisville Arena Authority, Inc, Series 2008-A2: | ||||||
3,505 | 0.000%, 12/01/22 – AGC Insured (ETM) | No Opt. Call | A3 | 3,469,319 | ||
3,750 | 0.000%, 12/01/23 – AGC Insured (ETM) | No Opt. Call | A3 | 3,685,088 | ||
10,000 | Kentucky Economic Development Finance Authority, Revenue Bonds, Catholic Health Initiatives, Series 2013A, 5.250%, 1/01/45 (Pre-refunded 1/01/23) | 1/23 at 100.00 | BBB+ | 11,210,800 | ||
2,750 | Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Revenue Bonds, Series 2012A, 5.000%, 2/01/30 (Pre-refunded 2/01/22) | 2/22 at 100.00 | AAA | 2,970,605 | ||
500 | Kentucky Turnpike Authority, Economic Development Road Revenue Bonds, Revitalization Project, Refunding Series 2012A, 5.000%, 7/01/24 (Pre-refunded 7/01/22) | 7/22 at 100.00 | Aa3 | 545,745 | ||
Lexington-Fayette Urban County Government, Kentucky, General Airport Revenue Refunding Bonds, Series 2012B: | ||||||
1,215 | 5.000%, 7/01/29 (Pre-refunded 7/01/22) (AMT) | 7/22 at 100.00 | AA | 1,316,914 | ||
1,100 | 5.000%, 7/01/31 (Pre-refunded 7/01/22) (AMT) | 7/22 at 100.00 | AA | 1,192,268 | ||
1,000 | 5.000%, 7/01/38 (Pre-refunded 7/01/22) | 7/22 at 100.00 | AA | 1,087,130 | ||
3,320 | Louisville/Jefferson County Metro Government, Kentucky, Revenue Bonds, Catholic Health Initiatives, Series 2012A, 5.000%, 12/01/26 (Pre-refunded 6/01/22) | 6/22 at 100.00 | BBB+ | 3,622,087 | ||
8,000 | Russell, Kentucky, Revenue Bonds, Bon Secours Health System, Series 2013, 5.000%, 11/01/26 (Pre-refunded 11/01/22) | 11/22 at 100.00 | N/R | 8,879,040 | ||
35,140 | Total U.S. Guaranteed | 37,978,996 | ||||
Utilities – 5.9% | ||||||
3,375 | Carroll County, Kentucky, Environmental Facilities Revenue Bonds, Kentucky Utilities Company Project, Refunding Series 2018A, 3.375%, 2/01/26 (AMT) | 12/23 at 100.00 | A1 | 3,645,371 | ||
440 | Louisville-Jefferson County Metropolitan Government, Kentucky, Environmental Facilities Revenue, Louisville Gas & Electric Company Project, Refunding Series 2007A, 1.650%, 6/01/33 (Mandatory Put 6/01/21) | No Opt. Call | A1 | 443,969 | ||
1,000 | Louisville-Jefferson County Metropolitan Government, Kentucky, Pollution Control Revenue Bonds, Louisville Gas and Electric Company Project, Series 2003A, 1.850%, 10/01/33 (Mandatory Put 4/01/21) | No Opt. Call | A1 | 1,009,170 | ||
2,000 | Paducah, Kentucky, Electric Plant Board Revenue Bonds, Refunding Series 2016A, 5.000%, 10/01/33 – AGM Insured | 10/26 at 100.00 | AA | 2,436,820 | ||
5 | Paducah, Kentucky, Electric Plant Board Revenue Bonds, Series 2009A, 5.250%, 10/01/35 – AGC Insured | 6/20 at 100.00 | AA | 5,014 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Princeton Electric Plant Board, Kentucky, Revenue Bonds, Refunding Series 2015: | ||||||
$ 225 | 5.000%, 11/01/21 – AGM Insured | No Opt. Call | AA | $239,015 | ||
1,000 | 5.000%, 11/01/25 – AGM Insured | 5/25 at 100.00 | AA | 1,177,960 | ||
1,100 | 5.000%, 11/01/34 – AGM Insured | 5/25 at 100.00 | AA | 1,287,462 | ||
1,635 | 5.000%, 11/01/37 – AGM Insured | 5/25 at 100.00 | AA | 1,897,418 | ||
4,250 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2018A, 4.000%, 4/01/48 (Mandatory Put 4/01/24) | 1/24 at 100.37 | A3 | 4,561,865 | ||
2,840 | Public Energy Authority of Kentucky, Gas Supply Revenue Bonds, Series 2018B, 4.000%, 1/01/49 (Mandatory Put 1/01/25) | 10/24 at 100.24 | A1 | 3,041,385 | ||
Russellville, Kentucky, Electric Plant Board Electric Revenue Bonds, Refunding Series 2015A: | ||||||
380 | 5.000%, 8/01/22 – BAM Insured | No Opt. Call | AA | 415,606 | ||
405 | 5.000%, 8/01/24 – BAM Insured | No Opt. Call | AA | 472,100 | ||
18,655 | Total Utilities | 20,633,155 | ||||
Water and Sewer – 14.8% | ||||||
5,705 | Bowling Green, Kentucky, Water and Sewer Revenue Bonds, Series 2019, 4.000%, 6/01/49 – AGM Insured | 6/26 at 100.00 | AA | 6,252,395 | ||
Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Program Revenue Bonds, Tender Option Bond Trust 2015-XF2109: | ||||||
1,330 | 17.758%, 2/01/25, 144A (IF) (4) | No Opt. Call | AAA | 2,432,809 | ||
1,070 | 17.790%, 2/01/26, 144A (IF) (4) | 2/25 at 100.00 | AAA | 1,926,824 | ||
2,525 | Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Revenue Bonds, Refunding Series 2016A, 5.000%, 2/01/28 | 2/26 at 100.00 | AAA | 3,092,721 | ||
Kentucky Infrastructure Authority, Wastewater and Drinking Water Revolving Fund Revenue Bonds, Series 2018A: | ||||||
4,265 | 5.000%, 2/01/30 (UB) (4) | 2/28 at 100.00 | AAA | 5,495,410 | ||
5,000 | 5.000%, 2/01/31 (UB) (4) | 2/28 at 100.00 | AAA | 6,404,850 | ||
2,570 | Lexington-Fayette Urban County Government, Kentucky, Sewer System Revenue Bonds, Series 2019, 4.000%, 4/01/31 | 4/29 at 100.00 | AA+ | 3,165,700 | ||
7,500 | Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Refunding Series 2011A, 5.000%, 5/15/28 | 11/21 at 100.00 | AA | 7,998,675 | ||
3,730 | Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Refunding Series 2018A, 4.000%, 5/15/37 | 5/28 at 100.00 | AA | 4,335,081 | ||
1,000 | Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 2013A, 4.000%, 5/15/36 | 5/23 at 100.00 | AA | 1,074,220 | ||
Louisville and Jefferson County Metropolitan Sewer District, Kentucky, Sewer and Drainage System Revenue Bonds, Series 2014A: | ||||||
795 | 5.000%, 5/15/27 | 11/24 at 100.00 | AA | 944,380 | ||
1,785 | 4.000%, 5/15/40 | 11/24 at 100.00 | AA | 1,952,397 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Water and Sewer (continued) | ||||||
Northern Kentucky Water District, Revenue Bonds, Series 2012: | ||||||
$ 2,690 | 5.000%, 2/01/22 | No Opt. Call | Aa2 | $2,905,792 | ||
3,495 | 5.000%, 2/01/26 | 2/22 at 100.00 | Aa2 | 3,771,595 | ||
43,460 | Total Water and Sewer | 51,752,849 | ||||
$ 329,708 | Total Long-Term Investments (cost $346,932,002) | 364,781,047 | ||||
Floating Rate Obligations – (8.5)% | (29,845,000) | |||||
Other Assets Less Liabilities – 4.1% | 14,456,624 | |||||
Net Assets – 100% | $ 349,392,671 |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(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. Ratings are not covered by the report of independent registered public accounting firm. | |
(4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. | |
(5) | Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. | |
(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. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax | |
ETM | Escrowed to maturity | |
IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. | |
UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 98.5% | ||||||
MUNICIPAL BONDS – 98.5% | ||||||
Consumer Staples – 1.9% | ||||||
$ 3,030 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Senior Lien Series 2007A, 6.000%, 6/01/34 | 6/20 at 100.00 | B- | $3,030,091 | ||
2,215 | Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Revenue Bonds, Series 2008A, 6.875%, 6/01/42 | 6/20 at 100.00 | B2 | 2,224,901 | ||
5,245 | Total Consumer Staples | 5,254,992 | ||||
Education and Civic Organizations – 25.3% | ||||||
1,480 | Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series 2014, 5.000%, 10/01/39 | 10/24 at 100.00 | A+ | 1,740,643 | ||
Central Michigan University Board of Trustees, General Revenue Bonds, Refunding Series 2019: | ||||||
1,165 | 5.000%, 10/01/33 | 10/29 at 100.00 | A+ | 1,448,293 | ||
2,020 | 5.000%, 10/01/34 | 10/29 at 100.00 | A+ | 2,501,669 | ||
3,835 | Eastern Michigan University, General Revenue Bonds, Series 2018A, 4.000%, 3/01/44 – AGM Insured | 3/28 at 100.00 | AA | 4,154,762 | ||
Ferris State University, Michigan, General Revenue Bonds, Refunding Series 2016: | ||||||
2,695 | 5.000%, 10/01/34 | 10/26 at 100.00 | A+ | 3,144,876 | ||
2,000 | 5.000%, 10/01/41 | 10/26 at 100.00 | A+ | 2,294,560 | ||
350 | Grand Valley State University, Michigan, General Revenue Bonds, Refunding Series 2014B, 5.000%, 12/01/28 | 12/24 at 100.00 | A+ | 410,358 | ||
Grand Valley State University, Michigan, General Revenue Bonds, Series 2017: | ||||||
250 | 5.000%, 12/01/30 | 12/24 at 100.00 | A+ | 283,680 | ||
250 | 5.000%, 12/01/32 | 12/24 at 100.00 | A+ | 281,458 | ||
415 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Cesar Chavez Academy Project, Refunding Series 2019, 3.250%, 2/01/24 | No Opt. Call | BB+ | 407,526 | ||
1,000 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Hanley International Academy, Inc Project, Series 2010A, 6.125%, 9/01/40 | 9/20 at 100.00 | BB | 1,001,560 | ||
500 | Michigan Finance Authority, Public School Academy Limited Obligation Revenue Bonds, Holly Academy Project, Refunding Series 2011, 7.750%, 10/01/30 | 10/21 at 100.00 | BB+ | 520,250 | ||
830 | Michigan Finance Authority, Public School Academy Revenue Bonds, Detroit Service Learning Academy Project, Refunding Series 2011, 7.000%, 10/01/31 | 10/21 at 100.00 | B | 756,703 | ||
4,670 | Michigan State University, General Revenue Bonds, Series 2015A, 5.000%, 8/15/40 | 8/25 at 100.00 | AA | 5,389,133 | ||
1,835 | Michigan State University, General Revenue Bonds, Taxable Series 2019A, 5.000%, 2/15/48 | 2/29 at 100.00 | AA | 2,230,498 | ||
1,800 | Michigan Technological University, General Revenue Bonds, Refunding Series 2015A, 5.000%, 10/01/45 | 10/25 at 100.00 | A1 | 2,143,512 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
Northern Michigan University, General Revenue Bonds, Series 2018A: | ||||||
$ 500 | 5.000%, 12/01/32 | 6/28 at 100.00 | A1 | $576,920 | ||
400 | 5.000%, 12/01/34 | 6/28 at 100.00 | A1 | 457,908 | ||
3,250 | Oakland University, Michigan, General Revenue Bonds, Series 2016, 5.000%, 3/01/47 | 3/26 at 100.00 | A1 | 3,664,862 | ||
4,990 | Oakland University, Michigan, General Revenue Bonds, Series 2019, 5.000%, 3/01/50 | 3/29 at 100.00 | A1 | 5,903,619 | ||
515 | Saginaw Valley State University, Michigan, General Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/35 | 7/26 at 100.00 | A1 | 622,851 | ||
University of Michigan, General Revenue Bonds, Refunding Series 2017A: | ||||||
5,000 | 4.000%, 4/01/26 | No Opt. Call | AAA | 6,005,050 | ||
1,000 | 5.000%, 4/01/34 | 4/27 at 100.00 | AAA | 1,253,290 | ||
1,190 | 5.000%, 4/01/35 | 4/27 at 100.00 | AAA | 1,486,096 | ||
3,000 | 5.000%, 4/01/36 | 4/27 at 100.00 | AAA | 3,732,870 | ||
3,345 | 5.000%, 4/01/47 | 4/27 at 100.00 | AAA | 4,086,586 | ||
2,800 | 5.000%, 4/01/47 (UB) (4) | 4/27 at 100.00 | AAA | 3,420,760 | ||
3,000 | University of Michigan, General Revenue Bonds, Series 2014A, 5.000%, 4/01/44 | 4/24 at 100.00 | AAA | 3,383,640 | ||
University of Michigan, General Revenue Bonds, Series 2015: | ||||||
2,275 | 5.000%, 4/01/40 (UB) (4) | 4/26 at 100.00 | AAA | 2,729,772 | ||
800 | 5.000%, 4/01/46 (UB) (4) | 4/26 at 100.00 | AAA | 952,936 | ||
3,090 | Wayne State University, Michigan, General Revenue Bonds, Series 2019A, 5.000%, 11/15/36 | 11/29 at 100.00 | Aa3 | 3,813,462 | ||
650 | Western Michigan University, General Revenue Bonds, Refunding Series 2015A, 5.000%, 11/15/45 | 5/25 at 100.00 | Aa3 | 765,765 | ||
60,900 | Total Education and Civic Organizations | 71,565,868 | ||||
Health Care – 6.2% | ||||||
1,000 | Grand Traverse County Hospital Finance Authority, Michigan, Revenue Bonds, Munson Healthcare, Refunding Series 2011A, 5.000%, 7/01/29 | 7/21 at 100.00 | AA | 1,035,530 | ||
720 | Michigan Finance Authority, Hospital Revenue Bonds, Beaumont Health Credit Group, Refunding Series 2015A, 5.000%, 8/01/32 | 8/24 at 100.00 | A+ | 799,560 | ||
2,335 | Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Refunding Series 2016, 5.000%, 11/15/41 | 11/26 at 100.00 | A | 2,644,317 | ||
3,085 | Michigan Finance Authority, Hospital Revenue Bonds, Henry Ford Health System, Series 2019A, 4.000%, 11/15/50 | 11/29 at 100.00 | A | 3,276,455 | ||
1,875 | Michigan Finance Authority, Hospital Revenue Bonds, MidMichigan Health Credit Group, Refunding Series 2014, 5.000%, 6/01/39 | 6/24 at 100.00 | A+ | 2,061,656 | ||
1,250 | Michigan Finance Authority, Hospital Revenue Bonds, Sparrow Obligated Group, Refunding Series 2015, 5.000%, 11/15/45 | 5/25 at 100.00 | A+ | 1,372,538 | ||
3,000 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2019A-MI, 4.000%, 12/01/49 | 12/29 at 100.00 | AA- | 3,246,990 | ||
Michigan Finance Authority, Revenue Bonds, Oakwood Obligated Group, Refunding Series 2012: | ||||||
1,670 | 5.000%, 11/01/25 | 11/22 at 100.00 | A+ | 1,815,741 | ||
1,250 | 5.000%, 11/01/42 | 11/22 at 100.00 | A+ | 1,321,750 | ||
16,185 | Total Health Care | 17,574,537 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General – 27.3% | ||||||
$ 1,350 | Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, School Building & Site Series 2015, 5.000%, 5/01/25 | No Opt. Call | Aa2 | $1,648,660 | ||
2,590 | Byron Center Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site Series 2017I, 5.000%, 5/01/47 | 5/27 at 100.00 | AA | 3,106,860 | ||
1,000 | Cadillac Area Public Schools, Wexford, Osceola and Lake Counties, Michigan, General Obligaiton Bonds, Refunding & School Building & Site Series 2018, 5.000%, 5/01/36 | 5/28 at 100.00 | Aa1 | 1,254,180 | ||
Cadillac Area Public Schools, Wexford, Osceola and Lake Counties, Michigan, General Obligaiton Bonds, Refunding & School Building & Site Series 2019: | ||||||
875 | 5.000%, 5/01/41 | 5/29 at 100.00 | Aa1 | 1,102,281 | ||
1,310 | 5.000%, 5/01/43 | 5/29 at 100.00 | Aa1 | 1,639,531 | ||
1,515 | Caledonia Community Schools, Kent, Allegan and Barry Counties, Michigan, General Obligation Bonds, School Building & Site Series 2014, 5.000%, 5/01/39 | 5/24 at 100.00 | AA | 1,750,689 | ||
850 | Chelsea School District, Washtenaw and Jackson, Michigan, General Obligation Bonds, School Building & Site Series 2020-I, 5.000%, 5/01/39 | 5/30 at 100.00 | AA | 1,095,812 | ||
250 | Detroit City School District, Wayne County, Michigan, Unlimited Tax School Building and Site Improvement Bonds, Series 1998C, 5.250%, 5/01/25 – BHAC Insured | No Opt. Call | AA+ | 282,905 | ||
1,575 | East Lansing School District, Ingham and Clinton Counties, Michigan, General Obligation Bonds, Building & Site Series 2020II, 5.000%, 5/01/44 | 5/30 at 100.00 | AA | 2,001,069 | ||
2,000 | East Lansing School District, Ingham County, Michigan, General Obligation Bonds, School Building & Site Series 2017I, 5.000%, 5/01/39 | 5/27 at 100.00 | AA | 2,428,560 | ||
Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, Refunding School Building & Site Series 2016: | ||||||
4,325 | 5.000%, 5/01/29 – AGM Insured | 5/26 at 100.00 | AA | 5,308,072 | ||
2,055 | 5.000%, 5/01/38 – AGM Insured | 5/26 at 100.00 | AA | 2,473,665 | ||
Grand Rapids Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site Series 2019: | ||||||
1,000 | 5.000%, 11/01/36 – AGM Insured | 5/29 at 100.00 | AA | 1,279,860 | ||
1,750 | 5.000%, 11/01/37 – AGM Insured | 5/29 at 100.00 | AA | 2,232,247 | ||
1,500 | 5.000%, 11/01/41 – AGM Insured | 5/29 at 100.00 | AA | 1,888,815 | ||
1,250 | 5.000%, 11/01/42 – AGM Insured | 5/29 at 100.00 | AA | 1,569,513 | ||
1,060 | Homer Community School District, Calhourn, Jackson, Hillsdale and Branch Counties, Michigan, General Obligation Bonds, School Building & Site, Series 2011B, 5.500%, 5/01/41 | 5/21 at 100.00 | AA | 1,108,665 | ||
3,000 | Jackson Public Schools, Jackson County, Michigan, General Obligation Bonds, School Building & Site Series 2018, 5.000%, 5/01/42 | 5/28 at 100.00 | Aa1 | 3,682,980 | ||
Kalamazoo County, Michigan, General Obligation Bonds, Juvenile Home Facilities Series 2017: | ||||||
500 | 5.000%, 4/01/26 | No Opt. Call | AA+ | 622,365 | ||
500 | 5.000%, 4/01/31 | 4/27 at 100.00 | AA+ | 634,270 | ||
Kent County, Michigan, General Obligation Bonds, Limited Tax Refunding Series 2019: | ||||||
500 | 4.000%, 12/01/29 | No Opt. Call | AAA | 638,475 | ||
955 | 4.000%, 12/01/30 | No Opt. Call | AAA | 1,236,181 | ||
1,075 | Kent County, Michigan, General Obligation Bonds, Limited Tax Series 2015, 5.000%, 1/01/35 | 1/25 at 100.00 | AAA | 1,254,310 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Kent County, Michigan, General Obligation Bonds, Refunding Limited Tax Series 2015: | ||||||
$ 1,500 | 5.000%, 1/01/31 | 1/25 at 100.00 | AAA | $1,751,655 | ||
2,000 | 5.000%, 1/01/37 | 1/25 at 100.00 | AAA | 2,333,600 | ||
1,750 | Lakeview School District, Calhoun County, Michigan, General Obligation Bonds, School Building & Site Series 2016, 5.000%, 5/01/42 | 5/26 at 100.00 | AA | 2,106,527 | ||
185 | Lansing Community College, Michigan, General Obligation Bonds, College Building & Site, Series 2017, 5.000%, 5/01/31 | 11/27 at 100.00 | AA | 238,972 | ||
1,050 | Macomb Interceptor Drain Drainage District, Macomb County, Michigan, General Obligation Bonds, Refunding Clintondale Pump Station Improvements Series 2020, 5.000%, 5/01/31 | No Opt. Call | AA+ | 1,462,188 | ||
Marquette, Michigan, General Obligation Bonds, Refunding & Limited Obligation Series 2017: | ||||||
230 | 4.000%, 5/01/25 | No Opt. Call | AA | 267,888 | ||
375 | 4.000%, 5/01/28 | 5/27 at 100.00 | AA | 456,653 | ||
550 | 4.000%, 5/01/29 | 5/27 at 100.00 | AA | 659,401 | ||
265 | 4.000%, 5/01/31 | 5/27 at 100.00 | AA | 309,297 | ||
215 | 4.000%, 5/01/32 | 5/27 at 100.00 | AA | 249,198 | ||
1,000 | Michigan Finance Authority, Distributable State Aid Revenue Bonds, Charter County of Wayne Criminal Justice Center Project, Senior Lien Series 2018, 5.000%, 11/01/43 | 11/28 at 100.00 | Aa3 | 1,234,440 | ||
1,000 | Michigan State, General Obligation Bonds, Environmental Program, Refunding Series 2011A, 5.000%, 12/01/22 | 12/21 at 100.00 | Aa1 | 1,071,780 | ||
Muskegon County, Michigan, General Obligation Water Supply System Bonds, Refunding Series 2015: | ||||||
550 | 5.000%, 11/01/33 | 11/25 at 100.00 | AA | 666,149 | ||
1,290 | 5.000%, 11/01/36 | 11/25 at 100.00 | AA | 1,559,391 | ||
1,175 | Novi Community School District, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2020-I, 5.000%, 5/01/44 | 5/30 at 100.00 | Aa2 | 1,505,034 | ||
1,100 | Ottawa County, Michigan, General Obligation Bonds, Sewer Disposal System, Series 2010, 5.000%, 5/01/37 | 6/20 at 100.00 | Aaa | 1,108,184 | ||
3,120 | Rockford Public Schools, Kent County, Michigan, General Obligation Bonds, School Building & Site Series 2019I, 5.000%, 5/01/46 | 5/29 at 100.00 | AA | 3,872,606 | ||
600 | Royal Oak City School District, Oakland County, Michigan, General Obligation Bonds, Refunding Series 2014, 5.000%, 5/01/21 | No Opt. Call | Aa2 | 626,166 | ||
1,095 | Royal Oak, Oakland County, Michigan, General Obligation Bonds, Taxable Limited Tax Series 2018, 5.000%, 4/01/43 | 4/28 at 100.00 | AA+ | 1,348,558 | ||
1,915 | South Haven Public Schools, Van Buren County, Michigan, General Obligation Bonds, School Building & Site, Series 2014A, 5.000%, 5/01/41 – BAM Insured | 5/24 at 100.00 | AA | 2,218,527 | ||
3,115 | Walled Lake Consolidated School District, Oakland County, Michigan, General Obligation Bonds, School Building & Site Series 2019, 5.000%, 5/01/44 | 5/29 at 100.00 | Aa1 | 3,917,611 | ||
4,000 | West Ottawa Public School District, Ottawa County, Michigan, General Obligation Bonds, School Building & Site Series 2019, 5.000%, 5/01/44 | 5/29 at 100.00 | Aa2 | 4,997,080 | ||
2,625 | Williamston Community School District, Michigan, Unlimited Tax General Obligation QSBLF Bonds, Series 1996, 5.500%, 5/01/25 – NPFG Insured | No Opt. Call | Aa2 | 2,999,325 | ||
63,490 | Total Tax Obligation/General | 77,200,195 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited – 11.6% | ||||||
$ 2,935 | Detroit Downtown Development Authority, Michigan, Tax Increment Revenue Bonds, Catalyst Development Project, Series 2018A, 5.000%, 7/01/48 – AGM Insured | 7/24 at 100.00 | AA | $3,320,688 | ||
1,450 | Jackson, Jackson County, Michigan, Downtown Development Bonds, Series 2001, 0.000%, 6/01/21 – AGM Insured | No Opt. Call | AA | 1,440,358 | ||
1,000 | Lansing Township Downtown Development Authority, Ingham County, Michigan, Tax Increment Bonds, Series 2013A, 5.950%, 2/01/42 | 2/24 at 103.00 | N/R | 1,034,310 | ||
4,070 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Regional Convention Facility Authority Local Project, Series 2014H-1, 5.000%, 10/01/39 | 10/24 at 100.00 | AA- | 4,655,266 | ||
2,000 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2015-I, 5.000%, 4/15/38 | 10/25 at 100.00 | Aa2 | 2,390,680 | ||
Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2016-I: | ||||||
1,540 | 5.000%, 4/15/36 | 10/26 at 100.00 | Aa2 | 1,872,609 | ||
3,450 | 5.000%, 4/15/41 | 10/26 at 100.00 | Aa2 | 4,150,867 | ||
1,000 | 5.000%, 10/15/46 | 10/26 at 100.00 | Aa2 | 1,193,800 | ||
520 | Michigan State Building Authority, Revenue Bonds, Facilities Program, Refunding Series 2019-I, 5.000%, 4/15/36 | 10/29 at 100.00 | Aa2 | 677,518 | ||
Michigan State Trunk Line Fund Bonds, Series 2011: | ||||||
1,015 | 5.000%, 11/15/33 | 11/21 at 100.00 | AA+ | 1,080,955 | ||
700 | 5.000%, 11/15/36 | 11/21 at 100.00 | AA+ | 745,381 | ||
685 | Michigan State Trunk Line Fund Refunding Bonds, Refunding Series 2015, 5.000%, 11/15/22 | No Opt. Call | AA+ | 761,097 | ||
1,500 | Michigan State, Comprehensive Transportation Revenue Bonds, Refunding Series 2015, 5.000%, 11/15/29 | 11/24 at 100.00 | AA+ | 1,767,060 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
5,290 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 5,350,782 | ||
1,676 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 1,661,352 | ||
750 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured COFINA Project Series 2019A-2A, 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 743,445 | ||
29,581 | Total Tax Obligation/Limited | 32,846,168 | ||||
Transportation – 2.8% | ||||||
1,000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Airport, Refunding Series 2011A, 5.000%, 12/01/21 (AMT) | No Opt. Call | A1 | 1,051,320 | ||
1,250 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Senior Series 2017A, 5.000%, 12/01/42 | 12/27 at 100.00 | A1 | 1,418,963 | ||
Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2012A: | ||||||
2,000 | 5.000%, 12/01/37 | 12/22 at 100.00 | A1 | 2,155,400 | ||
1,000 | 5.000%, 12/01/42 – AGM Insured | 12/22 at 100.00 | AA | 1,075,920 | ||
2,000 | Wayne County Airport Authority, Michigan, Revenue Bonds, Detroit Metropolitan Wayne County Airport, Series 2018A, 5.000%, 12/01/36 | 12/28 at 100.00 | A1 | 2,337,280 | ||
7,250 | Total Transportation | 8,038,883 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed – 8.4% (5) | ||||||
$ 690 | Ann Arbor Public School District, Washtenaw County, Michigan, General Obligation Bonds, Refunding Series 2012, 5.000%, 5/01/29 (Pre-refunded 5/01/22) | 5/22 at 100.00 | Aa1 | $753,653 | ||
Kent Hospital Finance Authority, Michigan, Revenue Bonds, Spectrum Health System, Refunding Series 2011C: | ||||||
2,135 | 5.000%, 1/15/31 (Pre-refunded 1/15/22) | 1/22 at 100.00 | AA | 2,301,701 | ||
365 | 5.000%, 1/15/42 (Pre-refunded 1/15/22) | 1/22 at 100.00 | AA | 393,499 | ||
525 | Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2011A, 5.000%, 7/01/34 (Pre-refunded 7/01/21) | 7/21 at 100.00 | AA- | 552,479 | ||
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Tender Option Bond Trust 2016-XF0394: | ||||||
250 | 17.875%, 7/01/37 (Pre-refunded 7/01/21), 144A (IF) (4) | 7/21 at 100.00 | AA- | 302,343 | ||
800 | 17.875%, 7/01/37 (Pre-refunded 7/01/21), 144A (IF) (4) | 7/21 at 100.00 | AA- | 967,496 | ||
3,000 | Michigan Finance Authority, Hospital Revenue Bonds, Crittenton Hospital Medical Center, Refunding Series 2012A, 5.000%, 6/01/39 (Pre-refunded 6/01/22) | 6/22 at 100.00 | N/R | 3,279,300 | ||
5,000 | Michigan Finance Authority, Michigan, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2017A-MI, 5.000%, 12/01/47 (Pre-refunded 12/01/22) | 12/22 at 100.00 | AA- | 5,588,200 | ||
Michigan Finance Authority, Revenue Bonds, Trinity Health Credit Group, Refunding Series 2011MI: | ||||||
10 | 5.000%, 12/01/39 (Pre-refunded 12/01/21) | 12/21 at 100.00 | N/R | 10,709 | ||
2,295 | 5.000%, 12/01/39 (Pre-refunded 12/01/21) | 12/21 at 100.00 | AA- | 2,457,807 | ||
365 | Michigan Finance Authority, State Revolving Fund Revenue Bonds, Clean Water Series 2012, 5.000%, 10/01/32 (Pre-refunded 10/01/22) | 10/22 at 100.00 | AAA | 405,533 | ||
4,000 | Michigan House of Representatives, Certificates of Participation, Series 1998, 0.000%, 8/15/23 – AMBAC Insured (ETM) | No Opt. Call | N/R | 3,936,520 | ||
500 | Michigan Municipal Bond Authority, Clean Water Revolving Fund Revenue Bonds, Series 2010, 5.000%, 10/01/30 (Pre-refunded 10/01/20) | 10/20 at 100.00 | AAA | 508,045 | ||
2,000 | Michigan State Hospital Finance Authority, Revenue Bonds, Trinity Health Care Group, Series 2009C, 5.000%, 12/01/48 (Pre-refunded 6/01/22) | 6/22 at 100.00 | AA- | 2,188,300 | ||
21,935 | Total U.S. Guaranteed | 23,645,585 | ||||
Utilities – 6.8% | ||||||
1,875 | Holland, Michigan, Electric Utility System Revenue Bonds, Series 2014A, 5.000%, 7/01/31 | 7/21 at 100.00 | AA | 1,967,419 | ||
Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Refunding Series 2017A: | ||||||
1,250 | 5.000%, 7/01/31 | 7/27 at 100.00 | AA- | 1,599,175 | ||
1,000 | 5.000%, 7/01/32 | 7/27 at 100.00 | AA- | 1,271,220 | ||
3,335 | Lansing Board of Water and Light, Michigan, Utility System Revenue Bonds, Series 2019A, 5.000%, 7/01/48 | 7/29 at 100.00 | AA- | 4,195,397 | ||
Marquette, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A: | ||||||
1,230 | 5.000%, 7/01/32 | 7/26 at 100.00 | AA- | 1,499,271 | ||
1,000 | 5.000%, 7/01/33 | 7/26 at 100.00 | AA- | 1,212,140 | ||
1,000 | Marquettte, Michigan, Electric Utility System Revenue Bonds, Refunding Series 2016A, 5.000%, 7/01/29 | 7/26 at 100.00 | AA- | 1,238,900 | ||
3,000 | Michigan Public Power Agency, AFEC Project Revenue Bonds, Series 2012A, 5.000%, 1/01/43 | 1/22 at 100.00 | A2 | 3,161,970 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
$ 2,000 | Michigan Public Power Agency, Revenue Bonds, Combustion Turbine 1 Project, Refunding Series 2011, 5.000%, 1/01/27 – AGM Insured | 1/21 at 100.00 | AA | $2,052,220 | ||
1,000 | Monroe County Economic Development Corporation, Michigan, Collateralized Limited Obligation Revenue Refunding Bonds, Detroit Edison Company, Series 1992AA, 6.950%, 9/01/22 – FGIC Insured | No Opt. Call | Aa3 | 1,144,480 | ||
16,690 | Total Utilities | 19,342,192 | ||||
Water and Sewer – 8.2% | ||||||
850 | Downriver Utility Wastewater Authority, Michigan, Sewer System Revenue Bonds, Series 2018, 5.000%, 4/01/43 – AGM Insured | 4/28 at 100.00 | AA | 1,022,745 | ||
1,500 | Grand Rapids, Kent County, Michigan, Sanitary Sewer System Revenue Bonds, Improvement & Refunding Series 2020, 4.000%, 1/01/50 | 1/30 at 100.00 | AA | 1,779,225 | ||
Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement & Refunding Series 2014: | ||||||
1,500 | 5.000%, 1/01/35 | 1/24 at 100.00 | AA | 1,725,510 | ||
800 | 5.000%, 1/01/39 | 1/24 at 100.00 | AA | 925,192 | ||
350 | Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Improvement Series 2012, 5.000%, 1/01/32 | 1/23 at 100.00 | AA | 389,480 | ||
1,655 | Grand Rapids, Michigan, Sanitary Sewer System Revenue Bonds, Series 2018, 5.000%, 1/01/48 | 1/28 at 100.00 | AA | 2,023,999 | ||
1,250 | Grand Rapids, Michigan, Water Supply System Revenue Bonds, Refunding & Improvement Series 2016, 5.000%, 1/01/41 | 1/26 at 100.00 | AA | 1,495,500 | ||
1,500 | Grand Rapids, Michigan, Water Supply System Revenue Bonds, Refunding & Improvement Series 2018, 5.000%, 1/01/43 | 1/28 at 100.00 | AA | 1,846,170 | ||
Grand Rapids, Michigan, Water Supply System Revenue Bonds, Refunding Series 2015: | ||||||
1,000 | 5.000%, 1/01/33 | 1/25 at 100.00 | AA | 1,185,920 | ||
1,000 | 5.000%, 1/01/35 | 1/25 at 100.00 | AA | 1,183,450 | ||
1,800 | Michigan Finance Authority, Clean Water Revolving Fund Revenue Bonds, Refunding Series 2018B, 5.000%, 10/01/39 | 10/28 at 100.00 | AAA | 2,243,232 | ||
Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Refunding Senior Loan Series 2014D-1: | ||||||
1,500 | 5.000%, 7/01/35 – AGM Insured | 7/24 at 100.00 | AA | 1,694,580 | ||
1,220 | 5.000%, 7/01/37 – AGM Insured | 7/24 at 100.00 | AA | 1,373,122 | ||
3,000 | Michigan Finance Authority, Local Government Loan Program Revenue Bonds, Detroit Water & Sewerage Department Water Supply System Local Project, Series 2014D-2, 5.000%, 7/01/27 – AGM Insured | 7/24 at 100.00 | AA | 3,470,040 | ||
245 | Michigan Municipal Bond Authority, Drinking Water Revolving Fund Revenue Bonds, Series 2004, 5.000%, 10/01/24 | 6/20 at 100.00 | AAA | 245,875 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Water and Sewer (continued) | ||||||
$ 500 | Saginaw, Michigan, Water Supply System Revenue Bonds, Series 2011A, 5.000%, 7/01/31 – AGM Insured | 8/21 at 100.00 | AA | $ 527,186 | ||
19,670 | Total Water and Sewer | 23,131,226 | ||||
$ 240,946 | Total Long-Term Investments (cost $261,075,956) | 278,599,646 | ||||
Floating Rate Obligations – (1.7)% | (4,700,000) | |||||
Other Assets Less Liabilities – 3.2% | 8,918,254 | |||||
Net Assets – 100% | $ 282,817,900 |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(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. Ratings are not covered by the report of independent registered public accounting firm. | |
(4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. | |
(5) | 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. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax | |
ETM | Escrowed to maturity | |
IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. | |
UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 97.8% | ||||||
MUNICIPAL BONDS – 97.8% | ||||||
Consumer Staples – 2.3% | ||||||
$ 3,000 | Cape Girardeau County Industrial Development Authority, Missouri, Solid Waste Disposal Revenue Bonds, Procter & Gamble Products Company Project, Series 1998, 5.300%, 5/15/28 (AMT) | 6/20 at 100.00 | AA- | $3,009,690 | ||
8,840 | Missouri Development Finance Board, Solid Waste Disposal Revenue Bonds, Procter and Gamble Inc, Series 1999, 5.200%, 3/15/29 (AMT) | No Opt. Call | AA- | 11,646,877 | ||
11,840 | Total Consumer Staples | 14,656,567 | ||||
Education and Civic Organizations – 10.7% | ||||||
1,200 | Curators of the University of Missouri, System Facilities Revenue Bonds, Series 2014A, 4.000%, 11/01/33 | 11/24 at 100.00 | AA+ | 1,369,128 | ||
4,025 | Curators of the University of Missouri, System Facilities Revenue Bonds, Taxable Series 2020A, 5.000%, 11/01/30 | No Opt. Call | AA+ | 5,567,581 | ||
1,000 | Health and Educational Facilities Authority of the State of Missouri, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2018 A, 4.000%, 10/01/38 | 10/28 at 100.00 | A+ | 1,126,660 | ||
1,055 | Lincoln University, Missouri, Auxiliary System Revenue Bonds, Refunding Series 2019, 5.000%, 6/01/31 – AGM Insured | 6/27 at 100.00 | AA | 1,292,533 | ||
1,025 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2013A, 5.000%, 6/01/33 | 6/23 at 100.00 | A1 | 1,144,146 | ||
2,000 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Kansas City University of Medicine and Biosciences, Series 2017A, 5.000%, 6/01/47 | 6/27 at 100.00 | A1 | 2,376,180 | ||
3,000 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Saint Louis College of Pharmacy, Series 2013, 5.500%, 5/01/43 | 5/23 at 100.00 | BBB | 3,105,270 | ||
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southeast Missouri State University, Refunding Series 2019: | ||||||
2,295 | 4.000%, 10/01/34 | 10/29 at 100.00 | A | 2,507,127 | ||
2,510 | 4.000%, 10/01/36 | 10/29 at 100.00 | A | 2,716,673 | ||
Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, Southwest Baptist University Project, Series 2012: | ||||||
575 | 3.500%, 10/01/22 | No Opt. Call | BBB- | 584,873 | ||
3,470 | 5.000%, 10/01/33 | 10/22 at 100.00 | BBB- | 3,549,845 | ||
2,255 | Missouri Health and Educational Facilities Authority, Educational Facilities Revenue Bonds, University of Central Missouri, Series 2013C-2, 5.000%, 10/01/34 | 10/23 at 100.00 | A+ | 2,539,919 | ||
1,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Maryville University of St Louis Project, Series 2015, 5.000%, 6/15/44 | 6/25 at 100.00 | BBB+ | 1,092,590 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2015A: | ||||||
$ 3,700 | 5.000%, 10/01/38 | 10/25 at 100.00 | AA- | $4,332,219 | ||
7,920 | 4.000%, 10/01/42 | 10/25 at 100.00 | AA- | 8,678,894 | ||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2017A: | ||||||
600 | 4.000%, 10/01/36 | 4/27 at 100.00 | AA- | 681,906 | ||
5,690 | 5.000%, 10/01/42 | 4/27 at 100.00 | AA- | 6,826,634 | ||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Saint Louis University, Series 2019A: | ||||||
3,390 | 5.000%, 10/01/46 | 4/29 at 100.00 | AA- | 4,030,710 | ||
6,665 | 4.000%, 10/01/48 | 4/29 at 100.00 | AA- | 7,331,500 | ||
1,150 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Refunding Series 2017, 4.000%, 4/01/34 | 4/27 at 100.00 | Baa1 | 1,054,447 | ||
Missouri State University, Auxiliary Enterprise System Revenue Bonds, Series 2019A: | ||||||
260 | 4.000%, 10/01/31 | 10/27 at 100.00 | A+ | 296,379 | ||
285 | 4.000%, 10/01/32 | 10/27 at 100.00 | A+ | 322,814 | ||
500 | 4.000%, 10/01/33 | 10/27 at 100.00 | A+ | 563,705 | ||
400 | 4.000%, 10/01/34 | 10/27 at 100.00 | A+ | 449,536 | ||
1,625 | Saint Louis Community College District, Saint Louis County, Missouri, Certificates of Participation, Series 2017, 4.000%, 4/01/36 | 4/27 at 100.00 | AA | 1,865,435 | ||
1,000 | Saint Louis Industrial Development Authority, Missouri, Confluence Academy Project, Series 2007A, 5.350%, 6/15/32 | 6/20 at 100.00 | N/R | 907,300 | ||
1,000 | Saline County Industrial Development Authority, Missouri, First Mortgage Revenue Bonds, Missouri Valley College, Series 2017, 4.500%, 10/01/40 | 10/23 at 100.00 | N/R | 960,010 | ||
860 | Truman State University, Missouri, Housing System Revenue Bonds, Refunding Series 2015, 3.750%, 6/01/33 | 6/23 at 100.00 | A1 | 901,005 | ||
60,455 | Total Education and Civic Organizations | 68,175,019 | ||||
Health Care – 21.2% | ||||||
675 | Barton County, Missouri, Hospital Revenue Bonds, Cox Barton County Hospital Project, Series 2017B, 3.650%, 7/01/27 | 7/23 at 100.00 | N/R | 705,753 | ||
Boone County, Missouri, Hospital Revenue Bonds, Boone Hospital Center, Refunding Series 2016: | ||||||
1,455 | 5.000%, 8/01/29 | 8/26 at 100.00 | BBB- | 1,602,552 | ||
1,000 | 5.000%, 8/01/30 | 8/26 at 100.00 | BBB- | 1,096,210 | ||
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2013A: | ||||||
530 | 3.375%, 6/01/28 | 6/22 at 100.00 | AA | 548,571 | ||
4,000 | 5.000%, 6/01/33 | 6/22 at 100.00 | AA | 4,227,320 | ||
2,000 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Saint Francis Medical Center, Series 2016, 5.000%, 6/01/39 | 6/26 at 100.00 | AA | 2,291,900 | ||
1,400 | Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2016A, 6.000%, 3/01/33 | 3/23 at 103.00 | BBB- | 1,566,544 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Cape Girardeau County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Southeasthealth, Series 2017A: | ||||||
$ 1,325 | 5.000%, 3/01/31 | 3/27 at 100.00 | BBB- | $1,441,348 | ||
1,210 | 5.000%, 3/01/32 | 3/27 at 100.00 | BBB- | 1,308,627 | ||
1,645 | 5.000%, 3/01/36 | 3/27 at 100.00 | BBB- | 1,752,205 | ||
360 | Clinton County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Cameron Regional Medical Center, Inc, Series 2017B, 4.500%, 12/01/35 | 12/25 at 100.00 | N/R | 381,625 | ||
Clinton County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Cameron Regional Medical Center, Series 2017C: | ||||||
200 | 4.400%, 12/01/35 | 12/25 at 100.00 | N/R | 211,016 | ||
1,000 | 4.500%, 12/01/36 | 12/25 at 100.00 | N/R | 1,056,280 | ||
Hannibal Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Hannibal Regional Healthcare System, Series 2017: | ||||||
1,170 | 4.000%, 10/01/31 | 10/27 at 100.00 | A- | 1,293,248 | ||
1,220 | 4.000%, 10/01/32 | 10/27 at 100.00 | A- | 1,335,705 | ||
2,450 | 5.000%, 10/01/47 | 10/27 at 100.00 | A- | 2,713,816 | ||
1,560 | Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2015, 5.000%, 2/15/35 | 2/24 at 100.00 | A | 1,710,524 | ||
Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2020A: | ||||||
290 | 5.000%, 2/15/29 | No Opt. Call | A | 362,094 | ||
310 | 5.000%, 2/15/30 | No Opt. Call | A | 392,485 | ||
Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint Luke's Health System, Inc, Series 2016: | ||||||
1,060 | 4.000%, 11/15/33 | 5/26 at 100.00 | A+ | 1,135,324 | ||
4,030 | 5.000%, 11/15/34 | 5/26 at 100.00 | A+ | 4,559,784 | ||
4,335 | 5.000%, 11/15/35 | 5/26 at 100.00 | A+ | 4,889,056 | ||
1,000 | Missouri Health and Education Facilities Authority, Health Facilities Revenue Bonds, Saint Luke's Health System, Inc, Series 2018A, 5.000%, 11/15/43 | 5/28 at 100.00 | A+ | 1,135,650 | ||
1,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2014, 5.000%, 1/01/44 | 1/24 at 100.00 | AA | 1,097,000 | ||
5,890 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2015A, 4.000%, 1/01/45 | 1/25 at 100.00 | AA | 6,310,310 | ||
9,125 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, BJC Health System, Series 2018D, 4.000%, 1/01/58 (Mandatory Put 1/01/48) | 1/28 at 100.00 | AA | 10,081,026 | ||
2,160 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Capital Region Medical Center, Series 2011, 5.000%, 11/01/27 | 11/20 at 100.00 | Baa2 | 2,190,564 | ||
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2013A: | ||||||
1,475 | 5.000%, 11/15/44 | 11/23 at 100.00 | A2 | 1,578,840 | ||
2,980 | 5.000%, 11/15/48 | 11/23 at 100.00 | A2 | 3,184,130 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2015A: | ||||||
$ 2,200 | 5.000%, 11/15/32 | 11/25 at 100.00 | A2 | $2,504,832 | ||
2,400 | 5.000%, 11/15/39 | 11/25 at 100.00 | A2 | 2,686,344 | ||
3,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, CoxHealth, Series 2019A, 4.000%, 11/15/49 | 5/29 at 100.00 | A2 | 3,229,890 | ||
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Heartland Regional Medical Center, Series 2012: | ||||||
1,000 | 3.875%, 2/15/32 | 2/22 at 100.00 | AA- | 1,031,860 | ||
3,035 | 5.000%, 2/15/37 | 2/22 at 100.00 | AA- | 3,172,030 | ||
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2014F: | ||||||
845 | 5.000%, 11/15/45 | 11/24 at 100.00 | AA- | 942,445 | ||
2,300 | 4.250%, 11/15/48 | 11/24 at 100.00 | AA- | 2,468,567 | ||
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2017C: | ||||||
1,000 | 4.000%, 11/15/36 | 11/27 at 100.00 | AA- | 1,118,140 | ||
2,160 | 4.000%, 11/15/37 | 11/27 at 100.00 | AA- | 2,408,141 | ||
5,295 | 4.000%, 11/15/47 | 11/27 at 100.00 | AA- | 5,800,408 | ||
2,750 | 5.000%, 11/15/47 | 11/27 at 100.00 | AA- | 3,228,363 | ||
1,330 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mercy Health, Series 2018A, 5.000%, 6/01/30 | 12/28 at 100.00 | AA- | 1,676,053 | ||
1,930 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Mosaic Health System, Series 2019A, 4.000%, 2/15/44 | 2/29 at 100.00 | AA- | 2,119,661 | ||
1,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Anthony's Medical Center, Series 2015B, 5.000%, 2/01/45 | 8/25 at 100.00 | AA- | 1,147,020 | ||
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Luke's Episcopal & Presbyterian Hospitals, Series 2015B: | ||||||
1,500 | 3.500%, 12/01/32 | 6/25 at 100.00 | A+ | 1,550,325 | ||
2,000 | 5.000%, 12/01/33 | 6/25 at 100.00 | A+ | 2,248,380 | ||
500 | 3.625%, 12/01/34 | 6/25 at 100.00 | A+ | 516,885 | ||
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Luke's Episcopal & Presbyterian Hospitals, Series 2019: | ||||||
1,100 | 4.000%, 12/01/35 | 6/29 at 100.00 | A+ | 1,221,319 | ||
2,000 | 4.000%, 12/01/37 | 6/29 at 100.00 | A+ | 2,204,000 | ||
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Series 2014A: | ||||||
310 | 5.000%, 6/01/26 | 6/24 at 100.00 | AA- | 352,603 | ||
2,000 | 5.000%, 6/01/31 | 6/24 at 100.00 | AA- | 2,238,580 | ||
1,000 | 4.000%, 6/01/32 | 6/24 at 100.00 | AA- | 1,076,770 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Series 2018A: | ||||||
$ 1,000 | 4.000%, 6/01/48 | 6/28 at 100.00 | AA- | $1,086,000 | ||
1,500 | 5.000%, 6/01/48 | 6/28 at 100.00 | AA- | 1,747,530 | ||
Missouri Health and Educational Facilities Authority, Health Facility Revenue Bonds, Saint Luke's Health System, Series 2010A: | ||||||
550 | 5.250%, 11/15/25 | 11/20 at 100.00 | A+ | 559,719 | ||
2,540 | 5.000%, 11/15/30 | 11/20 at 100.00 | A+ | 2,576,576 | ||
1,000 | 5.000%, 11/15/40 | 11/20 at 100.00 | A+ | 1,011,310 | ||
3,000 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Children's Mercy Hospital, Series 2016, 4.000%, 5/15/34 | 5/26 at 100.00 | A+ | 3,313,710 | ||
3,030 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Children's Mercy Hospital, Series 2017A, 4.000%, 5/15/48 | 5/25 at 102.00 | A+ | 3,245,160 | ||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lester E Cox Medical Center, Series 1992H: | ||||||
3,005 | 0.000%, 9/01/21 – NPFG Insured | No Opt. Call | A2 | 2,981,591 | ||
4,025 | 0.000%, 9/01/22 – NPFG Insured | No Opt. Call | A2 | 3,957,138 | ||
Saint Louis County Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Ranken-Jordan Project, Refunding & Improvement Series 2016: | ||||||
830 | 5.000%, 11/15/28 | 11/25 at 100.00 | N/R | 858,361 | ||
2,250 | 4.000%, 11/15/36 | 11/25 at 100.00 | N/R | 1,985,760 | ||
3,000 | 5.000%, 11/15/46 | 11/25 at 100.00 | N/R | 2,901,660 | ||
1,195 | Stoddard County Industrial Development Authority, Missouri, Health Facility Revenue Bonds, Southeasthealth, Series 2016B, 6.000%, 3/01/37 | 3/23 at 103.00 | BBB- | 1,317,404 | ||
124,435 | Total Health Care | 134,644,042 | ||||
Housing/Multifamily – 0.2% | ||||||
1,000 | Missouri Housing Development Commission, Multifamily Housing Revenue Bonds, Shepard Apartments Project, 2013 Series 3, 5.000%, 7/01/45 | 7/23 at 100.00 | AA+ | 1,074,330 | ||
Housing/Single Family – 0.3% | ||||||
1,375 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, First Place Homeownership Loan Program, Series 2017A-2, 3.800%, 11/01/37 | 11/26 at 100.00 | AA+ | 1,511,867 | ||
385 | Missouri Housing Development Commission, Single Family Mortgage Revenue Bonds, Homeownership Loan Program, Series 2015B-2, 3.800%, 11/01/34 | 5/25 at 100.00 | AA+ | 417,860 | ||
1,760 | Total Housing/Single Family | 1,929,727 | ||||
Long-Term Care – 4.2% | ||||||
3,110 | Bridgeton Industrial Development Authority, Missouri, Senior Housing Revenue Bonds, The Sarah Community Project, Refunding Series 2016, 4.000%, 5/01/33 | 5/25 at 100.00 | N/R | 2,593,460 | ||
900 | Kirkwood Industrial Development Authority, Missouri, Retirement Community Revenue Bonds, Aberdeen Heights Project, Refunding Series 2017A, 5.250%, 5/15/37 | 5/27 at 100.00 | BB | 855,387 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2011: | ||||||
$ 1,025 | 5.750%, 2/01/31 | 2/21 at 100.00 | BBB | $1,042,661 | ||
2,750 | 6.000%, 2/01/41 | 2/21 at 100.00 | BBB | 2,792,213 | ||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2014A: | ||||||
1,000 | 5.000%, 2/01/35 | 2/24 at 100.00 | BBB | 1,003,250 | ||
1,500 | 5.000%, 2/01/44 | 2/24 at 100.00 | BBB | 1,449,420 | ||
5,550 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2016A, 5.000%, 2/01/46 | 2/26 at 100.00 | BBB | 5,325,003 | ||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lutheran Senior Services Projects, Series 2019C: | ||||||
1,000 | 5.000%, 2/01/42 | 2/29 at 102.00 | BBB | 976,660 | ||
3,580 | 4.000%, 2/01/48 | 2/29 at 100.00 | BBB | 2,774,715 | ||
Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2012: | ||||||
550 | 5.000%, 9/01/32 | 9/22 at 100.00 | BB+ | 533,302 | ||
2,615 | 5.000%, 9/01/42 | 9/22 at 100.00 | BB+ | 2,385,612 | ||
2,570 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A, 5.875%, 9/01/43 | 9/23 at 100.00 | BB+ | 2,611,017 | ||
1,000 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village Saint Louis Obligated Group, Series 2017, 5.000%, 9/01/48 | 9/27 at 100.00 | BB+ | 881,860 | ||
1,000 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village Saint Louis Obligated Group, Series 2018A, 5.125%, 9/01/48 | 9/25 at 103.00 | BB+ | 899,020 | ||
500 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Saint Andrew's Resources for Seniors, Series 2015A, 5.125%, 12/01/45 | 12/25 at 100.00 | N/R | 431,010 | ||
28,650 | Total Long-Term Care | 26,554,590 | ||||
Tax Obligation/General – 14.0% | ||||||
Belton, Missouri, General Obligation Bonds, Refunding & Improvement Series 2011: | ||||||
930 | 5.000%, 3/01/29 | 3/21 at 100.00 | N/R | 962,457 | ||
190 | 5.000%, 3/01/29 | 3/21 at 100.00 | AA- | 196,631 | ||
1,035 | 5.000%, 3/01/30 | 3/21 at 100.00 | N/R | 1,071,121 | ||
210 | 5.000%, 3/01/30 | 3/21 at 100.00 | AA- | 217,329 | ||
840 | 4.750%, 3/01/31 | 3/21 at 100.00 | N/R | 867,745 | ||
170 | 4.750%, 3/01/31 | 3/21 at 100.00 | AA- | 175,010 | ||
2,000 | Branson Reorganized School District R-4, Taney County, Missouri, General Obligation Bonds, School Building Series 2012, 4.375%, 3/01/32 | 3/22 at 100.00 | A+ | 2,111,940 | ||
Camdenton Reorganized School District R3, Camden County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2014: | ||||||
960 | 5.000%, 3/01/33 | 3/22 at 100.00 | N/R | 1,037,338 | ||
40 | 5.000%, 3/01/33 | 3/22 at 100.00 | AA- | 43,175 | ||
3,745 | Camdenton Reorganized School District R3, Camden County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2015, 4.000%, 3/01/35 | 3/23 at 100.00 | AA- | 4,011,681 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 3,665 | Clay County Public School District 53, Liberty, Missouri, General Obligation Bonds, Series 2018, 4.000%, 3/01/36 | 3/26 at 100.00 | AA | $4,120,046 | ||
Clay County Reorganized School District R-II Smithville, Missouri, General Obligation Bonds, Refunding Series 2015: | ||||||
2,000 | 4.000%, 3/01/35 | 3/27 at 100.00 | AA+ | 2,293,380 | ||
1,160 | 4.000%, 3/01/36 | 3/27 at 100.00 | AA+ | 1,325,288 | ||
3,000 | Columbia School District, Boone County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2015, 4.000%, 3/01/35 | 3/25 at 100.00 | Aa1 | 3,340,890 | ||
1,225 | Columbia School District, Boone County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2016, 5.000%, 3/01/36 | 3/26 at 100.00 | Aa1 | 1,472,070 | ||
1,000 | Fort Osage Reorganized School District R-1, Jackson County, Missouri, General Obligation Bonds, Direct Deposit Program, Series 2017, 4.000%, 3/01/34 | 3/27 at 100.00 | AA+ | 1,169,500 | ||
Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2015: | ||||||
1,500 | 4.000%, 3/01/31 | 3/24 at 100.00 | AA+ | 1,670,040 | ||
1,000 | 4.000%, 3/01/32 | 3/24 at 100.00 | AA+ | 1,108,640 | ||
1,800 | Fort Zumwalt School District, Callaway County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2018, 5.000%, 3/01/36 | 3/27 at 100.00 | AA+ | 2,219,508 | ||
1,000 | Franklin County Reorganized School District R-XI Union, Missouri, General Obligation Bonds, Series 2020A, 5.000%, 3/01/36 | 3/25 at 100.00 | AA+ | 1,178,300 | ||
2,000 | Hazelwood School District, St Louis County, Missouri, General Obligation Bonds, Missouri Direct Deposit Program, Series 2013A, 5.000%, 3/01/33 | 3/23 at 100.00 | AA+ | 2,246,460 | ||
1,950 | Independence School District, Jackson County, Missouri, General Obligation Bonds, Refunding Series 2017B, 5.500%, 3/01/32 | 3/27 at 100.00 | AA+ | 2,508,460 | ||
1,435 | Jackson County Center School District 58, Missouri, General Obligation Bonds, Refunding & School Building Series 2019A, 4.000%, 3/01/37 | 3/27 at 100.00 | Aa1 | 1,654,254 | ||
1,000 | Jackson County Consolidated School District 2, Raytown, Missouri, General Obligation Bonds, Series 2014, 5.000%, 3/01/32 | 3/24 at 100.00 | AA+ | 1,150,080 | ||
Jackson County Consolidated School District 2, Raytown, Missouri, General Obligation Bonds, Series 2019A: | ||||||
1,000 | 5.000%, 3/01/36 | 3/29 at 100.00 | AA+ | 1,300,030 | ||
1,000 | 5.000%, 3/01/38 | 3/29 at 100.00 | AA+ | 1,287,280 | ||
1,000 | 5.000%, 3/01/39 | 3/29 at 100.00 | AA+ | 1,283,530 | ||
500 | Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation Bonds, School Building Series 2013A, 5.000%, 3/01/31 | 3/21 at 100.00 | AA- | 517,450 | ||
1,140 | Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation Bonds, School Building Series 2018A, 5.500%, 3/01/37 | 3/29 at 100.00 | AA+ | 1,515,596 | ||
1,000 | Jackson County Reorganized School District 4, Blue Springs, Missouri, General Obligation Bonds, School Building Series 2019, 5.500%, 3/01/39 | 3/29 at 100.00 | AA+ | 1,321,450 | ||
825 | Johnson County School District R-VI Warrensburg, Missouri, General Obligation Bonds, Refunding Series 2019, 4.000%, 3/01/30 | 3/28 at 100.00 | AA+ | 1,005,857 | ||
2,000 | Joplin Schools, Missouri, General Obligation Bonds, Refunding, Direct Deposit Program Series 2017, 4.000%, 3/01/32 | 3/27 at 100.00 | AA+ | 2,345,420 | ||
5,000 | Kansas City, Missouri, General Obligation Bonds, Improvement & Refunding Series 2012A, 4.500%, 2/01/26 | 2/22 at 100.00 | AA | 5,318,300 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Kansas City, Missouri, General Obligation Bonds, Refunding & Improvement Series 2018A: | ||||||
$ 1,510 | 4.000%, 2/01/36 | 2/28 at 100.00 | AA | $1,773,193 | ||
1,000 | 4.000%, 2/01/37 | 2/28 at 100.00 | AA | 1,170,260 | ||
1,190 | Kansas City, Missouri, General Obligation Bonds, Series 2020A, 4.000%, 2/01/37 | 2/30 at 100.00 | AA | 1,441,471 | ||
Marion County School District 60 Hannibal, Ralls and Marion County, Missouri, General Obligation Bonds, Series 2019: | ||||||
1,050 | 5.000%, 3/01/31 | 3/24 at 100.00 | AA+ | 1,211,406 | ||
2,000 | 5.000%, 3/01/39 | 3/24 at 100.00 | AA+ | 2,267,000 | ||
1,775 | Marshfield, Missouri, Combined Waterworks and Sewerage System Revenue Bones, Series 2020B, 5.000%, 2/01/47 – AGM Insured | 2/28 at 100.00 | AA | 2,135,698 | ||
Marshfield, Missouri, General Obligation Bonds, Street Improvement Series 2018: | ||||||
570 | 4.000%, 3/01/31 | 3/26 at 100.00 | A+ | 650,022 | ||
325 | 5.000%, 3/01/34 | 3/26 at 100.00 | A+ | 390,543 | ||
685 | 5.000%, 3/01/35 | 3/26 at 100.00 | A+ | 820,281 | ||
Nixa Public Schools, Christian County, Missouri, General Obligation Bonds, Missouri Direct Deposit Program, Refunding & School Building Series 2019: | ||||||
1,000 | 4.000%, 3/01/36 | 3/27 at 100.00 | AA+ | 1,164,620 | ||
1,000 | 4.000%, 3/01/37 | 3/27 at 100.00 | AA+ | 1,161,120 | ||
550 | Nixa Public Schools, Christian County, Missouri, General Obligation Bonds, Missouri Direct Deposit Program, Refunding Series 2019B, 4.000%, 3/01/34 | 3/30 at 100.00 | AA+ | 684,855 | ||
500 | North Kansas City School District 74, Clay County, Missouri, General Obligation Bonds, Direct Deposit Program, Refunding & Improvement Series 2014, 4.000%, 3/01/32 | 3/24 at 100.00 | AA+ | 552,375 | ||
1,000 | Osage School Lake Ozark, Missouri, General Obligation Bonds, School Building Series 2014B, 5.000%, 3/01/34 | 3/24 at 100.00 | AA- | 1,140,320 | ||
2,000 | Osage School Lake Ozark, Missouri, General Obligation Bonds, Series 2018, 5.000%, 3/01/37 | 3/26 at 100.00 | AA- | 2,383,840 | ||
1,500 | Ozark Reorganized School District 6, Christian County, Missouri, General Obligation Bonds, Refunding & Improvement Series 2015, 4.000%, 3/01/34 | 3/23 at 100.00 | AA+ | 1,615,605 | ||
2,000 | Platte County School District Park Hill, Missouri, General Obligation Bonds, Missouri Direct Deposit Program, Refunding Series 2017, 4.000%, 3/01/31 | 3/26 at 100.00 | AA+ | 2,332,420 | ||
1,200 | Poplar Bluff R-I School District, Butler County, Missouri, Lease Certificates of Participation, Series 2014, 5.000%, 3/01/33 – AGM Insured | 3/24 at 100.00 | AA | 1,369,500 | ||
1,000 | Saint Louis County Pattonville School District R3, Missouri, General Obligation Bonds, Refunding Series 2018A, 5.000%, 3/01/36 | 3/26 at 100.00 | AA | 1,201,690 | ||
985 | Springfield School District R12, Greene County, Missouri, General Obligation Bonds, School Building Series 2019, 4.000%, 3/01/35 | 3/29 at 100.00 | AA | 1,196,036 | ||
Springfield School District R12, Greene County, Missouri, General Obligation Bonds, Series 2013: | ||||||
1,000 | 5.000%, 3/01/32 | 3/23 at 100.00 | AA+ | 1,121,160 | ||
1,000 | 5.000%, 3/01/33 | 3/23 at 100.00 | AA+ | 1,121,160 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Valley Park Fire Protection District, Missouri, General Obligation Bonds, Series 2019: | ||||||
$ 650 | 4.000%, 3/01/31 | 3/27 at 100.00 | AA | $763,685 | ||
705 | 4.000%, 3/01/33 | 3/27 at 100.00 | AA | 818,745 | ||
550 | 4.000%, 3/01/35 | 3/27 at 100.00 | AA | 634,475 | ||
600 | 4.000%, 3/01/37 | 3/27 at 100.00 | AA | 687,540 | ||
Washington School District, Franklin County, Missouri, General Obligation Bonds, Missouri Direct Deposit Program, Series 2019: | ||||||
1,500 | 4.000%, 3/01/34 | 3/27 at 100.00 | AA+ | 1,738,515 | ||
905 | 4.000%, 3/01/35 | 3/27 at 100.00 | AA+ | 1,043,374 | ||
77,070 | Total Tax Obligation/General | 88,637,165 | ||||
Tax Obligation/Limited – 18.4% | ||||||
885 | Arnold Retail Corridor Transportation Development District, Missouri, Sales Tax Revenue Bonds, Refunding Series 2019, 3.000%, 11/01/28 | 11/24 at 100.00 | N/R | 807,412 | ||
Belton School District 124, Cass County, Missouri, Certificates of Participation, Missouri School Boards Association, Series 2019: | ||||||
375 | 3.000%, 1/15/31 – AGM Insured | 1/24 at 100.00 | AA | 392,254 | ||
200 | 3.000%, 1/15/33 – AGM Insured | 1/24 at 100.00 | AA | 207,322 | ||
1,015 | 5.000%, 1/15/44 – AGM Insured | 1/24 at 100.00 | AA | 1,134,323 | ||
4,930 | Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2013A, 5.000%, 10/01/33 | 10/22 at 100.00 | AA+ | 5,451,446 | ||
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, Mass Transit Sales Tax Appropriation Bonds, Refunding Combined Lien Series 2019: | ||||||
625 | 4.000%, 10/01/34 | 10/29 at 100.00 | AA+ | 733,594 | ||
1,690 | 4.000%, 10/01/36 | 10/29 at 100.00 | AA+ | 1,958,879 | ||
3,500 | 4.000%, 10/01/48 | 10/29 at 100.00 | AA+ | 3,928,785 | ||
2,000 | Blue Springs, Missouri, Special Obligation Tax Increment Bonds, Adams Farm Project, Special Districts Refunding & Improvement Series 2015A, 4.750%, 6/01/30 | 6/24 at 100.00 | N/R | 1,853,820 | ||
1,555 | Brentwood, Missouri, Certificates of Participation, Series 2019, 4.000%, 10/01/37 | 10/25 at 101.00 | AA- | 1,719,830 | ||
Cape Girardeau County Reorganized School District R2, Missouri, Certificates of Participation, Series 2020A: | ||||||
1,000 | 4.000%, 4/01/35 – BAM Insured | 4/28 at 100.00 | AA | 1,157,200 | ||
525 | 4.000%, 4/01/36 – BAM Insured | 4/28 at 100.00 | AA | 604,175 | ||
Clay County School District R-11 Smithville, Missouri, Certificates of Participation, Series 2018: | ||||||
340 | 4.000%, 4/01/38 | 4/28 at 100.00 | A+ | 384,346 | ||
2,515 | 5.000%, 4/01/43 | 4/28 at 100.00 | A+ | 3,034,171 | ||
900 | Clay, Jackson & Platte Counties Consolidated Public Library District 3, Missouri, Certificates of Participation, Mid-Continent Public Library Project, Series 2018, 4.000%, 3/01/35 | 3/26 at 100.00 | Aa3 | 989,532 | ||
2,000 | Conley Road Transportation District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2017, 5.125%, 5/01/41 | 5/25 at 100.00 | N/R | 1,867,360 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 365 | Excelsior Springs Community Center, Missouri, Sales Tax Revenue Bonds, Series 2014, 4.000%, 3/01/28 – AGM Insured | 3/23 at 100.00 | AA | $395,821 | ||
300 | Excelsior Springs, Missouri, Certificate of Participation, Refunding Series 2020B, 4.000%, 3/01/31 – BAM Insured | No Opt. Call | AA | 377,391 | ||
Fenton Missouri Fire Protection District, Missouri, General Obligation Bonds, Series 2019: | ||||||
1,000 | 4.000%, 3/01/29 | 3/27 at 100.00 | AA+ | 1,208,940 | ||
1,075 | 4.000%, 3/01/30 | 3/27 at 100.00 | AA+ | 1,292,945 | ||
450 | 4.000%, 3/01/36 | 3/27 at 100.00 | AA+ | 517,208 | ||
375 | 4.000%, 3/01/37 | 3/27 at 100.00 | AA+ | 429,713 | ||
500 | 4.000%, 3/01/38 | 3/27 at 100.00 | AA+ | 571,455 | ||
175 | Florissant Industrial Development Authority, Missouri, Tax Increment Revenue Bonds, Florissant - Cross Keys Redevelopment Project, Refunding Series 2003, 5.625%, 5/01/24 | 6/20 at 100.00 | N/R | 175,072 | ||
440 | Franklin County Industrial Development Authority, Missouri, Sales Tax Refunding Revenue Bonds, Phoenix Center II Community Improvement District Project, Series 2013A, 5.000%, 11/01/37 | 11/20 at 100.00 | N/R | 400,365 | ||
1,105 | Franklin County, Missouri, Certificates of Participation, Series 2019A, 3.000%, 11/01/30 | 11/26 at 100.00 | A+ | 1,215,533 | ||
1,685 | Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons Redevelopment Project, Series 2006, 5.000%, 6/01/28 (4) | 6/20 at 100.00 | N/R | 876,200 | ||
530 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 | 1/22 at 100.00 | BB | 537,897 | ||
1,850 | Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 | 1/22 at 100.00 | BB | 1,874,050 | ||
Great Rivers Greenway Metropolitan Park & Recreation District, Missouri, Sales Tax Appropriation Bonds, Gateway Arch Project, Series 2014: | ||||||
3,500 | 5.000%, 12/30/29 | 12/23 at 100.00 | A+ | 3,827,565 | ||
4,090 | 5.000%, 12/30/31 | 12/23 at 100.00 | A+ | 4,445,339 | ||
750 | Greene County, Missouri, Certificates of Participation, Capital Projects, Series 2018, 4.000%, 9/01/33 | 9/28 at 100.00 | Aa3 | 885,953 | ||
1,000 | Hanley/Eager Road Transportation Development District, Missouri, Revenue Bonds, Refunding Series 2016A, 3.625%, 3/01/33 | 3/21 at 100.00 | N/R | 884,370 | ||
Howard Bend Levee District, Missouri, Levee District Improvement Bonds, Series 2005: | ||||||
1,470 | 5.750%, 3/01/23 – SYNCORA GTY Insured | No Opt. Call | BBB- | 1,550,306 | ||
1,560 | 5.750%, 3/01/24 – SYNCORA GTY Insured | No Opt. Call | BBB- | 1,669,153 | ||
1,745 | 5.500%, 3/01/26 – SYNCORA GTY Insured | No Opt. Call | BBB- | 1,900,514 | ||
Howard Bend Levee District, St Louis County, Missouri, Levee District Improvement Bonds, Series 2013B: | ||||||
1,000 | 4.875%, 3/01/33 | 3/23 at 100.00 | BB+ | 964,490 | ||
1,300 | 5.000%, 3/01/38 | 3/23 at 100.00 | BB+ | 1,238,146 | ||
925 | Kansas City Industrial Development Authority, Missouri, Downtown Redevelopment District Revenue Bonds, Series 2011A, 5.000%, 9/01/32 | 9/21 at 100.00 | AA- | 978,261 | ||
1,100 | Kansas City Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Ward Parkway Center Community Improvement District, Senior Refunding & Improvement Series 2016, 4.250%, 4/01/26, 144A | No Opt. Call | N/R | 1,077,142 | ||
1,200 | Kansas City Industrial Development Authority, Missouri, Special Obligation Revenue Bonds, Plaza Library Project, Refunding Series 2014, 4.250%, 3/01/23 | No Opt. Call | N/R | 1,203,324 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 2,000 | Kansas City Municipal Assistance Corporation, Missouri, Leasehold Revenue Bonds, Series 2004B-1, 0.000%, 4/15/27 – AMBAC Insured | No Opt. Call | AA- | $1,818,540 | ||
1,750 | Kansas City, Missouri, Special Obligation Bonds, Downtown Redevelopment District, Series 2014C, 5.000%, 9/01/33 | 9/23 at 100.00 | AA- | 1,967,052 | ||
1,025 | Kansas City, Missouri, Special Obligation Bonds, Kansas City Missouri Projects, Series 2012A, 5.000%, 3/01/26 | 3/22 at 100.00 | AA- | 1,107,297 | ||
Kansas City, Missouri, Special Obligation Bonds, Kansas City Missouri Projects, Series 2017B: | ||||||
360 | 4.000%, 10/01/30 | 10/27 at 100.00 | AA- | 419,850 | ||
2,500 | 5.000%, 9/01/31 | 9/27 at 100.00 | AA- | 3,125,225 | ||
235 | 3.625%, 10/01/32 | 10/27 at 100.00 | AA- | 261,224 | ||
342 | Lakeside 370 Levee District, Saint Charles, Missouri, Subdistrict A Bonds, Refunding Series 2015A, 5.750%, 4/01/55 | 6/20 at 100.00 | N/R | 252,783 | ||
912 | Lakeside 370 Levee District, Saint Charles, Missouri, Subdistrict B Bonds, Refunding Taxable Series 2015B, 0.000%, 4/01/55 | 6/20 at 100.00 | N/R | 159,585 | ||
Land Clearance for Redevelopment Authority of Kansas City, Missouri, Project Revenue Bonds, Convention Center Hotel Project - TIF Financing, Series 2018B: | ||||||
1,200 | 5.000%, 2/01/40, 144A | 2/28 at 100.00 | N/R | 1,206,060 | ||
100 | 5.000%, 2/01/50, 144A | 2/28 at 100.00 | N/R | 99,686 | ||
Liberty, Missouri, Special Obligation Tax Increment and Special Districts Bonds, Liberty Commons Project, Series 2015A: | ||||||
1,195 | 5.750%, 6/01/35, 144A | 6/25 at 100.00 | N/R | 1,078,165 | ||
785 | 6.000%, 6/01/46, 144A | 6/25 at 100.00 | N/R | 696,719 | ||
1,000 | Missouri Development Finance Board, Infrastructure Facilities Revenue Bonds, Saint Joseph Sewerage System Improvement Project, Series 2011E, 5.375%, 5/01/36 | 6/20 at 100.00 | A+ | 1,003,430 | ||
1,000 | Missouri Development Finance Board, Missouri, Annual Appropriation Revenue Bonds, Fulton State Hospital Project, Series 2014, 3.000%, 10/01/26 | 10/22 at 100.00 | AA+ | 1,047,710 | ||
1,000 | Monarch-Chesterfield Levee District, Saint Louis County, Missouri, Levee District Bonds, Refunding Series 2015, 5.000%, 3/01/40 | 3/24 at 100.00 | A | 1,120,700 | ||
1,000 | Oak Grove, Missouri, Refunding and Improvement Certificates of Participation Series 2012, 5.000%, 1/01/33 | 1/22 at 100.00 | Baa1 | 1,043,500 | ||
2,085 | Osage Beach, Missouri, Tax Increment Revenue Bonds, Prewitts Point Project, Series 2006, 5.000%, 5/01/23 | 6/20 at 100.00 | N/R | 1,956,355 | ||
570 | Poplar Bluff Regional Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2012, 4.750%, 12/01/42 | 12/22 at 100.00 | BBB | 592,920 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
3,000 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 3,034,470 | ||
800 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 793,008 | ||
2,931 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 760,976 | ||
1,744 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 1,749,685 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2: | ||||||
$ 2,000 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | $1,925,000 | ||
250 | 4.784%, 7/01/58 | 7/28 at 100.00 | N/R | 242,908 | ||
18 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured COFINA Project Series 2019A-2, 4.536%, 7/01/53 | 7/28 at 100.00 | N/R | 16,932 | ||
Pulaski County, Missouri, Certificates of Participation, Series 2019: | ||||||
880 | 4.000%, 12/01/32 | 12/27 at 100.00 | A- | 963,662 | ||
915 | 4.000%, 12/01/33 | 12/27 at 100.00 | A- | 997,753 | ||
520 | Raymore, Missouri, Tax Increment Revenue Bonds, Raymore Galleria Project, Refunding & Improvement Series 2014A, 5.375%, 5/01/28 | 5/23 at 100.00 | N/R | 521,295 | ||
450 | Saint Charles County Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Wentzville Parkway Regional Community Improvement District Project, Series 2019B, 4.250%, 11/01/49, 144A | 11/29 at 102.00 | N/R | 365,639 | ||
1,075 | Saint Charles, Missouri, Certificates of Participation, Series 2017, 4.000%, 4/01/29 | 4/26 at 100.00 | Aa3 | 1,250,741 | ||
250 | Saint Louis County Industrial Development Authority, Missouri, Sales Tax Revenue Bonds, Chesterfield Blue Valley Community Improvement District Project, Series 2014A, 5.250%, 7/01/44, 144A | 7/24 at 100.00 | N/R | 223,925 | ||
775 | Saint Louis County Industrial Development Authority, Missouri, Transportation Development Revenue Bonds, University Place Transportation Development District Project, Refunding Series 2015, 4.000%, 3/01/32, 144A | 3/22 at 100.00 | N/R | 685,813 | ||
1,875 | Saint Louis County Special School District, Missouri, Certificates of Participation Lease, Series 2014B, 4.000%, 4/01/28 | 4/22 at 100.00 | AA | 1,983,937 | ||
Saint Louis Municipal Finance Corporation, Missouri, Leasehold Revenue Bonds, Convention Center, Series 2009A: | ||||||
1,000 | 0.000%, 7/15/26 – AGC Insured | No Opt. Call | AA | 904,400 | ||
1,000 | 0.000%, 7/15/27 – AGC Insured | No Opt. Call | AA | 882,950 | ||
1,000 | 0.000%, 7/15/28 – AGC Insured | No Opt. Call | AA | 860,080 | ||
1,000 | 0.000%, 7/15/29 – AGC Insured | No Opt. Call | AA | 835,470 | ||
Saint Louis Municipal Library District, Missouri, Certificates of Participation, Refunding Series 2020: | ||||||
2,000 | 4.000%, 3/15/44 – BAM Insured | 3/30 at 100.00 | AA | 2,263,300 | ||
500 | 4.000%, 3/15/48 – BAM Insured | 3/30 at 100.00 | AA | 562,925 | ||
Scenic Regional Library District, Missouri, Certificates of Participation, Series 2017: | ||||||
505 | 4.000%, 4/01/29 | 4/25 at 100.00 | A | 570,211 | ||
345 | 4.000%, 4/01/30 | 4/25 at 100.00 | A | 386,683 | ||
565 | 4.000%, 4/01/32 | 4/25 at 100.00 | A | 625,150 | ||
585 | 4.000%, 4/01/33 | 4/25 at 100.00 | A | 644,682 | ||
2,145 | Sedalia, Missouri, Certificates of Participation, Refunding & Improvement Series 2020, 4.000%, 9/15/39 – BAM Insured, (WI/DD, Settling 6/04/20) | 9/27 at 100.00 | AA | 2,366,621 | ||
2,600 | Springfield, Missouri, Special Obligation Bonds, Refunding Series 2017A, 4.000%, 7/01/36 | 7/27 at 100.00 | Aa2 | 2,847,988 | ||
1,630 | Springfield, Missouri, Special Obligation Bonds, Refunding Series 2017B, 5.000%, 7/01/26 (AMT) | No Opt. Call | Aa2 | 1,956,619 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 4,300 | Springfield, Missouri, Special Obligation Bonds, Sewer System Improvements Project, Series 2015, 4.000%, 4/01/35 | 4/25 at 100.00 | Aa2 | $4,726,216 | ||
The Industrial Development Authority of the City of Saint Louis, Missouri, Development Financing Revenue Bonds, Ballpark Village Development Project, Series 2017A: | ||||||
1,000 | 4.375%, 11/15/35 | 11/26 at 100.00 | N/R | 836,700 | ||
270 | 4.750%, 11/15/47 | 11/26 at 100.00 | N/R | 222,766 | ||
100 | Town and Country Crossing Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Refunding Series 2020A, 3.375%, 4/01/37 | 4/28 at 100.00 | N/R | 84,136 | ||
1,285 | Transportation Development District, Missouri, Transportation Sales Tax Revenue Bonds, Series 2017, 4.500%, 6/01/36 | 6/26 at 100.00 | BBB | 1,383,752 | ||
Wentzville School District R-04, Saint Charles County, Missouri, Certificates of Participation, Series 2015: | ||||||
1,700 | 3.375%, 4/01/29 | 4/24 at 100.00 | Aa3 | 1,831,546 | ||
600 | 3.500%, 4/01/32 | 4/24 at 100.00 | Aa3 | 640,686 | ||
114,217 | Total Tax Obligation/Limited | 116,627,028 | ||||
Transportation – 3.7% | ||||||
665 | Guam International Airport Authority, Revenue Bonds, Series 2013B, 5.500%, 10/01/33 – AGM Insured | 10/23 at 100.00 | AA | 717,854 | ||
Kansas City Industrial Development Authority, Missouri, Airport Special Obligation Bonds, Kansas City International Airport Terminal Modernization Project, Series 2019B: | ||||||
1,580 | 5.000%, 3/01/34 (AMT) | 3/29 at 100.00 | A | 1,880,105 | ||
2,500 | 5.000%, 3/01/35 (AMT) | 3/29 at 100.00 | A | 2,962,325 | ||
2,200 | 5.000%, 3/01/46 (AMT) | 3/29 at 100.00 | A | 2,533,278 | ||
7,000 | 5.000%, 3/01/54 (AMT) | 3/29 at 100.00 | A | 8,004,360 | ||
3,500 | Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Airport, Refunding Series 2012, 5.000%, 7/01/32 – FGIC Insured (AMT) | 7/22 at 100.00 | A | 3,730,055 | ||
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St Louis International Airport, Series 2017D: | ||||||
1,420 | 5.000%, 7/01/34 – AGM Insured (AMT) | 7/27 at 100.00 | AA | 1,639,291 | ||
1,000 | 5.000%, 7/01/35 – AGM Insured (AMT) | 7/27 at 100.00 | AA | 1,150,020 | ||
1,000 | 5.000%, 7/01/36 – AGM Insured (AMT) | 7/27 at 100.00 | AA | 1,145,890 | ||
20,865 | Total Transportation | 23,763,178 | ||||
U.S. Guaranteed – 6.4% (5) | ||||||
1,370 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2010, 5.625%, 7/01/40 (Pre-refunded 7/01/20) | 7/20 at 100.00 | A- | 1,375,946 | ||
800 | Joplin Industrial Development Authority, Missouri, Health Facilities Revenue Bonds, Freeman Health System, Series 2011, 5.500%, 2/15/31 (Pre-refunded 2/15/21) | 2/21 at 100.00 | A | 829,472 | ||
4,665 | Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2012A, 5.000%, 5/01/42 (Pre-refunded 5/01/22) | 5/22 at 100.00 | AAA | 5,095,346 | ||
2,000 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, Saint Luke's Episcopal & Presbyterian Hospitals, Series 2011, 5.000%, 12/01/25 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A+ | 2,105,240 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (5) (continued) | ||||||
$ 3,870 | Missouri Health and Educational Facilities Authority, Revenue Bonds, AT Still University of Health Sciences, Series 2011, 5.250%, 10/01/41 (Pre-refunded 10/01/21) | 10/21 at 100.00 | A- | $4,126,852 | ||
3,620 | Missouri Health and Educational Facilities Authority, Revenue Bonds, AT Still University of Health Sciences, Series 2014, 5.000%, 10/01/39 (Pre-refunded 10/01/23) | 10/23 at 100.00 | A- | 4,193,879 | ||
Missouri Health and Educational Facilities Authority, Revenue Bonds, Lester E Cox Medical Center, Series 1992H: | ||||||
1,800 | 0.000%, 9/01/21 – NPFG Insured (ETM) | No Opt. Call | N/R | 1,787,040 | ||
2,385 | 0.000%, 9/01/22 – NPFG Insured (ETM) | No Opt. Call | N/R | 2,352,588 | ||
6,600 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Series 2011B, 5.000%, 11/15/37 (Pre-refunded 11/15/21) | 11/21 at 100.00 | AA+ | 7,059,360 | ||
2,400 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Webster University, Series 2011, 5.000%, 4/01/36 (Pre-refunded 4/01/21) | 4/21 at 100.00 | Baa1 | 2,494,512 | ||
Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2012: | ||||||
2,200 | 5.000%, 1/01/32 (Pre-refunded 1/01/21) | 1/21 at 100.00 | A2 | 2,260,588 | ||
2,000 | 5.000%, 1/01/37 (Pre-refunded 1/01/21) | 1/21 at 100.00 | A2 | 2,055,080 | ||
850 | Saint Louis County Industrial Development Authority, Missouri, Revenue Bonds, Friendship Village of Chesterfield, Series 2012, 5.000%, 9/01/42 (Pre-refunded 9/01/22) | 9/22 at 100.00 | N/R | 938,995 | ||
2,500 | Saint Louis Special Administrative Board of the Transitional School District, Missouri, General Obligation Bonds, St Louis Public Schools, Missouri Direct Deposit Program, Series 2011B, 4.000%, 4/01/25 (Pre-refunded 4/01/21) | 4/21 at 100.00 | AA+ | 2,578,800 | ||
1,360 | Springfield Public Building Corporation, Missouri, Lease Revenue Bonds, Jordan Valley Park Projects, Series 2000A, 6.125%, 6/01/21 – AMBAC Insured (ETM) | 7/20 at 100.00 | N/R | 1,394,734 | ||
38,420 | Total U.S. Guaranteed | 40,648,432 | ||||
Utilities – 6.8% | ||||||
425 | Missouri Development Finance Board, Infrastructure Facilities Leasehold Revenue Bonds, City of Independence, Missouri, Annual Appropriation Electric System Revenue Bonds -- Dogwood Project, Series 2012A, 5.000%, 6/01/26 | 6/22 at 100.00 | AA | 461,015 | ||
3,000 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union Electric Company Project, Refunding Series 1998A, 2.900%, 9/01/33 | 7/27 at 102.00 | A | 3,269,190 | ||
1,000 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union Electric Company Project, Series 1998B, 2.900%, 9/01/33 | 7/27 at 102.00 | A | 1,089,910 | ||
1,845 | Missouri Environmental Improvement and Energy Resources Authority, Revenue Bonds, Union Electric Company Project, Series 1998C, 2.750%, 9/01/33 | 6/27 at 102.00 | A | 1,996,733 | ||
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Iatan 2 Project, Refunding Series 2014A: | ||||||
3,300 | 5.000%, 1/01/31 | 1/24 at 100.00 | A2 | 3,773,088 | ||
1,755 | 5.000%, 1/01/32 | 1/24 at 100.00 | A2 | 2,001,367 | ||
2,500 | 5.000%, 1/01/33 | 1/24 at 100.00 | A2 | 2,843,850 | ||
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Iatan 2 Project, Refunding Series 2015A: | ||||||
1,125 | 5.000%, 12/01/35 | 6/25 at 100.00 | A2 | 1,327,185 | ||
650 | 5.000%, 12/01/37 | 6/25 at 100.00 | A2 | 764,803 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2014A: | ||||||
$ 2,885 | 5.000%, 1/01/32 | 1/25 at 100.00 | A | $3,377,960 | ||
1,450 | 5.000%, 1/01/34 | 1/25 at 100.00 | A | 1,689,583 | ||
2,500 | Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Plum Point Project, Refunding Series 2015A, 4.000%, 1/01/35 | 1/26 at 100.00 | A | 2,746,175 | ||
Missouri Joint Municipal Electric Utility Commission, Power Project Revenue Bonds, Prairie State Power Project, Refunding Series 2016A: | ||||||
570 | 4.000%, 12/01/33 – BAM Insured | 6/26 at 100.00 | AA | 655,272 | ||
1,415 | 5.000%, 12/01/34 | 6/26 at 100.00 | A2 | 1,703,957 | ||
245 | 4.000%, 12/01/35 – BAM Insured | 6/26 at 100.00 | AA | 280,211 | ||
1,500 | Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2017, 4.000%, 12/01/32 | 12/27 at 100.00 | A2 | 1,728,615 | ||
Missouri Joint Municipal Electric Utility Commission, Power Supply System Revenue Bonds, MoPEP Facilities, Series 2018: | ||||||
1,330 | 5.000%, 12/01/37 | 6/27 at 100.00 | A2 | 1,580,293 | ||
1,140 | 5.000%, 12/01/38 | 6/27 at 100.00 | A2 | 1,351,219 | ||
1,500 | 5.000%, 12/01/43 | 6/27 at 100.00 | A2 | 1,760,775 | ||
Springfield, Missouri, Public Utility Revenue Bonds, Refunding Series 2015: | ||||||
2,845 | 3.250%, 8/01/27 | 8/25 at 100.00 | AA+ | 3,215,590 | ||
3,000 | 3.600%, 8/01/29 | 8/25 at 100.00 | AA+ | 3,415,140 | ||
2,000 | 4.000%, 8/01/31 | 8/25 at 100.00 | AA+ | 2,297,400 | ||
37,980 | Total Utilities | 43,329,331 | ||||
Water and Sewer – 9.6% | ||||||
Camden County Public Water Supply District 4, Missouri, Certificates of Participation, Series 2017: | ||||||
670 | 3.500%, 1/01/32 | 1/25 at 100.00 | A- | 709,282 | ||
720 | 4.000%, 1/01/42 | 1/25 at 100.00 | A- | 763,272 | ||
1,430 | 5.000%, 1/01/47 | 1/25 at 100.00 | A- | 1,589,488 | ||
3,000 | Carroll County Public Water Supply District 1, Missouri, Water System Revenue Bonds, Refunding Series 2014A, 4.000%, 3/01/35 – BAM Insured | 3/23 at 100.00 | AA | 3,172,740 | ||
1,670 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 | 7/26 at 100.00 | A- | 1,785,881 | ||
145 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2020A, 5.000%, 1/01/50 | 7/30 at 100.00 | A- | 160,616 | ||
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Improvement Series 2018A: | ||||||
500 | 4.000%, 1/01/35 | 1/28 at 100.00 | AA | 588,875 | ||
1,865 | 4.000%, 1/01/37 | 1/28 at 100.00 | AA | 2,179,868 | ||
1,000 | 4.000%, 1/01/38 | 1/28 at 100.00 | AA | 1,165,390 | ||
3,105 | 4.000%, 1/01/42 | 1/28 at 100.00 | AA | 3,584,785 | ||
5,000 | Kansas City, Missouri, Sanitary Sewer System Revenue Bonds, Refunding & Improvement Series 2016A, 4.000%, 1/01/40 | 1/25 at 100.00 | AA | 5,509,450 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Water and Sewer (continued) | ||||||
$ 1,200 | Lincoln County Public Water Supply District 1, Missouri, Certificates of Participation, Series 2016, 4.000%, 7/01/31 | 7/22 at 100.00 | A+ | $1,268,160 | ||
1,250 | Lincoln County Public Water Supply District 1, Missouri, Certificates of Participation, Series 2019, 4.000%, 7/01/38 | 7/26 at 100.00 | A+ | 1,390,237 | ||
1,775 | Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Refunding & Improvement Series 2016C, 5.000%, 5/01/46 | 5/26 at 100.00 | AAA | 2,140,029 | ||
Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Refunding & Improvement Series 2017A: | ||||||
6,000 | 5.000%, 5/01/42 | 5/27 at 100.00 | AAA | 7,334,880 | ||
2,000 | 5.000%, 5/01/47 | 5/27 at 100.00 | AAA | 2,428,000 | ||
Metropolitan St Louis Sewerage District, Missouri, Wastewater System Revenue Bonds, Series 2019B: | ||||||
1,390 | 5.000%, 5/01/38 | 5/29 at 100.00 | AAA | 1,796,853 | ||
3,060 | 5.000%, 5/01/44 | 5/29 at 100.00 | AAA | 3,903,275 | ||
2,675 | 5.000%, 5/01/49 | 5/29 at 100.00 | AAA | 3,395,217 | ||
2,000 | Missouri Environmental Improvement and Energy Resources Authority, Water Facility Revenue Bonds, Tri-County Water Authority, Series 2015, 5.000%, 1/01/40 | 1/25 at 100.00 | Aa3 | 2,312,640 | ||
250 | Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2001C, 5.000%, 7/01/23 | 6/20 at 100.00 | Aaa | 250,917 | ||
45 | Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2005C, 4.750%, 7/01/23 | 6/20 at 100.00 | Aaa | 45,145 | ||
85 | Missouri Environmental Improvement and Energy Resources Authority, Water Pollution Control and Drinking Water Revenue Bonds, State Revolving Fund Program, Series 2008A, 5.750%, 1/01/29 | 6/20 at 100.00 | Aaa | 85,354 | ||
2,070 | North Central Missouri Regional Water Commission, Waterworks System Revenue Bonds, Series 2006, 5.000%, 1/01/37 | 6/20 at 100.00 | N/R | 2,072,360 | ||
Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Missouri Project Series 2019: | ||||||
250 | 4.000%, 12/01/39 | 12/25 at 100.00 | AA+ | 276,492 | ||
2,295 | 4.000%, 12/01/41 | 12/25 at 100.00 | AA+ | 2,529,457 | ||
Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Refunding Series 2016C: | ||||||
285 | 4.000%, 12/01/31 | 12/25 at 100.00 | AA+ | 327,166 | ||
1,465 | 5.000%, 12/01/32 | 12/25 at 100.00 | AA+ | 1,763,201 | ||
1,500 | Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Series 2015, 4.125%, 12/01/38 | 12/21 at 100.00 | AA+ | 1,556,370 | ||
4,240 | Saint Charles County Public Water Supply District 2, Missouri, Certificates of Participation, Series 2018, 4.000%, 12/01/39 | 12/25 at 100.00 | AA+ | 4,689,313 | ||
52,940 | Total Water and Sewer | 60,774,713 | ||||
$ 569,632 | Total Long-Term Investments (cost $589,260,070) | 620,814,122 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 0.1% | ||||||
MUNICIPAL BONDS – 0.1% | ||||||
Education and Civic Organizations – 0.1% | ||||||
$ 515 | Missouri Health and Educational Facilities Authority, Revenue Bonds, Washington University, Variable Rate Demand Obligation, Series 1996D, 0.050%, 9/01/30 (Mandatory Put 7/10/20) (6) | 7/20 at 100.00 | A-1 | $ 515,000 | ||
Health Care – 0.0% | ||||||
500 | Missouri Health and Educational Facilities Authority, Health Facilities Revenue Bonds, SSM Health Care, Variable Rate Demand Obligations, Series 2014G, 0.130%, 6/01/44 (Mandatory Put 7/15/20) (6) | 7/20 at 100.00 | A-1 | 500,000 | ||
$ 1,015 | Total Short-Term Investments (cost $1,015,000) | 1,015,000 | ||||
Total Investments (cost $590,275,070) – 97.9% | 621,829,122 | |||||
Other Assets Less Liabilities – 2.1% | 13,020,251 | |||||
Net Assets – 100% | $ 634,849,373 |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(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. Ratings are not covered by the report of independent registered public accounting firm. | |
(4) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. | |
(5) | 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. | |
(6) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax | |
ETM | Escrowed to maturity | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 97.4% | ||||||
MUNICIPAL BONDS – 95.4% | ||||||
Consumer Discretionary – 0.5% | ||||||
Franklin County Convention Facilities Authority, Ohio, Hotel Project Revenue Bonds, Greater Columbus Convention Center Hotel Expansion Project, Series 2019: | ||||||
$ 1,350 | 5.000%, 12/01/44 | 12/29 at 100.00 | BBB- | $1,231,767 | ||
2,610 | 5.000%, 12/01/51 | 12/29 at 100.00 | BBB- | 2,390,055 | ||
3,960 | Total Consumer Discretionary | 3,621,822 | ||||
Consumer Staples – 2.8% | ||||||
20,690 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Capital Appreciation Series 2020B-3 Class 2, 0.000%, 6/01/57 | 6/30 at 22.36 | N/R | 2,676,459 | ||
1,460 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 4.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | 1,545,147 | ||
14,470 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020B-2 Class 2, 5.000%, 6/01/55 | 6/30 at 100.00 | N/R | 14,624,395 | ||
36,620 | Total Consumer Staples | 18,846,001 | ||||
Education and Civic Organizations – 8.3% | ||||||
2,065 | Bowling Green State University, Ohio, General Receipts Bonds, Series 2016A, 5.000%, 6/01/34 | 12/25 at 100.00 | A+ | 2,340,801 | ||
Hamilton County, Ohio, Economic Development Revenue Bonds, King Highland Community Urban Redevelopment Corporation - University of Cincinnati, Lessee Project, Refunding Series 2015: | ||||||
1,320 | 5.000%, 6/01/32 – BAM Insured | 6/25 at 100.00 | AA | 1,570,958 | ||
2,680 | 5.000%, 6/01/35 – BAM Insured | 6/25 at 100.00 | AA | 3,172,316 | ||
Lake County Community College District, Ohio, General Receipts Revenue Bonds, Lakeland Community College, Refunding Series 2019: | ||||||
2,770 | 5.000%, 10/01/32 | 10/29 at 100.00 | Aa2 | 3,613,493 | ||
2,055 | 4.000%, 10/01/34 | 10/29 at 100.00 | Aa2 | 2,468,302 | ||
1,925 | Miami University of Ohio, General Receipts Bonds, Refunding Series 2011, 5.000%, 9/01/36 | 9/21 at 100.00 | AA | 2,031,356 | ||
2,465 | Miami University of Ohio, General Receipts Bonds, Refunding Series 2014, 5.000%, 9/01/30 | 9/24 at 100.00 | AA | 2,906,482 | ||
Miami University of Ohio, General Receipts Bonds, Refunding Series 2017: | ||||||
880 | 5.000%, 9/01/35 | 9/26 at 100.00 | AA | 1,067,739 | ||
2,915 | 5.000%, 9/01/41 | 9/26 at 100.00 | AA | 3,498,291 | ||
180 | Ohio Higher Education Facilities Commission, Revenue Bonds, Case Western Reserve University, Series 1990B, 6.500%, 10/01/20 | No Opt. Call | AA- | 183,249 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
Ohio Higher Education Facilities Commission, Revenue Bonds, Denison University Project, Series 2017A: | ||||||
$ 2,100 | 5.000%, 11/01/42 | 5/27 at 100.00 | AA | $2,526,993 | ||
1,500 | 5.250%, 11/01/46 | 5/27 at 100.00 | AA | 1,819,575 | ||
Ohio Higher Educational Facilities Commission, Revenue Bonds, Denison University Project, Series 2012: | ||||||
1,140 | 5.000%, 11/01/27 | 5/22 at 100.00 | AA | 1,232,123 | ||
1,000 | 5.000%, 11/01/30 | 5/22 at 100.00 | AA | 1,077,420 | ||
1,250 | Ohio Higher Educational Facilities Commission, Revenue Bonds, University of Dayton, Tender Option Bond Trust 2016-XG0069, 16.948%, 12/01/43, 144A (IF) (4) | 12/22 at 100.00 | A+ | 1,483,188 | ||
500 | Ohio Higher Educational Facility Commission, Higher Educational Facility Revenue Bonds, Xavier University Project, Series 2010, 5.000%, 5/01/40 | 6/20 at 100.00 | A | 500,845 | ||
2,500 | Ohio Higher Educational Facility Commission, Revenue Bonds, Kenyon College, Series 2015, 5.000%, 7/01/41 | 7/25 at 100.00 | A | 2,706,400 | ||
1,505 | Ohio Higher Educational Facility Commission, Revenue Bonds, Kenyon College, Series 2017, 5.000%, 7/01/42 | 7/27 at 100.00 | A | 1,669,963 | ||
Ohio State University, General Receipts Bonds, Series 2014A: | ||||||
4,820 | 5.000%, 12/01/34 | 12/24 at 100.00 | Aa1 | 5,711,363 | ||
5,000 | 5.000%, 12/01/39 | 12/24 at 100.00 | Aa1 | 5,876,250 | ||
Shawnee State University, Ohio, General Receipts Bonds, Series 2016: | ||||||
1,120 | 5.000%, 6/01/28 – BAM Insured | 6/26 at 100.00 | AA | 1,380,232 | ||
1,180 | 5.000%, 6/01/29 – BAM Insured | 6/26 at 100.00 | AA | 1,450,314 | ||
1,000 | Tuscarawas County Economic Development and Finance Alliance, Ohio, Higher Education Facilities Revenue Bonds, Ashland University, Refunding & Improvement Series 2015, 6.000%, 3/01/45 | 3/25 at 100.00 | N/R | 1,011,390 | ||
3,000 | University of Cincinnati, Ohio, General Receipts Bonds, Series 2016C, 5.000%, 6/01/46 | 6/26 at 100.00 | AA- | 3,508,290 | ||
2,000 | Wright State University, Ohio, General Receipts Bonds, Series 2011A, 5.000%, 5/01/31 – BAM Insured | 5/21 at 100.00 | AA | 2,036,460 | ||
48,870 | Total Education and Civic Organizations | 56,843,793 | ||||
Health Care – 11.0% | ||||||
2,500 | Allen County, Ohio, Hospital Facilities Revenue Bonds, Mercy Health, Series 2017A, 5.000%, 8/01/42 | 2/28 at 100.00 | AA- | 2,909,475 | ||
850 | Butler County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Obligated Group Project, Series 2011, 5.625%, 4/01/41 | 4/21 at 100.00 | A+ | 870,001 | ||
Chillicothe, Ohio, Hospital Facilities Revenue Bonds, Adena Health System Obligated Group Project, Refunding & Improvement Series 2017: | ||||||
2,600 | 5.000%, 12/01/37 | 12/27 at 100.00 | A- | 3,029,390 | ||
1,110 | 5.000%, 12/01/47 | 12/27 at 100.00 | A- | 1,256,131 | ||
5,000 | Cleveland Clinic Health System Obligated Group, Ohio, Martin County Health Facilities Authority, Hospital Revenue Bonds, Series 2019B, 4.000%, 1/01/46 | 1/29 at 100.00 | AA | 5,574,250 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Fairfield County, Ohio, Hospital Facilities Revenue Bonds, Fairfield Medical Center Project, Series 2013: | ||||||
$ 1,600 | 5.000%, 6/15/43 | 6/23 at 100.00 | Ba2 | $1,671,344 | ||
495 | 5.250%, 6/15/43 | 6/23 at 100.00 | Ba2 | 522,364 | ||
10,300 | Franklin County, Ohio, Hospital Revenue Bonds, OhioHealth Corporation, Series 2011A, 5.000%, 11/15/41 | 11/21 at 100.00 | AA+ | 10,746,917 | ||
2,255 | Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017A, 5.000%, 12/01/47 | 12/27 at 100.00 | AA- | 2,607,479 | ||
1,000 | Franklin County, Ohio, Revenue Bonds, Trinity Health Credit Group, Series 2017OH, 4.000%, 12/01/46 | 6/27 at 100.00 | AA- | 1,069,710 | ||
Hamilton County, Ohio, Hospital Facilities Revenue Bonds, Cincinnati Children's Hospital Medical Center, Series 2019CC: | ||||||
600 | 5.000%, 11/15/41 | No Opt. Call | AA | 868,542 | ||
3,000 | 5.000%, 11/15/49 | No Opt. Call | AA | 4,453,740 | ||
120 | Lake County, Ohio, Hospital Facilities Revenue Bonds, Lake Hospital System, Inc, Refunding Series 2008C, 5.625%, 8/15/29 | 6/20 at 100.00 | A- | 120,328 | ||
2,230 | Miami County, Ohio, Hospital Facilities Revenue Bonds, Kettering Health Network Obligated Group Project, Refunding Improvement Series 2019, 5.000%, 8/01/39 | 8/28 at 100.00 | A+ | 2,578,906 | ||
930 | Middleburg Heights, Ohio, Hospital Facilities Revenue Bonds, Southwest General Health Center Project, Refunding Series 2011, 5.250%, 8/01/41 | 8/21 at 100.00 | A2 | 956,989 | ||
Muskingum County, Ohio, Hospital Facilities Revenue Bonds, Genesis HealthCare System Obligated Group Project, Series 2013: | ||||||
2,000 | 5.000%, 2/15/44 | 2/23 at 100.00 | BB+ | 2,036,580 | ||
3,000 | 5.000%, 2/15/48 | 2/23 at 100.00 | BB+ | 3,041,550 | ||
2,480 | Ohio Higher Educational Facilities Commission, Hospital Revenue Bonds, Summa Health System Project, Series 2010, 5.250%, 11/15/40 – AGM Insured | 6/20 at 100.00 | AA | 2,485,059 | ||
Ohio State, Hospital Revenue Bonds, Cleveland Clinic Health System Obligated Group, Refunding Series 2017A: | ||||||
1,155 | 5.000%, 1/01/30 | 1/28 at 100.00 | AA | 1,456,674 | ||
2,755 | 5.000%, 1/01/33 | 1/28 at 100.00 | AA | 3,411,461 | ||
Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc, Series 2013A: | ||||||
1,475 | 5.000%, 1/15/28 | 1/23 at 100.00 | A | 1,594,637 | ||
4,390 | 5.000%, 1/15/29 | 1/23 at 100.00 | A | 4,738,171 | ||
Ohio State, Hospital Revenue Bonds, University Hospitals Health System, Inc, Series 2020A: | ||||||
2,725 | 5.000%, 1/15/50 | 1/30 at 100.00 | A | 3,192,446 | ||
2,280 | 4.000%, 1/15/50 | 1/30 at 100.00 | A | 2,410,667 | ||
1,630 | Scioto County, Ohio, Hospital Facilities Revenue Bonds, Southern Ohio Medical Center, Refunding Series 2016, 5.000%, 2/15/32 | 2/26 at 100.00 | A3 | 1,803,057 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Wood County, Ohio, Hospital Facilities Refunding and Improvement Revenue Bonds, Wood County Hospital Project, Series 2012: | ||||||
$ 3,815 | 5.000%, 12/01/37 | 12/22 at 100.00 | Ba3 | $3,858,262 | ||
5,595 | 5.000%, 12/01/42 | 12/22 at 100.00 | Ba3 | 5,622,975 | ||
67,890 | Total Health Care | 74,887,105 | ||||
Housing/Multifamily – 0.8% | ||||||
680 | Clark County, Ohio, Multifamily Housing Revenue Bonds, Church of God Retirement Home, Series 1998, 6.250%, 11/01/30 (AMT) | 6/20 at 100.00 | N/R | 636,011 | ||
2,095 | Summit County Port Authority, Ohio, Multifamily Housing Revenue Bonds, Callis Tower Apartments Project, Series 2007, 5.250%, 9/20/47 (AMT) | 6/20 at 100.00 | Aa1 | 2,099,148 | ||
2,875 | Trumbull County, Ohio, Multifamily Housing Revenue Bonds, Royal Mall Apartments, Series 2007, 5.000%, 5/20/49 (AMT) | 6/20 at 100.00 | Aa1 | 2,880,261 | ||
5,650 | Total Housing/Multifamily | 5,615,420 | ||||
Industrials – 0.7% | ||||||
Ohio State, Economic Development Revenue Bonds, Ohio Enterprise Bond Fund, Shearer's Foods Inc Project, Series 2009-5: | ||||||
1,180 | 5.000%, 6/01/22 | 6/20 at 100.00 | AA+ | 1,184,236 | ||
1,645 | 5.000%, 12/01/24 | 6/20 at 100.00 | AA+ | 1,650,889 | ||
1,600 | Toledo-Lucas County Port Authority, Ohio, Revenue Refunding Bonds, CSX Transportation Inc, Series 1992, 6.450%, 12/15/21 | No Opt. Call | A3 | 1,734,128 | ||
4,425 | Total Industrials | 4,569,253 | ||||
Long-Term Care – 0.2% | ||||||
1,505 | Franklin County, Ohio, Healthcare Facilities Revenue Bonds, Ohio Presbyterian Retirement Services, Improvement Series 2010A, 5.625%, 7/01/26 | 7/20 at 100.00 | BBB | 1,509,771 | ||
Tax Obligation/General – 17.0% | ||||||
3,150 | Apollo Career Center Joint Vocational School District, Allen, Auglaize, Hardin, Hancock, Putnam & Van Wert Counties, Ohio, General Obligation Bonds, Various Purpose School Improvement Series 2017, 5.000%, 12/01/41 | 12/27 at 100.00 | Aa2 | 3,852,292 | ||
1,180 | Canal Winchester Local School District, Franklin and Fairfield Counties, Ohio, General Obligation Bonds, Series 2005B, 0.000%, 12/01/33 – NPFG Insured | No Opt. Call | Aa3 | 882,817 | ||
380 | Cincinnati City School District, Hamilton County, Ohio, General Obligation Bonds, Refunding Classroom Facilities Construction & Improvement Series 2006, 5.250%, 12/01/27 – FGIC Insured | No Opt. Call | Aa2 | 503,542 | ||
1,000 | Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Refunding Series 2006, 0.000%, 12/01/28 – AGM Insured | No Opt. Call | AA | 897,030 | ||
3,110 | Columbus City School District, Franklin County, Ohio, General Obligation Bonds, Refunding Various Purpose Series 2016B, 5.000%, 12/01/33 | 6/26 at 100.00 | AA | 3,808,257 | ||
5,530 | Columbus, Ohio, General Obligation Bonds, Refunding Various Purpose Series 2017-1, 5.000%, 4/01/29 | 10/27 at 100.00 | AAA | 7,181,479 | ||
5,000 | Columbus, Ohio, General Obligation Bonds, Series 2015A, 5.000%, 7/01/25 | No Opt. Call | AAA | 6,126,700 | ||
5,000 | Columbus, Ohio, General Obligation Bonds, Various Purpose Series 2018A, 5.000%, 4/01/29 | 10/28 at 100.00 | AAA | 6,690,250 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 3,000 | Columbus, Ohio, General Obligation Bonds, Various Purpose Series 2019A, 5.000%, 4/01/40 | 4/29 at 100.00 | AAA | $3,846,570 | ||
5,000 | Dublin City School District, Franklin, Delaware and Union Counties, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2019A, 4.000%, 12/01/44 | 12/28 at 100.00 | AAA | 5,921,300 | ||
Dublin, Ohio, General Obligation Bonds, Limited Tax Various Purpose Series 2015: | ||||||
1,000 | 5.000%, 12/01/23 | No Opt. Call | Aaa | 1,159,160 | ||
450 | 5.000%, 12/01/24 | No Opt. Call | Aaa | 540,059 | ||
6,000 | Franklin County, Ohio, General Obligation Bonds, Refunding Series 2014, 5.000%, 6/01/24 | 12/23 at 100.00 | AAA | 6,975,420 | ||
4,225 | Franklin County, Ohio, General Obligation Bonds, Refunding Series 2015, 5.000%, 12/01/31 | 12/25 at 100.00 | AAA | 5,191,469 | ||
2,000 | Gahanna-Jefferson City School District, Franklin County, Ohio, General Obligation Bonds, Construction & Improvement Series 2018, 5.000%, 12/01/48 | 6/28 at 100.00 | Aa2 | 2,464,500 | ||
1,000 | Gallia County Local School District, Gallia and Jackson Counties, Ohio, General Obligation Bonds, Refunding School Improvement Series 2014, 5.000%, 11/01/32 | 11/24 at 100.00 | Aa2 | 1,171,490 | ||
Graham Local School District, Champaign and Shelby Counties, Ohio, General Obligation Bonds, School Improvement Series 2013: | ||||||
500 | 0.000%, 12/01/29 | No Opt. Call | Aa2 | 433,255 | ||
850 | 0.000%, 12/01/30 | No Opt. Call | Aa2 | 715,844 | ||
Grandview Heights City School District, Franklin County, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2019: | ||||||
1,980 | 4.000%, 12/01/51 | 6/29 at 100.00 | AA+ | 2,258,982 | ||
1,150 | 5.000%, 12/01/53 | 6/29 at 100.00 | AA+ | 1,434,878 | ||
2,595 | Hilliard City School District, Franklin County, Ohio, General Obligation Bonds, School Improvement Series 2017, 4.000%, 12/01/46 | 12/26 at 100.00 | AA+ | 2,884,265 | ||
1,095 | Kenston Local School District, Geauga County, Ohio, General Obligation Bonds, School improvement Series 2012, 0.000%, 12/01/27 | No Opt. Call | Aa1 | 1,000,491 | ||
1,560 | Kettering City School District, Montgomery County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/31 – AGM Insured | No Opt. Call | AA | 2,047,328 | ||
55 | Lake County, Ohio, Limited Tax Sewer District Improvement Bonds, Series 2000, 5.600%, 12/01/20 | No Opt. Call | Aa1 | 56,500 | ||
1,000 | Little Miami Local School District, Warren and Clermont Counties, Ohio, General Obligation Bonds, School Improvement Series 2018A, 5.000%, 11/01/43 | 11/25 at 100.00 | AA | 1,191,390 | ||
1,000 | Mason City School District, Warren and Butler Counties, Ohio, General Obligation Bonds, Refunding Series 2013A, 0.000%, 12/01/22 | No Opt. Call | Aa1 | 990,720 | ||
1,000 | Maumee City School District, Lucas County, Ohio, General Obligation Bonds, Capital Application Refunding Series 2012, 0.000%, 12/01/23 | No Opt. Call | AA- | 980,930 | ||
1,000 | Middletown City School District, Butler County, Ohio, General Obligation Bonds, Refunding Series 2007, 5.250%, 12/01/28 – AGM Insured | No Opt. Call | A2 | 1,331,680 | ||
1,265 | Monroe Local School District, Butler County, Ohio, General Obligation Bonds, Series 2002, 5.750%, 12/01/20 – AMBAC Insured | No Opt. Call | Aa3 | 1,299,168 | ||
1,585 | New Albany, Ohio, General Obligation Bonds, Series 2012, 5.000%, 12/01/29 | 6/22 at 100.00 | Aaa | 1,729,806 | ||
925 | Oakwood City School District, Montgomery County, Ohio, General Obligation Bonds, Series 2012, 0.000%, 12/01/21 | No Opt. Call | Aa2 | 920,218 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Ohio State, General Obligation Bonds, Common Schools Series 2017B: | ||||||
$ 4,500 | 5.000%, 9/15/27 | No Opt. Call | AA+ | $5,873,715 | ||
5,000 | 5.000%, 9/01/30 | No Opt. Call | AA+ | 6,966,300 | ||
2,000 | Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2014R, 5.000%, 5/01/29 | 5/24 at 100.00 | AAA | 2,342,280 | ||
Ohio State, General Obligation Bonds, Highway Capital Improvement, Series 2018V: | ||||||
2,500 | 5.000%, 5/01/33 | 5/28 at 100.00 | AAA | 3,216,675 | ||
1,250 | 5.000%, 5/01/34 | 5/28 at 100.00 | AAA | 1,603,350 | ||
Olentangy Local School District, Delaware and Franklin Counties, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2016: | ||||||
1,000 | 5.000%, 12/01/38 | 6/26 at 100.00 | AAA | 1,217,390 | ||
1,875 | 5.000%, 12/01/41 | 6/26 at 100.00 | AAA | 2,270,531 | ||
50 | Princeton City School District, Hamilton County, Ohio, Certificates of Participation, Series 2013, 5.000%, 12/01/33 | 12/22 at 100.00 | AA- | 55,203 | ||
2,380 | Southwest Local School District, Hamilton and Butler Counties, Ohio, General Obligation Bonds, School Improvement Series 2018A, 4.000%, 1/15/55 | 1/28 at 100.00 | Aa2 | 2,636,374 | ||
4,000 | South-Western City School District, Franklin and Pickaway Counties, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2019A, 4.000%, 12/01/48 | 12/29 at 100.00 | AA | 4,680,960 | ||
3,435 | Summit County, Ohio, General Obligation Bonds, Refunding, Various Purpose Series 2002R, 5.500%, 12/01/21 – FGIC Insured | No Opt. Call | AA+ | 3,709,731 | ||
1,000 | Upper Arlington City School District, Franklin County, Ohio, General Obligation Bonds, School Facilities & Improvement Series 2018A, 5.000%, 12/01/48 | 12/27 at 100.00 | AAA | 1,229,720 | ||
Westerville City School District, Franklin and Delaware Counties, Ohio, General Obligation Bonds, School Facilities Construction & Improvement Series 2020: | ||||||
1,000 | 3.000%, 12/01/43 | 6/29 at 100.00 | Aa1 | 1,074,600 | ||
2,165 | 3.000%, 12/01/44 | 6/29 at 100.00 | Aa1 | 2,293,774 | ||
96,740 | Total Tax Obligation/General | 115,658,393 | ||||
Tax Obligation/Limited – 20.6% | ||||||
Blue Ash, Ohio, Tax Increment Financing Revenue Bonds, Duke Realty Ohio, Series 2006: | ||||||
250 | 5.000%, 12/01/21 | 6/20 at 100.00 | N/R | 252,288 | ||
950 | 5.000%, 12/01/25 | 6/20 at 100.00 | N/R | 956,403 | ||
1,165 | 5.000%, 12/01/30 | 6/20 at 100.00 | N/R | 1,170,103 | ||
1,890 | 5.000%, 12/01/35 | 6/20 at 100.00 | N/R | 1,895,046 | ||
5,500 | Cleveland Public Library, Cuyahoga County, Ohio, Library Facilities Notes, Series 2019A, 4.000%, 12/01/45 | 12/29 at 100.00 | Aa2 | 6,430,050 | ||
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2017B-2: | ||||||
1,250 | 5.000%, 10/01/31 | 4/28 at 100.00 | AA | 1,572,850 | ||
1,000 | 5.000%, 10/01/32 | 4/28 at 100.00 | AA | 1,249,970 | ||
1,335 | Columbus-Franklin County Finance Authority, Ohio, Tax Increment Financing Revenue Bonds, Easton Project, Series 2020, 5.000%, 6/01/28, 144A | No Opt. Call | N/R | 1,338,404 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Cuyahoga County, Ohio, Economic Development Revenue Bonds, Medical Mart-Convention Center Project, Recovery Zone Facility Series 2010F: | ||||||
$ 2,710 | 5.250%, 12/01/25 | 12/20 at 100.00 | AA | $2,771,083 | ||
3,250 | 5.000%, 12/01/27 | 12/20 at 100.00 | AA | 3,318,412 | ||
Cuyahoga County, Ohio, Sales Tax Revenue Bonds, Refunding Various Purpose Series 2014: | ||||||
1,000 | 5.000%, 12/01/28 | 12/24 at 100.00 | AAA | 1,184,930 | ||
1,810 | 5.000%, 12/01/32 | 12/24 at 100.00 | AAA | 2,131,565 | ||
1,585 | 5.000%, 12/01/33 | 12/24 at 100.00 | AAA | 1,862,771 | ||
1,385 | 5.000%, 12/01/34 | 12/24 at 100.00 | AAA | 1,627,056 | ||
1,055 | 5.000%, 12/01/35 | 12/24 at 100.00 | AAA | 1,238,865 | ||
2,940 | Dublin, Ohio, Special Obligation Non-Tax Revenue Bonds, Series 2015A, 5.000%, 12/01/38 | 12/25 at 100.00 | Aa1 | 3,536,908 | ||
10,345 | Franklin County Convention Facilities Authority, Ohio, Excise Tax and Lease Revenue Bonds, Columbus City & Franklin County Lessees, Refunding Anticipation Series 2014, 5.000%, 12/01/35 | 12/24 at 100.00 | Aa1 | 11,805,093 | ||
3,560 | Franklin County Convention Facilities Authority, Ohio, Lease Appropriation Bonds, Greater Columbus Convention Center Hotel Expansion Project, Series 2019, 5.000%, 12/01/46 | 12/29 at 100.00 | AA | 4,478,765 | ||
Franklin County, Ohio, Sales Tax Revenue Bonds, Various Purpose Series 2018: | ||||||
1,000 | 5.000%, 6/01/37 | 6/28 at 100.00 | AAA | 1,270,320 | ||
16,500 | 5.000%, 6/01/43 | 6/28 at 100.00 | AAA | 20,669,220 | ||
5,695 | 5.000%, 6/01/48 | 6/28 at 100.00 | AAA | 7,093,464 | ||
1,675 | Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement Bonds, Refunding Series 2014A, 5.000%, 12/01/25 | No Opt. Call | AA+ | 2,062,210 | ||
Greater Cleveland Regional Transit Authority, Ohio, Sales Tax Supported Capital Improvement Bonds, Refunding Series 2015: | ||||||
1,050 | 5.000%, 12/01/32 | 12/25 at 100.00 | AA+ | 1,270,647 | ||
1,105 | 5.000%, 12/01/33 | 12/25 at 100.00 | AA+ | 1,333,271 | ||
2,250 | Hamilton County, Ohio, Sales Tax Bonds, Refunding Series 2016A, 5.000%, 12/01/30 | 12/26 at 100.00 | AA- | 2,743,695 | ||
Hamilton County, Ohio, Sales Tax Bonds, Subordinate Series 2000B: | ||||||
500 | 0.000%, 12/01/26 – AMBAC Insured | No Opt. Call | A1 | 449,395 | ||
3,300 | 0.000%, 12/01/28 – AMBAC Insured | No Opt. Call | A1 | 2,814,207 | ||
1,750 | 0.000%, 12/01/28 – AGM Insured | No Opt. Call | AA | 1,517,723 | ||
Hamilton County, Ohio, Sales Tax Revenue Bonds, Refunding Series 2011A: | ||||||
1,235 | 5.000%, 12/01/25 | 12/21 at 100.00 | A1 | 1,313,077 | ||
5,375 | 5.000%, 12/01/31 | 12/21 at 100.00 | A1 | 5,667,615 | ||
Mayfield City School District, Ohio, Certificates of Participation, Middle School Project, Series 2009B: | ||||||
435 | 0.000%, 9/01/27 | No Opt. Call | Aa2 | 400,213 | ||
855 | 0.000%, 9/01/28 | No Opt. Call | Aa2 | 770,586 | ||
1,100 | New Albany Community Authority, Ohio, Community Facilities Revenue Refunding Bonds, Series 2012C, 5.000%, 10/01/23 | 10/22 at 100.00 | Aa3 | 1,216,897 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 1,080 | Norwood, Hamilton County, Ohio, Special Obligation Development Revenue Bonds, Central Parke Project, Series 2017, 6.000%, 12/01/46 | 6/27 at 100.00 | N/R | $995,598 | ||
Ohio State, Capital Facilities Lease Appropriation Bonds, Juvenile Correctional Building Fund Projects, Series 2019A: | ||||||
2,465 | 5.000%, 4/01/38 | 4/29 at 100.00 | AA | 3,118,052 | ||
2,485 | 5.000%, 4/01/39 | 4/29 at 100.00 | AA | 3,134,231 | ||
1,250 | Ohio State, Capital Facilities Lease-Appropriation Bonds, Adult Correctional Building Fund Projects, Series 2017A, 5.000%, 10/01/36 | 10/27 at 100.00 | AA | 1,539,713 | ||
2,245 | Ohio State, Capital Facilities Lease-Appropriation Bonds, Adult Correctional Building Fund Projects, Series 2019B, 5.000%, 10/01/31 | No Opt. Call | AA | 3,091,141 | ||
1,200 | Ohio State, Capital Facilities Lease-Appropriation Bonds, Parks & Recreation Improvement Fund Projects, Series 2017A, 5.000%, 12/01/31 | 12/27 at 100.00 | AA | 1,515,216 | ||
1,250 | Ohio State, Major New State Infrastructure Project Revenue Bonds, Series 2019-1, 5.000%, 12/15/31 | No Opt. Call | AA | 1,717,550 | ||
1,360 | Ohio State, Transportation Project Revenue Bonds, Toledo-Lucas County Port Authority Seaport and Docks Project, State Transportation Infrastructure GRF Bond Fund, Series 2019-2, 5.000%, 11/15/39 (AMT) | 5/27 at 100.00 | AA+ | 1,619,406 | ||
2,095 | Pickaway County, Ohio, Sales Tax Special Obligation Bonds, Series 2018, 5.000%, 12/01/44 | 12/28 at 100.00 | AA | 2,568,198 | ||
2,000 | Pinnacle Community Infrastructure Financing Authority, Grove City, Ohio, Community Facilities Bonds, Series 2015A, 4.000%, 12/01/31 – AGM Insured | 12/25 at 100.00 | AA | 2,252,760 | ||
500 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Development TIF Revenue Bonds, RBM Development - Phase 2B Project, Series 2018A, 6.000%, 12/01/50 | 12/28 at 100.00 | N/R | 487,045 | ||
1,000 | Port of Greater Cincinnati Development Authority, Ohio, Special Obligation Tax Increment Financing Revenue Bonds, Cooperative Township Public Parking Project, Gallery at Kenwood, Senior Lien Series 2019A, 5.000%, 11/01/51 | 11/30 at 100.00 | N/R | 813,090 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
8,320 | 4.500%, 7/01/34 | 7/25 at 100.00 | N/R | 8,415,597 | ||
1,257 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 1,246,014 | ||
500 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured COFINA Project Series 2019A-2A, 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 495,630 | ||
325 | Riversouth Authority, Ohio, Lazarus Building Redevelopment Bonds, Series 2007A, 5.750%, 12/01/27 | 6/20 at 100.00 | N/R | 325,315 | ||
Riversouth Authority, Ohio, Riversouth Area Redevelopment Bonds, Payable from City of Columbus, Ohio Annual Rental Appropriations, Refunding Series 2012A: | ||||||
1,400 | 5.000%, 12/01/23 | 12/22 at 100.00 | AA+ | 1,562,694 | ||
800 | 5.000%, 12/01/24 | 12/22 at 100.00 | AA+ | 892,760 | ||
Riversouth Authority, Ohio, Scioto Peninsula Area Redevelopment Bonds, Payable from City of Columbus, Ohio Annual Rental Appropriations, Series 2016: | ||||||
1,000 | 5.000%, 12/01/28 | 12/25 at 100.00 | AA+ | 1,232,390 | ||
1,000 | 5.000%, 12/01/29 | 12/25 at 100.00 | AA+ | 1,231,780 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 2,955 | Shaker Heights Public Library, Ohio, Certificates of Participation, Series 2019, 4.000%, 12/01/44 | 12/24 at 100.00 | Aa2 | $ 3,200,620 | ||
123,292 | Total Tax Obligation/Limited | 140,867,902 | ||||
Transportation – 4.8% | ||||||
Ohio State, Private Activity Bonds, Portsmouth Gateway Group, LLC - Borrower, Portsmouth Bypass Project, Series 2015: | ||||||
3,500 | 5.000%, 12/31/35 – AGM Insured (AMT) | 6/25 at 100.00 | AA | 4,026,050 | ||
3,500 | 5.000%, 12/31/39 – AGM Insured (AMT) | 6/25 at 100.00 | AA | 3,986,010 | ||
7,725 | 5.000%, 6/30/53 (AMT) | 6/25 at 100.00 | A3 | 8,623,958 | ||
11,000 | Ohio Turnpike Commission, Revenue Refunding Bonds, Series 1998A, 5.500%, 2/15/24 – FGIC Insured | No Opt. Call | Aa2 | 12,421,200 | ||
2,450 | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.250%, 2/15/39 | 2/23 at 100.00 | Aa3 | 2,688,508 | ||
1,000 | Ohio Turnpike Commission, Turnpike Revenue Bonds, Refunding Series 2017A, 5.000%, 2/15/30 | 2/27 at 100.00 | Aa2 | 1,262,900 | ||
29,175 | Total Transportation | 33,008,626 | ||||
U.S. Guaranteed – 12.9% (5) | ||||||
Butler County, Ohio, Hospital Facilities Revenue Bonds, UC Health, Series 2010: | ||||||
750 | 5.500%, 11/01/22 (Pre-refunded 11/01/20) | 11/20 at 100.00 | A | 766,342 | ||
1,380 | 5.500%, 11/01/40 (Pre-refunded 11/01/20) | 11/20 at 100.00 | N/R | 1,410,070 | ||
2,760 | 5.500%, 11/01/40 (Pre-refunded 11/01/20) | 11/20 at 100.00 | A | 2,820,140 | ||
2,155 | Cincinnati, Ohio, General Obligation Bonds, Various Purpose, Refunding & Improvement Series 2015A, 5.250%, 12/01/33 (Pre-refunded 6/01/25) | 6/25 at 100.00 | AA | 2,675,217 | ||
Cleveland, Ohio, Airport System Revenue Bonds, Series 2012A: | ||||||
7,000 | 5.000%, 1/01/29 (Pre-refunded 1/01/22) | 1/22 at 100.00 | A | 7,533,400 | ||
1,000 | 5.000%, 1/01/30 (Pre-refunded 1/01/22) | 1/22 at 100.00 | A | 1,076,200 | ||
3,450 | 5.000%, 1/01/31 (Pre-refunded 1/01/22) – AGM Insured | 1/22 at 100.00 | AA | 3,712,890 | ||
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2013A-2: | ||||||
990 | 5.000%, 10/01/27 (Pre-refunded 10/01/23) | 10/23 at 100.00 | AA | 1,146,945 | ||
1,150 | 5.000%, 10/01/30 (Pre-refunded 10/01/23) | 10/23 at 100.00 | AA | 1,332,309 | ||
1,205 | 5.000%, 10/01/31 (Pre-refunded 10/01/23) | 10/23 at 100.00 | AA | 1,396,029 | ||
Cleveland, Ohio, Income Tax Revenue Bonds, Bridges & Roadways Improvements, Subordinate Lien Series 2015A-2: | ||||||
755 | 5.000%, 10/01/37 (Pre-refunded 10/01/23) | 10/23 at 100.00 | N/R | 869,239 | ||
2,245 | 5.000%, 10/01/37 (Pre-refunded 10/01/23) | 10/23 at 100.00 | AA+ | 2,588,732 | ||
Cleveland, Ohio, Water Revenue Bonds, Refunding Second Lien Series 2012A: | ||||||
1,500 | 5.000%, 1/01/24 (Pre-refunded 1/01/22) | 1/22 at 100.00 | AA | 1,614,300 | ||
775 | 5.000%, 1/01/26 (Pre-refunded 1/01/22) | 1/22 at 100.00 | AA | 834,055 | ||
1,000 | 5.000%, 1/01/27 (Pre-refunded 1/01/22) | 1/22 at 100.00 | AA | 1,076,200 | ||
1,940 | Cleveland, Ohio, Waterworks First Mortgage Revenue Refunding and Improvement Bonds, Series 1993G, 5.500%, 1/01/21 – NPFG Insured (ETM) | No Opt. Call | Aa2 | 1,999,616 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (5) (continued) | ||||||
Columbiana Exempted Village School District, Columbiana County, Ohio, Certificates of Participation, Series 2010: | ||||||
$ 1,400 | 5.000%, 12/01/26 (Pre-refunded 12/01/20) – AGM Insured | 12/20 at 100.00 | AA | $1,433,516 | ||
1,645 | 5.000%, 12/01/28 (Pre-refunded 12/01/20) – AGM Insured | 12/20 at 100.00 | AA | 1,684,381 | ||
1,000 | Greenville City School District, Drake County, Ohio, General Obligation Bonds, School Improvement Series 2013, 5.250%, 1/01/38 (Pre-refunded 1/01/22) | 1/22 at 100.00 | AA | 1,079,320 | ||
470 | Hancock County, Ohio, Hospital Revenue Bonds, Blanchard Valley Regional Health Center, Series 2011A, 6.250%, 12/01/34 (Pre-refunded 6/01/21) | 6/21 at 100.00 | A+ | 497,481 | ||
11,700 | JobsOhio Beverage System, Ohio, Statewide Liquor Profits Revenue Bonds, Senior Lien Series 2013A, 5.000%, 1/01/38 (Pre-refunded 1/01/23) | 1/23 at 100.00 | AA+ | 13,138,281 | ||
3,240 | Lucas County, Ohio, Hospital Revenue Bonds, ProMedica Healthcare Obligated Group, Series 2011A, 6.000%, 11/15/41 (Pre-refunded 11/15/21) | 11/21 at 100.00 | BBB | 3,508,985 | ||
275 | Napoleon City School District, Henry County, Ohio, General Obligation Bonds, Facilities Construction & Improvement Series 2012, 5.000%, 12/01/36 (Pre-refunded 6/01/22) | 6/22 at 100.00 | Aa3 | 301,471 | ||
8,500 | Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Series 2013, 5.000%, 11/15/38 (Pre-refunded 5/15/23) | 5/23 at 100.00 | AA+ | 9,681,670 | ||
1,630 | Northwest Local School District, Hamilton and Butler Counties, Ohio, General Obligation Bonds, School Improvement Series 2015, 5.000%, 12/01/40 (Pre-refunded 12/01/23) | 12/23 at 100.00 | Aa2 | 1,898,184 | ||
9,000 | Ohio Turnpike Commission, Turnpike Revenue Bonds, Infrastructure Project, Junior Lien Series 2013A-1, 5.000%, 2/15/48 (Pre-refunded 2/15/23) | 2/23 at 100.00 | Aa3 | 10,132,560 | ||
1,000 | Ohio University at Athens, General Receipts Bonds, Series 2013, 5.000%, 12/01/39 (Pre-refunded 12/01/22) | 12/22 at 100.00 | Aa3 | 1,118,970 | ||
Princeton City School District, Hamilton County, Ohio, Certificates of Participation, Series 2013: | ||||||
560 | 5.000%, 12/01/33 (Pre-refunded 12/01/22) | 12/22 at 100.00 | N/R | 625,134 | ||
1,305 | 5.000%, 12/01/42 (Pre-refunded 12/01/22) | 12/22 at 100.00 | AA- | 1,462,005 | ||
1,710 | South Euclid, Ohio, General Obligation Bonds, Real Estate Acquisition and Urban Redevelopment, Series 2012, 5.000%, 6/01/32 (Pre-refunded 6/01/22) | 6/22 at 100.00 | Aa3 | 1,874,605 | ||
735 | Symmes Township, Hamilton County, Ohio, General Obligation Bonds, Parkland Acquisition & Improvement Series 2010, 5.250%, 12/01/37 (Pre-refunded 12/01/20) | 12/20 at 100.00 | Aa1 | 753,698 | ||
4,925 | Willoughby-Eastlake City School District, Ohio, General Obligation Bonds, School Improvement Series 2016, 5.000%, 12/01/46 (Pre-refunded 12/01/25) | 12/25 at 100.00 | A2 | 6,134,334 | ||
79,150 | Total U.S. Guaranteed | 88,176,279 | ||||
Utilities – 4.8% | ||||||
1,750 | American Municipal Power Inc, Ohio, Combined Hydroelectric Projects Revenue Bonds, Refunding Series 2020A, 5.000%, 2/15/28 | No Opt. Call | A | 2,254,298 | ||
1,500 | American Municipal Power Ohio Inc, Prairie State Energy Campus Project Revenue Bonds, Series 2015A, 5.000%, 2/15/42 | 2/24 at 100.00 | A1 | 1,679,925 | ||
6,500 | American Municipal Power, Inc, Ohio, Greenup Hydroelectric Project Revenue Bonds, Refunding Series 2016A, 5.000%, 2/15/41 | 2/26 at 100.00 | A1 | 7,617,675 | ||
1,665 | American Municipal Power, Inc, Ohio, Solar Electricity Prepayment Project Revenue Bonds, Green Bonds Series 2019A, 5.000%, 2/15/44 | 2/29 at 100.00 | A | 2,040,691 | ||
1,315 | Cleveland, Ohio, Public Power System Revenue Bonds, Refunding Series 2018, 5.000%, 11/15/37 – AGM Insured | 5/28 at 100.00 | AA | 1,643,960 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Cleveland, Ohio, Public Power System Revenue Bonds, Refunding Series 2020A: | ||||||
$ 1,000 | 4.000%, 11/15/35 – AGM Insured | 11/29 at 100.00 | AA | $1,173,000 | ||
2,000 | 4.000%, 11/15/38 – AGM Insured | 11/29 at 100.00 | AA | 2,301,360 | ||
2,000 | Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-1, 0.000%, 11/15/33 – NPFG Insured | No Opt. Call | A- | 1,496,100 | ||
Cleveland, Ohio, Public Power System Revenue Bonds, Series 2008B-2: | ||||||
4,740 | 0.000%, 11/15/34 – NPFG Insured | No Opt. Call | A- | 3,439,391 | ||
7,500 | 0.000%, 11/15/38 – NPFG Insured | No Opt. Call | A- | 4,593,375 | ||
Hamilton, Ohio, Electric System Revenue Bonds, Refunding & Improvement Series 2019: | ||||||
865 | 4.000%, 10/01/37 – BAM Insured | 10/29 at 100.00 | AA | 997,440 | ||
1,000 | 4.000%, 10/01/38 – BAM Insured | 10/29 at 100.00 | AA | 1,149,350 | ||
1,015 | 4.000%, 10/01/39 – BAM Insured | 10/29 at 100.00 | AA | 1,163,434 | ||
1,100 | Lancaster Port Authority, Ohio, Gas Supply Revenue Bonds, Series 2019, 5.000%, 8/01/49 (Mandatory Put 2/01/25) | 11/24 at 100.68 | Aa2 | 1,271,193 | ||
820 | Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (6) | No Opt. Call | N/R | 4,100 | ||
10,025 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (6) | No Opt. Call | N/R | 50,125 | ||
44,795 | Total Utilities | 32,875,417 | ||||
Water and Sewer – 11.0% | ||||||
1,390 | Akron, Ohio, Waterworks System Mortgage Revenue Bonds, Refunding & Improvement Series 2009, 5.000%, 3/01/34 – AGC Insured | 6/20 at 100.00 | AA | 1,394,768 | ||
1,730 | Butler County, Ohio, Sewer System Revenue Bonds, Refunding Series 2005, 5.000%, 12/01/23 – AGM Insured | No Opt. Call | Aa2 | 1,895,544 | ||
4,310 | Cincinnati, Ohio, Water System Revenue Bonds, Series 2016A, 5.000%, 12/01/41 | 12/26 at 100.00 | AAA | 5,315,868 | ||
2,300 | Columbus, Ohio, Sewerage System Revenue Bonds, Refunding Series 2014, 5.000%, 6/01/25 | 12/24 at 100.00 | AA+ | 2,764,853 | ||
Columbus, Ohio, Sewerage System Revenue Bonds, Refunding Series 2015: | ||||||
5,000 | 5.000%, 6/01/30 | 6/26 at 100.00 | AA+ | 6,237,650 | ||
6,750 | 5.000%, 6/01/32 | 6/26 at 100.00 | AA+ | 8,402,872 | ||
450 | Ironton, Ohio, Sewer System Improvement Revenue Bonds, Series 2011, 5.250%, 12/01/40 – AGM Insured | 12/20 at 100.00 | A2 | 456,678 | ||
1,745 | Lebanon, Ohio, Water System Revenue Bonds, Improvement & Refunding Series 2012, 5.000%, 12/01/31 | 12/21 at 100.00 | A1 | 1,862,892 | ||
1,000 | Marysville, Ohio, Water System Mortgage Revenue Bonds, Refunding Series 2016, 4.000%, 12/01/38 | 12/25 at 100.00 | Aa3 | 1,104,980 | ||
5,570 | Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Refunding & Improvement Series 2017, 5.000%, 11/15/33 | 5/28 at 100.00 | AA+ | 7,137,064 | ||
3,125 | Northeast Ohio Regional Sewer District, Wastewater Improvement Revenue Bonds, Tender Option Bond Trust 2015-XF0225, 17.833%, 3/01/21, 144A (IF) (4) | No Opt. Call | AA+ | 4,862,687 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Water and Sewer (continued) | ||||||
Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, Refunding Series 2019B: | ||||||
$ 1,560 | 5.000%, 12/01/29 | No Opt. Call | AAA | $2,145,328 | ||
1,170 | 5.000%, 6/01/30 | No Opt. Call | AAA | 1,625,118 | ||
1,100 | 5.000%, 12/01/30 | No Opt. Call | AAA | 1,549,020 | ||
Ohio Water Development Authority, Revenue Bonds, Drinking Water Assistance Fund, Series 2016: | ||||||
2,975 | 5.000%, 6/01/29 | 12/26 at 100.00 | AAA | 3,779,857 | ||
1,900 | 5.000%, 12/01/36 | 12/26 at 100.00 | AAA | 2,344,752 | ||
4,840 | Ohio Water Development Authority, Revenue Bonds, Fresh Water Development, Series 2019, 5.000%, 6/01/44 | 12/29 at 100.00 | AAA | 6,258,023 | ||
1,010 | Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Refunding Series 2014B, 5.000%, 12/01/22 | No Opt. Call | AAA | 1,131,412 | ||
5,000 | Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2015A, 5.000%, 6/01/26 | No Opt. Call | AAA | 6,297,800 | ||
5,000 | Ohio Water Development Authority, Water Pollution Control Loan Fund Revenue Bonds, Series 2017A, 5.000%, 12/01/31 | 6/27 at 100.00 | AAA | 6,344,450 | ||
2,060 | Springboro, Ohio, Sewer System Mortgage Revenue Bonds, Refunding Series 2012, 5.000%, 6/01/27 | 6/22 at 100.00 | Aa2 | 2,246,904 | ||
59,985 | Total Water and Sewer | 75,158,520 | ||||
$ 602,057 | Total Municipal Bonds (cost $607,626,323) | 651,638,302 |
Shares | Description (1) | Value | ||||
COMMON STOCKS – 2.0% | ||||||
Electric Utilities – 2.0% | ||||||
348,817 | Energy Harbor Corp, (7), (8), (9) | $ 13,429,454 | ||||
Total Common Stocks (cost $7,901,432) | 13,429,454 | |||||
Total Long-Term Investments (cost $615,527,755) | 665,067,756 | |||||
Other Assets Less Liabilities – 2.6% | 17,790,567 | |||||
Net Assets – 100% | $ 682,858,323 |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(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. Ratings are not covered by the report of independent registered public accounting firm. | |
(4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. | |
(5) | 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. | |
(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) | Common Stock received as part of the bankruptcy settlement for Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 and Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23. Subsequent to the end of the reporting period, the value of this common stock has been adversely impacted as compared to the value reported as of May 31, 2020. See Notes to Financial Statements, Note 9 - Subsequent Events for more information. | |
(8) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information. | |
(9) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax | |
ETM | Escrowed to maturity | |
IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 102.9% | ||||||
MUNICIPAL BONDS – 100.4% | ||||||
Consumer Discretionary – 0.2% | ||||||
$ 105 | Baltimore, Maryland, Convention Center Hotel Revenue Bonds, Refunding Series 2017, 5.000%, 9/01/46 | 9/27 at 100.00 | BB | $93,599 | ||
250 | International Falls, Minnesota, Solid Waste Disposal Revenue Bonds, Boise Cascade Corporation Project, Refunding Series 1999, 6.850%, 12/01/29 (AMT) | 6/20 at 100.00 | B1 | 243,018 | ||
355 | Total Consumer Discretionary | 336,617 | ||||
Consumer Staples – 1.6% | ||||||
675 | Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 5.250%, 6/01/32 | 6/20 at 100.00 | N/R | 634,237 | ||
500 | Iowa Tobacco Settlement Authority, Asset Backed Settlement Revenue Bonds, Series 2005C, 5.500%, 6/01/42 | 6/20 at 100.00 | B- | 506,600 | ||
315 | New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Turbo Term Series 2016A Including 2016A-1, 2016A-2A and 2016A-2B, 5.000%, 6/01/51 | 6/26 at 100.00 | N/R | 311,573 | ||
1,060 | TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 988,736 | ||
2,550 | Total Consumer Staples | 2,441,146 | ||||
Education and Civic Organizations – 5.6% | ||||||
1,000 | Milwaukee Redevelopment Authority, Wisconsin, Milwaukee Science Education Consortium, Inc Project, Series 2013A, 6.000%, 8/01/33 | 8/23 at 100.00 | BBB- | 1,085,540 | ||
1,300 | Milwaukee Redevelopment Authority, Wisconsin, Revenue Bonds, Milwaukee School of Engineering Project, Series 2012, 4.100%, 4/01/32 – AGM Insured | 4/22 at 100.00 | AA | 1,363,323 | ||
1,000 | New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006, 5.000%, 1/01/46 – AMBAC Insured | 6/20 at 100.00 | BBB | 1,000,040 | ||
1,965 | Public Finance Authority, Wisconsin, Educational Revenue Bonds, Lake Norman Charter School, Series 2018A, 4.000%, 6/15/28, 144A | 6/26 at 100.00 | BBB- | 2,062,759 | ||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Hmong American Peace Academy, Series 2020: | ||||||
420 | 4.000%, 3/15/30 | No Opt. Call | BBB | 454,423 | ||
500 | 4.000%, 3/15/40 | 3/30 at 100.00 | BBB | 510,360 | ||
1,200 | 5.000%, 3/15/50 | 3/30 at 100.00 | BBB | 1,327,860 | ||
1,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Lawrence University, Series 2020, 4.000%, 2/01/45 | 2/30 at 100.00 | Baa1 | 1,045,720 | ||
8,385 | Total Education and Civic Organizations | 8,850,025 | ||||
Health Care – 19.7% | ||||||
440 | Illinois Finance Authority, Revenue Bonds, Ascension Health/fka Presence Health Network, Series 2016C, 5.000%, 2/15/36 | 2/27 at 100.00 | AA+ | 515,209 | ||
5,765 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Beloit Health System, Inc, Series 2020, 4.000%, 7/01/36 | 7/29 at 100.00 | A | 6,243,783 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
$ 250 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Froedtert Community Health, Inc Obligated Group, Tender Option Bond Trust 2015-XF0118, 13.489%, 4/01/42, 144A (IF) (4) | 10/22 at 100.00 | AA | $284,265 | ||
Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Marshfield Clinic Health System, Inc, Series 2017C: | ||||||
4,000 | 5.000%, 2/15/47 | 2/27 at 100.00 | A- | 4,229,560 | ||
8,565 | 5.000%, 2/15/47 (UB) (4) | 2/27 at 100.00 | A- | 9,056,546 | ||
1,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Aspirus, Inc Obligated Group, Refunding Series 2015A, 5.000%, 8/15/34 | 2/25 at 100.00 | AA- | 1,127,480 | ||
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Bellin Memorial Hospital, Inc, Series 2019A: | ||||||
2,000 | 4.000%, 12/01/44 | 12/29 at 100.00 | A+ | 2,173,620 | ||
3,100 | 4.000%, 12/01/49 | 12/29 at 100.00 | A+ | 3,349,922 | ||
Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Bellin Memorial Hospital, Series 2015: | ||||||
250 | 5.000%, 12/01/23 | No Opt. Call | A+ | 282,060 | ||
2,000 | 4.000%, 12/01/35 | 6/24 at 100.00 | A+ | 2,112,180 | ||
1,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Fort Healthcare, Series 2014, 5.000%, 5/01/29 | 5/24 at 100.00 | BBB+ | 1,116,230 | ||
500 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Franciscan Sisters of Christian Charity Sponsored Ministry, Series 2017A, 5.000%, 9/01/36 | 9/27 at 100.00 | BBB- | 560,935 | ||
28,870 | Total Health Care | 31,051,790 | ||||
Housing/Multifamily – 17.1% | ||||||
2,000 | Hudson Housing Authority, Wisconsin, Multifamily Housing Revenue Bonds, Cedar Ridge Apartments Project, Series 2013A, 5.125%, 6/01/30 | 6/23 at 100.00 | N/R | 2,034,680 | ||
3,020 | Platteville Redevelopment Authority, Wisconsin, Revenue Bonds, University of Wisconsin - Platteville Real Estate Foundation Project, Series 2012A, 5.000%, 7/01/42 | 7/22 at 100.00 | BBB- | 3,093,658 | ||
1,380 | Puerto Rico Housing Finance Authority, Subordinate Lien Capital Fund Program Revenue Bonds, Modernization Series 2008, 5.125%, 12/01/27 | 6/20 at 100.00 | A+ | 1,464,677 | ||
2,000 | Wisconsin Housing and Economic Development Authority Multi Family Housing Bonds,Western Technical College Student Housing Project, Series 2013B, 4.700%, 4/01/38 | 4/23 at 100.00 | A | 2,164,000 | ||
700 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2006A, 4.550%, 5/01/27 (AMT) | 6/20 at 100.00 | AA | 701,463 | ||
2,125 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2015A, 4.125%, 11/01/46 | 5/25 at 100.00 | AA | 2,284,545 | ||
Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2017A: | ||||||
1,000 | 4.000%, 11/01/47 | 11/26 at 100.00 | AA | 1,085,100 | ||
2,000 | 4.150%, 5/01/55 | 11/26 at 100.00 | AA | 2,176,500 | ||
2,230 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2017B, 3.900%, 11/01/42 | 11/26 at 100.00 | AA | 2,434,245 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Housing/Multifamily (continued) | ||||||
Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2018A: | ||||||
$ 145 | 3.700%, 11/01/33 | 11/27 at 100.00 | AA | $161,717 | ||
2,000 | 4.300%, 11/01/53 (UB) (4) | 11/27 at 100.00 | AA | 2,230,780 | ||
6,720 | Wisconsin Housing and Economic Development Authority, Housing Revenue Bonds, Series 2019A, 3.375%, 5/01/57 | 11/28 at 100.00 | AA | 7,139,731 | ||
25,320 | Total Housing/Multifamily | 26,971,096 | ||||
Industrials – 1.1% | ||||||
725 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Alcoa Inc., Project, Series 2012, 4.750%, 8/01/42 | 8/22 at 100.00 | BBB- | 727,617 | ||
100 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013, 5.250%, 12/01/25 | 12/23 at 100.00 | BB- | 101,112 | ||
420 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2013A, 5.250%, 12/01/50 (Mandatory Put 12/01/33) | 12/22 at 103.00 | BB- | 421,789 | ||
465 | Iowa Finance Authority, Iowa, Midwestern Disaster Area Revenue Bonds, Iowa Fertilizer Company Project, Series 2016, 5.875%, 12/01/27, 144A | 6/20 at 104.00 | BB- | 480,466 | ||
1,710 | Total Industrials | 1,730,984 | ||||
Long-Term Care – 8.4% | ||||||
1,000 | New Richmond Community Development Authority, Wisconsin, Health Care Facilities Revenue Bonds, PHM/New Richmond Senior Housing, Inc, Series 2011, 6.650%, 9/01/43 | 6/20 at 100.00 | N/R | 982,460 | ||
500 | Winnebago County Housing Authority, Wisconsin, Revenue Bonds, Lutheran Homes of Oshkosh, Inc Project, Refunding Series 2015A, 4.450%, 3/01/30 | 6/20 at 101.00 | N/R | 435,990 | ||
2,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Clement Manor, Inc, Series 2019, 5.000%, 8/01/49 | 8/26 at 103.00 | N/R | 1,525,260 | ||
2,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Dickson Hollow Project Series 2014, 5.375%, 10/01/44 | 10/22 at 102.00 | N/R | 2,029,520 | ||
2,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, PHW Oconomowoc, Inc Project, Series 2018, 5.125%, 10/01/48 | 10/23 at 102.00 | N/R | 1,823,480 | ||
1,750 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers Memorial Hospital, Inc, Series 2014B, 5.000%, 7/01/44 | 7/24 at 100.00 | A | 1,894,935 | ||
500 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Rogers Memorial Hospital, Inc, Series 2019B, 5.000%, 7/01/38 | 7/26 at 100.00 | A | 567,405 | ||
185 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Saint John's Communities Inc, Series 2015B, 5.000%, 9/15/37 | 9/22 at 100.00 | BBB- | 178,956 | ||
1,650 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Three Pillars Senior Living Communities, Refunding Series 2013, 5.000%, 8/15/43 | 8/23 at 100.00 | A | 1,753,306 | ||
2,000 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Woodland Hills Senior Housing Project, Series 2014, 5.000%, 12/01/44 | 12/22 at 102.00 | N/R | 2,000,800 | ||
13,585 | Total Long-Term Care | 13,192,112 | ||||
Tax Obligation/General – 1.8% | ||||||
525 | Puerto Rico, General Obligation Bonds, Public improvement Series 2007A, 5.000%, 7/01/23 – AGC Insured | 6/20 at 100.00 | AA | 528,192 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 485 | Puerto Rico, General Obligation Bonds, Refunding Public Improvement Series 2007A, 5.500%, 7/01/20 – NPFG Insured | No Opt. Call | Baa2 | $485,509 | ||
Puerto Rico, General Obligation Bonds, Refunding Public Improvement Series 2011C: | ||||||
675 | 5.250%, 7/01/27 – AGM Insured | 6/20 at 100.00 | AA | 680,278 | ||
425 | 5.750%, 7/01/37 – AGM Insured | 6/20 at 100.00 | AA | 428,239 | ||
770 | Puerto Rico, General Obligation Bonds, Refunding Series 2003C-7, 6.000%, 7/01/27 – NPFG Insured | 6/20 at 100.00 | Baa2 | 777,708 | ||
2,880 | Total Tax Obligation/General | 2,899,926 | ||||
Tax Obligation/Limited – 35.8% | ||||||
Ashwaubenon Community Development Authority, Wisconsin, Lease Revenue Bonds, Brown County Expo Center Project, Series 2019: | ||||||
1,790 | 4.000%, 6/01/36 | 6/29 at 100.00 | AA | 1,964,793 | ||
3,500 | 3.000%, 6/01/44 | 6/29 at 100.00 | AA | 3,653,475 | ||
10,000 | 0.000%, 6/01/49 | 6/29 at 47.10 | AA | 3,736,900 | ||
650 | Beloit Community Development Authority, Rock County, Wisconsin, Lease Revenue Bonds, Series 2009, 5.000%, 3/01/25 | 6/20 at 100.00 | N/R | 650,059 | ||
Brookfield Community Development and Redevelopment Authority, Wisconsin, Community Development Revenue Bonds, Series 2015A: | ||||||
1,340 | 3.550%, 6/01/34 | 6/25 at 100.00 | A3 | 1,452,761 | ||
1,530 | 3.600%, 6/01/35 | 6/25 at 100.00 | A3 | 1,651,482 | ||
500 | Glendale Community Development Authority, Wisconsin, Community Development Lease Revenue Bonds, Tax Increment District 7, Refunding Series 2012, 2.750%, 9/01/22 | 9/20 at 100.00 | A1 | 502,975 | ||
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | ||||||
1,000 | 5.000%, 11/15/34 | 11/25 at 100.00 | BB | 1,051,960 | ||
1,000 | 5.000%, 11/15/39 | 11/25 at 100.00 | BB | 1,044,240 | ||
Government of Guam, Business Privilege Tax Bonds, Series 2011A: | ||||||
875 | 5.250%, 1/01/36 | 1/22 at 100.00 | BB | 892,220 | ||
440 | 5.125%, 1/01/42 | 1/22 at 100.00 | BB | 446,556 | ||
845 | Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A, 5.000%, 12/01/34 | 12/26 at 100.00 | BB | 896,190 | ||
1,000 | Illinois Sports Facility Authority, State Tax Supported Bonds, Series 2001, 0.000%, 6/15/25 – AMBAC Insured | No Opt. Call | BBB | 831,540 | ||
1,250 | Kaukauna Redevelopment Authority, Outagamie and Calumet Counties, Wisconsin, Redevelopment Lease Revenue Bonds, Series 2015, 4.125%, 6/01/40 | 6/25 at 100.00 | A+ | 1,367,000 | ||
130 | Metropolitan Pier and Exposition Authority, Illinois, McCormick Place Expansion Project Bonds, Refunding Series 2012B, 5.000%, 6/15/52 | 6/22 at 100.00 | BBB | 125,141 | ||
675 | Milwaukee Redevelopment Authority, Wisconsin, HSI Industrial I LLC Project Revenue Bonds, Series 2008, 5.125%, 6/01/29 (AMT) | 6/20 at 100.00 | A2 | 677,086 | ||
Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series 2016A: | ||||||
800 | 5.000%, 11/15/30 | 11/26 at 100.00 | A+ | 986,776 | ||
500 | 5.000%, 11/15/31 | 11/26 at 100.00 | A+ | 615,340 | ||
550 | 5.000%, 11/15/32 | 11/26 at 100.00 | A+ | 675,345 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Milwaukee Redevelopment Authority, Wisconsin, Lease Revenue Bonds, Public Schools, Series 2017: | ||||||
$ 95 | 4.000%, 11/15/21 | No Opt. Call | A+ | $99,977 | ||
145 | 5.000%, 11/15/22 | No Opt. Call | A+ | 161,183 | ||
630 | 5.000%, 11/15/28 | 11/26 at 100.00 | A+ | 780,173 | ||
500 | 5.000%, 11/15/34 | 11/26 at 100.00 | A+ | 609,450 | ||
1,000 | 5.000%, 11/15/35 | 11/26 at 100.00 | A+ | 1,214,780 | ||
500 | 5.000%, 11/15/36 | 11/26 at 100.00 | A+ | 606,360 | ||
1,000 | Neenah Community Development Authority, Wisconsin, Lease Revenue Bonds, Refunding Series 2013, 4.100%, 12/01/27 | 12/23 at 100.00 | A2 | 1,103,460 | ||
500 | Puerto Rico Convention Center District Authority, Hotel Occupancy Tax Revenue Bonds, Series 2006A, 5.000%, 7/01/31 – AMBAC Insured | 6/20 at 100.00 | C | 500,240 | ||
Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2007N: | ||||||
535 | 5.250%, 7/01/32 – NPFG Insured | No Opt. Call | Baa2 | 529,709 | ||
435 | 5.250%, 7/01/33 – NPFG Insured | No Opt. Call | Baa2 | 429,558 | ||
500 | Puerto Rico Municipal Finance Agency, Series 2002A, 5.000%, 8/01/27 – AGM Insured | 6/20 at 100.00 | AA | 503,230 | ||
1,025 | Puerto Rico Public Buildings Authority, Guaranteed Government Facilities Revenue Bonds, Series 2007N, 5.000%, 7/01/32 – RAAI Insured | 6/20 at 100.00 | AA | 1,029,254 | ||
3,085 | Southeast Wisconsin Professional Baseball Park District, Sales Tax Revenue Refunding Bonds, Series 1998A, 5.500%, 12/15/26 – NPFG Insured | No Opt. Call | AA- | 3,818,921 | ||
2,825 | Virgin Islands Public Finance Authority, Federal Highway Grant Anticipation Loan Note Revenue Bonds, Series 2015, 5.000%, 9/01/33, 144A | 9/25 at 100.00 | A | 3,149,479 | ||
Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2006: | ||||||
120 | 5.000%, 10/01/25 – NPFG Insured | 6/20 at 100.00 | Baa2 | 121,880 | ||
125 | 5.000%, 10/01/28 – FGIC Insured | 6/20 at 100.00 | Baa2 | 126,956 | ||
1,550 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A, 5.000%, 10/01/32 – AGM Insured | 10/22 at 100.00 | AA | 1,680,402 | ||
Wisconsin Center District, Appropiation Revenue Bonds, Milwaukee Arena Project, Series 2016: | ||||||
390 | 5.000%, 12/15/27 | 6/26 at 100.00 | Aa3 | 482,130 | ||
1,000 | 5.000%, 12/15/30 | 6/26 at 100.00 | Aa3 | 1,228,980 | ||
500 | 5.000%, 12/15/31 | 6/26 at 100.00 | Aa3 | 613,505 | ||
4,000 | Wisconsin Center District, Dedicated Tax Revenue Bonds, Milwaukee Arena Project, Senior Series 2016A, 0.000%, 12/15/39 – AGM Insured | 6/26 at 60.88 | AA | 1,997,680 | ||
Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Junior Series 1999: | ||||||
3,985 | 5.250%, 12/15/23 – AGM Insured | No Opt. Call | AA | 4,379,435 | ||
865 | 5.250%, 12/15/27 – AGM Insured | No Opt. Call | AA | 1,065,317 | ||
Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Junior Series 2013A: | ||||||
785 | 4.000%, 12/15/25 | 12/22 at 100.00 | Baa1 | 820,647 | ||
2,170 | 5.000%, 12/15/28 | 12/22 at 100.00 | Baa1 | 2,329,300 | ||
500 | 5.000%, 12/15/29 | 12/22 at 100.00 | Baa1 | 535,010 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Wisconsin Center District, Dedicated Tax Revenue Bonds, Refunding Senior Series 2003A: | ||||||
$ 2,035 | 0.000%, 12/15/28 – AGM Insured | No Opt. Call | AA | $1,717,682 | ||
1,945 | 0.000%, 12/15/31 | No Opt. Call | AA | 1,479,698 | ||
61,120 | Total Tax Obligation/Limited | 56,336,235 | ||||
Transportation – 1.0% | ||||||
255 | Public Finance Authority of Wisconsin, Senior Airport Facilities Revenue and Refunding Bonds, TrIPS Obligated Group, Series 2012B, 5.000%, 7/01/22 (AMT) | No Opt. Call | BBB+ | 257,971 | ||
1,000 | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, 95 Express Lanes LLC Project, Series 2012, 5.000%, 1/01/40 (AMT) | 1/22 at 100.00 | BBB | 1,019,900 | ||
355 | Virginia Small Business Financing Authority, Senior Lien Revenue Bonds, Elizabeth River Crossing, Opco LLC Project, Series 2012, 5.250%, 1/01/32 (AMT) | 7/22 at 100.00 | BBB | 367,844 | ||
1,610 | Total Transportation | 1,645,715 | ||||
U.S. Guaranteed – 0.6% (5) | ||||||
10 | Wisconsin Health and Educational Facilities Authority, Revenue Bonds, Howard Young Health Care, Inc, Refunding Series 2012, 5.000%, 8/15/22 (ETM) | No Opt. Call | N/R | 11,038 | ||
810 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Beaver Dam Community Hospitals Inc, Series 2013A, 5.250%, 8/15/34 (Pre-refunded 8/15/23) | 8/23 at 100.00 | N/R | 935,728 | ||
10 | Wisconsin Health and Educational Facilities Authority, Wisconsin, Revenue Bonds, Monroe Clinic Inc, Refunding Series 2016, 5.000%, 2/15/30 (Pre-refunded 8/15/25) | 8/25 at 100.00 | N/R | 12,326 | ||
830 | Total U.S. Guaranteed | 959,092 | ||||
Utilities – 6.8% | ||||||
995 | Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.500%, 4/01/41 (6) | No Opt. Call | N/R | 4,975 | ||
125 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 128,636 | ||
860 | Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20 (6) | No Opt. Call | N/R | 4,300 | ||
1,000 | Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23 (6) | No Opt. Call | N/R | 5,000 | ||
265 | Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor, Series 2005A, 3.750%, 12/01/40 (6) | No Opt. Call | N/R | 1,325 | ||
575 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2005SS, 5.000%, 7/01/30 – AGM Insured | 6/20 at 100.00 | AA | 578,053 | ||
580 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, 5.250%, 7/01/23 – NPFG Insured | No Opt. Call | Baa2 | 589,025 | ||
790 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2005RR, 5.000%, 7/01/28 – AGC Insured | 6/20 at 100.00 | AA | 794,803 | ||
305 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007UU, 5.000%, 7/01/24 – AGM Insured | 6/20 at 100.00 | AA | 306,970 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV: | ||||||
$ 675 | 5.250%, 7/01/24 – NPFG Insured | No Opt. Call | Baa2 | $686,003 | ||
130 | 5.250%, 7/01/26 – NPFG Insured | No Opt. Call | Baa2 | 131,590 | ||
2,760 | 5.250%, 7/01/27 – AGM Insured | No Opt. Call | AA | 2,954,746 | ||
185 | 5.250%, 7/01/31 – AGM Insured | No Opt. Call | AA | 196,725 | ||
1,485 | 5.250%, 7/01/32 – NPFG Insured | No Opt. Call | Baa2 | 1,470,313 | ||
250 | 5.250%, 7/01/35 – NPFG Insured | No Opt. Call | Baa2 | 246,215 | ||
1,200 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/25 | 6/20 at 100.00 | CCC | 1,098,144 | ||
1,250 | WPPI Energy, Wisconsin, Power Supply System Revenue Bonds, Series 2016A, 5.000%, 7/01/36 | 7/26 at 100.00 | A1 | 1,492,463 | ||
13,430 | Total Utilities | 10,689,286 | ||||
Water and Sewer – 0.7% | ||||||
1,000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013, 5.500%, 7/01/43 | 7/23 at 100.00 | A- | 1,053,360 | ||
$ 161,645 | Total Municipal Bonds (cost $153,963,570) | 158,157,384 |
Shares | Description (1) | Value | ||||
COMMON STOCKS – 2.5% | ||||||
Electric Utilities – 2.5% | ||||||
100,423 | Energy Harbor Corp, (7), (8), (9) | $ 3,866,286 | ||||
Total Common Stocks (cost $3,031,982) | 3,866,286 | |||||
Total Long-Term Investments (cost $156,995,552) | 162,023,670 | |||||
Floating Rate Obligations – (5.1)% | (8,020,000) | |||||
Other Assets Less Liabilities – 2.2% | 3,467,891 | |||||
Net Assets – 100% | $ 157,471,561 |
(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. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(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. Ratings are not covered by the report of independent registered public accounting firm. | |
(4) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. | |
(5) | 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. | |
(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) | Common Stock received as part of the bankruptcy settlement for Beaver County Industrial Development Authority, Pennsylvania, Pollution Control Revenue Refunding Bonds, FirstEnergy Nuclear Generation Project, Series 2006A, 3.500%, 4/01/41, Ohio Air Quality Development Authority, Ohio, Air Quality Development Revenue Bonds, FirstEnergy Generation Corporation Project, Series 2009A, 5.700%, 8/01/20, Ohio Air Quality Development Authority, Ohio, Pollution Control Revenue Bonds, FirstEnergy Generation Project, Refunding Series 2006A, 3.750%, 12/01/23, and Pennsylvania Economic Development Financing Authority, Exempt Facilities Revenue Bonds, Shippingport Project, First Energy Guarantor, Series 2005A, 3.750%, 12/01/40. Subsequent to the end of the reporting period, the value of this common stock has been adversely impacted as compared to the value reported as of May 31, 2020. See Notes to Financial Statements, Note 9 - Subsequent Events for more information. | |
(8) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information. | |
(9) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax | |
ETM | Escrowed to maturity | |
IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. | |
UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. |
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |
Assets | ||||||
Long-term investments, at value (cost $269,438,485, $346,932,002, $261,075,956, $589,260,070, $615,527,755 and $156,995,552, respectively) | $274,132,287 | $364,781,047 | $278,599,646 | $620,814,122 | $665,067,756 | $162,023,670 |
Short-term investments, at value (cost approximates value) | — | — | — | 1,015,000 | — | — |
Cash | 2,972,466 | 734,287 | 4,331,504 | 3,929,112 | 4,648,721 | 270,444 |
Receivable for: | ||||||
Interest | 3,786,718 | 4,862,595 | 3,013,794 | 6,605,617 | 9,971,721 | 2,192,241 |
Investments sold | 530,000 | 9,260,000 | 450,000 | 4,615,238 | 4,375,000 | 1,411,360 |
Shares sold | 176,343 | 611,071 | 1,837,551 | 1,964,934 | 385,888 | 3,153 |
Other assets | 4,514 | 94,789 | 53,928 | 59,733 | 121,234 | 5,081 |
Total assets | 281,602,328 | 380,343,789 | 288,286,423 | 639,003,756 | 684,570,320 | 165,905,949 |
Liabilities | ||||||
Floating rate obligations | — | 29,845,000 | 4,700,000 | — | — | 8,020,000 |
Payable for: | ||||||
Dividends | 106,551 | 83,472 | 97,725 | 429,341 | 326,812 | 47,012 |
Interest | 69 | 191,242 | 5,776 | — | — | 36,000 |
Investments purchased - regular settlement | — | — | — | 156,921 | — | — |
Investments purchased - when-issued/delayed-delivery settlement | — | — | — | 2,341,461 | — | — |
Shares redeemed | 230,706 | 417,273 | 328,280 | 643,217 | 666,943 | 146,811 |
Accrued expenses: | ||||||
Management fees | 117,142 | 145,253 | 117,023 | 263,159 | 278,083 | 67,173 |
Professional fees | 37,370 | 39,546 | 37,227 | 45,711 | 47,435 | 34,708 |
Shareholder servicing agent fees | 33,780 | 38,351 | 57,266 | 60,296 | 115,078 | 33,191 |
Trustees fees | 3,441 | 94,565 | 51,349 | 61,448 | 123,517 | 1,574 |
12b-1 distribution and service fees | 46,006 | 55,070 | 30,438 | 74,968 | 81,346 | 24,081 |
Other | 42,923 | 41,346 | 43,439 | 77,861 | 72,783 | 23,838 |
Total liabilities | 617,988 | 30,951,118 | 5,468,523 | 4,154,383 | 1,711,997 | 8,434,388 |
Net assets | $280,984,340 | $349,392,671 | $282,817,900 | $634,849,373 | $682,858,323 | $157,471,561 |
Class A Shares | ||||||
Net assets | $176,030,043 | $261,329,936 | $120,780,165 | $311,194,875 | $342,227,089 | $ 82,985,035 |
Shares outstanding | 16,749,273 | 23,949,763 | 10,135,801 | 27,225,121 | 28,655,423 | 7,750,513 |
Net asset value ("NAV") per share | $ 10.51 | $ 10.91 | $ 11.92 | $ 11.43 | $ 11.94 | $ 10.71 |
Offering price per share (NAV per share plus maximum sales charge of 4.20% of offering price) | $ 10.97 | $ 11.39 | $ 12.44 | $ 11.93 | $ 12.46 | $ 11.18 |
Class C Shares | ||||||
Net assets | $ 12,261,212 | $ 7,584,155 | $ 10,442,646 | $ 22,911,131 | $ 19,914,471 | $ 9,204,816 |
Shares outstanding | 1,169,408 | 695,463 | 879,049 | 2,012,601 | 1,677,029 | 859,635 |
NAV and offering price per share | $ 10.48 | $ 10.91 | $ 11.88 | $ 11.38 | $ 11.87 | $ 10.71 |
Class C2 Shares | ||||||
Net assets | $ 10,134,888 | $ 7,928,538 | $ 3,005,798 | $ 6,349,983 | $ 11,913,612 | $ 3,904,834 |
Shares outstanding | 965,273 | 726,799 | 252,721 | 557,536 | 1,000,543 | 364,355 |
NAV and offering price per share | $ 10.50 | $ 10.91 | $ 11.89 | $ 11.39 | $ 11.91 | $ 10.72 |
Class I Shares | ||||||
Net assets | $ 82,558,197 | $ 72,550,042 | $148,589,291 | $294,393,384 | $308,803,151 | $ 61,376,876 |
Shares outstanding | 7,826,652 | 6,656,881 | 12,487,025 | 25,788,015 | 25,948,515 | 5,725,158 |
NAV and offering price per share | $ 10.55 | $ 10.90 | $ 11.90 | $ 11.42 | $ 11.90 | $ 10.72 |
Fund level net assets consist of: | ||||||
Capital paid-in | $283,263,305 | $337,711,780 | $266,019,848 | $608,603,539 | $632,106,679 | $157,861,127 |
Total distributable earnings | (2,278,965) | 11,680,891 | 16,798,052 | 26,245,834 | 50,751,644 | (389,566) |
Fund level net assets | $280,984,340 | $349,392,671 | $282,817,900 | $634,849,373 | $682,858,323 | $157,471,561 |
Authorized shares - per class | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited |
Par value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |
Investment Income | $ 9,917,294 | $13,035,287 | $ 8,946,940 | $21,597,251 | $22,037,111 | $ 6,486,410 |
Expenses | ||||||
Management fees | 1,373,668 | 1,739,089 | 1,357,679 | 2,995,981 | 3,224,557 | 865,737 |
12b-1 service fees - Class A Shares | 345,807 | 535,271 | 232,912 | 585,019 | 667,676 | 168,052 |
12b-1 distribution and service fees - Class C Shares | 120,437 | 76,144 | 101,475 | 215,118 | 203,406 | 94,714 |
12b-1 distribution and service fees - Class C2 Shares | 100,054 | 79,420 | 27,933 | 58,885 | 107,048 | 35,978 |
Shareholder servicing agent fees | 95,544 | 117,027 | 121,062 | 166,183 | 306,759 | 81,250 |
Interest expense | 73,671 | 557,342 | 88,055 | 4,430 | 11,165 | 150,885 |
Custodian fees | 58,269 | 60,396 | 56,398 | 96,264 | 93,966 | 49,128 |
Professional fees | 49,121 | 52,659 | 48,871 | 67,487 | 72,458 | 44,190 |
Trustees fees | 7,074 | 9,031 | 7,021 | 15,487 | 16,860 | 4,465 |
Shareholder reporting expenses | 19,538 | 20,850 | 20,517 | 28,780 | 38,693 | 17,631 |
Federal and state registration fees | 11,892 | 7,391 | 14,865 | 21,183 | 11,168 | 31,855 |
Other | 10,860 | 10,823 | 10,600 | 15,991 | 14,763 | 9,538 |
Total expenses | 2,265,935 | 3,265,443 | 2,087,388 | 4,270,808 | 4,768,519 | 1,553,423 |
Net investment income (loss) | 7,651,359 | 9,769,844 | 6,859,552 | 17,326,443 | 17,268,592 | 4,932,987 |
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss) from investments | (1,640,075) | (359,263) | 376,801 | (2,854,619) | 2,628,631 | (936,803) |
Change in net unrealized appreciation (depreciation) of investments | (4,552,028) | (805,406) | 4,811,068 | 2,582,119 | 14,446,613 | (1,204,487) |
Net realized and unrealized gain (loss) | (6,192,103) | (1,164,669) | 5,187,869 | (272,500) | 17,075,244 | (2,141,290) |
Net increase (decrease) in net assets from operations | $ 1,459,256 | $ 8,605,175 | $12,047,421 | $17,053,943 | $34,343,836 | $ 2,791,697 |
Kansas | Kentucky | ||||
Year Ended 5/31/20 | Year Ended 5/31/19 | Year Ended 5/31/20 | Year Ended 5/31/19 | ||
Operations | |||||
Net investment income (loss) | $ 7,651,359 | $ 7,743,089 | $ 9,769,844 | $ 10,002,329 | |
Net realized gain (loss) from investments | (1,640,075) | (741,539) | (359,263) | (1,811,170) | |
Change in net unrealized appreciation (depreciation) of investments | (4,552,028) | 4,741,216 | (805,406) | 10,498,531 | |
Net increase (decrease) in net assets from operations | 1,459,256 | 11,742,766 | 8,605,175 | 18,689,690 | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (5,120,396) | (4,945,048) | (7,008,942) | (8,063,175) | |
Class C Shares | (262,447) | (296,768) | (137,552) | (156,894) | |
Class C2 Shares | (322,888) | (520,172) | (220,733) | (431,876) | |
Class I Shares | (2,431,635) | (1,695,516) | (1,837,191) | (1,438,336) | |
Decrease in net assets from distributions to shareholders | (8,137,366) | (7,457,504) | (9,204,418) | (10,090,281) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 60,106,599 | 64,894,735 | 44,357,040 | 53,343,802 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 6,722,526 | 6,231,630 | 8,157,117 | 8,791,742 | |
66,829,125 | 71,126,365 | 52,514,157 | 62,135,544 | ||
Cost of shares redeemed | (39,734,920) | (53,041,913) | (50,876,134) | (77,899,266) | |
Net increase (decrease) in net assets from Fund share transactions | 27,094,205 | 18,084,452 | 1,638,023 | (15,763,722) | |
Net increase (decrease) in net assets | 20,416,095 | 22,369,714 | 1,038,780 | (7,164,313) | |
Net assets at the beginning of period | 260,568,245 | 238,198,531 | 348,353,891 | 355,518,204 | |
Net assets at the end of period | $280,984,340 | $260,568,245 | $349,392,671 | $348,353,891 |
Michigan | Missouri | ||||
Year Ended 5/31/20 | Year Ended 5/31/19 | Year Ended 5/31/20 | Year Ended 5/31/19 | ||
Operations | |||||
Net investment income (loss) | $ 6,859,552 | $ 6,194,631 | $ 17,326,443 | $ 17,014,597 | |
Net realized gain (loss) from investments | 376,801 | (900,124) | (2,854,619) | 1,439,502 | |
Change in net unrealized appreciation (depreciation) of investments | 4,811,068 | 7,270,846 | 2,582,119 | 11,215,366 | |
Net increase (decrease) in net assets from operations | 12,047,421 | 12,565,353 | 17,053,943 | 29,669,465 | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (2,844,899) | (2,945,388) | (8,908,864) | (8,088,358) | |
Class C Shares | (166,557) | (186,759) | (480,228) | (462,394) | |
Class C2 Shares | (70,214) | (111,760) | (196,657) | (322,024) | |
Class I Shares | (3,743,557) | (2,767,346) | (9,113,876) | (8,577,022) | |
Decrease in net assets from distributions to shareholders | (6,825,227) | (6,011,253) | (18,699,625) | (17,449,798) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 77,436,944 | 76,089,459 | 148,945,123 | 121,531,758 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 5,622,532 | 4,785,766 | 13,384,341 | 11,841,250 | |
83,059,476 | 80,875,225 | 162,329,464 | 133,373,008 | ||
Cost of shares redeemed | (60,187,493) | (62,420,251) | (82,652,093) | (100,586,261) | |
Net increase (decrease) in net assets from Fund share transactions | 22,871,983 | 18,454,974 | 79,677,371 | 32,786,747 | |
Net increase (decrease) in net assets | 28,094,177 | 25,009,074 | 78,031,689 | 45,006,414 | |
Net assets at the beginning of period | 254,723,723 | 229,714,649 | 556,817,684 | 511,811,270 | |
Net assets at the end of period | $282,817,900 | $254,723,723 | $634,849,373 | $ 556,817,684 |
Ohio | Wisconsin | ||||
Year Ended 5/31/20 | Year Ended 5/31/19 | Year Ended 5/31/20 | Year Ended 5/31/19 | ||
Operations | |||||
Net investment income (loss) | $ 17,268,592 | $ 17,415,631 | $ 4,932,987 | $ 4,138,308 | |
Net realized gain (loss) from investments | 2,628,631 | (460,959) | (936,803) | (190) | |
Change in net unrealized appreciation (depreciation) of investments | 14,446,613 | 17,578,249 | (1,204,487) | 4,141,704 | |
Net increase (decrease) in net assets from operations | 34,343,836 | 34,532,921 | 2,791,697 | 8,279,822 | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (8,368,105) | (8,658,669) | (2,234,693) | (1,930,892) | |
Class C Shares | (345,287) | (426,164) | (174,357) | (175,438) | |
Class C2 Shares | (278,050) | (491,436) | (101,673) | (169,464) | |
Class I Shares | (7,876,338) | (7,216,010) | (2,087,169) | (1,978,831) | |
Decrease in net assets from distributions to shareholders | (16,867,780) | (16,792,279) | (4,597,892) | (4,254,625) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 134,504,571 | 146,851,071 | 29,470,914 | 65,185,054 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 12,997,144 | 12,651,195 | 4,001,062 | 3,507,134 | |
147,501,715 | 159,502,266 | 33,471,976 | 68,692,188 | ||
Cost of shares redeemed | (115,042,264) | (140,092,532) | (35,175,442) | (32,542,351) | |
Net increase (decrease) in net assets from Fund share transactions | 32,459,451 | 19,409,734 | (1,703,466) | 36,149,837 | |
Net increase (decrease) in net assets | 49,935,507 | 37,150,376 | (3,509,661) | 40,175,034 | |
Net assets at the beginning of period | 632,922,816 | 595,772,440 | 160,981,222 | 120,806,188 | |
Net assets at the end of period | $ 682,858,323 | $ 632,922,816 | $157,471,561 | $160,981,222 |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (01/92) | |||||||||
2020 | $10.74 | $0.30 | $(0.21) | $ 0.09 | $(0.32) | $ — | $(0.32) | $10.51 | |
2019 | 10.56 | 0.35 | 0.16 | 0.51 | (0.33) | — | (0.33) | 10.74 | |
2018 | 10.75 | 0.36 | (0.18) | 0.18 | (0.37) | — | (0.37) | 10.56 | |
2017 | 11.13 | 0.37 | (0.36) | 0.01 | (0.39) | — | (0.39) | 10.75 | |
2016 | 10.95 | 0.39 | 0.19 | 0.58 | (0.40) | — | (0.40) | 11.13 | |
Class C (02/14) | |||||||||
2020 | 10.72 | 0.21 | (0.22) | (0.01) | (0.23) | — | (0.23) | 10.48 | |
2019 | 10.54 | 0.26 | 0.17 | 0.43 | (0.25) | — | (0.25) | 10.72 | |
2018 | 10.73 | 0.27 | (0.18) | 0.09 | (0.28) | — | (0.28) | 10.54 | |
2017 | 11.11 | 0.28 | (0.36) | (0.08) | (0.30) | — | (0.30) | 10.73 | |
2016 | 10.93 | 0.31 | 0.19 | 0.50 | (0.32) | — | (0.32) | 11.11 | |
Class C2 (02/97) | |||||||||
2020 | 10.73 | 0.24 | (0.21) | 0.03 | (0.26) | — | (0.26) | 10.50 | |
2019 | 10.55 | 0.29 | 0.16 | 0.45 | (0.27) | — | (0.27) | 10.73 | |
2018 | 10.74 | 0.30 | (0.18) | 0.12 | (0.31) | — | (0.31) | 10.55 | |
2017 | 11.12 | 0.31 | (0.36) | (0.05) | (0.33) | — | (0.33) | 10.74 | |
2016 | 10.94 | 0.33 | 0.19 | 0.52 | (0.34) | — | (0.34) | 11.12 | |
Class I (02/97) | |||||||||
2020 | 10.78 | 0.32 | (0.21) | 0.11 | (0.34) | — | (0.34) | 10.55 | |
2019 | 10.60 | 0.37 | 0.17 | 0.54 | (0.36) | — | (0.36) | 10.78 | |
2018 | 10.79 | 0.38 | (0.18) | 0.20 | (0.39) | — | (0.39) | 10.60 | |
2017 | 11.18 | 0.39 | (0.36) | 0.03 | (0.42) | — | (0.42) | 10.79 | |
2016 | 11.00 | 0.42 | 0.19 | 0.61 | (0.43) | — | (0.43) | 11.18 |
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) |
0.80% | $176,030 | 0.82% | 0.79% | 2.79% | 21% |
4.96 | 163,340 | 0.89 | 0.82 | 3.28 | 15 |
1.66 | 149,898 | 0.87 | 0.81 | 3.36 | 16 |
0.16 | 149,839 | 0.86 | 0.81 | 3.42 | 17 |
5.40 | 147,980 | 0.84 | 0.81 | 3.58 | 11 |
(0.09) | 12,261 | 1.62 | 1.59 | 1.99 | 21 |
4.13 | 12,340 | 1.69 | 1.62 | 2.48 | 15 |
0.87 | 12,587 | 1.67 | 1.61 | 2.55 | 16 |
(0.66) | 13,336 | 1.66 | 1.61 | 2.62 | 17 |
4.62 | 11,291 | 1.64 | 1.61 | 2.78 | 11 |
0.23 | 10,135 | 1.37 | 1.34 | 2.26 | 21 |
4.37 | 16,953 | 1.44 | 1.37 | 2.73 | 15 |
1.09 | 29,105 | 1.42 | 1.36 | 2.81 | 16 |
(0.39) | 34,786 | 1.41 | 1.36 | 2.87 | 17 |
4.84 | 40,611 | 1.39 | 1.36 | 3.03 | 11 |
1.02 | 82,558 | 0.62 | 0.59 | 2.98 | 21 |
5.17 | 67,936 | 0.69 | 0.62 | 3.46 | 15 |
1.89 | 46,609 | 0.67 | 0.61 | 3.56 | 16 |
0.28 | 39,048 | 0.66 | 0.61 | 3.62 | 17 |
5.61 | 35,164 | 0.64 | 0.61 | 3.79 | 11 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 4 – Portfolio Securities and Investments in Derivatives and the interest expense and fees paid on borrowings, as described in Note 8 - Borrowing Arrangements. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (05/87) | |||||||||
2020 | $10.92 | $0.31 | $(0.03) | $ 0.28 | $(0.29) | $ — | $(0.29) | $10.91 | |
2019 | 10.64 | 0.32 | 0.28 | 0.60 | (0.32) | — | (0.32) | 10.92 | |
2018 | 10.94 | 0.35 | (0.29) | 0.06 | (0.36) | — | (0.36) | 10.64 | |
2017 | 11.24 | 0.37 | (0.27) | 0.10 | (0.40) | — | (0.40) | 10.94 | |
2016 | 11.09 | 0.40 | 0.15 | 0.55 | (0.40) | — | (0.40) | 11.24 | |
Class C (02/14) | |||||||||
2020 | 10.92 | 0.22 | (0.03) | 0.19 | (0.20) | — | (0.20) | 10.91 | |
2019 | 10.64 | 0.23 | 0.28 | 0.51 | (0.23) | — | (0.23) | 10.92 | |
2018 | 10.94 | 0.26 | (0.28) | (0.02) | (0.28) | — | (0.28) | 10.64 | |
2017 | 11.23 | 0.28 | (0.26) | 0.02 | (0.31) | — | (0.31) | 10.94 | |
2016 | 11.08 | 0.31 | 0.15 | 0.46 | (0.31) | — | (0.31) | 11.23 | |
Class C2 (10/93) | |||||||||
2020 | 10.92 | 0.25 | (0.03) | 0.22 | (0.23) | — | (0.23) | 10.91 | |
2019 | 10.64 | 0.25 | 0.29 | 0.54 | (0.26) | — | (0.26) | 10.92 | |
2018 | 10.94 | 0.29 | (0.29) | — | (0.30) | — | (0.30) | 10.64 | |
2017 | 11.23 | 0.31 | (0.26) | 0.05 | (0.34) | — | (0.34) | 10.94 | |
2016 | 11.08 | 0.34 | 0.15 | 0.49 | (0.34) | — | (0.34) | 11.23 | |
Class I (02/97) | |||||||||
2020 | 10.91 | 0.33 | (0.03) | 0.30 | (0.31) | — | (0.31) | 10.90 | |
2019 | 10.64 | 0.34 | 0.27 | 0.61 | (0.34) | — | (0.34) | 10.91 | |
2018 | 10.94 | 0.37 | (0.28) | 0.09 | (0.39) | — | (0.39) | 10.64 | |
2017 | 11.23 | 0.39 | (0.26) | 0.13 | (0.42) | — | (0.42) | 10.94 | |
2016 | 11.09 | 0.42 | 0.15 | 0.57 | (0.43) | — | (0.43) | 11.23 |
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) |
2.55% | $261,330 | 0.93% | 0.78% | 2.78% | 13% |
5.74 | 270,776 | 0.97 | 0.79 | 2.97 | 25 |
0.57 | 272,191 | 0.86 | 0.78 | 3.24 | 27 |
0.94 | 287,149 | 0.80 | 0.78 | 3.40 | 12 |
5.05 | 300,288 | 0.80 | 0.79 | 3.62 | 10 |
1.73 | 7,584 | 1.73 | 1.58 | 1.98 | 13 |
4.91 | 7,232 | 1.77 | 1.59 | 2.17 | 25 |
(0.21) | 7,583 | 1.66 | 1.58 | 2.43 | 27 |
0.21 | 8,567 | 1.60 | 1.58 | 2.59 | 12 |
4.22 | 6,660 | 1.59 | 1.58 | 2.78 | 10 |
2.00 | 7,929 | 1.48 | 1.33 | 2.23 | 13 |
5.15 | 14,325 | 1.51 | 1.33 | 2.40 | 25 |
0.02 | 30,894 | 1.41 | 1.33 | 2.69 | 27 |
0.48 | 37,666 | 1.35 | 1.33 | 2.85 | 12 |
4.50 | 44,816 | 1.35 | 1.34 | 3.07 | 10 |
2.77 | 72,550 | 0.73 | 0.58 | 2.98 | 13 |
5.89 | 56,021 | 0.76 | 0.58 | 3.17 | 25 |
0.80 | 44,851 | 0.66 | 0.58 | 3.43 | 27 |
1.25 | 42,609 | 0.60 | 0.58 | 3.60 | 12 |
5.19 | 33,356 | 0.60 | 0.59 | 3.81 | 10 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 4 – Portfolio Securities and Investments in Derivatives and the interest expense and fees paid on borrowings, as described in Note 8 - Borrowing Arrangements. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (06/85) | |||||||||
2020 | $11.67 | $0.29 | $ 0.25 | $0.54 | $(0.29) | $ — | $(0.29) | $11.92 | |
2019 | 11.35 | 0.30 | 0.31 | 0.61 | (0.29) | — | (0.29) | 11.67 | |
2018 | 11.56 | 0.31 | (0.20) | 0.11 | (0.32) | — | (0.32) | 11.35 | |
2017 | 11.85 | 0.36 | (0.26) | 0.10 | (0.36) | (0.03) | (0.39) | 11.56 | |
2016 | 11.57 | 0.40 | 0.31 | 0.71 | (0.40) | (0.03) | (0.43) | 11.85 | |
Class C (02/14) | |||||||||
2020 | 11.63 | 0.19 | 0.25 | 0.44 | (0.19) | — | (0.19) | 11.88 | |
2019 | 11.31 | 0.21 | 0.31 | 0.52 | (0.20) | — | (0.20) | 11.63 | |
2018 | 11.53 | 0.22 | (0.21) | 0.01 | (0.23) | — | (0.23) | 11.31 | |
2017 | 11.82 | 0.26 | (0.25) | 0.01 | (0.27) | (0.03) | (0.30) | 11.53 | |
2016 | 11.55 | 0.30 | 0.31 | 0.61 | (0.31) | (0.03) | (0.34) | 11.82 | |
Class C2 (06/93) | |||||||||
2020 | 11.64 | 0.22 | 0.25 | 0.47 | (0.22) | — | (0.22) | 11.89 | |
2019 | 11.32 | 0.24 | 0.31 | 0.55 | (0.23) | — | (0.23) | 11.64 | |
2018 | 11.54 | 0.25 | (0.22) | 0.03 | (0.25) | — | (0.25) | 11.32 | |
2017 | 11.83 | 0.29 | (0.25) | 0.04 | (0.30) | (0.03) | (0.33) | 11.54 | |
2016 | 11.55 | 0.33 | 0.32 | 0.65 | (0.34) | (0.03) | (0.37) | 11.83 | |
Class I (02/97) | |||||||||
2020 | 11.65 | 0.31 | 0.25 | 0.56 | (0.31) | — | (0.31) | 11.90 | |
2019 | 11.33 | 0.32 | 0.32 | 0.64 | (0.32) | — | (0.32) | 11.65 | |
2018 | 11.55 | 0.33 | (0.21) | 0.12 | (0.34) | — | (0.34) | 11.33 | |
2017 | 11.84 | 0.38 | (0.26) | 0.12 | (0.38) | (0.03) | (0.41) | 11.55 | |
2016 | 11.56 | 0.42 | 0.31 | 0.73 | (0.42) | (0.03) | (0.45) | 11.84 |
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) |
4.66% | $120,780 | 0.83% | 0.80% | 2.46% | 10% |
5.49 | 116,693 | 0.86 | 0.82 | 2.66 | 16 |
0.94 | 112,969 | 0.86 | 0.82 | 2.72 | 10 |
0.91 | 120,270 | 0.86 | 0.83 | 3.05 | 16 |
6.26 | 114,390 | 0.84 | 0.83 | 3.39 | 5 |
3.84 | 10,443 | 1.63 | 1.60 | 1.66 | 10 |
4.67 | 10,199 | 1.66 | 1.62 | 1.85 | 16 |
0.06 | 11,758 | 1.66 | 1.62 | 1.92 | 10 |
0.11 | 10,565 | 1.66 | 1.63 | 2.25 | 16 |
5.38 | 8,697 | 1.64 | 1.63 | 2.55 | 5 |
4.09 | 3,006 | 1.38 | 1.35 | 1.91 | 10 |
4.89 | 4,506 | 1.41 | 1.37 | 2.08 | 16 |
0.27 | 11,807 | 1.41 | 1.37 | 2.17 | 10 |
0.35 | 13,234 | 1.41 | 1.38 | 2.51 | 16 |
5.73 | 20,615 | 1.39 | 1.38 | 2.85 | 5 |
4.88 | 148,589 | 0.63 | 0.60 | 2.66 | 10 |
5.72 | 123,326 | 0.66 | 0.62 | 2.85 | 16 |
1.06 | 93,181 | 0.66 | 0.62 | 2.92 | 10 |
1.12 | 74,199 | 0.66 | 0.63 | 3.25 | 16 |
6.49 | 52,273 | 0.64 | 0.63 | 3.58 | 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 NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 4 – Portfolio Securities and Investments in Derivatives and the interest expense and fees paid on borrowings, as described in Note 8 - Borrowing Arrangements. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (08/87) | |||||||||
2020 | $11.45 | $0.32 | $ 0.01 | $0.33 | $(0.35) | $ — | $(0.35) | $11.43 | |
2019 | 11.19 | 0.36 | 0.27 | 0.63 | (0.37) | — | (0.37) | 11.45 | |
2018 | 11.38 | 0.38 | (0.20) | 0.18 | (0.37) | — | (0.37) | 11.19 | |
2017 | 11.60 | 0.40 | (0.24) | 0.16 | (0.38) | — | (0.38) | 11.38 | |
2016 | 11.30 | 0.41 | 0.30 | 0.71 | (0.41) | — | (0.41) | 11.60 | |
Class C (02/14) | |||||||||
2020 | 11.40 | 0.23 | 0.01 | 0.24 | (0.26) | — | (0.26) | 11.38 | |
2019 | 11.14 | 0.27 | 0.27 | 0.54 | (0.28) | — | (0.28) | 11.40 | |
2018 | 11.33 | 0.29 | (0.20) | 0.09 | (0.28) | — | (0.28) | 11.14 | |
2017 | 11.56 | 0.30 | (0.24) | 0.06 | (0.29) | — | (0.29) | 11.33 | |
2016 | 11.26 | 0.32 | 0.30 | 0.62 | (0.32) | — | (0.32) | 11.56 | |
Class C2 (02/94) | |||||||||
2020 | 11.41 | 0.26 | 0.01 | 0.27 | (0.29) | — | (0.29) | 11.39 | |
2019 | 11.15 | 0.30 | 0.27 | 0.57 | (0.31) | — | (0.31) | 11.41 | |
2018 | 11.34 | 0.32 | (0.20) | 0.12 | (0.31) | — | (0.31) | 11.15 | |
2017 | 11.57 | 0.33 | (0.24) | 0.09 | (0.32) | — | (0.32) | 11.34 | |
2016 | 11.27 | 0.35 | 0.30 | 0.65 | (0.35) | — | (0.35) | 11.57 | |
Class I (02/97) | |||||||||
2020 | 11.43 | 0.35 | 0.02 | 0.37 | (0.38) | — | (0.38) | 11.42 | |
2019 | 11.18 | 0.39 | 0.26 | 0.65 | (0.40) | — | (0.40) | 11.43 | |
2018 | 11.37 | 0.40 | (0.19) | 0.21 | (0.40) | — | (0.40) | 11.18 | |
2017 | 11.59 | 0.42 | (0.23) | 0.19 | (0.41) | — | (0.41) | 11.37 | |
2016 | 11.30 | 0.44 | 0.29 | 0.73 | (0.44) | — | (0.44) | 11.59 |
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) |
3.00% | $311,195 | 0.77% | 0.77% | 2.82% | 11% |
5.69 | 267,631 | 0.78 | 0.78 | 3.26 | 17 |
1.64 | 230,518 | 0.78 | 0.78 | 3.38 | 18 |
1.45 | 220,958 | 0.78 | 0.78 | 3.47 | 17 |
6.43 | 220,195 | 0.79 | 0.79 | 3.62 | 9 |
2.08 | 22,911 | 1.57 | 1.57 | 2.02 | 11 |
4.96 | 19,534 | 1.58 | 1.58 | 2.46 | 17 |
0.83 | 18,629 | 1.58 | 1.58 | 2.58 | 18 |
0.56 | 18,663 | 1.58 | 1.58 | 2.67 | 17 |
5.62 | 15,483 | 1.58 | 1.58 | 2.78 | 9 |
2.43 | 6,350 | 1.32 | 1.32 | 2.28 | 11 |
5.15 | 9,688 | 1.33 | 1.33 | 2.71 | 17 |
1.10 | 19,076 | 1.33 | 1.33 | 2.84 | 18 |
0.83 | 22,211 | 1.33 | 1.33 | 2.93 | 17 |
5.89 | 27,930 | 1.34 | 1.34 | 3.08 | 9 |
3.22 | 294,393 | 0.57 | 0.57 | 3.02 | 11 |
5.93 | 259,964 | 0.58 | 0.58 | 3.46 | 17 |
1.86 | 243,589 | 0.58 | 0.58 | 3.58 | 18 |
1.66 | 229,036 | 0.58 | 0.58 | 3.67 | 17 |
6.56 | 230,050 | 0.59 | 0.59 | 3.82 | 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 NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 4 – Portfolio Securities and Investments in Derivatives and the interest expense and fees paid on borrowings, as described in Note 8 - Borrowing Arrangements. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (06/85) | |||||||||
2020 | $11.62 | $0.30 | $ 0.31 | $ 0.61 | $(0.29) | $ — | $(0.29) | $11.94 | |
2019 | 11.29 | 0.33 | 0.32 | 0.65 | (0.32) | — | (0.32) | 11.62 | |
2018 | 11.55 | 0.34 | (0.24) | 0.10 | (0.36) | — | (0.36) | 11.29 | |
2017 | 11.86 | 0.37 | (0.32) | 0.05 | (0.36) | — | (0.36) | 11.55 | |
2016 | 11.51 | 0.40 | 0.36 | 0.76 | (0.41) | — | (0.41) | 11.86 | |
Class C (02/14) | |||||||||
2020 | 11.55 | 0.21 | 0.31 | 0.52 | (0.20) | — | (0.20) | 11.87 | |
2019 | 11.22 | 0.23 | 0.33 | 0.56 | (0.23) | — | (0.23) | 11.55 | |
2018 | 11.48 | 0.24 | (0.23) | 0.01 | (0.27) | — | (0.27) | 11.22 | |
2017 | 11.80 | 0.27 | (0.33) | (0.06) | (0.26) | — | (0.26) | 11.48 | |
2016 | 11.46 | 0.30 | 0.36 | 0.66 | (0.32) | — | (0.32) | 11.80 | |
Class C2 (08/93) | |||||||||
2020 | 11.58 | 0.24 | 0.32 | 0.56 | (0.23) | — | (0.23) | 11.91 | |
2019 | 11.25 | 0.26 | 0.32 | 0.58 | (0.25) | — | (0.25) | 11.58 | |
2018 | 11.51 | 0.27 | (0.23) | 0.04 | (0.30) | — | (0.30) | 11.25 | |
2017 | 11.82 | 0.30 | (0.32) | (0.02) | (0.29) | — | (0.29) | 11.51 | |
2016 | 11.47 | 0.33 | 0.36 | 0.69 | (0.34) | — | (0.34) | 11.82 | |
Class I (02/97) | |||||||||
2020 | 11.58 | 0.32 | 0.32 | 0.64 | (0.32) | — | (0.32) | 11.90 | |
2019 | 11.24 | 0.35 | 0.32 | 0.67 | (0.33) | — | (0.33) | 11.58 | |
2018 | 11.51 | 0.36 | (0.24) | 0.12 | (0.39) | — | (0.39) | 11.24 | |
2017 | 11.83 | 0.39 | (0.33) | 0.06 | (0.38) | — | (0.38) | 11.51 | |
2016 | 11.48 | 0.42 | 0.36 | 0.78 | (0.43) | — | (0.43) | 11.83 |
Ratios/Supplemental Data | |||||
Ratios to Average Net Assets(c) | |||||
Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(d) | Expenses Excluding Interest | Net Investment Income (Loss) | Portfolio Turnover Rate(e) |
5.35% | $342,227 | 0.78% | 0.77% | 2.57% | 13% |
5.84 | 321,256 | 0.79 | 0.79 | 2.89 | 13 |
0.92 | 306,232 | 0.78 | 0.78 | 2.94 | 16 |
0.43 | 304,829 | 0.78 | 0.78 | 3.15 | 11 |
6.68 | 302,097 | 0.79 | 0.79 | 3.41 | 9 |
4.52 | 19,914 | 1.58 | 1.57 | 1.77 | 13 |
5.02 | 20,574 | 1.59 | 1.59 | 2.09 | 13 |
0.13 | 21,720 | 1.58 | 1.58 | 2.14 | 16 |
(0.46) | 23,572 | 1.58 | 1.58 | 2.35 | 11 |
5.80 | 16,122 | 1.58 | 1.58 | 2.55 | 9 |
4.87 | 11,914 | 1.33 | 1.32 | 2.03 | 13 |
5.24 | 18,481 | 1.33 | 1.33 | 2.34 | 13 |
0.34 | 34,583 | 1.33 | 1.33 | 2.39 | 16 |
(0.14) | 41,936 | 1.33 | 1.33 | 2.60 | 11 |
6.10 | 57,127 | 1.34 | 1.34 | 2.87 | 9 |
5.59 | 308,803 | 0.58 | 0.57 | 2.77 | 13 |
6.12 | 272,612 | 0.59 | 0.59 | 3.09 | 13 |
1.04 | 233,238 | 0.58 | 0.58 | 3.14 | 16 |
0.55 | 218,069 | 0.58 | 0.58 | 3.35 | 11 |
6.92 | 207,480 | 0.59 | 0.59 | 3.60 | 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 NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense reimbursement during the periods presented herein. See Note 7 - Management Fees and Other Transactions with Affiliates for more information. |
(d) | 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 4 – Portfolio Securities and Investments in Derivatives and the interest expense and fees paid on borrowings, as described in Note 8 - Borrowing Arrangements. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended May 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | |
Class A (06/94) | |||||||||
2020 | $10.79 | $0.31 | $(0.10) | $ 0.21 | $(0.29) | $ — | $(0.29) | $10.71 | |
2019 | 10.48 | 0.33 | 0.32 | 0.65 | (0.34) | — | (0.34) | 10.79 | |
2018 | 10.60 | 0.34 | (0.12) | 0.22 | (0.34) | — | (0.34) | 10.48 | |
2017 | 11.01 | 0.35 | (0.41) | (0.06) | (0.35) | — | (0.35) | 10.60 | |
2016 | 10.78 | 0.38 | 0.23 | 0.61 | (0.38) | — | (0.38) | 11.01 | |
Class C (02/14) | |||||||||
2020 | 10.79 | 0.22 | (0.10) | 0.12 | (0.20) | — | (0.20) | 10.71 | |
2019 | 10.48 | 0.24 | 0.32 | 0.56 | (0.25) | — | (0.25) | 10.79 | |
2018 | 10.60 | 0.26 | (0.13) | 0.13 | (0.25) | — | (0.25) | 10.48 | |
2017 | 11.01 | 0.26 | (0.41) | (0.15) | (0.26) | — | (0.26) | 10.60 | |
2016 | 10.79 | 0.28 | 0.24 | 0.52 | (0.30) | — | (0.30) | 11.01 | |
Class C2 (02/97) | |||||||||
2020 | 10.80 | 0.25 | (0.10) | 0.15 | (0.23) | — | (0.23) | 10.72 | |
2019 | 10.49 | 0.27 | 0.32 | 0.59 | (0.28) | — | (0.28) | 10.80 | |
2018 | 10.61 | 0.29 | (0.13) | 0.16 | (0.28) | — | (0.28) | 10.49 | |
2017 | 11.02 | 0.29 | (0.41) | (0.12) | (0.29) | — | (0.29) | 10.61 | |
2016 | 10.79 | 0.32 | 0.23 | 0.55 | (0.32) | — | (0.32) | 11.02 | |
Class I (02/97) | |||||||||
2020 | 10.81 | 0.33 | (0.11) | 0.22 | (0.31) | — | (0.31) | 10.72 | |
2019 | 10.50 | 0.35 | 0.32 | 0.67 | (0.36) | — | (0.36) | 10.81 | |
2018 | 10.63 | 0.37 | (0.14) | 0.23 | (0.36) | — | (0.36) | 10.50 | |
2017 | 11.04 | 0.37 | (0.41) | (0.04) | (0.37) | — | (0.37) | 10.63 | |
2016 | 10.81 | 0.40 | 0.24 | 0.64 | (0.41) | — | (0.41) | 11.04 |
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) |
1.93% | $82,985 | 0.93% | 0.84% | 2.85% | 23% |
6.29 | 77,040 | 0.93 | 0.88 | 3.11 | 26 |
2.08 | 53,569 | 0.88 | 0.88 | 3.27 | 17 |
(0.54) | 56,228 | 0.86 | 0.86 | 3.23 | 21 |
5.80 | 57,828 | 0.86 | 0.86 | 3.46 | 10 |
1.11 | 9,205 | 1.73 | 1.64 | 2.05 | 23 |
5.45 | 8,690 | 1.73 | 1.68 | 2.31 | 26 |
1.27 | 5,566 | 1.68 | 1.68 | 2.47 | 17 |
(1.32) | 6,303 | 1.66 | 1.66 | 2.43 | 21 |
4.89 | 5,565 | 1.66 | 1.66 | 2.62 | 10 |
1.37 | 3,905 | 1.48 | 1.39 | 2.28 | 23 |
5.69 | 5,947 | 1.48 | 1.43 | 2.58 | 26 |
1.50 | 8,836 | 1.43 | 1.43 | 2.72 | 17 |
(1.09) | 9,907 | 1.41 | 1.41 | 2.68 | 21 |
5.21 | 12,704 | 1.42 | 1.42 | 2.92 | 10 |
2.03 | 61,377 | 0.73 | 0.64 | 3.04 | 23 |
6.52 | 69,305 | 0.73 | 0.68 | 3.32 | 26 |
2.21 | 52,835 | 0.68 | 0.68 | 3.46 | 17 |
(0.32) | 50,317 | 0.67 | 0.67 | 3.43 | 21 |
6.01 | 41,742 | 0.66 | 0.66 | 3.64 | 10 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, 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 4 – Portfolio Securities and Investments in Derivatives and the interest expense and fees paid on borrowings, as described in Note 8 - Borrowing Arrangements. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Kansas | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $270,695,700 | $ — | $270,695,700 |
Common Stocks | — | 3,436,587** | — | 3,436,587 |
Total | $ — | $274,132,287 | $ — | $274,132,287 |
Kentucky | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $364,781,047 | $ — | $364,781,047 |
Michigan | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $278,599,646 | $ — | $278,599,646 |
Missouri | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $620,814,122 | $ — | $620,814,122 |
Short-Term Investments*: | ||||
Municipal Bonds | — | 1,015,000 | — | 1,015,000 |
Total | $ — | $621,829,122 | $ — | $621,829,122 |
Ohio | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $651,638,302 | $ — | $651,638,302 |
Common Stocks | — | 13,429,454** | — | 13,429,454 |
Total | $ — | $665,067,756 | $ — | $665,067,756 |
Wisconsin | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $158,157,384 | $ — | $158,157,384 |
Common Stocks | — | 3,866,286** | — | 3,866,286 |
Total | $ — | $162,023,670 | $ — | $162,023,670 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
** | Refer to the Fund's Portfolio of Investments for securities classified as Level 2. |
Floating Rate Obligations Outstanding | Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin |
Floating rate obligations: self-deposited Inverse Floaters | $ — | $29,845,000 | $4,700,000 | $ — | $ — | $8,020,000 |
Floating rate obligations: externally-deposited Inverse Floaters | — | 7,190,000 | 3,150,000 | — | 13,125,000 | 750,000 |
Total | $ — | $37,035,000 | $7,850,000 | $ — | $13,125,000 | $8,770,000 |
Self-Deposited Inverse Floaters | Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin |
Average floating rate obligations outstanding | $3,643,456 | $29,845,000 | $4,700,000 | $ — | $ — | $8,020,000 |
Average annual interest rate and fees | 1.99% | 1.85% | 1.81% | —% | —% | 1.87% |
Floating Rate Obligations - Recourse Trusts | Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin |
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | $ — | $29,845,000 | $4,700,000 | $ — | $ — | $8,020,000 |
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | — | 7,190,000 | 3,150,000 | — | 13,125,000 | 750,000 |
Total | $ — | $37,035,000 | $7,850,000 | $ — | $13,125,000 | $8,770,000 |
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |
Purchases | $79,969,108 | $49,558,333 | $56,726,400 | $142,293,788 | $124,998,053 | $49,610,156 |
Sales and maturities | 56,531,067 | 51,988,879 | 26,630,072 | 63,290,797 | 85,909,714 | 39,727,288 |
Year Ended 5/31/20 | Year Ended 5/31/19 | ||||
Kansas | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 2,980,758 | $ 31,920,031 | 2,946,016 | $ 31,073,544 | |
Class A – automatic conversion of Class C2 Shares | 9,805 | 104,923 | 85,916 | 908,992 | |
Class C | 232,289 | 2,490,836 | 171,265 | 1,806,146 | |
Class C2 | 3,414 | 35,178 | 16,848 | 175,760 | |
Class I | 2,374,515 | 25,555,631 | 2,909,413 | 30,930,293 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 411,976 | 4,403,134 | 395,336 | 4,179,486 | |
Class C | 22,750 | 242,686 | 25,404 | 267,929 | |
Class C2 | 26,783 | 286,468 | 43,491 | 459,134 | |
Class I | 166,961 | 1,790,238 | 124,828 | 1,325,081 | |
6,229,251 | 66,829,125 | 6,718,517 | 71,126,365 | ||
Shares redeemed: | |||||
Class A | (1,856,914) | (19,556,029) | (2,414,312) | (25,473,372) | |
Class C | (236,644) | (2,527,922) | (239,740) | (2,521,343) | |
Class C2 | (634,811) | (6,773,394) | (1,153,347) | (12,186,277) | |
Class C2 – automatic conversion to Class A Shares | (9,815) | (104,923) | (85,997) | (908,992) | |
Class I | (1,014,134) | (10,772,652) | (1,129,972) | (11,951,929) | |
(3,752,318) | (39,734,920) | (5,023,368) | (53,041,913) | ||
Net increase (decrease) | 2,476,933 | $ 27,094,205 | 1,695,149 | $ 18,084,452 |
Year Ended 5/31/20 | Year Ended 5/31/19 | ||||
Kentucky | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 1,605,853 | $ 17,717,137 | 2,682,262 | $ 28,528,086 | |
Class A – automatic conversion of Class C2 Shares | — | — | 70,482 | 748,519 | |
Class C | 137,721 | 1,520,989 | 118,379 | 1,257,054 | |
Class C2 | 981 | 10,808 | 2,233 | 23,709 | |
Class I | 2,270,234 | 25,108,106 | 2,132,800 | 22,786,434 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 575,904 | 6,342,468 | 677,159 | 7,198,300 | |
Class C | 11,392 | 125,394 | 13,157 | 139,810 | |
Class C2 | 17,218 | 189,717 | 35,972 | 382,151 | |
Class I | 136,392 | 1,499,538 | 100,808 | 1,071,481 | |
4,755,695 | 52,514,157 | 5,833,252 | 62,135,544 | ||
Shares redeemed: | |||||
Class A | (3,019,723) | (33,288,653) | (4,217,752) | (44,748,708) | |
Class C | (116,171) | (1,276,003) | (181,943) | (1,927,636) | |
Class C2 | (602,871) | (6,655,243) | (1,560,018) | (16,575,820) | |
Class C2 – automatic conversion to Class A Shares | — | — | (70,482) | (748,519) | |
Class I | (883,291) | (9,656,235) | (1,317,315) | (13,898,583) | |
(4,622,056) | (50,876,134) | (7,347,510) | (77,899,266) | ||
Net increase (decrease) | 133,639 | $ 1,638,023 | (1,514,258) | $(15,763,722) |
Year Ended 5/31/20 | Year Ended 5/31/19 | ||||
Michigan | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 1,334,334 | $ 15,763,016 | 1,801,122 | $ 20,412,417 | |
Class A – automatic conversion of Class C Shares | — | — | 11 | 119 | |
Class A – automatic conversion of Class C2 Shares | — | — | 70,271 | 796,061 | |
Class C | 212,829 | 2,503,497 | 133,281 | 1,510,811 | |
Class C2 | 954 | 11,255 | 1,807 | 20,436 | |
Class I | 5,015,974 | 59,159,176 | 4,689,708 | 53,349,615 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 171,089 | 2,021,898 | 183,487 | 2,081,883 | |
Class C | 11,908 | 140,275 | 13,465 | 152,302 | |
Class C2 | 3,320 | 39,153 | 6,083 | 68,828 | |
Class I | 289,773 | 3,421,206 | 218,907 | 2,482,753 | |
7,040,181 | 83,059,476 | 7,118,142 | 80,875,225 | ||
Shares redeemed: | |||||
Class A | (1,371,131) | (16,131,194) | (2,009,528) | (22,714,092) | |
Class C | (222,443) | (2,619,916) | (309,283) | (3,471,411) | |
Class C – automatic conversion to Class A Shares | — | — | (11) | (119) | |
Class C2 | (138,499) | (1,632,976) | (593,116) | (6,705,599) | |
Class C2 – automatic conversion to Class A Shares | — | — | (70,397) | (796,061) | |
Class I | (3,402,856) | (39,803,407) | (2,546,353) | (28,732,969) | |
(5,134,929) | (60,187,493) | (5,528,688) | (62,420,251) | ||
Net increase (decrease) | 1,905,252 | $ 22,871,983 | 1,589,454 | $ 18,454,974 |
Year Ended 5/31/20 | Year Ended 5/31/19 | ||||
Missouri | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 5,651,910 | $ 65,132,702 | 4,955,465 | $ 55,310,419 | |
Class A – automatic conversion of Class C2 Shares | 2,330 | 26,731 | 50,204 | 560,772 | |
Class C | 522,854 | 6,012,215 | 371,324 | 4,125,366 | |
Class C2 | 1,111 | 12,762 | 1,899 | 21,098 | |
Class I | 6,783,375 | 77,760,713 | 5,508,107 | 61,514,103 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 714,185 | 8,228,464 | 665,135 | 7,423,915 | |
Class C | 36,559 | 419,443 | 36,287 | 403,244 | |
Class C2 | 14,781 | 169,755 | 25,422 | 282,467 | |
Class I | 396,884 | 4,566,679 | 334,706 | 3,731,624 | |
14,123,989 | 162,329,464 | 11,948,549 | 133,373,008 | ||
Shares redeemed: | |||||
Class A | (2,522,054) | (28,865,629) | (2,898,978) | (32,190,448) | |
Class C | (260,397) | (2,969,162) | (366,291) | (4,062,584) | |
Class C2 | (305,413) | (3,514,819) | (838,726) | (9,322,660) | |
Class C2 – automatic conversion to Class A Shares | (2,338) | (26,731) | (50,384) | (560,772) | |
Class I | (4,127,129) | (47,275,752) | (4,904,180) | (54,449,797) | |
(7,217,331) | (82,652,093) | (9,058,559) | (100,586,261) | ||
Net increase (decrease) | 6,906,658 | $ 79,677,371 | 2,889,990 | $ 32,786,747 |
Year Ended 5/31/20 | Year Ended 5/31/19 | ||||
Ohio | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 5,106,972 | $ 59,939,208 | 5,514,248 | $ 62,176,474 | |
Class A – automatic conversion of Class C2 Shares | 4,041 | 47,406 | 108,513 | 1,224,431 | |
Class C | 236,151 | 2,754,472 | 288,665 | 3,239,574 | |
Class C2 | 3,977 | 46,570 | 33,462 | 378,948 | |
Class I | 6,122,397 | 71,716,915 | 7,082,938 | 79,831,644 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 594,179 | 6,986,133 | 628,097 | 7,105,857 | |
Class C | 25,130 | 293,778 | 32,265 | 362,691 | |
Class C2 | 17,794 | 208,531 | 33,512 | 377,416 | |
Class I | 470,065 | 5,508,702 | 426,076 | 4,805,231 | |
12,580,706 | 147,501,715 | 14,147,776 | 159,502,266 | ||
Shares redeemed: | |||||
Class A | (4,703,760) | (54,904,010) | (5,731,924) | (64,584,227) | |
Class C | (365,532) | (4,264,508) | (475,200) | (5,354,132) | |
Class C2 | (612,844) | (7,162,573) | (1,436,471) | (16,147,981) | |
Class C2 – automatic conversion to Class A Shares | (4,055) | (47,406) | (108,818) | (1,224,431) | |
Class I | (4,190,193) | (48,663,767) | (4,705,695) | (52,781,761) | |
(9,876,384) | (115,042,264) | (12,458,108) | (140,092,532) | ||
Net increase (decrease) | 2,704,322 | $ 32,459,451 | 1,689,668 | $ 19,409,734 |
Year Ended 5/31/20 | Year Ended 5/31/19 | ||||
Wisconsin | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 1,035,793 | $ 11,260,793 | 2,838,878 | $ 30,000,404 | |
Class A – automatic conversion of Class C2 Shares | 15,471 | 165,829 | 11,764 | 123,407 | |
Class C | 145,617 | 1,588,219 | 392,110 | 4,127,348 | |
Class C2 | 502 | 5,456 | 7,335 | 78,765 | |
Class I | 1,510,954 | 16,450,617 | 2,917,383 | 30,855,130 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 201,904 | 2,191,029 | 179,315 | 1,888,875 | |
Class C | 15,922 | 172,762 | 16,410 | 172,811 | |
Class C2 | 8,232 | 89,453 | 14,459 | 152,215 | |
Class I | 142,260 | 1,547,818 | 122,506 | 1,293,233 | |
3,076,655 | 33,471,976 | 6,500,160 | 68,692,188 | ||
Shares redeemed: | |||||
Class A | (644,224) | (6,882,308) | (998,534) | (10,435,442) | |
Class C | (107,438) | (1,170,969) | (133,974) | (1,406,596) | |
Class C2 | (179,667) | (1,955,580) | (301,507) | (3,161,964) | |
Class C2 – automatic conversion to Class A Shares | (15,457) | (165,829) | (11,753) | (123,407) | |
Class I | (2,340,768) | (25,000,756) | (1,656,902) | (17,414,942) | |
(3,287,554) | (35,175,442) | (3,102,670) | (32,542,351) | ||
Net increase (decrease) | (210,899) | $ (1,703,466) | 3,397,490 | $ 36,149,837 |
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |
Tax cost of investments | $269,240,224 | $317,086,348 | $256,201,944 | $589,889,466 | $615,487,950 | $148,976,207 |
Gross unrealized: | ||||||
Appreciation | $ 10,474,316 | $ 18,430,537 | $ 18,272,845 | $ 37,674,885 | $ 51,487,926 | $ 7,269,938 |
Depreciation | (5,582,253) | (580,801) | (576,004) | (5,735,229) | (1,908,120) | (2,242,464) |
Net unrealized appreciation (depreciation) of investments | $ 4,892,063 | $ 17,849,736 | $ 17,696,841 | $ 31,939,656 | $ 49,579,806 | $ 5,027,474 |
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |
Undistributed net tax-exempt income1 | $323,767 | $480,494 | $362,929 | $961,928 | $ 620,539 | $693,118 |
Undistributed net ordinary income2 | 2,127 | — | — | — | 58,376 | 9,624 |
Undistributed net long-term capital gains | — | — | — | — | 1,918,463 | — |
1 | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period May 1, 2020 through May 31, 2020, and paid on June 1, 2020. |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
2020 | Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin |
Distributions from net tax-exempt income3 | $8,137,366 | $9,204,418 | $6,825,227 | $18,564,440 | $16,867,780 | $4,592,508 |
Distributions from net ordinary income2 | — | — | — | 135,185 | — | 5,384 |
Distributions from net long-term capital gains | — | — | — | — | — | — |
2019 | Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin |
Distributions from net tax-exempt income | $7,270,352 | $10,128,837 | $6,007,507 | $17,091,360 | $16,818,479 | $4,173,499 |
Distributions from net ordinary income2 | 171,740 | — | — | 281,045 | 24,471 | — |
Distributions from net long-term capital gains | — | — | — | — | — | — |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
3 | The Funds hereby designate these amounts paid during the fiscal year ended May 31, 2020, as Exempt Interest Dividends. |
Kansas | Kentucky | Michigan | Missouri | Wisconsin | |
Not subject to expiration: | |||||
Short-term | $4,279,528 | $2,426,308 | $354,823 | $4,622,900 | $2,424,772 |
Long-term | 2,602,842 | 3,470,417 | 327,513 | 455,091 | 3,328,284 |
Total | $6,882,370 | $5,896,725 | $682,336 | $5,077,991 | $5,753,056 |
Michigan | Ohio | |
Utilized capital loss carryforwards | $434,318 | $1,501,091 |
Average Daily Net Assets | Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin |
For the first $125 million | 0.3500% | 0.3500% | 0.3500% | 0.3500% | 0.3500% | 0.3500% |
For the next $125 million | 0.3375 | 0.3375 | 0.3375 | 0.3375 | 0.3375 | 0.3375 |
For the next $250 million | 0.3250 | 0.3250 | 0.3250 | 0.3250 | 0.3250 | 0.3250 |
For the next $500 million | 0.3125 | 0.3125 | 0.3125 | 0.3125 | 0.3125 | 0.3125 |
For the next $1 billion | 0.3000 | 0.3000 | 0.3000 | 0.3000 | 0.3000 | 0.3000 |
For the next $3 billion | 0.2750 | 0.2750 | 0.2750 | 0.2750 | 0.2750 | 0.2750 |
For the next $5 billion | 0.2500 | 0.2500 | 0.2500 | 0.2500 | 0.2500 | 0.2500 |
For net assets over $10 billion | 0.2375 | 0.2375 | 0.2375 | 0.2375 | 0.2375 | 0.2375 |
Complex-Level Eligible Asset Breakpoint Level* | Effective Complex-Level Fee Rate at Breakpoint Level |
$55 billion | 0.2000% |
$56 billion | 0.1996 |
$57 billion | 0.1989 |
$60 billion | 0.1961 |
$63 billion | 0.1931 |
$66 billion | 0.1900 |
$71 billion | 0.1851 |
$76 billion | 0.1806 |
$80 billion | 0.1773 |
$91 billion | 0.1691 |
$125 billion | 0.1599 |
$200 billion | 0.1505 |
$250 billion | 0.1469 |
$300 billion | 0.1445 |
Fund | Complex-Level Fee |
Kansas | 0.1587% |
Kentucky | 0.1587% |
Michigan | 0.1587% |
Missouri | 0.1678% |
Ohio | 0.1620% |
Wisconsin | 0.1587% |
Cross-Trades | Kentucky | Michigan | Missouri | Ohio | Wisconsin |
Purchases | $8,335,145 | $705,540 | $7,602,689 | $470,360 | $2,068,909 |
Sales | 9,039,451 | 744,083 | 6,660,230 | 496,055 | — |
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |
Sales charges collected (Unaudited) | $318,436 | $180,582 | $115,582 | $856,037 | $397,119 | $100,430 |
Paid to financial intermediaries (Unaudited) | 302,005 | 166,765 | 109,860 | 795,059 | 381,620 | 95,488 |
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |
Commission advances (Unaudited) | $215,000 | $92,000 | $90,193 | $455,508 | $304,235 | $75,401 |
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |
12b-1 fees retained (Unaudited) | $18,850 | $15,910 | $14,399 | $45,049 | $28,470 | $26,642 |
Kansas | Kentucky | Michigan | Missouri | Ohio | Wisconsin | |
CDSC retained (Unaudited) | $12,295 | $4,603 | $8,559 | $19,668 | $12,036 | $5,749 |
Kentucky | Ohio | Wisconsin | |
Maximum outstanding balance | $2,721,788 | $12,900,000 | $1,235,058 |
Kentucky | Ohio | Wisconsin | |
Utilization period (days outstanding) | 2 | 8 | 2 |
Average daily balance outstanding | $2,721,788 | $12,825,000 | $1,235,058 |
Average annual interest rate | 2.76% | 2.09% | 2.76% |
• | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to enhance the shareholder outcomes through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new share classes; reviewing and updating investment policies and benchmarks; closing funds to new investments; rebranding the exchange-traded fund (“ETF”) product line; and integrating certain investment teams and changing the portfolio managers serving various funds; |
• | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds; |
• | Liquidity Management – implementing the liquidity risk management program which was designed to assess and manage the liquidity risk of the Nuveen funds. The Board noted that this program was particularly helpful in addressing the high volatility and liquidity challenges that arose in the market, particularly for the high yield municipal sector, during the first half of 2020; |
• | Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, strengthen key compliance program elements and support international business growth and other objectives through, among other things, integrating various investment teams across affiliates, consolidating marketing review functions, enhancing compliance related technologies and establishing and maintaining shared broad-based compliance policies throughout the organization and its affiliates; |
• | Risk Management and Valuation Services – continuing efforts to provide Nuveen with a more disciplined and consistent approach to identifying and mitigating the firm’s operational risks through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates and adopting a risk operational framework across the complex; |
• | Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams; |
• | Government Relations – continuing efforts of various Nuveen teams and affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented; |
• | Business Continuity, Disaster Recovery and Information Services – continuing to periodically test business continuity and disaster recovery plans, maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports; and |
• | Expanded Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and investing resources to develop systems to assist in the process for newer products such as target term funds and ETFs. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee |
Independent Trustees: | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Chairman and Trustee | 2008 | Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Fulcrum IT Services LLC (2010-2019); formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 154 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, a private philanthropic corporation; Director and Chairman, United Fire Group, a publicly held company; Director, Public member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy and The Gazette Company; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 154 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee |
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director of Wellmark, Inc. (since 2009); past Director (2005-2015), and past President (2010- 2014) Beta Gamma Sigma, Inc., The International Business Honor Society; formerly, Director (2004-2018) of Xerox Corporation; Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 154 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions; formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation. | 154 |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2013 | Member of Board of Directors of Core12 LLC. (since 2008), a private firm which develops branding, marketing and communications strategies for clients; served The President's Council of Fordham University (2010-2019) and previously a Director of the Curran Center for Catholic American Studies (2009-2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012-2014); former Chair of the Board of Trustees of Marian University (2010-2014 as trustee, 2011-2014 as Chair); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007-2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007. | 154 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1997 | Board Member, Land Trust Alliance (since 2013); formerly, Board Member, U.S. Endowment for Forestry and Communities (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 154 |
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2007 | Former Director, Chicago Board Options Exchange (2006-2017), and C2 Options Exchange, Incorporated (2009-2017); former Director, Cboe Global Markets, Inc., formerly, CBOE Holdings, Inc. (2010-May 2020); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 154 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee |
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 154 |
Robert L. Young 1963 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). | 154 |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (2) | Principal Occupation(s) During Past 5 Years | |
Officers of the Funds: | ||||
Greg A. Bottjer 1971 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2016 | Senior (since 2017) Managing Director (since 2011), formerly, Senior Vice President (2007-2010) of Nuveen; Senior (since 2017) Managing Director (since 2016) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Assistant Secretary | 2013 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2016) and Nuveen Fund Advisors (since 2017); Vice President and Associate General Counsel of Nuveen (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since 2018). | |
Diana R. Gonzalez 1978 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2017 | Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC (since 2017); Vice President and Associate General Counsel of Nuveen (since 2017); Associate General Counsel of Jackson National Asset Management (2012-2017). | |
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Managing Director (since 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011- 2016) of Nuveen; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | Managing Director (since 2017), formerly, Senior Vice President (2008-2017) of Nuveen Investments Holdings, Inc. | |
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Managing Director (since 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (2) | Principal Occupation(s) During Past 5 Years | |
Brian J. Lockhart 1974 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2019 | Managing Director (since 2019) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), formerly, Vice President (2010-2017) of Nuveen; Head of Investment Oversight (since 2017), formerly, Team Leader of Manager Oversight (2015-2017); Chartered Financial Analyst and Certified Financial Risk Manager. | |
Jacques M. Longerstaey 1963 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2019 | Senior Managing Director, Chief Risk Officer, Nuveen, LLC (since May 2019); Senior Managing Director (since May 2019) of Nuveen Fund Advisors, LLC; formerly, Chief Investment and Model Risk Officer, Wealth & Investment Management Division, Wells Fargo Bank (NA) (from 2013-2019). | |
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2007 | Senior Managing Director (since 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management, LLC, Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010). Senior Managing Director (since 2017) and Secretary (since 2016) of Nuveen Alternative Investments, LLC. | |
Jon Scott Meissner 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | Vice President | 2019 | Managing Director of Mutual Fund Tax and Financial Reporting groups at Nuveen (since 2017); Managing Director of Nuveen Fund Advisors, LLC (since 2019); Senior Director of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC (since 2016); Senior Director (since 2015) Mutual Fund Taxation to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the CREF Accounts; has held various positions with TIAA since 2004. | |
Deann D. Morgan 1969 100 Park Avenue New York, NY 10016 | Vice President | 2020 | Executive Vice President, Global Head of Product at Nuveen (since November 2019); Co-Chief Executive Officer of Nuveen Securities, LLC (since March 2020); Managing Member MDR Collaboratory LLC (since 2018); Managing Director, Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017). | |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), formerly, Senior Vice President (2016-2017), Co-General Counsel (since 2019) and Assistant Secretary (since 2016) of Nuveen Fund Advisors, LLC; Managing Director (since 2017), formerly, Senior Vice President (2012-2017) and Associate General Counsel (since 2016), formerly, Assistant General Counsel (2008-2016) of Nuveen. | |
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2017 | Managing Director (since 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (2) | Principal Occupation(s) During Past 5 Years | |
E. Scott Wickerham 1973 TIAA 730 Third Avenue New York, NY 10017 | Vice President and Controller | 2019 | Senior Managing Director, Head of Fund Administration at Nuveen, LLC (since 2019), formerly, Managing Director; Senior Managing Director (since 2019), Nuveen Fund Advisors, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) to the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and the Treasurer (since 2017) to the CREF Accounts; Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. | |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 1988 | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC ; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst. |
Serving Investors for Generations
ITEM 2. | CODE OF ETHICS. |
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans and William C. Hunter, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Hunter was formerly a Senior Vice President at the Federal Reserve Bank of Chicago. As part of his role as Senior Vice President, Mr. Hunter was the senior officer responsible for all operations of each of the Economic Research, Statistics, and Community and Consumer Affairs units at the Federal Reserve Bank of Chicago. In such capacity, Mr. Hunter oversaw the subunits of the Statistics and Community and Consumer Affairs divisions responsible for the analysis and evaluation of bank and bank holding company financial statements and financial filings. Prior to serving as Senior Vice President at the Federal Reserve Bank of Chicago, Mr. Hunter was the Vice President of the Financial Markets unit at the Federal Reserve Bank of Atlanta where he supervised financial staff and bank holding company analysts who analyzed and evaluated bank and bank holding company financial statements. Mr. Hunter also currently serves on the Boards of Directors of Xerox Corporation and Wellmark, Inc. as well as on the Audit Committees of such Boards. As an Audit Committee member, Mr. Hunter’s responsibilities include, among other things, reviewing financial statements, internal audits and internal controls over financial reporting. Mr. Hunter also formerly was a Professor of Finance at the University of Connecticut School of Business and has authored numerous scholarly articles on the topics of finance, accounting and economics.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The following tables show the amount of fees that PricewaterhouseCoopers LLP, the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP, provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in her absence, any other member of the Audit Committee).
Fiscal Year Ended May 31, 2020 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Kansas Municipal Bond Fund | 30,725 | 0 | 0 | 0 | ||||||||||||
Nuveen Kentucky Municipal Bond Fund | 30,955 | 0 | 0 | 0 | ||||||||||||
Nuveen Missouri Municipal Bond Fund | 31,895 | 0 | 417 | 0 | ||||||||||||
Nuveen Michigan Municipal Bond Fund | 30,705 | 0 | 0 | 0 | ||||||||||||
Nuveen Ohio Municipal Bond Fund | 32,065 | 0 | 0 | 0 | ||||||||||||
Nuveen Wisconsin Municipal Bond Fund | 30,335 | 0 | 0 | 0 | ||||||||||||
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Total | $ | 186,680 | $ | 0 | $ | 417 | $ | 0 |
1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Kansas Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Kentucky Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Missouri Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Michigan Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Ohio Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Wisconsin Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Fiscal Year Ended May 31, 2019 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Kansas Municipal Bond Fund | 30,065 | 0 | 0 | 0 | ||||||||||||
Nuveen Kentucky Municipal Bond Fund | 30,430 | 0 | 0 | 0 | ||||||||||||
Nuveen Missouri Municipal Bond Fund | 31,175 | 0 | 0 | 0 | ||||||||||||
Nuveen Michigan Municipal Bond Fund | 30,015 | 0 | 0 | 0 | ||||||||||||
Nuveen Ohio Municipal Bond Fund | 31,535 | 0 | 0 | 0 | ||||||||||||
Nuveen Wisconsin Municipal Bond Fund | 29,635 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 182,855 | $ | 0 | $ | 0 | $ | 0 |
1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen Kansas Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Kentucky Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Missouri Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Michigan Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Ohio Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Wisconsin Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % |
Fiscal Year Ended May 31, 2020 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen Multistate Trust IV | $ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
0 | % | 0 | % | 0 | % | |||||||
Fiscal Year Ended May 31, 2019 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen Multistate Trust IV | $ | 0 | $ | 0 | $ | 0 | ||||||
Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
0 | % | 0 | % | 0 | % |
Fiscal Year Ended May 31, 2020 | Total Non-Audit Fees Billed to Trust | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Kansas Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Kentucky Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Missouri Municipal Bond Fund | 417 | 0 | 0 | 417 | ||||||||||||
Nuveen Michigan Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Ohio Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Wisconsin Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 417 | $ | 0 | $ | 0 | $ | 417 |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Fiscal Year Ended May 31, 2019 | Total Non-Audit Fees Billed to Trust | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen Kansas Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Kentucky Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Missouri Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Michigan Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Ohio Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Wisconsin Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to this registrant.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
a) | See Portfolio of Investments in Item 1. |
b) | Not applicable. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to this registrant.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
File the exhibits listed below as part of this Form.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Multistate Trust IV
By (Signature and Title) | /s/ Christopher M. Rohrbacher | |
Christopher M. Rohrbacher | ||
Vice President and Secretary |
Date: August 6, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Greg A. Bottjer | |
Greg A. Bottjer | ||
Chief Administrative Officer | ||
(principal executive officer) |
Date: August 6, 2020
By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham | ||
Vice President and Controller | ||
(principal financial officer) |
Date: August 6, 2020