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 811-07755
Nuveen Multistate Trust II
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Mark J. Czarniecki
Vice President and Assistant 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: February 29
Date of reporting period: February 29, 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 Connecticut Municipal Bond Fund | FCTTX | FDCDX | FCTCX | FCTRX |
Nuveen Massachusetts Municipal Bond Fund | NMAAX | NAAGX | NMACX | NBMAX |
Nuveen New Jersey Municipal Bond Fund | NNJAX | NJCCX | NNJCX | NMNJX |
Nuveen New York Municipal Bond Fund | NNYAX | NAJPX | NNYCX | NTNYX |
Total Returns as of February 29, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 7/13/87 | 8.90% | 3.44% | 4.00% | 0.80% |
Class A Shares at maximum Offering Price | 7/13/87 | 4.28% | 2.55% | 3.56% | - |
S&P Municipal Bond Index | - | 8.94% | 3.93% | 4.56% | - |
Lipper Other States Municipal Debt Funds Classification Average | - | 8.02% | 3.10% | 3.71% | - |
Class C2 Shares | 10/04/93 | 8.29% | 2.88% | 3.45% | 1.35% |
Class I Shares | 2/25/97 | 9.12% | 3.64% | 4.21% | 0.60% |
Total Returns as of February 29, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | 8.07% | 2.63% | 3.32% | 1.60% |
Effective Leverage Ratio | 0.59% |
Total Returns as of February 29, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 9/07/94 | 10.19% | 3.84% | 4.47% | 0.80% |
Class A Shares at maximum Offering Price | 9/07/94 | 5.52% | 2.95% | 4.02% | - |
S&P Municipal Bond Index | - | 8.94% | 3.93% | 4.56% | - |
Lipper Massachusetts Municipal Debt Funds Classification Average | - | 9.16% | 3.26% | 3.88% | - |
Class C2 Shares | 10/06/94 | 9.63% | 3.29% | 3.91% | 1.35% |
Class I Shares | 12/22/86 | 10.50% | 4.07% | 4.69% | 0.60% |
Total Returns as of February 29, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | 9.38% | 3.03% | 3.72% | 1.60% |
Effective Leverage Ratio | 0.00% |
Total Returns as of February 29, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 9/06/94 | 10.22% | 4.42% | 4.97% | 0.82% |
Class A Shares at maximum Offering Price | 9/06/94 | 5.60% | 3.54% | 4.51% | - |
S&P Municipal Bond Index | - | 8.94% | 3.93% | 4.56% | - |
Lipper New Jersey Municipal Debt Funds Classification Average | - | 9.54% | 3.93% | 4.26% | - |
Class C2 Shares | 9/21/94 | 9.64% | 3.84% | 4.38% | 1.37% |
Class I Shares | 2/28/92 | 10.41% | 4.63% | 5.17% | 0.62% |
Total Returns as of February 29, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | 9.39% | 3.59% | 4.20% | 1.62% |
Effective Leverage Ratio | 1.73% |
Total Returns as of February 29, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 9/07/94 | 10.03% | 4.10% | 4.46% | 0.78% |
Class A Shares at maximum Offering Price | 9/07/94 | 5.44% | 3.21% | 4.02% | - |
S&P Municipal Bond New York Index | - | 8.56% | 3.79% | 4.32% | - |
S&P Municipal Bond Index | - | 8.94% | 3.93% | 3.56% | - |
Lipper New York Municipal Debt Funds Classification Average | - | 9.80% | 3.87% | 4.21% | - |
Class C2 Shares | 9/14/94 | 9.45% | 3.52% | 3.89% | 1.32% |
Class I Shares | 12/22/86 | 10.26% | 4.30% | 4.68% | 0.58% |
Total Returns as of February 29, 2020* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | 9.19% | 3.25% | 4.03% | 1.58% |
Effective Leverage Ratio | 0.33% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.72% | 2.08% | 2.29% | 3.05% |
SEC 30-Day Yield | 0.93% | 0.19% | 0.44% | 1.17% |
Taxable-Equivalent Yield (47.8%)2 | 1.70% | 0.35% | 0.80% | 2.13% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.26% | 1.59% | 1.81% | 2.53% |
SEC 30-Day Yield | 0.91% | 0.17% | 0.41% | 1.14% |
Taxable-Equivalent Yield (45.8%)2 | 1.66% | 0.31% | 0.75% | 2.07% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.59% | 1.91% | 2.16% | 2.89% |
SEC 30-Day Yield | 1.16% | 0.43% | 0.68% | 1.41% |
Taxable-Equivalent Yield (51.6%)2 | 2.40% | 0.89% | 1.40% | 2.91% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.59% | 1.93% | 2.19% | 2.91% |
SEC 30-Day Yield | 1.09% | 0.36% | 0.60% | 1.33% |
Taxable-Equivalent Yield (49.6%)2 | 2.16% | 0.71% | 1.19% | 2.63% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 98.6% |
Other Assets Less Liabilities | 2.0% |
Net Assets Plus Floating Rate Obligations | 100.6% |
Floating Rate Obligations | (0.6)% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
Connecticut | 92.4% |
Guam | 3.5% |
Puerto Rico | 1.9% |
Illinois | 1.8% |
New York | 0.4% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/General | 25.2% |
Health Care | 17.6% |
U.S. Guaranteed | 15.8% |
Tax Obligation/Limited | 15.1% |
Water and Sewer | 10.5% |
Education and Civic Organizations | 10.2% |
Other | 5.6% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 15.8% |
AAA | 2.0% |
AA | 28.9% |
A | 42.0% |
BBB | 5.5% |
BB or Lower | 2.5% |
N/R (not rated) | 3.3% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 95.0% |
Short-Term Municipal Bonds | 3.0% |
Other Assets Less Liabilities | 2.0% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
Massachusetts | 94.1% |
Guam | 2.8% |
Puerto Rico | 2.5% |
Washington | 0.6% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Education and Civic Organizations | 23.1% |
Health Care | 23.0% |
Tax Obligation/Limited | 18.9% |
Tax Obligation/General | 14.2% |
Transportation | 7.3% |
Water and Sewer | 6.4% |
U.S. Guaranteed | 5.0% |
Other | 2.1% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 5.0% |
AAA | 5.1% |
AA | 54.6% |
A | 20.2% |
BBB | 10.0% |
BB or Lower | 3.1% |
N/R (not rated) | 2.0% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 101.3% |
Short-Term Municipal Bonds | 0.3% |
Other Assets Less Liabilities | 0.1% |
Net Assets Plus Floating Rate Obligations | 101.7% |
Floating Rate Obligations | (1.7)% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
New Jersey | 90.1% |
Pennsylvania | 4.7% |
New York | 2.4% |
Delaware | 1.6% |
Puerto Rico | 1.0% |
Guam | 0.2% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/Limited | 21.6% |
Education and Civic Organizations | 17.6% |
Transportation | 14.4% |
Health Care | 12.6% |
Tax Obligation/General | 10.4% |
U.S. Guaranteed | 6.0% |
Housing/Multifamily | 5.7% |
Other | 11.7% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 6.0% |
AAA | 8.4% |
AA | 37.4% |
A | 28.1% |
BBB | 13.6% |
BB or Lower | 5.0% |
N/R (not rated) | 1.5% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 101.2% |
Other Assets Less Liabilities | 0.0% |
Net Assets Plus Floating Rate Obligations and Borrowings | 101.2% |
Floating Rate Obligations | (0.3)% |
Borrowings | (0.9)% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
New York | 96.2% |
Puerto Rico | 2.9% |
Guam | 0.5% |
New Jersey | 0.4% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/Limited | 26.6% |
Transportation | 22.3% |
Education and Civic Organizations | 16.4% |
Tax Obligation/General | 8.9% |
Water and Sewer | 8.0% |
Utilities | 6.1% |
Other | 11.7% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 2.6% |
AAA | 14.6% |
AA | 50.7% |
A | 8.1% |
BBB | 9.9% |
BB or Lower | 5.8% |
N/R (not rated) | 8.3% |
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 | $1,029.54 | $1,026.55 | $1,027.64 | $1,030.60 |
Expenses Incurred During the Period | $ 3.99 | $ 8.01 | $ 6.76 | $ 2.98 |
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 | $1,020.93 | $1,016.96 | $1,018.20 | $1,021.93 |
Expenses Incurred During the Period | $ 3.97 | $ 7.97 | $ 6.72 | $ 2.97 |
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 | $1,031.75 | $1,028.82 | $1,028.99 | $1,032.64 |
Expenses Incurred During the Period | $ 3.99 | $ 8.02 | $ 6.71 | $ 2.98 |
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 | $1,020.93 | $1,016.96 | $1,018.25 | $1,021.93 |
Expenses Incurred During the Period | $ 3.97 | $ 7.97 | $ 6.67 | $ 2.97 |
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 | $1,031.43 | $1,027.37 | $1,028.66 | $1,032.37 |
Expenses Incurred During the Period | $ 3.99 | $ 8.01 | $ 6.76 | $ 2.98 |
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 | $1,020.93 | $1,016.96 | $1,018.20 | $1,021.93 |
Expenses Incurred During the Period | $ 3.97 | $ 7.97 | $ 6.72 | $ 2.97 |
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 | $1,033.40 | $1,029.34 | $1,030.68 | $1,034.46 |
Expenses Incurred During the Period | $ 3.79 | $ 7.82 | $ 6.56 | $ 2.78 |
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 | $1,021.13 | $1,017.16 | $1,018.40 | $1,022.13 |
Expenses Incurred During the Period | $ 3.77 | $ 7.77 | $ 6.52 | $ 2.77 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 98.6% | ||||||
MUNICIPAL BONDS – 98.6% | ||||||
Education and Civic Organizations – 10.0% | ||||||
$ 105 | Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A, 5.000%, 4/01/20 | 3/20 at 100.00 | BB | $105,191 | ||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Brunswick School, Series 2012C: | ||||||
1,000 | 5.000%, 7/01/31 | 7/22 at 100.00 | A+ | 1,086,580 | ||
500 | 5.000%, 7/01/32 | 7/22 at 100.00 | A+ | 542,970 | ||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Choate Rosemary Hall, Series 2020F: | ||||||
380 | 4.000%, 7/01/39 | 7/30 at 100.00 | Aa2 | 466,359 | ||
1,100 | 4.000%, 7/01/42 | 7/30 at 100.00 | Aa2 | 1,343,518 | ||
1,185 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut College, Series 2011H, 5.000%, 7/01/41 | 7/21 at 100.00 | A2 | 1,241,394 | ||
1,885 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2016Q-1, 5.000%, 7/01/46 | 7/26 at 100.00 | A- | 2,239,323 | ||
1,050 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Norwich Free Academy, Series 2013B, 4.000%, 7/01/34 | 7/23 at 100.00 | A1 | 1,124,298 | ||
5,095 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Refunding Series 2015L, 5.000%, 7/01/45 | 7/25 at 100.00 | A- | 5,932,058 | ||
1,750 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Quinnipiac University, Series 2016M, 5.000%, 7/01/35 | 7/26 at 100.00 | A- | 2,130,765 | ||
4,110 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2017I-1, 5.000%, 7/01/42 | 7/27 at 100.00 | A | 5,031,585 | ||
1,400 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity College, Refunding Series 2010M, 4.250%, 7/01/28 | 7/20 at 100.00 | A+ | 1,415,722 | ||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, University of New Haven, Series 2018K-1: | ||||||
2,000 | 5.000%, 7/01/37 | 7/28 at 100.00 | BBB | 2,432,180 | ||
250 | 5.000%, 7/01/38 | 7/28 at 100.00 | BBB | 303,125 | ||
950 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Westminster School, Series 2014H, 3.250%, 7/01/32 | 7/24 at 100.00 | A | 1,009,451 | ||
22,760 | Total Education and Civic Organizations | 26,404,519 | ||||
Health Care – 17.4% | ||||||
4,600 | Connecticut Health and Educational Facilities Authority Revenue Bonds, Hartford HealthCare, Series 2015F, 5.000%, 7/01/45 | 7/25 at 100.00 | A+ | 5,328,410 | ||
695 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Griffin Hospital, Series 2020G-1, 5.000%, 7/01/39, 144A | 7/29 at 100.00 | BB+ | 845,620 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare Issue, Series 2020A: | ||||||
$ 2,750 | 4.000%, 7/01/39 | 1/30 at 100.00 | A+ | $3,216,153 | ||
1,685 | 4.000%, 7/01/40 | 1/30 at 100.00 | A+ | 1,965,586 | ||
500 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, Series 2014E, 5.000%, 7/01/42 | 7/24 at 100.00 | A+ | 576,720 | ||
1,995 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2015O, 5.000%, 7/01/36 | 7/25 at 100.00 | A3 | 2,318,390 | ||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A: | ||||||
2,885 | 4.000%, 7/01/38 | 7/29 at 100.00 | A- | 3,378,075 | ||
6,020 | 4.000%, 7/01/49 | 7/29 at 100.00 | A- | 6,870,566 | ||
4,020 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2010-I, 5.000%, 7/01/30 | 7/21 at 100.00 | BBB+ | 4,068,120 | ||
4,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2012J, 5.000%, 7/01/42 | 7/22 at 100.00 | BBB+ | 4,295,280 | ||
1,815 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2016K, 4.000%, 7/01/46 | 7/26 at 100.00 | BBB+ | 1,971,253 | ||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity Health Credit Group, Series 2016CT: | ||||||
2,350 | 5.000%, 12/01/41 | 6/26 at 100.00 | AA- | 2,841,409 | ||
1,195 | 5.000%, 12/01/45 | 6/26 at 100.00 | AA- | 1,437,071 | ||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Health Issue, Series 2014E: | ||||||
2,400 | 5.000%, 7/01/32 | 7/24 at 100.00 | AA- | 2,807,568 | ||
2,520 | 5.000%, 7/01/33 | 7/24 at 100.00 | AA- | 2,940,865 | ||
830 | 5.000%, 7/01/34 | 7/24 at 100.00 | AA- | 966,850 | ||
40,260 | Total Health Care | 45,827,936 | ||||
Housing/Multifamily – 1.0% | ||||||
2,475 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2019B-1, 3.300%, 11/15/39 | 11/28 at 100.00 | AAA | 2,717,278 | ||
Long-Term Care – 1.4% | ||||||
1,100 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Duncaster, Inc, Series 2014A, 5.000%, 8/01/44 | 8/24 at 100.00 | BBB | 1,200,452 | ||
1,200 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Healthcare Facility Expansion Church Home of Hartford Inc Project, Series 2016A, 5.000%, 9/01/46, 144A | 9/26 at 100.00 | BB | 1,355,016 | ||
1,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Mary Wade Home Issue, Series 2019A-1, 5.000%, 10/01/39, 144A | 10/24 at 104.00 | BB | 1,115,230 | ||
3,300 | Total Long-Term Care | 3,670,698 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General – 24.9% | ||||||
Bridgeport, Connecticut, General Obligation Bonds, Series 2014A: | ||||||
$ 600 | 5.000%, 7/01/32 – AGM Insured | 7/24 at 100.00 | AA | $689,784 | ||
1,000 | 5.000%, 7/01/33 – AGM Insured | 7/24 at 100.00 | AA | 1,148,250 | ||
1,065 | 5.000%, 7/01/34 – AGM Insured | 7/24 at 100.00 | AA | 1,221,619 | ||
2,000 | Bridgeport, Connecticut, General Obligation Bonds, Series 2016D, 5.000%, 8/15/41 – AGM Insured | 8/26 at 100.00 | AA | 2,379,860 | ||
2,425 | Connecticut Health and Educational Facilities Authoroity, Revneue Bonds, Connecticut State University System, Series 2016P-1, 5.000%, 11/01/28 | 11/26 at 100.00 | A1 | 3,028,679 | ||
1,325 | Connecticut State, General Obligation Bonds, Refunding Series 2018C, 5.000%, 6/15/38 | 6/28 at 100.00 | A1 | 1,667,009 | ||
1,000 | Connecticut State, General Obligation Bonds, Series 2011D, 5.000%, 11/01/31 | 11/21 at 100.00 | AA | 1,063,600 | ||
2,400 | Connecticut State, General Obligation Bonds, Series 2014A, 5.000%, 3/01/31 | 3/24 at 100.00 | A1 | 2,755,920 | ||
3,000 | Connecticut State, General Obligation Bonds, Series 2014F, 5.000%, 11/15/34 | 11/24 at 100.00 | A1 | 3,497,280 | ||
2,370 | Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/34 | 11/25 at 100.00 | A1 | 2,837,554 | ||
Connecticut State, General Obligation Bonds, Series 2017A: | ||||||
1,000 | 5.000%, 4/15/34 | 4/27 at 100.00 | A1 | 1,235,840 | ||
3,270 | 5.000%, 4/15/35 | 4/27 at 100.00 | A1 | 4,035,082 | ||
1,510 | Connecticut State, General Obligation Bonds, Series 2018A, 5.000%, 4/15/37 | 4/28 at 100.00 | A1 | 1,899,127 | ||
Connecticut State, General Obligation Bonds, Series 2019A: | ||||||
1,150 | 5.000%, 4/15/36 | 4/29 at 100.00 | A1 | 1,480,498 | ||
1,450 | 4.000%, 4/15/37 (UB) (4) | 4/29 at 100.00 | A1 | 1,723,615 | ||
650 | 5.000%, 4/15/39 (UB) (4) | 4/29 at 100.00 | A1 | 829,354 | ||
Connecticut State, General Obligation Bonds, Series 2020A: | ||||||
2,250 | 4.000%, 1/15/38 | 1/30 at 100.00 | A1 | 2,693,835 | ||
2,250 | 5.000%, 1/15/40 | 1/30 at 100.00 | A1 | 2,898,225 | ||
500 | Hamden, Connecticut, General Obligation Bonds, Series 2016, 5.000%, 8/15/33 – BAM Insured | 8/24 at 100.00 | AA | 578,180 | ||
Hartford County Metropolitan District, Connecticut, General Obligation Bonds, Refunding Series 2019C: | ||||||
925 | 4.000%, 7/15/38 | 7/29 at 100.00 | AA | 1,101,000 | ||
1,000 | 4.000%, 7/15/40 | 7/29 at 100.00 | AA | 1,184,520 | ||
Hartford County Metropolitan District, Connecticut, General Obligation Bonds, Series 2019A: | ||||||
1,000 | 4.000%, 7/15/38 | 7/29 at 100.00 | AA | 1,190,270 | ||
1,075 | 4.000%, 7/15/39 | 7/29 at 100.00 | AA | 1,276,509 | ||
1,000 | New Haven, Connecticut, General Obligation Bonds, Refunding Series 2016A, 5.000%, 8/15/36 – AGM Insured | 8/26 at 100.00 | AA | 1,192,750 | ||
New Haven, Connecticut, General Obligation Bonds, Series 2014A: | ||||||
810 | 5.000%, 8/01/30 – AGM Insured | 8/24 at 100.00 | AA | 926,308 | ||
700 | 5.000%, 8/01/31 – AGM Insured | 8/24 at 100.00 | AA | 798,161 | ||
850 | 5.000%, 8/01/32 – AGM Insured | 8/24 at 100.00 | AA | 968,133 | ||
850 | 5.000%, 8/01/34 – AGM Insured | 8/24 at 100.00 | AA | 966,339 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
New Haven, Connecticut, General Obligation Bonds, Series 2015: | ||||||
$ 795 | 5.000%, 9/01/32 – AGM Insured | 9/25 at 100.00 | AA | $931,271 | ||
1,620 | 5.000%, 9/01/33 – AGM Insured | 9/25 at 100.00 | AA | 1,894,914 | ||
500 | 5.000%, 9/01/35 – AGM Insured | 9/25 at 100.00 | AA | 584,190 | ||
485 | North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24 | No Opt. Call | Aa1 | 571,956 | ||
1,035 | Oxford, Connecticut, General Obligation Bonds, Series 2019A, 4.000%, 8/01/39 | 8/29 at 100.00 | Aa2 | 1,226,785 | ||
600 | Stratford, Connecticut, General Obligation Bonds, Series 2014, 5.000%, 12/15/34 | 12/22 at 100.00 | AA- | 662,916 | ||
2,370 | Stratford, Connecticut, General Obligation Bonds, Series 2017, 4.000%, 1/01/39 – BAM Insured | 1/27 at 100.00 | AA | 2,695,638 | ||
1,035 | The Metropolitan District Hartford County, Connecticut General Obligation Bonds, Series 2018, 5.000%, 7/15/35 | 7/28 at 100.00 | AA | 1,328,526 | ||
Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015: | ||||||
555 | 5.000%, 8/01/30 – BAM Insured | 8/25 at 100.00 | AA | 665,356 | ||
485 | 5.000%, 8/01/31 – BAM Insured | 8/25 at 100.00 | AA | 581,627 | ||
765 | 5.000%, 8/01/32 – BAM Insured | 8/25 at 100.00 | AA | 916,195 | ||
555 | 5.000%, 8/01/33 – BAM Insured | 8/25 at 100.00 | AA | 664,041 | ||
555 | 5.000%, 8/01/34 – BAM Insured | 8/25 at 100.00 | AA | 663,525 | ||
2,000 | West Haven, Connecticut, General Obligation Bonds, Series 2012, 5.000%, 8/01/24 – AGM Insured | 8/22 at 100.00 | AA | 2,174,960 | ||
Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011: | ||||||
1,280 | 7.000%, 12/01/24 – AGM Insured | 12/20 at 100.00 | AA | 1,336,179 | ||
1,415 | 7.000%, 12/01/25 – AGM Insured | 12/20 at 100.00 | AA | 1,477,557 | ||
55,475 | Total Tax Obligation/General | 65,642,937 | ||||
Tax Obligation/Limited – 14.9% | ||||||
760 | Connecticut Higher Education Supplemental Loan Authority, Revenue Bonds, CHELSA Loan Program, Series 2010A, 4.000%, 11/15/30 | 11/20 at 100.00 | A1 | 773,216 | ||
2,500 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2013A, 5.000%, 10/01/33 | 10/23 at 100.00 | A+ | 2,844,925 | ||
1,390 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2015A, 5.000%, 8/01/33 | 8/25 at 100.00 | A+ | 1,662,287 | ||
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2016A: | ||||||
1,000 | 5.000%, 9/01/32 | 9/26 at 100.00 | A+ | 1,229,190 | ||
3,500 | 5.000%, 9/01/33 | 9/26 at 100.00 | A+ | 4,292,435 | ||
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2018A: | ||||||
2,000 | 5.000%, 1/01/37 | 1/28 at 100.00 | A+ | 2,485,060 | ||
2,000 | 5.000%, 1/01/38 | 1/28 at 100.00 | A+ | 2,475,820 | ||
Government of Guam, Business Privilege Tax Bonds, Series 2011A: | ||||||
2,400 | 5.250%, 1/01/36 | 1/22 at 100.00 | BB | 2,553,960 | ||
600 | 5.125%, 1/01/42 | 1/22 at 100.00 | BB | 635,208 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 500 | Great Pond Improvement District, Connecticut, Special Obligaiton Revenue Bonds, Great Pond Phase 1 Project, Series 20019, 4.750%, 10/01/48, 144A | 10/26 at 102.00 | N/R | $538,245 | ||
2,720 | Harbor Point Infrastructure Improvement District, Connecticut, Special Obligation Revenue Bonds, Harbor Point Project, Refunding Series 2017, 5.000%, 4/01/39, 144A | 4/27 at 100.00 | N/R | 3,195,130 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
2,950 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 3,326,627 | ||
2,550 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 551,234 | ||
900 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured COFINA Project Series 2019A-2, 4.784%, 7/01/58 | 7/28 at 100.00 | N/R | 1,017,225 | ||
2,500 | University of Connecticut, General Obligation Bonds, Series 2013A, 5.000%, 8/15/32 | 8/23 at 100.00 | A+ | 2,785,850 | ||
740 | University of Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 2/15/31 | 2/24 at 100.00 | A+ | 846,456 | ||
1,590 | University of Connecticut, General Obligation Bonds, Series 2015A, 5.000%, 2/15/34 | 2/25 at 100.00 | A+ | 1,880,986 | ||
3,000 | University of Connecticut, General Obligation Bonds, Series 2017A, 5.000%, 1/15/36 | 1/27 at 100.00 | A+ | 3,680,010 | ||
University of Connecticut, General Obligation Bonds, Series 2019A: | ||||||
1,000 | 5.000%, 11/01/36 | 11/28 at 100.00 | A+ | 1,275,310 | ||
1,000 | 4.000%, 11/01/38 | 11/28 at 100.00 | A+ | 1,165,790 | ||
35,600 | Total Tax Obligation/Limited | 39,214,964 | ||||
Transportation – 1.2% | ||||||
Connecticut Airport Authority, Connecticut, Customer Facility Charge Revenue Bonds, Ground Transportation Center Project, Series 2019A: | ||||||
1,500 | 4.000%, 7/01/49 (AMT) | 7/29 at 100.00 | A- | 1,714,635 | ||
1,250 | 5.000%, 7/01/49 (AMT) | 7/29 at 100.00 | A- | 1,557,100 | ||
2,750 | Total Transportation | 3,271,735 | ||||
U.S. Guaranteed – 15.6% (5) | ||||||
6,975 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, Series 2011A, 5.000%, 7/01/41 (Pre-refunded 7/01/21) | 7/21 at 100.00 | A+ | 7,280,505 | ||
1,555 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Lawrence and Memorial Hospitals, Series 2011F, 5.000%, 7/01/36 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R | 1,641,707 | ||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Middlesex Hospital, Series 2011N: | ||||||
495 | 5.000%, 7/01/25 (Pre-refunded 7/01/21) | 7/21 at 100.00 | A3 | 522,601 | ||
500 | 5.000%, 7/01/27 (Pre-refunded 7/01/21) | 7/21 at 100.00 | A3 | 527,880 | ||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2011G: | ||||||
1,000 | 5.125%, 7/01/26 (Pre-refunded 7/01/21) | 7/21 at 100.00 | A | 1,058,100 | ||
2,500 | 5.625%, 7/01/41 (Pre-refunded 7/01/21) | 7/21 at 100.00 | A | 2,661,725 | ||
4,160 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011M, 5.375%, 7/01/41 (Pre-refunded 7/01/21) | 7/21 at 100.00 | A- | 4,412,512 | ||
2,000 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Western Connecticut Health, Series 2011N, 5.000%, 7/01/29 (Pre-refunded 7/01/21) | 7/21 at 100.00 | A- | 2,111,520 | ||
1,305 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Yale-New Haven Hospital, Series 2010M, 5.500%, 7/01/40 (Pre-refunded 7/01/20) | 7/20 at 100.00 | Aa3 | 1,325,149 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (5) (continued) | ||||||
$ 2,350 | 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- | $2,387,788 | ||
660 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 (Pre-refunded 12/15/20) | 12/20 at 100.00 | N/R | 684,057 | ||
South Central Connecticut Regional Water Authority Water System Revenue Bonds, Thirtieth Series 2014A: | ||||||
1,010 | 5.000%, 8/01/39 (Pre-refunded 8/01/24) | 8/24 at 100.00 | AA- | 1,193,972 | ||
1,055 | 5.000%, 8/01/44 (Pre-refunded 8/01/24) | 8/24 at 100.00 | AA- | 1,247,168 | ||
4,130 | South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twentieth-Sixth Series, 2011, 5.000%, 8/01/41 (Pre-refunded 8/01/21) | 8/21 at 100.00 | AA- | 4,377,717 | ||
500 | South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twenty-Eighth Series 2013A, 5.000%, 8/01/38 (Pre-refunded 8/01/22) | 8/22 at 100.00 | AA- | 550,300 | ||
2,000 | South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Twenty-Seventh Series 2012, 5.000%, 8/01/30 (Pre-refunded 8/01/22) – FGIC Insured | 8/22 at 100.00 | AA- | 2,201,200 | ||
1,720 | Stamford, Connecticut, Special Obligation Revenue Bonds, Mill River Corridor Project, Series 2011aA, 7.000%, 4/01/41 (Pre-refunded 4/01/21) | 4/21 at 100.00 | N/R | 1,832,643 | ||
3,000 | Waterbury, Connecticut, General Obligation Bonds, Series 2012A, 5.000%, 8/01/30 (Pre-refunded 8/01/22) | 8/22 at 100.00 | AA- | 3,294,210 | ||
1,725 | Williamson & Johnson Counties Community Unit School District 2, Marion, Illinois, General Obligation Bonds, Series 2011, 7.000%, 12/01/27 (Pre-refunded 12/01/20) – AGM Insured | 12/20 at 100.00 | AA | 1,803,798 | ||
38,640 | Total U.S. Guaranteed | 41,114,552 | ||||
Utilities – 1.9% | ||||||
415 | Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, Series 2013A, 5.000%, 1/01/38 | 1/23 at 100.00 | Aa3 | 459,617 | ||
3,170 | Connecticut Transmission Municipal Electric Energy Cooperative, Transmission System Revenue Bonds, Series 2012A, 5.000%, 1/01/42 | 1/22 at 100.00 | Aa3 | 3,398,208 | ||
1,000 | Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39 | 10/24 at 100.00 | AA | 1,151,360 | ||
4,585 | Total Utilities | 5,009,185 | ||||
Water and Sewer – 10.3% | ||||||
2,000 | Connecticut, State Revolving Fund General Revenue Bonds, Green Bonds, Series 2019A, 5.000%, 2/01/39 | 2/29 at 100.00 | AAA | 2,602,980 | ||
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Refunding Series 2014B: | ||||||
500 | 5.000%, 8/15/30 | 8/24 at 100.00 | AA | 583,215 | ||
1,000 | 5.000%, 8/15/32 | 8/24 at 100.00 | AA | 1,165,480 | ||
60 | Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A, 5.000%, 8/15/35 – NPFG Insured | 3/20 at 100.00 | AA | 60,196 | ||
1,040 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/40 | 7/27 at 100.00 | A- | 1,243,487 | ||
1,000 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 | 7/26 at 100.00 | A- | 1,161,230 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Water and Sewer (continued) | ||||||
Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Refunding Green Bond Series 2014A: | ||||||
$ 2,250 | 5.000%, 11/01/35 | 11/24 at 100.00 | Aa2 | $2,660,490 | ||
4,885 | 5.000%, 11/01/42 | 11/24 at 100.00 | Aa2 | 5,724,585 | ||
2,500 | Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Series 2013A, 5.000%, 4/01/39 | 4/22 at 100.00 | Aa2 | 2,701,025 | ||
340 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Revenue Bonds, Second Generation Resolution, Fiscal 2011 Series EE, 5.375%, 6/15/43 | 12/20 at 100.00 | AA+ | 351,927 | ||
3,000 | South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Refunding Thirty-third Series 2017B-1, 5.000%, 8/01/41 | 8/28 at 100.00 | AA- | 3,840,450 | ||
2,915 | South Central Connecticut Regional Water Authority, Water System Revenue Bonds, Thirty-Fourth Series 2019C, 5.000%, 8/01/44 | 8/29 at 100.00 | AA- | 3,776,149 | ||
500 | Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2013A, 5.250%, 8/15/43 | 8/23 at 100.00 | AA+ | 568,935 | ||
750 | Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2019, 4.000%, 4/01/44 | 4/29 at 100.00 | AA+ | 873,435 | ||
22,740 | Total Water and Sewer | 27,313,584 | ||||
$ 228,585 | Total Long-Term Investments (cost $240,710,464) | 260,187,388 | ||||
Floating Rate Obligations – (0.6)% | (1,570,000) | |||||
Other Assets Less Liabilities – 2.0% | 5,281,555 | |||||
Net Assets – 100% | $ 263,898,943 |
(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 | |
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 Inverse Floating Rate Securities for more information. |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 95.0% | ||||||
MUNICIPAL BONDS – 95.0% | ||||||
Education and Civic Organizations – 21.8% | ||||||
$ 250 | Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019, 5.000%, 6/15/39 | 6/26 at 100.00 | N/R | $275,120 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Berklee College of Music, Series 2016: | ||||||
1,260 | 5.000%, 10/01/39 | 10/26 at 100.00 | A | 1,539,569 | ||
5,165 | 5.000%, 10/01/46 | 10/26 at 100.00 | A | 6,245,363 | ||
1,500 | Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2010R-1, 5.000%, 7/01/40 | 7/20 at 100.00 | AA- | 1,519,065 | ||
3,000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2013S, 5.000%, 7/01/32 | 7/23 at 100.00 | AA- | 3,377,970 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2017T: | ||||||
2,350 | 5.000%, 7/01/39 | 7/27 at 100.00 | AA- | 2,957,075 | ||
1,020 | 5.000%, 7/01/42 | 7/27 at 100.00 | AA- | 1,275,785 | ||
5,000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2013X, 5.000%, 10/01/48 | 10/23 at 100.00 | AA- | 5,663,000 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Brandeis University Issue, Series 2018R: | ||||||
1,195 | 5.000%, 10/01/37 | 10/28 at 100.00 | A+ | 1,552,353 | ||
840 | 5.000%, 10/01/38 | 10/28 at 100.00 | A+ | 1,088,245 | ||
1,000 | 5.000%, 10/01/39 | 10/28 at 100.00 | A+ | 1,292,730 | ||
3,000 | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 5.000%, 1/01/35 | 1/25 at 100.00 | BBB+ | 3,496,170 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2016A: | ||||||
1,510 | 5.250%, 1/01/42 | 1/27 at 100.00 | BBB+ | 1,832,007 | ||
1,500 | 5.000%, 1/01/47 | 1/27 at 100.00 | BBB+ | 1,787,205 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2017A: | ||||||
1,600 | 5.000%, 1/01/37 | 1/28 at 100.00 | BBB+ | 1,980,112 | ||
6,020 | 5.000%, 1/01/40 | 1/28 at 100.00 | BBB+ | 7,401,470 | ||
2,000 | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2018, 5.000%, 1/01/43 | 1/28 at 100.00 | BBB+ | 2,442,120 | ||
2,500 | Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A, 5.000%, 10/01/43 | 10/26 at 100.00 | Baa2 | 2,971,350 | ||
2,055 | Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series 2016, 5.000%, 7/01/36 | 7/26 at 100.00 | A- | 2,477,200 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
Massachusetts Development Finance Agency, Revenue Bonds, MCPHS University Issue, Series 2015H: | ||||||
$ 550 | 3.500%, 7/01/35 | 7/25 at 100.00 | AA | $597,427 | ||
235 | 5.000%, 7/01/37 | 7/25 at 100.00 | AA | 280,797 | ||
700 | Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017, 5.000%, 7/01/37 | 7/26 at 100.00 | BBB- | 825,055 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, Series 2014A: | ||||||
1,125 | 5.000%, 3/01/39 | 3/24 at 100.00 | A1 | 1,296,326 | ||
1,850 | 5.000%, 3/01/44 | 3/24 at 100.00 | A1 | 2,122,930 | ||
1,550 | Massachusetts Development Finance Agency, Revenue Bonds, Phillips Academy , Series 2014A, 5.000%, 9/01/43 | 9/23 at 100.00 | AAA | 1,755,452 | ||
1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Simmons College, Series 2013J, 5.250%, 10/01/39 | 10/23 at 100.00 | BBB+ | 1,137,230 | ||
2,495 | Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art Institute, Series 2015, 5.000%, 7/01/33 | 7/25 at 100.00 | AA | 3,012,538 | ||
2,415 | Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art Institute, Series 2016, 4.000%, 7/01/41 | 1/27 at 100.00 | AA | 2,797,391 | ||
610 | Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Refunding Series 2019, 5.000%, 7/01/37 | 7/29 at 100.00 | Baa2 | 774,419 | ||
1,500 | Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2017, 5.000%, 4/01/36 | 10/27 at 100.00 | AA- | 1,915,650 | ||
875 | Massachusetts Development Finance Agency, Revenue Bonds, Tufts University, Series 2015Q, 5.000%, 8/15/38 | 8/25 at 100.00 | Aa2 | 1,043,420 | ||
1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Wheaton College, Series 2017H, 5.000%, 1/01/37 | 1/28 at 100.00 | A3 | 1,235,920 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Woods Hole Oceanographic Institution, Series 2018: | ||||||
1,000 | 5.000%, 6/01/37 | 6/28 at 100.00 | AA- | 1,276,910 | ||
1,000 | 5.000%, 6/01/38 | 6/28 at 100.00 | AA- | 1,273,000 | ||
2,400 | Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2012, 5.000%, 9/01/50 | 9/22 at 100.00 | A1 | 2,622,264 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2017B: | ||||||
5,000 | 5.000%, 9/01/42 | 9/27 at 100.00 | A1 | 6,127,650 | ||
5,000 | 5.000%, 9/01/45 | 9/27 at 100.00 | A1 | 6,099,000 | ||
3,500 | Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2019, 5.000%, 9/01/49 | 9/29 at 100.00 | A1 | 4,424,035 | ||
Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University, Refunding Series 2017: | ||||||
700 | 5.000%, 7/01/35 | 7/27 at 100.00 | Baa2 | 853,377 | ||
500 | 5.000%, 7/01/36 | 7/27 at 100.00 | Baa2 | 608,775 | ||
2,345 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Refunding Series 2016, 5.000%, 1/01/36 | 7/26 at 100.00 | AA- | 2,892,722 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$ 2,100 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured | No Opt. Call | AA- | $3,350,172 | ||
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, Series 2013: | ||||||
2,500 | 5.000%, 7/01/20 (AMT) | No Opt. Call | AA | 2,533,350 | ||
1,125 | 5.250%, 7/01/29 (AMT) | 7/22 at 100.00 | AA | 1,212,334 | ||
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, Series 2017A: | ||||||
1,480 | 5.000%, 7/01/24 (AMT) | No Opt. Call | AA | 1,719,020 | ||
1,150 | 5.000%, 7/01/26 (AMT) | No Opt. Call | AA | 1,408,578 | ||
265 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2009I, 6.000%, 1/01/28 | 3/20 at 100.00 | AA | 265,244 | ||
485 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2011J, 5.625%, 7/01/33 (AMT) | 7/21 at 100.00 | AA | 509,725 | ||
1,620 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2016J, 5.000%, 7/01/24 (AMT) | No Opt. Call | AA | 1,881,630 | ||
1,000 | Massachusetts Educational Financing Authority, Student Loan Revenue Bonds, Issue I Series 2014, 5.000%, 1/01/27 (AMT) | 1/25 at 100.00 | AA | 1,170,990 | ||
2,500 | University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 2015-1, 5.000%, 11/01/40 | 11/25 at 100.00 | Aa2 | 3,022,225 | ||
University of Massachusetts Building Authority, Project Revenue Bonds, Senior Series 2020-1: | ||||||
4,000 | 5.000%, 11/01/37 | 11/29 at 100.00 | Aa2 | 5,336,200 | ||
545 | 5.000%, 11/01/39 | 11/29 at 100.00 | Aa2 | 723,237 | ||
University of Massachusetts Building Authority, Revenue Bonds, Refunding Senior Series 2019-1: | ||||||
1,000 | 5.000%, 5/01/38 | 5/29 at 100.00 | Aa2 | 1,315,650 | ||
2,000 | 5.000%, 5/01/39 | 5/29 at 100.00 | Aa2 | 2,625,360 | ||
101,885 | Total Education and Civic Organizations | 123,219,912 | ||||
Health Care – 21.6% | ||||||
5,915 | Massachusetts Development Finance Agency Revenue Bonds, Children's Hospital Issue, Series 2014P, 5.000%, 10/01/46 | 10/24 at 100.00 | AA | 6,835,197 | ||
2,160 | Massachusetts Development Finance Agency Revenue Bonds, South Shore Hospital, Series 2016I, 5.000%, 7/01/41 | 7/26 at 100.00 | BBB+ | 2,536,704 | ||
2,340 | Massachusetts Development Finance Agency, Hospital Revenue Bonds, Cape Cod Healthcare Obligated Group, Series 2013, 5.250%, 11/15/41 | 11/23 at 100.00 | AA- | 2,615,909 | ||
6,000 | Massachusetts Development Finance Agency, Revenue Bonds, Atrius Health Issue, Series 2019A, 5.000%, 6/01/39 | 6/29 at 100.00 | BBB | 7,505,940 | ||
3,200 | Massachusetts Development Finance Agency, Revenue Bonds, Baystate Medical Center Issue, Series 2014N, 5.000%, 7/01/44 | 7/24 at 100.00 | A+ | 3,644,000 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Health Systems, Series 2012G: | ||||||
3,005 | 5.000%, 10/01/28 | 10/21 at 100.00 | AA- | 3,195,156 | ||
500 | 5.000%, 10/01/30 | 10/21 at 100.00 | AA- | 530,505 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Massachusetts Development Finance Agency, Revenue Bonds, Beth Israel Lahey Health Issue, Series 2019K: | ||||||
$ 1,250 | 5.000%, 7/01/36 | 7/29 at 100.00 | A | $1,611,175 | ||
725 | 5.000%, 7/01/37 | 7/29 at 100.00 | A | 931,879 | ||
1,400 | 5.000%, 7/01/38 | 7/29 at 100.00 | A | 1,793,624 | ||
275 | 5.000%, 7/01/39 | 7/29 at 100.00 | A | 351,513 | ||
250 | 5.000%, 7/01/41 | 7/29 at 100.00 | A | 316,028 | ||
3,905 | Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Green Bonds, Series 2015D, 5.000%, 7/01/44 | 7/25 at 100.00 | BBB | 4,497,740 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Boston Medical Center Issue, Series 2016E: | ||||||
2,000 | 5.000%, 7/01/32 | 7/26 at 100.00 | BBB | 2,407,340 | ||
1,625 | 5.000%, 7/01/36 | 7/26 at 100.00 | BBB | 1,940,478 | ||
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Refunding Series 2016-I: | ||||||
3,800 | 5.000%, 7/01/21 | No Opt. Call | A | 4,006,682 | ||
1,675 | 5.000%, 7/01/30 | 7/26 at 100.00 | A | 2,051,490 | ||
1,500 | 5.000%, 7/01/37 | 7/26 at 100.00 | A | 1,811,595 | ||
1,935 | 5.000%, 7/01/38 | 7/26 at 100.00 | A | 2,331,482 | ||
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2015H-1: | ||||||
900 | 5.000%, 7/01/30 | 7/25 at 100.00 | A | 1,073,961 | ||
1,000 | 5.000%, 7/01/32 | 7/25 at 100.00 | A | 1,189,150 | ||
500 | 5.000%, 7/01/33 | 7/25 at 100.00 | A | 593,710 | ||
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2: | ||||||
5,000 | 5.000%, 7/01/43 | 7/28 at 100.00 | A | 6,185,850 | ||
4,100 | 5.000%, 7/01/48 | 7/28 at 100.00 | A | 5,039,761 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Dana-Farber Cancer Institute Issue, Series 2016N: | ||||||
1,925 | 5.000%, 12/01/41 | 12/26 at 100.00 | A1 | 2,338,894 | ||
6,100 | 5.000%, 12/01/46 | 12/26 at 100.00 | A1 | 7,336,287 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Lahey Health System Obligated Group Issue, Series 2015F: | ||||||
2,645 | 5.000%, 8/15/35 | 8/25 at 100.00 | A | 3,136,996 | ||
5,325 | 5.000%, 8/15/45 | 8/25 at 100.00 | A | 6,204,157 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Mass General Brigham, Series 2020A-2: | ||||||
3,535 | 4.000%, 7/01/40 | 1/30 at 100.00 | AA- | 4,241,646 | ||
1,365 | 4.000%, 7/01/41 | 1/30 at 100.00 | AA- | 1,634,765 | ||
1,545 | Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2014F, 5.750%, 7/15/43 | 7/23 at 100.00 | BB+ | 1,703,625 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System Issue, Series 2016Q: | ||||||
$ 1,250 | 4.000%, 7/01/41 | 7/26 at 100.00 | AA- | $1,422,813 | ||
2,250 | 5.000%, 7/01/41 | 7/26 at 100.00 | AA- | 2,728,642 | ||
4,950 | 5.000%, 7/01/47 | 7/26 at 100.00 | AA- | 5,957,622 | ||
6,330 | Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System Issue, Series 2017S-1, 4.000%, 7/01/41 | 1/28 at 100.00 | AA- | 7,374,070 | ||
1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System Obligated Group Issue, Series 2013F, 5.000%, 7/01/37 | 7/23 at 100.00 | BBB+ | 1,109,340 | ||
3,800 | Massachusetts Development Finance Agency, Revenue Bonds, The Lowell General Hospital, Series 2013G, 5.000%, 7/01/44 | 7/23 at 100.00 | BBB+ | 4,212,642 | ||
890 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care Obligated Group Issue, Series 2017K, 5.000%, 7/01/38 | 1/27 at 100.00 | A- | 1,076,402 | ||
Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care Obligated Group Issue, Series 2017L: | ||||||
400 | 3.625%, 7/01/37 | 7/27 at 100.00 | A- | 440,320 | ||
1,855 | 5.000%, 7/01/44 | 7/27 at 100.00 | A- | 2,240,488 | ||
555 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, Series 2016I, 5.000%, 7/01/36 | 7/26 at 100.00 | A- | 671,256 | ||
500 | Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A, 5.000%, 7/01/44 | 1/29 at 100.00 | BBB+ | 612,510 | ||
Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford Regional Medical Center, Series 2007E: | ||||||
2,040 | 5.000%, 7/15/32 | 3/20 at 100.00 | BB+ | 2,059,686 | ||
1,000 | 5.000%, 7/15/37 | 3/20 at 100.00 | BB+ | 1,007,920 | ||
104,220 | Total Health Care | 122,506,950 | ||||
Housing/Multifamily – 0.7% | ||||||
1,525 | Boston Housing Authority, Massachusetts, Capital Program Revenue Bonds, Series 2008, 5.000%, 4/01/20 – AGM Insured | 3/20 at 100.00 | AA | 1,542,324 | ||
2,255 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2019B-1, 3.100%, 12/01/44 | 12/28 at 100.00 | AA | 2,389,285 | ||
3,780 | Total Housing/Multifamily | 3,931,609 | ||||
Long-Term Care – 0.9% | ||||||
Massachusetts Development Finance Agency Revenue Refunding Bonds, NewBridge on the Charles, Inc Issue, Series 2017: | ||||||
1,910 | 4.125%, 10/01/42, 144A | 10/22 at 105.00 | BB+ | 2,060,871 | ||
275 | 5.000%, 10/01/47, 144A | 10/22 at 105.00 | BB+ | 304,879 | ||
560 | Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Retirement Community Lennox, Series 2015, 5.000%, 7/01/31 | 7/25 at 100.00 | A+ | 655,122 | ||
525 | Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village, Series 2019, 5.000%, 12/01/42 | 12/25 at 103.00 | A- | 622,529 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A: | ||||||
$ 240 | 5.250%, 1/01/26 | 1/23 at 100.00 | BBB | $267,026 | ||
790 | 5.750%, 1/01/28 | 1/23 at 100.00 | BBB | 889,903 | ||
400 | Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Inc, Refunding Series 2019, 5.000%, 10/01/39 | 10/24 at 104.00 | BBB+ | 462,972 | ||
4,700 | Total Long-Term Care | 5,263,302 | ||||
Tax Obligation/General – 13.9% | ||||||
1,045 | Boston, Massachusetts, General Obligation Bonds, Series 2013A, 4.000%, 3/01/25 | 3/23 at 100.00 | AAA | 1,147,912 | ||
1,190 | Boston, Massachusetts, General Obligation Bonds, Series 2016A, 5.000%, 3/01/20 | No Opt. Call | AAA | 1,190,000 | ||
5,725 | Boston, Massachusetts, General Obligation Bonds, Series 2018A, 5.000%, 5/01/36 | 5/28 at 100.00 | AAA | 7,467,976 | ||
Central Berkshire Regional School District, Dalton, Massachusetts, General Obligation Bonds, State Qualified Series 2019: | ||||||
1,400 | 3.000%, 6/01/38 | 6/28 at 100.00 | AA | 1,516,844 | ||
1,440 | 3.000%, 6/01/39 | 6/28 at 100.00 | AA | 1,556,798 | ||
1,490 | 3.000%, 6/01/40 | 6/28 at 100.00 | AA | 1,607,218 | ||
1,750 | Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011, 5.000%, 2/15/32 | 3/20 at 100.00 | AA | 1,755,268 | ||
330 | Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 | No Opt. Call | Aa1 | 340,540 | ||
10,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan Series 2019C, 5.000%, 5/01/42 | 5/29 at 100.00 | Aa1 | 13,001,000 | ||
3,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015C, 5.000%, 7/01/45 | 7/25 at 100.00 | Aa1 | 3,586,020 | ||
1,190 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016A, 5.000%, 3/01/46 | 3/24 at 100.00 | Aa1 | 1,370,178 | ||
3,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017A, 5.000%, 4/01/42 | 4/27 at 100.00 | Aa1 | 3,770,850 | ||
5,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017F, 5.000%, 11/01/46 | 11/27 at 100.00 | Aa1 | 6,343,000 | ||
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2018A: | ||||||
3,750 | 5.000%, 1/01/42 | 1/28 at 100.00 | Aa1 | 4,724,062 | ||
2,490 | 5.000%, 1/01/45 | 1/28 at 100.00 | Aa1 | 3,119,970 | ||
950 | 5.000%, 1/01/46 | 1/28 at 100.00 | Aa1 | 1,188,213 | ||
11,110 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2019A, 5.250%, 1/01/44 | 1/29 at 100.00 | Aa1 | 14,509,438 | ||
5,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2020C, 3.000%, 3/01/47 (WI/DD, Settling 03/03/20) | 3/30 at 100.00 | Aa1 | 5,446,450 | ||
1,000 | North Reading, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2012, 5.000%, 5/15/35 | 5/22 at 100.00 | Aa2 | 1,084,550 | ||
2,010 | Pentucket Regional School District, Massachusetts, General Obligation Bonds, Series 2019, 3.000%, 9/01/43 | 9/27 at 100.00 | Aa2 | 2,140,429 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 2,000 | Quincy, Massachusetts, General Obligation Bonds, State Qualified Municipal Purpose Loan Series 2011, 5.125%, 12/01/33 | 12/20 at 100.00 | Aa2 | $ 2,062,520 | ||
64,870 | Total Tax Obligation/General | 78,929,236 | ||||
Tax Obligation/Limited – 18.5% | ||||||
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | ||||||
1,355 | 5.000%, 11/15/27 | 11/25 at 100.00 | BB | 1,605,106 | ||
1,000 | 5.000%, 11/15/39 | 11/25 at 100.00 | BB | 1,156,460 | ||
2,505 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 | 1/22 at 100.00 | BB | 2,651,993 | ||
870 | Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37 | 1/22 at 100.00 | BB | 918,363 | ||
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: | ||||||
1,160 | 5.000%, 12/01/31 | 12/26 at 100.00 | BB | 1,395,109 | ||
2,000 | 5.000%, 12/01/46 | 12/26 at 100.00 | BB | 2,344,300 | ||
1,010 | Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2014, 5.000%, 5/01/33 – BAM Insured | 11/24 at 100.00 | AA | 1,194,123 | ||
500 | Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2017, 5.000%, 5/01/36 | 5/27 at 100.00 | AA | 625,300 | ||
6,345 | Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A, 5.000%, 7/01/41 | 7/22 at 100.00 | AAA | 6,910,720 | ||
2,500 | Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Senior Lien Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | AA | 2,981,225 | ||
5,570 | Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated Sustainability Series 2017A-1, 5.000%, 7/01/41 | 7/27 at 100.00 | AA | 6,985,114 | ||
1,890 | Massachusetts College Building Authority, Project Revenue Bonds, Green Series 2014B, 5.000%, 5/01/44 | 5/24 at 100.00 | Aa2 | 2,169,890 | ||
Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2003B: | ||||||
2,025 | 5.375%, 5/01/22 – SYNCORA GTY Insured | No Opt. Call | AA | 2,226,366 | ||
1,125 | 5.375%, 5/01/23 – SYNCORA GTY Insured | No Opt. Call | AA | 1,287,967 | ||
1,310 | Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2011A, 5.000%, 5/01/24 | No Opt. Call | Aa2 | 1,537,521 | ||
1,650 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Refunding Series 2015C, 5.000%, 8/15/37 | 8/25 at 100.00 | AAA | 1,997,506 | ||
3,125 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A, 5.000%, 5/15/38 | 5/23 at 100.00 | AAA | 3,514,406 | ||
7,000 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated Series 2018A, 5.250%, 2/15/48 | 2/28 at 100.00 | AA+ | 8,880,830 | ||
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated Series 2019A: | ||||||
8,000 | 5.000%, 2/15/44 | 2/29 at 100.00 | AA+ | 10,263,840 | ||
7,200 | 5.000%, 2/15/49 | 2/26 at 100.00 | AA+ | 8,730,576 | ||
1,270 | Massachusetts State, Federal Highway Grant Anticipation Notes, Accelerated Bridge Program, Series 2017A, 5.000%, 6/01/42 | 6/27 at 100.00 | AA+ | 1,592,212 | ||
2,800 | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement & Accelerated Bridge Program, Series 2016A, 5.000%, 6/01/41 | 6/26 at 100.00 | AA+ | 3,448,816 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 4,000 | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement & Accelerated Bridge Programs, Series 2018A, 5.250%, 6/01/43 | 6/28 at 100.00 | AA+ | $5,193,720 | ||
800 | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series 2012A, 4.000%, 6/01/35 | 6/21 at 100.00 | AA+ | 829,872 | ||
3,500 | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series 2015A, 5.000%, 6/01/45 | 6/25 at 100.00 | AA+ | 4,163,775 | ||
4,805 | Massachusetts State, Transportation Fund Revenue Bonds, Refunding Series 2017A, 5.000%, 6/01/43 | 12/27 at 100.00 | AA+ | 6,092,980 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
3,177 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 3,582,608 | ||
2,160 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 642,643 | ||
3,215 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 694,987 | ||
1,657 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 1,900,364 | ||
2,380 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured COFINA Project Series 2019A-2A, 4.550%, 7/01/40, 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 2,683,855 | ||
1,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured COFINA Project Series 2019A-2, 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 1,111,400 | ||
2,800 | Washington State Convention Center Public Facilities District, Lodging Tax Revenue Bonds, Series 2018, 5.000%, 7/01/58 | 7/28 at 100.00 | AA- | 3,462,088 | ||
91,704 | Total Tax Obligation/Limited | 104,776,035 | ||||
Transportation – 6.1% | ||||||
1,250 | Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien Series 2019A, 5.000%, 1/01/37 | 1/29 at 100.00 | A+ | 1,620,000 | ||
1,500 | Massachusetts Port Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 7/01/42 (AMT) | 7/27 at 100.00 | AA | 1,842,135 | ||
2,000 | Massachusetts Port Authority, Revenue Bonds, Series 2010A, 5.000%, 7/01/30 | 7/20 at 100.00 | AA | 2,027,480 | ||
2,750 | Massachusetts Port Authority, Revenue Bonds, Series 2012B, 5.000%, 7/01/32 | 7/22 at 100.00 | AA | 2,997,830 | ||
1,780 | Massachusetts Port Authority, Revenue Bonds, Series 2014A, 5.000%, 7/01/34 | 7/24 at 100.00 | AA | 2,083,348 | ||
Massachusetts Port Authority, Revenue Bonds, Series 2015A: | ||||||
1,425 | 5.000%, 7/01/40 | 7/25 at 100.00 | AA | 1,710,627 | ||
2,000 | 5.000%, 7/01/45 | 7/25 at 100.00 | AA | 2,384,980 | ||
5,960 | Massachusetts Port Authority, Revenue Bonds, Series 2019B, 5.000%, 7/01/44 | 7/29 at 100.00 | AA | 7,737,332 | ||
5,000 | Massachusetts Port Authority, Revenue Bonds, Series 2019C, 5.000%, 7/01/44 (AMT) | 7/29 at 100.00 | AA | 6,322,400 | ||
3,500 | Massachusetts Port Authority, Special Facilities Revenue Bonds, BOSFUEL Corporation, Series 2019A, 5.000%, 7/01/49 (AMT) | 7/29 at 100.00 | A1 | 4,369,960 | ||
500 | Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41 | 7/21 at 100.00 | A | 527,905 | ||
840 | Metropolitan Boston Transit Parking Corporation, Massachusetts, Systemwide Parking Revenue Bonds, Senior Lien Series 2011, 5.000%, 7/01/41 | 7/21 at 100.00 | A+ | 883,856 | ||
28,505 | Total Transportation | 34,507,853 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed – 4.9% (4) | ||||||
$ 1,435 | Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 (Pre-refunded 10/01/20) – AGM Insured | 10/20 at 100.00 | AA | $1,470,086 | ||
1,145 | Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2012B, 5.000%, 5/01/37 (Pre-refunded 5/01/22) | 5/22 at 100.00 | Aa2 | 1,248,336 | ||
1,270 | Massachusetts Development Finance Agency, Revenue Bonds, Bentley University, Series 2010, 5.000%, 7/01/28 (Pre-refunded 7/01/20) | 7/20 at 100.00 | A2 | 1,287,754 | ||
3,000 | Massachusetts Development Finance Agency, Revenue Bonds, Harvard University, Series 2010B-1, 5.000%, 10/15/40 (Pre-refunded 10/15/20) | 10/20 at 100.00 | AAA | 3,078,840 | ||
866 | Massachusetts Development Finance Agency, Revenue Bonds, North Hill Communities Issue, Series 2013A, 6.250%, 11/15/28 (Pre-refunded 11/15/23), 144A | 11/23 at 100.00 | N/R | 1,009,765 | ||
2,500 | Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series 2014M-4, 5.000%, 7/01/44 (Pre-refunded 7/01/23) | 7/23 at 100.00 | AA- | 2,844,975 | ||
1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Sterling and Francine Clark Art Institute, Series 2011A, 5.000%, 7/01/41 (Pre-refunded 7/01/21) | 7/21 at 100.00 | AA | 1,055,760 | ||
3,500 | Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2011A, 5.250%, 4/01/37 (Pre-refunded 4/01/21) | 4/21 at 100.00 | Aa3 | 3,669,890 | ||
295 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, CareGroup Inc, Series 1998A, 5.000%, 7/01/25 (Pre-refunded 7/01/21) – NPFG Insured | 7/21 at 100.00 | N/R | 308,638 | ||
1,650 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Series 2011B, 5.000%, 10/15/41 (Pre-refunded 10/15/21) | 10/21 at 100.00 | AAA | 1,763,289 | ||
1,500 | Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Refunding Series 2010B, 5.000%, 11/15/30 (Pre-refunded 11/15/20) – AGC Insured | 11/20 at 100.00 | AA | 1,544,730 | ||
7,500 | University of Massachusetts Building Authority, Project Revenue Bonds, Senior Lien Series 2013-1, 5.000%, 11/01/39 (Pre-refunded 11/01/22) | 11/22 at 100.00 | Aa2 | 8,331,900 | ||
25,661 | Total U.S. Guaranteed | 27,613,963 | ||||
Utilities – 0.5% | ||||||
2,900 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2004PP, 5.000%, 7/01/22 – NPFG Insured | 3/20 at 100.00 | Baa2 | 2,949,300 | ||
Water and Sewer – 6.1% | ||||||
4,000 | Boston Water and Sewer Commission, Massachusetts, General Revenue Bonds, Senior Series 2018A, 4.000%, 11/01/40 | 5/26 at 100.00 | AA+ | 4,580,000 | ||
3,475 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 | 7/26 at 100.00 | A- | 4,035,274 | ||
2,700 | Massachusetts Clean Water Trust, State Revolving Fund Bonds, Green 18 Series 2015, 5.000%, 2/01/45 | 2/24 at 100.00 | AAA | 3,096,171 | ||
60 | Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2003-9, 5.000%, 8/01/22 | 3/20 at 100.00 | AAA | 60,190 | ||
1,000 | Massachusetts Water Pollution Abatement Trust, State Revolving Fund Bonds, Refunding Series 2014, 5.000%, 8/01/20 | No Opt. Call | AAA | 1,017,450 | ||
1,820 | Massachusetts Water Resources Authority, General Revenue Bonds, Refunding Green Series 2016C, 5.000%, 8/01/40 | 8/26 at 100.00 | AA+ | 2,256,054 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Water and Sewer (continued) | ||||||
Massachusetts Water Resources Authority, General Revenue Bonds, Refunding Series 2016B: | ||||||
$ 2,005 | 4.000%, 8/01/40 | 8/26 at 100.00 | AA+ | $2,308,036 | ||
1,000 | 5.000%, 8/01/40 | 8/26 at 100.00 | AA+ | 1,239,590 | ||
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2017B: | ||||||
1,000 | 5.000%, 8/01/39 | 8/27 at 100.00 | AA+ | 1,265,770 | ||
1,870 | 5.000%, 8/01/42 | 8/27 at 100.00 | AA+ | 2,352,684 | ||
8,000 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2019B, 5.000%, 8/01/44 | 8/29 at 100.00 | AA+ | 10,420,240 | ||
1,010 | Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2017C, 5.000%, 4/15/33 | 4/27 at 100.00 | AA | 1,279,943 | ||
625 | Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2019E, 4.000%, 4/15/39 | 4/29 at 100.00 | AA | 753,113 | ||
28,565 | Total Water and Sewer | 34,664,515 | ||||
$ 456,790 | Total Long-Term Investments (cost $493,644,453) | 538,362,675 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 3.0% | ||||||
MUNICIPAL BONDS – 3.0% | ||||||
Education and Civic Organizations – 0.9% | ||||||
$ 5,000 | University of Massachusetts Building Authority, Project Revenue Bonds, Senior, Variable Rate Demand Obligations, Series 2008-1, 1.130%, 5/01/38 (Mandatory Put 3/05/20) (5) | 2/20 at 100.00 | AA- | $ 5,000,000 | ||
Health Care – 0.9% | ||||||
5,000 | Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Baystate Medical Center, Variable Rate Demand Obligations, Series 2009K-1, 1.110%, 7/01/39 (Mandatory Put 3/05/20) (5) | 2/20 at 100.00 | A | 5,000,000 | ||
Transportation – 1.1% | ||||||
6,100 | Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Refunding Senior Lien, Variable Rate Demand Obligations, Series 2010A, 1.140%, 1/01/37 (Mandatory Put 3/05/20) (5) | 2/20 at 100.00 | AA+ | 6,100,000 | ||
Water and Sewer – 0.1% | ||||||
855 | Massachusetts Water Resources Authority, General Revenue Refunding Bonds, Variable Rate Demand Obligations Series 2008E, 1.130%, 8/01/37 (Mandatory Put 3/06/20) (5) | 2/20 at 100.00 | AA | 855,000 | ||
$ 16,955 | Total Short-Term Investments (cost $16,955,000) | 16,955,000 | ||||
Total Investments (cost $510,599,453) – 98.0% | 555,317,675 | |||||
Other Assets Less Liabilities – 2.0% | 11,308,436 | |||||
Net Assets – 100% | $ 566,626,111 |
(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) | 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 | |
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 – 101.3% | ||||||
MUNICIPAL BONDS – 101.3% | ||||||
Consumer Discretionary – 0.2% | ||||||
Middlesex County Improvement Authority, New Jersey, Senior Revenue Bonds, Heldrich Center Hotel/Conference Center Project, Series 2005A: | ||||||
$ 935 | 5.000%, 1/01/32 | 3/20 at 100.00 | Caa2 | $772,964 | ||
240 | 5.125%, 1/01/37 | 3/20 at 100.00 | Caa2 | 185,609 | ||
1,175 | Total Consumer Discretionary | 958,573 | ||||
Consumer Staples – 2.9% | ||||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A: | ||||||
4,310 | 4.000%, 6/01/37 | 6/28 at 100.00 | A- | 4,965,896 | ||
325 | 5.000%, 6/01/46 | 6/28 at 100.00 | BBB+ | 395,996 | ||
3,660 | 5.250%, 6/01/46 | 6/28 at 100.00 | BBB+ | 4,544,109 | ||
2,315 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46 | 6/28 at 100.00 | BB+ | 2,728,575 | ||
10,610 | Total Consumer Staples | 12,634,576 | ||||
Education and Civic Organizations – 17.6% | ||||||
Gloucester County Improvement Authority, New Jersey, Revenue Bonds, Rowan University Project, Series 2019: | ||||||
3,000 | 5.000%, 7/01/44 | 7/29 at 100.00 | Aa2 | 3,864,540 | ||
4,000 | 4.000%, 7/01/48 | 7/29 at 100.00 | Aa2 | 4,693,120 | ||
225 | New Jersey Economic Development Authority, Charter School Revenue Bonds, Foundation Academy Charter School, Series 2018A, 5.000%, 7/01/38 | 1/28 at 100.00 | BBB- | 266,978 | ||
New Jersey Economic Development Authority, Charter School Revenue Bonds, North Star Academy Charter School of Newark, Series 2017: | ||||||
2,780 | 4.000%, 7/15/37 | 7/27 at 100.00 | BBB- | 3,040,597 | ||
100 | 5.000%, 7/15/47 | 7/27 at 100.00 | BBB- | 116,763 | ||
100 | New Jersey Economic Development Authority, Charter School Revenue Bonds, Teaneck Community Charter School, Series 2017A, 5.125%, 9/01/52, 144A | 9/27 at 100.00 | BB | 112,808 | ||
870 | New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc, Refunding Series 2015, 5.000%, 3/01/25 | No Opt. Call | A | 1,036,205 | ||
New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc, Refunding Series 2017: | ||||||
170 | 5.000%, 6/01/32 | 12/27 at 100.00 | A | 213,778 | ||
285 | 3.000%, 6/01/32 | 12/27 at 100.00 | A | 307,697 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
New Jersey Education Facilities Authority Revenue Bonds, The College of New Jersey Issue, Series 2013A: | ||||||
$ 770 | 5.000%, 7/01/38 | 7/23 at 100.00 | A+ | $853,938 | ||
1,015 | 5.000%, 7/01/43 | 7/23 at 100.00 | A+ | 1,122,864 | ||
1,840 | New Jersey Educational Facilities Authority, Revenue Bonds, College of New Jersey, Refunding Series 2016F, 3.000%, 7/01/40 | 7/26 at 100.00 | A+ | 1,940,482 | ||
1,800 | New Jersey Educational Facilities Authority, Revenue Bonds, Kean University, Refunding Series 2015H, 4.000%, 7/01/39 – AGM Insured | 7/25 at 100.00 | AA | 2,000,934 | ||
New Jersey Educational Facilities Authority, Revenue Bonds, Montclair State University, Series 2015D: | ||||||
2,000 | 5.000%, 7/01/31 | 7/25 at 100.00 | A+ | 2,382,460 | ||
1,055 | 3.750%, 7/01/33 | 7/25 at 100.00 | A+ | 1,146,025 | ||
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Refunding Series 2012B: | ||||||
525 | 5.000%, 7/01/37 | 7/22 at 100.00 | A | 566,633 | ||
100 | 5.000%, 7/01/42 | 7/22 at 100.00 | A | 107,763 | ||
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A: | ||||||
250 | 5.000%, 7/01/32 | 7/21 at 100.00 | Baa2 | 261,245 | ||
230 | 5.000%, 7/01/37 | 7/21 at 100.00 | Baa2 | 239,821 | ||
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2017F: | ||||||
360 | 3.750%, 7/01/37 | 7/27 at 100.00 | Baa2 | 385,920 | ||
1,370 | 4.000%, 7/01/42 | 7/27 at 100.00 | Baa2 | 1,484,943 | ||
2,445 | 5.000%, 7/01/47 | 7/27 at 100.00 | Baa2 | 2,856,542 | ||
1,225 | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Refunding Series 2015C, 5.000%, 7/01/32 | 7/25 at 100.00 | A- | 1,442,205 | ||
710 | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38 | 7/23 at 100.00 | A- | 790,088 | ||
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C: | ||||||
220 | 3.000%, 7/01/37 | 7/26 at 100.00 | A- | 232,991 | ||
1,870 | 3.000%, 7/01/41 | 7/26 at 100.00 | A- | 1,965,015 | ||
2,630 | 3.000%, 7/01/46 | 7/26 at 100.00 | A- | 2,744,247 | ||
1,085 | 4.000%, 7/01/46 | 7/26 at 100.00 | A- | 1,203,189 | ||
New Jersey Educational Facilities Authority, Revenue Bonds, Stevens Institute of Technology Issue, Green Series 2020A: | ||||||
4,000 | 5.000%, 7/01/45 (WI/DD, Settling 3/11/20) | 7/30 at 100.00 | BBB+ | 5,210,600 | ||
500 | 4.000%, 7/01/50 (WI/DD, Settling 3/11/20) | 7/30 at 100.00 | BBB+ | 591,790 | ||
125 | 3.000%, 7/01/50 (WI/DD, Settling 3/11/20) | 7/30 at 100.00 | BBB+ | 132,186 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
New Jersey Educational Facilities Authority, Revenue Bonds, Stevens Institute of Technology, Series 2017A: | ||||||
$ 1,000 | 5.000%, 7/01/42 | 7/27 at 100.00 | BBB+ | $1,234,300 | ||
1,310 | 5.000%, 7/01/47 | 7/27 at 100.00 | BBB+ | 1,607,252 | ||
500 | 4.000%, 7/01/47 | 7/27 at 100.00 | BBB+ | 570,990 | ||
1,375 | New Jersey Educational Facilities Authority, Revenue Bonds, William Paterson University, Series 2017B, 5.000%, 7/01/47 – AGM Insured | 7/27 at 100.00 | AA | 1,667,999 | ||
New Jersey Higher Education Assistance Authority, Senior Student Loan Revenue Bonds, Refunding Series 2018A: | ||||||
3,000 | 3.750%, 12/01/31 (AMT) | 6/28 at 100.00 | Aaa | 3,400,680 | ||
420 | 4.000%, 12/01/35 (AMT) | 6/28 at 100.00 | Aaa | 481,547 | ||
1,400 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Refunding Senior Series 2019A, 2.375%, 12/01/29 | 6/28 at 100.00 | Aa1 | 1,443,176 | ||
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2016-1A: | ||||||
235 | 2.750%, 12/01/27 (AMT) | 12/25 at 100.00 | Aaa | 242,027 | ||
2,510 | 3.500%, 12/01/32 (AMT) | 12/25 at 100.00 | Aaa | 2,713,937 | ||
570 | 4.000%, 12/01/39 (AMT) | 12/25 at 100.00 | Aaa | 627,462 | ||
1,630 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2017-1A, 3.750%, 12/01/33 (AMT) | 12/26 at 100.00 | Aaa | 1,810,800 | ||
1,470 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Series 2019B, 3.250%, 12/01/39 (AMT) | 6/28 at 100.00 | Aa1 | 1,564,506 | ||
230 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-1A, 5.000%, 12/01/25 | 3/20 at 100.00 | Aaa | 230,184 | ||
510 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-2, 5.000%, 12/01/30 | 12/20 at 100.00 | Aaa | 525,693 | ||
765 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1A, 4.375%, 12/01/26 (AMT) | 12/22 at 100.00 | Aaa | 823,752 | ||
400 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2012-1B, 5.750%, 12/01/39 (AMT) | 12/22 at 100.00 | Aaa | 445,460 | ||
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2013-1A: | ||||||
950 | 3.625%, 12/01/25 (AMT) | 12/22 at 100.00 | Aaa | 1,005,385 | ||
1,440 | 4.000%, 12/01/28 (AMT) | 12/22 at 100.00 | Aaa | 1,534,190 | ||
755 | 4.000%, 12/01/31 (AMT) | 12/22 at 100.00 | Aaa | 801,244 | ||
795 | 4.125%, 12/01/35 (AMT) | 12/22 at 100.00 | Aaa | 842,764 | ||
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2014-1A-1: | ||||||
915 | 4.250%, 12/01/32 (AMT) | 12/23 at 100.00 | Aaa | 985,611 | ||
920 | 4.500%, 12/01/36 (AMT) | 12/23 at 100.00 | Aaa | 998,816 | ||
2,075 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2015-1A, 4.000%, 12/01/30 (AMT) | 12/24 at 100.00 | Aaa | 2,291,277 | ||
1,715 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Subordinate Series 2017-C, 4.250%, 12/01/47 (AMT) | 12/26 at 100.00 | Aaa | 1,918,279 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$ 640 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Subordinate Series 2019C, 3.625%, 12/01/49 (AMT) | 6/28 at 100.00 | A2 | $684,058 | ||
3,000 | New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | A1 | 3,538,440 | ||
68,185 | Total Education and Civic Organizations | 77,304,196 | ||||
Financials – 0.2% | ||||||
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002: | ||||||
430 | 5.750%, 10/01/21 | No Opt. Call | Ba2 | 441,240 | ||
500 | 6.500%, 4/01/28 | No Opt. Call | Ba2 | 598,520 | ||
930 | Total Financials | 1,039,760 | ||||
Health Care – 12.8% | ||||||
Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Refunding Series 2014A: | ||||||
1,720 | 5.000%, 2/15/25 | 2/24 at 100.00 | BBB+ | 1,971,946 | ||
800 | 5.000%, 2/15/28 | 2/24 at 100.00 | BBB+ | 917,840 | ||
2,000 | 5.000%, 2/15/33 | 2/24 at 100.00 | BBB+ | 2,278,020 | ||
800 | Camden County Improvement Authority, New Jersey, Health Care Redevelopment Revenue Bonds, Cooper Health System Obligated Group Issue, Series 2013A, 5.750%, 2/15/42 | 2/23 at 100.00 | BBB+ | 895,568 | ||
195 | New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27 | 3/20 at 100.00 | AA- | 195,657 | ||
New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Refunding Series 2011: | ||||||
815 | 6.000%, 7/01/26 | 7/21 at 100.00 | BB+ | 859,043 | ||
700 | 6.250%, 7/01/35 | 7/21 at 100.00 | BB+ | 739,382 | ||
1,545 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 | 3/20 at 100.00 | BB+ | 1,550,577 | ||
400 | New Jersey Health Care Facilities Financing Authority, Revenue and Refunding Bonds, Barnabas Health, Series 2012A, 5.000%, 7/01/24 | 7/22 at 100.00 | AA- | 437,504 | ||
560 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, AHS Hospital Corporation, Refunding Series 2016, 4.000%, 7/01/41 | 1/27 at 100.00 | AA- | 638,926 | ||
2,000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Barnabas Health, Refunding Series 2014A, 5.000%, 7/01/44 | 7/24 at 100.00 | AA- | 2,322,000 | ||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack Meridian Health Obligated Group, Refunding Series 2017A: | ||||||
3,145 | 5.000%, 7/01/28 | 7/27 at 100.00 | AA- | 4,016,763 | ||
2,040 | 5.000%, 7/01/57 | 7/27 at 100.00 | AA- | 2,468,400 | ||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Refunding Series 2014A: | ||||||
595 | 5.000%, 7/01/45 | 7/24 at 100.00 | A+ | 674,623 | ||
1,000 | 4.000%, 7/01/45 | 7/24 at 100.00 | A+ | 1,068,200 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
$ 4,430 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health Obligated Group Issue, Refunding Series 2016A, 4.000%, 7/01/41 | 7/26 at 100.00 | AA- | $4,999,875 | ||
4,840 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Inspira Health Obligated Group Issue, Series 2017A, 5.000%, 7/01/42 | 7/27 at 100.00 | AA- | 5,906,639 | ||
570 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Meridian Health System Obligated Group, Refunding Series 2013A, 5.000%, 7/01/32 | 7/23 at 100.00 | AA- | 638,240 | ||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Princeton HealthCare System, Series 2016A: | ||||||
460 | 5.000%, 7/01/32 | 7/26 at 100.00 | AA | 571,518 | ||
575 | 5.000%, 7/01/33 | 7/26 at 100.00 | AA | 713,977 | ||
600 | 5.000%, 7/01/34 | 7/26 at 100.00 | AA | 744,342 | ||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Robert Wood Johnson University Hospital Issue, Series 2014A: | ||||||
2,000 | 5.000%, 7/01/39 | 7/24 at 100.00 | AA- | 2,335,820 | ||
630 | 5.000%, 7/01/43 | 7/24 at 100.00 | AA- | 733,666 | ||
780 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, RWJ Barnabas Health Obligated Group, Refunding Series 2016A, 5.000%, 7/01/43 | 7/26 at 100.00 | AA- | 958,152 | ||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Joseph's Healthcare System Obligated Group Issue, Refunding Series 2016: | ||||||
2,710 | 3.000%, 7/01/32 | 7/26 at 100.00 | BBB- | 2,804,525 | ||
235 | 4.000%, 7/01/34 | 7/26 at 100.00 | BBB- | 263,407 | ||
3,085 | 5.000%, 7/01/41 | 7/26 at 100.00 | BBB- | 3,601,090 | ||
1,685 | 4.000%, 7/01/48 | 7/26 at 100.00 | BBB- | 1,847,737 | ||
460 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Luke's Warren Hospital Obligated Group, Series 2013, 4.000%, 8/15/37 | 8/23 at 100.00 | A- | 495,820 | ||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, University Hospital Issue, Refunding Series 2015A: | ||||||
1,500 | 4.125%, 7/01/38 – AGM Insured | 7/25 at 100.00 | AA | 1,659,990 | ||
1,255 | 5.000%, 7/01/46 – AGM Insured | 7/25 at 100.00 | AA | 1,445,773 | ||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Valley Health System Obligated Group, Series 2019: | ||||||
1,670 | 4.000%, 7/01/44 | 7/29 at 100.00 | A+ | 1,966,375 | ||
3,360 | 3.000%, 7/01/49 | 7/29 at 100.00 | A+ | 3,574,570 | ||
49,160 | Total Health Care | 56,295,965 | ||||
Housing/Multifamily – 5.8% | ||||||
600 | New Jersey Economic Development Authority, Revenue Bonds, Provident Group - Kean Properties LLC - Kean University Student Housing Project, Series 2017A, 5.000%, 7/01/47 | 1/27 at 100.00 | BBB- | 680,544 | ||
1,940 | New Jersey Economic Development Authority, Revenue Bonds, West Campus Housing LLC - New Jersey City University Student Housing Project, Series 2015, 5.000%, 7/01/47 | 7/25 at 100.00 | BB+ | 2,135,668 | ||
2,120 | New Jersey Housing & Mortgage Finance Agency, Multifamily Conduit Revenue Bonds, Riverside Village Family Apartments Phase 1 Project, Series 2019F, 1.350%, 12/01/22 | No Opt. Call | Aaa | 2,137,172 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Housing/Multifamily (continued) | ||||||
New Jersey Housing and Mortgage Finance Agency, Multifamily Housing Revenue Bonds, Series 2013-2: | ||||||
$ 1,770 | 4.350%, 11/01/33 (AMT) | 11/22 at 100.00 | AA | $1,878,554 | ||
1,015 | 4.600%, 11/01/38 (AMT) | 11/22 at 100.00 | AA | 1,077,504 | ||
1,010 | 4.750%, 11/01/46 (AMT) | 11/22 at 100.00 | AA | 1,070,418 | ||
1,560 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2015A, 4.000%, 11/01/45 | 11/24 at 100.00 | AA- | 1,683,084 | ||
1,135 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2016A, 3.750%, 11/01/45 | 11/25 at 100.00 | AA- | 1,213,224 | ||
2,055 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2016B, 3.600%, 11/01/40 | 11/25 at 100.00 | AA- | 2,195,439 | ||
875 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2017D, 3.900%, 11/01/32 (AMT) | 5/26 at 100.00 | AA- | 965,939 | ||
New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2018A: | ||||||
1,915 | 3.600%, 11/01/33 | 11/27 at 100.00 | AA- | 2,115,539 | ||
1,865 | 3.875%, 11/01/38 | 11/27 at 100.00 | AA- | 2,082,217 | ||
1,000 | 3.950%, 11/01/43 | 11/27 at 100.00 | AA- | 1,110,370 | ||
650 | 4.000%, 11/01/48 | 11/27 at 100.00 | AA- | 725,094 | ||
500 | 4.100%, 11/01/53 | 11/27 at 100.00 | AA- | 554,305 | ||
New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2019A: | ||||||
1,750 | 2.900%, 11/01/39 | 11/28 at 100.00 | AA- | 1,847,020 | ||
515 | 3.000%, 11/01/44 | 11/28 at 100.00 | AA- | 541,466 | ||
870 | 3.050%, 11/01/49 | 11/28 at 100.00 | AA- | 912,160 | ||
465 | 3.150%, 5/01/53 | 11/28 at 100.00 | AA- | 489,654 | ||
23,610 | Total Housing/Multifamily | 25,415,371 | ||||
Housing/Single Family – 2.3% | ||||||
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2018A: | ||||||
2,165 | 3.600%, 4/01/33 | 10/27 at 100.00 | AA | 2,417,785 | ||
1,370 | 3.750%, 10/01/35 | 10/27 at 100.00 | AA | 1,537,483 | ||
2,595 | New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2018B, 3.800%, 10/01/32 (AMT) | 10/27 at 100.00 | AA | 2,889,040 | ||
2,865 | New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2019C, 4.000%, 4/01/49 | 4/28 at 100.00 | AA | 3,190,607 | ||
8,995 | Total Housing/Single Family | 10,034,915 | ||||
Long-Term Care – 0.9% | ||||||
150 | New Jersey Economic Development Authority, Fixed Rate Revenue Bonds, Lions Gate Project, Series 2014, 5.250%, 1/01/44 | 1/24 at 100.00 | N/R | 158,055 | ||
1,205 | New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2013, 5.000%, 7/01/34 | 7/23 at 100.00 | BBB- | 1,286,253 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
New Jersey Economic Development Authority, Revenue Bonds, United Methodist Homes of New Jersey Obligated Group Issue, Refunding Series 2014A: | ||||||
$ 315 | 3.750%, 7/01/24 | No Opt. Call | BBB- | $328,627 | ||
405 | 5.000%, 7/01/29 | 7/24 at 100.00 | BBB- | 445,225 | ||
1,290 | New Jersey Economic Development Authority, Revenue Bonds, White Horse HMT Urban Renewal LLC Project, Series 2020, 5.000%, 1/01/40, 144A (WI/DD, Settling 3/05/20) | 1/28 at 102.00 | N/R | 1,322,121 | ||
500 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Village Drive Healthcare Urban Renewal LLC, Series 2018, 5.750%, 10/01/38, 144A | 10/26 at 102.00 | N/R | 535,595 | ||
3,865 | Total Long-Term Care | 4,075,876 | ||||
Tax Obligation/General – 10.6% | ||||||
1,000 | Berkeley Heights Township, Union County, New Jersey, General Obligation Bonds, Series 2019, 3.000%, 2/01/32 | 2/27 at 100.00 | Aa1 | 1,098,160 | ||
1,940 | Cumberland County Improvement Authority, New Jersey, County General Obligation Revenue Bonds, Technical High School Project, Series 2014, 5.000%, 9/01/39 – AGM Insured | 9/24 at 100.00 | AA | 2,259,906 | ||
685 | Cumberland County Improvement Authority, New Jersey, General Obligation Lease Revenue Bonds, Vineland Public Safety Building Project, Series 2017, 3.250%, 12/15/37 | 12/27 at 100.00 | AA | 747,253 | ||
820 | Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Refunding Series 2007, 5.250%, 12/15/22 – AMBAC Insured | No Opt. Call | Aaa | 921,442 | ||
15 | Flemington-Raritan Regional School District, Hunterdon County, New Jersey, General Obligation Bonds, Series 2019, 2.375%, 9/01/34 | 9/26 at 100.00 | AA | 15,412 | ||
Gloucester Township, New Jersey, General Obligation Bonds, Series 2019: | ||||||
2,075 | 2.000%, 2/01/24 – BAM Insured | No Opt. Call | AA | 2,143,682 | ||
1,000 | 2.000%, 2/01/28 – BAM Insured | No Opt. Call | AA | 1,029,580 | ||
1,500 | 2.250%, 2/01/29 – BAM Insured | No Opt. Call | AA | 1,565,115 | ||
180 | Hamilton Township, Mercer County Board of Education, New Jersey, General Obligation Bonds, Series 2017, 3.250%, 12/15/38 | 12/27 at 100.00 | AA | 196,178 | ||
1,380 | Harrison, New Jersey, General Obligation Bonds, Parking Utility Series 2018, 3.375%, 3/01/34 – BAM Insured | 3/28 at 100.00 | AA | 1,528,019 | ||
Hudson County Improvement Authority, New Jersey, County Guaranteed Governmental Loan Revenue Bonds, Guttenberg General Obligation Bond Project, Series 2018: | ||||||
125 | 3.250%, 8/01/34 | 8/25 at 100.00 | AA | 134,498 | ||
340 | 5.000%, 8/01/42 | 8/25 at 100.00 | AA | 402,383 | ||
1,500 | Hudson County Improvement Authority, New Jersey, General Obligation Bonds, Local Unit Loan Program, County Guaranteed Pooled Notes, Series 2019B-1, 3.000%, 5/22/20 | No Opt. Call | N/R | 1,507,035 | ||
2,000 | Middlesex County, New Jersey, General Obligation Bonds, Bond Anticipation Note Series 2019, 3.000%, 6/05/20 | No Opt. Call | N/R | 2,010,940 | ||
525 | Middletown Township Board of Education, Monmouth County, New Jersey, Refunding Series 2010, 5.000%, 8/01/27 | 8/20 at 100.00 | AA- | 533,810 | ||
Montclair Township, Essex County, New Jersey, General Obligation Bonds, Refunding Parking Utility Series 2014A: | ||||||
330 | 3.750%, 1/01/33 | 1/24 at 100.00 | AAA | 359,080 | ||
220 | 5.000%, 1/01/37 | 1/24 at 100.00 | AAA | 253,770 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 610 | New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/30 | 9/22 at 100.00 | A+ | $668,395 | ||
New Brunswick Parking Authority, Middlesex County, New Jersey, Guaranteed Parking Revenue Bonds, Refunding Series 2016A: | ||||||
1,885 | 5.000%, 9/01/32 – BAM Insured | 9/26 at 100.00 | AA | 2,324,940 | ||
1,325 | 5.000%, 9/01/39 – BAM Insured | 9/26 at 100.00 | AA | 1,598,347 | ||
1,000 | New Brunswick, New Jersey, General Obligation Bonds, Cultural Center Project, Series 2017, 4.000%, 9/15/44 – AGM Insured | 9/27 at 100.00 | AA | 1,143,130 | ||
1,000 | New Jersey State, General Obligation Bonds, Various Purpose Series 2020, 2.250%, 6/01/35 | 12/27 at 100.00 | A- | 1,004,760 | ||
1,750 | Ocean City, New Jersey, General Obligation Bonds, General Improvement Series 2019, 2.250%, 9/15/33 | 9/26 at 100.00 | AA | 1,785,455 | ||
2,625 | Passaic County, New Jersey, General Obligation Bonds, General Improvement Series 2019A, 1.000%, 12/01/34 | 12/27 at 100.00 | Aa1 | 2,215,500 | ||
1,145 | Somers Point, New Jersey, General Obligation Bonds, Improvement Sewer Utility Series 2019, 2.000%, 10/01/31 | 10/26 at 100.00 | AA- | 1,151,939 | ||
450 | South Brunswick Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2012, 4.000%, 12/01/23 | 6/22 at 100.00 | AA+ | 482,360 | ||
625 | South Orange Village Township, New Jersey, General Obligation Bonds, Refunding Series 2020, 4.000%, 1/15/24 | No Opt. Call | AA- | 698,406 | ||
Sussex County, New Jersey, General Obligation Bonds, Series 2019: | ||||||
2,225 | 3.000%, 6/01/27 | 6/26 at 100.00 | AA+ | 2,490,442 | ||
1,475 | 3.000%, 6/01/28 | 6/26 at 100.00 | AA+ | 1,641,291 | ||
3,685 | Union County Utilities Authority, New Jersey, Resource Recovery Facility Lease Revenue Bonds, Covantan Union Inc Lessee, Refunding Series 2011B, 5.250%, 12/01/31 (AMT) | 12/21 at 100.00 | AA+ | 3,951,868 | ||
2,515 | Union County Utilities Authority, New Jersey, Solid Waste System County Deficiency Revenue Bonds, Series 2011A, 5.000%, 6/15/41 | 6/21 at 100.00 | Aaa | 2,636,651 | ||
4,000 | Union County, New Jersey, General Obligation Bonds, Refunding Series 2017, 3.000%, 3/01/27 | 9/25 at 100.00 | Aaa | 4,445,080 | ||
1,500 | Verona Township Board of Education, Essex County, New Jersey, General Obligation Bonds, Refunding Series 2020, 2.250%, 3/01/39 (WI/DD, Settling 3/04/20) | 3/27 at 100.00 | AA- | 1,494,645 | ||
43,450 | Total Tax Obligation/General | 46,439,472 | ||||
Tax Obligation/Limited – 21.9% | ||||||
650 | Bergen County Improvement Authority, New Jersey, Guaranteed Lease Revenue Bonds, County Administration Complex Project, Series 2005, 5.000%, 11/15/26 | No Opt. Call | Aaa | 828,458 | ||
1,000 | Burlington County Bridge Commission, New Jersey, Governmental Leasing Program Revenue Bonds, Note Series 2019B, 2.750%, 4/17/20 | No Opt. Call | N/R | 1,002,220 | ||
3,655 | Camden County Improvement Authority, New Jersey, County Guaranteed Loan Revenue Bonds, City Hall Project, Series 2018, 3.250%, 12/01/37 | 12/28 at 100.00 | AA | 4,071,962 | ||
1,795 | Garden State Preservation Trust, New Jersey, Open Space and Farmland Preservation Bonds, Series 2005A, 5.750%, 11/01/28 – AGM Insured | No Opt. Call | AA | 2,299,233 | ||
1,050 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36 | 1/22 at 100.00 | BB | 1,117,358 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Hudson County Improvement Authority, New Jersey, County Secured Lease Revenue Bonds, Hudson County Vocational Technical Schools Project, Series 2016: | ||||||
$ 6,490 | 5.000%, 5/01/46 (UB) (4) | 5/26 at 100.00 | AA | $7,739,065 | ||
1,000 | 5.250%, 5/01/51 | 5/26 at 100.00 | AA | 1,202,510 | ||
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012: | ||||||
350 | 5.000%, 6/15/21 | No Opt. Call | BBB+ | 366,562 | ||
2,870 | 5.000%, 6/15/25 | 6/22 at 100.00 | BBB+ | 3,090,186 | ||
450 | 5.000%, 6/15/28 | 6/22 at 100.00 | BBB+ | 482,616 | ||
475 | New Jersey Economic Development Authority, Lease Revenue Bonds, State House Project, Series 2017B, 4.500%, 6/15/40 | 12/28 at 100.00 | A- | 562,937 | ||
2,985 | New Jersey Economic Development Authority, New Jersey, Transit Transportation Project Revenue Bonds, Series 2020A, 4.000%, 11/01/39 | 11/29 at 100.00 | A- | 3,454,929 | ||
2,260 | New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Series 2017A, 3.375%, 7/01/30 | 7/27 at 100.00 | BBB+ | 2,420,302 | ||
3,780 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, 5.250%, 6/15/40 | 6/25 at 100.00 | BBB+ | 4,400,563 | ||
1,500 | New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2014PP, 5.000%, 6/15/26 | 6/24 at 100.00 | A- | 1,728,705 | ||
2,000 | New Jersey Economic Development Authority, Sublease Revenue Bonds, New Jersey Transit Corporation Projects, Refunding Series 2017B, 5.000%, 11/01/25 | No Opt. Call | A- | 2,395,440 | ||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2016A-1: | ||||||
225 | 5.000%, 6/15/29 | 6/26 at 100.00 | A+ | 270,929 | ||
125 | 5.000%, 6/15/30 | 6/26 at 100.00 | A+ | 150,001 | ||
2,770 | New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue Notes, Series 2018A, 5.000%, 6/15/31 | 6/26 at 100.00 | A+ | 3,315,330 | ||
14,305 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30 | No Opt. Call | A- | 11,207,681 | ||
1,900 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22 | No Opt. Call | A- | 2,125,739 | ||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006C: | ||||||
6,925 | 0.000%, 12/15/32 – AGM Insured | No Opt. Call | AA | 5,277,404 | ||
4,765 | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | AA | 3,531,437 | ||
1,000 | 0.000%, 12/15/34 – AGM Insured | No Opt. Call | AA | 720,490 | ||
1,510 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24 | No Opt. Call | A- | 1,771,910 | ||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B: | ||||||
2,700 | 5.500%, 6/15/31 | 6/21 at 100.00 | A- | 2,848,986 | ||
2,520 | 5.250%, 6/15/36 | 6/21 at 100.00 | A- | 2,647,411 | ||
6,430 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42 | 6/22 at 100.00 | A- | 6,891,481 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 95 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA, 5.000%, 6/15/36 | 6/23 at 100.00 | A- | $105,050 | ||
845 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2018A, 4.250%, 12/15/38 | 12/28 at 100.00 | A- | 987,999 | ||
1,035 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019A, 4.000%, 12/15/39 | 12/29 at 100.00 | A- | 1,199,410 | ||
750 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019AA, 4.500%, 6/15/49 | 12/28 at 100.00 | A- | 874,275 | ||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB: | ||||||
635 | 3.500%, 6/15/46 | 12/28 at 100.00 | A- | 678,136 | ||
1,500 | 5.000%, 6/15/50 | 12/28 at 100.00 | A- | 1,822,065 | ||
1,140 | Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Expansion Project, Refunding Series 2015, 3.750%, 5/01/36 | 5/25 at 100.00 | AA | 1,247,855 | ||
Passaic County Improvement Authority, New Jersey, Lease Revenue Bonds, Preakness Healthcare Center Expansion Project, Series 2012: | ||||||
1,330 | 5.000%, 5/01/21 | No Opt. Call | Aa1 | 1,391,247 | ||
1,715 | 3.500%, 5/01/35 | 5/22 at 100.00 | Aa1 | 1,780,564 | ||
4,000 | Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 – AMBAC Insured | No Opt. Call | Aaa | 4,373,640 | ||
3,000 | Union County Improvement Authority, New Jersey, Lease Revenue Bonds, Plainfield - Park Madison Redevelopment Project, Refunding Series 2013A, 5.000%, 3/01/34 (UB) (4) | No Opt. Call | AA+ | 4,013,430 | ||
93,530 | Total Tax Obligation/Limited | 96,395,516 | ||||
Transportation – 14.6% | ||||||
1,100 | Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2012A, 5.000%, 1/01/42 | 1/23 at 100.00 | A1 | 1,205,534 | ||
Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2014A: | ||||||
360 | 5.000%, 1/01/34 | 1/24 at 100.00 | A1 | 410,638 | ||
1,510 | 4.125%, 1/01/39 | 1/24 at 100.00 | A1 | 1,658,765 | ||
2,000 | 5.000%, 1/01/44 | 1/24 at 100.00 | A1 | 2,259,340 | ||
1,290 | Delaware River and Bay Authority, Delaware and New Jersey, Revenue Bonds, Series 2019, 4.000%, 1/01/44 | 1/29 at 100.00 | A1 | 1,527,489 | ||
1,635 | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Refunding Series 2015, 4.000%, 7/01/35 – BAM Insured | 7/25 at 100.00 | AA | 1,835,925 | ||
3,000 | Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Refunding Series 2019B, 5.000%, 7/01/30 | 7/29 at 100.00 | A1 | 4,012,710 | ||
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2017: | ||||||
1,000 | 5.000%, 7/01/42 | 7/27 at 100.00 | A1 | 1,239,760 | ||
3,115 | 5.000%, 7/01/47 | 7/27 at 100.00 | A1 | 3,831,450 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
Delaware River Joint Toll Bridge Commission, New Jersey and Pennsylvania, Bridge System Revenue Bonds, Series 2019A: | ||||||
$ 1,050 | 5.000%, 7/01/30 | 7/29 at 100.00 | A1 | $1,404,449 | ||
1,130 | 5.000%, 7/01/31 | 7/29 at 100.00 | A1 | 1,502,504 | ||
1,235 | 3.000%, 7/01/49 | 7/29 at 100.00 | A1 | 1,305,321 | ||
1,760 | Delaware River Port Authority, New Jersey and Pennsylvania, Revenue Bonds, Series 2013, 5.000%, 1/01/40 | 1/24 at 100.00 | A+ | 2,002,475 | ||
Delaware River Port Authority, Pennsylvania and New Jersey, Revenue Refunding Bonds, Port District Project, Series 2012: | ||||||
1,000 | 5.000%, 1/01/24 | 1/23 at 100.00 | A | 1,104,970 | ||
1,095 | 5.000%, 1/01/26 | 1/23 at 100.00 | A | 1,208,365 | ||
1,070 | 5.000%, 1/01/27 | 1/23 at 100.00 | A | 1,179,204 | ||
New Jersey Economic Development Authority, Private Activity Bonds, The Goethals Bridge Replacement Project, Series 2013: | ||||||
1,260 | 5.000%, 7/01/23 (AMT) | No Opt. Call | BBB | 1,420,159 | ||
1,490 | 5.000%, 1/01/31 – AGM Insured (AMT) | 1/24 at 100.00 | AA | 1,680,392 | ||
1,255 | 5.625%, 1/01/52 (AMT) | 1/24 at 100.00 | BBB | 1,430,763 | ||
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc, Series 1999: | ||||||
400 | 5.125%, 9/15/23 (AMT) | 8/22 at 101.00 | BB | 431,216 | ||
1,025 | 5.250%, 9/15/29 (AMT) | 8/22 at 101.00 | BB | 1,128,013 | ||
300 | New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc, Series 2000A & 2000B, 5.625%, 11/15/30 (AMT) | 3/24 at 101.00 | BB | 347,946 | ||
New Jersey Economic Development Authority, Special Facility Revenue Bonds, Port Newark Container Terminal LLC Project, Refunding Series 2017: | ||||||
3,085 | 5.000%, 10/01/37 (AMT) | 10/27 at 100.00 | Ba1 | 3,695,830 | ||
2,490 | 5.000%, 10/01/47 (AMT) | 10/27 at 100.00 | Ba1 | 2,932,822 | ||
1,300 | New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured | No Opt. Call | AA | 1,768,455 | ||
1,385 | New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/28 | 1/23 at 100.00 | A+ | 1,542,765 | ||
1,870 | New Jersey Turnpike Authority, Revenue Bonds, Series 2013A, 5.000%, 1/01/43 | 7/22 at 100.00 | A+ | 2,039,759 | ||
1,810 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Seventy Ninth Series 2013, 5.000%, 12/01/43 | 12/23 at 100.00 | AA- | 2,070,495 | ||
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Twelfth Series 2019: | ||||||
3,000 | 4.000%, 9/01/37 | 9/29 at 100.00 | AA- | 3,658,530 | ||
3,000 | 4.000%, 9/01/39 | 9/29 at 100.00 | AA- | 3,638,220 | ||
Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997: | ||||||
1,265 | 5.750%, 12/01/22 – NPFG Insured (AMT) | 3/20 at 100.00 | BBB+ | 1,301,584 | ||
3,150 | 5.750%, 12/01/25 – NPFG Insured (AMT) | 3/20 at 100.00 | BBB+ | 3,244,153 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Refunding Series 2019A: | ||||||
$ 1,750 | 5.000%, 11/01/31 – AGM Insured | 11/29 at 100.00 | AA | $2,294,617 | ||
500 | 5.000%, 11/01/32 – AGM Insured | 11/29 at 100.00 | AA | 654,065 | ||
1,000 | 5.000%, 11/01/33 – AGM Insured | 11/29 at 100.00 | AA | 1,304,040 | ||
54,685 | Total Transportation | 64,272,723 | ||||
U.S. Guaranteed – 6.1% (5) | ||||||
500 | Delaware River Joint Toll Bridge Commission, Pennsylvania, Bridge System Revenue Bonds, Refunding Series 2012A, 5.000%, 7/01/26 (Pre-refunded 7/01/22) | 7/22 at 100.00 | A1 | 547,965 | ||
5 | Essex County Improvement Authority, New Jersey, Project Consolidation Revenue Bonds, Refunding Series 2007, 5.250%, 12/15/22 – AMBAC Insured (ETM) | No Opt. Call | Aaa | 5,622 | ||
1,000 | Monroe Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2012, 4.000%, 8/01/24 (Pre-refunded 8/01/22) | 8/22 at 100.00 | AA- | 1,076,760 | ||
610 | Monroe Township Board of Education, Middlesex County, New Jersey, General Obligation Bonds, Refunding Series 2015, 5.000%, 3/01/38 (Pre-refunded 3/01/25) | 3/25 at 100.00 | AA- | 735,190 | ||
220 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, 5.250%, 6/15/40 (Pre-refunded 6/15/25) | 6/25 at 100.00 | N/R | 270,545 | ||
New Jersey Economic Development Authority, Student Housing Revenue Bonds, Provident Group-Montclair Properties LLC, Montclair State University Student Housing Project, Series 2010A: | ||||||
2,055 | 5.750%, 6/01/31 (Pre-refunded 6/01/20) | 6/20 at 100.00 | N/R | 2,080,174 | ||
1,100 | 5.875%, 6/01/42 (Pre-refunded 6/01/20) | 6/20 at 100.00 | N/R | 1,113,805 | ||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Kennedy Health System Obligated Group Issue, Refunding Series 2012: | ||||||
195 | 3.750%, 7/01/27 (ETM) | No Opt. Call | N/R | 223,023 | ||
1,125 | 5.000%, 7/01/31 (Pre-refunded 7/01/22) | 7/22 at 100.00 | N/R | 1,234,294 | ||
1,095 | 5.000%, 7/01/42 (Pre-refunded 7/01/22) | 7/22 at 100.00 | N/R | 1,201,379 | ||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Palisades Medical Center Obligated Group Issue, Refunding Series 2013: | ||||||
140 | 5.250%, 7/01/31 (Pre-refunded 7/01/23) | 7/23 at 100.00 | N/R | 160,217 | ||
660 | 5.250%, 7/01/31 (Pre-refunded 7/01/23) | 7/23 at 100.00 | N/R | 756,485 | ||
80 | 5.500%, 7/01/43 (Pre-refunded 7/01/23) | 7/23 at 100.00 | N/R | 92,208 | ||
360 | 5.500%, 7/01/43 (Pre-refunded 7/01/23) | 7/23 at 100.00 | N/R | 415,577 | ||
360 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Saint Barnabas Health Care System, Refunding Series 2011A, 5.625%, 7/01/37 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R | 382,792 | ||
845 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, St Clare's Hospital, Series 2004A, 5.250%, 7/01/20 – RAAI Insured (ETM) | 3/20 at 100.00 | AA | 857,354 | ||
New Jersey Institute of Technology, New Jersey, General Obligation Bonds, Series 2012A: | ||||||
435 | 5.000%, 7/01/42 (Pre-refunded 7/01/22) | 7/22 at 100.00 | N/R | 477,260 | ||
990 | 5.000%, 7/01/42 (Pre-refunded 7/01/22) | 7/22 at 100.00 | A1 | 1,086,178 | ||
35 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011A, 6.000%, 6/15/35 (Pre-refunded 6/15/21) | 6/21 at 100.00 | A- | 37,328 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (5) (continued) | ||||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B: | ||||||
$ 35 | 5.000%, 6/15/37 (Pre-refunded 6/15/21) | 6/21 at 100.00 | A- | $36,887 | ||
3,410 | 5.000%, 6/15/42 (Pre-refunded 6/15/21) | 6/21 at 100.00 | A- | 3,593,799 | ||
3,150 | New Jersey Turnpike Authority, Revenue Bonds, Series 2013A, 5.000%, 1/01/43 (Pre-refunded 7/01/22) | 7/22 at 100.00 | N/R | 3,459,865 | ||
North Hudson Sewerage Authority, New Jersey, Gross Revenue Lease Certificates, Senior Lien Series 2012A: | ||||||
570 | 5.000%, 6/01/27 (Pre-refunded 6/01/22) | 6/22 at 100.00 | N/R | 624,076 | ||
930 | 5.000%, 6/01/27 (Pre-refunded 6/01/22) | 6/22 at 100.00 | A+ | 1,016,044 | ||
70 | 5.000%, 6/01/42 (Pre-refunded 6/01/22) | 6/22 at 100.00 | N/R | 76,641 | ||
1,145 | 5.000%, 6/01/42 (Pre-refunded 6/01/22) | 6/22 at 100.00 | A+ | 1,252,286 | ||
900 | Passaic County Improvement Authority, New Jersey, County Guaranteed Parking Revenue Bonds, 200 Hospital Plaza Project, Series 2010, 5.000%, 5/01/42 (Pre-refunded 5/01/20) | 5/20 at 100.00 | Aa1 | 906,183 | ||
Readington Township, New Jersey, General Obligation Bonds, General Improvement Series 2011: | ||||||
875 | 5.125%, 1/15/28 (Pre-refunded 1/15/21) | 1/21 at 100.00 | AA | 908,233 | ||
875 | 5.250%, 1/15/30 (Pre-refunded 1/15/21) | 1/21 at 100.00 | AA | 909,178 | ||
1,000 | Rutgers State University, New Jersey, Revenue Bonds, Refunding Series 2013L, 5.000%, 5/01/43 (Pre-refunded 5/01/23) | 5/23 at 100.00 | Aa3 | 1,132,850 | ||
24,770 | Total U.S. Guaranteed | 26,670,198 | ||||
Utilities – 3.5% | ||||||
2,430 | Essex County Improvement Authority, New Jersey, Solid Waste Disposal Revenue Bonds, Covanta Project, Series 2015, 5.250%, 7/01/45 (AMT), 144A | 7/20 at 100.00 | BB- | 2,461,639 | ||
New Jersey Economic Development Authority, Energy Facilities Revenue Bonds, UMM Energy Partners, LLC Project, Series 2012A: | ||||||
500 | 5.000%, 6/15/37 (AMT) | 6/22 at 100.00 | Baa2 | 535,165 | ||
1,000 | 5.125%, 6/15/43 (AMT) | 6/22 at 100.00 | Baa2 | 1,070,660 | ||
3,330 | New Jersey Economic Development Authority, Natural Gas Facilities Revenue Bonds, New Jersey Natural Gas Company Project, Refunding Series 2011A, 2.750%, 8/01/39 | 8/24 at 100.00 | Aa3 | 3,386,044 | ||
960 | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc Project, Refunding Series 2010D, 4.875%, 11/01/29 (AMT) | 11/20 at 100.00 | A+ | 981,091 | ||
4,840 | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc Project, Refunding Series 2019A, 2.200%, 10/01/39 (AMT) (Mandatory Put 12/03/29) | 12/29 at 100.00 | A+ | 5,047,249 | ||
695 | Passaic County Utilities Authority, New Jersey, Solid Waste Disposal Revenue Bonds, Refunding Series 2018, 5.000%, 3/01/37 | No Opt. Call | AA | 989,006 | ||
645 | Salem County Pollution Control Financing Authority, New Jersey, Pollution Control Revenue Bonds, Chambers Project, Refunding Series 2014A, 5.000%, 12/01/23 (AMT) | No Opt. Call | BBB | 697,593 | ||
14,400 | Total Utilities | 15,168,447 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Water and Sewer – 1.9% | ||||||
New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2012C: | ||||||
$ 1,045 | 5.000%, 10/01/23 | No Opt. Call | A+ | $1,192,272 | ||
2,175 | 4.250%, 10/01/47 (AMT) | 10/22 at 100.00 | A+ | 2,284,033 | ||
4,195 | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, Middlesex Water Company, Series 2019, 4.000%, 8/01/59 (AMT) | 8/29 at 100.00 | A+ | 4,733,092 | ||
7,415 | Total Water and Sewer | 8,209,397 | ||||
$ 404,780 | Total Long-Term Investments (cost $407,065,149) | 444,914,985 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 0.3% | ||||||
MUNICIPAL BONDS – 0.3% | ||||||
Education and Civic Organizations – 0.3% | ||||||
$ 1,310 | Rutgers State University, New Jersey, Revenue Bonds, Variable Rate Demand Obligations, Series 2009G, 1.100%, 5/01/39 (Mandatory Put 2/27/20) (6) | 3/20 at 100.00 | Aa3 | $ 1,310,000 | ||
$ 1,310 | Total Short-Term Investments (cost $1,310,000) | 1,310,000 | ||||
Total Investments (cost $408,375,149) – 101.6% | 446,224,985 | |||||
Floating Rate Obligations – (1.7)% | (7,590,000) | |||||
Other Assets Less Liabilities – 0.1% (7) | 611,218 | |||||
Net Assets – 100% | $ 439,246,203 |
Futures Contracts | |||||||
Description | Contract Position | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable/ (Payable) |
U.S. Treasury Long Bond | Short | (33) | 6/20 | $(5,473,684) | $(5,618,250) | $(144,566) | $(91,781) |
(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) | 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. | |
(7) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter ("OTC") derivatives as presented on the Statement of Assets and Liabilities, when applicable. The unrealized appreciation (depreciation) of OTC cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. | |
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 | |
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 Inverse Floating Rate Securities for more information. | |
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 – 101.2% | ||||||
MUNICIPAL BONDS – 101.2% | ||||||
Consumer Staples – 3.6% | ||||||
$ 15,110 | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 5.000%, 6/01/38 | 3/20 at 100.00 | B- | $15,118,008 | ||
101,105 | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005C, 0.000%, 6/01/50 | 3/20 at 15.06 | N/R | 13,108,263 | ||
1,850 | Nassau County Tobacco Settlement Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Refunding Series 2006A-2, 5.250%, 6/01/26 | 3/20 at 100.00 | B- | 1,850,185 | ||
1,925 | 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 | 2,103,120 | ||
6,885 | New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series Series 2016A-1, 5.750%, 6/01/43 | No Opt. Call | BB+ | 8,807,361 | ||
1,565 | 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 | 1,670,231 | ||
3,000 | TSASC Inc, New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 3,140,760 | ||
131,440 | Total Consumer Staples | 45,797,928 | ||||
Education and Civic Organizations – 16.6% | ||||||
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A: | ||||||
265 | 5.000%, 4/01/20 | 3/20 at 100.00 | BB | 265,482 | ||
1,000 | 5.000%, 4/01/27 | 4/20 at 100.00 | BB | 1,002,560 | ||
290 | 5.000%, 4/01/37 | 4/20 at 100.00 | BB | 290,606 | ||
2,190 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40 | 12/20 at 100.00 | B+ | 2,239,122 | ||
Build New York City Resource Corporation, New York, Revenue Bonds, Bronx Charter School for Excellence, Series 2013A: | ||||||
1,630 | 5.000%, 4/01/33 | 4/23 at 100.00 | BBB- | 1,770,865 | ||
1,250 | 5.500%, 4/01/43 | 4/23 at 100.00 | BBB- | 1,363,937 | ||
Build New York City Resource Corporation, New York, Revenue Bonds, Children?s Aid Society Project, Series 2015 BUILD NYC CHILDRENS AID SOCIETY: | ||||||
2,500 | 5.000%, 7/01/40 | 7/25 at 100.00 | A+ | 2,955,625 | ||
2,500 | 5.000%, 7/01/45 | 7/25 at 100.00 | A+ | 2,937,500 | ||
Build New York City Resource Corporation, New York, Revenue Bonds, City University of New York - Queens College, Q Student Residences, LLC Project, Refunding Series 2014A: | ||||||
1,000 | 5.000%, 6/01/38 | 6/24 at 100.00 | Aa2 | 1,156,720 | ||
4,050 | 5.000%, 6/01/43 | 6/24 at 100.00 | Aa2 | 4,660,659 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014: | ||||||
$ 2,240 | 5.000%, 11/01/39 | 11/24 at 100.00 | BB | $2,411,203 | ||
1,000 | 5.500%, 11/01/44 | 11/24 at 100.00 | BB | 1,092,470 | ||
Build New York City Resource Corporation, New York, Revenue Bonds, South Bronx Charter School for International Cultures and the Arts Project, Series 2013A: | ||||||
1,050 | 5.000%, 4/15/33 | 4/23 at 100.00 | BB+ | 1,126,902 | ||
1,875 | 5.000%, 4/15/43 | 4/23 at 100.00 | BB+ | 1,990,312 | ||
595 | Dormitory Authority of the State of New York, General Revenue Bonds, Saint Johns University, Series 2015A, 5.000%, 7/01/37 | 7/25 at 100.00 | A- | 704,534 | ||
Dormitory Authority of the State of New York, Housing Revenue Bonds, Fashion Institute of Technology, Series 2007: | ||||||
1,670 | 5.250%, 7/01/29 – FGIC Insured | No Opt. Call | Baa2 | 2,143,245 | ||
735 | 5.250%, 7/01/34 – FGIC Insured | No Opt. Call | Baa2 | 1,001,585 | ||
1,600 | Dormitory Authority of the State of New York, Revenue Bonds, Barnard College, Refunding Series 2015A, 5.000%, 7/01/43 | 7/25 at 100.00 | A2 | 1,891,424 | ||
7,740 | Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2011A, 5.000%, 10/01/41 | 4/21 at 100.00 | AAA | 8,079,554 | ||
9,000 | Dormitory Authority of the State of New York, Revenue Bonds, Fordham University, Series 2020, 4.000%, 7/01/50 | 7/29 at 100.00 | A | 10,576,620 | ||
2,760 | Dormitory Authority of the State of New York, Revenue Bonds, Icahn School of Medicine at Mount Sinai, Refunding Series 2015A, 5.000%, 7/01/40 | 7/25 at 100.00 | A- | 3,247,499 | ||
4,590 | Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | A- | 5,434,514 | ||
3,760 | Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2016A, 5.000%, 7/01/46 | 1/27 at 100.00 | A- | 4,503,202 | ||
1,055 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2001-1, 5.500%, 7/01/40 – AMBAC Insured | No Opt. Call | Aa2 | 1,632,338 | ||
3,450 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2015A, 5.000%, 7/01/35 | 7/25 at 100.00 | Aa2 | 4,175,121 | ||
1,500 | Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2018A, 5.000%, 7/01/48 | 7/28 at 100.00 | Aa2 | 1,912,470 | ||
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2019A: | ||||||
8,000 | 5.000%, 7/01/42 | 7/29 at 100.00 | Aa2 | 10,527,520 | ||
11,215 | 5.000%, 7/01/49 | 7/29 at 100.00 | Aa2 | 14,599,911 | ||
1,200 | Dormitory Authority of the State of New York, Revenue Bonds, Non State Supported Debt, Cornell University, Series 2008C, 5.000%, 7/01/37 | 7/20 at 100.00 | Aa1 | 1,216,092 | ||
5,000 | Dormitory Authority of the State of New York, Revenue Bonds, Pratt Institute, Series 2015A, 5.000%, 7/01/44 | 7/24 at 100.00 | A2 | 5,718,500 | ||
1,355 | Dormitory Authority of the State of New York, Revenue Bonds, Rochester Institute of Technology, Series 2019A, 5.000%, 7/01/49 | 7/29 at 100.00 | A1 | 1,719,441 | ||
8,665 | Dormitory Authority of the State of New York, Revenue Bonds, Rockefeller University, Green Series 2019B, 5.000%, 7/01/50 | 7/29 at 100.00 | Aa1 | 11,227,587 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$ 3,450 | Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2016A, 5.500%, 12/01/36, 144A | 12/26 at 100.00 | BB- | $3,898,707 | ||
3,040 | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C, 0.000%, 1/01/55 (4) | 1/34 at 100.00 | N/R | 3,228,237 | ||
760 | New Rochelle Corporation, New York, Local Development Revenue Bonds, Iona College Project, Series 2015A, 5.000%, 7/01/45 | 7/25 at 100.00 | BBB | 867,502 | ||
New York City Industrial Development Agency, New York, PILOT Revenue Bonds, Queens Baseball Stadium Project, Series 2006: | ||||||
4,000 | 5.000%, 1/01/31 – AMBAC Insured | 3/20 at 100.00 | BBB | 4,046,600 | ||
1,060 | 5.000%, 1/01/39 – AMBAC Insured | 3/20 at 100.00 | BBB | 1,072,402 | ||
1,795 | 4.750%, 1/01/42 – AMBAC Insured | 3/20 at 100.00 | BBB | 1,816,001 | ||
5,170 | 5.000%, 1/01/46 – AMBAC Insured | 3/20 at 100.00 | BBB | 5,230,489 | ||
New York City Industrial Development Authority, New York, PILOT Revenue Bonds, Yankee Stadium Project, Series 2006: | ||||||
720 | 5.000%, 3/01/31 – FGIC Insured | 3/20 at 100.00 | Baa1 | 726,689 | ||
2,500 | 5.000%, 3/01/36 – NPFG Insured | 3/20 at 100.00 | Baa1 | 2,523,325 | ||
2,140 | 4.500%, 3/01/39 – FGIC Insured | 3/20 at 100.00 | Baa1 | 2,159,902 | ||
1,150 | 4.750%, 3/01/46 – NPFG Insured | 3/20 at 100.00 | Baa1 | 1,160,695 | ||
740 | New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of American Art, Series 2011, 5.000%, 7/01/31 | 1/21 at 100.00 | AA | 764,583 | ||
5,375 | New York City Trust for Cultural Resources, New York, Revenue Bonds, Wildlife Conservation Society, Series 2013A, 5.000%, 8/01/33 | 8/23 at 100.00 | AA- | 6,087,402 | ||
New York City Trust for Cultural Resources, New York, Revenue Bonds, Wildlife Conservation Society, Series 2014A: | ||||||
3,800 | 5.000%, 8/01/38 | 8/23 at 100.00 | AA- | 4,289,858 | ||
10,000 | 5.000%, 8/01/43 | 8/23 at 100.00 | AA- | 11,248,800 | ||
6,500 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Bank of America Tower at One Bryant Park Project, Second Priority Refunding Series 2019 Class 1, 2.450%, 9/15/69 | 3/29 at 100.00 | N/R | 6,924,775 | ||
3,740 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Bank of America Tower at One Bryant Park Project, Second Priority Refunding Series 2019 Class 2, 2.625%, 9/15/69 | 3/29 at 100.00 | A2 | 3,990,767 | ||
2,810 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, Bank of America Tower at One Bryant Park Project, Second Priority Refunding Series 2019 Class 3, 2.800%, 9/15/69 | 3/29 at 100.00 | Baa2 | 3,003,131 | ||
750 | Oneida County Local Development Corporation, New York, Revenue Bonds, Utica College Project, Series 2019, 4.000%, 7/01/39 | 7/29 at 100.00 | BBB- | 852,195 | ||
Onondaga Civic Development Corporation, New York, Revenue Bonds, Le Moyne College Project, Series 2012: | ||||||
1,000 | 5.000%, 7/01/32 | 7/22 at 100.00 | Baa2 | 1,086,660 | ||
1,745 | 5.000%, 7/01/42 | 7/22 at 100.00 | Baa2 | 1,882,977 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
Onondaga County Trust For Cultural Resources, New York, Revenue Bonds, Syracuse University Project, Series 2019: | ||||||
$ 10,000 | 5.000%, 12/01/43 | 12/29 at 100.00 | AA- | $13,110,500 | ||
7,400 | 4.000%, 12/01/49 | 12/29 at 100.00 | AA- | 8,827,090 | ||
1,600 | Troy Capital Resource Corporation, New York, Revenue Bonds, Rensselaer Polytechnic Institute, Series 2010A, 5.125%, 9/01/40 | 9/20 at 100.00 | A3 | 1,633,680 | ||
Yonkers Economic Development Corporation, New York, Educational Revenue Bonds, Charter School Educational Excellence Project, Series 2010A: | ||||||
1,090 | 6.000%, 10/15/30 | 10/20 at 100.00 | BB | 1,118,678 | ||
2,300 | 6.250%, 10/15/40 | 10/20 at 100.00 | BB | 2,358,834 | ||
Yonkers Economic Development Corporation, New York, Educational Revenue Bonds, Lamartine/Warburton LLC-Charter School of Educational Excellence Project, Series 2019A: | ||||||
200 | 4.000%, 10/15/29 | No Opt. Call | N/R | 224,730 | ||
205 | 5.000%, 10/15/39 | 10/29 at 100.00 | N/R | 242,029 | ||
181,770 | Total Education and Civic Organizations | 209,952,358 | ||||
Financials – 1.1% | ||||||
5,710 | Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005, 5.250%, 10/01/35 | No Opt. Call | A | 8,256,717 | ||
3,475 | Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37 | No Opt. Call | A | 5,294,128 | ||
9,185 | Total Financials | 13,550,845 | ||||
Health Care – 2.0% | ||||||
550 | Dormitory Authority of the State of New York, Highland Hospital of Rochester Revenue Bonds, Series 2010, 5.200%, 7/01/32 | 7/20 at 100.00 | A | 556,649 | ||
3,500 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, Series 2020A, 4.000%, 9/01/45 | 3/30 at 100.00 | BBB | 4,094,615 | ||
2,300 | Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2015A, 5.000%, 5/01/43 | 5/25 at 100.00 | A- | 2,665,907 | ||
1,000 | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2015, 5.000%, 12/01/29, 144A | 6/25 at 100.00 | BBB- | 1,178,960 | ||
200 | Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017, 5.000%, 12/01/36, 144A | 6/27 at 100.00 | BBB- | 241,504 | ||
Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc Project, Series 2016B: | ||||||
2,000 | 4.000%, 7/01/41 | 7/26 at 100.00 | A- | 2,249,640 | ||
1,325 | 5.000%, 7/01/46 | 7/26 at 100.00 | A- | 1,573,199 | ||
Monroe County Industrial Development Corporation, New York, FHA Insured Mortgage Revenue Bonds, Unity Hospital of Rochestor Project, Series 2010: | ||||||
2,720 | 5.750%, 8/15/35 | 2/21 at 100.00 | Aa1 | 2,847,677 | ||
5,000 | 5.500%, 8/15/40 | 2/21 at 100.00 | Aa1 | 5,211,700 | ||
1,395 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester General Hospital Project, Series 2013A, 5.000%, 12/01/42 | 12/22 at 100.00 | A- | 1,515,933 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
$ 375 | Monroe County Industrial Development Corporation, New York, Tax-Exempt Revenue Bonds, Highland Hospital of Rochester Project, Series 2015, 5.000%, 7/01/34 | 7/25 at 100.00 | A | $452,002 | ||
1,715 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28 | 7/21 at 100.00 | A- | 1,808,090 | ||
1,000 | Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Refunding Series 2016, 5.000%, 11/01/46 | 11/25 at 100.00 | Baa2 | 1,150,870 | ||
23,080 | Total Health Care | 25,546,746 | ||||
Housing/Multifamily – 0.2% | ||||||
80 | East Syracuse Housing Authority, New York, FHA-Insured Section 8 Assisted Revenue Refunding Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21 | 3/20 at 100.00 | AA | 80,318 | ||
855 | New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2010D-1A, 5.000%, 11/01/42 | 5/20 at 100.00 | AA+ | 860,635 | ||
1,480 | New York State Housing Finance Agency, Multifamily Housing Revenue Bonds, Cannon Street Senior Housing Project, Series 2007A, 5.300%, 2/15/39 (AMT) | 3/20 at 100.00 | Aa1 | 1,483,315 | ||
2,415 | Total Housing/Multifamily | 2,424,268 | ||||
Industrials – 2.0% | ||||||
2,145 | Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc Project, Series 2014, 5.000%, 1/01/35 (AMT), 144A | 1/25 at 100.00 | N/R | 2,419,646 | ||
20,070 | 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 | 22,613,471 | ||
22,215 | Total Industrials | 25,033,117 | ||||
Long-Term Care – 0.3% | ||||||
650 | Dormitory Authority of the State of New York, Non-State Supported Debt, Ozanam Hall of Queens Nursing Home Revenue Bonds, Series 2006, 5.000%, 11/01/31 | 3/20 at 100.00 | A2 | 651,508 | ||
550 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann?s Community Project, Series 2019, 5.000%, 1/01/50 | 1/26 at 103.00 | N/R | 616,572 | ||
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1: | ||||||
380 | 5.800%, 7/01/23 | 3/20 at 100.00 | N/R | 376,500 | ||
395 | 6.100%, 7/01/28 | 3/20 at 100.00 | N/R | 387,246 | ||
210 | 6.200%, 7/01/33 | 3/20 at 100.00 | N/R | 203,942 | ||
1,225 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Peconic Landing At Southold, Inc Project, Refunding Series 2010, 6.000%, 12/01/40 | 12/20 at 100.00 | BBB- | 1,272,542 | ||
3,410 | Total Long-Term Care | 3,508,310 | ||||
Tax Obligation/General – 9.0% | ||||||
13,000 | Nassau County, New York, General Obligation Bonds, Bond Anticipation Note Series 2019A, 5.000%, 6/01/20 | No Opt. Call | N/R | 13,132,080 | ||
3,325 | Nassau County, New York, General Obligation Bonds, General Improvement Bonds Series 2019B, 5.000%, 4/01/37 – AGM Insured | 4/30 at 100.00 | AA | 4,369,914 | ||
1,955 | Nassau County, New York, General Obligation Bonds, General Improvement Series 2019A, 5.000%, 4/01/37 – AGM Insured | 4/29 at 100.00 | AA | 2,512,742 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Nassau County, New York, General Obligation Bonds, General Improvment Series 2016C: | ||||||
$ 2,000 | 5.000%, 4/01/39 – BAM Insured | 4/26 at 100.00 | AA | $2,418,620 | ||
1,000 | 5.000%, 4/01/40 – BAM Insured | 4/26 at 100.00 | AA | 1,207,340 | ||
New York City, New York, General Obligation Bonds, Fiscal 2012 Series A-1: | ||||||
1,900 | 5.000%, 10/01/30 | 10/22 at 100.00 | Aa1 | 2,106,074 | ||
1,915 | 5.000%, 10/01/31 | 10/22 at 100.00 | Aa1 | 2,122,318 | ||
3,000 | 5.000%, 10/01/33 | 10/22 at 100.00 | Aa1 | 3,324,900 | ||
New York City, New York, General Obligation Bonds, Fiscal 2013 Series F-1: | ||||||
1,810 | 5.000%, 3/01/32 | 3/23 at 100.00 | Aa1 | 2,027,544 | ||
6,100 | 5.000%, 3/01/37 | 3/23 at 100.00 | Aa1 | 6,799,792 | ||
2,000 | New York City, New York, General Obligation Bonds, Fiscal 2014 Series D-1, 5.000%, 8/01/30 | 8/23 at 100.00 | Aa1 | 2,278,160 | ||
2,500 | New York City, New York, General Obligation Bonds, Fiscal 2015 Series A, 5.000%, 8/01/32 | 8/24 at 100.00 | Aa1 | 2,940,525 | ||
1,650 | New York City, New York, General Obligation Bonds, Fiscal 2017 Series B-1, 5.000%, 12/01/41 | 12/26 at 100.00 | Aa1 | 2,048,838 | ||
New York City, New York, General Obligation Bonds, Fiscal 2018 Series E-1: | ||||||
10,420 | 5.000%, 3/01/39 | 3/28 at 100.00 | Aa1 | 13,190,886 | ||
11,000 | 5.000%, 3/01/40 | 3/28 at 100.00 | Aa1 | 13,896,300 | ||
New York City, New York, General Obligation Bonds, Fiscal 2018 Series F-1: | ||||||
14,420 | 5.000%, 4/01/40 | 4/28 at 100.00 | Aa1 | 18,250,529 | ||
5,000 | 5.000%, 4/01/45 | 4/28 at 100.00 | Aa1 | 6,266,300 | ||
New York City, New York, General Obligation Bonds, Fiscal 2020 Series B-1: | ||||||
2,225 | 3.000%, 10/01/41 | 10/29 at 100.00 | Aa1 | 2,429,099 | ||
5,000 | 3.000%, 10/01/44 | 10/29 at 100.00 | Aa1 | 5,420,700 | ||
6,670 | New York City, New York, General Obligation Bonds, Series 2011D-I, 5.000%, 10/01/34 | 10/21 at 100.00 | Aa1 | 7,114,289 | ||
96,890 | Total Tax Obligation/General | 113,856,950 | ||||
Tax Obligation/Limited – 26.9% | ||||||
Battery Park City Authority, New York, Revenue Bonds, Senior Lien Series 2019B: | ||||||
3,265 | 5.000%, 11/01/38 | 11/29 at 100.00 | Aaa | 4,371,182 | ||
5,000 | 5.000%, 11/01/39 | 11/29 at 100.00 | Aaa | 6,677,900 | ||
13,000 | Battery Park City Authority, New York, Revenue Bonds, Senior Sustainability Series 2019A, 5.000%, 11/01/49 | 11/29 at 100.00 | Aaa | 17,042,220 | ||
Dormitory Authority of the State of New York, Residential Insitutions for Children Revenue Bonds, Series 2008-A1: | ||||||
1,855 | 5.000%, 6/01/33 | 3/20 at 100.00 | Aa1 | 1,860,713 | ||
2,320 | 5.000%, 6/01/38 | 3/20 at 100.00 | Aa1 | 2,326,960 | ||
20 | Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2009C, 5.125%, 10/01/36 – AGC Insured | 3/20 at 100.00 | AA | 20,062 | ||
5,955 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2011C, 5.000%, 3/15/34 | 3/21 at 100.00 | AA+ | 6,206,182 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 1,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2012D, 5.000%, 2/15/37 | 2/22 at 100.00 | AA+ | $1,080,810 | ||
3,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2014C Group C, 5.000%, 3/15/44 | 3/24 at 100.00 | AA+ | 3,453,060 | ||
6,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2015A, 5.000%, 3/15/31 | 3/25 at 100.00 | AA+ | 7,182,240 | ||
2,835 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2015B Group B, 5.000%, 2/15/32 | 2/25 at 100.00 | AA+ | 3,381,248 | ||
1,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose Series 2015B Group C, 5.000%, 2/15/38 | 2/25 at 100.00 | AA+ | 1,187,800 | ||
7,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2017A, 5.000%, 2/15/37 | 2/27 at 100.00 | AA+ | 8,708,350 | ||
8,000 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2019A Bidding Group 2,3,4, 5.000%, 3/15/38 | 3/29 at 100.00 | Aa1 | 10,423,840 | ||
2,825 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2015B Group A,B&C, 5.000%, 3/15/35 | 9/25 at 100.00 | AA+ | 3,423,985 | ||
2,710 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2017A, 5.000%, 3/15/37 | 3/27 at 100.00 | AA+ | 3,409,397 | ||
15,000 | Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2018C, 4.000%, 3/15/45 | 3/28 at 100.00 | AA+ | 17,337,900 | ||
Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2018E Group 4: | ||||||
10,000 | 5.000%, 3/15/44 | 9/28 at 100.00 | AA+ | 12,778,200 | ||
9,000 | 5.000%, 3/15/45 | 9/28 at 100.00 | AA+ | 11,482,110 | ||
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | ||||||
2,000 | 5.000%, 11/15/28 | 11/25 at 100.00 | BB | 2,363,760 | ||
2,000 | 5.000%, 11/15/32 | 11/25 at 100.00 | BB | 2,341,140 | ||
Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A: | ||||||
5,000 | 5.000%, 2/15/39 | 2/27 at 100.00 | Aa2 | 6,224,750 | ||
5,710 | 5.000%, 2/15/42 | 2/27 at 100.00 | Aa2 | 7,063,213 | ||
11,470 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47 | 2/21 at 100.00 | Aa2 | 11,944,399 | ||
8,335 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Climate Bond Certified, Green Series 2017A, 5.000%, 11/15/42 | 5/27 at 100.00 | AA | 10,338,901 | ||
5,450 | Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Climate Bond Certified, Green Series 2017B-1, 5.000%, 11/15/47 | 11/27 at 100.00 | AA | 6,801,164 | ||
4,000 | Monroe County Industrial Development Agency, New York, School Facility Revenue Bonds, Rochester Schools Modernization Project, Series 2013, 5.000%, 5/01/28 | 5/23 at 100.00 | AA | 4,489,840 | ||
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 2018 Series Subseries S-4A: | ||||||
4,000 | 5.250%, 7/15/35 | 7/28 at 100.00 | AA | 5,268,560 | ||
4,200 | 5.250%, 7/15/36 | 7/28 at 100.00 | AA | 5,516,280 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 2019 Subseries S-1: | ||||||
$ 14,300 | 5.000%, 7/15/43 | 7/28 at 100.00 | AA | $18,121,961 | ||
3,000 | 5.000%, 7/15/45 | 7/28 at 100.00 | AA | 3,789,270 | ||
2,780 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal 2019 Subseries S-3A, 5.000%, 7/15/36 | 7/28 at 100.00 | AA | 3,583,559 | ||
8,500 | New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2015S-2, 5.000%, 7/15/40 | 7/25 at 100.00 | AA | 10,239,780 | ||
3,950 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2013 Series I, 5.000%, 5/01/38 | 5/23 at 100.00 | AAA | 4,435,297 | ||
2,480 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series B-1, 5.000%, 11/01/36 | 5/24 at 100.00 | AAA | 2,887,117 | ||
5,715 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2014 Series D-1, 5.000%, 2/01/35 | 2/24 at 100.00 | AAA | 6,608,026 | ||
10,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2015 Series E-1, 5.000%, 2/01/41 | 2/25 at 100.00 | AAA | 11,789,700 | ||
5,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series B-1, 5.000%, 8/01/36 | 8/26 at 100.00 | AAA | 6,187,100 | ||
New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2019 Series A-1: | ||||||
1,375 | 5.000%, 8/01/38 | 8/28 at 100.00 | AAA | 1,756,920 | ||
10,000 | 5.000%, 8/01/40 | 8/28 at 100.00 | AAA | 12,722,500 | ||
2,500 | New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2020 Subseries A-2, 5.000%, 5/01/39 | 5/29 at 100.00 | AAA | 3,246,725 | ||
9,000 | New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C, 5.000%, 11/01/39 | 11/20 at 100.00 | AAA | 9,236,520 | ||
5,500 | New York State Thruway Authority, Highway and Bridge Trust Fund Bonds, Second General, Series 2005B, 5.500%, 4/01/20 – AMBAC Insured (UB) (5) | No Opt. Call | AA+ | 5,520,240 | ||
5,000 | New York State Thruway Authority, Second General Highway and Bridge Trust Fund Bonds, Series 2011A-1, 5.000%, 4/01/31 | 4/21 at 100.00 | AA+ | 5,219,350 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
435 | 0.000%, 7/01/24 | No Opt. Call | N/R | 398,034 | ||
4,196 | 0.000%, 7/01/27 | No Opt. Call | N/R | 3,589,342 | ||
3,889 | 0.000%, 7/01/29 | 7/28 at 98.64 | N/R | 3,155,107 | ||
929 | 0.000%, 7/01/31 | 7/28 at 91.88 | N/R | 701,209 | ||
1,044 | 0.000%, 7/01/33 | 7/28 at 86.06 | N/R | 734,725 | ||
385 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 434,153 | ||
9,962 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 2,963,894 | ||
8,116 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 1,754,436 | ||
2,845 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 3,220,881 | ||
11,605 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 13,309,426 | ||
764 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured COFINA Project Series 2019A-2, 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 849,110 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 2,000 | Suffolk County Judicial Facilities Agency, New York, Lease Revenue Bonds, H Lee Dennison Building, Series 2013, 5.000%, 11/01/33 | 11/23 at 100.00 | BBB+ | $2,228,580 | ||
Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A: | ||||||
5,750 | 5.000%, 1/01/29 (AMT) | 1/26 at 100.00 | BBB | 6,541,602 | ||
1,930 | 5.000%, 1/01/32 (AMT) | 1/26 at 100.00 | BBB | 2,175,573 | ||
1,250 | 5.000%, 1/01/34 (AMT) | 1/26 at 100.00 | BBB | 1,402,588 | ||
5,430 | 5.000%, 1/01/36 (AMT) | 1/26 at 100.00 | BBB | 6,068,025 | ||
301,580 | Total Tax Obligation/Limited | 339,576,916 | ||||
Transportation – 22.6% | ||||||
1,500 | Buffalo and Fort Erie Public Bridge Authority, New York, Toll Bridge System Revenue Bonds, Series 2017, 5.000%, 1/01/47 | 1/27 at 100.00 | A+ | 1,802,055 | ||
1,500 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2017A-1, 5.250%, 11/15/57 | 5/27 at 100.00 | AA- | 1,844,055 | ||
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020A-1: | ||||||
20,000 | 4.000%, 11/15/46 | 5/30 at 100.00 | AA- | 23,663,800 | ||
8,000 | 4.000%, 11/15/52 | 5/30 at 100.00 | AA- | 9,411,760 | ||
5,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Green Series 2016B, 5.000%, 11/15/37 | 11/26 at 100.00 | AA- | 6,140,100 | ||
960 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012H, 5.000%, 11/15/31 | 11/22 at 100.00 | AA- | 1,065,715 | ||
2,500 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E, 5.000%, 11/15/32 | 11/23 at 100.00 | AA- | 2,868,775 | ||
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014B: | ||||||
2,000 | 5.250%, 11/15/38 | 5/24 at 100.00 | AA- | 2,337,500 | ||
1,000 | 5.250%, 11/15/44 | 5/24 at 100.00 | AA- | 1,160,400 | ||
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2015C-1: | ||||||
5,000 | 5.250%, 11/15/29 | 11/25 at 100.00 | AA | 6,189,650 | ||
8,610 | 5.250%, 11/15/31 | 11/25 at 100.00 | AA | 10,629,992 | ||
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007: | ||||||
2,800 | 3.163%, 10/01/37 (6) | 3/20 at 100.00 | N/R | 2,156,000 | ||
2,000 | 3.231%, 10/01/46 (6) | 3/20 at 100.00 | N/R | 1,540,000 | ||
9,500 | New York City, Industrial Development Agency, Senior Airport Facilities Revenue Refunding Bonds, TrIPs Obligated Group, Series 2012A, 5.000%, 7/01/28 (AMT) | 7/22 at 100.00 | BBB+ | 10,253,445 | ||
3,370 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 4 World Trade Center Project, Series 2011, 5.000%, 11/15/44 | 11/21 at 100.00 | A+ | 3,583,523 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2016A: | ||||||
$ 2,225 | 5.000%, 1/01/36 | 1/26 at 100.00 | A2 | $2,703,598 | ||
8,515 | 5.000%, 1/01/46 | 1/26 at 100.00 | A2 | 10,187,005 | ||
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc John F Kennedy International Airport Project, Refunding Series 2016: | ||||||
3,285 | 5.000%, 8/01/26 (AMT) | 8/21 at 100.00 | BB | 3,448,133 | ||
12,260 | 5.000%, 8/01/31 (AMT) | 8/21 at 100.00 | BB | 12,837,814 | ||
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, Delta Air Lines, Inc - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018: | ||||||
8,900 | 5.000%, 1/01/32 (AMT) | 1/28 at 100.00 | Baa3 | 11,060,564 | ||
3,635 | 5.000%, 1/01/34 (AMT) | 1/28 at 100.00 | Baa3 | 4,499,621 | ||
New York Transportation Development Corporation, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A: | ||||||
500 | 4.000%, 7/01/31 (AMT) | 7/24 at 100.00 | BBB | 553,390 | ||
13,685 | 5.000%, 7/01/46 (AMT) | 7/24 at 100.00 | BBB | 15,753,351 | ||
7,000 | 4.000%, 7/01/46 (AMT) | 7/24 at 100.00 | BBB | 7,605,010 | ||
Niagara Frontier Transportation Authority, New York, Airport Revenue Bonds, Buffalo International Airport, Series 2014A: | ||||||
2,000 | 5.000%, 4/01/25 (AMT) | 4/24 at 100.00 | A3 | 2,303,060 | ||
3,775 | 5.000%, 4/01/26 (AMT) | 4/24 at 100.00 | A3 | 4,338,909 | ||
3,330 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Forth Series 2014, 5.000%, 9/01/39 | 9/24 at 100.00 | AA- | 3,891,838 | ||
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Eighty-Ninth Series 2015: | ||||||
2,520 | 5.000%, 5/01/40 | 5/25 at 100.00 | AA- | 3,016,087 | ||
480 | 5.000%, 5/01/45 | 5/25 at 100.00 | AA- | 572,050 | ||
3,730 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Ninety-Eighth Series 2016, 5.000%, 11/15/46 | 11/26 at 100.00 | AA- | 4,597,934 | ||
8,675 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Ninety-Fifth Series 2016, 5.000%, 10/01/35 (AMT) | 10/26 at 100.00 | AA- | 10,653,594 | ||
10,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, One Hundred Ninety-Fourth Series 2015, 5.250%, 10/15/55 | 10/25 at 100.00 | AA- | 12,130,100 | ||
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Eighteen Series 2019: | ||||||
2,745 | 5.000%, 11/01/38 (AMT) | 11/29 at 100.00 | AA- | 3,579,178 | ||
1,225 | 5.000%, 11/01/39 (AMT) | 11/29 at 100.00 | AA- | 1,593,431 | ||
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Eleventh Series 2018: | ||||||
4,225 | 4.000%, 9/01/43 | 9/28 at 100.00 | AA- | 4,997,541 | ||
10,230 | 5.000%, 9/01/48 | 9/28 at 100.00 | AA- | 12,962,944 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
$ 5,000 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Series 2017, 5.250%, 10/15/57 | 4/27 at 100.00 | AA- | $6,194,650 | ||
3,585 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC Project, Eigth Series 2010, 6.000%, 12/01/36 | 12/20 at 100.00 | BBB+ | 3,721,732 | ||
4,585 | Port Authority of New York and New Jersey, Special Project Bonds, JFK International Air Terminal LLC, Sixth Series 1997, 5.750%, 12/01/25 – NPFG Insured (AMT) | 3/20 at 100.00 | BBB+ | 4,722,046 | ||
1,365 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Refunding Series 2017B, 5.000%, 11/15/38 | 5/27 at 100.00 | AA- | 1,712,666 | ||
3,905 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2014A, 5.000%, 11/15/39 | 5/24 at 100.00 | AA- | 4,508,401 | ||
10,000 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2017A, 5.000%, 11/15/37 | 5/27 at 100.00 | AA- | 12,582,100 | ||
19,500 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2017C-2, 5.000%, 11/15/42 | 11/27 at 100.00 | AA- | 24,609,195 | ||
5,355 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2019A, 5.000%, 11/15/49 | 5/29 at 100.00 | AA- | 6,892,420 | ||
1,560 | Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2002E, 5.500%, 11/15/20 – NPFG Insured | No Opt. Call | A+ | 1,613,196 | ||
241,535 | Total Transportation | 284,488,328 | ||||
U.S. Guaranteed – 2.7% (7) | ||||||
1,000 | Albany Capital Resource Corporation, New York, St Peter's Hospital Project, Series 2011, 6.125%, 11/15/30 (Pre-refunded 11/15/20) | 11/20 at 100.00 | N/R | 1,037,370 | ||
1,600 | Canton Capital Resource Corporation, New York, Student Housing Facility Revenue Bonds, Grasse River LLC at SUNY Canton Project Series 2010A, 5.000%, 5/01/40 (Pre-refunded 5/01/20) | 5/20 at 100.00 | AA | 1,611,168 | ||
1,500 | Dormitory Authority of the State of New York, Lease Revenue Bonds, State University Dormitory Facilities, Refunding Series 2013A, 5.000%, 7/01/27 (Pre-refunded 7/01/23) | 7/23 at 100.00 | Aa3 | 1,716,585 | ||
750 | Dormitory Authority of the State of New York, Revenue Bonds, Convent of the Sacred Heart, Series 2011, 5.625%, 11/01/32 (Pre-refunded 5/01/21) – AGM Insured | 5/21 at 100.00 | AA | 793,178 | ||
350 | Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2010, 5.250%, 7/01/30 (Pre-refunded 7/01/20) | 7/20 at 100.00 | A- | 355,201 | ||
2,500 | Dormitory Authority of the State of New York, Revenue Bonds, North Shore Long Island Jewish Obligated Group, Series 2011A, 5.000%, 5/01/41 (Pre-refunded 5/01/21) | 5/21 at 100.00 | A- | 2,622,875 | ||
Dutchess County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Vassar Brothers Medical Center Facility, Series 2005: | ||||||
545 | 5.500%, 4/01/30 (Pre-refunded 10/01/20) | 10/20 at 100.00 | AA | 559,895 | ||
950 | 5.500%, 4/01/34 (Pre-refunded 10/01/20) | 10/20 at 100.00 | AA | 975,963 | ||
1,200 | Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 (Pre-refunded 10/01/20) – AGM Insured | 10/20 at 100.00 | AA | 1,229,340 | ||
530 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47 (Pre-refunded 2/15/21) | 2/21 at 100.00 | Aa2 | 552,843 | ||
10,000 | Long Island Power Authority, New York, Electric System Revenue Bonds, Series 2011A, 5.000%, 5/01/38 (Pre-refunded 5/01/21) | 5/21 at 100.00 | A | 10,497,500 | ||
1,165 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012H, 5.000%, 11/15/31 (Pre-refunded 11/15/22) | 11/22 at 100.00 | N/R | 1,300,408 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (7) (continued) | ||||||
$ 4,845 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2010D, 5.250%, 11/15/40 (Pre-refunded 11/15/20) | 11/20 at 100.00 | AA- | $5,000,331 | ||
3,520 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013A, 5.000%, 11/15/31 (Pre-refunded 5/15/23) | 5/23 at 100.00 | AA- | 4,002,909 | ||
1,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013C, 5.000%, 11/15/32 (Pre-refunded 5/15/23) | 5/23 at 100.00 | AA- | 1,137,190 | ||
290 | Suffolk County Economic Development Corporation, New York, Revenue Bonds, Catholic Health Services of Long Island Obligated Group Project, Refunding Series 2011, 5.000%, 7/01/28 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R | 306,289 | ||
31,745 | Total U.S. Guaranteed | 33,699,045 | ||||
Utilities – 6.1% | ||||||
7,075 | Chautauqua County Industrial Development Agency, New York, Exempt Facility Revenue Bonds, NRG Dunkirk Power Project, Series 2009, 5.875%, 4/01/42 | 3/20 at 100.00 | Baa2 | 7,098,984 | ||
420 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 456,750 | ||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A: | ||||||
2,350 | 0.000%, 6/01/20 – AGM Insured | No Opt. Call | AA | 2,344,548 | ||
2,000 | 0.000%, 6/01/24 – AGM Insured | No Opt. Call | AA | 1,902,380 | ||
2,000 | 0.000%, 6/01/25 – AGM Insured | No Opt. Call | AA | 1,871,040 | ||
2,980 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2014A, 5.000%, 9/01/44 | 9/24 at 100.00 | A | 3,434,897 | ||
2,910 | Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017, 5.000%, 9/01/47 | 9/27 at 100.00 | A | 3,572,461 | ||
2,430 | Niagara Area Development Corporation, New York, Solid Waste Disposal Facility Revenue Refunding Bonds, Covanta Energy Project, Series 2018A, 4.750%, 11/01/42 (AMT), 144A | 7/23 at 100.00 | B1 | 2,623,671 | ||
3,260 | Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (AMT) | 3/20 at 100.00 | N/R | 3,292,144 | ||
10,000 | Utility Debt Securitization Authority, New York, Restructuring Bonds, Refunding Series 2015, 5.000%, 12/15/36 | 12/25 at 100.00 | AAA | 12,242,800 | ||
5,095 | Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41 | 12/23 at 100.00 | AAA | 5,853,289 | ||
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2017: | ||||||
15,500 | 5.000%, 12/15/38 | 12/27 at 100.00 | AAA | 19,921,065 | ||
3,000 | 5.000%, 12/15/39 | 12/27 at 100.00 | AAA | 3,850,500 | ||
7,000 | 5.000%, 12/15/40 | 12/27 at 100.00 | AAA | 8,971,480 | ||
66,020 | Total Utilities | 77,436,009 | ||||
Water and Sewer – 8.1% | ||||||
10,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2013 Series DD, 5.000%, 6/15/35 | 6/23 at 100.00 | AA+ | 11,329,000 | ||
4,465 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2017 Series CC-1, 5.000%, 6/15/46 | 6/26 at 100.00 | AA+ | 5,443,996 | ||
5,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2017 Series DD, 5.000%, 6/15/47 | 12/26 at 100.00 | AA+ | 6,174,200 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Water and Sewer (continued) | ||||||
$ 3,000 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2018 Series CC-1, 5.000%, 6/15/48 | 6/27 at 100.00 | AA+ | $3,745,860 | ||
10,905 | New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue Bonds, Fiscal 2018 Series EE, 5.000%, 6/15/40 | 12/27 at 100.00 | AA+ | 13,953,929 | ||
10,000 | New York CityMunicipal Water Finance Authority, Water and Sewer System Second eneral Resolution Revenue Bonds, Fiscal 2020 Serries BB-1, 5.000%, 6/15/49 | 12/29 at 100.00 | AA+ | 12,976,800 | ||
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects, Second Resolution: | ||||||
500 | 5.000%, 6/15/30 | 6/24 at 100.00 | AAA | 586,805 | ||
6,675 | 5.000%, 6/15/34 | 6/25 at 100.00 | AAA | 8,076,950 | ||
New York State Environmental Facilities Corporation, State Clean Water and Drinking Water Revolving Funds Revenue Bonds, New York City Municipal Water Finance Authority Projects-Second Resolution Bonds,: | ||||||
1,710 | 5.000%, 6/15/38 | 6/27 at 100.00 | AAA | 2,156,071 | ||
6,810 | 5.000%, 6/15/41 | 6/26 at 100.00 | AAA | 8,322,841 | ||
2,000 | 5.000%, 6/15/42 | 6/27 at 100.00 | AAA | 2,487,860 | ||
1,000 | 5.000%, 6/15/43 | 6/28 at 100.00 | AAA | 1,276,580 | ||
2,000 | 5.000%, 6/15/46 | 6/27 at 100.00 | AAA | 2,473,680 | ||
8,800 | 5.000%, 6/15/47 | 6/27 at 100.00 | AAA | 10,874,072 | ||
3,065 | New York State Environmental Facilities Corporation, State Revolving Funds Revenue Bonds, 2010 Master Financing Program, Green Series 2017C, 5.000%, 8/15/47 | 8/27 at 100.00 | AAA | 3,802,470 | ||
900 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/44 | 3/20 at 100.00 | Ca | 936,000 | ||
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: | ||||||
1,000 | 4.250%, 7/01/25 | 7/22 at 100.00 | Ca | 1,055,000 | ||
505 | 5.500%, 7/01/28 | 7/22 at 100.00 | Ca | 551,713 | ||
1,875 | 5.750%, 7/01/37 | 7/22 at 100.00 | Ca | 2,057,812 | ||
1,530 | 6.000%, 7/01/47 | 7/22 at 100.00 | Ca | 1,683,000 | ||
Western Nassau County Water Authority, New York, Water System Revenue Bonds, Series 2015A: | ||||||
675 | 5.000%, 4/01/40 | 4/25 at 100.00 | AA- | 797,101 | ||
1,050 | 5.000%, 4/01/45 | 4/25 at 100.00 | AA- | 1,229,046 | ||
83,465 | Total Water and Sewer | 101,990,786 | ||||
$ 1,194,750 | Total Long-Term Investments (cost $1,170,786,245) | 1,276,861,606 | ||||
Floating Rate Obligations – (0.3)% | (4,125,000) | |||||
Borrowings – (0.9)% | (11,600,000) | |||||
Other Assets Less Liabilities – 0.0% | 996,738 | |||||
Net Assets – 100% | $ 1,262,133,344 |
(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) | 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. | |
(5) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. | |
(6) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. | |
(7) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. | |
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 | |
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 Inverse Floating Rate Securities for more information. |
Connecticut | Massachusetts | New Jersey | New York | |
Assets | ||||
Long-term investments, at value (cost $240,710,464, $493,644,453, $407,065,149 and $1,170,786,245, respectively) | $260,187,388 | $538,362,675 | $444,914,985 | $1,276,861,606 |
Short-term investments, at value (cost approximates value) | — | 16,955,000 | 1,310,000 | — |
Cash | 3,196,584 | 9,249,555 | 5,216,780 | — |
Cash collateral at brokers for investments in futures contracts(1) | — | — | 100,000 | — |
Receivable for: | ||||
Interest | 2,252,089 | 5,016,393 | 3,958,887 | 13,641,832 |
Investments sold | — | 310,000 | 98,113 | 6,693,696 |
Shares sold | 564,271 | 4,183,410 | 2,090,364 | 2,924,076 |
Other assets | 59,771 | 16,433 | 20,666 | 150,820 |
Total assets | 266,260,103 | 574,093,466 | 457,709,795 | 1,300,272,030 |
Liabilities | ||||
Borrowings | — | — | — | 11,600,000 |
Cash overdraft | — | — | — | 7,568,551 |
Floating rate obligations | 1,570,000 | — | 7,590,000 | 4,125,000 |
Payable for: | ||||
Dividends | 114,762 | 126,348 | 136,153 | 590,882 |
Interest | 9,450 | — | 46,382 | 29,034 |
Investments purchased - regular settlement | — | — | — | 8,887,860 |
Investments purchased - when-issued/delayed-delivery settlement | — | 5,260,600 | 8,619,581 | — |
Shares redeemed | 383,163 | 1,618,256 | 1,575,269 | 4,254,701 |
Variation margin on futures contracts | — | — | 91,781 | — |
Accrued expenses: | ||||
Management fees | 101,803 | 213,491 | 167,577 | 464,217 |
Trustees fees | 55,184 | 12,515 | 20,213 | 151,113 |
12b-1 distribution and service fees | 33,737 | 41,242 | 53,137 | 131,047 |
Other | 93,061 | 194,903 | 163,499 | 336,281 |
Total liabilities | 2,361,160 | 7,467,355 | 18,463,592 | 38,138,686 |
Net assets | $263,898,943 | $566,626,111 | $439,246,203 | $1,262,133,344 |
Connecticut | Massachusetts | New Jersey | New York | |
Class A Shares | ||||
Net assets | $159,680,181 | $206,362,331 | $213,868,793 | $ 534,310,668 |
Shares outstanding | 14,529,207 | 19,352,909 | 17,842,429 | 46,306,894 |
Net asset value ("NAV") per share | $ 10.99 | $ 10.66 | $ 11.99 | $ 11.54 |
Offering price per share (NAV per share plus maximum sales charge of 4.20% of offering price) | $ 11.47 | $ 11.13 | $ 12.52 | $ 12.05 |
Class C Shares | ||||
Net assets | $ 6,529,389 | $ 8,538,101 | $ 17,094,375 | $ 50,740,060 |
Shares outstanding | 595,418 | 807,247 | 1,432,992 | 4,403,812 |
NAV and offering price per share | $ 10.97 | $ 10.58 | $ 11.93 | $ 11.52 |
Class C2 Shares | ||||
Net assets | $ 6,950,760 | $ 4,730,412 | $ 11,179,251 | $ 15,720,489 |
Shares outstanding | 632,653 | 446,749 | 936,079 | 1,363,633 |
NAV and offering price per share | $ 10.99 | $ 10.59 | $ 11.94 | $ 11.53 |
Class I Shares | ||||
Net assets | $ 90,738,613 | $346,995,267 | $197,103,784 | $ 661,362,127 |
Shares outstanding | 8,234,794 | 32,547,173 | 16,383,969 | 57,269,700 |
NAV and offering price per share | $ 11.02 | $ 10.66 | $ 12.03 | $ 11.55 |
Fund level net assets consist of: | ||||
Capital paid-in | $248,003,107 | $532,588,444 | $402,145,880 | $1,174,170,705 |
Total distributable earnings | 15,895,836 | 34,037,667 | 37,100,323 | 87,962,639 |
Fund level net assets | $263,898,943 | $566,626,111 | $439,246,203 | $1,262,133,344 |
Authorized shares - per class | Unlimited | Unlimited | Unlimited | Unlimited |
Par value per share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
(1) | Cash pledged to collateralize the net payment obligations for investments in derivatives. |
Connecticut | Massachusetts | New Jersey | New York | |
Investment Income | $ 8,895,676 | $15,582,183 | $14,026,258 | $ 40,323,814 |
Expenses | ||||
Management fees | 1,215,421 | 2,368,895 | 1,924,828 | 5,349,090 |
12b-1 service fees - Class A Shares | 292,322 | 352,256 | 389,717 | 946,430 |
12b-1 distibution and service fees - Class C Shares | 53,535 | 77,128 | 155,863 | 440,614 |
12b-1 distibution and service fees - Class C2 Shares | 65,588 | 50,992 | 100,087 | 148,775 |
Shareholder servicing agent fees | 90,084 | 253,937 | 188,746 | 440,220 |
Interest expense | 27,285 | 1,933 | 153,750 | 134,703 |
Custodian fees | 50,855 | 72,196 | 71,885 | 129,763 |
Professional fees | 44,457 | 58,310 | 53,895 | 98,277 |
Trustees fees | 6,353 | 12,637 | 10,184 | 29,295 |
Shareholder reporting expenses | 15,373 | 29,222 | 21,761 | 47,836 |
Federal and state registration fees | 6,148 | 25,282 | 13,502 | 36,055 |
Other | 10,736 | 13,166 | 13,882 | 18,935 |
Total expenses | 1,878,157 | 3,315,954 | 3,098,100 | 7,819,993 |
Net investment income (loss) | 7,017,519 | 12,266,229 | 10,928,158 | 32,503,821 |
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | 293,065 | 176,012 | 635,706 | 2,051,369 |
Futures contracts | — | — | (766,336) | — |
Change in net unrealized appreciation (depreciation) of: | ||||
Investments | 13,419,065 | 35,250,808 | 27,316,880 | 73,787,256 |
Futures contracts | — | — | (190,739) | — |
Net realized and unrealized gain (loss) | 13,712,130 | 35,426,820 | 26,995,511 | 75,838,625 |
Net increase (decrease) in net assets from operations | $20,729,649 | $47,693,049 | $37,923,669 | $108,342,446 |
Connecticut | Massachusetts | ||||
Year Ended 2/29/20 | Year Ended 2/28/19 | Year Ended 2/29/20 | Year Ended 2/28/19 | ||
Operations | |||||
Net investment income (loss) | $ 7,017,519 | $ 7,123,452 | $ 12,266,229 | $ 11,725,598 | |
Net realized gain (loss) from: | |||||
Investments | 293,065 | 127,991 | 176,012 | (871,686) | |
Futures contracts | — | — | — | — | |
Change in net unrealized appreciation (depreciation) of: | |||||
Investments | 13,419,065 | (407,779) | 35,250,808 | (1,008,422) | |
Futures contracts | — | — | — | — | |
Net increase (decrease) in net assets from operations | 20,729,649 | 6,843,664 | 47,693,049 | 9,845,490 | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (4,269,908) | (4,244,587) | (4,602,015) | (4,723,952) | |
Class C Shares | (114,294) | (112,536) | (139,933) | (154,274) | |
Class C2 Shares | (206,354) | (402,186) | (141,553) | (259,494) | |
Class I Shares | (2,575,933) | (2,159,395) | (8,103,143) | (6,687,419) | |
Decrease in net assets from distributions to shareholders | (7,166,489) | (6,918,704) | (12,986,644) | (11,825,139) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 61,357,777 | 33,769,435 | 198,579,111 | 198,873,611 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 5,783,155 | 5,436,937 | 11,532,959 | 10,468,041 | |
67,140,932 | 39,206,372 | 210,112,070 | 209,341,652 | ||
Cost of shares redeemed | (36,966,311) | (55,906,439) | (70,340,320) | (202,458,483) | |
Net increase (decrease) in net assets from Fund share transactions | 30,174,621 | (16,700,067) | 139,771,750 | 6,883,169 | |
Net increase (decrease) in net assets | 43,737,781 | (16,775,107) | 174,478,155 | 4,903,520 | |
Net assets at the beginning of period | 220,161,162 | 236,936,269 | 392,147,956 | 387,244,436 | |
Net assets at the end of period | $263,898,943 | $220,161,162 | $566,626,111 | $ 392,147,956 |
New Jersey | New York | ||||
Year Ended 2/29/20 | Year Ended 2/28/19 | Year Ended 2/29/20 | Year Ended 2/28/19 | ||
Operations | |||||
Net investment income (loss) | $ 10,928,158 | $ 10,671,134 | $ 32,503,821 | $ 30,298,303 | |
Net realized gain (loss) from: | |||||
Investments | 635,706 | 1,990,199 | 2,051,369 | (6,573,229) | |
Futures contracts | (766,336) | (46,152) | — | ���— | |
Change in net unrealized appreciation (depreciation) of: | |||||
Investments | 27,316,880 | (319,581) | 73,787,256 | 5,674,805 | |
Futures contracts | (190,739) | 46,173 | — | — | |
Net increase (decrease) in net assets from operations | 37,923,669 | 12,341,773 | 108,342,446 | 29,399,879 | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (5,703,061) | (6,836,520) | (13,929,598) | (12,887,828) | |
Class C Shares | (332,161) | (471,162) | (951,747) | (880,861) | |
Class C2 Shares | (317,869) | (635,160) | (478,645) | (862,557) | |
Class I Shares | (5,154,983) | (5,074,408) | (18,332,726) | (14,397,662) | |
Decrease in net assets from distributions to shareholders | (11,508,074) | (13,017,250) | (33,692,716) | (29,028,908) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 136,143,233 | 107,342,679 | 382,399,024 | 282,872,249 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 9,880,656 | 10,789,950 | 26,676,227 | 23,076,737 | |
146,023,889 | 118,132,629 | 409,075,251 | 305,948,986 | ||
Cost of shares redeemed | (59,127,848) | (128,495,128) | (163,910,092) | (249,333,245) | |
Net increase (decrease) in net assets from Fund share transactions | 86,896,041 | (10,362,499) | 245,165,159 | 56,615,741 | |
Net increase (decrease) in net assets | 113,311,636 | (11,037,976) | 319,814,889 | 56,986,712 | |
Net assets at the beginning of period | 325,934,567 | 336,972,543 | 942,318,455 | 885,331,743 | |
Net assets at the end of period | $439,246,203 | $ 325,934,567 | $1,262,133,344 | $ 942,318,455 |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended February 28/29, | 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 (07/87) | |||||||||
2020 | $10.39 | $0.31 | $ 0.60 | $ 0.91 | $(0.31) | $ — | $(0.31) | $10.99 | |
2019 | 10.39 | 0.33 | (0.01) | 0.32 | (0.32) | — | (0.32) | 10.39 | |
2018 | 10.51 | 0.33 | (0.11) | 0.22 | (0.34) | — | (0.34) | 10.39 | |
2017 | 10.87 | 0.34 | (0.35) | (0.01) | (0.35) | — | (0.35) | 10.51 | |
2016 | 10.86 | 0.36 | 0.01 | 0.37 | (0.36) | — | (0.36) | 10.87 | |
Class C (02/14) | |||||||||
2020 | 10.37 | 0.22 | 0.61 | 0.83 | (0.23) | — | (0.23) | 10.97 | |
2019 | 10.37 | 0.24 | (0.01) | 0.23 | (0.23) | — | (0.23) | 10.37 | |
2018 | 10.49 | 0.25 | (0.12) | 0.13 | (0.25) | — | (0.25) | 10.37 | |
2017 | 10.85 | 0.25 | (0.35) | (0.10) | (0.26) | — | (0.26) | 10.49 | |
2016 | 10.84 | 0.27 | 0.02 | 0.29 | (0.28) | — | (0.28) | 10.85 | |
Class C2 (10/93) | |||||||||
2020 | 10.39 | 0.25 | 0.60 | 0.85 | (0.25) | — | (0.25) | 10.99 | |
2019 | 10.38 | 0.26 | 0.01 | 0.27 | (0.26) | — | (0.26) | 10.39 | |
2018 | 10.50 | 0.27 | (0.11) | 0.16 | (0.28) | — | (0.28) | 10.38 | |
2017 | 10.86 | 0.28 | (0.35) | (0.07) | (0.29) | — | (0.29) | 10.50 | |
2016 | 10.85 | 0.30 | 0.01 | 0.31 | (0.30) | — | (0.30) | 10.86 | |
Class I (02/97) | |||||||||
2020 | 10.42 | 0.33 | 0.61 | 0.94 | (0.34) | — | (0.34) | 11.02 | |
2019 | 10.42 | 0.35 | (0.01) | 0.34 | (0.34) | — | (0.34) | 10.42 | |
2018 | 10.54 | 0.35 | (0.11) | 0.24 | (0.36) | — | (0.36) | 10.42 | |
2017 | 10.90 | 0.36 | (0.35) | 0.01 | (0.37) | — | (0.37) | 10.54 | |
2016 | 10.90 | 0.38 | 0.01 | 0.39 | (0.39) | — | (0.39) | 10.90 |
Ratios/Supplemental Data | |||||
Ratios to Average Net Assets | |||||
Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(c) | Expenses Excluding Interest | Net Investment Income (Loss) | Portfolio Turnover Rate(d) |
8.90% | $159,680 | 0.81% | 0.80% | 2.87% | 11% |
3.09 | 138,188 | 0.80 | 0.80 | 3.15 | 7 |
2.07 | 139,320 | 0.81 | 0.81 | 3.12 | 12 |
(0.15) | 154,143 | 0.79 | 0.79 | 3.14 | 22 |
3.50 | 166,511 | 0.79 | 0.79 | 3.34 | 12 |
8.07 | 6,529 | 1.60 | 1.59 | 2.05 | 11 |
2.26 | 4,914 | 1.60 | 1.60 | 2.34 | 7 |
1.26 | 4,994 | 1.61 | 1.61 | 2.33 | 12 |
(0.93) | 5,782 | 1.59 | 1.59 | 2.33 | 22 |
2.70 | 4,646 | 1.59 | 1.59 | 2.53 | 12 |
8.29 | 6,951 | 1.35 | 1.34 | 2.32 | 11 |
2.59 | 11,399 | 1.35 | 1.35 | 2.54 | 7 |
1.49 | 24,798 | 1.36 | 1.36 | 2.57 | 12 |
(0.71) | 35,338 | 1.34 | 1.34 | 2.59 | 22 |
2.93 | 39,682 | 1.34 | 1.34 | 2.80 | 12 |
9.12 | 90,739 | 0.60 | 0.59 | 3.06 | 11 |
3.32 | 65,660 | 0.60 | 0.60 | 3.34 | 7 |
2.29 | 67,824 | 0.61 | 0.61 | 3.32 | 12 |
0.07 | 67,894 | 0.59 | 0.59 | 3.35 | 22 |
3.63 | 72,697 | 0.59 | 0.59 | 3.54 | 12 |
(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, Inverse Floating Rate Securities 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, Investment Transactions) 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 February 28/29, | 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 (09/94) | |||||||||
2020 | $ 9.93 | $0.25 | $ 0.75 | $ 1.00 | $(0.27) | $ — | $(0.27) | $10.66 | |
2019 | 9.96 | 0.28 | (0.02) | 0.26 | (0.29) | — | (0.29) | 9.93 | |
2018 | 10.01 | 0.29 | (0.05) | 0.24 | (0.29) | — | (0.29) | 9.96 | |
2017 | 10.26 | 0.30 | (0.24) | 0.06 | (0.31) | — | (0.31) | 10.01 | |
2016 | 10.24 | 0.34 | 0.03 | 0.37 | (0.35) | — | (0.35) | 10.26 | |
Class C (02/14) | |||||||||
2020 | 9.85 | 0.17 | 0.75 | 0.92 | (0.19) | — | (0.19) | 10.58 | |
2019 | 9.88 | 0.20 | (0.03) | 0.17 | (0.20) | — | (0.20) | 9.85 | |
2018 | 9.92 | 0.21 | (0.05) | 0.16 | (0.20) | — | (0.20) | 9.88 | |
2017 | 10.17 | 0.21 | (0.23) | (0.02) | (0.23) | — | (0.23) | 9.92 | |
2016 | 10.15 | 0.25 | 0.03 | 0.28 | (0.26) | — | (0.26) | 10.17 | |
Class C2 (10/94) | |||||||||
2020 | 9.86 | 0.20 | 0.74 | 0.94 | (0.21) | — | (0.21) | 10.59 | |
2019 | 9.89 | 0.23 | (0.03) | 0.20 | (0.23) | — | (0.23) | 9.86 | |
2018 | 9.93 | 0.24 | (0.05) | 0.19 | (0.23) | — | (0.23) | 9.89 | |
2017 | 10.18 | 0.24 | (0.24) | — | (0.25) | — | (0.25) | 9.93 | |
2016 | 10.15 | 0.28 | 0.04 | 0.32 | (0.29) | — | (0.29) | 10.18 | |
Class I (12/86) | |||||||||
2020 | 9.92 | 0.27 | 0.76 | 1.03 | (0.29) | — | (0.29) | 10.66 | |
2019 | 9.95 | 0.30 | (0.02) | 0.28 | (0.31) | — | (0.31) | 9.92 | |
2018 | 10.00 | 0.31 | (0.05) | 0.26 | (0.31) | — | (0.31) | 9.95 | |
2017 | 10.25 | 0.32 | (0.24) | 0.08 | (0.33) | — | (0.33) | 10.00 | |
2016 | 10.22 | 0.36 | 0.04 | 0.40 | (0.37) | — | (0.37) | 10.25 |
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) |
10.19% | $206,362 | 0.79% | 0.79% | 2.45% | 7% |
2.64 | 149,468 | 0.80 | 0.80 | 2.86 | 24 |
2.38 | 149,056 | 0.81 | 0.81 | 2.91 | 10 |
0.56 | 117,805 | 0.80 | 0.80 | 2.93 | 15 |
3.68 | 86,136 | 0.81 | 0.81 | 3.32 | 12 |
9.38 | 8,538 | 1.59 | 1.59 | 1.65 | 7 |
1.79 | 6,792 | 1.60 | 1.60 | 2.07 | 24 |
1.65 | 8,661 | 1.61 | 1.61 | 2.11 | 10 |
(0.27) | 7,682 | 1.60 | 1.60 | 2.10 | 15 |
2.86 | 5,769 | 1.61 | 1.61 | 2.51 | 12 |
9.63 | 4,730 | 1.34 | 1.34 | 1.93 | 7 |
2.03 | 8,197 | 1.35 | 1.35 | 2.30 | 24 |
1.89 | 16,156 | 1.36 | 1.36 | 2.36 | 10 |
(0.03) | 20,013 | 1.35 | 1.35 | 2.37 | 15 |
3.20 | 22,641 | 1.36 | 1.36 | 2.78 | 12 |
10.50 | 346,995 | 0.59 | 0.59 | 2.65 | 7 |
2.83 | 227,690 | 0.60 | 0.60 | 3.08 | 24 |
2.56 | 213,372 | 0.61 | 0.61 | 3.11 | 10 |
0.73 | 171,258 | 0.60 | 0.60 | 3.12 | 15 |
3.97 | 151,925 | 0.61 | 0.61 | 3.52 | 12 |
(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, Management Fees 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, Inverse Floating Rate Securities 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, Investment Transactions) 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 February 28/29, | 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 (09/94) | |||||||||
2020 | $11.20 | $0.32 | $ 0.81 | $ 1.13 | $(0.34) | $ — | $(0.34) | $11.99 | |
2019 | 11.20 | 0.35 | 0.08 | 0.43 | (0.35) | (0.08) | (0.43) | 11.20 | |
2018 | 11.19 | 0.35 | 0.07 | 0.42 | (0.37) | (0.04) | (0.41) | 11.20 | |
2017 | 11.54 | 0.36 | (0.31) | 0.05 | (0.38) | (0.02) | (0.40) | 11.19 | |
2016 | 11.50 | 0.39 | 0.05 | 0.44 | (0.40) | —* | (0.40) | 11.54 | |
Class C (02/14) | |||||||||
2020 | 11.14 | 0.23 | 0.81 | 1.04 | (0.25) | — | (0.25) | 11.93 | |
2019 | 11.15 | 0.26 | 0.07 | 0.33 | (0.26) | (0.08) | (0.34) | 11.14 | |
2018 | 11.14 | 0.26 | 0.07 | 0.33 | (0.28) | (0.04) | (0.32) | 11.15 | |
2017 | 11.49 | 0.27 | (0.31) | (0.04) | (0.29) | (0.02) | (0.31) | 11.14 | |
2016 | 11.45 | 0.30 | 0.05 | 0.35 | (0.31) | —* | (0.31) | 11.49 | |
Class C2 (09/94) | |||||||||
2020 | 11.15 | 0.26 | 0.80 | 1.06 | (0.27) | — | (0.27) | 11.94 | |
2019 | 11.16 | 0.29 | 0.06 | 0.35 | (0.28) | (0.08) | (0.36) | 11.15 | |
2018 | 11.14 | 0.29 | 0.07 | 0.36 | (0.30) | (0.04) | (0.34) | 11.16 | |
2017 | 11.49 | 0.30 | (0.31) | (0.01) | (0.32) | (0.02) | (0.34) | 11.14 | |
2016 | 11.46 | 0.33 | 0.04 | 0.37 | (0.34) | —* | (0.34) | 11.49 | |
Class I (02/92) | |||||||||
2020 | 11.24 | 0.35 | 0.80 | 1.15 | (0.36) | — | (0.36) | 12.03 | |
2019 | 11.24 | 0.37 | 0.08 | 0.45 | (0.37) | (0.08) | (0.45) | 11.24 | |
2018 | 11.22 | 0.38 | 0.07 | 0.45 | (0.39) | (0.04) | (0.43) | 11.24 | |
2017 | 11.58 | 0.39 | (0.32) | 0.07 | (0.41) | (0.02) | (0.43) | 11.22 | |
2016 | 11.54 | 0.41 | 0.06 | 0.47 | (0.43) | —* | (0.43) | 11.58 |
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) |
10.22% | $213,869 | 0.83% | 0.79% | 2.78% | 13% |
3.92 | 173,965 | 0.82 | 0.81 | 3.13 | 22 |
3.77 | 174,582 | 0.81 | 0.81 | 3.12 | 11 |
0.46 | 154,595 | 0.80 | 0.80 | 3.14 | 15 |
3.99 | 142,413 | 0.81 | 0.81 | 3.42 | 16 |
9.39 | 17,094 | 1.63 | 1.59 | 1.98 | 13 |
3.01 | 14,536 | 1.62 | 1.61 | 2.34 | 22 |
2.96 | 16,282 | 1.61 | 1.61 | 2.32 | 11 |
(0.35) | 16,453 | 1.60 | 1.60 | 2.35 | 15 |
3.18 | 9,912 | 1.60 | 1.60 | 2.61 | 16 |
9.64 | 11,179 | 1.39 | 1.35 | 2.25 | 13 |
3.23 | 15,265 | 1.37 | 1.36 | 2.62 | 22 |
3.27 | 29,035 | 1.36 | 1.36 | 2.57 | 11 |
(0.09) | 35,993 | 1.35 | 1.35 | 2.59 | 15 |
3.37 | 41,354 | 1.36 | 1.36 | 2.88 | 16 |
10.41 | 197,104 | 0.63 | 0.59 | 2.97 | 13 |
4.12 | 122,168 | 0.62 | 0.61 | 3.33 | 22 |
4.06 | 117,074 | 0.61 | 0.61 | 3.32 | 11 |
0.58 | 114,975 | 0.60 | 0.60 | 3.35 | 15 |
4.19 | 109,699 | 0.61 | 0.61 | 3.62 | 16 |
(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, Inverse Floating Rate Securities 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, Investment Transactions) divided by the average long-term market value during the period. |
* | Rounds to less than $.01 per share. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended February 28/29, | 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 (09/94) | |||||||||
2020 | $10.80 | $0.32 | $ 0.75 | $ 1.07 | $(0.33) | $ — | $(0.33) | $11.54 | |
2019 | 10.79 | 0.35 | (0.01) | 0.34 | (0.33) | — | (0.33) | 10.80 | |
2018 | 10.85 | 0.36 | (0.05) | 0.31 | (0.37) | — | (0.37) | 10.79 | |
2017 | 11.17 | 0.37 | (0.30) | 0.07 | (0.39) | — | (0.39) | 10.85 | |
2016 | 11.14 | 0.39 | 0.05 | 0.44 | (0.41) | — | (0.41) | 11.17 | |
Class C (02/14) | |||||||||
2020 | 10.78 | 0.23 | 0.75 | 0.98 | (0.24) | — | (0.24) | 11.52 | |
2019 | 10.78 | 0.26 | (0.01) | 0.25 | (0.25) | — | (0.25) | 10.78 | |
2018 | 10.83 | 0.27 | (0.04) | 0.23 | (0.28) | — | (0.28) | 10.78 | |
2017 | 11.16 | 0.28 | (0.31) | (0.03) | (0.30) | — | (0.30) | 10.83 | |
2016 | 11.13 | 0.30 | 0.05 | 0.35 | (0.32) | — | (0.32) | 11.16 | |
Class C2 (09/94) | |||||||||
2020 | 10.79 | 0.26 | 0.75 | 1.01 | (0.27) | — | (0.27) | 11.53 | |
2019 | 10.78 | 0.29 | (0.01) | 0.28 | (0.27) | — | (0.27) | 10.79 | |
2018 | 10.84 | 0.30 | (0.05) | 0.25 | (0.31) | — | (0.31) | 10.78 | |
2017 | 11.17 | 0.31 | (0.31) | — | (0.33) | — | (0.33) | 10.84 | |
2016 | 11.14 | 0.33 | 0.05 | 0.38 | (0.35) | — | (0.35) | 11.17 | |
Class I (12/86) | |||||||||
2020 | 10.81 | 0.34 | 0.75 | 1.09 | (0.35) | — | (0.35) | 11.55 | |
2019 | 10.80 | 0.37 | —* | 0.37 | (0.36) | — | (0.36) | 10.81 | |
2018 | 10.86 | 0.39 | (0.05) | 0.34 | (0.40) | — | (0.40) | 10.80 | |
2017 | 11.19 | 0.40 | (0.32) | 0.08 | (0.41) | — | (0.41) | 10.86 | |
2016 | 11.16 | 0.42 | 0.04 | 0.46 | (0.43) | — | (0.43) | 11.19 |
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) |
10.03% | $534,311 | 0.76% | 0.75% | 2.85% | 7% |
3.25 | 432,791 | 0.78 | 0.77 | 3.25 | 37 |
2.87 | 383,306 | 0.79 | 0.77 | 3.30 | 16 |
0.56 | 320,116 | 0.78 | 0.77 | 3.35 | 24 |
4.03 | 287,008 | 0.78 | 0.77 | 3.56 | 25 |
9.19 | 50,740 | 1.56 | 1.55 | 2.04 | 7 |
2.32 | 37,515 | 1.58 | 1.57 | 2.45 | 37 |
2.13 | 41,221 | 1.59 | 1.57 | 2.50 | 16 |
(0.34) | 32,296 | 1.58 | 1.57 | 2.55 | 24 |
3.20 | 19,044 | 1.58 | 1.57 | 2.72 | 25 |
9.45 | 15,720 | 1.32 | 1.31 | 2.32 | 7 |
2.58 | 24,033 | 1.32 | 1.31 | 2.69 | 37 |
2.41 | 47,981 | 1.34 | 1.32 | 2.76 | 16 |
(0.07) | 62,247 | 1.33 | 1.32 | 2.80 | 24 |
3.47 | 69,616 | 1.33 | 1.32 | 3.01 | 25 |
10.26 | 661,362 | 0.56 | 0.55 | 3.04 | 7 |
3.47 | 447,980 | 0.58 | 0.57 | 3.45 | 37 |
3.09 | 412,823 | 0.59 | 0.57 | 3.50 | 16 |
0.68 | 377,212 | 0.58 | 0.57 | 3.55 | 24 |
4.25 | 359,843 | 0.58 | 0.57 | 3.76 | 25 |
(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, Management Fees 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, Inverse Floating Rate Securities 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, Investment Transactions) divided by the average long-term market value during the period. |
* | Rounds to less than $.01 per share. |
Connecticut | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $260,187,388 | $ — | $260,187,388 |
Massachusetts | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $538,362,675 | $ — | $538,362,675 |
Short-Term Investments*: | ||||
Municipal Bonds | — | 16,955,000 | — | 16,955,000 |
Total | $ — | $555,317,675 | $ — | $555,317,675 |
New Jersey | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $444,914,985 | $ — | $444,914,985 |
Short-Term Investments*: | ||||
Municipal Bonds | — | 1,310,000 | — | 1,310,000 |
Investments in Derivatives: | ||||
Futures Contracts** | (144,566) | — | — | (144,566) |
Total | $(144,566) | $446,224,985 | $ — | $446,080,419 |
New York | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $1,276,861,606 | $ — | $1,276,861,606 |
* | Refer to the Fund's Portfolio of Investments for industry classifications. |
** | Represents net unrealized appreciation (depreciation) as reported in the Fund's Portfolio of Investments. |
Floating Rate Obligations Outstanding | Connecticut | Massachusetts | New Jersey | New York |
Floating rate obligations: self-deposited Inverse Floaters | $1,570,000 | $ — | $7,590,000 | $4,125,000 |
Floating rate obligations: externally-deposited Inverse Floaters | — | — | — | — |
Total | $1,570,000 | $ — | $7,590,000 | $4,125,000 |
Self-Deposited Inverse Floaters | Connecticut | Massachusetts | New Jersey | New York |
Average floating rate obligations outstanding | $1,364,098 | $ — | $7,590,000 | $4,125,000 |
Average annual interest rate and fees | 1.82% | —% | 1.83% | 1.91% |
Floating Rate Obligations - Recourse Trusts | Connecticut | Massachusetts | New Jersey | New York |
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | $1,570,000 | $ — | $7,590,000 | $4,125,000 |
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | — | — | — | — |
Total | $1,570,000 | $ — | $7,590,000 | $4,125,000 |
Connecticut | Massachusetts | New Jersey | New York | |
Purchases | $55,713,605 | $168,872,105 | $139,149,458 | $352,963,911 |
Sales and maturities | 25,808,126 | 30,377,000 | 50,742,748 | 73,133,773 |
New Jersey | |
Average notional amount of futures contracts outstanding* | $5,214,479 |
* | The average notional amount is calculated based on the absolute aggregate notional of contracts outstanding at the beginning of the current fiscal period and at the the end of each fiscal quarter within the current fiscal period. |
Location on the Statement of Assets and Liabilities | ||||||
Asset Derivatives | (Liability) Derivatives | |||||
Underlying Risk Exposure | Derivative Instrument | Location | Value | Location | Value | |
New Jersey | ||||||
Interest rate | Futures contracts | — | $ — | Payable for variation margin on futures contracts* | $(144,566) |
Fund | Underlying Risk Exposure | Derivative Instrument | Net Realized Gain (Loss) from Futures Contracts | Change in net Unrealized Appreciation (Depreciation) of Futures Contracts |
New Jersey | Interest rate | Futures contracts | $(766,336) | $(190,739) |
Year Ended 2/29/20 | Year Ended 2/28/19 | ||||
Connecticut | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 2,445,189 | $ 26,190,622 | 1,355,632 | $ 14,041,858 | |
Class A – automatic conversion of Class C Shares | — | — | 1,049 | 10,899 | |
Class A – automatic conversion of Class C2 Shares | 5,723 | 60,952 | 149,577 | 1,554,106 | |
Class C | 195,770 | 2,086,608 | 82,317 | 849,194 | |
Class C2 | 2,807 | 29,960 | 4,591 | 47,438 | |
Class I | 3,098,555 | 32,989,635 | 1,665,817 | 17,265,940 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 313,032 | 3,352,802 | 317,647 | 3,284,127 | |
Class C | 8,607 | 92,059 | 8,890 | 91,715 | |
Class C2 | 11,672 | 124,724 | 27,186 | 281,172 | |
Class I | 205,973 | 2,213,570 | 171,640 | 1,779,923 | |
6,287,328 | 67,140,932 | 3,784,346 | 39,206,372 | ||
Shares redeemed: | |||||
Class A | (1,530,362) | (16,325,058) | (1,935,612) | (19,993,478) | |
Class C | (82,711) | (868,310) | (98,020) | (1,008,440) | |
Class C – automatic conversion to Class A Shares | — | — | (1,051) | (10,899) | |
Class C2 | (473,307) | (5,037,353) | (1,173,053) | (12,158,559) | |
Class C2 – automatic conversion to Class A Shares | (5,724) | (60,952) | (149,721) | (1,554,106) | |
Class I | (1,369,799) | (14,674,638) | (2,044,728) | (21,180,957) | |
(3,461,903) | (36,966,311) | (5,402,185) | (55,906,439) | ||
Net increase (decrease) | 2,825,425 | $ 30,174,621 | (1,617,839) | $(16,700,067) |
Year Ended 2/29/20 | Year Ended 2/28/19 | ||||
Massachusetts | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 6,028,529 | $ 62,113,372 | 10,447,146 | $ 103,274,230 | |
Class A – automatic conversion of Class C2 Shares | — | — | 136,297 | 1,361,609 | |
Class C | 217,983 | 2,221,870 | 129,736 | 1,270,263 | |
Class C2 | 2,277 | 23,264 | 2,839 | 27,917 | |
Class I | 13,091,811 | 134,220,605 | 9,397,379 | 92,939,592 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 412,825 | 4,263,150 | 445,114 | 4,408,104 | |
Class C | 11,925 | 122,059 | 13,348 | 131,079 | |
Class C2 | 9,404 | 96,030 | 19,662 | 193,551 | |
Class I | 682,632 | 7,051,720 | 579,431 | 5,735,307 | |
20,457,386 | 210,112,070 | 21,170,952 | 209,341,652 | ||
Shares redeemed: | |||||
Class A | (2,146,356) | (22,155,485) | (10,934,256) | (107,351,195) | |
Class C | (112,576) | (1,147,022) | (330,045) | (3,237,604) | |
Class C2 | (396,704) | (4,080,098) | (687,264) | (6,797,298) | |
Class C2 – automatic conversion to Class A Shares | — | — | (137,259) | (1,361,609) | |
Class I | (4,176,081) | (42,957,715) | (8,462,141) | (83,710,777) | |
(6,831,717) | (70,340,320) | (20,550,965) | (202,458,483) | ||
Net increase (decrease) | 13,625,669 | $139,771,750 | 619,987 | $ 6,883,169 |
Year Ended 2/29/20 | Year Ended 2/28/19 | ||||
New Jersey | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 4,075,827 | $ 47,310,725 | 5,552,661 | $ 61,901,665 | |
Class A – automatic conversion of Class C2 Shares | — | — | 96,898 | 1,090,454 | |
Class C | 361,877 | 4,182,804 | 265,215 | 2,948,453 | |
Class C2 | 6,338 | 73,168 | 7,426 | 82,153 | |
Class I | 7,309,335 | 84,576,536 | 3,691,058 | 41,319,954 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 442,030 | 5,146,859 | 547,810 | 6,088,718 | |
Class C | 22,334 | 258,642 | 32,167 | 355,511 | |
Class C2 | 18,233 | 211,030 | 41,808 | 463,622 | |
Class I | 364,565 | 4,264,125 | 347,931 | 3,882,099 | |
12,600,539 | 146,023,889 | 10,582,974 | 118,132,629 | ||
Shares redeemed: | |||||
Class A | (2,213,257) | (25,752,952) | (6,244,880) | (69,181,303) | |
Class C | (255,710) | (2,950,313) | (453,265) | (5,014,112) | |
Class C2 | (457,048) | (5,296,267) | (1,185,936) | (13,256,665) | |
Class C2 – automatic conversion to Class A Shares | — | — | (97,244) | (1,090,454) | |
Class I | (2,162,525) | (25,128,316) | (3,580,541) | (39,952,594) | |
(5,088,540) | (59,127,848) | (11,561,866) | (128,495,128) | ||
Net increase (decrease) | 7,511,999 | $ 86,896,041 | (978,892) | $ (10,362,499) |
Year Ended 2/29/20 | Year Ended 2/28/19 | ||||
New York | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 11,679,373 | $ 130,483,598 | 13,344,033 | $ 142,941,230 | |
Class A – automatic conversion of Class C2 Shares | 10,024 | 112,192 | 289,747 | 3,137,578 | |
Class C | 1,267,533 | 14,111,543 | 510,906 | 5,477,362 | |
Class C2 | 22,709 | 253,306 | 20,617 | 221,710 | |
Class I | 21,430,240 | 237,438,385 | 12,209,411 | 131,094,369 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 1,052,149 | 11,775,181 | 1,000,528 | 10,751,296 | |
Class C | 66,445 | 742,769 | 62,801 | 674,158 | |
Class C2 | 31,928 | 356,114 | 63,755 | 685,502 | |
Class I | 1,231,553 | 13,802,163 | 1,019,315 | 10,965,781 | |
36,791,954 | 409,075,251 | 28,521,113 | 305,948,986 | ||
Shares redeemed: | |||||
Class A | (6,523,711) | (72,803,455) | (10,062,652) | (107,654,575) | |
Class C | (409,513) | (4,563,141) | (919,251) | (9,845,216) | |
Class C2 | (908,822) | (10,145,037) | (2,015,547) | (21,737,606) | |
Class C2 – automatic conversion to Class A Shares | (10,033) | (112,192) | (290,015) | (3,137,578) | |
Class I | (6,849,723) | (76,286,267) | (9,979,626) | (106,958,270) | |
(14,701,802) | (163,910,092) | (23,267,091) | (249,333,245) | ||
Net increase (decrease) | 22,090,152 | $ 245,165,159 | 5,254,022 | $ 56,615,741 |
Connecticut | Massachusetts | New Jersey | New York | |
Tax cost of investments | $239,188,569 | $510,762,645 | $400,413,147 | $1,166,635,038 |
Gross unrealized: | ||||
Appreciation | $ 19,495,819 | $ 44,807,447 | $ 38,165,485 | $ 107,242,299 |
Depreciation | (67,004) | (252,417) | (88,238) | (1,140,731) |
Net unrealized appreciation (depreciation) of investments | $ 19,428,815 | $ 44,555,030 | $ 38,077,247 | $ 106,101,568 |
Connecticut | Massachusetts | New Jersey | New York | |
Undistributed net tax-exempt income1 | $962,835 | $575,786 | $813,753 | $2,128,811 |
Undistributed net ordinary income2 | 132,911 | — | — | 14 |
Undistributed net long-term capital gains | — | — | — | — |
1 | Undistributed net tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period February 1, 2020 through February 29, 2020, and paid on March 2, 2020. |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
2020 | Connecticut | Massachusetts | New Jersey | New York |
Distributions from net tax-exempt income3 | $6,754,945 | $12,596,306 | $11,351,915 | $33,122,924 |
Distributions from net ordinary income2 | 340,235 | 201,357 | 1,243 | 116,827 |
Distributions from net long-term capital gains | — | — | — | — |
2019 | Connecticut | Massachusetts | New Jersey | New York |
Distributions from net tax-exempt income | $6,895,939 | $11,768,840 | $10,306,397 | $28,932,129 |
Distributions from net ordinary income2 | 91,653 | 36,777 | 335,346 | 83,427 |
Distributions from net long-term capital gains | — | — | 2,405,932 | — |
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 February 29, 2020, as Exempt Interest Dividends. |
Connecticut | Massachusetts | New Jersey | New York | |
Not subject to expiration: | ||||
Short-term | $4,004,376 | $3,681,669 | $ — | $17,376,521 |
Long-term | — | 6,269,695 | 794,543 | — |
Total | $4,004,376 | $9,951,364 | $794,543 | $17,376,521 |
Connecticut | Massachusetts | New York | |
Utilized capital loss carryforwards | $296,746 | $176,340 | $2,151,211 |
Average Daily Net Assets | Connecticut | Massachusetts | New Jersey | New York |
For the first $125 million | 0.3500% | 0.3500% | 0.3500% | 0.3500% |
For the next $125 million | 0.3375 | 0.3375 | 0.3375 | 0.3375 |
For the next $250 million | 0.3250 | 0.3250 | 0.3250 | 0.3250 |
For the next $500 million | 0.3125 | 0.3125 | 0.3125 | 0.3125 |
For the next $1 billion | 0.3000 | 0.3000 | 0.3000 | 0.3000 |
For the next $3 billion | 0.2750 | 0.2750 | 0.2750 | 0.2750 |
For the next $5 billion | 0.2500 | 0.2500 | 0.2500 | 0.2500 |
For net assets over $10 billion | 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 |
Inter-Fund Trades | Connecticut | New York |
Purchases | $5,591,401 | $22,750,947 |
Sales | 2,154,180 | 600,000 |
Connecticut | Massachusetts | New Jersey | New York | |
Sales charges collected (Unaudited) | $230,546 | $252,127 | $306,368 | $1,209,215 |
Paid to financial intermediaries (Unaudited) | 220,234 | 242,903 | 297,073 | 1,177,958 |
Connecticut | Massachusetts | New Jersey | New York | |
Commission advances (Unaudited) | $174,919 | $204,874 | $277,194 | $1,109,222 |
Connecticut | Massachusetts | New Jersey | New York | |
12b-1 fees retained (Unaudited) | $13,695 | $18,158 | $26,949 | $90,596 |
Connecticut | Massachusetts | New Jersey | New York | |
CDSC retained (Unaudited) | $3,773 | $2,822 | $20,000 | $29,027 |
New Jersey | New York | |
Maximum outstanding balance | $4,121,888 | $18,000,000 |
New Jersey | New York | |
Utilization period (days outstanding) | 2 | 15 |
Average daily balance outstanding | $4,121,888 | $10,126,667 |
Average annual interest rate | 2.76% | 2.92% |
• | 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, repositioning funds, merging funds, introducing additional share classes, reviewing and updating investment policies and benchmarks, modifying the composition of certain portfolio management teams and analyzing various data to help devise such improvements; |
• | Capital Initiatives – continuing to invest capital to support new funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds; |
• | Compliance Program Initiatives – continuing efforts to enhance the compliance program through, among other things, internally integrating various portfolio management teams and aligning compliance support accordingly, completing a comprehensive review of existing policies and procedures and revising such policies and procedures as appropriate, enhancing compliance-related technologies and workflows, and optimizing compliance shared services across the organization and affiliates; |
• | Risk Management and Valuation Services - continuing efforts to strengthen the risk management functions, including through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates, increasing the efficiency of risk monitoring performed on the Nuveen funds through improved reporting, continuing to implement risk programs designed to provide a more disciplined and consistent approach to identifying and mitigating operational risks, continuing progress on implementing a liquidity program that complies with the new liquidity regulatory requirements and continuing to oversee the daily valuation process; |
• | Additional Compliance Services – continuing investment of time and resources necessary to develop the compliance policies and procedures and other related tools necessary to meet the various new regulatory requirements affecting the Nuveen funds that have been adopted over recent years; |
• | Government Relations – continuing efforts of various Nuveen teams and affiliates to advocate and communicate their positions with lawmakers and other regulatory bodies on issues that will impact the Nuveen funds; |
• | Business Continuity, Disaster Recovery and Information Services – establishing an information security program to help identify and manage information security risks, periodically testing disaster recovery plans, maintaining and updating business continuity plans and providing reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, incident tracking and other relevant information technology risk-related reports; and |
• | Expanded Dividend Management Services – continuing to expand the services necessary to manage the dividends among the varying types of Nuveen funds that have developed as the Nuveen complex has grown in size and scope. |
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). | 156 |
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. | 156 |
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. | 156 |
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. | 156 |
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. | 156 |
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). | 156 |
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); Director, Cboe Global Markets, Inc., formerly, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 156 |
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. | 156 |
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). | 156 |
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); 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. | |
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. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (2) | Principal Occupation(s) During Past 5 Years | |
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 KPMG 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 KPMG 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 February 29, 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 California High Yield Municipal Bond Fund | 26,710 | 0 | 0 | 0 | ||||||||||||
Nuveen California Intermediate Municipal Bond Fund | 26,710 | 0 | 0 | 0 | ||||||||||||
Nuveen California Municipal Bond Fund | 26,710 | 0 | 0 | 0 | ||||||||||||
Nuveen Connecticut Municipal Bond Fund | 26,710 | 0 | 0 | 0 | ||||||||||||
Nuveen Massachusetts Municipal Bond Fund | 26,710 | 0 | 0 | 0 | ||||||||||||
Nuveen New Jersey Municipal Bond Fund | 26,710 | 0 | 0 | 0 | ||||||||||||
Nuveen New York Municipal Bond Fund | 26,710 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 186,970 | $ | 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 California High Yield Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen California Intermediate Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen California Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Connecticut Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Massachusetts Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen New Jersey Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen New York Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Fiscal Year Ended February 28, 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 California High Yield Municipal Bond Fund | 26,200 | 0 | 0 | 0 | ||||||||||||
Nuveen California Intermediate Municipal Bond Fund | 26,200 | 0 | 0 | 0 | ||||||||||||
Nuveen California Municipal Bond Fund | 26,200 | 0 | 0 | 0 | ||||||||||||
Nuveen Connecticut Municipal Bond Fund | 26,200 | 0 | 0 | 0 | ||||||||||||
Nuveen Massachusetts Municipal Bond Fund | 26,200 | 0 | 0 | 0 | ||||||||||||
Nuveen New Jersey Municipal Bond Fund | 26,200 | 0 | 0 | 0 | ||||||||||||
Nuveen New York Municipal Bond Fund | 26,200 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 183,400 | $ | 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 California High Yield Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen California Intermediate Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen California Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Connecticut Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Massachusetts Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen New Jersey Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen New York Municipal Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % |
Fiscal Year Ended February 29, 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 II | $ | 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 February 28, 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 II | $ | 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 February 29, 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 California High Yield Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen California Intermediate Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen California Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Connecticut Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Massachusetts Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen New Jersey Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen New York Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
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|
|
|
|
|
|
| |||||||||
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.
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 February 28, 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 California High Yield Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen California Intermediate Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen California Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Connecticut Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Massachusetts Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen New Jersey Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen New York Municipal Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
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|
|
|
| |||||||||
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 II
By (Signature and Title) | /s/ Mark J. Czarniecki | |
Mark J. Czarniecki | ||
Vice President and Assistant Secretary |
Date: July 14, 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: July 14, 2020
By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham | ||
Vice President and Controller | ||
(principal financial officer) |
Date: July 14, 2020