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 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 28
Date of reporting period: February 28, 2021
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 California High Yield Municipal Bond Fund | NCHAX | NAWSX | NCHCX | NCHRX |
Nuveen California Municipal Bond Fund | NCAAX | NAKFX | NCACX | NCSPX |
Total Returns as of February 28, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 3/28/06 | (0.53)% | 4.87% | 8.02% | 1.21% |
Class A Shares at maximum Offering Price | 3/28/06 | (4.75)% | 3.96% | 7.57% | - |
S&P Municipal Yield Index | - | 2.27% | 6.05% | 7.05% | - |
S&P Municipal Bond California Index | - | 0.76% | 3.36% | 5.03% | - |
Lipper California Municipal Debt Funds Classification Average | - | (0.04)% | 3.34% | 5.11% | - |
Class C2 Shares | 3/28/06 | (0.98)% | 4.30% | 7.44% | 1.76% |
Class I Shares | 3/28/06 | (0.26)% | 5.09% | 8.25% | 1.01% |
Total Returns as of February 28, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | (1.33)% | 4.04% | 5.73% | 2.01% |
Effective Leverage Ratio | 26.13% |
Total Returns as of February 28, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 9/07/94 | (0.29)% | 3.38% | 5.70% | 0.74% |
Class A Shares at maximum Offering Price | 9/07/94 | (4.50)% | 2.49% | 5.25% | - |
S&P Municipal Bond Index | - | 1.22% | 3.41% | 4.51% | - |
S&P Municipal Bond California Index | - | 0.76% | 3.36% | 5.03% | - |
Lipper California Municipal Debt Funds Classification Average | - | (0.04)% | 3.34% | 5.11% | - |
Class C2 Shares | 9/19/94 | (0.82)% | 2.81% | 5.12% | 1.29% |
Class I Shares | 7/01/86 | 0.00% | 3.60% | 5.91% | 0.54% |
Total Returns as of February 28, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | (0.99)% | 2.58% | 3.91% | 1.54% |
Effective Leverage Ratio | 0.00% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 3.67% | 3.01% | 3.31% | 4.01% |
SEC 30-Day Yield | 2.18% | 1.46% | 1.71% | 2.48% |
Taxable-Equivalent Yield (54.1%)2 | 4.67% | 3.13% | 3.67% | 5.32% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.35% | 1.68% | 1.94% | 2.66% |
SEC 30-Day Yield | 0.77% | (0.01)% | 0.24% | 1.00% |
Taxable-Equivalent Yield (54.1%)2 | 1.67% | (0.02)% | 0.52% | 2.17% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 130.1% |
Common Stocks | 0.2% |
Other Assets Less Liabilities | 0.6% |
Net Assets Plus Floating Rate Obligations and Borrowings | 130.9% |
Floating Rate Obligations | (28.8)% |
Borrowings | (2.1)% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
California | 91.1% |
Puerto Rico | 6.7% |
Florida | 0.9% |
Virgin Islands | 0.6% |
Guam | 0.5% |
Virginia | 0.1% |
Illinois | 0.1% |
Tennessee | 0.0% |
Missouri | 0.0% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/Limited | 27.7% |
Tax Obligation/General | 19.5% |
Education and Civic Organizations | 11.7% |
Transportation | 11.1% |
Health Care | 10.4% |
Utilities | 8.3% |
Other | 11.3% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 2.7% |
AA | 26.5% |
A | 16.0% |
BBB | 7.3% |
BB or Lower | 15.1% |
N/R (not rated) | 32.3% |
N/A (not applicable) | 0.1% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 99.2% |
Other Assets Less Liabilities | 0.8% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
California | 96.2% |
Puerto Rico | 2.9% |
Guam | 0.9% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Utilities | 28.5% |
Tax Obligation/General | 17.4% |
Tax Obligation/Limited | 14.9% |
Transportation | 13.9% |
Health Care | 8.7% |
Education and Civic Organizations | 7.4% |
Other | 9.2% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 4.3% |
AAA | 11.5% |
AA | 54.0% |
A | 10.3% |
BBB | 7.8% |
BB or Lower | 3.9% |
N/R (not rated) | 8.2% |
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 | $1,037.36 | $1,032.35 | $1,034.67 | $1,038.29 |
Expenses Incurred During the Period | $ 4.19 | $ 8.16 | $ 6.86 | $ 3.13 |
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 | $1,020.68 | $1,016.76 | $1,018.05 | $1,021.72 |
Expenses Incurred During the Period | $ 4.16 | $ 8.10 | $ 6.80 | $ 3.11 |
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 | $1,006.08 | $1,003.08 | $1,003.50 | $1,007.98 |
Expenses Incurred During the Period | $ 3.63 | $ 7.55 | $ 6.26 | $ 2.59 |
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 | $1,021.17 | $1,017.26 | $1,018.55 | $1,022.22 |
Expenses Incurred During the Period | $ 3.66 | $ 7.60 | $ 6.31 | $ 2.61 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 130.3% | ||||||
MUNICIPAL BONDS – 130.1% | ||||||
Consumer Staples – 5.7% | ||||||
$ 27,000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Alameda County Tobacco Asset Securitization Corporation, Subordinate Series 2006A, 0.000%, 6/01/50 | 3/21 at 16.80 | N/R | $4,528,980 | ||
1,155 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Golden Gate Tobacco Funding Corporation, Turbo, Series 2007A, 5.000%, 6/01/47 | 3/21 at 100.00 | N/R | 1,155,381 | ||
2,000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Merced County Tobacco Funding Corporation, Series 2020B, 5.000%, 6/01/50 | 12/30 at 100.00 | N/R | 2,322,960 | ||
20,000 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Stanislaus County Tobacco Funding Corporation, Series 2006A, 0.000%, 6/01/46 | 3/21 at 23.95 | N/R | 4,781,400 | ||
5,095 | California County Tobacco Securitization Agency, Tobacco Settlement Bonds, Gold Country Settlement Funding Corporation, Subpordinate Series 2020B-2, 0.000%, 6/01/55 | 12/30 at 36.29 | N/R | 1,279,966 | ||
14,900 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Senior Convertible Series 2007A-2, 5.300%, 6/01/37 | 6/22 at 100.00 | B- | 15,501,960 | ||
18,300 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1, 5.000%, 6/01/47 | 6/22 at 100.00 | N/R | 18,930,984 | ||
1,500 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-2, 5.000%, 6/01/47 | 6/22 at 100.00 | N/R | 1,551,720 | ||
50,705 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Revenue Bonds, First Subordinate Series 2007B-1, 0.000%, 6/01/47 | 3/21 at 21.78 | CCC- | 11,131,776 | ||
3,460 | Guam Economic Development & Commerce Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007A, 5.625%, 6/01/47 | 3/21 at 100.00 | N/R | 3,461,003 | ||
25,600 | Inland Empire Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Series 2007C-2 Turbo Capital Appreciation, 0.000%, 6/01/47 | 3/21 at 17.55 | CCC | 4,483,840 | ||
Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A: | ||||||
1,000 | 0.000%, 6/01/36 | 3/21 at 43.10 | N/R | 429,410 | ||
7,500 | 0.000%, 6/01/47 | 3/21 at 22.97 | N/R | 1,716,225 | ||
12,000 | Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Refunding Sacramento County Tobacco Securitization Corporation Series 2021B-2 Class 2, 0.000%, 6/01/60 | 12/30 at 33.42 | N/R | 2,821,560 | ||
5,000 | Tobacco Securitization Authority of Southern California, Tobacco Settlement Asset-Backed Bonds, San Diego County Tobacco Asset Securitization Corporation, First Subordinate CABs, Series 2006B, 0.000%, 6/01/46 | 3/21 at 21.19 | CCC- | 1,057,500 | ||
195,215 | Total Consumer Staples | 75,154,665 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations – 15.2% | ||||||
California Enterprise Development Authority, Charter School Revenue Bonds, Academy for Academic Excellence Project, Series 2020A: | ||||||
$ 700 | 5.000%, 7/01/50, 144A | 7/27 at 100.00 | Ba2 | $759,955 | ||
650 | 5.000%, 7/01/55, 144A | 7/27 at 100.00 | Ba2 | 702,605 | ||
2,240 | California Enterprise Development Authority, Charter School Revenue Bonds, Norton Science and Language Academy Project, Series 2020, 6.250%, 7/01/58, 144A | 7/27 at 102.00 | N/R | 2,363,110 | ||
5,615 | California Municipal Finance Authority Charter School Revenue Bonds, John Adams Academies - El Dorado Hills Project, Series 2018A, 5.500%, 10/01/38, 144A | 10/22 at 105.00 | N/R | 6,037,192 | ||
California Municipal Finance Authority Charter School Revenue Bonds, John Adams Academies, Inc Project, Series 2015A: | ||||||
900 | 5.000%, 10/01/35 | 10/22 at 102.00 | BB | 943,299 | ||
500 | 5.250%, 10/01/45 | 10/22 at 102.00 | BB | 522,870 | ||
1,335 | 5.250%, 10/01/45 | 10/22 at 102.00 | BB | 1,396,063 | ||
4,255 | California Municipal Finance Authority Charter School Revenue Bonds, John Adams Academies, Inc Project, Series 2017A, 5.000%, 10/01/47, 144A | 10/22 at 102.00 | BB | 4,432,093 | ||
250 | California Municipal Finance Authority Charter School Revenue Bonds, River Charter Schools Project, Series 2018A, 5.500%, 6/01/53, 144A | 6/26 at 100.00 | BB | 270,648 | ||
California Municipal Finance Authority, Revenue Bonds, Creative Center of Los Altos Project Pinewood & Oakwood Schools, Series 2016B: | ||||||
500 | 4.000%, 11/01/36, 144A | 11/26 at 100.00 | N/R | 505,795 | ||
2,200 | 4.500%, 11/01/46, 144A | 11/26 at 100.00 | N/R | 2,241,734 | ||
820 | California Municipal Finance Authority, Charter School Lease Revenue Bonds, Bella Mente Montessori Academy Project, Series 2018A, 5.000%, 6/01/38, 144A | 6/28 at 100.00 | Ba1 | 916,448 | ||
California Municipal Finance Authority, Charter School Lease Revenue Bonds, Nova Academy Project, Series 2016A: | ||||||
825 | 5.000%, 6/15/36, 144A | 6/26 at 100.00 | BB | 892,469 | ||
1,000 | 5.000%, 6/15/46, 144A | 6/26 at 100.00 | BB | 1,064,310 | ||
935 | California Municipal Finance Authority, Charter School Lease Revenue Bonds, Rocketship 7-Alma Academy Elementary School, Series 2012A, 6.250%, 6/01/43 | 12/21 at 101.00 | N/R | 968,510 | ||
California Municipal Finance Authority, Charter School Lease Revenue Bonds, Santa Rosa Academy Project, Series 2015: | ||||||
400 | 5.125%, 7/01/35, 144A | 7/25 at 100.00 | BB+ | 434,092 | ||
425 | 5.375%, 7/01/45, 144A | 7/25 at 100.00 | BB+ | 459,225 | ||
California Municipal Finance Authority, Charter School Revenue Bonds, John Adams Academies, Inc - Lincoln Project, Taxable Series 2019B: | ||||||
500 | 5.000%, 10/01/39, 144A | 10/27 at 100.00 | N/R | 533,130 | ||
1,000 | 5.000%, 10/01/57, 144A | 10/27 at 100.00 | N/R | 1,046,130 | ||
California Municipal Finance Authority, Charter School Revenue Bonds, John Adams Academies, Inc Project, Series 2014A: | ||||||
1,400 | 5.000%, 10/01/34 | 10/22 at 102.00 | BB | 1,468,250 | ||
465 | 5.000%, 10/01/44 | 10/22 at 102.00 | BB | 484,646 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
California Municipal Finance Authority, Charter School Revenue Bonds, Learning Choice Academy Chula Vista, Series 2021A: | ||||||
$ 1,605 | 4.000%, 7/01/51 (WI/DD, Settling 3/09/21) | 7/31 at 100.00 | BBB- | $1,771,743 | ||
1,080 | 4.000%, 7/01/55 (WI/DD, Settling 3/09/21) | 7/31 at 100.00 | BBB- | 1,182,082 | ||
California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A: | ||||||
1,195 | 5.000%, 7/01/41, 144A | 7/26 at 100.00 | BB | 1,305,717 | ||
1,145 | 5.000%, 7/01/46, 144A | 7/26 at 100.00 | BB | 1,242,886 | ||
1,100 | California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2018A, 5.000%, 7/01/38, 144A | 7/28 at 100.00 | BB | 1,245,310 | ||
California Municipal Finance Authority, Charter School Revenue Bonds, Partnerships to Uplift Communities Project, Series 2012A: | ||||||
1,330 | 5.000%, 8/01/32 | 8/22 at 100.00 | BB | 1,364,101 | ||
2,130 | 5.250%, 8/01/42 | 8/22 at 100.00 | BB | 2,177,946 | ||
1,795 | 5.300%, 8/01/47 | 8/22 at 100.00 | BB | 1,835,136 | ||
2,245 | California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education Multiple Projects, Series 2014A, 7.000%, 6/01/34 | 6/22 at 102.00 | N/R | 2,425,116 | ||
California Municipal Finance Authority, Charter School Revenue Bonds, Urban Discovery Academy Project, Series 2014A: | ||||||
875 | 5.500%, 8/01/34, 144A | 8/24 at 100.00 | BB- | 938,691 | ||
1,650 | 6.000%, 8/01/44, 144A | 8/24 at 100.00 | BB- | 1,778,832 | ||
1,715 | California Municipal Finance Authority, Education Revenue Bonds, American Heritage Foundation Project, Series 2016A, 5.000%, 6/01/46 | 6/26 at 100.00 | BBB- | 1,888,438 | ||
1,390 | California Municipal Finance Authority, Education Revenue Bonds, Literacy First Charter Schools Project, Series 2019A, 5.000%, 12/01/49 | 12/29 at 100.00 | BBB- | 1,602,517 | ||
California Municipal Finance Authority, Education Revenue Bonds, STREAM Charter Schools Project, Series 2020A: | ||||||
705 | 5.000%, 6/15/41, 144A | 6/30 at 100.00 | N/R | 753,553 | ||
1,385 | 5.000%, 6/15/51, 144A | 6/30 at 100.00 | N/R | 1,458,488 | ||
1,335 | California Municipal Finance Authority, Educational Facilities Revenue Bonds, OCEAA Project, Series 2008A, 7.000%, 10/01/39 | 3/21 at 100.00 | N/R | 1,337,803 | ||
California Municipal Finance Authority, Revenue Bonds, Azusa Pacific University Project, Refunding Series 2015B: | ||||||
1,435 | 5.000%, 4/01/35 | 4/25 at 100.00 | Ba1 | 1,601,073 | ||
8,640 | 5.000%, 4/01/41 | 4/25 at 100.00 | Ba1 | 9,547,027 | ||
7,880 | California Municipal Finance Authority, Revenue Bonds, California Baptist University, Series 2016A, 5.000%, 11/01/46, 144A | 11/26 at 100.00 | N/R | 8,729,622 | ||
California Municipal Finance Authority, Revenue Bonds, Claremont Graduate University, Refunding Series 2020B: | ||||||
1,000 | 5.000%, 10/01/49, 144A | 10/30 at 100.00 | N/R | 1,131,350 | ||
1,000 | 5.000%, 10/01/54, 144A | 10/30 at 100.00 | N/R | 1,127,250 | ||
235 | California Municipal Finance Authority, Revenue Bonds, Emerson College, Series 2011, 5.000%, 1/01/28 | 1/22 at 100.00 | Baa2 | 242,887 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$ 300 | California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2012A, 6.625%, 1/01/32, 144A (4) | 1/22 at 100.00 | N/R | $304,071 | ||
3,700 | California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2014A, 5.250%, 1/01/45 (4) | 1/25 at 100.00 | N/R | 3,551,186 | ||
7,000 | California Municipal Finance Authority, Revenue Bonds, Simpson University, Series 2020A, 6.000%, 10/01/50 | 10/27 at 103.00 | N/R | 7,194,600 | ||
California Municipal Finance Authority, Revenue Bonds, The Master's University & Seminary, Series 2019: | ||||||
1,000 | 5.000%, 8/01/34 | 8/29 at 100.00 | BB+ | 1,134,200 | ||
2,000 | 5.000%, 8/01/48 | 8/29 at 100.00 | BB+ | 2,198,600 | ||
250 | California Municipal Finance Authority, Revenue Bonds, Touro College and University System, Series 2014A, 5.250%, 1/01/40 | 7/24 at 100.00 | BBB- | 268,073 | ||
2,000 | California Public Finance Authority, Charter School Lease Revenue Bonds, California Crosspoint Academy Project, Series 2020A, 5.125%, 7/01/55, 144A | 7/28 at 100.00 | N/R | 2,086,080 | ||
700 | California Public Finance Authority, Charter School Lease Revenue Bonds, Multicultural Learning Center Project, Series 2017A, 6.250%, 6/15/47 | 6/27 at 100.00 | N/R | 781,781 | ||
4,000 | California Public Finance Authority, Educational Facility Revenue Bonds, Crossroads Christian Schools, Series 2020, 5.000%, 1/01/56, 144A | 1/26 at 100.00 | N/R | 4,096,200 | ||
1,075 | California School Finance Authority Charter School Facility Revenue Bonds, Grimmway Schools-Obligated Group, Series 2016A, 5.000%, 7/01/46, 144A | 7/26 at 100.00 | BB+ | 1,161,430 | ||
California School Finance Authority Charter School Revenue Bonds, Bright Star Schools - Obligated Group, Series 2017: | ||||||
1,830 | 5.000%, 6/01/27, 144A | No Opt. Call | N/R | 1,974,460 | ||
755 | 5.000%, 6/01/37, 144A | 6/27 at 100.00 | N/R | 841,772 | ||
1,000 | 5.000%, 6/01/47, 144A | 6/27 at 100.00 | N/R | 1,096,990 | ||
3,090 | 5.000%, 6/01/54, 144A | 6/27 at 100.00 | N/R | 3,376,906 | ||
1,020 | California School Finance Authority Charter School Revenue Bonds, California, ACE Charter Schools, Obligated Group, Series 2016A, 5.000%, 6/01/52, 144A | 6/26 at 100.00 | N/R | 1,089,686 | ||
1,000 | California School Finance Authority Charter School Revenue Bonds, Ednovate Obligated Group, Series 2018, 5.000%, 6/01/48, 144A | 6/27 at 100.00 | N/R | 1,085,220 | ||
California School Finance Authority Charter School Revenue Bonds, Fenton Schools - Obligated Group, Series 2020A: | ||||||
750 | 5.000%, 7/01/50, 144A | 7/27 at 100.00 | BB+ | 826,328 | ||
1,000 | 5.000%, 7/01/58, 144A | 7/27 at 100.00 | BB+ | 1,095,760 | ||
305 | California School Finance Authority School Facility Revenue Bonds, Green Dot Public Schools California Projects, Series 2018A, 5.000%, 8/01/48, 144A | 8/28 at 100.00 | BBB- | 349,859 | ||
1,000 | California School Finance Authority, California, Charter School Revenue Bonds, Alta Public Schools - Obligated Group, Series 2020A, 6.000%, 6/01/59, 144A | 6/28 at 102.00 | N/R | 1,078,510 | ||
California School Finance Authority, California, Charter School Revenue Bonds, Aspire Public Schools, Refunding Series 2015A: | ||||||
1,045 | 5.000%, 8/01/40, 144A | 8/25 at 100.00 | BBB | 1,176,398 | ||
1,100 | 5.000%, 8/01/45, 144A | 8/25 at 100.00 | BBB | 1,229,162 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$ 500 | California School Finance Authority, California, Charter School Revenue Bonds, Aspire Public Schools, Refunding Series 2016, 5.000%, 8/01/46, 144A | 8/25 at 100.00 | BBB | $558,350 | ||
1,800 | California School Finance Authority, California, Charter School Revenue Bonds, Aspire Public Schools, Series 2020A-3, 5.000%, 8/01/50, 144A | 8/28 at 100.00 | BBB | 2,114,118 | ||
1,100 | California School Finance Authority, California, Charter School Revenue Bonds, Encore Education Obligated Group, Series 2016A, 5.000%, 6/01/52, 144A | 6/26 at 100.00 | N/R | 1,006,049 | ||
1,300 | California School Finance Authority, California, Charter School Revenue Bonds, TEACH Public Schools Obligated Group, Series 2016A, 5.875%, 6/01/52 | 6/26 at 100.00 | N/R | 1,457,339 | ||
California School Finance Authority, California, Charter School Revenue Bonds, TEACH Public Schools Obligated Group, Series 2019A: | ||||||
1,000 | 5.000%, 6/01/49, 144A | 6/26 at 100.00 | N/R | 1,068,810 | ||
1,600 | 5.000%, 6/01/58, 144A | 6/26 at 100.00 | N/R | 1,702,672 | ||
California School Finance Authority, Charter School Revenue Bonds, Arts in Action Charter Schools - Obligated Group, Series 2020A: | ||||||
3,700 | 5.000%, 6/01/50, 144A | 6/27 at 100.00 | N/R | 4,006,656 | ||
7,200 | 5.000%, 6/01/59, 144A | 6/27 at 100.00 | N/R | 7,759,080 | ||
California School Finance Authority, Charter School Revenue Bonds, CIty Charter School Obligated Group, Series 2016A: | ||||||
2,520 | 5.000%, 6/01/42, 144A | 6/26 at 100.00 | N/R | 2,707,135 | ||
2,930 | 5.000%, 6/01/52, 144A | 6/26 at 100.00 | N/R | 3,124,376 | ||
805 | California School Finance Authority, Charter School Revenue Bonds, Classical Academies Project, Series 2017A, 5.000%, 10/01/44, 144A | 10/27 at 100.00 | BBB- | 908,161 | ||
600 | California School Finance Authority, Charter School Revenue Bonds, Coastal Academy Project, Series 2013A, 5.000%, 10/01/42, 144A | 10/22 at 100.00 | BBB- | 620,640 | ||
California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep - Obligated Group, Series 2016: | ||||||
1,500 | 4.750%, 6/01/36, 144A | 6/26 at 100.00 | N/R | 1,612,920 | ||
1,180 | 5.000%, 6/01/46, 144A | 6/26 at 100.00 | N/R | 1,266,459 | ||
675 | California School Finance Authority, Charter School Revenue Bonds, Kepler Neighborhood School, Series 2017A, 5.750%, 5/01/37, 144A | 5/27 at 100.00 | N/R | 745,126 | ||
915 | California School Finance Authority, Charter School Revenue Bonds, Larchmont Charter School Project , Series 2018A, 5.000%, 6/01/43, 144A | 6/27 at 100.00 | N/R | 997,808 | ||
California School Finance Authority, Charter School Revenue Bonds, Lifeline Education Charter School Project, Series 2020A: | ||||||
820 | 5.000%, 7/01/45, 144A | 7/28 at 100.00 | BB+ | 914,029 | ||
1,240 | 5.000%, 7/01/55, 144A | 7/28 at 100.00 | BB+ | 1,369,406 | ||
2,500 | California School Finance Authority, Charter School Revenue Bonds, Rocketship Education Obligated Group, Series 2016A, 5.000%, 6/01/46, 144A | 6/25 at 100.00 | N/R | 2,680,350 | ||
California School Finance Authority, Charter School Revenue Bonds, Rocketship Education Obligated Group, Series 2017A: | ||||||
950 | 5.125%, 6/01/47, 144A | 6/26 at 100.00 | N/R | 1,038,606 | ||
1,000 | 5.250%, 6/01/52, 144A | 6/26 at 100.00 | N/R | 1,096,730 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
California School Finance Authority, Charter School Revenue Bonds, Rocketship Public Schools Obligated Group, Series 2017G: | ||||||
$ 360 | 5.000%, 6/01/37, 144A | 6/27 at 100.00 | N/R | $403,553 | ||
750 | 5.000%, 6/01/47, 144A | 6/27 at 100.00 | N/R | 826,748 | ||
250 | 5.000%, 6/01/53, 144A | 6/27 at 100.00 | N/R | 274,693 | ||
3,000 | California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep Public Schools Obligated Group, Series 2020A, 5.000%, 6/01/60, 144A | 6/28 at 100.00 | N/R | 3,001,560 | ||
575 | California School Finance Authority, Charter School Revenue Bonds, Scholarship Prep Public Schools Obligated Group, Series 2020B, 5.000%, 6/01/27, 144A | No Opt. Call | N/R | 577,317 | ||
500 | California School Finance Authority, Charter School Revenue Bonds, Summit Public Schools Obligated Group, Series 2017, 5.000%, 6/01/47, 144A | 6/27 at 100.00 | Baa3 | 560,160 | ||
California School Finance Authority, Educational Facilities Revenue Bonds, New Designs Charter School Adams Campus Project, Series 2019A: | ||||||
750 | 5.000%, 6/01/40, 144A | 6/27 at 100.00 | BB+ | 821,858 | ||
1,060 | 5.000%, 6/01/50, 144A | 6/27 at 100.00 | BB+ | 1,148,478 | ||
California School Finance Authority, Educational Facilities Revenue Bonds, New Designs Charter School Project, Series 2014A: | ||||||
1,000 | 5.750%, 6/01/34, 144A | 6/24 at 100.00 | BB+ | 1,097,110 | ||
1,500 | 6.000%, 6/01/44, 144A | 6/24 at 100.00 | BB+ | 1,650,375 | ||
California School Finance Authority, Educational Facility Revenue Bonds, Partnerships to Uplift Communities Valley Project, Series 2014: | ||||||
1,605 | 6.400%, 8/01/34, 144A | 2/24 at 100.00 | BB | 1,758,952 | ||
2,040 | 6.750%, 8/01/44, 144A | 2/24 at 100.00 | BB | 2,246,468 | ||
California School Finance Authority, Educational Facility Revenue Bonds, River Springs Charter School Project, Series 2017A: | ||||||
3,710 | 5.000%, 7/01/47, 144A | 7/27 at 100.00 | Ba2 | 3,981,980 | ||
2,680 | 5.000%, 7/01/52, 144A | 7/27 at 100.00 | Ba2 | 2,868,645 | ||
California School finance Authority, School Facility Revenue Bonds, ICEF - View Park Elementary and Middle Schools, Series 2014A: | ||||||
575 | 5.625%, 10/01/34 | 10/24 at 100.00 | BB | 626,072 | ||
1,000 | 5.875%, 10/01/44 | 10/24 at 100.00 | BB | 1,090,500 | ||
520 | 6.000%, 10/01/49 | 10/24 at 100.00 | BB | 569,239 | ||
California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2015A: | ||||||
3,000 | 4.125%, 7/01/35, 144A | 7/25 at 100.00 | BBB | 3,247,680 | ||
1,000 | 5.000%, 7/01/45, 144A | 7/25 at 100.00 | BBB | 1,117,550 | ||
1,015 | California School Finance Authority, School Facility Revenue Bonds, Alta Public Schools Project, Series 2014A, 6.500%, 11/01/34, 144A | 11/24 at 100.00 | N/R | 1,112,207 | ||
California School Finance Authority, School Facility Revenue Bonds, Granada Hills Charter High School Obligated Group, Series 2017A: | ||||||
1,000 | 5.000%, 7/01/37, 144A | 7/21 at 105.00 | BBB- | 1,057,350 | ||
1,735 | 5.000%, 7/01/48, 144A | 7/21 at 105.00 | BBB- | 1,832,368 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$ 600 | California School Finance Authority, School Facility Revenue Bonds, KIPP LA Projects, Series 2014A, 5.000%, 7/01/34 | 7/24 at 100.00 | BBB | $663,450 | ||
250 | California School Finance Authority, School Facility Revenue Bonds, KIPP LA Projects, Series 2017A, 5.000%, 7/01/47, 144A | 7/27 at 100.00 | BBB | 289,368 | ||
1,250 | California School Finance Authority, School Facility Revenue Bonds, Value Schools, Series 2013, 6.650%, 7/01/33 | 7/23 at 100.00 | BB+ | 1,383,475 | ||
California School Finance Authority, School Facility Revenue Bonds, Value Schools, Series 2016A: | ||||||
625 | 5.250%, 7/01/31, 144A | 7/26 at 100.00 | BB+ | 705,263 | ||
1,355 | 6.000%, 7/01/51, 144A | 7/26 at 100.00 | BB+ | 1,560,296 | ||
1,940 | California Statewide Communities Development Authority, School Facility Revenue Bonds, Children of Promise, Series 2015A, 6.250%, 7/01/45, 144A (4) | 7/25 at 100.00 | CC | 1,649,000 | ||
960 | California Statewide Communitities Development Authority, Charter School Revenue Bonds, Rocketship 4 - Mosaic Elementary Charter School, Series 2011A, 8.500%, 12/01/41 | 12/21 at 100.00 | N/R | 1,005,341 | ||
790 | California Statewide Community Development Authority, Charter School Revenue Bonds, Rocklin Academy Charter, Series 2011A, 8.250%, 6/01/41 | 6/21 at 100.00 | BB+ | 801,242 | ||
4,015 | University of California, General Revenue Bonds, Limited Project Series 2018O, 4.000%, 5/15/48 (UB) (5) | 5/28 at 100.00 | AA- | 4,560,639 | ||
1,250 | University of California, General Revenue Bonds, Tender Option Bond Trust 2016-XL0001, 18.080%, 5/15/39, 144A (IF) (5) | 5/23 at 100.00 | AA | 1,731,037 | ||
University of Puerto Rico, University System Revenue Bonds, Refunding Series 2006P: | ||||||
20 | 5.000%, 6/01/22 | 3/21 at 100.00 | C | 19,900 | ||
10 | 5.000%, 6/01/23 | 3/21 at 100.00 | C | 9,900 | ||
1,005 | 5.000%, 6/01/24 | 3/21 at 100.00 | C | 989,925 | ||
580 | 5.000%, 6/01/30 | 3/21 at 100.00 | C | 562,600 | ||
University of Puerto Rico, University System Revenue Bonds, Series 2006Q: | ||||||
230 | 5.000%, 6/01/22 | 3/21 at 100.00 | C | 228,850 | ||
125 | 5.000%, 6/01/30 | 3/21 at 100.00 | C | 121,250 | ||
1,580 | 5.000%, 6/01/36 | 3/21 at 100.00 | C | 1,532,600 | ||
187,750 | Total Education and Civic Organizations | 201,567,233 | ||||
Health Care – 13.6% | ||||||
Antelope Valley Healthcare District, California, Revenue Bonds, Series 2016A: | ||||||
1,460 | 5.000%, 3/01/26 | No Opt. Call | Ba3 | 1,616,016 | ||
2,765 | 5.000%, 3/01/31 | 3/26 at 100.00 | Ba3 | 2,899,490 | ||
5,160 | 5.250%, 3/01/36 | 3/26 at 100.00 | Ba3 | 5,316,967 | ||
6,280 | 5.000%, 3/01/41 | 3/26 at 100.00 | Ba3 | 6,337,525 | ||
10,600 | 5.000%, 3/01/46 | 3/26 at 100.00 | Ba3 | 10,617,278 | ||
2,000 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 4.000%, 11/15/41 (UB) (5) | 11/26 at 100.00 | A+ | 2,227,420 | ||
2,000 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2017A, 5.000%, 11/15/48 (UB) (5) | 11/27 at 100.00 | A+ | 2,371,280 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
$ 420 | California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2017A, 5.000%, 8/15/42 | 8/27 at 100.00 | Baa2 | $490,232 | ||
1,570 | California Health Facilities Financing Authority, Revenue Bonds, El Camino Hospital, Series 2017, 5.000%, 2/01/47 (UB) (5) | 2/27 at 100.00 | A1 | 1,828,720 | ||
625 | California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanante System, Tender Option Bond Trust 2015-XF1002, 17.527%, 4/01/42, 144A (IF) (5) | 4/22 at 100.00 | AA- | 744,206 | ||
17,500 | California Health Facilities Financing Authority, Revenue Bonds, Kaiser Permanente System, Series 2017A-2, 4.000%, 11/01/44 (UB) (5) | 11/27 at 100.00 | AA- | 19,879,825 | ||
1,220 | California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2012A, 5.000%, 8/15/51 (UB) (5) | 8/22 at 100.00 | A+ | 1,270,313 | ||
7,800 | California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2016B, 5.000%, 8/15/55 (UB) (5) | 8/26 at 100.00 | A+ | 9,010,872 | ||
California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Tender Option Bond Trust 2015-XF0152: | ||||||
260 | 18.254%, 8/15/43, 144A (IF) (5) | 8/24 at 100.00 | A+ | 360,989 | ||
695 | 17.981%, 8/15/51, 144A (IF) (5) | 8/22 at 100.00 | A+ | 809,647 | ||
3,675 | California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hosptial at Stanford, Series 2017A, 5.000%, 11/15/56 (UB) (5) | 11/27 at 100.00 | A+ | 4,341,204 | ||
80 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 2015-XF0120, 22.158%, 10/01/38, 144A (IF) (5) | 10/24 at 100.00 | AA- | 136,648 | ||
California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Tender Option Bond Trust 2015-XF1034: | ||||||
3,600 | 22.862%, 10/01/44, 144A (IF) (5) | 10/24 at 100.00 | AA- | 6,064,956 | ||
795 | 22.777%, 10/01/44, 144A (IF) (5) | 10/24 at 100.00 | AA- | 1,337,293 | ||
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2015-XF0131: | ||||||
200 | 22.405%, 8/15/51, 144A (IF) (5) | 8/22 at 100.00 | AA- | 260,058 | ||
200 | 22.393%, 8/15/51, 144A (IF) (5) | 8/22 at 100.00 | AA- | 260,024 | ||
California Health Facilities Financing Authority, Revenue Bonds, Stanford Hospitals and Clinics, Tender Option Bond Trust 2016-XG0049: | ||||||
1,000 | 18.254%, 8/15/51, 144A (IF) (5) | 8/22 at 100.00 | AA- | 1,240,160 | ||
250 | 18.259%, 8/15/51, 144A (IF) (5) | 8/22 at 100.00 | AA- | 310,058 | ||
California Municipal Finance Authority, Revenue Bonds, Clinicas del Camino Real, Inc, Series 2020: | ||||||
2,535 | 4.000%, 3/01/40 | 3/30 at 100.00 | BBB | 2,731,082 | ||
5,750 | 4.000%, 3/01/50 | 3/30 at 100.00 | BBB | 5,951,020 | ||
California Municipal Finance Authority, Revenue Bonds, Community Health Centers of the Central Coast, Inc, Series 2021A: | ||||||
1,000 | 5.000%, 12/01/46, 144A | 12/30 at 100.00 | N/R | 1,092,180 | ||
1,000 | 5.000%, 12/01/54, 144A | 12/30 at 100.00 | N/R | 1,087,160 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2015: | ||||||
$ 200 | 5.000%, 11/01/35 | 11/24 at 100.00 | BBB- | $217,720 | ||
1,000 | 5.000%, 11/01/40 | 11/24 at 100.00 | BBB- | 1,084,840 | ||
1,250 | 5.000%, 11/01/44 | 11/24 at 100.00 | BBB- | 1,349,013 | ||
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A: | ||||||
4,210 | 5.250%, 11/01/36 | 11/26 at 100.00 | BBB- | 4,840,279 | ||
2,955 | 5.250%, 11/01/41 | 11/26 at 100.00 | BBB- | 3,364,002 | ||
2,270 | 5.250%, 11/01/47 | 11/26 at 100.00 | BBB- | 2,564,101 | ||
3,950 | 5.000%, 11/01/47 | 11/26 at 100.00 | BBB- | 4,377,508 | ||
1,000 | California Municipal Finance Authority, Reveue Bonds, Community Medical Centers, Series 2015A, 5.000%, 2/01/46 | 2/25 at 100.00 | A- | 1,096,110 | ||
1,780 | California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017, 5.000%, 10/15/47 | 10/26 at 100.00 | BBB- | 2,008,677 | ||
19,300 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.500%, 12/01/54 | 12/24 at 100.00 | BB- | 21,259,915 | ||
1,795 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A, 5.250%, 12/01/56, 144A | 6/26 at 100.00 | BB- | 2,009,323 | ||
315 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A, 5.250%, 12/01/48, 144A | 6/28 at 100.00 | BB- | 366,087 | ||
6,250 | California Statewide Communities Development Authority, Revenue Bonds, Emanate Health, Series 2020A, 3.000%, 4/01/50 (UB) (5) | 4/30 at 100.00 | A | 6,449,312 | ||
1,625 | California Statewide Communities Development Authority, Revenue Bonds, Henry Mayo Newhall Memorial Hospital, Series 2014, 5.250%, 10/01/43 – AGM Insured | 10/24 at 100.00 | A2 | 1,793,496 | ||
1,015 | California Statewide Communities Development Authority, Revenue Bonds, Huntington Memorial Hospital, Series 2018, 4.000%, 7/01/48 | 7/28 at 100.00 | A- | 1,114,328 | ||
9,000 | California Statewide Communities Development Authority, Revenue Bonds, John Muir Health, Series 2016A, 5.000%, 8/15/51 (UB) (5) | 8/26 at 100.00 | A+ | 10,302,030 | ||
1,035 | California Statewide Communities Development Authority, Revenue Bonds, Marin General Hospital, Green Series 2018A, 4.000%, 8/01/45 (UB) (5) | 8/23 at 100.00 | BBB+ | 1,074,247 | ||
2,000 | California Statewide Community Development Authority, Certificates of Participation, Methodist Hospital of Southern California, Series 2018, 4.250%, 1/01/43 | 1/28 at 100.00 | BBB+ | 2,216,220 | ||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: | ||||||
1,326 | 5.750%, 7/01/24 (4) | 3/21 at 100.00 | N/R | 1,259,874 | ||
768 | 5.750%, 7/01/30 (4) | 3/21 at 100.00 | N/R | 729,307 | ||
829 | 5.750%, 7/01/35 (4) | 3/21 at 100.00 | N/R | 787,865 | ||
3,467 | 5.500%, 7/01/39 (4) | 3/21 at 100.00 | N/R | 3,293,418 | ||
69 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005H, 5.750%, 7/01/25 (4) | 3/21 at 100.00 | N/R | 65,655 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2017: | ||||||
$ 875 | 4.000%, 11/01/38 | 11/27 at 100.00 | Ba1 | $934,588 | ||
5,925 | 4.000%, 11/01/47 | 11/27 at 100.00 | Ba1 | 6,155,779 | ||
Palomar Pomerado Health System, California, Revenue Bonds, Refunding Series 2016: | ||||||
1,085 | 5.000%, 11/01/36 | 11/26 at 100.00 | Ba1 | 1,231,931 | ||
2,090 | 5.000%, 11/01/39 | 11/26 at 100.00 | Ba1 | 2,347,572 | ||
San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011: | ||||||
1,000 | 8.000%, 12/01/26 | 12/21 at 100.00 | BB | 1,048,810 | ||
600 | 7.500%, 12/01/41 | 12/21 at 100.00 | BB | 625,206 | ||
1,000 | Upland, California, Certificates of Participation, San Antonio Regional Hospital, Series 2017, 4.000%, 1/01/42 | 1/28 at 100.00 | Baa3 | 1,064,930 | ||
Washington Township Health Care District, California, Revenue Bonds, Refunding Series 2020A: | ||||||
700 | 3.000%, 7/01/36 | 7/30 at 100.00 | Baa2 | 707,434 | ||
1,500 | 3.000%, 7/01/38 | 7/30 at 100.00 | Baa2 | 1,504,065 | ||
200 | Washington Township Health Care District, California, Revenue Bonds, Series 2017A, 5.000%, 7/01/42 | 7/27 at 100.00 | Baa2 | 227,450 | ||
162,824 | Total Health Care | 180,063,715 | ||||
Housing/Multifamily – 4.8% | ||||||
9,460 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A | 2/30 at 100.00 | N/R | 10,771,250 | ||
11,215 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Stoneridge Apartments, Series 2021A, 4.000%, 2/01/56, 144A | 2/31 at 100.00 | N/R | 11,922,779 | ||
1,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Verdant at Green Valley Apartments, Series 2019A, 5.000%, 8/01/49, 144A | 8/29 at 100.00 | N/R | 1,132,610 | ||
California Enterprise Development Authority, Student Housing Revenue Bonds, Provident Group - SDSU Properties LLC -M@College Project, Series 2020A: | ||||||
1,000 | 5.000%, 8/01/55 | 8/30 at 100.00 | Baa3 | 1,187,300 | ||
1,205 | 5.000%, 8/01/57 | 8/30 at 100.00 | Baa3 | 1,425,214 | ||
2,000 | California Housing Finance Agency, Multifamily Housing Revenue Bonds, Series 2014A-III, 4.600%, 8/01/39 | 2/24 at 100.00 | A1 | 2,139,120 | ||
1,493 | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series2019-1, 4.250%, 1/15/35 | No Opt. Call | BBB+ | 1,712,389 | ||
240 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc Projects, Senior Series 2014A, 5.250%, 8/15/49 | 8/24 at 100.00 | A- | 261,742 | ||
1,270 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc Projects, Series 2014B, 5.875%, 8/15/49 | 8/24 at 100.00 | N/R | 1,363,002 | ||
480 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47 | 8/22 at 100.00 | N/R | 508,426 | ||
2,375 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Royal York Estates Projects Series 2020A, 4.000%, 2/15/55 | 2/30 at 100.00 | N/R | 2,228,201 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Housing/Multifamily (continued) | ||||||
$ 3,100 | California Municipal Finance Authority, Multifamily Housing Revenue Bonds, Casa Griffin Apartments, Series 2011A-1, 6.000%, 10/01/46 | 10/21 at 100.00 | BB | $3,129,760 | ||
California Public Finance Authority, University Housing Revenue Bonds, National Campus Community Development - Claremont Properties LLC Claremont Colleges Project, Series 2017A: | ||||||
890 | 5.000%, 7/01/37, 144A | 7/27 at 100.00 | Caa2 | 747,600 | ||
1,975 | 5.000%, 7/01/47, 144A | 7/27 at 100.00 | Caa2 | 1,659,000 | ||
450 | California Statewide Communities Development Authority, College Housing Revenue Bonds, National Campus Community Development - Hooper Street LLC Project, Series 2019, 5.250%, 7/01/52, 144A | 7/29 at 100.00 | BB+ | 486,841 | ||
California Statewide Communities Development Authority, Revenue Bonds, Lancer Educational Student Housing Project, Refunding Series 2016A: | ||||||
4,600 | 5.000%, 6/01/36, 144A | 6/26 at 100.00 | N/R | 5,038,702 | ||
2,090 | 5.000%, 6/01/46, 144A | 6/26 at 100.00 | N/R | 2,252,477 | ||
3,000 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Parallel-Anaheim Series 2021A, 4.000%, 8/01/56, 144A | 8/31 at 100.00 | N/R | 3,247,020 | ||
3,525 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Renaissance at City Center, Series 2020A, 5.000%, 7/01/51, 144A | 7/31 at 100.00 | N/R | 4,126,647 | ||
Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Augusta Communities Mobile Home Park, Series 2012A: | ||||||
740 | 5.000%, 5/15/39 | 5/22 at 100.00 | A+ | 762,659 | ||
1,010 | 5.000%, 5/15/47 | 5/22 at 100.00 | A+ | 1,037,623 | ||
1,000 | Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Palomar Estates West, Refunding Series 2015, 5.000%, 9/15/36 | 9/25 at 100.00 | N/R | 1,088,200 | ||
1,340 | Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Rancho Feliz and Las Casitas De Sonoma, Refunding Series 2012, 5.000%, 10/15/47 | 10/22 at 100.00 | A- | 1,392,367 | ||
315 | La Verne, California, Mobile Home Park Revenue Bonds, Copacabana Mobile Home Park, Refunding Series 2014, 5.000%, 6/15/49 | 6/24 at 100.00 | A+ | 351,471 | ||
2,110 | Palmdale Housing Authority, California, Multifamily Housing Revenue Bonds, Impression, La Quinta, Park Vista & Summerwood Apartments, Series 2015, 5.250%, 6/01/45 | 6/25 at 100.00 | N/R | 2,186,087 | ||
430 | Santa Clara County Housing Authority, California, Multifamily Housing Revenue Bonds, Blossom River Project, Series 1998A, 6.500%, 9/01/39 (AMT) | 3/21 at 100.00 | N/R | 430,606 | ||
460 | Wilson County Health and Educational Facilities Board, Tennessee, Senior Living Revenue Bonds, Rutland Place Inc Project, Series 2015A, 5.500%, 1/01/46 | 3/21 at 100.00 | N/R | 375,079 | ||
58,773 | Total Housing/Multifamily | 62,964,172 | ||||
Industrials – 0.1% | ||||||
2,830 | California Pollution Control Financing Authority, Solid Waste Disposal Revenue Bonds, Aemerge Redpak Services, LLC, Series 2016, 7.000%, 12/01/27 (AMT), 144A (4) | 12/23 at 102.00 | N/R | 1,415,000 | ||
Long-Term Care – 0.7% | ||||||
3,000 | ABAG Finance Authority for Nonprofit Corporations, California, Revenue Bonds, Episcopal Senior Communities, Refunding Series 2012A, 5.000%, 7/01/47 | 7/22 at 100.00 | A- | 3,088,230 | ||
2,575 | California Municipal Finance Authority, Revenue Bonds, HealthRIGHT 360, Social Bond Series 2019A, 5.000%, 11/01/49, 144A | 11/29 at 100.00 | N/R | 2,783,781 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
$ 3,700 | California Statewide Communities Development Authority, Revenue Bonds, 899 Charleston Project, Refunding Series 2014A, 5.250%, 11/01/44, 144A | 11/24 at 100.00 | N/R | $ 3,821,545 | ||
9,275 | Total Long-Term Care | 9,693,556 | ||||
Tax Obligation/General – 25.4% | ||||||
6,050 | Allan Hancock Joint Community College District, California, General Obligation Bonds, Election 2006 Series 2012C, 0.000%, 8/01/42 (UB) (5) | 8/35 at 100.00 | AA | 5,345,296 | ||
3,595 | Alvord Unified School District, Riverside County, California, General Obligation Bonds, 2007 Election Series 2011B, 0.000%, 8/01/43 – AGM Insured | No Opt. Call | A2 | 1,985,986 | ||
8,200 | Anaheim Elementary School District, Orange County, California, General Obligation Bonds, Election 2016, Series 2018A, 4.000%, 8/01/48 (UB) (5) | 8/27 at 100.00 | Aa3 | 9,187,854 | ||
10,000 | Antelope Valley Community College District, Los Angeles County, California, General Obligation Bonds, Election 2016 Series 2020B, 3.000%, 8/01/50 (UB) (5) | 8/30 at 100.00 | AA | 10,464,300 | ||
1,000 | Aromas-San Juan Unified School District, San Benito, Santa Cruz and Monterey Counties, California, General Obligation Bonds, Series 2013B, 0.000%, 8/01/52 – AGM Insured (6) | 8/37 at 100.00 | AA | 804,210 | ||
Bakersfield City School District, Kern County, California, General Obligation Bonds, Series 2012C: | ||||||
1,700 | 0.000%, 5/01/37 (6) | No Opt. Call | A+ | 1,418,208 | ||
6,925 | 0.000%, 5/01/42 (6) | 5/40 at 100.00 | A+ | 6,290,947 | ||
5,500 | 0.000%, 5/01/47 (6) | 5/40 at 100.00 | A+ | 4,903,525 | ||
1,250 | California State, General Obligation Bonds, Tender Option Bond Trust 2015-XF1039, 18.367%, 10/01/44, 144A (IF) (5) | 10/24 at 100.00 | AA- | 1,972,387 | ||
1,500 | California State, General Obligation Bonds, Various Purpose Series 2015, 5.000%, 3/01/45 (UB) (5) | 3/25 at 100.00 | AA- | 1,736,145 | ||
5,000 | California State, General Obligation Bonds, Various Purpose Series 2017, 5.000%, 8/01/46 (UB) (5) | 8/26 at 100.00 | AA- | 5,971,000 | ||
3,500 | California State, General Obligation Bonds, Various Purpose Series 2020, 4.000%, 3/01/50 (UB) (5) | 3/30 at 100.00 | AA- | 4,026,260 | ||
California State, General Obligation Bonds, Various Purpose, Tender Option Bond Trust 2015-XF1041: | ||||||
750 | 14.306%, 11/01/44, 144A (IF) (5) | 11/24 at 100.00 | AA- | 1,054,350 | ||
545 | 14.306%, 11/01/44, 144A (IF) (5) | 11/24 at 100.00 | AA- | 766,161 | ||
1,250 | 14.306%, 11/01/44, 144A (IF) (5) | 11/24 at 100.00 | AA- | 1,757,250 | ||
1,005 | 14.288%, 11/01/44, 144A (IF) (5) | 11/24 at 100.00 | AA- | 1,412,316 | ||
4,610 | Central Unified School District, Fresno County, California, General Obligation Bonds, 2008 Election Series 2013B, 0.000%, 8/01/37 | 8/22 at 44.31 | A2 | 2,030,521 | ||
3,800 | Central Unified School District, Fresno County, California, General Obligation Bonds, 2016 Election Series 2018B, 4.000%, 8/01/48 (UB) (5) | 8/26 at 100.00 | Aa3 | 4,210,780 | ||
3,405 | Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Election 2005 Series 2012D, 0.000%, 8/01/39 – AGM Insured | No Opt. Call | A2 | 2,114,233 | ||
11,090 | Cupertino Union School District, Santa Clara County, California, General Obligation Bonds, Election 2012, Series 2016C, 4.000%, 8/01/40 (UB) (5) | 8/26 at 100.00 | AA+ | 12,410,819 | ||
1,115 | Denair Unified School District, Stanislaus County, California, General Obligation Bonds, Series 2002A, 0.000%, 8/01/26 – FGIC Insured | No Opt. Call | Baa2 | 1,040,250 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 2,640 | Elk Grove Unified School District, Sacramento County, California, General Obligation Bonds, Election of 2016, Series 2017, 4.000%, 8/01/46 (UB) (5) | 8/26 at 100.00 | Aa2 | $2,974,620 | ||
5,500 | Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, Election 2006 Series 2020, 2.375%, 8/01/44 – AGM Insured (UB) (5) | 8/28 at 100.00 | Aa3 | 5,300,460 | ||
5,000 | Fresno Unified School District, Fresno County, California, General Obligation Bonds, Crossover Refunding Series 2016B, 4.000%, 8/01/46 (UB) (5) | 8/26 at 100.00 | Aa3 | 5,592,350 | ||
5,000 | Gilroy Unified School District, Santa Clara County, California, General Obligation Bonds, Election of 2008 & 2016, Series 2019, 4.000%, 8/01/48 (UB) (5) | 8/27 at 100.00 | Aa3 | 5,599,150 | ||
4,560 | Hartnell Community College District, Monterey County, California, General Obligation Bonds, Election 2016 Series 2017A, 4.000%, 8/01/47 (UB) (5) | 8/27 at 100.00 | AA | 5,129,316 | ||
1,000 | Illinois State, General Obligation Bonds, November Series 2017D, 5.000%, 11/01/27 | No Opt. Call | BBB- | 1,165,130 | ||
1,205 | Jamul Dulzura Union School District, San Diego County, California, General Obligation Bonds, Election 1995 Series 2004A, 0.000%, 11/01/28 – NPFG Insured | No Opt. Call | Baa2 | 1,058,894 | ||
9,175 | Lake Tahoe Unified School District, El Dorado County, California, General Obligation Bonds, Series 2010, 0.000%, 8/01/45 – AGM Insured (6) | No Opt. Call | A1 | 9,045,908 | ||
2,000 | Livermore Valley Joint Unified School District, Alameda County, California, General Obligation Bonds, Election of 2016 Measure J, Series 2019, 4.000%, 8/01/46 (UB) (5) | 8/26 at 100.00 | Aa3 | 2,216,180 | ||
6,235 | Long Beach Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2008 Series 2008A, 0.000%, 6/01/30 – AGM Insured | No Opt. Call | AA | 5,278,925 | ||
12,000 | Long Beach Community College District, California, General Obligation Bonds, Refunding 2008 Election Series 2012B, 0.000%, 8/01/49 (UB) (5) | 8/42 at 100.00 | AA | 10,609,200 | ||
12,075 | Long Beach Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2019F, 3.000%, 8/01/47 (UB) (5) | 8/29 at 100.00 | AA- | 12,688,289 | ||
2,625 | Magnolia School District, Orange County, California, General Obligation Bonds, Election 2010 Series 2011, 0.000%, 8/01/36 | No Opt. Call | A+ | 1,684,489 | ||
10,900 | Marin Healthcare District, Marin County, California, General Obligation Bonds, 2013 Election, Series 2017A, 4.000%, 8/01/47 (UB) (5) | 8/27 at 100.00 | Aa2 | 12,324,085 | ||
1,000 | Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, Election 1998 Series 2004, 0.000%, 8/01/26 – FGIC Insured | No Opt. Call | Baa2 | 932,960 | ||
5,000 | Montebello Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2016 Series 2016A, 4.000%, 8/01/46 (UB) (5) | 8/26 at 100.00 | A1 | 5,422,350 | ||
7,000 | Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2018, Series 2019A, 4.000%, 8/01/49 (UB) (5) | 8/29 at 100.00 | AA | 8,076,670 | ||
6,060 | New Haven Unified School District, Alameda County, California, General Obligation Bonds, Election of 2014, Series 2020C, 3.000%, 8/01/49 (UB) (5) | 8/28 at 100.00 | Aa3 | 6,333,124 | ||
650 | Newman-Crows Landing Unified School District, Stanislaus County, California, General Obligation Bonds, 2008 Election, Series 2010B, 0.000%, 8/01/49 – AGM Insured (6) | No Opt. Call | A1 | 664,339 | ||
2,000 | Northern Inyo County Local Hospital District, California, General Obligation Bonds, Election 2005 Series 2009, 0.000%, 11/01/38 – AGC Insured | No Opt. Call | AA | 1,151,600 | ||
9,365 | Norwalk La Mirada Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2014 Series 2019D, 3.000%, 8/01/43 (UB) (5) | 8/29 at 100.00 | Aa3 | 9,874,456 | ||
15,000 | Oakland, California, General Obligation Bonds, Measure KK Series 2020B-1, 3.000%, 1/15/50 (UB) (5) | 1/30 at 100.00 | AA | 15,762,600 | ||
2,250 | Orland Joint Unified School District, Glenn and Tehama Counties, California, General Obligation Bonds, 2008 Election, Series 2012B, 0.000%, 8/01/51 (6) | 8/37 at 100.00 | AA | 1,913,288 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 5,205 | Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2011, 0.000%, 8/01/42 | No Opt. Call | A+ | $2,774,994 | ||
1,350 | Paso Robles Joint Unified School District, San Luis Obispo and Monteray Counties, California, General Obligation Bonds, Election 2006 Series 2010A, 0.000%, 9/01/34 | No Opt. Call | A1 | 980,330 | ||
5,000 | Pittsburg Unified School District, Contra Costa County, California, General Obligation Bonds, Refunding Series 2016, 4.000%, 8/01/40 (UB) (5) | 8/26 at 100.00 | Aa3 | 5,595,500 | ||
6,225 | Placentia-Yorba Linda Unified School District, Orange County, California, General Obligation Bonds, Series 2011D, 0.000%, 8/01/46 | No Opt. Call | AA- | 2,919,089 | ||
5,050 | Pomona Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2016 Series 2020D, 2.500%, 8/01/48 – AGM Insured (UB) (5) | 8/30 at 100.00 | Aa3 | 4,922,487 | ||
5,000 | Poway Unified School District, San Diego County, California, General Obligation Bonds, School Facilities Improvement District 2007-1, Series 2011A, 0.000%, 8/01/46 (UB) (5) | No Opt. Call | AA- | 2,296,900 | ||
3,500 | Puerto Rico, General Obligation Bonds, Public Improvement, Series 2014A, 3.180%, 7/01/35 (4) | 3/21 at 100.00 | D | 2,725,625 | ||
4,725 | River Delta Unified School District, Sacramento and Solano Counties, California, General Obligation Bonds, School Faciliteis Improvement District 2, Election 2004 Series 2008, 0.000%, 4/01/48 – AGM Insured | No Opt. Call | AA | 2,013,984 | ||
1,215 | Rohnerville School District, Humboldt County, California, General Obligation Bonds, Election 2010, Series 2012B, 0.000%, 8/01/47 – AGM Insured | No Opt. Call | AA | 543,384 | ||
3,000 | San Bernardino Community College District, California, General Obligation Bonds, Election of 2008 Series 2009B, 0.000%, 8/01/44 | No Opt. Call | AA | 1,483,530 | ||
4,400 | San Diego Unified School District, San Diego County, California, General Obligation Bonds, Dedicated Unlimited Ad Valorem Property Tax, 2018 Election Series 2019C-2, 3.000%, 7/01/44 (UB) (5) | 7/29 at 100.00 | Aa2 | 4,625,808 | ||
10,000 | San Diego Unified School District, San Diego County, California, General Obligation Bonds, Election of 2012 Series 2013C, 4.000%, 7/01/42 (UB) (5) | 7/23 at 100.00 | AA- | 10,617,300 | ||
San Diego Unified School District, San Diego County, California, General Obligation Bonds, Refunding Series 2012R-2: | ||||||
1,990 | 0.000%, 7/01/41 (6) | 7/40 at 100.00 | AA- | 2,166,433 | ||
15,000 | 0.000%, 7/01/41 (UB) (5), (6) | 7/40 at 100.00 | AA- | 16,329,900 | ||
1,980 | San Diego Unified School District, San Diego County, California, General Obligation Bonds, Tender Option Bond 2016-XF2355, 14.083%, 7/01/38, 144A (IF) (5) | 7/23 at 100.00 | AA- | 2,498,206 | ||
5,500 | Sanger Unified School District, Fresno County, California, General Obligation Bonds, Election of 2018, Series 2020B, 3.000%, 8/01/48 (UB) (5) | 8/29 at 100.00 | AA | 5,690,575 | ||
2,500 | Santa Barbara Secondary High School District, Santa Barbara County, California,General Obligation Bonds, Election 2010 Series 2011A, 0.000%, 8/01/40 (UB) (5) | No Opt. Call | AA | 1,446,025 | ||
10,000 | Santa Clara Unified School District, Santa Clara County, California, General Obligation Bonds, Election of 2018, Series 2019, 4.000%, 7/01/48 (UB) (5) | 7/26 at 100.00 | AA+ | 11,298,700 | ||
7,655 | Savanna Elementary School District, Orange County, California, General Obligation Bonds, Election 2008 Series 2012B, 0.000%, 2/01/52 – AGM Insured (5), (6) | No Opt. Call | A2 | 7,839,485 | ||
4,955 | Selma Unified School District, Fresno County, California, General Obligation Bonds, Election 2016 Series 2020C, 3.000%, 8/01/49 (UB) (5) | 8/30 at 100.00 | AA | 5,138,731 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C: | ||||||
$ 1,500 | 0.000%, 8/01/41 | No Opt. Call | AA- | $873,930 | ||
5,730 | 0.000%, 8/01/46 | No Opt. Call | AA- | 2,587,439 | ||
13,000 | 0.000%, 8/01/46 (UB) (5) | No Opt. Call | AA- | 5,870,280 | ||
10,000 | Sunnyvale School District, Santa Clara County, California, General Obligation Bonds, Election 2013 Series 2019C, 3.000%, 9/01/44 (UB) (5) | 9/27 at 100.00 | Aa1 | 10,509,100 | ||
1,880 | Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2000 Series 2003D, 0.000%, 8/01/28 – FGIC Insured | No Opt. Call | AA- | 1,689,763 | ||
2,250 | West Hills Community College District, California, General Obligation Bonds, School Facilities Improvement District 3, 2008 Election Series 2011, 0.000%, 8/01/38 – AGM Insured (6) | 8/31 at 100.00 | A2 | 2,510,055 | ||
Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D: | ||||||
1,690 | 0.000%, 8/01/37 | No Opt. Call | AA- | 1,144,350 | ||
5,155 | 0.000%, 8/01/42 (UB) (5) | No Opt. Call | AA- | 4,999,680 | ||
355,485 | Total Tax Obligation/General | 335,792,764 | ||||
Tax Obligation/Limited – 36.0% | ||||||
1,000 | Adelanto Community Facilities District Number 2006-2, San Bernadino County, California, Special Tax Bonds, Series 2015A, 5.000%, 9/01/45 | 9/25 at 100.00 | N/R | 1,108,630 | ||
Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C: | ||||||
330 | 0.000%, 9/01/28 – AGM Insured | No Opt. Call | A2 | 295,373 | ||
240 | 0.000%, 9/01/30 – AGM Insured | No Opt. Call | A2 | 202,346 | ||
4,475 | 0.000%, 9/01/34 – AGM Insured | No Opt. Call | A2 | 3,337,544 | ||
1,985 | 0.000%, 9/01/35 – AGM Insured | No Opt. Call | AA | 1,433,607 | ||
1,030 | Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 17A, Series 2013B, 5.000%, 9/01/34 | 9/23 at 100.00 | N/R | 1,108,702 | ||
1,000 | Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 20 Series 2012B, 5.950%, 9/01/35 | 9/22 at 100.00 | N/R | 1,059,700 | ||
2,590 | Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 7A-1, Series 2015A, 5.000%, 9/01/45 | 9/25 at 100.00 | N/R | 2,883,033 | ||
Beaumont, California, Special Tax Bonds, Community Facilities District 2016-1 Fairway Canyon, Series 2019: | ||||||
300 | 5.000%, 9/01/44 | 9/25 at 103.00 | N/R | 338,991 | ||
400 | 5.000%, 9/01/49 | 9/25 at 103.00 | N/R | 450,348 | ||
Beaumont, California, Special Tax Bonds, Community Facilities District 93-1 Improvement Area 17C, Series 2018: | ||||||
750 | 5.000%, 9/01/43 | 9/25 at 103.00 | N/R | 850,163 | ||
1,115 | 5.000%, 9/01/48 | 9/25 at 103.00 | N/R | 1,258,133 | ||
1,035 | Beaumont, California, Special Tax Bonds, Community Facilities District 93-1 Improvement Area 8D, Series 2018A, 5.000%, 9/01/48 | 9/25 at 103.00 | N/R | 1,167,863 | ||
1,900 | Blythe Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Redevelopment Project 1, Refunding Series 2015, 5.000%, 5/01/38 | 11/25 at 100.00 | N/R | 2,139,058 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Brea Redevelopment Agency, Orange County, California, Tax Allocation Bonds, Project Area AB, Series 2003: | ||||||
$ 1,500 | 0.000%, 8/01/28 – AMBAC Insured | No Opt. Call | AA- | $1,333,410 | ||
2,300 | 0.000%, 8/01/29 – AMBAC Insured | No Opt. Call | AA- | 1,983,566 | ||
6,710 | 0.000%, 8/01/30 – AMBAC Insured | No Opt. Call | AA- | 5,605,601 | ||
1,700 | Brentwood Infrastructure Financing Authority, California, Infrastructure Revenue Bonds, Refunding Subordinated Series 2014B, 5.000%, 9/02/36 | 9/24 at 100.00 | N/R | 1,871,700 | ||
5,600 | California Community College Financing Authority, Lease Revenue Bonds, Refunding Series 2003, 0.000%, 6/01/33 – AMBAC Insured | No Opt. Call | AA+ | 3,759,224 | ||
680 | California Enterprise Development Authority, Lease Revenue Bonds, Riverside County Library Facilities Project, Series 2019, 4.000%, 11/01/50 | 11/27 at 100.00 | A+ | 739,364 | ||
1,450 | California Municipal Finance Authority, Special Tax Revenue Bonds, Bold Program, Series 2020A, 4.000%, 9/01/45 | 9/26 at 103.00 | N/R | 1,544,032 | ||
California Municipal Finance Authority, Special Tax Revenue Bonds, Bold Program, Series 2020B: | ||||||
1,070 | 4.000%, 9/01/43 | 9/27 at 103.00 | N/R | 1,148,880 | ||
1,550 | 4.000%, 9/01/50 | 9/27 at 103.00 | N/R | 1,650,192 | ||
590 | California Statewide Communities Development Authority, Special Tax Bonds, Community Facilities District 2007-1 Orinda Wilder Project, Refunding Series 2015, 5.000%, 9/01/37 | 9/25 at 100.00 | N/R | 651,502 | ||
1,000 | California Statewide Communities Development Authority, Special Tax Bonds, Community Facilities District 2012-01, Fancher Creek, Series 2013A, 5.700%, 9/01/43 | 9/22 at 100.00 | N/R | 1,048,580 | ||
California Statewide Communities Development Authority, Special Tax Bonds, Community Facilities District 2012-02, Manteca Lifestyle Center, Series 2013A: | ||||||
1,000 | 5.000%, 9/01/33 | 9/23 at 100.00 | N/R | 1,073,510 | ||
2,000 | 5.125%, 9/01/42 | 9/23 at 100.00 | N/R | 2,134,020 | ||
2,000 | California Statewide Communities Development Authority, Special Tax Bonds, Community Facilities District 2015-01 Improvement Area 2 University District, Series 2017, 5.000%, 9/01/47 | 9/27 at 100.00 | N/R | 2,277,320 | ||
2,500 | California Statewide Communities Development Authority, Special Tax Bonds, Community Facilities District 2015-2 Rio Bravo, Series 2015A, 5.625%, 9/01/45 | 9/25 at 100.00 | N/R | 2,687,525 | ||
3,000 | California Statewide Communities Development Authority, Special Tax Bonds, Community Facilities District 2016-02 Delta Coves, Series 2019, 5.000%, 9/01/49 | 9/29 at 100.00 | N/R | 3,438,510 | ||
5,250 | California Statewide Communities Development Authority, Special Tax Bonds, Community Facilities District 2017-01 Horse Creek, Series 2018, 5.000%, 9/01/48 | 9/28 at 100.00 | N/R | 6,033,510 | ||
California Statewide Communities Development Authority, Special Tax Bonds, Community Facilities District 2018-01, Wagon Wheel, Series 2020: | ||||||
600 | 4.000%, 9/01/40 | 9/30 at 100.00 | N/R | 649,686 | ||
1,300 | 4.000%, 9/01/50 | 9/30 at 100.00 | N/R | 1,387,334 | ||
California Statewide Communities Development Authority, Special Tax Bonds, Community Facilities District 2020-01 Improvement Area 1 Sand Creek, Series 2021: | ||||||
550 | 4.000%, 9/01/41 (WI/DD, Settling 3/03/21) | 9/31 at 100.00 | N/R | 602,492 | ||
1,125 | 4.000%, 9/01/51 (WI/DD, Settling 3/03/21) | 9/31 at 100.00 | N/R | 1,215,900 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 1,000 | California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Pacific Highlands Ranch Project, Series 2019, 5.000%, 9/02/49 | 9/29 at 100.00 | N/R | $1,151,870 | ||
California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Refunding Series 2015R-1: | ||||||
3,510 | 5.000%, 9/02/35 | 9/25 at 100.00 | N/R | 3,840,958 | ||
1,120 | 5.000%, 9/02/40 | 9/25 at 100.00 | N/R | 1,209,622 | ||
960 | California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41 | 9/21 at 100.00 | N/R | 957,130 | ||
2,275 | California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2014A, 5.000%, 9/02/43 | 9/22 at 100.00 | N/R | 2,366,842 | ||
2,060 | California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2014B, 5.000%, 9/02/44 | 9/24 at 100.00 | N/R | 2,200,430 | ||
2,240 | California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2016A, 5.000%, 9/02/45 | 9/26 at 100.00 | N/R | 2,490,186 | ||
California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2016B: | ||||||
1,690 | 5.000%, 9/02/36 | 9/26 at 100.00 | N/R | 1,922,814 | ||
3,310 | 5.000%, 9/02/46 | 9/26 at 100.00 | N/R | 3,700,017 | ||
480 | California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2017A, 5.000%, 9/02/46 | 9/27 at 100.00 | N/R | 535,666 | ||
375 | California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2017B, 5.000%, 9/02/47 | 9/27 at 100.00 | N/R | 425,820 | ||
3,550 | California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2017C, 5.000%, 9/02/47 | 9/27 at 100.00 | N/R | 3,981,644 | ||
3,750 | California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2018A, 5.000%, 9/02/47 | 9/28 at 100.00 | N/R | 4,323,300 | ||
California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2019B: | ||||||
3,300 | 5.000%, 9/02/44 | 9/29 at 100.00 | N/R | 3,803,646 | ||
3,370 | 5.000%, 9/02/49 | 9/29 at 100.00 | N/R | 3,862,694 | ||
California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2019C: | ||||||
725 | 5.000%, 9/02/44 | 9/29 at 100.00 | N/R | 835,650 | ||
2,310 | 5.000%, 9/02/49 | 9/29 at 100.00 | N/R | 2,647,722 | ||
California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2020A: | ||||||
805 | 5.000%, 9/02/50 | 9/30 at 100.00 | N/R | 933,969 | ||
850 | 4.000%, 9/02/50 | 9/30 at 100.00 | N/R | 903,525 | ||
5,000 | California Statewide Communities Development Authority, Statewide Infrastructure Program Revenue Bonds, Series 2020C, 4.000%, 9/02/50 | 9/30 at 100.00 | N/R | 5,306,450 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Calimesa, Riverside County, California, Special Tax Bonds, Community Facilities District 2018-1 Summerwind Trails Improvement Area 1, Series 2020: | ||||||
$ 865 | 4.000%, 9/01/45 | 9/27 at 103.00 | N/R | $943,853 | ||
820 | 4.000%, 9/01/50 | 9/27 at 103.00 | N/R | 891,160 | ||
315 | Chino Public Financing Authority, California, Revenue Bonds, Refunding Series 2012, 5.000%, 9/01/38 | 9/22 at 100.00 | N/R | 328,762 | ||
1,540 | Chino, California, Special Tax Bonds, Community Facilities District 2016-3, Series 2017, 5.000%, 9/01/47 | 9/24 at 103.00 | N/R | 1,704,349 | ||
1,000 | Chino, California, Special Tax Bonds, Community Facilities District 2019-1 The Landing, Series 2020, 4.000%, 9/01/51 | 9/27 at 103.00 | N/R | 1,069,090 | ||
Chula Vista, California, Special Tax Bonds, Community Facilities District 16-I Millenia Improvement Area 1, Series 2018: | ||||||
1,000 | 5.000%, 9/01/43 | 9/25 at 103.00 | N/R | 1,130,790 | ||
1,250 | 5.000%, 9/01/48 | 9/25 at 103.00 | N/R | 1,404,737 | ||
320 | City of Dublin, California, Community Facilities District No 2015-1, Dublin Crossing, Improvement Area No 1, Special Tax Bonds, Series 2017, 5.000%, 9/01/47 | 9/27 at 100.00 | N/R | 367,043 | ||
1,000 | Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Housing Second Lien Series 2010A, 5.500%, 8/01/30 | 3/21 at 100.00 | N/R | 1,002,990 | ||
500 | Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Second Lien Series 2010B, 5.750%, 8/01/26 | 3/21 at 100.00 | N/R | 501,740 | ||
Compton Public Finance Authority, California, Lease Revenue Bonds, Refunding & Various Capital Projects, Series 2008: | ||||||
500 | 5.250%, 9/01/27 – AMBAC Insured | 3/21 at 100.00 | N/R | 500,965 | ||
210 | 5.000%, 9/01/32 – AMBAC Insured | 3/21 at 100.00 | N/R | 210,305 | ||
670 | Corona, California, Special Tax Bonds, Community Facilities District 2002-1 Dos Lagos Improvement Area 1, Refunding Series 2017, 5.000%, 9/01/37 | 9/24 at 103.00 | N/R | 748,457 | ||
Corona, California, Special Tax Bonds, Community Facilities District 2018-1 Bedford, Series 2018A: | ||||||
2,155 | 5.000%, 9/01/43 | 9/24 at 103.00 | N/R | 2,386,813 | ||
1,250 | 5.000%, 9/01/48 | 9/24 at 103.00 | N/R | 1,379,425 | ||
1,000 | Corona-Norco Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 05-1, Series 2016, 4.000%, 9/01/45 | 9/26 at 100.00 | N/R | 1,069,960 | ||
Del Mar Union School District, San Diego County, California, Special Tax Bonds, Community Facilities District 99-1, Refunding Facilities Financing Series 2019: | ||||||
2,400 | 4.000%, 9/01/44 (UB) (5) | 9/29 at 100.00 | AA | 2,718,024 | ||
4,245 | 4.000%, 9/01/49 (UB) (5) | 9/29 at 100.00 | AA | 4,779,743 | ||
1,200 | Dixon, California, Special Tax Bonds, Community Facilities District 2013-1 Parklane, Series 2019, 5.000%, 9/01/49 | 9/26 at 103.00 | N/R | 1,366,836 | ||
1,000 | Dixon, California, Special Tax Bonds, Community Facilities District 2019-1 Homestead, Improvement Area 1, Series 2019, 4.000%, 9/01/50 | 9/30 at 100.00 | N/R | 1,060,430 | ||
Dublin, California, Special Tax Bonds, Community Facilities District 2015-1 Improvement Area 2 Dublin Crossing, Series 2019: | ||||||
2,800 | 5.000%, 9/01/44 | 9/26 at 103.00 | N/R | 3,176,824 | ||
4,100 | 5.000%, 9/01/49 | 9/26 at 103.00 | N/R | 4,629,392 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Eastern Municipal Water District, California, Special Tax Bonds, Community Facilities District 2012-61 Autumn Winds, Series 2020: | ||||||
$ 575 | 3.000%, 9/01/44 | 9/27 at 103.00 | N/R | $561,131 | ||
350 | 4.000%, 9/01/50 | 9/27 at 103.00 | N/R | 378,886 | ||
Eastern Municipal Water District, California, Special Tax Bonds, Community Facilities District 2016-72 Hidden Hills, Series 2020: | ||||||
465 | 3.000%, 9/01/45 | 9/27 at 103.00 | N/R | 454,319 | ||
525 | 4.000%, 9/01/50 | 9/27 at 103.00 | N/R | 569,231 | ||
250 | El Dorado County, California, Special Tax Bonds, Community Facilities District 2005-2, Series 2006, 5.100%, 9/01/36 | 9/21 at 100.00 | N/R | 253,918 | ||
Elk Grove Finance Authority, California, Special Tax Revenue Bonds, Series 2020: | ||||||
1,385 | 4.000%, 9/01/45 | 9/26 at 103.00 | N/R | 1,512,642 | ||
1,750 | 4.000%, 9/01/50 | 9/26 at 103.00 | N/R | 1,907,482 | ||
430 | Fairfield, California, Community Facilities District 2007-1 Special Tax Bonds, Fairield Commons Project, Series 2008, 6.875%, 9/01/38 | 9/21 at 100.00 | N/R | 443,485 | ||
2,530 | Fillmore, California, Special Tax Bonds, Community Facilities District 5, Improvement Area, Series 2015A, 5.000%, 9/01/45 | 9/23 at 102.00 | N/R | 2,726,227 | ||
Folsom Ranch Financing Authority, California, Special Tax Revenue Bonds, Folsom Community Facilities District 19 Mangini Ranch, Series 2019: | ||||||
1,140 | 5.000%, 9/01/44 | 9/26 at 103.00 | N/R | 1,303,522 | ||
1,000 | 5.000%, 9/01/49 | 9/26 at 103.00 | N/R | 1,139,030 | ||
1,000 | Folsom Ranch Financing Authority, California, Special Tax Revenue Bonds, Folsom Community Facilities District 21 White Rock Springs Ranch, Series 2019, 5.000%, 9/01/49 | 9/26 at 103.00 | N/R | 1,137,920 | ||
Folsom Ranch Financing Authority, California, Special Tax Revenue Bonds, Folsom Community Facilities District 23 Folsom Ranch Improvement Area 1, Series 2020: | ||||||
1,075 | 4.000%, 9/01/45 | 9/27 at 103.00 | N/R | 1,152,690 | ||
1,145 | 4.000%, 9/01/50 | 9/27 at 103.00 | N/R | 1,224,829 | ||
2,785 | Folsom Ranch Financing Authority, California, Special Tax Revenue Bonds, Series 2017, 5.000%, 9/01/47 | 9/27 at 100.00 | N/R | 3,178,298 | ||
Folsom, California, Special Tax Bonds, Community Facilities District 16 Islands at Parkshore Improvement Area 1, Series 2018: | ||||||
500 | 4.000%, 9/01/43 | 3/21 at 103.00 | N/R | 515,485 | ||
1,545 | 4.000%, 9/01/48 | 3/21 at 103.00 | N/R | 1,592,710 | ||
1,225 | Fresno Joint Powers Financing Authority, California, Lease Revenue Bonds, Master Lease Projects, Series 2020A, 4.000%, 4/01/46 – AGM Insured | 4/30 at 100.00 | AA | 1,368,766 | ||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A: | ||||||
5,000 | 5.000%, 6/01/40 (UB) (5) | 6/25 at 100.00 | A+ | 5,721,350 | ||
2,000 | 5.000%, 6/01/45 (UB) (5) | 6/25 at 100.00 | A+ | 2,286,840 | ||
3,750 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Tender Option Bond Trust 2015-XF1038, 17.638%, 6/01/45, 144A (IF) (5) | 6/25 at 100.00 | A+ | 5,900,100 | ||
500 | Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/42 | 1/22 at 100.00 | BB | 510,680 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2005: | ||||||
$ 1,000 | 5.000%, 8/01/25 – AMBAC Insured | 3/21 at 100.00 | N/R | $1,003,080 | ||
1,000 | 5.000%, 8/01/35 – AMBAC Insured | 3/21 at 100.00 | N/R | 1,000,950 | ||
Hercules Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Area, Series 2007A: | ||||||
365 | 4.625%, 8/01/37 – AMBAC Insured | 3/21 at 100.00 | N/R | 365,212 | ||
745 | 4.750%, 8/01/42 – AMBAC Insured | 3/21 at 100.00 | N/R | 745,402 | ||
150 | 5.000%, 8/01/42 – AMBAC Insured | 3/21 at 100.00 | N/R | 150,125 | ||
1,035 | Imperial, California, Special Tax Bonds, Community Facilities District 2005-1 Springfield, Series 2015A, 5.000%, 9/01/36 | 9/25 at 100.00 | N/R | 1,153,394 | ||
155 | Indio Redevelopment Agency, California, Tax Allocation Bonds, Merged Area Redevelopment Project, Subordinate Lien Refunding Series 2008A, 5.250%, 8/15/28 | 3/21 at 100.00 | A | 155,592 | ||
745 | Irvine, California, Special Tax Bonds, Community Facilities District 2004-1 Central Park, Series 2015A, 5.000%, 9/01/45 | 9/25 at 100.00 | N/R | 843,236 | ||
500 | Irvine, California, Special Tax Bonds, Community Facilities District 2013-3 Great Park, Improvement Area 1, Refunding Series 2014, 5.000%, 9/01/39 | 9/24 at 100.00 | N/R | 557,825 | ||
Jurupa Community Services District, California, Special Tax Bonds, Community Facilities District 45 Jurupoa Valley, Series 2020A: | ||||||
1,000 | 4.000%, 9/01/42 | 9/27 at 103.00 | N/R | 1,111,970 | ||
1,375 | 4.000%, 9/01/49 | 9/27 at 103.00 | N/R | 1,515,910 | ||
1,000 | Jurupa Community Services District, California, Special Tax Bonds, Community Facilities District 52 Eastvale Area, Series 2021A, 4.000%, 9/01/45 | 9/27 at 103.00 | N/R | 1,094,930 | ||
3,380 | Jurupa Unified School District, California, Special Tax Bonds, Community Facilities District 9, Series 2015A, 5.000%, 9/01/45 | 9/25 at 100.00 | N/R | 3,760,892 | ||
335 | Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area C, Series 2012C, 5.000%, 9/01/37 | 9/22 at 100.00 | N/R | 349,837 | ||
Lake Elsinore Redevelopment Agency, California, Special Tax Bonds, Community Facilities District 13-1, Series 2017: | ||||||
800 | 4.000%, 9/01/42 | 9/24 at 103.00 | N/R | 860,072 | ||
1,000 | 4.000%, 9/01/47 | 9/24 at 103.00 | N/R | 1,070,360 | ||
1,220 | Lake Elsinore Unified School District, California, Special Tax Bonds, Community Facilities District 2004-2, Series 2005, 5.350%, 9/01/35 | 9/21 at 100.00 | N/R | 1,240,935 | ||
1,000 | Lake Elsinore Unified School District, California, Special Tax Bonds, Community Facilities District 2006-2 Improvement Area B, Series 2018, 4.000%, 9/01/48 | 9/24 at 100.00 | N/R | 1,041,710 | ||
1,000 | Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2006-1 Summerly Improvement Area HH, Series 2019, 5.000%, 9/01/50 | 9/26 at 103.00 | N/R | 1,123,670 | ||
1,000 | Lake Elsinore, California, Special Tax Bonds, Community Facilities District 2006-1 Summerly Improvement Area II, Series 2020, 4.000%, 9/01/45 | 9/27 at 103.00 | N/R | 1,066,340 | ||
2,995 | Lammersville Joint Unified School District, San Joaquin County, California, Special Tax Bonds, Community Facilities District 2002 Mountain House, Series 2013, 5.000%, 9/01/37 | 9/22 at 100.00 | N/R | 3,127,199 | ||
2,000 | Lammersville School District, California, Special Tax Refunding Bonds, Community Facilities District 2002 Mountain House, Series 2012, 5.375%, 9/01/32 | 9/22 at 100.00 | N/R | 2,099,380 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 4,170 | Lathrop, California, Limited Obligation Improvement Bonds, Crossroads Assessment District, Series 2015, 5.000%, 9/02/40 | 9/25 at 100.00 | N/R | $4,672,944 | ||
Lathrop, California, Special Tax Bonds, Community Facilities District 2018-1, Central Lathrop Specific Plan Improvement Areas 1-5 Special Tax Bonds, Series 2019: | ||||||
605 | 5.650%, 9/01/38 | 9/26 at 103.00 | N/R | 647,822 | ||
970 | 5.750%, 9/01/43 | 9/26 at 103.00 | N/R | 1,036,610 | ||
Lee Lake Public Financing Authority, California, Junior Lien Revenue Bonds, Series 2013B: | ||||||
785 | 5.125%, 9/01/28 | 9/23 at 100.00 | N/R | 853,397 | ||
395 | 5.250%, 9/01/32 | 9/23 at 100.00 | N/R | 427,023 | ||
Lincoln, California, Special Tax Bonds, Community Facilities District 2005-1 Sorrento Project, Series 2014A: | ||||||
925 | 5.000%, 9/01/39 | 9/24 at 100.00 | N/R | 1,016,723 | ||
1,815 | 5.000%, 9/01/43 | 9/24 at 100.00 | N/R | 1,985,283 | ||
320 | Lincoln, California, Special Tax Bonds, Community Facilities District 2006-1 Lakeside Area 1, Refunding Series 2021, 4.000%, 9/01/43 | 9/27 at 103.00 | N/R | 349,510 | ||
2,615 | Los Alamitos Unified School District, Orange County, California, Certificates of Participation, Series 2012, 0.000%, 8/01/42 (6) | 8/29 at 100.00 | Aa3 | 2,868,184 | ||
1,680 | Lower Magnolia Green Community Development Authority, Virginia, Special Assessment Bonds, Series 2015, 5.000%, 3/01/45, 144A | 3/25 at 100.00 | N/R | 1,727,107 | ||
1,275 | Lynwood Redevelopment Agency, California, Tax Allocation Revenue Bonds, Project Area A, Subordinate Lien Series 2011A, 7.250%, 9/01/38 | 9/21 at 100.00 | A | 1,306,008 | ||
2,022 | Manteca Unified School District, San Joaquin County, California, Certificates of Participation, Series 2004, 0.000%, 9/15/33 – NPFG Insured | No Opt. Call | Baa2 | 1,506,552 | ||
450 | Marina Redevelopment Agency Successor Agency, California, Housing Tax Allocation Bonds, Series 2018B, 5.000%, 9/01/38 | 9/25 at 103.00 | N/R | 508,757 | ||
Menifee Union School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2006-1, Series 2014: | ||||||
500 | 4.125%, 9/01/39 | 9/21 at 103.00 | N/R | 519,145 | ||
500 | 4.250%, 9/01/44 | 9/21 at 103.00 | N/R | 519,300 | ||
1,000 | Menifee Union School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2014-2, Series 2017, 5.000%, 9/01/47 | 9/24 at 103.00 | N/R | 1,108,510 | ||
1,560 | Menifee Union School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2014-3, Series 2019, 5.000%, 9/01/49 | 9/26 at 103.00 | N/R | 1,753,752 | ||
Menifee Union School District, Riverside County, California, Special Tax Bonds, Community Facilties District 2011-1, Improvement Area 1, Series 2015: | ||||||
2,000 | 5.000%, 9/01/39 | 9/24 at 100.00 | N/R | 2,189,120 | ||
500 | 4.250%, 9/01/44 | 9/24 at 100.00 | N/R | 526,620 | ||
1,000 | 5.000%, 9/01/44 | 9/24 at 100.00 | N/R | 1,087,560 | ||
1,110 | Menifee Union School District, Riverside County, California, Special Tax Bonds, Community Facilties District 2016-1, Improvement Area B, Series 2016, 4.000%, 9/01/49 | 9/27 at 103.00 | N/R | 1,214,640 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Merced Redevelopment Agency, California, Tax Allocation Bonds, Merced Redevelopment Project 2, Series 2003A: | ||||||
$ 1,890 | 0.000%, 12/01/21 – AMBAC Insured | No Opt. Call | N/R | $1,879,870 | ||
1,055 | 0.000%, 12/01/23 – AMBAC Insured | No Opt. Call | N/R | 1,024,321 | ||
835 | Moorpark, California, Special Tax Bonds, Community Facilities District 2004-1, Refunding Junior Lien Series 2014B, 5.000%, 9/01/33 | 9/24 at 100.00 | N/R | 923,410 | ||
970 | Moreno Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2015-2, Series 2019, 5.000%, 9/01/48 | 9/25 at 103.00 | N/R | 1,077,767 | ||
1,085 | Moreno Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2015-3, Series 2019, 4.000%, 9/01/44 | 9/25 at 103.00 | N/R | 1,161,373 | ||
1,000 | Moreno Valley, California, Special Tax Bonds, Community Facilities District 5, Series 2007, 5.000%, 9/01/37 | 9/21 at 100.00 | N/R | 1,014,500 | ||
1,200 | Murrieta Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2014-4, Series 2020, 4.000%, 9/01/50 – BAM Insured | 9/27 at 103.00 | AA | 1,339,884 | ||
825 | Murrieta, California, Special Tax Bonds, Community Facilities District 2005-5 Golden City Improvement Area A, Series 2017, 5.000%, 9/01/46 | 9/27 at 100.00 | N/R | 941,531 | ||
Northstar Community Services District, Special Tax Bonds, California, Community Facilities District 1, Refunding Series 2005: | ||||||
990 | 5.450%, 9/01/28 | 9/21 at 100.00 | N/R | 613,800 | ||
2,955 | 5.550%, 9/01/36 | 9/21 at 100.00 | N/R | 1,832,100 | ||
2,500 | Oakley Public Financing Authority, Contra Costa County, California, Revenue Bonds, Refundinf Series 2014, 5.000%, 9/02/36 – BAM Insured | 9/24 at 100.00 | AA | 2,850,425 | ||
1,250 | Oceanside, California, Special Tax Bonds, Community Facilities District 2006-1, Pacific Coast Business Park, Series 2017, 5.000%, 9/01/38 | 9/25 at 102.00 | N/R | 1,417,537 | ||
880 | Ontario, California, Special Tax Bonds, Community Facilities District 26 Park Place Facilities III, Series 2019, 5.000%, 9/01/47 | 9/26 at 103.00 | N/R | 995,729 | ||
1,200 | Ontario, California, Special Tax Bonds, Community Facilities District 28 New Haven Facilities - Area A, Series 2017, 5.000%, 9/01/47 | 9/24 at 103.00 | N/R | 1,327,632 | ||
1,170 | Ontario, California, Special Tax Bonds, Community Facilities District 30 New Haven Facilities - Area B, Series 2017, 4.000%, 9/01/48 | 9/24 at 103.00 | N/R | 1,251,537 | ||
3,530 | Palm Desert, California, Limited Obligation Improvement Bonds, Section 29 Assessment District 2004-02, Series 2007, 5.100%, 9/02/37 | 9/21 at 100.00 | N/R | 3,584,821 | ||
Palm Desert, California, Special Tax Bonds, Community Facilities District 2005-1 University Park, Series 2006: | ||||||
55 | 5.000%, 9/01/21 | 3/21 at 100.00 | N/R | 55,545 | ||
285 | 5.300%, 9/01/32 | 9/21 at 100.00 | N/R | 287,380 | ||
740 | 5.450%, 9/01/32 | 9/21 at 100.00 | N/R | 746,756 | ||
1,095 | 5.500%, 9/01/36 | 9/21 at 100.00 | N/R | 1,102,424 | ||
1,230 | Palmdale Community Redevelopment Agency, California, Tax Allocation Bonds, Merged Redevelopment Project Areas, Series 2002, 0.000%, 12/01/30 – AMBAC Insured | No Opt. Call | AA- | 1,018,821 | ||
1,080 | Palmdale, California, Special Tax Bonds, Community Facilities District 2005-1, Series 2005, 6.750%, 9/01/35 | 9/21 at 100.00 | N/R | 1,082,236 | ||
975 | Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A, 5.750%, 9/01/39 | 9/23 at 100.00 | N/R | 1,061,453 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 1,050 | Perris Joint Powers Authority, California, Local Agency Revenue Bonds, Community Facilities District 2006-1, Meritage Homes, Refunding Series 2014B, 5.000%, 9/01/38 | 9/23 at 100.00 | N/R | $1,124,161 | ||
1,140 | Perris Joint Powers Authority, California, Local Agency Revenue Bonds, Community Facilities District 2007-2, Pacific Heritage, Series 2020, 4.000%, 9/01/48 | 9/27 at 103.00 | N/R | 1,216,984 | ||
Pittsburg Redevelopment Agency, California, Tax Allocation Bonds, Los Medanos Community Development Project, Series 1999: | ||||||
2,990 | 0.000%, 8/01/27 – AMBAC Insured | No Opt. Call | A | 2,714,202 | ||
2,500 | 0.000%, 8/01/28 – AMBAC Insured | No Opt. Call | A | 2,206,075 | ||
1,265 | Poway Unified School District Public Financing Authority, California, Special Tax Revenue Bonds, Refunding Series 2015B, 4.000%, 9/01/36 – BAM Insured | 9/25 at 100.00 | AA+ | 1,415,636 | ||
2,750 | Puerto Rico Highway and Transportation Authority, Highway Revenue Bonds, Series 2005L, 5.250%, 7/01/38 – AMBAC Insured | No Opt. Call | C | 3,129,912 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
58,732 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 18,056,566 | ||
14,000 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 3,082,380 | ||
1,000 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 1,091,430 | ||
2,000 | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured Cofina Project Series 2018B-1, 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 2,182,860 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2: | ||||||
13,105 | 4.329%, 7/01/40 | 7/28 at 100.00 | N/R | 14,096,393 | ||
1,000 | 4.784%, 7/01/58 | 7/28 at 100.00 | N/R | 1,093,570 | ||
Rancho Cardova, California, Special Tax Bonds, Community Facilities District 2005-1 Sunridge North Douglas Series 2015: | ||||||
1,200 | 5.000%, 9/01/40 | 9/25 at 100.00 | N/R | 1,340,844 | ||
1,250 | 5.000%, 9/01/45 | 9/25 at 100.00 | N/R | 1,382,987 | ||
1,190 | Rancho Cardova, California, Special Tax Bonds, Community Facilities District 2005-1 Sunridge North Douglas Series 2018, 4.000%, 9/01/42 | 9/24 at 103.00 | N/R | 1,273,526 | ||
3,000 | Rancho Cordova, California, Special Tax Bonds, Community Facilities District 2003-1 Sunridge Anatolia Area, Junior Lien Series 2014, 5.650%, 10/01/38 | 3/21 at 100.00 | N/R | 3,007,890 | ||
Rancho Cordova, California, Special Tax Bonds, Community Facilities District 2018-1 Grantline 208, Series 2019: | ||||||
410 | 5.000%, 9/01/44 | 9/26 at 103.00 | N/R | 462,927 | ||
530 | 5.000%, 9/01/49 | 9/26 at 103.00 | N/R | 596,690 | ||
425 | Rancho Cordova, California, Special Tax Bonds, Community Facilities District 2018-1 Grantline 208, Series 2021, 4.000%, 9/01/46 | 9/26 at 103.00 | N/R | 456,293 | ||
500 | Rancho Mirage, California, Special Tax Bonds, Community Facilities District 4A Del Webb Project, Series 2019A, 5.000%, 9/01/44 | 9/25 at 103.00 | N/R | 563,840 | ||
650 | Redlands Unified School District, San Bernardino County, California, Special Tax Bonds, Community Facilities District 2006-1, Series 2020, 4.000%, 9/01/39 | 9/27 at 103.00 | N/R | 721,507 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Redwood City Redevelopment Agency, California, Tax Allocation Bonds, Project Area 2, Series 2003A: | ||||||
$ 1,755 | 0.000%, 7/15/29 – AMBAC Insured | No Opt. Call | A | $1,504,158 | ||
1,260 | 0.000%, 7/15/31 – AMBAC Insured | No Opt. Call | A | 1,013,002 | ||
1,185 | Rio Vista, California, Special Tax Bonds, Community Faciliites District 2018-1 Liberty Community, Series 2018-1, 5.000%, 9/01/48 | 9/25 at 103.00 | N/R | 1,334,405 | ||
1,250 | Riverside County Asset Leasing Corporation, California, Lease Revenue Bonds, Capital Project, Tender Option Bond Trust 2015-XF1020, 18.539%, 11/01/45, 144A (IF) (5) | 11/25 at 100.00 | A+ | 2,145,400 | ||
1,295 | Riverside County Asset Leasing Corporation, California, Leasehold Revenue Bonds, Riverside County Hospital Project, Series 1997, 0.000%, 6/01/26 – NPFG Insured | No Opt. Call | A1 | 1,212,042 | ||
2,115 | Riverside County, California, Special Tax Bonds, Community Facilities District 03-1 Newport Road, Series 2014, 5.000%, 9/01/30 | 9/24 at 100.00 | N/R | 2,368,969 | ||
870 | Riverside County, California, Special Tax Bonds, Community Facilities District 04-2 Lake Hill Crest, Series 2012, 5.000%, 9/01/35 | 9/22 at 100.00 | N/R | 915,214 | ||
Riverside County, California, Special Tax Bonds, Community Facilities District 05-8 Scott Road, Series 2013: | ||||||
660 | 5.000%, 9/01/32 | 9/22 at 100.00 | N/R | 695,792 | ||
3,410 | 5.000%, 9/01/42 | 9/22 at 100.00 | N/R | 3,572,725 | ||
Riverside County, California, Special Tax Bonds, Community Facilities District 07-2 Clinton Keith, Series 2017: | ||||||
1,000 | 5.000%, 9/01/42 | 9/27 at 100.00 | N/R | 1,159,680 | ||
535 | 5.000%, 9/01/45 | 9/27 at 100.00 | N/R | 615,614 | ||
Riverside Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 32, Series 2020: | ||||||
415 | 4.000%, 9/01/45 | 9/27 at 103.00 | N/R | 452,570 | ||
875 | 4.000%, 9/01/50 | 9/27 at 103.00 | N/R | 951,475 | ||
1,065 | Riverside, California, Special Tax Bonds, Community Facilities District 2015-1 Orangecrest Grove, Series 2020A, 4.000%, 9/01/49 | 9/27 at 103.00 | N/R | 1,157,389 | ||
Rocklin Unified School District, Placer County, California, Special Tax Bonds, Community Facilities District 2, Series 2007: | ||||||
1,010 | 0.000%, 9/01/34 – NPFG Insured | No Opt. Call | Baa2 | 737,361 | ||
1,155 | 0.000%, 9/01/35 – NPFG Insured | No Opt. Call | Baa2 | 812,924 | ||
840 | Rocklin, Placer County, California, Special Tax Bonds, Community Facilities District 10 Whitney Ranch, Series 2015, 5.000%, 9/01/39 | 9/25 at 100.00 | N/R | 940,288 | ||
935 | Rohnert Park Community Development Agency, California, Tax Allocation Bonds, Series 1999, 0.000%, 8/01/33 | No Opt. Call | Baa2 | 701,839 | ||
3,775 | Romoland School District, California, Special Tax Bonds, Community Facilities District 2004-1 Heritage Lake Improvement Area 3, Series 2013, 5.000%, 9/01/43 | 9/23 at 100.00 | N/R | 4,041,137 | ||
1,120 | Romoland School District, California, Special Tax Bonds, Community Facilities District 2006-1, Series 2017, 5.000%, 9/01/44 | 9/27 at 100.00 | N/R | 1,290,150 | ||
820 | Romoland School District, California, Special Tax Bonds, Community Facilities District 91-1, Series 2017, 5.000%, 9/01/41 | 9/27 at 100.00 | N/R | 949,872 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Roseville, California, Special Tax Bonds, Community Facilities District 1 Hewlett Parkard Campus Oaks, Series 2016: | ||||||
$ 1,070 | 5.000%, 9/01/31 | 9/26 at 100.00 | N/R | $1,237,872 | ||
950 | 5.000%, 9/01/36 | 9/26 at 100.00 | N/R | 1,077,148 | ||
2,640 | 5.500%, 9/01/46 | 9/26 at 100.00 | N/R | 3,007,858 | ||
Roseville, California, Special Tax Bonds, Community Facilities District 1 Sierra Vista Villages, Series 2020: | ||||||
490 | 4.000%, 9/01/45 | 9/27 at 103.00 | N/R | 525,412 | ||
650 | 4.000%, 9/01/50 | 9/27 at 103.00 | N/R | 695,318 | ||
Roseville, California, Special Tax Bonds, Community Facilities District 1 SVSP Westpark-Federico, Series 2019: | ||||||
500 | 5.000%, 9/01/44 | 9/26 at 103.00 | N/R | 562,355 | ||
700 | 5.000%, 9/01/49 | 9/26 at 103.00 | N/R | 784,651 | ||
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westbrook, Series 2014: | ||||||
1,100 | 5.000%, 9/01/34 | 9/24 at 100.00 | N/R | 1,215,060 | ||
1,880 | 5.000%, 9/01/39 | 9/24 at 100.00 | N/R | 2,061,758 | ||
1,395 | 5.000%, 9/01/44 | 9/24 at 100.00 | N/R | 1,524,010 | ||
5,500 | Roseville, California, Special Tax Bonds, Community Facilities District 5 Fiddyment Ranch Public Facilities, Series 2017, 5.000%, 9/01/47, 144A | 9/27 at 100.00 | N/R | 6,255,590 | ||
230 | Sabal Palm Community Development District, Florida, Special Assessment Bonds, Series 2016, 5.500%, 11/01/46 | 11/26 at 100.00 | N/R | 254,557 | ||
1,510 | Sacramento City Financing Authority California, Lease Revenue Bonds, Master Lease Program Facilities Projects, Tender Option Bond Trust 2016-XG0100, 19.081%, 12/01/33 – AMBAC Insured, 144A (IF) (5) | No Opt. Call | A+ | 3,689,292 | ||
Sacramento City Financing Authority, California, Tax Allocation Revenue Bonds, Merged Downtown Sacramento and Oak Park Projects, Series 2005A: | ||||||
4,295 | 0.000%, 12/01/31 – FGIC Insured | No Opt. Call | Baa2 | 3,434,196 | ||
4,435 | 0.000%, 12/01/32 – FGIC Insured | No Opt. Call | Baa2 | 3,435,750 | ||
1,950 | Sacramento County, California, Special Tax Bonds, Community Facilities District 2016-2 Florin Vineyard 1, Series 2018, 4.000%, 9/01/48 | 9/25 at 103.00 | N/R | 2,102,373 | ||
310 | Sacramento, California, Special Tax Bonds, Community Facilities District 05-1 College Square, Series 2007, 5.900%, 9/01/37 | 9/21 at 100.00 | N/R | 316,026 | ||
Sacramento, California, Special Tax Bonds, North Natomas Community Facilities District 7, Series 2017-01: | ||||||
710 | 5.000%, 9/01/37, 144A | 9/24 at 103.00 | N/R | 793,397 | ||
1,900 | 5.000%, 9/01/47, 144A | 9/24 at 103.00 | N/R | 2,100,735 | ||
428 | Saint Louis, Missouri, Tax Increment Financing Revenue Bonds, Grace Lofts Redevelopment Projects, Series 2007A, 6.000%, 12/31/26 | No Opt. Call | N/R | 107,000 | ||
455 | San Bernardino County Financing Authority, California, Revenue Bonds, Courthouse Facilities Project, Series 2007, 5.500%, 6/01/37 – NPFG Insured | No Opt. Call | Baa2 | 477,222 | ||
550 | San Bernardino County, California, Special Tax Bonds, Community Facilities District 2006-1 Lytle Creek North Improvement Area 1, Series 2015, 5.000%, 9/01/40 | 9/25 at 100.00 | N/R | 614,554 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 14,815 | San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2019A, 3.000%, 7/01/44 (UB) (5) | 7/27 at 100.00 | AA+ | $15,405,822 | ||
915 | San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39 | 8/24 at 100.00 | N/R | 973,789 | ||
1,250 | San Francisco City and County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Series 2014A, 5.000%, 8/01/43 | 8/24 at 100.00 | A- | 1,382,487 | ||
22,610 | San Francisco City and County Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Mission Bay South Redevelopment Project, Subordinate Series 2016D, 0.000%, 8/01/43, 144A | 8/21 at 33.74 | N/R | 7,525,512 | ||
San Francisco City and County, California, Special Tax Bonds, Community Facilities District 2016-1 Treasure Island Improvement Area 1, Series 2020: | ||||||
775 | 4.000%, 9/01/42 | 9/27 at 103.00 | N/R | 838,186 | ||
1,450 | 4.000%, 9/01/50 | 9/27 at 103.00 | N/R | 1,551,094 | ||
1,000 | San Jacinto Unified School District, California, Community Facilities District 2003-1 Infrastructure Projects, Series 2016, 3.375%, 9/01/46 | 9/21 at 103.00 | N/R | 1,023,900 | ||
205 | Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 | No Opt. Call | Baa2 | 227,249 | ||
1,250 | Saugus Union School District Financing Authority, California, Special Tax Revenue Bonds, Series 2021A, 4.000%, 9/01/49 – BAM Insured | 9/27 at 103.00 | AA | 1,396,487 | ||
1,000 | South Tahoe Joint Powers Financing Authority, California, Revenue Bonds, South Tahoe Redevelopment Project Area 1, Series 2014A, 4.000%, 10/01/34 – AGM Insured | 10/24 at 100.00 | AA | 1,073,150 | ||
5,000 | Sulphur Springs Union School District, California, Special Tax Bonds, Community Facilities District 2002-1, Series 2014A, 5.000%, 9/01/39 | 3/24 at 100.00 | AA | 5,597,750 | ||
1,335 | Sulphur Springs Union School District, California, Special Tax Bonds, Community Facilities District 2006-1, Series 2018, 5.000%, 9/01/43 | 9/24 at 103.00 | N/R | 1,492,036 | ||
Tejon Ranch Public Facilities Financing Authority, California, Special Tax Bonds, Community Facilities District 2000-1, Tejon Industrial Complex Public Improvements, Refunding Series 2012: | ||||||
1,635 | 5.500%, 9/01/30 | 9/22 at 100.00 | N/R | 1,729,585 | ||
500 | 5.500%, 9/01/33 | 9/22 at 100.00 | N/R | 527,215 | ||
4,000 | Tejon Ranch Public Facilities Financing Authority, California, Special Tax Bonds, Community Facilities District 2008-1 Tejon Industrial Complex East, Series 2012B, 5.250%, 9/01/42 | 3/23 at 100.00 | N/R | 4,226,920 | ||
2,000 | Tejon Ranch Public Facilities Financing Authority, California, Special Tax Bonds, Community Facilities District 2008-1, Tejon Industrial Complex Public Improvements-East, Series 2015A, 5.000%, 9/01/45 | 9/25 at 100.00 | N/R | 2,205,600 | ||
4,750 | Tejon Ranch Public Facilities Financing Authority, California, Special Tax Bonds, Community Facilities District 2008-1, Tejon Industrial Complex Public Improvements-East, Series 2020, 4.000%, 9/01/50 | 9/27 at 103.00 | N/R | 5,005,265 | ||
1,055 | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017, 6.250%, 9/01/47, 144A | 9/27 at 100.00 | N/R | 1,137,585 | ||
400 | Temecula Valley Unified School District, Riverside County, California, Special Tax Bonds, Community Facilities District 2011-1, Series 2014, 4.250%, 9/01/44 | 9/21 at 103.00 | N/R | 415,340 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
Tracy, California, Special Tax Bonds, Community Facilities District 2016-1 Tracy Hills, Improvement Area 1, Series 2019: | ||||||
$ 1,285 | 5.000%, 9/01/44 | 9/25 at 103.00 | N/R | $1,432,107 | ||
1,875 | 5.000%, 9/01/49 | 9/25 at 103.00 | N/R | 2,082,094 | ||
605 | Tustin, California, Special Tax Bonds, Community Facilities District 06-1 Tustin Legacy/Columbus Villages, Refunding Series 2015A, 5.000%, 9/01/37 | 9/25 at 100.00 | A- | 700,959 | ||
Upland, California, Special Tax Bonds, Community Facilities District 2016-1 Improvement Area2 Harvest at Upland, Series 2021A: | ||||||
165 | 4.000%, 9/01/45 | 9/30 at 100.00 | N/R | 177,487 | ||
260 | 4.000%, 9/01/51 | 9/30 at 100.00 | N/R | 278,626 | ||
700 | Victor Valley Union High School District, San Bernardino County, California, Special Tax Bonds, Community Facilities District 2007-1, Series 2013, 5.000%, 9/01/43 | 9/23 at 100.00 | N/R | 749,350 | ||
1,000 | Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2014C, 5.000%, 10/01/39 | 10/24 at 100.00 | N/R | 900,070 | ||
100 | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Series 2012A, 5.000%, 10/01/27 | 10/22 at 100.00 | Caa2 | 99,422 | ||
2,000 | Virgin Islands Public Finance Authority, Matching Fund Loan Notes Revenue Bonds, Subordinate Lien Series 2010B, 5.250%, 10/01/29 | 3/21 at 100.00 | Caa3 | 1,965,760 | ||
Virgin Islands Public Finance Authority, Matching Fund Revenue Loan Note - Diageo Project, Series 2009A: | ||||||
3,245 | 6.625%, 10/01/29 | 3/21 at 100.00 | Caa3 | 3,259,862 | ||
1,800 | 6.750%, 10/01/37 | 3/21 at 100.00 | Caa3 | 1,808,694 | ||
600 | West Hollywood Community Development Commission, California, Tax Allocation Revenue Bonds, East Side Redevelopment Project Series 2011A, 7.500%, 9/01/42 | 9/21 at 100.00 | A- | 620,808 | ||
West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 2015-1 Arambel-KDN, Refunding Series 2015: | ||||||
350 | 5.250%, 9/01/35 | 9/25 at 100.00 | N/R | 385,109 | ||
785 | 5.250%, 9/01/45 | 9/25 at 100.00 | N/R | 853,452 | ||
3,615 | West Sacramento Financing Authority, California, Special Tax Revenue Bonds, Series 2014, 5.500%, 9/01/31 | 9/22 at 102.00 | N/R | 3,888,041 | ||
2,805 | West Sacramento, California, Special Tax Bonds, Community Facilities District 27 Bridge District, Refunding Series 2016, 5.000%, 9/01/40 | 9/26 at 100.00 | N/R | 3,129,230 | ||
7,760 | West Sacramento, California, Special Tax Bonds, Community Facilities District 27 Bridge District, Series 2017, 5.000%, 9/01/47 | 9/27 at 100.00 | N/R | 8,698,262 | ||
2,155 | Western Placer Unified School District, Placer County, California, Certificates of Participation, Refinancing Project, Series 2017, 4.000%, 8/01/49 – AGM Insured (UB) (5) | 8/27 at 100.00 | AA | 2,358,238 | ||
Westside Union School District, California, Special Tax Bonds, Community Facilities District 2018-1 Improvement Area 1, Series 2021: | ||||||
365 | 4.000%, 9/01/46 | 9/28 at 103.00 | N/R | 391,824 | ||
490 | 4.000%, 9/01/51 | 9/28 at 103.00 | N/R | 525,510 | ||
1,445 | William S Hart Union High School District, Los Angeles County, California, Special Tax Bonds, Community Facilities District 2015-1, Series 2017, 5.000%, 9/01/47 | 9/26 at 100.00 | N/R | 1,608,906 | ||
1,975 | Woodland, California, Special Tax Bonds, Community Facilities District 2004-1 Spring Lake, Refunding & Capital Projects Series 2016, 4.000%, 9/01/45 | 9/26 at 100.00 | N/R | 2,090,320 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 290 | Yorkville United City Business District, Illinois, Storm Water and Water Improvement Project Revenue Bonds, Series 2007, 4.800%, 1/01/27 (4) | 3/21 at 100.00 | N/R | $ 118,900 | ||
517,457 | Total Tax Obligation/Limited | 476,852,789 | ||||
Transportation – 14.4% | ||||||
4,000 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Subordinate Fixed Rate Series 2017S-7, 4.000%, 4/01/49 (UB) (5) | 4/27 at 100.00 | A1 | 4,524,520 | ||
7,465 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Subordinate Series 2019S-8, 3.000%, 4/01/54 (UB) (5) | 10/29 at 100.00 | A1 | 7,694,175 | ||
16,255 | California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, Inc Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29 (AMT) | No Opt. Call | B+ | 18,224,456 | ||
10,000 | Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue Bonds, Brightline Passenger Rail Project, Green Series 2019B, 7.375%, 1/01/49 (AMT), 144A | 1/24 at 107.00 | N/R | 9,707,000 | ||
5,000 | Florida Development Finance Corporation, Florida, Surface Transportation Facility Revenue Bonds, Virgin Trains USA Passenger Rail Project , Series 2019A, 6.375%, 1/01/49 (AMT) (Mandatory Put 1/01/26), 144A | 3/21 at 104.00 | N/R | 4,862,150 | ||
2,993 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2021C, 4.000%, 1/15/33 | 1/31 at 100.00 | Baa2 | 3,522,971 | ||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2015A: | ||||||
6,255 | 0.000%, 1/15/33 | No Opt. Call | Baa2 | 4,645,213 | ||
3,000 | 0.000%, 1/15/35 – AGM Insured | No Opt. Call | BBB | 2,134,920 | ||
1,054 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2021A, 4.000%, 1/15/46 | 1/31 at 100.00 | Baa2 | 1,201,307 | ||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A: | ||||||
5,000 | 0.000%, 1/15/37 – AGM Insured | No Opt. Call | BBB | 3,315,050 | ||
1,775 | 5.000%, 1/15/42 – AGM Insured | 1/24 at 100.00 | BBB | 1,923,496 | ||
6,095 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Term Rate Series 2013B-2, 3.500%, 1/15/53 – AGM Insured (UB) (5) | 7/29 at 100.00 | A2 | 6,758,441 | ||
8,505 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Term Rate Sub-Series 2013B-1, 3.950%, 1/15/53 | 7/27 at 100.00 | Baa2 | 9,397,600 | ||
Guam International Airport Authority, Revenue Bonds, Series 2013C: | ||||||
745 | 6.250%, 10/01/34 (AMT) | 10/23 at 100.00 | BB+ | 798,387 | ||
500 | 6.125%, 10/01/43 – AGM Insured (AMT) | 10/23 at 100.00 | A2 | 549,480 | ||
Guam Port Authority, Port Revenue Bonds, Private Activity Series 2018B: | ||||||
250 | 5.000%, 7/01/36 (AMT) | 7/28 at 100.00 | Baa2 | 293,645 | ||
400 | 5.000%, 7/01/37 (AMT) | 7/28 at 100.00 | Baa2 | 468,160 | ||
23,890 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016A, 5.000%, 5/15/42 (AMT) (UB) (5) | 5/26 at 100.00 | A+ | 27,583,155 | ||
10,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018A, 5.000%, 5/15/44 (AMT) (UB) (5) | 5/28 at 100.00 | A+ | 11,904,300 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2019F: | ||||||
$ 10,000 | 3.000%, 5/15/49 (AMT) (UB) (5) | 5/29 at 100.00 | A+ | $10,240,600 | ||
13,800 | 4.000%, 5/15/49 (AMT) (UB) (5) | 5/29 at 100.00 | A+ | 15,357,468 | ||
5,000 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2019B, 4.000%, 7/01/44 (AMT) (UB) (5) | 7/29 at 100.00 | A- | 5,561,250 | ||
7,590 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2019A, 5.000%, 5/01/44 (AMT) (UB) (5) | 5/29 at 100.00 | A | 9,156,424 | ||
20,460 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2019E, 4.000%, 5/01/50 (AMT) (UB) (5) | 5/29 at 100.00 | A | 22,755,408 | ||
1,290 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Tender Option Bond Trust Series 2015-XF1032, 17.473%, 5/01/44, 144A (IF) (5) | 5/24 at 100.00 | A | 1,917,340 | ||
2,000 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B, 5.250%, 1/15/49 | 1/25 at 100.00 | BBB- | 2,222,180 | ||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2014A: | ||||||
2,250 | 5.000%, 1/15/44 | 1/25 at 100.00 | BBB | 2,503,642 | ||
1,650 | 5.000%, 1/15/50 | 1/25 at 100.00 | BBB | 1,828,134 | ||
50 | San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Series 1997A, 0.000%, 1/15/31 – NPFG Insured | No Opt. Call | Baa2 | 39,664 | ||
177,272 | Total Transportation | 191,090,536 | ||||
U.S. Guaranteed – 3.4% (7) | ||||||
2,320 | Anaheim Public Financing Authority, California, Lease Revenue Bonds, Public Improvement Project, Series 1997C, 0.000%, 9/01/35 – AGM Insured (ETM) | No Opt. Call | AA | 1,789,230 | ||
8,750 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A, 5.000%, 11/15/46 (Pre-refunded 11/15/25) (UB) (5) | 11/25 at 100.00 | A+ | 10,555,125 | ||
2,000 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Windsor Mobile Country Club, Subordinate Series 2013B, 7.000%, 11/15/48 (Pre-refunded 11/15/23) | 11/23 at 100.00 | N/R | 2,337,380 | ||
1,000 | California Statewide Communities Development Authority, Revenue Bonds, Buck Institute for Research on Aging, Tender Option Bond Trust 2015-XF1035, 22.341%, 11/15/49 (Pre-refunded 11/25/24) – AGM Insured, 144A (IF) (5) | 11/24 at 100.00 | AA | 1,856,590 | ||
1,000 | California Statewide Communities Development Authority, Revenue Bonds, Terraces San Joaquin Gardens, Series 2012A, 5.625%, 10/01/32 (Pre-refunded 10/01/22) | 10/22 at 100.00 | A- | 1,085,570 | ||
1,040 | California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R | 1,063,244 | ||
1,250 | Dana Point, California, Special Tax Bonds, Community Facilities District 2006-1 Series 2014, 5.000%, 9/01/45 (Pre-refunded 9/01/23) | 9/23 at 100.00 | N/R | 1,394,388 | ||
990 | Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A+ | 1,040,312 | ||
8,285 | Fresno Unified School District, Fresno County, California, General Obligation Bonds, Election 2010 Series 2014D, 4.000%, 8/01/47 (Pre-refunded 8/01/24) (UB) (5) | 8/24 at 100.00 | Aa3 | 9,319,382 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (7) (continued) | ||||||
Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2013: | ||||||
$ 500 | 5.250%, 7/01/33 (Pre-refunded 7/01/23) | 7/23 at 100.00 | Baa2 | $557,060 | ||
1,000 | 5.500%, 7/01/43 (Pre-refunded 7/01/23) | 7/23 at 100.00 | Baa2 | 1,119,920 | ||
Inglewood Public Financing Authority, California, Lease Revenue Bonds, Refunding Series 2012: | ||||||
2,530 | 0.000%, 8/01/23 (Pre-refunded 8/01/22) | 8/22 at 93.78 | A2 | 2,363,501 | ||
1,600 | 0.000%, 8/01/25 (Pre-refunded 8/01/22) | 8/22 at 82.01 | A2 | 1,307,216 | ||
1,050 | 0.000%, 8/01/28 (Pre-refunded 8/01/22) | 8/22 at 66.37 | A2 | 694,239 | ||
2,430 | 0.000%, 8/01/33 (Pre-refunded 8/01/22) | 8/22 at 45.44 | A2 | 1,100,085 | ||
1,650 | 0.000%, 8/01/35 (Pre-refunded 8/01/22) | 8/22 at 38.78 | A2 | 637,511 | ||
1,550 | March Joint Powers Redevelopment Agency, California, Tax Allocation Revenue Bonds, March Air Force Base Redevelopment Project, Series 2011A, 7.500%, 8/01/41 (Pre-refunded 8/01/21) | 8/21 at 100.00 | N/R | 1,596,593 | ||
330 | Novato Redevelopment Agency, California, Tax Allocation Bonds, Hamilton Field Redevelopment Project, Series 2011, 6.750%, 9/01/40 (Pre-refunded 9/01/21) | 9/21 at 100.00 | N/R | 340,771 | ||
205 | Santa Ana Financing Authority, California, Lease Revenue Bonds, Police Administration and Housing Facility, Series 1994A, 6.250%, 7/01/24 (ETM) | No Opt. Call | Baa2 | 227,076 | ||
1,250 | Stockton Public Financing Authority, California, Water Revenue Bonds, Delta Water Supply Project, Series 2010A, 6.250%, 10/01/40 (Pre-refunded 10/01/23) | 10/23 at 100.00 | A3 | 1,443,150 | ||
1,300 | Twentynine Palms Redevelopment Agency, California, Tax Allocation Bonds, Four Corners Project Area, Series 2011A, 7.650%, 9/01/42 (Pre-refunded 9/01/21) | 9/21 at 100.00 | BBB+ | 1,347,905 | ||
500 | Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.875%, 12/01/33 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A+ | 524,985 | ||
500 | Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Subordinate Lien Series 2011A, 5.875%, 11/01/41 (Pre-refunded 11/01/21) | 11/21 at 100.00 | A+ | 518,815 | ||
43,030 | Total U.S. Guaranteed | 44,220,048 | ||||
Utilities – 10.8% | ||||||
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012: | ||||||
200 | 5.000%, 7/01/37 (AMT), 144A | 7/22 at 100.00 | Baa3 | 212,334 | ||
5,000 | 5.000%, 11/21/45 (AMT), 144A | 7/22 at 100.00 | Baa3 | 5,300,750 | ||
2,000 | Compton, California, Sewer Revenue Bonds, Series 2009, 6.000%, 9/01/39 | 3/21 at 100.00 | N/R | 2,004,000 | ||
500 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 | 7/26 at 100.00 | Baa2 | 560,145 | ||
25 | Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A, 5.500%, 11/15/28 | No Opt. Call | A- | 32,441 | ||
700 | Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007B, 1.560%, 11/15/26 (3-Month LIBOR *67% Reference Rate + 1.430% Spread) (8) | No Opt. Call | A- | 723,821 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017A: | ||||||
$ 7,565 | 5.000%, 7/01/42 (UB) (5) | 1/27 at 100.00 | AA- | $9,023,078 | ||
25,000 | 5.000%, 7/01/47 (UB) (5) | 1/27 at 100.00 | AA- | 29,619,750 | ||
2,000 | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2017A, 4.000%, 7/01/47 (UB) (5) | 1/27 at 100.00 | Aa2 | 2,250,580 | ||
2,000 | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Tender Option Bond Trust 2015-XF2053, 22.113%, 7/01/44, 144A (IF) (5) | 7/24 at 100.00 | Aa2 | 3,356,520 | ||
50 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009A, 6.500%, 11/01/39 | No Opt. Call | BBB+ | 79,062 | ||
4,980 | Pico Rivera Water Authority, California, Revenue Bonds, Refunding Water System Project, Series 1999A, 5.500%, 5/01/29 – NPFG Insured | No Opt. Call | Baa2 | 5,843,781 | ||
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: | ||||||
1,000 | 5.250%, 7/01/24 | 7/22 at 100.00 | CCC | 1,052,710 | ||
10,100 | 5.000%, 7/01/33 | 7/22 at 100.00 | CCC | 10,599,142 | ||
2,800 | 5.750%, 7/01/37 | 7/22 at 100.00 | CCC | 2,966,040 | ||
9,000 | 5.250%, 7/01/42 | 7/22 at 100.00 | CCC | 9,474,390 | ||
3,000 | 6.000%, 7/01/47 | 7/22 at 100.00 | CCC | 3,187,770 | ||
8,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Federally Taxable Build America Bonds, Series 2010YY, 4.050%, 7/01/40 (4) | 3/21 at 100.00 | D | 7,160,000 | ||
25 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2005SS, 3.926%, 7/01/30 (4) | 3/21 at 100.00 | D | 22,500 | ||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2010DDD: | ||||||
1,000 | 3.957%, 7/01/21 (4) | 3/21 at 100.00 | D | 902,500 | ||
1,030 | 3.844%, 7/01/21 (4) | 3/21 at 100.00 | D | 898,675 | ||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A: | ||||||
1,415 | 3.941%, 7/01/29 (4) | 7/22 at 100.00 | D | 1,273,500 | ||
3,385 | 3.957%, 7/01/42 (4) | 7/22 at 100.00 | D | 3,054,962 | ||
2,925 | 3.961%, 7/01/42 (4) | 7/22 at 100.00 | D | 2,639,812 | ||
85 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2003NN, 3.999%, 7/01/21 (4) | No Opt. Call | N/R | 75,225 | ||
1,950 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007TT, 3.957%, 7/01/32 (4) | 3/21 at 100.00 | D | 1,759,875 | ||
1,140 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2007VV, 5.250%, 7/01/34 – NPFG Insured | No Opt. Call | D | 1,291,460 | ||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010AAA: | ||||||
500 | 3.978%, 7/01/24 (4) | 3/21 at 100.00 | D | 452,500 | ||
3,000 | 3.998%, 7/01/27 (4) | 3/21 at 100.00 | D | 2,715,000 | ||
1,020 | 3.978%, 7/01/31 (4) | 3/21 at 100.00 | D | 923,100 | ||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010CCC: | ||||||
135 | 3.957%, 7/01/24 (4) | 3/21 at 100.00 | D | 121,838 | ||
200 | 3.941%, 7/01/27 (4) | 3/21 at 100.00 | D | 180,000 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010XX: | ||||||
$ 1,445 | 3.926%, 7/01/25 (4) | 3/21 at 100.00 | D | $1,300,500 | ||
95 | 3.978%, 7/01/26 (4) | 3/21 at 100.00 | D | 85,975 | ||
1,000 | 3.978%, 7/01/35 (4) | 3/21 at 100.00 | D | 905,000 | ||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2010ZZ: | ||||||
165 | 3.957%, 7/01/21 (4) | 3/21 at 100.00 | D | 148,913 | ||
1,695 | 3.957%, 7/01/22 (4) | 3/21 at 100.00 | D | 1,529,738 | ||
275 | 3.978%, 7/01/25 (4) | 3/21 at 100.00 | D | 248,875 | ||
1,000 | 3.978%, 7/01/26 (4) | 3/21 at 100.00 | D | 905,000 | ||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2013A: | ||||||
220 | 4.143%, 7/01/30 (4) | 7/23 at 100.00 | D | 204,050 | ||
4,430 | 4.102%, 7/01/36 (4) | 7/23 at 100.00 | D | 4,086,675 | ||
Puerto Rico Electric Power Authority, Power Revenue Bonds, Series WW: | ||||||
915 | 3.988%, 7/01/24 (4) | 3/21 at 100.00 | D | 829,219 | ||
1,000 | 5.250%, 7/01/33 (4) | 3/21 at 100.00 | D | 905,000 | ||
295 | 3.999%, 7/01/38 (4) | 3/21 at 100.00 | D | 267,713 | ||
2,380 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Taxable Build America Bond Series 2010EE, 4.036%, 7/01/30 (4) | 3/21 at 100.00 | D | 2,124,150 | ||
2,000 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Taxable Series 2010BBB, 3.990%, 7/01/28 (4) | 3/21 at 100.00 | D | 1,715,000 | ||
San Joaquin County, California, Revenue Bonds, CSA County Service Area 31, Refunding Series 2018A: | ||||||
1,250 | 5.000%, 8/01/38 | 8/28 at 100.00 | N/R | 1,459,375 | ||
1,500 | 5.000%, 8/01/42 | 8/28 at 100.00 | N/R | 1,737,555 | ||
5,000 | South Coast Water District Financing Authority, California, Revenue Bonds, Series 2020A, 2.500%, 2/01/50 (UB) (5) | 2/29 at 100.00 | AA+ | 4,857,300 | ||
Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A: | ||||||
1,000 | 5.000%, 11/01/29 | No Opt. Call | BBB+ | 1,275,950 | ||
720 | 5.000%, 11/01/33 | No Opt. Call | BBB+ | 963,590 | ||
5,550 | 1.607%, 11/01/38 (3-Month LIBOR *67% Reference Rate + 1.470% Spread) (8) | No Opt. Call | BBB+ | 5,339,877 | ||
2,319 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Bond Anticipation Notes, Series 2020A, 7.500%, 7/01/22, 144A | No Opt. Call | N/R | 2,320,382 | ||
115 | Virgin Islands Water and Power Authority, Electric System Revenue Bonds, Refunding Series 2007A, 5.000%, 7/01/22 | 3/21 at 100.00 | Caa3 | 114,075 | ||
136,099 | Total Utilities | 143,081,173 | ||||
$ 1,846,010 | Total Municipal Bonds (cost $1,609,745,884) | 1,721,895,651 |
Shares | Description (1) | Value | ||||
COMMON STOCKS – 0.2% | ||||||
Airlines – 0.2% | ||||||
94,060 | American Airlines Group Inc, (9), (10) | $ 1,969,616 | ||||
Total Common Stocks (cost $2,851,418) | 1,969,616 | |||||
Total Long-Term Investments (cost $1,612,597,302) | 1,723,865,267 | |||||
Floating Rate Obligations – (28.8)% | (380,512,000) | |||||
Borrowings – (2.1)% (11) | (27,400,000) | |||||
Other Assets Less Liabilities – 0.6% (12) | 7,316,912 | |||||
Net Assets – 100% | $ 1,323,270,179 |
Futures Contracts | |||||||
Description | Contract Position | Number of Contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable/ (Payable) |
U.S. Treasury 5-Year Note | Short | (73) | 6/21 | $ (9,123,719) | $ (9,049,719) | $ 74,000 | $(3,422) |
U.S. Treasury 10-Year Note | Short | (579) | 6/21 | (77,751,954) | (76,844,156) | 907,798 | (81,422) |
Total | $(86,875,673) | $(85,893,875) | $981,798 | $(84,844) |
(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) | The ratings disclosed are the lowest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. | |
(4) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. | |
(5) | Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions. | |
(6) | 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. | |
(7) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. | |
(8) | Variable rate security. The rate shown is the coupon as of the end of the reporting period. | |
(9) | On November 28, 2011, AMR Corp. (“AMR”), the parent company of American Airlines Group, Inc. (“AAL”) filed for federal bankruptcy protection. On December 9, 2013, AMR emerged from federal bankruptcy with the acceptance of its reorganization plan by the bankruptcy court. Under the settlement agreement established to meet AMR’s unsecured bond obligations, the bondholders, including the Fund, received a distribution of AAL preferred stock which was converted to AAL common stock over a 120-day period. Every 30 days, a quarter of the preferred stock was converted to AAL common stock based on the 5-day volume-weighted average price and the amount of preferred shares tendered during the optional preferred conversion period. | |
(10) | Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. | |
(11) | Borrowings as a percentage of Total Investments is 1.6%. | |
(12) | 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 | |
IF | Inverse floating rate security issued by a tender option bond (“TOB”) trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association (SIFMA) short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. | |
LIBOR | London Inter-Bank Offered Rate | |
UB | Underlying bond of an inverse floating rate trust reflected as a financing transaction. See Notes to Financial Statements, Note 4 – Portfolio Securities and Investments in Derivatives for more information. | |
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 – 99.2% | ||||||
MUNICIPAL BONDS – 99.2% | ||||||
Consumer Staples – 1.1% | ||||||
$ 370 | California County Tobacco Securitization Agency, Tobacco Settlement Asset-Backed Bonds, Los Angeles County Securitization Corporation, Series 2020A, 4.000%, 6/01/49 | 6/30 at 100.00 | BBB+ | $422,118 | ||
25,520 | Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Series 2018A-1, 5.250%, 6/01/47 | 6/22 at 100.00 | N/R | 26,478,021 | ||
25,890 | Total Consumer Staples | 26,900,139 | ||||
Education and Civic Organizations – 7.3% | ||||||
5,000 | California Educational Facilities Authority, Revenue Bonds, Chapman University, Series 2015, 5.000%, 4/01/40 | 4/25 at 100.00 | A2 | 5,623,450 | ||
3,915 | California Educational Facilities Authority, Revenue Bonds, Pepperdine University, Series 2015, 5.000%, 9/01/40 | 9/25 at 100.00 | AA- | 4,584,113 | ||
7,000 | California Educational Facilities Authority, Revenue Bonds, Stanford University, Series 2007, 5.000%, 3/15/39 | No Opt. Call | AAA | 9,912,910 | ||
3,000 | California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Refunding Series 2015, 5.000%, 11/01/36 | 11/25 at 100.00 | A2 | 3,444,060 | ||
California Infrastructure and Economic Development Bank, Revenue Bonds, The Walt Disney Family Museum, Refunding Series 2016: | ||||||
250 | 5.000%, 2/01/30 | 2/26 at 100.00 | A+ | 289,608 | ||
250 | 5.000%, 2/01/31 | 2/26 at 100.00 | A+ | 288,693 | ||
1,500 | California Municipal Finance Authority Charter School Revenue Bonds, Albert Einstein Academies Project, Series 2013A, 6.750%, 8/01/33 | 8/23 at 100.00 | BB | 1,655,445 | ||
4,250 | California Municipal Finance Authority, Charter School Revenue Bonds, Partnerships to Uplift Communities Project, Series 2012A, 5.250%, 8/01/42 | 8/22 at 100.00 | BB | 4,345,667 | ||
1,125 | California Municipal Finance Authority, Charter School Revenue Bonds, Rocketship Education Multiple Projects, Series 2014A, 7.250%, 6/01/43 | 6/22 at 102.00 | N/R | 1,214,887 | ||
California Municipal Finance Authority, Educational Facilities Revenue Bonds, OCEAA Project, Series 2008A: | ||||||
630 | 6.750%, 10/01/28 | 3/21 at 100.00 | N/R | 631,518 | ||
1,500 | 7.000%, 10/01/39 | 3/21 at 100.00 | N/R | 1,503,150 | ||
320 | California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2012A, 5.750%, 1/01/22, 144A (4) | No Opt. Call | N/R | 324,397 | ||
1,275 | California Municipal Finance Authority, Revenue Bonds, Goodwill Industries of Sacramento Valley & Northern Nevada Project, Series 2014A, 5.000%, 1/01/35 (4) | 1/25 at 100.00 | N/R | 1,259,432 | ||
1,245 | California Municipal Finance Authority, Revenue Bonds, Touro College and University System, Series 2014A, 5.250%, 1/01/34 | 7/24 at 100.00 | BBB- | 1,346,144 | ||
1,040 | California School Finance Authority, California, Charter School Revenue Bonds, Aspire Public Schools, Refunding Series 2015A, 5.000%, 8/01/40, 144A | 8/25 at 100.00 | BBB | 1,170,770 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$ 500 | California School Finance Authority, California, Charter School Revenue Bonds, Aspire Public Schools, Refunding Series 2016, 5.000%, 8/01/46, 144A | 8/25 at 100.00 | BBB | $558,350 | ||
California School Finance Authority, Charter School Revenue Bonds, Downtown College Prep - Obligated Group, Series 2016: | ||||||
410 | 5.000%, 6/01/46, 144A | 6/26 at 100.00 | N/R | 440,041 | ||
500 | 5.000%, 6/01/51, 144A | 6/26 at 100.00 | N/R | 535,395 | ||
375 | California School Finance Authority, Charter School Revenue Bonds, Kepler Neighborhood School, Series 2017A, 5.750%, 5/01/37, 144A | 5/27 at 100.00 | N/R | 413,959 | ||
285 | California School Finance Authority, Charter School Revenue Bonds, Rocketship Education Obligated Group, Series 2016A, 5.000%, 6/01/36, 144A | 6/25 at 100.00 | N/R | 309,573 | ||
500 | California School Finance Authority, Charter School Revenue Bonds, Summit Public Schools Obligated Group, Series 2017, 5.000%, 6/01/47, 144A | 6/27 at 100.00 | Baa3 | 560,160 | ||
750 | California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2015A, 5.000%, 7/01/45, 144A | 7/25 at 100.00 | BBB | 838,162 | ||
830 | California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016A, 5.000%, 7/01/46, 144A | 7/25 at 100.00 | BBB | 927,342 | ||
5,235 | California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C, 5.250%, 7/01/52 | 7/25 at 101.00 | BBB | 5,926,753 | ||
California School Finance Authority, School Facility Revenue Bonds, Value Schools, Series 2013: | ||||||
2,000 | 6.900%, 7/01/43 | 7/23 at 100.00 | BB+ | 2,205,600 | ||
4,040 | 7.000%, 7/01/48 | 7/23 at 100.00 | BB+ | 4,459,554 | ||
500 | California State Public Works Board, Lease Revenue Bonds, California State University, Various University Projects, Series 2010B-1, 5.400%, 3/01/26 | 3/21 at 100.00 | Aa3 | 501,745 | ||
2,650 | California State University, Systemwide Revenue Bonds, Refunding Series 2015A, 5.000%, 11/01/35 | 11/25 at 100.00 | Aa2 | 3,138,236 | ||
California State University, Systemwide Revenue Bonds, Series 2019A: | ||||||
2,375 | 5.000%, 11/01/49 | 11/29 at 100.00 | Aa2 | 2,967,420 | ||
6,070 | 5.000%, 11/01/51 | 11/29 at 100.00 | Aa2 | 7,575,178 | ||
California State University, Systemwide Revenue Bonds, Series 2020C: | ||||||
7,505 | 3.000%, 11/01/40 | 11/30 at 100.00 | Aa2 | 8,005,809 | ||
23,205 | 4.000%, 11/01/45 | 11/30 at 100.00 | Aa2 | 27,202,989 | ||
1,115 | San Diego County, California, Limited Revenue Obligations, Sanford Burnham Prebys Medical Discovery Institute, Series 2015A, 5.000%, 11/01/28 | 11/25 at 100.00 | A1 | 1,328,857 | ||
14,740 | University of California, General Revenue Bonds, Series 2018AZ, 5.000%, 5/15/48 | 5/28 at 100.00 | AA | 17,960,690 | ||
University of California, General Revenue Bonds, Series 2020BE: | ||||||
4,600 | 5.000%, 5/15/41 | 5/30 at 100.00 | AA | 5,918,774 | ||
5,000 | 5.000%, 5/15/42 | 5/30 at 100.00 | AA | 6,411,000 | ||
32,750 | 4.000%, 5/15/47 | 5/30 at 100.00 | AA | 38,317,827 | ||
148,235 | Total Education and Civic Organizations | 174,097,658 | ||||
Financials – 0.0% | ||||||
7 | Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable Trust Unit,Series 2007A Sr. Bond, 0.000%, 8/01/47 | No Opt. Call | N/R | 1,988 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care – 8.6% | ||||||
$ 7,780 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46 | 11/26 at 100.00 | A+ | $9,061,444 | ||
10,065 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2017A, 5.000%, 11/15/48 | 11/27 at 100.00 | A+ | 11,933,467 | ||
California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2018A: | ||||||
1,500 | 5.000%, 11/15/35 | 11/27 at 100.00 | A+ | 1,851,030 | ||
14,805 | 5.000%, 11/15/48 | 11/27 at 100.00 | A+ | 17,522,754 | ||
455 | California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Refunding Series 2015, 5.000%, 11/15/32 | 11/25 at 100.00 | Aa3 | 540,417 | ||
1,000 | California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2012A, 5.000%, 11/15/29 | 11/22 at 100.00 | BBB+ | 1,058,520 | ||
California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2017A: | ||||||
3,000 | 5.000%, 8/15/42 | 8/27 at 100.00 | BBB+ | 3,501,660 | ||
3,000 | 5.000%, 8/15/47 | 8/27 at 100.00 | BBB+ | 3,486,720 | ||
46,160 | California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, Series 2020A, 4.000%, 4/01/49 | 4/30 at 100.00 | BBB+ | 52,398,062 | ||
3,940 | California Health Facilities Financing Authority, Revenue Bonds, El Camino Hospital, Refunding Series 2015A, 5.000%, 2/01/40 | 2/25 at 100.00 | AA | 4,425,566 | ||
830 | California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children's Hospital, Series 2014A, 5.000%, 8/15/43 | 8/24 at 100.00 | AA- | 910,726 | ||
1,825 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44 | 10/24 at 100.00 | AA- | 2,074,915 | ||
6,000 | California Health Facilities Financing Authority, Revenue Bonds, Rady Children's Hospital - San Diego, Series 2011, 5.000%, 8/15/31 | 8/21 at 100.00 | AA | 6,108,360 | ||
250 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A, 5.000%, 7/01/42 | 7/27 at 100.00 | Baa2 | 290,322 | ||
California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A: | ||||||
1,810 | 5.250%, 11/01/36 | 11/26 at 100.00 | BBB- | 2,080,975 | ||
10,310 | 5.250%, 11/01/47 | 11/26 at 100.00 | BBB- | 11,645,764 | ||
5,000 | 5.000%, 11/01/47 | 11/26 at 100.00 | BBB- | 5,541,150 | ||
2,000 | California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017, 5.000%, 10/15/47 | 10/26 at 100.00 | BBB- | 2,256,940 | ||
2,500 | California Statewide Communities Development Authority, California, Redlands Community Hospital, Revenue Bonds, Series 2016, 5.000%, 10/01/46 | 10/26 at 100.00 | A- | 2,841,350 | ||
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A: | ||||||
5,295 | 5.250%, 12/01/34 | 12/24 at 100.00 | BB | 5,906,308 | ||
6,000 | 5.250%, 12/01/44 | 12/24 at 100.00 | BB | 6,589,440 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A: | ||||||
$ 2,400 | 5.000%, 12/01/41, 144A | 6/26 at 100.00 | BB | $2,689,608 | ||
5,000 | 5.000%, 12/01/46, 144A | 6/26 at 100.00 | BB | 5,565,200 | ||
9,250 | 5.250%, 12/01/56, 144A | 6/26 at 100.00 | BB | 10,354,450 | ||
8,400 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A, 5.500%, 12/01/58, 144A | 6/28 at 100.00 | BB | 9,855,468 | ||
California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2015A: | ||||||
1,305 | 5.000%, 3/01/35 | 3/26 at 100.00 | A+ | 1,523,261 | ||
1,000 | 5.000%, 3/01/45 | 3/26 at 100.00 | A+ | 1,141,620 | ||
5,005 | California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2018A, 5.000%, 3/01/48 | 3/28 at 100.00 | A+ | 5,897,191 | ||
California Statewide Communities Development Authority, Revenue Bonds, John Muir Health, Series 2016A: | ||||||
100 | 5.000%, 8/15/46 | 8/26 at 100.00 | A+ | 115,030 | ||
235 | 5.000%, 8/15/51 | 8/26 at 100.00 | A+ | 268,997 | ||
California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005A: | ||||||
773 | 5.750%, 7/01/24 (4) | 3/21 at 100.00 | N/R | 734,631 | ||
889 | 5.750%, 7/01/30 (4) | 3/21 at 100.00 | N/R | 844,648 | ||
58 | 5.750%, 7/01/35 (4) | 3/21 at 100.00 | N/R | 55,009 | ||
837 | California Statewide Community Development Authority, Revenue Bonds, Daughters of Charity Health System, Series 2005G, 5.500%, 7/01/22 (4) | 3/21 at 100.00 | N/R | 794,963 | ||
3,390 | Kaweah Delta Health Care District, California, Revenue Bonds, Series 2015B, 5.000%, 6/01/40 | 6/25 at 100.00 | A3 | 3,771,036 | ||
1,335 | Northern Inyo County Local Hospital District, Inyo County, California, Revenue Bonds, Series 2010, 6.375%, 12/01/25 | 3/21 at 100.00 | B+ | 1,338,498 | ||
4,500 | Palomar Pomerado Health System, California, Revenue Bonds, Refunding Series 2016, 4.000%, 11/01/39 | 11/26 at 100.00 | BBB | 4,770,675 | ||
1,630 | Upland, California, Certificates of Participation, San Antonio Regional Hospital, Series 2017, 5.000%, 1/01/47 | 1/28 at 100.00 | BBB | 1,829,153 | ||
179,632 | Total Health Care | 203,575,328 | ||||
Housing/Multifamily – 3.5% | ||||||
12,000 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A, 5.000%, 2/01/50, 144A | 2/30 at 100.00 | N/R | 13,663,320 | ||
290 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Stoneridge Apartments, Series 2021A, 4.000%, 2/01/56, 144A | 2/31 at 100.00 | N/R | 308,302 | ||
3,375 | California Community Housing Agency, California, Essential Housing Revenue Bonds, Verdant at Green Valley Apartments, Series 2019A, 5.000%, 8/01/49, 144A | 8/29 at 100.00 | N/R | 3,822,559 | ||
21,320 | California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel Apartments, Series 2019A, 5.000%, 4/01/49, 144A | 4/29 at 100.00 | N/R | 24,049,173 | ||
11,621 | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2019-2, 4.000%, 3/20/33 | No Opt. Call | BBB+ | 13,050,047 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Housing/Multifamily (continued) | ||||||
$ 1,585 | California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series2019-1, 4.250%, 1/15/35 | No Opt. Call | BBB+ | $1,819,062 | ||
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc Projects, Senior Series 2014A: | ||||||
170 | 5.250%, 8/15/39 | 8/24 at 100.00 | A- | 186,696 | ||
455 | 5.250%, 8/15/49 | 8/24 at 100.00 | A- | 496,218 | ||
1,580 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47 | 8/22 at 100.00 | A- | 1,654,134 | ||
1,000 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012B, 7.250%, 8/15/47 | 8/22 at 100.00 | N/R | 1,059,220 | ||
3,585 | California Statewide Community Development Authority, Multifamily Housing Revenue Senior Bonds, Westgate Courtyards Apartments, Series 2001X-1, 5.420%, 12/01/34 – AMBAC Insured (AMT) | 3/21 at 100.00 | N/R | 3,588,908 | ||
14,755 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Center City Anaheim, Series 2020A, 5.000%, 1/01/54, 144A | 1/31 at 100.00 | N/R | 17,155,196 | ||
755 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Parallel-Anaheim Series 2021A, 4.000%, 8/01/56, 144A | 8/31 at 100.00 | N/R | 817,167 | ||
440 | CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Renaissance at City Center, Series 2020A, 5.000%, 7/01/51, 144A | 7/31 at 100.00 | N/R | 515,099 | ||
1,215 | Independent Cities Finance Authority, California, Mobile Home Park Revenue Bonds, Palomar Estates West, Refunding Series 2015, 5.000%, 9/15/25 | No Opt. Call | N/R | 1,327,351 | ||
425 | San Jose, California, Multifamily Housing Senior Lien Revenue Bonds, Fallen Leaves Apartments, Series 2002J1, 4.950%, 12/01/22 – AMBAC Insured (AMT) | 3/21 at 100.00 | N/R | 425,837 | ||
74,571 | Total Housing/Multifamily | 83,938,289 | ||||
Long-Term Care – 0.1% | ||||||
1,275 | California Health Facilities Financing Authority, Revenue Bonds, Northern California Presbyterian Homes & Services Inc, Refunding Series 2015, 5.000%, 7/01/44 | 7/25 at 100.00 | AA | 1,453,997 | ||
Tax Obligation/General – 17.3% | ||||||
1,000 | Acalanes Union High School District, Contra Costa County, California, General Obligation Bonds, Refunding Series 2010A, 0.000%, 8/01/26 | No Opt. Call | Aa1 | 943,060 | ||
4,475 | Alameda Unified School District, Alameda County, California, General Obligation Bonds, Election 2014 Series 2019C, 3.000%, 8/01/42 | 8/27 at 100.00 | AA | 4,703,315 | ||
4,000 | Alum Rock Union Elementary School District, Santa Clara County, California, General Obligation Bonds, Refunding Series 2013A, 6.000%, 8/01/39 | 8/23 at 100.00 | A1 | 4,471,680 | ||
2,585 | Anaheim Union High School District, Orange County, California, General Obligation Bonds, 2014 Election Series 2019, 3.000%, 8/01/40 | 8/27 at 100.00 | AAA | 2,714,612 | ||
8,310 | Antelope Valley Community College District, Los Angeles County, California, General Obligation Bonds, Election 2016 Series 2017A, 5.250%, 8/01/42 | 2/27 at 100.00 | AA | 10,138,615 | ||
5,570 | Bakersfield City School District, Kern County, California, General Obligation Bonds, Series 2012C, 0.000%, 5/01/42 (5) | 5/40 at 100.00 | Aa3 | 5,060,011 | ||
3,565 | California State, General Obligation Bonds, Refunding Various Purpose Series 2016, 5.000%, 9/01/32 | 9/26 at 100.00 | Aa2 | 4,331,012 | ||
1,205 | California State, General Obligation Bonds, Various Purpose Refunding Series 2014, 5.000%, 8/01/33 | 8/24 at 100.00 | Aa2 | 1,381,713 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 21,830 | California State, General Obligation Bonds, Various Purpose Refunding Series 2015, 5.000%, 8/01/33 | 2/25 at 100.00 | Aa2 | $25,397,677 | ||
6,725 | California State, General Obligation Bonds, Various Purpose Refunding Series 2016, 5.000%, 9/01/34 | 9/26 at 100.00 | Aa2 | 8,149,960 | ||
2,000 | California State, General Obligation Bonds, Various Purpose Series 2011, 5.250%, 10/01/32 | 10/21 at 100.00 | Aa2 | 2,058,920 | ||
California State, General Obligation Bonds, Various Purpose Series 2013: | ||||||
5,860 | 5.000%, 2/01/38 | 2/23 at 100.00 | Aa2 | 6,353,764 | ||
1,430 | 5.000%, 2/01/43 | 2/23 at 100.00 | Aa2 | 1,547,618 | ||
California State, General Obligation Bonds, Various Purpose Series 2014: | ||||||
1,940 | 5.000%, 10/01/37 | 10/24 at 100.00 | Aa2 | 2,228,439 | ||
2,470 | 5.000%, 5/01/44 | 5/24 at 100.00 | Aa2 | 2,789,544 | ||
California State, General Obligation Bonds, Various Purpose Series 2015: | ||||||
3,000 | 5.000%, 3/01/45 | 3/25 at 100.00 | Aa2 | 3,472,290 | ||
3,000 | 5.000%, 8/01/45 | 8/25 at 100.00 | Aa2 | 3,517,350 | ||
4,375 | California State, General Obligation Bonds, Various Purpose Series 2016, 5.000%, 9/01/46 | 9/26 at 100.00 | Aa2 | 5,237,312 | ||
7,200 | California State, General Obligation Bonds, Various Purpose Series 2017, 5.000%, 8/01/46 | 8/26 at 100.00 | Aa2 | 8,598,240 | ||
18,340 | California State, General Obligation Bonds, Various Purpose Series 2018, 5.000%, 10/01/47 | 4/26 at 100.00 | Aa2 | 21,679,897 | ||
5,230 | California State, General Obligation Bonds, Various Purpose Series 2018 Bid Group A/B, 5.000%, 10/01/48 | 10/28 at 100.00 | Aa2 | 6,460,096 | ||
California State, General Obligation Bonds, Various Purpose Series 2019: | ||||||
3,725 | 5.000%, 4/01/30 | 4/29 at 100.00 | Aa2 | 4,822,906 | ||
6,580 | 5.000%, 4/01/32 | 4/29 at 100.00 | Aa2 | 8,438,982 | ||
5,000 | 5.000%, 4/01/33 | 4/29 at 100.00 | Aa2 | 6,377,250 | ||
5,000 | 5.000%, 4/01/45 | 4/29 at 100.00 | Aa2 | 6,164,900 | ||
California State, General Obligation Bonds, Various Purpose Series 2020: | ||||||
5,750 | 4.000%, 11/01/41 | 11/25 at 100.00 | Aa2 | 6,493,417 | ||
5,895 | 4.000%, 3/01/50 | 3/30 at 100.00 | Aa2 | 6,781,372 | ||
2,880 | Claremont Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2016, Series 2018, 5.000%, 8/01/48 | 8/28 at 100.00 | Aa2 | 3,508,042 | ||
2,500 | Coast Community College District, Orange County, California, General Obligation Bonds, Election of 2012, Series 2019F, 3.000%, 8/01/38 | 2/29 at 100.00 | AA+ | 2,682,200 | ||
9,500 | Glendale Community College District, Los Angeles County, California, General Obligation Bonds, Election 2016 Taxable Refunding Series 2020B, 4.000%, 8/01/50 | 8/29 at 100.00 | Aa2 | 10,897,355 | ||
Golden West Schools Financing Authority, California, General Obligation Revenue Refunding Bonds, School District Program, Series 1999A: | ||||||
320 | 5.800%, 8/01/22 – NPFG Insured | No Opt. Call | Baa2 | 344,384 | ||
345 | 5.800%, 8/01/23 – NPFG Insured | No Opt. Call | Baa2 | 388,815 | ||
7,000 | Hacienda La Puente Unified School District, Los Angeles County, California, General Obligation Bonds, 2016 Election, Series 2017A, 4.000%, 8/01/47 | 8/27 at 100.00 | AAA | 7,873,950 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 30 | Long Beach Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2008, Series 2009A, 5.500%, 8/01/29 | 3/21 at 100.00 | Aa2 | $30,120 | ||
5,000 | Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2008 Series 2018B-1, 5.000%, 7/01/38 | 1/28 at 100.00 | AA+ | 6,107,950 | ||
12,500 | Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Measure Q Series 2020C, 4.000%, 7/01/39 | 7/30 at 100.00 | AA+ | 14,743,375 | ||
100 | Lucia Mar Unified School District, San Luis Obispo County, California, General Obligation Bonds, Refunding Series 2005, 5.250%, 8/01/22 – FGIC Insured | No Opt. Call | Aa2 | 107,230 | ||
10,050 | Manhattan Beach Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2016 Measure EE Series 2018A, 4.000%, 9/01/46 | 9/28 at 100.00 | Aa1 | 11,494,587 | ||
Mount San Antonio Community College District, Los Angeles County, California, General Obligation Bonds, Election of 2018, Series 2019A: | ||||||
9,300 | 5.000%, 8/01/44 | 8/29 at 100.00 | Aa1 | 11,677,917 | ||
2,600 | 4.000%, 8/01/49 | 8/29 at 100.00 | Aa1 | 2,999,906 | ||
4,000 | Ontario-Montclair School District, San Bernardino County, California, General Obligation Bonds, Election of 2016, Series 2019B, 4.000%, 8/01/48 | 8/27 at 100.00 | Aa2 | 4,497,280 | ||
2,745 | Palomar Community College District, San Diego County, California, General Obligation Bonds, Election 2006 Series 2017D, 4.000%, 8/01/46 | 8/27 at 100.00 | AA | 3,089,745 | ||
9,440 | Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2011, 0.000%, 8/01/45 (5) | 2/33 at 100.00 | Aa3 | 12,220,174 | ||
7,000 | Pittsburg Unified School District Financing Authority, Contra Costa County, California, General Obligation Bonds, Pittsburg Unified School District Bond Program, Series 2019, 5.000%, 9/01/47 – AGM Insured | 9/28 at 100.00 | AA | 8,514,100 | ||
7,345 | Pittsburg Unified School District, Contra Costa County, California, General Obligation Bonds, Election of 2014, Series 2018C, 5.000%, 8/01/47 | 8/26 at 100.00 | AAA | 8,653,512 | ||
5,000 | Redwood City School District, San Mateo County, California, General Obligation Bonds, Election 2015 Series 2018, 5.250%, 8/01/44 | 8/28 at 100.00 | AAA | 6,202,950 | ||
1,935 | San Benito High School District, San Benito and Santa Clara Counties, California, General Obligation Bonds, 2016 Election Series 2017, 5.250%, 8/01/42 | 8/27 at 100.00 | Aa3 | 2,375,232 | ||
5,000 | San Bernardino Community College District, California, General Obligation Bonds, Election 2018 Series 2019A, 4.000%, 8/01/49 | 8/27 at 100.00 | Aa1 | 5,701,100 | ||
2,000 | San Diego Community College District, San Diego County, California, General Obligation Bonds, Refunding Series 2016, 5.000%, 8/01/41 | 8/26 at 100.00 | AAA | 2,407,000 | ||
12,695 | San Francisco Bay Area Rapid Transit District, California, General Obligation Bonds, Election of 2016, Green Series 2017A-1, 5.000%, 8/01/47 | 8/27 at 100.00 | AAA | 15,357,776 | ||
6,000 | San Francisco Bay Area Rapid Transit District, California, General Obligation Bonds, Election of 2016, Green Series 2020C-1, 3.000%, 8/01/50 | 8/29 at 100.00 | AAA | 6,256,560 | ||
San Jose, California, General Obligation Bonds, Disaster Preparedness, Public Safety & Infrastructure, Series 2019A-1: | ||||||
10,000 | 5.000%, 9/01/45 | 3/29 at 100.00 | AA+ | 12,402,900 | ||
15,820 | 5.000%, 9/01/47 | 3/29 at 100.00 | AA+ | 19,585,793 | ||
15,400 | 5.000%, 9/01/49 | 3/29 at 100.00 | AA+ | 19,035,170 | ||
1,535 | San Leandro Unified School District, Alameda County, California, General Obligation Bonds, Election 2006 Series 2010C, 0.000%, 8/01/39 – AGC Insured (5) | 8/28 at 100.00 | AA | 1,476,424 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 10,280 | San Mateo County Community College District, California, General Obligation Bonds, Election 2014 Series 2018B, 5.000%, 9/01/45 | 9/28 at 100.00 | AAA | $12,646,250 | ||
5,000 | Santa Monica Community College District, Los Angeles County, California, General Obligation Bonds, 2016 Election Series 2018A, 5.000%, 8/01/43 | 8/28 at 100.00 | AA+ | 6,103,650 | ||
1,740 | Sonoma County Junior College District, California, General Obligation Bonds, Election 2014 Series 2019B, 3.000%, 8/01/41 | 8/29 at 100.00 | AA | 1,846,036 | ||
2,345 | Temecula Valley Unified School District, Riverside County, California, General Obligation Bonds, Election 2012 Series 2018C, 5.250%, 8/01/44 | 2/26 at 100.00 | Aa3 | 2,791,066 | ||
2,000 | Victor Valley Union High School District, San Bernardino County, California, General Obligation Bonds, Series 2009A, 5.750%, 8/01/31 – AGC Insured | 8/26 at 100.00 | AA | 2,487,960 | ||
645 | Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2012 Election Series 2013A, 5.500%, 8/01/40 | 8/24 at 100.00 | A1 | 718,027 | ||
1,100 | West Contra Costa Unified School District, Contra Costa County, California, General Obligation Bonds, Series 2008B, 6.000%, 8/01/24 | No Opt. Call | AA- | 1,299,210 | ||
5,100 | Whittier City School District, Los Angeles County, California, General Obligation Bonds, 2012 Election Series 2018C, 5.250%, 8/01/46 | 8/27 at 100.00 | Aa3 | 6,237,351 | ||
3,500 | Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D, 0.000%, 8/01/42 (5) | No Opt. Call | Aa2 | 3,394,545 | ||
1,700 | Yosemite Community College District, California, General Obligation Bonds, Refunding Series 2015, 5.000%, 8/01/32 | 8/25 at 100.00 | Aa2 | 1,997,177 | ||
347,510 | Total Tax Obligation/General | 410,466,771 | ||||
Tax Obligation/Limited – 14.8% | ||||||
995 | Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 19A, Series 2015B, 5.000%, 9/01/35 | 9/25 at 100.00 | N/R | 1,122,440 | ||
1,655 | Bell Community Housing Authority, California, Lease Revenue Bonds, Series 2005, 5.000%, 10/01/36 – AMBAC Insured | 3/21 at 100.00 | N/R | 1,664,897 | ||
1,910 | Brea and Olinda Unified School District, Orange County, California, Certificates of Participation Refunding, Series 2002A, 5.125%, 8/01/26 – AGM Insured | 3/21 at 100.00 | AA | 1,916,093 | ||
2,725 | California Community College Financing Authority, Lease Revenue Bonds, Refunding Series 2003, 0.000%, 6/01/33 – AMBAC Insured | No Opt. Call | AA+ | 1,829,265 | ||
California Infrastructure and Economic Development Bank, Lease Revenue Bonds, California State Teachers Retirement System Headquarters Expansion, Green Bond-Climate Bond Certified Series 2019: | ||||||
1,800 | 5.000%, 8/01/33 | 8/29 at 100.00 | AA | 2,280,924 | ||
650 | 5.000%, 8/01/34 | 8/29 at 100.00 | AA | 820,878 | ||
2,395 | 5.000%, 8/01/36 | 8/29 at 100.00 | AA | 3,005,030 | ||
1,100 | 5.000%, 8/01/37 | 8/29 at 100.00 | AA | 1,375,671 | ||
2,500 | 5.000%, 8/01/44 | 8/29 at 100.00 | AA | 3,068,900 | ||
1,960 | California Infrastructure and Economic Development Bank, Revenue Bonds, North County Center for Self-Sufficiency Corporation, Series 2004, 5.000%, 12/01/25 – AMBAC Insured | 3/21 at 100.00 | AA+ | 1,967,115 | ||
2,000 | California State Public Works Board, Lease Revenue Bonds, Department of Corrections & Rehabilitation, Various Correctional Facilities Series 2014A, 5.000%, 9/01/39 | 9/24 at 100.00 | Aa3 | 2,286,140 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, New Stockton Courthouse, Series 2014B: | ||||||
$ 5,120 | 5.000%, 10/01/32 | 10/24 at 100.00 | Aa3 | $5,900,851 | ||
2,600 | 5.000%, 10/01/33 | 10/24 at 100.00 | Aa3 | 2,993,536 | ||
3,820 | 5.000%, 10/01/34 | 10/24 at 100.00 | Aa3 | 4,395,254 | ||
2,000 | 5.000%, 10/01/39 | 10/24 at 100.00 | Aa3 | 2,292,000 | ||
1,000 | California State Public Works Board, Lease Revenue Bonds, Judicial Council of California, Various Projects Series 2013A, 5.000%, 3/01/30 | 3/23 at 100.00 | Aa3 | 1,090,080 | ||
5,810 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2019C, 5.000%, 11/01/37 | 11/29 at 100.00 | Aa3 | 7,380,792 | ||
720 | California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2011A, 8.000%, 9/02/41 | 9/21 at 100.00 | N/R | 717,847 | ||
Chula Vista Municipal Finance Authority, California, Special Tax Revenue Bonds, Refunding Series 2013: | ||||||
1,915 | 5.500%, 9/01/27 | 9/23 at 100.00 | AA- | 2,143,364 | ||
2,165 | 5.500%, 9/01/29 | 9/23 at 100.00 | AA- | 2,412,221 | ||
1,520 | 5.500%, 9/01/30 | 9/23 at 100.00 | AA- | 1,689,678 | ||
660 | Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Housing Second Lien Series 2010A, 5.500%, 8/01/30 | 3/21 at 100.00 | N/R | 661,973 | ||
1,425 | Compton Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Projects, Second Lien Series 2010B, 5.000%, 8/01/25 | 3/21 at 100.00 | N/R | 1,429,360 | ||
3,200 | Dublin, California, Special Tax Bonds, Community Facilities District 2015-1 Improvement Area 2 Dublin Crossing, Series 2019, 5.000%, 9/01/39 | 9/26 at 103.00 | N/R | 3,678,400 | ||
1,500 | Elk Grove Financing Authority, California, Special Tax Revenue Bonds, Series 2015, 5.000%, 9/01/38 – BAM Insured | 9/25 at 100.00 | AA | 1,733,505 | ||
Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A: | ||||||
38,300 | 5.000%, 6/01/40 | 6/25 at 100.00 | Aa3 | 43,825,541 | ||
22,330 | 5.000%, 6/01/45 | 6/25 at 100.00 | Aa3 | 25,532,569 | ||
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | ||||||
7,500 | 5.000%, 11/15/28 | 11/25 at 100.00 | BB | 8,548,800 | ||
6,375 | 5.000%, 11/15/29 | 11/25 at 100.00 | BB | 7,227,720 | ||
3,725 | 5.000%, 11/15/39 | 11/25 at 100.00 | BB | 4,129,796 | ||
1,660 | Highland, California, Special Tax Bonds, Communitiy Facilities District 01-1, Refunding, Series 2011, 5.500%, 9/01/28 | 9/21 at 100.00 | A | 1,702,181 | ||
1,000 | Huntington Beach, California, Special Tax Bonds, Community Facilities District 2003-1 Huntington Center, Refunding Series 2013, 5.375%, 9/01/33 | 9/23 at 100.00 | N/R | 1,090,020 | ||
1,090 | Irvine, California, Limited Obligation Improvement Bonds, Reassessment District 15-2, Series 2015, 5.000%, 9/02/42 | 9/25 at 100.00 | N/R | 1,234,229 | ||
Irvine, California, Special Tax Bonds, Community Facilities District 2013-3 Great Park, Improvement Area 1, Refunding Series 2014: | ||||||
500 | 5.000%, 9/01/39 | 9/24 at 100.00 | N/R | 557,825 | ||
750 | 5.000%, 9/01/44 | 9/24 at 100.00 | N/R | 831,907 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 1,330 | Irwindale Community Redevelopment Agency, California, Tax Allocation Bonds, City Industrial Development Project, Refunding Series 2006, 5.250%, 7/15/21 – AGM Insured | No Opt. Call | AA | $1,353,581 | ||
3,260 | Jurupa Community Services District, California, Special Tax Bonds, Community Facilities District 33 Eastvale Area, Series 2014, 5.000%, 9/01/43 | 9/24 at 100.00 | N/R | 3,568,168 | ||
150 | Jurupa Public Financing Authority, California, Special Tax Revenue Bonds, Series 2015A, 5.000%, 9/01/23 | No Opt. Call | A+ | 166,416 | ||
790 | Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Canyon Hills Improvement Area A & C, Series 2014C, 5.000%, 9/01/40 | 9/24 at 100.00 | N/R | 867,088 | ||
1,620 | Lake Elsinore Public Financing Authority, California, Local Agency Revenue Bonds, Refunding Series 2015, 5.000%, 9/01/40 | 9/25 at 100.00 | N/R | 1,813,088 | ||
Lammersville Joint Unified School District, California, Special Tax Bonds, Community Facilities District 2007-1 Mountain House - Shea Homes Improvement Area 1, Series 2013: | ||||||
1,000 | 6.000%, 9/01/38 | 9/23 at 100.00 | N/R | 1,092,280 | ||
1,750 | 6.000%, 9/01/43 | 9/23 at 100.00 | N/R | 1,909,915 | ||
1,440 | Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Area Sheriff's Facilities Projects, Refunding Series 2004, 5.000%, 12/01/23 – SYNCORA GTY Insured | 3/21 at 100.00 | AA | 1,444,810 | ||
1,120 | Lancaster Redevelopment Agency, California, Tax Allocation Bonds, Combined Fire Protection Facilities Project, Refunding Series 2004, 5.000%, 12/01/23 – SYNCORA GTY Insured | 3/21 at 100.00 | AA | 1,123,741 | ||
1,000 | Lathrop, California, Limited Obligation Improvement Bonds, Crossroads Assessment District, Series 2015, 5.000%, 9/02/40 | 9/25 at 100.00 | N/R | 1,120,610 | ||
1,800 | Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales Tax Revenue Bonds, Refunding Junior Subordinate Green Series 2020A, 4.000%, 6/01/35 | 6/30 at 100.00 | AA | 2,182,860 | ||
1,875 | Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales Tax Revenue Bonds, Senior Series 2016A, 5.000%, 6/01/36 | 6/26 at 100.00 | AAA | 2,251,519 | ||
Los Angeles County Metropolitan Transportation Authority, California, Proposition C Sales Tax Revenue Bonds, Senior Lien Series 2017A: | ||||||
15,075 | 5.000%, 7/01/39 | 7/27 at 100.00 | AAA | 18,441,097 | ||
5,075 | 5.000%, 7/01/42 | 7/27 at 100.00 | AAA | 6,170,642 | ||
Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Series 2019E-1: | ||||||
8,000 | 5.000%, 12/01/44 | 12/29 at 100.00 | AA+ | 10,021,280 | ||
3,495 | 5.000%, 12/01/49 | 12/29 at 100.00 | AA+ | 4,354,945 | ||
Menifee Union School District Public Financing Authority, California, Special Tax Revenue Bonds, Series 2016A: | ||||||
435 | 5.000%, 9/01/23 | No Opt. Call | N/R | 476,116 | ||
760 | 5.000%, 9/01/33 – BAM Insured | 9/25 at 100.00 | AA | 872,807 | ||
1,600 | 5.000%, 9/01/35 – BAM Insured | 9/25 at 100.00 | AA | 1,830,864 | ||
115 | 5.000%, 9/01/36 – BAM Insured | 9/25 at 100.00 | AA | 131,377 | ||
1,455 | Modesto, California, Speical Tax Bonds, Community Faclities District 2004-1 Village One 2, Refunding Series 2014, 5.000%, 9/01/28 | 9/24 at 100.00 | BBB+ | 1,653,229 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 595 | ndio, California, Special Tax Bonds, Community Facilities District 2004-3 Terra Lago, Improvement Area 1, Series 2015, 5.000%, 9/01/35 | 9/25 at 100.00 | N/R | $671,208 | ||
Oakland Redevelopment Successor Agency, California, Tax Allocation Bonds, Refunding Subordinated Series 2015-TE: | ||||||
3,250 | 5.000%, 9/01/35 – AGM Insured | 9/25 at 100.00 | AA | 3,791,060 | ||
3,215 | 5.000%, 9/01/36 – AGM Insured | 9/25 at 100.00 | AA | 3,742,549 | ||
255 | Orange County, California, Special Tax Bonds, Community Facilities District 2015-1 Esencia Village, Series 2015A, 5.250%, 8/15/45 | 8/25 at 100.00 | N/R | 286,957 | ||
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A: | ||||||
2,645 | 5.250%, 9/01/30 | 9/23 at 100.00 | N/R | 2,883,473 | ||
2,365 | 5.750%, 9/01/39 | 9/23 at 100.00 | N/R | 2,574,704 | ||
395 | Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Subordinate Lien Series 2013B, 5.875%, 9/01/39 | 9/23 at 100.00 | N/R | 431,221 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
6,940 | 0.000%, 7/01/33 | 7/28 at 86.06 | N/R | 4,934,548 | ||
71,915 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 22,109,548 | ||
22,681 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 25,120,115 | ||
Rancho Cucamonga Redevelopment Agency Successor Agency, California, Tax Allocation Bonds, Rancho Redevelopment Project, Series 2014: | ||||||
1,600 | 5.000%, 9/01/30 | 9/24 at 100.00 | AA+ | 1,817,344 | ||
2,800 | 5.000%, 9/01/31 | 9/24 at 100.00 | AA+ | 3,177,328 | ||
2,400 | 5.000%, 9/01/32 | 9/24 at 100.00 | AA+ | 2,717,616 | ||
410 | Rancho Cucamonga, California, Limited Obligation Improvement Bonds, Masi Plaza Assessment District 93-1, Series 1997, 6.250%, 9/02/22 | 9/21 at 100.00 | N/R | 419,004 | ||
100 | Riverside County Redevelopment Agency, California, Tax Allocation Bonds, Jurupa Valley Project Area, Series 2011B, 6.500%, 10/01/25 | 10/21 at 100.00 | A | 103,665 | ||
Roseville, California, Special Tax Bonds, Community Facilities District 1 Westpark, Refunding Series 2015: | ||||||
1,000 | 5.000%, 9/01/28 | 9/25 at 100.00 | N/R | 1,159,030 | ||
1,000 | 5.000%, 9/01/29 | 9/25 at 100.00 | N/R | 1,153,650 | ||
1,000 | 5.000%, 9/01/30 | 9/25 at 100.00 | N/R | 1,144,390 | ||
6,960 | Sacramento Area Flood Control Agency, California, Consolidated Capital Assessment District 2 Bonds, Series 2016A, 5.000%, 10/01/41 | 10/26 at 100.00 | AA | 8,306,203 | ||
Sacramento Area Flood Control Agency, California, Consolidated Capital Assessment District 2 Bonds, Series 2020: | ||||||
2,445 | 4.000%, 10/01/39 | 10/30 at 100.00 | AA | 2,860,161 | ||
2,000 | 4.000%, 10/01/47 | 10/30 at 100.00 | AA | 2,294,120 | ||
200 | San Clemente, California, Special Tax Revenue Bonds, Community Facilities District 2006-1 Marblehead Coastal, Series 2015, 5.000%, 9/01/40 | 9/25 at 100.00 | N/R | 224,020 | ||
5,000 | San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Limited Tax Series 2016A, 5.000%, 4/01/48 | 4/26 at 100.00 | AAA | 5,899,750 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 2,000 | San Francisco Bay Area Rapid Transit District, California, Sales Tax Revenue Bonds, Series 2019A, 3.000%, 7/01/44 | 7/27 at 100.00 | AA+ | $2,079,760 | ||
410 | San Francisco City and County Redevelopment Agency Successor Agency, California, Special Tax Bonds, Community Facilities District 7, Hunters Point Shipyard Phase One Improvements, Refunding Series 2014, 5.000%, 8/01/39 | 8/24 at 100.00 | N/R | 436,342 | ||
1,955 | San Francisco City and County Redevelopment Agency, California, Hotel Occupancy Tax Revenue Bonds, Refunding Series 2011, 5.000%, 6/01/25 – AGM Insured | 6/21 at 100.00 | AA | 1,976,251 | ||
4,000 | San Francisco City and County, California, Certificates of Participation, 49 South Van Ness Avenue Project, Green Series 2019A, 4.000%, 4/01/35 | 4/27 at 100.00 | AA+ | 4,554,920 | ||
180 | Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26 | 4/21 at 100.00 | N/R | 180,850 | ||
2,235 | Stockton Public Financing Authority, California, Revenue Bonds, Arch Road East Community Facility District 99-02, Series 2018A, 5.000%, 9/01/43 | 9/25 at 103.00 | N/R | 2,486,616 | ||
105 | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017, 6.125%, 9/01/37, 144A | 9/27 at 100.00 | N/R | 114,256 | ||
3,120 | Transbay Joint Powers Authority, California, Tax Allocation Bonds, Senior Green Series 2020A, 5.000%, 10/01/45 | 4/30 at 100.00 | A- | 3,804,934 | ||
Tustin, California, Special Tax Bonds, Community Facilities District 06-1 Tustin Legacy/Columbus Villages, Refunding Series 2015A: | ||||||
1,000 | 5.000%, 9/01/34 | 9/25 at 100.00 | A- | 1,165,660 | ||
1,715 | 5.000%, 9/01/35 | 9/25 at 100.00 | A- | 1,995,608 | ||
395 | 5.000%, 9/01/37 | 9/25 at 100.00 | A- | 457,651 | ||
Tustin, California,Special Tax Bonds, Community Facilities District 14-1 Tustin Legacy/Standard Pacific, Refunding Series 2015A: | ||||||
50 | 5.000%, 9/01/40 | 9/25 at 100.00 | N/R | 56,279 | ||
100 | 5.000%, 9/01/45 | 9/25 at 100.00 | N/R | 111,813 | ||
25 | Vernon Redevelopment Agency, California, Tax Allocation Bonds, Industrial Redevelopment Project, Series 2005, 5.000%, 9/01/35 – NPFG Insured | 3/21 at 100.00 | Baa2 | 25,489 | ||
Vista Community Development Commission Taxable Non-Housing Tax Allocation Revenue Bonds, California, Vista Redevelopment Project, Series 2011: | ||||||
7,600 | 6.000%, 9/01/33 | 9/21 at 100.00 | AA- | 7,775,332 | ||
7,920 | 6.125%, 9/01/37 | 9/21 at 100.00 | AA- | 8,105,090 | ||
363,501 | Total Tax Obligation/Limited | 350,531,750 | ||||
Transportation – 13.8% | ||||||
Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Second Subordinate Lien Series 2016B: | ||||||
2,000 | 5.000%, 10/01/34 | 10/26 at 100.00 | BBB+ | 2,358,380 | ||
2,570 | 5.000%, 10/01/37 | 10/26 at 100.00 | BBB+ | 3,006,797 | ||
50 | Alameda Corridor Transportation Authority, California, Revenue Bonds, Refunding Subordinate Lien Series 2016A, 5.000%, 10/01/25 | No Opt. Call | BBB+ | 59,493 | ||
8,000 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Subordinate Series 2019S-H, 5.000%, 4/01/44 | 4/29 at 100.00 | AA- | 9,844,160 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A: | ||||||
$ 6,750 | 5.000%, 12/31/43 (AMT) | 6/28 at 100.00 | BBB- | $7,967,970 | ||
8,595 | 4.000%, 12/31/47 (AMT) | 6/28 at 100.00 | A2 | 9,397,000 | ||
4,075 | 5.000%, 12/31/47 (AMT) | 6/28 at 100.00 | BBB- | 4,784,987 | ||
2,120 | California Municipal Finance Authority, Special Facility Revenue Bonds, United Airlines, Inc Los Angeles International Airport Project, Series 2019, 4.000%, 7/15/29 (AMT) | No Opt. Call | B+ | 2,376,859 | ||
Long Beach, California, Harbor Revenue Bonds, Series 2015D: | ||||||
1,000 | 5.000%, 5/15/33 | 5/25 at 100.00 | AA | 1,144,570 | ||
2,785 | 5.000%, 5/15/34 | 5/25 at 100.00 | AA | 3,181,194 | ||
5,120 | Long Beach, California, Harbor Revenue Bonds, Series 2019A, 5.000%, 5/15/44 | 5/29 at 100.00 | Aa2 | 6,171,955 | ||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Private Activity/AMT Subordinate Series 2019A: | ||||||
1,700 | 5.000%, 5/15/36 (AMT) | 5/29 at 100.00 | Aa3 | 2,095,182 | ||
4,800 | 5.000%, 5/15/37 (AMT) | 5/29 at 100.00 | Aa3 | 5,896,080 | ||
1,325 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding Senior Lien Series 2018B, 5.000%, 5/15/32 (AMT) | 5/28 at 100.00 | Aa2 | 1,646,379 | ||
10,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015A, 4.750%, 5/15/40 (AMT) | 5/25 at 100.00 | Aa2 | 11,360,100 | ||
3,135 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015D, 5.000%, 5/15/35 (AMT) | 5/25 at 100.00 | Aa2 | 3,619,608 | ||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2015E: | ||||||
250 | 5.000%, 5/15/32 | 5/25 at 100.00 | Aa2 | 291,440 | ||
600 | 5.000%, 5/15/33 | 5/25 at 100.00 | Aa2 | 697,842 | ||
1,305 | 5.000%, 5/15/35 | 5/25 at 100.00 | Aa2 | 1,514,883 | ||
355 | 5.000%, 5/15/41 | 5/25 at 100.00 | Aa2 | 409,088 | ||
10,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Senior Lien Series 2020C, 5.000%, 5/15/40 (AMT) | 5/30 at 100.00 | Aa2 | 12,547,900 | ||
2,255 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2016B, 5.000%, 5/15/46 (AMT) | 5/26 at 100.00 | Aa3 | 2,595,302 | ||
15,650 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2017A, 5.000%, 5/15/47 (AMT) | 5/27 at 100.00 | Aa3 | 18,275,444 | ||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018A: | ||||||
10,800 | 5.000%, 5/15/44 (AMT) | 5/28 at 100.00 | Aa3 | 12,856,644 | ||
6,995 | 5.250%, 5/15/48 (AMT) | 5/28 at 100.00 | Aa3 | 8,446,603 | ||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018C: | ||||||
1,935 | 5.000%, 5/15/36 (AMT) | 11/27 at 100.00 | Aa3 | 2,334,771 | ||
1,800 | 5.000%, 5/15/38 (AMT) | 11/27 at 100.00 | Aa3 | 2,160,702 | ||
12,665 | 5.000%, 5/15/44 (AMT) | 11/27 at 100.00 | Aa3 | 15,007,898 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2019D: | ||||||
$ 3,585 | 5.000%, 5/15/32 (AMT) | 11/28 at 100.00 | Aa3 | $4,458,449 | ||
1,025 | 5.000%, 5/15/34 (AMT) | 11/28 at 100.00 | Aa3 | 1,265,352 | ||
2,000 | 5.000%, 5/15/35 (AMT) | 11/28 at 100.00 | Aa3 | 2,462,760 | ||
2,500 | 5.000%, 5/15/36 (AMT) | 11/28 at 100.00 | Aa3 | 3,068,350 | ||
2,765 | 5.000%, 5/15/39 (AMT) | 11/28 at 100.00 | Aa3 | 3,365,669 | ||
Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2019F: | ||||||
5,675 | 5.000%, 5/15/34 (AMT) | 5/29 at 100.00 | Aa3 | 7,037,170 | ||
5,000 | 5.000%, 5/15/36 (AMT) | 5/29 at 100.00 | Aa3 | 6,162,300 | ||
Riverside County Transportation Commission, California, Toll Revenue Senior Lien Bonds, Series 2013A: | ||||||
3,500 | 5.750%, 6/01/44 | 6/23 at 100.00 | A | 3,816,400 | ||
8,250 | 5.750%, 6/01/48 | 6/23 at 100.00 | A | 8,993,408 | ||
San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Refunding Subordinate Series 2019A: | ||||||
4,500 | 5.000%, 7/01/44 | 7/29 at 100.00 | A+ | 5,489,100 | ||
3,500 | 5.000%, 7/01/49 | 7/29 at 100.00 | A+ | 4,244,205 | ||
5,340 | San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2019B, 5.000%, 7/01/49 (AMT) | 7/29 at 100.00 | A+ | 6,367,843 | ||
2,300 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose Second Series 2017B, 5.000%, 5/01/47 | 5/27 at 100.00 | A1 | 2,723,016 | ||
6,500 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Governmental Purpose Series 2016C, 5.000%, 5/01/46 | 5/26 at 100.00 | A1 | 7,624,240 | ||
13,070 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2016B, 5.000%, 5/01/46 (AMT) | 5/26 at 100.00 | A1 | 15,105,391 | ||
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2017A: | ||||||
10,000 | 5.250%, 5/01/42 (AMT) | 5/27 at 100.00 | A1 | 11,967,600 | ||
10,955 | 5.000%, 5/01/47 (AMT) | 5/27 at 100.00 | A+ | 12,823,594 | ||
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018D: | ||||||
5,000 | 5.250%, 5/01/48 (AMT) | 5/28 at 100.00 | A1 | 6,025,250 | ||
5,000 | 5.000%, 5/01/48 (AMT) | 5/28 at 100.00 | A1 | 5,924,450 | ||
5,000 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018E, 5.000%, 5/01/48 | 5/28 at 100.00 | A1 | 5,983,000 | ||
San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2019A: | ||||||
12,500 | 5.000%, 5/01/44 (AMT) | 5/29 at 100.00 | A1 | 15,079,750 | ||
10,000 | 5.000%, 5/01/49 (AMT) | 5/29 at 100.00 | A1 | 11,990,300 | ||
9,300 | San Francisco Airports Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2019E, 5.000%, 5/01/50 (AMT) | 5/29 at 100.00 | A1 | 11,140,935 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
San Joaquin Hills Transportation Corridor Agency, Orange County, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2014B: | ||||||
$ 4,000 | 5.250%, 1/15/44 | 1/25 at 100.00 | BBB+ | $4,459,520 | ||
6,000 | 5.250%, 1/15/49 | 1/25 at 100.00 | BBB+ | 6,666,540 | ||
275,900 | Total Transportation | 326,293,823 | ||||
U.S. Guaranteed – 4.4% (6) | ||||||
1,000 | Beaumont Financing Authority, California, Local Agency Revenue Bonds, Improvement Area 17B, Series 2011A, 6.125%, 9/01/31 (Pre-refunded 9/01/21) | 9/21 at 100.00 | N/R | 1,029,330 | ||
2,665 | Brea Redevelopment Agency, Orange County, California, Tax Allocation Bonds, Project Area AB, Series 2011A, 0.000%, 8/01/34 (Pre-refunded 8/01/21) | 8/21 at 36.61 | AA- | 974,750 | ||
2,430 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2015A, 5.000%, 8/15/43 (Pre-refunded 8/15/25) | 8/25 at 100.00 | A+ | 2,906,183 | ||
5,360 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B, 5.000%, 11/15/46 (Pre-refunded 11/15/26) | 11/26 at 100.00 | N/R | 6,642,862 | ||
10,845 | California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2016A, 5.000%, 11/15/41 (Pre-refunded 11/15/25) | 11/25 at 100.00 | A+ | 13,082,324 | ||
California State Public Works Board, Lease Revenue Bonds, California State University, Various University Projects, Series 2012D: | ||||||
3,000 | 5.000%, 9/01/33 (Pre-refunded 9/01/22) | 9/22 at 100.00 | A+ | 3,219,870 | ||
4,000 | 5.000%, 9/01/34 (Pre-refunded 9/01/22) | 9/22 at 100.00 | A+ | 4,293,160 | ||
2,000 | California Statewide Communities Development Authority, Health Facility Revenue Bonds, Community Hospital of the Monterey Peninsula, Series 2011A, 6.000%, 6/01/33 (Pre-refunded 6/01/21) | 6/21 at 100.00 | N/R | 2,028,540 | ||
1,700 | California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46 (Pre-refunded 7/01/21) | 7/21 at 100.00 | N/R | 1,737,995 | ||
500 | Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Capital Appreciation, Election 2006 Refunding Series 2009C, 6.800%, 8/01/39 (Pre-refunded 8/01/27) – AGM Insured | 8/27 at 100.00 | AA | 684,940 | ||
1,060 | Davis Redevelopment Agency, California, Tax Allocation Bonds, Davis Redevelopment Project, Subordinate Series 2011A, 7.000%, 12/01/36 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A+ | 1,113,869 | ||
Fontana Unified School District, San Bernardino County, California, General Obligation Bonds, Refunding Series 2012: | ||||||
11,200 | 0.000%, 8/01/40 (Pre-refunded 8/01/22) | 8/22 at 36.36 | Aa3 | 4,062,800 | ||
19,700 | 0.000%, 8/01/41 (Pre-refunded 8/01/22) | 8/22 at 34.18 | Aa3 | 6,718,291 | ||
3,780 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43 (Pre-refunded 1/15/24) | 1/24 at 100.00 | BBB+ | 4,381,738 | ||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A: | ||||||
8,335 | 5.750%, 1/15/46 (Pre-refunded 1/15/24) | 1/24 at 100.00 | A- | 9,634,510 | ||
8,415 | 6.000%, 1/15/53 (Pre-refunded 1/15/24) | 1/24 at 100.00 | A- | 9,776,463 | ||
1,310 | Guam International Airport Authority, Revenue Bonds, Series 2013C, 5.000%, 10/01/21 (AMT) (ETM) | No Opt. Call | Baa2 | 1,343,968 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (6) (continued) | ||||||
National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011: | ||||||
$ 625 | 6.500%, 8/01/24 (Pre-refunded 8/01/21) | 8/21 at 100.00 | A | $641,444 | ||
3,455 | 7.000%, 8/01/32 (Pre-refunded 8/01/21) | 8/21 at 100.00 | A | 3,553,087 | ||
10,000 | Newport-Mesa Unified School District, Orange County, California, General Obligation Bonds, Election of 2005, Series 2011, 0.000%, 8/01/41 (Pre-refunded 8/01/21) | 8/21 at 24.49 | Aaa | 2,447,300 | ||
4,000 | Pittsburg Unified School District Financing Authority, Contra Costa County, California, General Obligation Bonds, Pittsburg Unified School District Bond Program, Series 2011, 0.000%, 9/01/38 (Pre-refunded 9/01/21) – AGM Insured | 9/21 at 27.77 | AA | 1,110,000 | ||
1,045 | Rancho Santa Fe CSD Financing Authority, California, Revenue Bonds, Superior Lien Series 2011A, 5.750%, 9/01/30 (Pre-refunded 9/01/21) | 9/21 at 100.00 | A- | 1,073,811 | ||
1,115 | Rio Elementary School District, California, Special Tax Bonds, Community Facilities District 1, Series 2013, 5.500%, 9/01/39 (Pre-refunded 9/01/23) | 9/23 at 100.00 | N/R | 1,259,136 | ||
6,470 | Riverside County Transportation Commission, California, Sales Tax Revenue Bonds, Limited Tax Series 2013A, 5.250%, 6/01/39 (Pre-refunded 6/01/23) | 6/23 at 100.00 | AA+ | 7,203,763 | ||
3,125 | Rosemead School District, Los Angeles County, California, General Obligation Bonds, Election 2008 Series 2013B, 5.850%, 8/01/43 (Pre-refunded 8/01/23) – AGM Insured | 8/23 at 100.00 | AA | 3,545,875 | ||
2,000 | San Diego Unified School District, San Diego County, California, General Obligation Bonds, Series 2009-1, 6.000%, 7/01/33 (Pre-refunded 7/01/24) | 7/24 at 100.00 | Aa2 | 2,373,100 | ||
1,000 | San Lorenzo Unified School District, Alameda County, California, General Obligation Bonds, Election of 2008 Series 2011B, 6.000%, 8/01/41 (Pre-refunded 8/01/21) | 8/21 at 100.00 | A+ | 1,024,110 | ||
500 | Temecula Redevelopment Agency, California, Redevelopment Project 1 Tax Allocation Housing Bonds Series 2011A, 6.750%, 8/01/31 (Pre-refunded 8/01/21) | 8/21 at 100.00 | N/R | 513,585 | ||
1,045 | Ukiah Redevelopment Agency, California, Tax Allocation Bonds, Ukiah Redevelopment Project, Series 2011A, 6.500%, 12/01/28 (Pre-refunded 6/01/21) | 6/21 at 100.00 | A+ | 1,061,177 | ||
240 | Union City Community Redevelopment Agency, California, Tax Allocation Revenue Bonds, Redevelopment Project, Subordinate Lien Series 2011, 6.375%, 12/01/23 (Pre-refunded 12/01/21) | 12/21 at 100.00 | A+ | 251,114 | ||
1,395 | Walnut Valley Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2007 Measure S, Series 2014C, 5.000%, 8/01/39 (Pre-refunded 8/01/24) | 8/24 at 100.00 | Aa1 | 1,616,484 | ||
1,540 | Westminster Redevelopment Agency, California, Tax Allocation Bonds, Commercial Redevelopment Project 1, Subordinate Lien Series 2011A, 5.875%, 11/01/45 (Pre-refunded 11/01/21) | 11/21 at 100.00 | A+ | 1,597,950 | ||
320 | Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.500%, 9/01/32 (Pre-refunded 9/01/21) | 9/21 at 100.00 | N/R | 329,965 | ||
125,175 | Total U.S. Guaranteed | 103,233,494 | ||||
Utilities – 28.3% | ||||||
3,460 | California Department of Water Resources, Central Valley Project Water System Revenue Bonds, Series 2020BB, 5.000%, 12/01/34 | 12/30 at 100.00 | AAA | 4,638,303 | ||
California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012: | ||||||
8,500 | 5.000%, 7/01/37 (AMT), 144A | 7/22 at 100.00 | BBB | 9,024,195 | ||
21,560 | 5.000%, 11/21/45 (AMT), 144A | 7/22 at 100.00 | BBB | 22,856,834 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
$ 3,565 | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authoriity Desalination Project Pipeline, Refunding Series 2019, 5.000%, 7/01/39, 144A | 1/29 at 100.00 | BBB | $4,242,600 | ||
2,750 | California Statewide Communities Development Authority, Pollution Control Revenue Bonds, Southern California Edison Company, Refunding Series 2006D, 2.625%, 11/01/33 (Mandatory Put 12/01/23) | No Opt. Call | A- | 2,905,485 | ||
10,725 | California Statewide Communities Development Authority, Pollution Control Revenue Bonds, Southern California Edison Company, Series 2006C, 2.625%, 11/01/33 (Mandatory Put 12/01/23) | No Opt. Call | A- | 11,331,391 | ||
225 | California Statewide Community Development Authority, Water and Wastewater Revenue Bonds, Pooled Financing Program, Series 2003A, 5.250%, 10/01/23 – AGM Insured | 3/21 at 100.00 | AA | 225,846 | ||
405 | Compton, California, Sewer Revenue Bonds, Refunding Series 1998, 5.375%, 9/01/23 – NPFG Insured | 3/21 at 100.00 | Baa2 | 406,665 | ||
9,315 | Contra Costa Water District, Contra Costa County, California, Water Revenue Bonds, Refunding Series 2019V, 5.000%, 10/01/49 | 10/29 at 100.00 | AA+ | 11,660,983 | ||
East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Green Series 2017A: | ||||||
8,750 | 5.000%, 6/01/42 | 6/27 at 100.00 | AAA | 10,651,812 | ||
8,300 | 5.000%, 6/01/45 | 6/27 at 100.00 | AAA | 10,047,399 | ||
15,265 | East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Green Series 2019A, 5.000%, 6/01/44 | 6/29 at 100.00 | AAA | 19,199,096 | ||
5,695 | East Bay Municipal Utility District, Alameda and Contra Costa Counties, California, Water System Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/37 | 6/25 at 100.00 | AAA | 6,668,389 | ||
1,500 | Eastern Municipal Water District Financing Authority, California, Water and Wastewater Revenue Bonds, Series 2015B, 5.000%, 7/01/40 | 7/25 at 100.00 | AA+ | 1,752,375 | ||
6,000 | Irvine Ranch Water District, California, Certificates of Participation, Irvine Ranch Water District Series 2016, 5.000%, 3/01/41 | 9/26 at 100.00 | AAA | 7,210,860 | ||
4,000 | Livermore Valley Water Financing Authority, California, Water Revenue Bonds, Series 2018A, 5.000%, 7/01/47 | 7/27 at 100.00 | AA+ | 4,756,920 | ||
1,985 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2014D, 5.000%, 7/01/44 | 7/24 at 100.00 | Aa2 | 2,250,831 | ||
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016A: | ||||||
3,300 | 5.000%, 7/01/40 | 1/26 at 100.00 | Aa2 | 3,866,709 | ||
6,445 | 5.000%, 7/01/46 | 1/26 at 100.00 | Aa2 | 7,486,190 | ||
4,165 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016B, 5.000%, 7/01/37 | 1/26 at 100.00 | Aa2 | 4,901,622 | ||
29,905 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017A, 5.000%, 7/01/42 | 1/27 at 100.00 | Aa2 | 35,668,890 | ||
40,800 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017C, 5.000%, 7/01/47 | 7/27 at 100.00 | Aa2 | 48,952,656 | ||
7,000 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2018A, 5.000%, 7/01/38 | 1/28 at 100.00 | Aa2 | 8,540,980 | ||
15,435 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2018D, 5.000%, 7/01/38 | 7/28 at 100.00 | Aa2 | 19,067,473 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2019A: | ||||||
$ 8,000 | 5.000%, 7/01/45 | 1/29 at 100.00 | Aa2 | $9,801,200 | ||
5,000 | 5.250%, 7/01/49 | 1/29 at 100.00 | Aa2 | 6,216,100 | ||
9,555 | 5.000%, 7/01/49 | 1/29 at 100.00 | Aa2 | 11,667,037 | ||
5,000 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2019C, 5.000%, 7/01/49 | 7/29 at 100.00 | AA- | 6,170,250 | ||
10,030 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2020B, 5.000%, 7/01/40 | 7/30 at 100.00 | Aa2 | 12,730,577 | ||
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Refunding Series 2016B: | ||||||
3,460 | 5.000%, 7/01/33 | 1/26 at 100.00 | AA+ | 4,109,511 | ||
4,955 | 5.000%, 7/01/35 | 1/26 at 100.00 | AA+ | 5,864,589 | ||
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2017A: | ||||||
10,545 | 5.000%, 7/01/44 | 1/27 at 100.00 | AA+ | 12,559,728 | ||
5,000 | 5.250%, 7/01/44 | 1/27 at 100.00 | AA+ | 6,040,200 | ||
3,445 | Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2018B, 5.000%, 7/01/48 | 7/28 at 100.00 | AA+ | 4,191,256 | ||
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2020A: | ||||||
4,750 | 5.000%, 7/01/41 | 7/30 at 100.00 | Aa2 | 6,027,512 | ||
14,055 | 5.000%, 7/01/50 | 7/30 at 100.00 | Aa2 | 17,730,523 | ||
Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2020C: | ||||||
11,000 | 5.000%, 7/01/37 | 7/30 at 100.00 | Aa2 | 14,134,670 | ||
17,530 | 5.000%, 7/01/40 | 7/30 at 100.00 | Aa2 | 22,318,845 | ||
9,990 | 5.000%, 7/01/41 | 7/30 at 100.00 | Aa2 | 12,676,810 | ||
10,000 | Los Angeles, California, Wastewater System Revenue Bonds, Green Series 2015C, 5.000%, 6/01/45 | 6/25 at 100.00 | AA+ | 11,506,000 | ||
Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Series 2018A: | ||||||
10,000 | 5.000%, 6/01/43 | 6/28 at 100.00 | AA | 12,356,100 | ||
1,300 | 5.000%, 6/01/48 | 6/28 at 100.00 | AA | 1,595,555 | ||
Los Angeles, California, Wastewater System Revenue Bonds, Refunding Green Series 2015A: | ||||||
5,000 | 5.000%, 6/01/31 | 6/25 at 100.00 | AA+ | 5,882,050 | ||
5,000 | 5.000%, 6/01/32 | 6/25 at 100.00 | AA+ | 5,870,600 | ||
2,600 | Los Angeles, California, Wastewater System Revenue Bonds, Refunding Subordinate Lien Series 2013A, 5.000%, 6/01/35 | 6/23 at 100.00 | AA | 2,849,340 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Metropolitan Water District of Southern California, Water Revenue Bonds, Refunding Series 2020C: | ||||||
$ 2,600 | 5.000%, 7/01/38 | 7/30 at 100.00 | AAA | $3,409,016 | ||
7,000 | 5.000%, 7/01/39 | 7/30 at 100.00 | AAA | 9,152,360 | ||
16,505 | 5.000%, 7/01/40 | 7/30 at 100.00 | AAA | 21,524,996 | ||
Metropolitan Water District of Southern California, Water Revenue Bonds, Series 2020A: | ||||||
4,550 | 5.000%, 10/01/45 | 10/29 at 100.00 | AAA | 5,799,749 | ||
24,365 | 5.000%, 10/01/49 | 10/29 at 100.00 | AAA | 31,011,528 | ||
Metropolitan Water District of Southern California, Water Revenue Bonds, Series 2021A: | ||||||
10,500 | 5.000%, 10/01/46 | 4/31 at 100.00 | AAA | 13,671,525 | ||
11,620 | 5.000%, 10/01/51 | 4/31 at 100.00 | AAA | 15,079,390 | ||
5,000 | Moulton Niguel Water District, California, Certificates of Participation, Series 2019, 3.000%, 9/01/44 | 3/29 at 100.00 | AAA | 5,278,300 | ||
500 | Northern California Energy Authority, California, Commodity Supply Revenue Bonds, Series 2018A, 4.000%, 7/01/49 (Mandatory Put 7/01/24) | No Opt. Call | A2 | 550,535 | ||
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: | ||||||
2,760 | 4.250%, 7/01/25 | 7/22 at 100.00 | CCC | 2,869,103 | ||
740 | 5.500%, 7/01/28 | 7/22 at 100.00 | CCC | 781,440 | ||
2,745 | 5.750%, 7/01/37 | 7/22 at 100.00 | CCC | 2,907,779 | ||
6,000 | 5.250%, 7/01/42 | 7/22 at 100.00 | CCC | 6,316,260 | ||
2,250 | 6.000%, 7/01/47 | 7/22 at 100.00 | CCC | 2,390,828 | ||
5,645 | Riverside, California, Electric Revenue Bonds, Refunding Series 2019A, 5.000%, 10/01/48 | 4/29 at 100.00 | AA- | 6,996,752 | ||
16,520 | Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Sacramento Regional County Sanitation District, Series 2020A, 5.000%, 12/01/45 | 12/30 at 100.00 | AA | 21,160,138 | ||
2,785 | Sacremento Municipal Utility District, California, Electric Revenue Bonds, Series 2020H, 5.000%, 8/15/50 | 8/30 at 100.00 | AA | 3,535,697 | ||
6,750 | San Diego Public Facilities Financing Authority, California, Sewerage Revenue Bonds, Refunding Senior Lien Series 2016A, 5.000%, 5/15/39 | 5/26 at 100.00 | AA+ | 8,065,980 | ||
San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Refunding Subordinate Lien Series 2016B: | ||||||
7,330 | 5.000%, 8/01/32 | 8/26 at 100.00 | Aa3 | 8,898,986 | ||
12,735 | 5.000%, 8/01/39 | 8/26 at 100.00 | Aa3 | 15,200,878 | ||
San Francisco City and County Public Utilities Commission, California, Water Revenue Bonds, WSIP Green Series 2020A: | ||||||
6,640 | 5.000%, 11/01/45 | 11/30 at 100.00 | Aa2 | 8,504,910 | ||
5,020 | 5.000%, 11/01/50 | 11/30 at 100.00 | Aa2 | 6,415,460 | ||
2,555 | Santa Clara Valley Water District, California, Water System Revenue Bonds, Refunding Series 2020A, 5.000%, 6/01/50 | 6/30 at 100.00 | Aa1 | 3,212,861 | ||
Upper Santa Clara Valley Joint Powers Authority, California, Revenue Bonds, Series 2020A: | ||||||
3,000 | 4.000%, 8/01/45 | 8/25 at 100.00 | AA | 3,315,930 | ||
6,985 | 4.000%, 8/01/50 | 8/25 at 100.00 | AA | 7,701,382 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Western Municipal Water District Facilities Authority, California, Water Revenue Bonds, Series 2020A: | ||||||
$ 2,900 | 5.000%, 10/01/39 | 10/30 at 100.00 | AA+ | $3,769,623 | ||
2,500 | 5.000%, 10/01/40 | 10/30 at 100.00 | AA+ | 3,240,575 | ||
553,765 | Total Utilities | 671,374,938 | ||||
$ 2,095,461 | Total Long-Term Investments (cost $2,211,624,857) | 2,351,868,175 | ||||
Other Assets Less Liabilities – 0.8% | 19,583,269 | |||||
Net Assets – 100% | $ 2,371,451,444 |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. Optional Call Provisions are not covered by the report of independent registered public accounting firm. | |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. Ratings are not covered by the report of independent registered public accounting firm. | |
(4) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. | |
(5) | Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding. The rate shown is the coupon as of the end of the reporting period. | |
(6) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax | |
ETM | Escrowed to maturity |
California High Yield | California | |
Assets | ||
Long-term investments, at value (cost $1,612,597,302 and $2,211,624,857, respectively) | $1,723,865,267 | $2,351,868,175 |
Cash collateral at brokers for investments in futures contracts(1) | 790,604 | — |
Receivable for: | ||
Interest | 21,559,500 | 25,631,133 |
Investments sold | 1,563,650 | 57,833,482 |
Shares sold | 3,740,701 | 8,175,489 |
Other assets | 116,678 | 164,251 |
Total assets | 1,751,636,400 | 2,443,672,530 |
Liabilities | ||
Borrowings | 27,400,000 | — |
Cash overdraft | 6,279,979 | 231,601 |
Floating rate obligations | 380,512,000 | — |
Payable for: | ||
Dividends | 628,536 | 1,133,678 |
Interest | 400,200 | — |
Investments purchased - regular settlement | — | 62,424,865 |
Investments purchased - when-issued/delayed-delivery settlement | 4,837,947 | — |
Shares redeemed | 6,984,074 | 6,467,038 |
Variation margin on futures contracts | 84,844 | — |
Accrued expenses: | ||
Management fees | 559,588 | 852,155 |
Trustees fees | 64,748 | 173,813 |
12b-1 distribution and service fees | 161,666 | 204,046 |
Other | 452,639 | 733,890 |
Total liabilities | 428,366,221 | 72,221,086 |
Net assets | $1,323,270,179 | $2,371,451,444 |
California High Yield | California | |
Class A Shares | ||
Net assets | $ 635,386,531 | $ 921,120,418 |
Shares outstanding | 62,467,475 | 80,134,878 |
Net asset value ("NAV") per share | $ 10.17 | $ 11.49 |
Offering price per share (NAV per share plus maximum sales charge of 4.20% of offering price) | $ 10.62 | $ 11.99 |
Class C Shares | ||
Net assets | $ 71,001,931 | $ 70,692,522 |
Shares outstanding | 6,985,155 | 6,175,409 |
NAV and offering price per share | $ 10.16 | $ 11.45 |
Class C2 Shares | ||
Net assets | $ 8,889,694 | $ 8,925,931 |
Shares outstanding | 875,344 | 777,973 |
NAV and offering price per share | $ 10.16 | $ 11.47 |
Class I Shares | ||
Net assets | $ 607,992,023 | $1,370,712,573 |
Shares outstanding | 59,803,533 | 119,103,616 |
NAV and offering price per share | $ 10.17 | $ 11.51 |
Fund level net assets consist of: | ||
Capital paid-in | $1,253,030,528 | $2,268,332,792 |
Total distributable earnings | 70,239,651 | 103,118,652 |
Fund level net assets | $1,323,270,179 | $2,371,451,444 |
Authorized shares - per class | Unlimited | Unlimited |
Par value per share | $ 0.01 | $ 0.01 |
(1) | Cash pledged to collateralize the net payment obligations for investments in derivatives. |
California High Yield | California | |
Investment Income | ||
Interest | 64,539,943 | 68,519,154 |
Securities lending income | 1,299 | — |
Total investment income | 64,541,242 | 68,519,154 |
Expenses | ||
Management fees | 6,663,185 | 9,882,213 |
12b-1 service fees - Class A Shares | 1,180,305 | 1,579,973 |
12b-1 distribution and service fees - Class C Shares | 725,869 | 748,502 |
12b-1 distribution and service fees - Class C2 Shares | 95,666 | 101,187 |
Shareholder servicing agent fees | 471,974 | 675,775 |
Interest expense | 3,686,983 | 48,997 |
Custodian fees | 162,028 | 183,765 |
Professional fees | 131,004 | 117,471 |
Trustees fees | 35,113 | 59,166 |
Shareholder reporting expenses | 71,844 | 106,634 |
Federal and state registration fees | 41,932 | 54,144 |
Other | 24,312 | 23,936 |
Total expenses | 13,290,215 | 13,581,763 |
Net investment income (loss) | 51,251,027 | 54,937,391 |
Realized and Unrealized Gain (Loss) | ||
Net realized gain (loss) from: | ||
Investments | (17,190,882) | (18,892,585) |
Futures contracts | (4,894,971) | — |
Change in net unrealized appreciation (depreciation) of: | ||
Investments | (58,263,762) | (40,827,605) |
Futures contracts | 3,096,323 | — |
Net realized and unrealized gain (loss) | (77,253,292) | (59,720,190) |
Net increase (decrease) in net assets from operations | $(26,002,265) | $ (4,782,799) |
California High Yield | California | ||||
Year Ended 2/28/21 | Year Ended 2/29/20 | Year Ended 2/28/21 | Year Ended 2/29/20 | ||
Operations | |||||
Net investment income (loss) | $ 51,251,027 | $ 43,004,427 | $ 54,937,391 | $ 49,074,462 | |
Net realized gain (loss) from: | |||||
Investments | (17,190,882) | 1,291,584 | (18,892,585) | 4,681,434 | |
Futures contracts | (4,894,971) | (10,108,819) | — | — | |
Change in net unrealized appreciation (depreciation) of: | |||||
Investments | (58,263,762) | 140,382,572 | (40,827,605) | 123,130,033 | |
Futures contracts | 3,096,323 | (2,728,926) | — | — | |
Net increase (decrease) in net assets from operations | (26,002,265) | 171,840,838 | (4,782,799) | 176,885,929 | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (22,367,357) | (19,472,937) | (19,373,593) | (18,168,854) | |
Class C Shares | (2,174,557) | (2,224,399) | (1,256,046) | (1,588,562) | |
Class C2 Shares | (415,015) | (754,291) | (259,763) | (529,181) | |
Class I Shares | (23,539,249) | (20,931,045) | (32,804,442) | (30,640,954) | |
Decrease in net assets from distributions to shareholders | (48,496,178) | (43,382,672) | (53,693,844) | (50,927,551) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 523,465,180 | 616,681,751 | 870,568,388 | 665,573,340 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 41,356,947 | 36,761,135 | 41,370,164 | 39,159,347 | |
564,822,127 | 653,442,886 | 911,938,552 | 704,732,687 | ||
Cost of shares redeemed | (628,020,930) | (248,916,902) | (471,400,253) | (259,262,598) | |
Net increase (decrease) in net assets from Fund share transactions | (63,198,803) | 404,525,984 | 440,538,299 | 445,470,089 | |
Net increase (decrease) in net assets | (137,697,246) | 532,984,150 | 382,061,656 | 571,428,467 | |
Net assets at the beginning of period | 1,460,967,425 | 927,983,275 | 1,989,389,788 | 1,417,961,321 | |
Net assets at the end of period | $1,323,270,179 | $1,460,967,425 | $2,371,451,444 | $1,989,389,788 |
California High Yield | |
Cash Flows from Operating Activities: | |
Net Increase (Decrease) in Net Assets from Operations | $ (26,002,265) |
Adjustments to reconcile the net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities: | |
Purchases of investments | (374,185,924) |
Proceeds from sales and maturities of investments | 374,849,873 |
Proceeds from (Purchases of) short-term investments, net | 5,500,000 |
Amortization (Accretion) of premiums and discounts, net | 194,874 |
(Increase) Decrease in: | |
Receivable for interest | (2,495,767) |
Receivable for investments sold | 20,702,760 |
Other assets | (53,602) |
Increase (Decrease) in: | |
Payable for interest | (559,899) |
Payable for investments purchased – when-issued/delayed-delivery settlement | (12,166,377) |
Payable for variation margin on futures contracts | (1,348,750) |
Accrued management fees | (24,017) |
Accrued professional fees | (37,873) |
Accrued Trustees fees | 20,623 |
Accrued 12b-1 distribution and service fees | (18,157) |
Accrued other expenses | 139,409 |
Net realized (gain) loss from: | |
Investments | 17,190,882 |
Paydowns | (219,059) |
Change in net unrealized (appreciation) depreciation of investments | 58,263,762 |
Net cash provided by (used in) operating activities | 59,750,493 |
Cash Flows from Financing Activities: | |
Proceeds from borrowings | 189,300,000 |
(Repayments) of borrowings | (161,900,000) |
Increase (Decrease) in cash overdraft | 6,279,979 |
Proceeds from floating rate obligations | 46,048,000 |
(Repayments of) floating rate obligations | (32,920,000) |
Cash distributions paid to common shareholders | (10,463,431) |
Proceeds from sale of shares | 528,996,289 |
Cost of shares redeemed | (625,991,684) |
Net cash provided by (used in) financing activities | (60,650,847) |
Net Increase (Decrease) in Cash and Cash Collateral at Brokers | (900,354) |
Cash and cash collateral at brokers at the beginning of period | 1,690,958 |
Cash and cash collateral at brokers at the end of period | 790,604 |
Supplemental Disclosure of Cash Flow Information | California High Yield |
Cash paid for interest (excluding amortization of offering costs) | $ 4,246,882 |
Non-cash financing activities not included herein consists of reinvestments of share distributions | 41,356,947 |
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 (03/06) | |||||||||
2021 | $10.62 | $0.40 | $(0.47) | $(0.07) | $(0.38) | $ — | $(0.38) | $10.17 | |
2020 | 9.51 | 0.37 | 1.11 | 1.48 | (0.37) | — | (0.37) | 10.62 | |
2019 | 9.58 | 0.38 | (0.08) | 0.30 | (0.37) | — | (0.37) | 9.51 | |
2018 | 9.35 | 0.39 | 0.21 | 0.60 | (0.37) | — | (0.37) | 9.58 | |
2017 | 9.70 | 0.38 | (0.35) | 0.03 | (0.38) | — | (0.38) | 9.35 | |
Class C (02/14) | |||||||||
2021 | 10.61 | 0.32 | (0.47) | (0.15) | (0.30) | — | (0.30) | 10.16 | |
2020 | 9.50 | 0.29 | 1.11 | 1.40 | (0.29) | — | (0.29) | 10.61 | |
2019 | 9.58 | 0.30 | (0.09) | 0.21 | (0.29) | — | (0.29) | 9.50 | |
2018 | 9.35 | 0.31 | 0.21 | 0.52 | (0.29) | — | (0.29) | 9.58 | |
2017 | 9.69 | 0.30 | (0.34) | (0.04) | (0.30) | — | (0.30) | 9.35 | |
Class C2 (03/06) | |||||||||
2021 | 10.60 | 0.34 | (0.46) | (0.12) | (0.32) | — | (0.32) | 10.16 | |
2020 | 9.50 | 0.31 | 1.11 | 1.42 | (0.32) | — | (0.32) | 10.60 | |
2019 | 9.57 | 0.33 | (0.09) | 0.24 | (0.31) | — | (0.31) | 9.50 | |
2018 | 9.34 | 0.33 | 0.22 | 0.55 | (0.32) | — | (0.32) | 9.57 | |
2017 | 9.69 | 0.32 | (0.34) | (0.02) | (0.33) | — | (0.33) | 9.34 | |
Class I (03/06) | |||||||||
2021 | 10.61 | 0.42 | (0.46) | (0.04) | (0.40) | — | (0.40) | 10.17 | |
2020 | 9.50 | 0.39 | 1.11 | 1.50 | (0.39) | — | (0.39) | 10.61 | |
2019 | 9.57 | 0.40 | (0.09) | 0.31 | (0.38) | — | (0.38) | 9.50 | |
2018 | 9.34 | 0.40 | 0.22 | 0.62 | (0.39) | — | (0.39) | 9.57 | |
2017 | 9.69 | 0.39 | (0.34) | 0.05 | (0.40) | — | (0.40) | 9.34 |
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) |
(0.53) % | $635,387 | 1.09% | 0.80% | 4.00% | 22% |
15.84 | 659,621 | 1.21 | 0.80 | 3.64 | 2 |
3.15 | 417,134 | 1.17 | 0.83 | 3.99 | 20 |
6.46 | 402,777 | 1.01 | 0.81 | 4.00 | 5 |
0.25 | 413,223 | 0.93 | 0.84 | 3.85 | 22 |
(1.33) | 71,002 | 1.89 | 1.60 | 3.20 | 22 |
14.94 | 86,897 | 2.01 | 1.60 | 2.85 | 2 |
2.20 | 66,758 | 1.97 | 1.63 | 3.19 | 20 |
5.61 | 71,740 | 1.85 | 1.65 | 3.17 | 5 |
(0.44) | 68,189 | 1.73 | 1.64 | 3.08 | 22 |
(0.98) | 8,890 | 1.64 | 1.35 | 3.45 | 22 |
15.13 | 19,054 | 1.76 | 1.35 | 3.13 | 2 |
2.57 | 28,101 | 1.71 | 1.37 | 3.44 | 20 |
5.87 | 37,003 | 1.60 | 1.40 | 3.43 | 5 |
(0.30) | 41,673 | 1.48 | 1.39 | 3.32 | 22 |
(0.26) | 607,992 | 0.89 | 0.60 | 4.19 | 22 |
16.06 | 695,396 | 1.01 | 0.60 | 3.84 | 2 |
3.35 | 415,991 | 0.96 | 0.62 | 4.19 | 20 |
6.66 | 430,330 | 0.85 | 0.65 | 4.16 | 5 |
0.44 | 295,089 | 0.73 | 0.64 | 4.04 | 22 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense reimbursement during the periods presented herein. See Note 7 - Management Fees and Other Transactions with Affiliates for more information. |
(d) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 4 – Portfolio Securities and Investments in Derivatives and the interest expense and fees paid on borrowings, as described in Note 8 - Borrowing Arrangements. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended 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) | |||||||||
2021 | $11.81 | $0.29 | $(0.33) | $(0.04) | $(0.28) | $ — | $(0.28) | $11.49 | |
2020 | 10.96 | 0.32 | 0.87 | 1.19 | (0.34) | — | (0.34) | 11.81 | |
2019 | 11.02 | 0.35 | (0.05) | 0.30 | (0.36) | — | (0.36) | 10.96 | |
2018 | 11.00 | 0.37 | 0.01 | 0.38 | (0.36) | — | (0.36) | 11.02 | |
2017 | 11.32 | 0.36 | (0.31) | 0.05 | (0.37) | — | (0.37) | 11.00 | |
Class C (02/14) | |||||||||
2021 | 11.76 | 0.20 | (0.32) | (0.12) | (0.19) | — | (0.19) | 11.45 | |
2020 | 10.92 | 0.23 | 0.86 | 1.09 | (0.25) | — | (0.25) | 11.76 | |
2019 | 10.98 | 0.26 | (0.05) | 0.21 | (0.27) | — | (0.27) | 10.92 | |
2018 | 10.96 | 0.28 | 0.01 | 0.29 | (0.27) | — | (0.27) | 10.98 | |
2017 | 11.27 | 0.26 | (0.30) | (0.04) | (0.27) | — | (0.27) | 10.96 | |
Class C2 (09/94) | |||||||||
2021 | 11.79 | 0.23 | (0.33) | (0.10) | (0.22) | — | (0.22) | 11.47 | |
2020 | 10.94 | 0.26 | 0.86 | 1.12 | (0.27) | — | (0.27) | 11.79 | |
2019 | 11.00 | 0.29 | (0.06) | 0.23 | (0.29) | — | (0.29) | 10.94 | |
2018 | 10.97 | 0.31 | 0.01 | 0.32 | (0.29) | — | (0.29) | 11.00 | |
2017 | 11.29 | 0.29 | (0.31) | (0.02) | (0.30) | — | (0.30) | 10.97 | |
Class I (07/86) | |||||||||
2021 | 11.82 | 0.31 | (0.31) | — | (0.31) | — | (0.31) | 11.51 | |
2020 | 10.97 | 0.35 | 0.86 | 1.21 | (0.36) | — | (0.36) | 11.82 | |
2019 | 11.03 | 0.37 | (0.05) | 0.32 | (0.38) | — | (0.38) | 10.97 | |
2018 | 11.01 | 0.39 | 0.01 | 0.40 | (0.38) | — | (0.38) | 11.03 | |
2017 | 11.32 | 0.38 | (0.31) | 0.07 | (0.38) | — | (0.38) | 11.01 |
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) |
(0.29) % | $ 921,120 | 0.73% | 0.73% | 2.51% | 25% |
11.00 | 743,072 | 0.74 | 0.74 | 2.84 | 13 |
2.77 | 506,038 | 0.76 | 0.75 | 3.20 | 56 |
3.46 | 460,166 | 0.75 | 0.74 | 3.28 | 16 |
0.36 | 441,928 | 0.75 | 0.75 | 3.16 | 33 |
(0.99) | 70,693 | 1.53 | 1.53 | 1.73 | 25 |
10.06 | 80,258 | 1.54 | 1.54 | 2.05 | 13 |
1.94 | 66,305 | 1.56 | 1.55 | 2.40 | 56 |
2.64 | 75,799 | 1.55 | 1.55 | 2.48 | 16 |
(0.38) | 84,321 | 1.55 | 1.55 | 2.33 | 33 |
(0.82) | 8,926 | 1.28 | 1.28 | 2.01 | 25 |
10.38 | 19,303 | 1.29 | 1.29 | 2.33 | 13 |
2.16 | 24,030 | 1.31 | 1.30 | 2.64 | 56 |
2.95 | 41,122 | 1.30 | 1.30 | 2.74 | 16 |
(0.22) | 51,119 | 1.30 | 1.30 | 2.60 | 33 |
0.00* | 1,370,713 | 0.53 | 0.53 | 2.72 | 25 |
11.20 | 1,146,758 | 0.54 | 0.54 | 3.05 | 13 |
2.93 | 821,588 | 0.56 | 0.55 | 3.40 | 56 |
3.62 | 817,770 | 0.55 | 0.55 | 3.48 | 16 |
0.61 | 696,134 | 0.55 | 0.55 | 3.35 | 33 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense reimbursement during the periods presented herein. See Note 7 - Management Fees and Other Transactions with Affiliates for more information. |
(d) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 4 – Portfolio Securities and Investments in Derivatives and the interest expense and fees paid on borrowings, as described in Note 8 - Borrowing Arrangements. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
* | Rounds to less than 0.01%. |
California High Yield | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $1,721,895,651 | $ — | $1,721,895,651 |
Common Stocks | 1,969,616 | — | — | 1,969,616 |
Investments in Derivatives: | ||||
Futures Contracts** | 981,798 | — | — | 981,798 |
Total | $2,951,414 | $1,721,895,651 | $ — | $1,724,847,065 |
California | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $2,351,868,175 | $ — | $2,351,868,175 |
* | 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 | California High Yield | California |
Floating rate obligations: self-deposited Inverse Floaters | $380,512,000 | $ — |
Floating rate obligations: externally-deposited Inverse Floaters | 87,455,000 | — |
Total | $467,967,000 | $ — |
Self-Deposited Inverse Floaters | California High Yield | California |
Average floating rate obligations outstanding | $366,628,381 | $ — |
Average annual interest rate and fees | 0.92% | —% |
Floating Rate Obligations - Recourse Trusts | California High Yield | California |
Maximum exposure to Recourse Trusts: self-deposited Inverse Floaters | $352,752,000 | $ — |
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | 87,455,000 | — |
Total | $440,207,000 | $ — |
California High Yield | California | |
Purchases | $374,185,924 | $976,859,899 |
Sales and maturities | 374,849,873 | 515,242,950 |
California High Yield | |
Average notional amount of futures contracts outstanding | $114,833,631 |
Location on the Statement of Assets and Liabilities | ||||||
Asset Derivatives | (Liability) Derivatives | |||||
Underlying Risk Exposure | Derivative Instrument | Location | Value | Location | Value | |
California High Yield | ||||||
Interest rate | Futures contracts | — | $ — | Payable for variation margin on futures contracts* | $981,798 |
Fund | Underlying Risk Exposure | Derivative Instrument | Net Realized Gain (Loss) from Futures Contracts | Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts |
California High Yield | Interest rate | Futures contracts | $(4,894,971) | $3,096,323 |
Year Ended 2/28/21 | Year Ended 2/29/20 | ||||
California High Yield | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 24,145,143 | $ 239,147,167 | 27,355,697 | $ 276,189,147 | |
Class C | 1,113,568 | 11,032,642 | 2,421,651 | 24,339,954 | |
Class C2 | 2,089 | 20,618 | 2,412 | 24,335 | |
Class I | 27,696,086 | 273,264,753 | 31,278,631 | 316,128,315 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 1,989,102 | 19,801,432 | 1,702,924 | 17,262,552 | |
Class C | 193,733 | 1,925,846 | 187,820 | 1,900,384 | |
Class C2 | 38,075 | 376,317 | 65,634 | 660,684 | |
Class I | 1,933,819 | 19,253,352 | 1,671,290 | 16,937,515 | |
57,111,615 | 564,822,127 | 64,686,059 | 653,442,886 | ||
Shares redeemed: | |||||
Class A | (25,788,663) | (251,044,194) | (10,805,227) | (109,140,888) | |
Class C | (2,511,075) | (24,609,172) | (1,445,100) | (14,534,821) | |
Class C2 | (961,766) | (9,528,503) | (1,229,549) | (12,443,001) | |
Class I | (35,360,631) | (342,839,061) | (11,202,231) | (112,798,192) | |
(64,622,135) | (628,020,930) | (24,682,107) | (248,916,902) | ||
Net increase (decrease) | (7,510,520) | $ (63,198,803) | 40,003,952 | $ 404,525,984 |
Year Ended 2/28/21 | Year Ended 2/29/20 | ||||
California | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 32,736,266 | $ 377,524,319 | 23,519,120 | $ 268,019,212 | |
Class A – automatic conversion of Class C2 Shares | 787 | 9,058 | 797 | 9,055 | |
Class C | 1,233,064 | 13,937,564 | 1,782,441 | 20,199,082 | |
Class C2 | 4,716 | 54,015 | 30,911 | 352,089 | |
Class I | 41,754,156 | 479,043,432 | 33,100,323 | 376,993,902 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 1,472,727 | 16,922,840 | 1,385,792 | 15,835,052 | |
Class C | 99,536 | 1,137,192 | 121,123 | 1,377,393 | |
Class C2 | 19,315 | 220,948 | 33,521 | 381,375 | |
Class I | 2,007,844 | 23,089,184 | 1,885,062 | 21,565,527 | |
79,328,411 | 911,938,552 | 61,859,090 | 704,732,687 | ||
Shares redeemed: | |||||
Class A | (17,006,674) | (192,807,046) | (8,140,993) | (92,798,949) | |
Class C | (1,980,803) | (22,403,017) | (1,152,628) | (13,070,588) | |
Class C2 | (882,641) | (10,179,885) | (622,666) | (7,105,298) | |
Class C2 – automatic conversion to Class A Shares | (788) | (9,058) | (799) | (9,055) | |
Class I | (21,657,452) | (246,001,247) | (12,859,711) | (146,278,708) | |
(41,528,358) | (471,400,253) | (22,776,797) | (259,262,598) | ||
Net increase (decrease) | 37,800,053 | $ 440,538,299 | 39,082,293 | $ 445,470,089 |
California High Yield | California | |
Tax cost of investments | $1,231,436,390 | $2,212,856,103 |
Gross unrealized: | ||
Appreciation | $ 121,837,832 | $ 148,319,993 |
Depreciation | (8,832,297) | (9,307,921) |
Net unrealized appreciation (depreciation) of investments | $ 113,005,535 | $ 139,012,072 |
California High Yield | California | |
Undistributed net tax-exempt income1 | $7,076,832 | $4,348,839 |
Undistributed net ordinary income2 | 115,465 | 209,407 |
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, 2021 through February 28, 2021, and paid on March 1, 2021. |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
2021 | California High Yield | California |
Distributions from net tax-exempt income3 | $47,924,179 | $53,612,763 |
Distributions from net ordinary income2 | 571,999 | 81,081 |
Distributions from net long-term capital gains | — | — |
2020 | California High Yield | California |
Distributions from net tax-exempt income | $41,665,531 | $50,161,111 |
Distributions from net ordinary income2 | 453,459 | 13,455 |
Distributions from net long-term capital gains | — | — |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
3 | The Funds hereby designate these amounts paid during the fiscal year ended February 28, 2021, as Exempt Interest Dividends. |
California High Yield | California | |
Not subject to expiration: | ||
Short-term | $37,178,269 | $35,454,370 |
Long-term | 8,382,099 | — |
Total | $45,560,368 | $35,454,370 |
Average Daily Net Assets | California High Yield | California |
For the first $125 million | 0.4000% | 0.3500% |
For the next $125 million | 0.3875 | 0.3375 |
For the next $250 million | 0.3750 | 0.3250 |
For the next $500 million | 0.3625 | 0.3125 |
For the next $1 billion | 0.3500 | 0.3000 |
For the next $3 billion | – | 0.2750 |
For the next $8 billion | 0.3250 | – |
For the next $5 billion | 0.3125 | 0.2500 |
For the next $5 billion | 0.3000 | – |
For net assets over $10 billion | – | 0.2375 |
For net assets over $20 billion | 0.2875 | – |
Complex-Level Eligible Asset Breakpoint Level* | Effective Complex-Level Fee Rate at Breakpoint Level |
$55 billion | 0.2000% |
$56 billion | 0.1996 |
$57 billion | 0.1989 |
$60 billion | 0.1961 |
$63 billion | 0.1931 |
$66 billion | 0.1900 |
$71 billion | 0.1851 |
$76 billion | 0.1806 |
$80 billion | 0.1773 |
$91 billion | 0.1691 |
$125 billion | 0.1599 |
$200 billion | 0.1505 |
$250 billion | 0.1469 |
$300 billion | 0.1445 |
Fund | Complex-Level Fee |
California High Yield | 0.1558% |
California | 0.1574% |
Fund | Temporary Expense Cap | Temporary Expense Cap Expiration Date | Permanent Expense Cap |
California High Yield | N/A | N/A | 1.00% |
California | N/A | N/A | 0.75% |
Cross-Trades | California High Yield | California |
Purchases | $74,113,188 | $134,878,489 |
Sales | 55,681,288 | 50,110,480 |
California High Yield | California | |
Sales charges collected (Unaudited) | $1,100,576 | $1,173,871 |
Paid to financial intermediaries (Unaudited) | 1,076,307 | 1,155,131 |
California High Yield | California | |
Commission advances (Unaudited) | $1,015,213 | $1,126,388 |
California High Yield | California | |
12b-1 fees retained (Unaudited) | $148,505 | $147,099 |
California High Yield | California | |
CDSC retained (Unaudited) | $163,039 | $291,716 |
California High Yeild | California | |
Maximum outstanding balance | $119,800,000 | $19,300,000 |
California High Yeild | California | |
Utilization period (days outstanding) | 50 | 8 |
Average daily balance outstanding | $30,046,000 | $15,575,000 |
Average annual interest rate | 1.53% | 1.76% |
• | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to enhance the shareholder outcomes through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new share classes; reviewing and updating investment policies and benchmarks; closing funds to new investments; rebranding the exchange-traded fund (“ETF”) product line; and integrating certain investment teams and changing the portfolio managers serving various funds; |
• | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds; |
• | Liquidity Management – implementing the liquidity risk management program which was designed to assess and manage the liquidity risk of the Nuveen funds. The Board noted that this program was particularly helpful in addressing the high volatility and liquidity challenges that arose in the market, particularly for the high yield municipal sector, during the first half of 2020; |
• | Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, strengthen key compliance program elements and support international business growth and other objectives through, among other things, integrating various investment teams across affiliates, consolidating marketing review functions, enhancing compliance related technologies and establishing and maintaining shared broad-based compliance policies throughout the organization and its affiliates; |
• | Risk Management and Valuation Services – continuing efforts to provide Nuveen with a more disciplined and consistent approach to identifying and mitigating the firm’s operational risks through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates and adopting a risk operational framework across the complex; |
• | Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams; |
• | Government Relations – continuing efforts of various Nuveen teams and affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented; |
• | Business Continuity, Disaster Recovery and Information Services – continuing to periodically test business continuity and disaster recovery plans, maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports; and |
• | Expanded Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and investing resources to develop systems to assist in the process for newer products such as target term funds and ETFs. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee |
Independent Trustees: | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Chair and Trustee | 2008 | Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Quality Control Corporation (manufacturing) (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (philanthropy) (since 2012), and chair of its investment committee; formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010-2019); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (financial services) (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). | 142 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, (private philanthropic corporation); Director and Chairman (since 2009), United Fire Group, a publicly held company; formerly, Director, Public member, American Board of Orthopaedic Surgery (2015-2020); Life Trustee of Coe College and the Iowa College Foundation; formerly, Member and President Pro-Tem of the Board of Regents for the State of Iowa University System (2000-2004); formerly, Director (2000-2004), Alliant Energy; formerly, Director (1996-2015), The Gazette Company (media and publishing); formerly, Director, (1998-2003) Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer (1972-1995), SCI Financial Group, Inc., (regional financial services firm). | 142 |
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. | 142 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (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. (consumer wireless services), 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 (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics). | 142 |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2013 | Member of Board of Directors of Core12 LLC. (private firm which develops branding, marketing and communications strategies for clients) (since 2008); 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. | 142 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1997 | Board Member, Land Trust Alliance (national public charity addressing natural land and water conservation in the U.S.) (since 2013); formerly, Board Member, U.S. Endowment for Forestry and Communities (national endowment addressing forest health, sustainable forest production and markets, and economic health of forest-reliant communities in the U.S.) (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (private foundation endowed to support both natural land conservation and artistic vitality); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 142 |
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 |
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); formerly, Director, Cboe Global Markets, Inc., (2010-2020) (formerly named CBOE Holdings, Inc.); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 142 |
Matthew Thornton III 1958 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2020 | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation ("FedEx") (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (a non-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since 2020), Crown Castle International (provider of communications infrastructure). | 142 |
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 (legal services, 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. | 142 |
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. (financial services) (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. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). | 142 |
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: | ||||
Christopher E. Stickrod 1976 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2020 | Senior Managing Director (since 2017) and Head of Advisory Product (since 2020), formerly, Managing Director (2016-2017) and Senior Vice President (2013-2016) of Nuveen, LLC; Senior Managing Director of Nuveen Securities, LLC (since 2018) and of Nuveen Fund Advisors, LLC (since 2019). | |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and 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, LLC (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since 2018). |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
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, LLC (since 2017); Associate General Counsel of Jackson National Asset Management, LLC (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, LLC; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
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. | |
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, LLC; 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) (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) and Secretary (since 2016) of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, 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 and Assistant Secretary | 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 730 Third Avenue New York, NY 10017 | Vice President | 2020 | President, Nuveen Fund Advisors, LLC (since 2020); Executive Vice President, Global Head of Product at Nuveen,LLC (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2020); Managing Member of MDR Collaboratory LLC (since 2018); Managing Director, Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017). |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), General Counsel (since 2020), and Assistant Secretary (since 2016), formerly, Senior Vice President (2016-2017), of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Managing Director (since 2017) and Associate General Counsel (since 2016), formerly, Senior Vice President (2012-2017) and Assistant General Counsel (2008-2016) of Nuveen, LLC. | |
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, LLC. | |
E. Scott Wickerham 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | 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) of Nuveen Fund Advisors, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) of the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and Principal Financial Officer, Principal Accounting Officer (since 2020) and Treasurer (since 2017) of the CREF Accounts; formerly, Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. | |
Mark L. Winget 1968 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund Advisors, LLC (since 2019); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General Counsel (since 2019), formerly, Assistant General Counsel (2008-2016) of Nuveen, LLC. | |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Chief Compliance Officer | 1988 | Formerly: Managing Director (2002-2020) and Assistant Secretary (2002-2020) of Nuveen Securities, LLC; formerly, Managing Director (2002-2020), Assistant Secretary (1997-2020) and Co-General Counsel (2011-2020) of Nuveen Fund Advisors, LLC; formerly, Managing Director (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; formerly, Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (2011-2020); formerly, Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (2002-2020), Santa Barbara Asset Management, LLC (2006-2020) and Winslow Capital Management, LLC (2010-2020); Chartered Financial Analyst. |
Serving Investors for Generations
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 28, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 7/13/87 | 0.34% | 2.80% | 3.92% | 0.81% |
Class A Shares at maximum Offering Price | 7/13/87 | (3.86)% | 1.91% | 3.47% | - |
S&P Municipal Bond Index | - | 1.22% | 3.41% | 4.51% | - |
Lipper Other States Municipal Debt Funds Classification Average | - | 0.34% | 2.54% | 3.69% | - |
Class C2 Shares | 10/04/93 | (0.32)% | 2.22% | 3.34% | 1.35% |
Class I Shares | 2/25/97 | 0.47% | 3.00% | 4.12% | 0.60% |
Total Returns as of February 28, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | (0.54)% | 1.97% | 2.76% | 1.60% |
Effective Leverage Ratio | 0.57% |
Total Returns as of February 28, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 9/07/94 | (0.11)% | 3.07% | 4.29% | 0.79% |
Class A Shares at maximum Offering Price | 9/07/94 | (4.33)% | 2.18% | 3.84% | - |
S&P Municipal Bond Index | - | 1.22% | 3.41% | 4.51% | - |
Lipper Massachusetts Municipal Debt Funds Classification Average | - | (0.30)% | 2.52% | 3.83% | - |
Class C2 Shares | 10/06/94 | (0.69)% | 2.50% | 3.72% | 1.34% |
Class I Shares | 12/22/86 | 0.06% | 3.27% | 4.50% | 0.59% |
Total Returns as of February 28, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | (1.02)% | 2.24% | 3.03% | 1.59% |
Effective Leverage Ratio | 0.00% |
Total Returns as of February 28, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 9/06/94 | (0.09)% | 3.59% | 4.94% | 0.83% |
Class A Shares at maximum Offering Price | 9/06/94 | (4.32)% | 2.70% | 4.49% | - |
S&P Municipal Bond Index | - | 1.22% | 3.41% | 4.51% | - |
Lipper New Jersey Municipal Debt Funds Classification Average | - | 0.47% | 3.42% | 4.36% | - |
Class C2 Shares | 9/21/94 | (0.55)% | 3.04% | 4.37% | 1.39% |
Class I Shares | 2/28/92 | 0.12% | 3.80% | 5.14% | 0.63% |
Total Returns as of February 28, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | (0.81)% | 2.78% | 3.48% | 1.63% |
Effective Leverage Ratio | 1.74% |
Total Returns as of February 28, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | 10-Year | Expense Ratios | |
Class A Shares at NAV | 9/07/94 | (0.52)% | 3.17% | 4.29% | 0.76% |
Class A Shares at maximum Offering Price | 9/07/94 | (4.73)% | 2.29% | 3.84% | - |
S&P Municipal Bond New York Index | - | 0.74% | 3.10% | 4.23% | - |
S&P Municipal Bond Index | - | 1.22% | 3.41% | 4.51% | - |
Lipper New York Municipal Debt Funds Classification Average | - | (0.10)% | 3.16% | 4.19% | - |
Class C2 Shares | 9/14/94 | (1.06)% | 2.60% | 3.72% | 1.32% |
Class I Shares | 12/22/86 | (0.31)% | 3.38% | 4.50% | 0.56% |
Total Returns as of February 28, 2021* | |||||
Average Annual | |||||
Inception Date | 1-Year | 5-Year | Since Inception | Expense Ratios | |
Class C Shares | 2/10/14 | (1.24)% | 2.35% | 3.26% | 1.56% |
Effective Leverage Ratio | 0.00% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.52% | 1.85% | 2.07% | 2.85% |
SEC 30-Day Yield | 0.56% | (0.22)% | 0.04% | 0.79% |
Taxable-Equivalent Yield (47.8%)2 | 1.05% | (0.41)% | 0.07% | 1.48% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 1.82% | 1.10% | 1.33% | 2.07% |
SEC 30-Day Yield | 0.60% | (0.17)% | 0.08% | 0.83% |
Taxable-Equivalent Yield (45.8%)2 | 1.10% | (0.31)% | 0.15% | 1.51% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.32% | 1.60% | 1.86% | 2.61% |
SEC 30-Day Yield | 0.89% | 0.12% | 0.37% | 1.13% |
Taxable-Equivalent Yield (51.6%)2 | 1.84% | 0.25% | 0.76% | 2.33% |
Share Class | ||||
Class A1 | Class C | Class C2 | Class I | |
Dividend Yield | 2.68% | 1.99% | 2.26% | 3.01% |
SEC 30-Day Yield | 0.99% | 0.22% | 0.47% | 1.23% |
Taxable-Equivalent Yield (49.6%)2 | 1.96% | 0.44% | 0.93% | 2.44% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 98.7% |
Other Assets Less Liabilities | 1.9% |
Net Assets Plus Floating Rate Obligations | 100.6% |
Floating Rate Obligations | (0.6)% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
Connecticut | 94.0% |
Puerto Rico | 2.8% |
Guam | 2.6% |
Ohio | 0.6% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/General | 25.1% |
Health Care | 17.5% |
U.S. Guaranteed | 15.2% |
Tax Obligation/Limited | 14.8% |
Utilities | 12.4% |
Education and Civic Organizations | 10.5% |
Other | 4.5% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 15.2% |
AAA | 2.0% |
AA | 26.8% |
A | 42.2% |
BBB | 7.0% |
BB or Lower | 2.7% |
N/R (not rated) | 4.1% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 94.5% |
Other Assets Less Liabilities | 5.5% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
Massachusetts | 93.9% |
Puerto Rico | 3.5% |
Guam | 2.1% |
Washington | 0.5% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/Limited | 21.5% |
Education and Civic Organizations | 21.3% |
Health Care | 20.4% |
Tax Obligation/General | 15.1% |
Utilities | 7.4% |
Transportation | 7.4% |
Other | 6.9% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 4.1% |
AAA | 8.0% |
AA | 54.7% |
A | 17.6% |
BBB | 10.2% |
BB or Lower | 2.2% |
N/R (not rated) | 3.2% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 100.9% |
Other Assets Less Liabilities | 0.9% |
Net Assets Plus Floating Rate Obligations | 101.8% |
Floating Rate Obligations | (1.8)% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
New Jersey | 92.7% |
Pennsylvania | 2.4% |
New York | 2.1% |
Delaware | 1.6% |
Puerto Rico | 0.9% |
Guam | 0.3% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/Limited | 23.0% |
Education and Civic Organizations | 14.2% |
Tax Obligation/General | 13.3% |
Health Care | 13.1% |
Transportation | 12.0% |
Utilities | 6.4% |
Housing/Multifamily | 6.0% |
Other | 12.0% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 4.4% |
AAA | 7.7% |
AA | 36.1% |
A | 18.5% |
BBB | 25.2% |
BB or Lower | 4.2% |
N/R (not rated) | 3.9% |
Total | 100% |
Fund Allocation (% of net assets) | |
Long-Term Municipal Bonds | 98.1% |
Other Assets Less Liabilities | 1.9% |
Net Assets | 100% |
States and Territories (% of total municipal bonds) | |
New York | 96.4% |
Puerto Rico | 3.2% |
Guam | 0.4% |
Total | 100% |
Portfolio Composition (% of total investments) | |
Tax Obligation/Limited | 25.3% |
Transportation | 23.6% |
Education and Civic Organizations | 14.0% |
Utilities | 13.0% |
Tax Obligation/General | 6.2% |
Health Care | 5.3% |
U.S. Guaranteed | 5.1% |
Other | 7.5% |
Total | 100% |
Bond Credit Quality (% of total investment exposure) | |
U.S. Guaranteed | 5.1% |
AAA | 12.5% |
AA | 41.8% |
A | 16.3% |
BBB | 8.7% |
BB or Lower | 7.9% |
N/R (not rated) | 7.7% |
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 | $1,009.86 | $1,005.95 | $1,007.06 | $1,010.01 |
Expenses Incurred During the Period | $ 3.99 | $ 7.96 | $ 6.62 | $ 2.99 |
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 | $1,020.83 | $1,016.86 | $1,018.20 | $1,021.82 |
Expenses Incurred During the Period | $ 4.01 | $ 8.00 | $ 6.66 | $ 3.01 |
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 | $1,010.50 | $1,005.54 | $1,007.67 | $1,011.37 |
Expenses Incurred During the Period | $ 3.89 | $ 7.86 | $ 6.57 | $ 2.89 |
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 | $1,021.92 |
Expenses Incurred During the Period | $ 3.91 | $ 7.90 | $ 6.61 | $ 2.91 |
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 | $1,017.70 | $1,014.56 | $1,014.98 | $1,018.67 |
Expenses Incurred During the Period | $ 3.95 | $ 7.94 | $ 6.64 | $ 3.00 |
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 | $1,020.88 | $1,016.91 | $1,018.20 | $1,021.82 |
Expenses Incurred During the Period | $ 3.96 | $ 7.95 | $ 6.66 | $ 3.01 |
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 | $1,022.30 | $1,018.22 | $1,019.58 | $1,023.38 |
Expenses Incurred During the Period | $ 3.76 | $ 7.76 | $ 6.46 | $ 2.76 |
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 | $1,021.08 | $1,017.11 | $1,018.40 | $1,022.07 |
Expenses Incurred During the Period | $ 3.76 | $ 7.75 | $ 6.46 | $ 2.76 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 98.7% | ||||||
MUNICIPAL BONDS – 98.7% | ||||||
Consumer Staples – 0.6% | ||||||
$ 1,500 | Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien Series 2020A-2 Class 1, 3.000%, 6/01/48 | 6/30 at 100.00 | BBB+ | $ 1,521,810 | ||
Education and Civic Organizations – 10.4% | ||||||
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+ | 1,055,810 | ||
500 | 5.000%, 7/01/32 | 7/22 at 100.00 | A+ | 527,700 | ||
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 | 451,417 | ||
1,100 | 4.000%, 7/01/42 | 7/30 at 100.00 | Aa2 | 1,296,471 | ||
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- | 2,167,618 | ||
1,500 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Fairfield University, Series 2020T, 4.000%, 7/01/55 | 7/30 at 100.00 | A- | 1,699,410 | ||
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 | 1,093,439 | ||
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- | 5,738,906 | ||
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- | 2,051,927 | ||
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 | 4,751,900 | ||
1,100 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Sacred Heart University, Series 2020K, 4.000%, 7/01/45 | 7/30 at 100.00 | A | 1,226,588 | ||
3,300 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Trinity College, Series 2020R, 4.000%, 6/01/45 | 6/30 at 100.00 | A+ | 3,708,870 | ||
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- | 2,281,700 | ||
250 | 5.000%, 7/01/38 | 7/28 at 100.00 | BBB- | 284,503 | ||
25,020 | Total Education and Civic Organizations | 28,336,259 | ||||
Health Care – 17.3% | ||||||
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+ | 5,209,960 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
$ 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+ | $778,671 | ||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare Issue, Series 2020A: | ||||||
2,700 | 4.000%, 7/01/38 | 1/30 at 100.00 | A+ | 3,063,420 | ||
1,685 | 4.000%, 7/01/40 | 1/30 at 100.00 | A+ | 1,901,893 | ||
500 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Hartford HealthCare, Series 2014E, 5.000%, 7/01/42 | 7/24 at 100.00 | A+ | 554,025 | ||
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 | 2,258,061 | ||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Nuvance Health Series 2019A: | ||||||
2,235 | 4.000%, 7/01/36 | 7/29 at 100.00 | A- | 2,519,672 | ||
2,885 | 4.000%, 7/01/41 | 7/29 at 100.00 | A- | 3,199,782 | ||
6,020 | 4.000%, 7/01/49 | 7/29 at 100.00 | A- | 6,584,676 | ||
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+ | 4,083,436 | ||
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+ | 4,167,360 | ||
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+ | 1,931,505 | ||
200 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Stamford Hospital, Series 2021L-1, 4.000%, 7/01/29 (WI/DD, Settling 4/06/21) | No Opt. Call | BBB+ | 239,520 | ||
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- | 2,763,600 | ||
1,195 | 5.000%, 12/01/45 | 6/26 at 100.00 | AA- | 1,392,856 | ||
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- | 2,675,184 | ||
2,520 | 5.000%, 7/01/33 | 7/24 at 100.00 | AA- | 2,803,777 | ||
830 | 5.000%, 7/01/34 | 7/24 at 100.00 | AA- | 922,047 | ||
42,645 | Total Health Care | 47,049,445 | ||||
Housing/Multifamily – 0.9% | ||||||
2,375 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2019B-1, 3.300%, 11/15/39 | 11/28 at 100.00 | AAA | 2,520,421 | ||
Housing/Single Family – 0.1% | ||||||
230 | Connecticut Housing Finance Authority, Housing Mortgage Finance Program Bonds, Series 2020E-3, 1.850%, 5/15/38 | 5/30 at 100.00 | AAA | 222,014 | ||
Long-Term Care – 1.6% | ||||||
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 | 1,174,910 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
$ 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 | $1,315,056 | ||
Connecticut Health and Educational Facilities Authority, Revenue Bonds, Mary Wade Home Issue, Series 2019A-1: | ||||||
1,000 | 5.000%, 10/01/39, 144A | 10/24 at 104.00 | BB | 1,058,770 | ||
200 | 5.000%, 10/01/54, 144A | 10/24 at 104.00 | BB | 207,788 | ||
650 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, McLean Affiliates, Series 2020A, 5.000%, 1/01/45, 144A | 1/26 at 102.00 | BB+ | 702,136 | ||
4,150 | Total Long-Term Care | 4,458,660 | ||||
Tax Obligation/General – 24.8% | ||||||
Bridgeport, Connecticut, General Obligation Bonds, Series 2014A: | ||||||
600 | 5.000%, 7/01/32 – AGM Insured | 7/24 at 100.00 | AA | 669,834 | ||
1,000 | 5.000%, 7/01/33 – AGM Insured | 7/24 at 100.00 | AA | 1,114,330 | ||
1,065 | 5.000%, 7/01/34 – AGM Insured | 7/24 at 100.00 | AA | 1,184,940 | ||
2,000 | Bridgeport, Connecticut, General Obligation Bonds, Series 2016D, 5.000%, 8/15/41 – AGM Insured | 8/26 at 100.00 | AA | 2,328,620 | ||
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 | 2,890,891 | ||
1,325 | Connecticut State, General Obligation Bonds, Refunding Series 2018C, 5.000%, 6/15/38 | 6/28 at 100.00 | A1 | 1,616,858 | ||
1,000 | Connecticut State, General Obligation Bonds, Series 2011D, 5.000%, 11/01/31 | 11/21 at 100.00 | A1 | 1,029,850 | ||
2,400 | Connecticut State, General Obligation Bonds, Series 2014A, 5.000%, 3/01/31 | 3/24 at 100.00 | A1 | 2,701,080 | ||
3,000 | Connecticut State, General Obligation Bonds, Series 2014F, 5.000%, 11/15/34 | 11/24 at 100.00 | A1 | 3,443,130 | ||
2,370 | Connecticut State, General Obligation Bonds, Series 2015F, 5.000%, 11/15/34 | 11/25 at 100.00 | A1 | 2,788,637 | ||
Connecticut State, General Obligation Bonds, Series 2017A: | ||||||
1,000 | 5.000%, 4/15/34 | 4/27 at 100.00 | A1 | 1,203,150 | ||
3,270 | 5.000%, 4/15/35 | 4/27 at 100.00 | A1 | 3,926,420 | ||
1,510 | Connecticut State, General Obligation Bonds, Series 2018A, 5.000%, 4/15/37 | 4/28 at 100.00 | A1 | 1,840,765 | ||
Connecticut State, General Obligation Bonds, Series 2019A: | ||||||
1,150 | 5.000%, 4/15/36 | 4/29 at 100.00 | A1 | 1,434,820 | ||
1,450 | 4.000%, 4/15/37 (UB) (4) | 4/29 at 100.00 | A1 | 1,678,346 | ||
650 | 5.000%, 4/15/39 (UB) (4) | 4/29 at 100.00 | A1 | 803,348 | ||
Connecticut State, General Obligation Bonds, Series 2020A: | ||||||
2,000 | 4.000%, 1/15/37 | 1/30 at 100.00 | A1 | 2,329,500 | ||
2,250 | 5.000%, 1/15/40 | 1/30 at 100.00 | A1 | 2,804,692 | ||
750 | Connecticut State, General Obligation Bonds, Series 2020C, 5.000%, 6/01/40 | 6/30 at 100.00 | A1 | 941,093 | ||
2,000 | Connecticut State, General Obligation Bonds, Series 2021A, 3.000%, 1/15/40 | 1/31 at 100.00 | A1 | 2,132,380 | ||
East Haddam, Connecticut, General Obligation Bonds, Series 2020A: | ||||||
300 | 3.000%, 12/01/37 | 12/28 at 100.00 | AA+ | 326,532 | ||
250 | 3.000%, 12/01/40 | 12/28 at 100.00 | AA+ | 269,128 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
East Lyme, Connecticut, General Obligation Bonds, Series 2020: | ||||||
$ 880 | 3.000%, 7/15/38 | 7/28 at 100.00 | AA | $921,650 | ||
500 | 3.000%, 7/15/39 | 7/28 at 100.00 | AA | 522,435 | ||
325 | 3.000%, 7/15/40 | 7/28 at 100.00 | AA | 338,835 | ||
500 | Hamden, Connecticut, General Obligation Bonds, Series 2016, 5.000%, 8/15/33 – BAM Insured | 8/24 at 100.00 | AA | 562,000 | ||
Hartford County Metropolitan District, Connecticut, General Obligation Bonds, Refunding Series 2019C: | ||||||
925 | 4.000%, 7/15/38 | 7/29 at 100.00 | AA | 1,070,928 | ||
1,000 | 4.000%, 7/15/40 | 7/29 at 100.00 | AA | 1,152,010 | ||
1,035 | Hartford County Metropolitan District, Connecticut, General Obligation Bonds, Series 2018, 5.000%, 7/15/35 | 7/28 at 100.00 | AA | 1,276,176 | ||
Hartford County Metropolitan District, Connecticut, General Obligation Bonds, Series 2019A: | ||||||
1,000 | 4.000%, 7/15/38 | 7/29 at 100.00 | AA | 1,157,760 | ||
1,075 | 4.000%, 7/15/39 | 7/29 at 100.00 | AA | 1,241,389 | ||
1,000 | New Haven, Connecticut, General Obligation Bonds, Refunding Series 2016A, 5.000%, 8/15/36 – AGM Insured | 8/26 at 100.00 | AA | 1,166,570 | ||
New Haven, Connecticut, General Obligation Bonds, Series 2014A: | ||||||
810 | 5.000%, 8/01/30 – AGM Insured | 8/24 at 100.00 | AA | 914,701 | ||
700 | 5.000%, 8/01/31 – AGM Insured | 8/24 at 100.00 | AA | 788,725 | ||
850 | 5.000%, 8/01/32 – AGM Insured | 8/24 at 100.00 | AA | 955,604 | ||
850 | 5.000%, 8/01/34 – AGM Insured | 8/24 at 100.00 | AA | 952,578 | ||
New Haven, Connecticut, General Obligation Bonds, Series 2015: | ||||||
795 | 5.000%, 9/01/32 – AGM Insured | 9/25 at 100.00 | AA | 919,139 | ||
1,620 | 5.000%, 9/01/33 – AGM Insured | 9/25 at 100.00 | AA | 1,868,362 | ||
500 | 5.000%, 9/01/35 – AGM Insured | 9/25 at 100.00 | AA | 574,540 | ||
485 | North Haven, Connecticut, General Obligation Bonds, Series 2006, 5.000%, 7/15/24 | No Opt. Call | Aa1 | 559,700 | ||
1,035 | Oxford, Connecticut, General Obligation Bonds, Series 2019A, 4.000%, 8/01/39 | 8/29 at 100.00 | Aa2 | 1,213,372 | ||
2,370 | Stratford, Connecticut, General Obligation Bonds, Series 2017, 4.000%, 1/01/39 – BAM Insured | 1/27 at 100.00 | AA | 2,634,255 | ||
Stratford, Connecticut, General Obligation Bonds, Series 2020A: | ||||||
365 | 4.000%, 7/01/38 – BAM Insured | 7/30 at 100.00 | AA | 428,671 | ||
330 | 4.000%, 7/01/40 – BAM Insured | 7/30 at 100.00 | AA | 385,450 | ||
Waterbury, Connecticut, General Obligation Bonds, Lot A Series 2015: | ||||||
555 | 5.000%, 8/01/30 – BAM Insured | 8/25 at 100.00 | AA | 653,340 | ||
485 | 5.000%, 8/01/31 – BAM Insured | 8/25 at 100.00 | AA | 570,704 | ||
765 | 5.000%, 8/01/32 – BAM Insured | 8/25 at 100.00 | AA | 899,456 | ||
555 | 5.000%, 8/01/33 – BAM Insured | 8/25 at 100.00 | AA | 652,020 | ||
555 | 5.000%, 8/01/34 – BAM Insured | 8/25 at 100.00 | AA | 651,231 | ||
2,000 | West Haven, Connecticut, General Obligation Bonds, Series 2012, 5.000%, 8/01/24 – AGM Insured | 8/22 at 100.00 | AA | 2,123,960 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 750 | West Haven, Connecticut, General Obligation Bonds, Series 2020, 4.000%, 3/15/40 – BAM Insured | 3/30 at 100.00 | AA | $ 837,030 | ||
58,380 | Total Tax Obligation/General | 67,450,935 | ||||
Tax Obligation/Limited – 14.6% | ||||||
2,000 | Connecticut Higher Education Supplemental Loan Authority, State Supported Revenue Bonds, CHESLA Loan Program, Series 2020B, 3.250%, 11/15/36 (AMT) | 11/29 at 100.00 | A1 | 2,004,740 | ||
2,500 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2013A, 5.000%, 10/01/33 | 10/23 at 100.00 | A+ | 2,767,050 | ||
1,390 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2015A, 5.000%, 8/01/33 | 8/25 at 100.00 | A+ | 1,623,145 | ||
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2016A: | ||||||
1,000 | 5.000%, 9/01/32 | 9/26 at 100.00 | A+ | 1,203,580 | ||
3,500 | 5.000%, 9/01/33 | 9/26 at 100.00 | A+ | 4,200,140 | ||
Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes Series 2018A: | ||||||
2,000 | 5.000%, 1/01/37 | 1/28 at 100.00 | A+ | 2,426,120 | ||
2,000 | 5.000%, 1/01/38 | 1/28 at 100.00 | A+ | 2,420,100 | ||
100 | Connecticut State, Special Tax Obligation Bonds, Transportation Infrastructure Purposes, Series 2020A, 4.000%, 5/01/39 | 5/30 at 100.00 | A+ | 115,064 | ||
Government of Guam, Business Privilege Tax Bonds, Series 2011A: | ||||||
2,400 | 5.250%, 1/01/36 | 1/22 at 100.00 | BB | 2,463,168 | ||
600 | 5.125%, 1/01/42 | 1/22 at 100.00 | BB | 613,680 | ||
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 | 513,105 | ||
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 | 3,034,650 | ||
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 | 3,215,648 | ||
1,860 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 571,838 | ||
1,300 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 1,418,859 | ||
2,500 | University of Connecticut, General Obligation Bonds, Series 2013A, 5.000%, 8/15/32 | 8/23 at 100.00 | A+ | 2,726,100 | ||
740 | University of Connecticut, General Obligation Bonds, Series 2014A, 5.000%, 2/15/31 | 2/24 at 100.00 | A+ | 817,559 | ||
1,590 | University of Connecticut, General Obligation Bonds, Series 2015A, 5.000%, 2/15/34 | 2/25 at 100.00 | A+ | 1,800,500 | ||
3,000 | University of Connecticut, General Obligation Bonds, Series 2017A, 5.000%, 1/15/36 | 1/27 at 100.00 | A+ | 3,558,870 | ||
University of Connecticut, General Obligation Bonds, Series 2019A: | ||||||
1,000 | 5.000%, 11/01/36 | 11/28 at 100.00 | A+ | 1,234,060 | ||
1,000 | 4.000%, 11/01/38 | 11/28 at 100.00 | A+ | 1,135,380 | ||
36,650 | Total Tax Obligation/Limited | 39,863,356 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation – 1.1% | ||||||
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 | BBB | $1,587,885 | ||
1,250 | 5.000%, 7/01/49 (AMT) | 7/29 at 100.00 | BBB | 1,433,713 | ||
2,750 | Total Transportation | 3,021,598 | ||||
U.S. Guaranteed – 15.0% (5) | ||||||
1,185 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Connecticut College, Series 2011H, 5.000%, 7/01/41 (Pre-refunded 7/01/21) | 7/21 at 100.00 | A2 | 1,203,901 | ||
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+ | 7,087,437 | ||
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 | 1,579,538 | ||
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 | 502,895 | ||
500 | 5.000%, 7/01/27 (Pre-refunded 7/01/21) | 7/21 at 100.00 | A3 | 507,975 | ||
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 | 1,016,370 | ||
2,500 | 5.625%, 7/01/41 (Pre-refunded 7/01/21) | 7/21 at 100.00 | A | 2,545,050 | ||
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 | N/R | 4,230,803 | ||
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 | N/R | 2,031,560 | ||
950 | Connecticut Health and Educational Facilities Authority, Revenue Bonds, Westminster School, Series 2014H, 3.250%, 7/01/32 (Pre-refunded 7/01/24) | 7/24 at 100.00 | A | 1,038,160 | ||
Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Refunding Series 2014B: | ||||||
500 | 5.000%, 8/15/30 (Pre-refunded 8/15/24) | 8/24 at 100.00 | AA+ | 579,535 | ||
1,000 | 5.000%, 8/15/32 (Pre-refunded 8/15/24) | 8/24 at 100.00 | AA+ | 1,159,070 | ||
2,500 | Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Series 2013A, 5.000%, 4/01/39 (Pre-refunded 4/01/22) | 4/22 at 100.00 | Aa2 | 2,631,425 | ||
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- | 1,168,863 | ||
1,055 | 5.000%, 8/01/44 (Pre-refunded 8/01/24) | 8/24 at 100.00 | AA- | 1,220,941 | ||
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- | 4,213,385 | ||
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- | 534,385 | ||
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- | 2,137,540 | ||
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 | 1,729,408 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (5) (continued) | ||||||
$ 600 | Stratford, Connecticut, General Obligation Bonds, Series 2014, 5.000%, 12/15/34 (Pre-refunded 12/15/22) | 12/22 at 100.00 | AA- | $651,210 | ||
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- | 3,206,310 | ||
39,335 | Total U.S. Guaranteed | 40,975,761 | ||||
Utilities – 12.3% | ||||||
415 | Connecticut Municipal Electric Energy Cooperative, Power Supply System Revenue Bonds, Series 2013A, 5.000%, 1/01/38 | 1/23 at 100.00 | Aa3 | 446,914 | ||
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 | 3,280,221 | ||
2,000 | Connecticut, State Revolving Fund General Revenue Bonds, Green Bonds, Series 2019A, 5.000%, 2/01/39 | 2/29 at 100.00 | AAA | 2,505,340 | ||
60 | Greater New Haven Water Pollution Control Authority, Connecticut, Regional Wastewater System Revenue Bonds, Series 2005A, 5.000%, 8/15/35 – NPFG Insured | 3/21 at 100.00 | AA+ | 60,219 | ||
2,040 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/40 | 7/27 at 100.00 | A- | 2,349,040 | ||
295 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2020A, 5.000%, 1/01/50 | 7/30 at 100.00 | A- | 355,472 | ||
1,000 | Guam Power Authority, Revenue Bonds, Series 2014A, 5.000%, 10/01/39 | 10/24 at 100.00 | AA | 1,110,850 | ||
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 | 2,538,967 | ||
4,885 | 5.000%, 11/01/42 | 11/24 at 100.00 | Aa2 | 5,488,151 | ||
1,500 | Hartford County Metropolitan District, Connecticut, Clean Water Project Revenue Bonds, Series 2020A, 5.000%, 10/01/45 | 10/30 at 100.00 | Aa2 | 1,900,065 | ||
2,010 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A, 5.000%, 7/01/30, 144A | No Opt. Call | N/R | 2,396,402 | ||
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- | 3,644,310 | ||
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- | 3,591,018 | ||
500 | Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2013A, 5.250%, 8/15/43 | 8/23 at 100.00 | AA+ | 556,075 | ||
750 | Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2019, 4.000%, 4/01/44 | 4/29 at 100.00 | AA+ | 866,977 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Stamford, Connecticut, Water Pollution Control System and Facility Revenue Bonds, Series 2020A: | ||||||
$ 300 | 3.000%, 11/15/32 | 11/30 at 100.00 | AA+ | $336,669 | ||
395 | 3.000%, 11/15/33 | 11/30 at 100.00 | AA+ | 441,093 | ||
1,300 | 4.000%, 11/15/45 | 11/30 at 100.00 | AA+ | 1,533,480 | ||
28,785 | Total Utilities | 33,401,263 | ||||
$ 241,820 | Total Long-Term Investments (cost $254,976,787) | 268,821,522 | ||||
Floating Rate Obligations – (0.6)% | (1,570,000) | |||||
Other Assets Less Liabilities – 1.9% | 5,070,347 | |||||
Net Assets – 100% | $ 272,321,869 |
(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 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 – 94.5% | ||||||
MUNICIPAL BONDS – 94.5% | ||||||
Education and Civic Organizations – 20.1% | ||||||
$ 1,315 | Lowell, Massachusetts, Collegiate Charter School Revenue Bonds, Series 2019, 5.000%, 6/15/39 | 6/26 at 100.00 | N/R | $1,437,913 | ||
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 | 1,477,552 | ||
5,165 | 5.000%, 10/01/46 | 10/26 at 100.00 | A | 5,987,320 | ||
3,000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2013S, 5.000%, 7/01/32 | 7/23 at 100.00 | AA- | 3,272,730 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Boston College, Series 2017T: | ||||||
2,350 | 5.000%, 7/01/39 | 7/27 at 100.00 | AA- | 2,836,661 | ||
1,020 | 5.000%, 7/01/42 | 7/27 at 100.00 | AA- | 1,225,836 | ||
5,000 | Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2013X, 5.000%, 10/01/48 | 10/23 at 100.00 | AA- | 5,469,000 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Brandeis University Issue, Series 2018R: | ||||||
1,195 | 5.000%, 10/01/37 | 10/28 at 100.00 | A+ | 1,447,276 | ||
840 | 5.000%, 10/01/38 | 10/28 at 100.00 | A+ | 1,014,703 | ||
1,000 | 5.000%, 10/01/39 | 10/28 at 100.00 | A+ | 1,205,370 | ||
3,000 | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2015, 5.000%, 1/01/35 | 1/25 at 100.00 | BBB+ | 3,327,120 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2016A: | ||||||
1,510 | 5.250%, 1/01/42 | 1/27 at 100.00 | BBB+ | 1,751,419 | ||
1,500 | 5.000%, 1/01/47 | 1/27 at 100.00 | BBB+ | 1,705,965 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2017A: | ||||||
1,600 | 5.000%, 1/01/37 | 1/28 at 100.00 | BBB+ | 1,895,520 | ||
6,020 | 5.000%, 1/01/40 | 1/28 at 100.00 | BBB+ | 7,076,329 | ||
2,000 | Massachusetts Development Finance Agency, Revenue Bonds, Emerson College, Series 2018, 5.000%, 1/01/43 | 1/28 at 100.00 | BBB+ | 2,331,640 | ||
2,500 | Massachusetts Development Finance Agency, Revenue Bonds, Emmanuel College, Series 2016A, 5.000%, 10/01/43 | 10/26 at 100.00 | Baa2 | 2,838,850 | ||
1,665 | Massachusetts Development Finance Agency, Revenue Bonds, Harvard University, Series 2020A, 5.000%, 10/15/30 | No Opt. Call | AAA | 2,253,744 | ||
2,055 | Massachusetts Development Finance Agency, Revenue Bonds, Lesley University, Series 2016, 5.000%, 7/01/36 | 7/26 at 100.00 | A- | 2,352,975 |
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 | $593,329 | ||
235 | 5.000%, 7/01/37 | 7/25 at 100.00 | AA | 269,825 | ||
700 | Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2017, 5.000%, 7/01/37 | 7/26 at 100.00 | BBB- | 805,280 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, Series 2014A: | ||||||
1,125 | 5.000%, 3/01/39 | 3/24 at 100.00 | A1 | 1,240,583 | ||
1,850 | 5.000%, 3/01/44 | 3/24 at 100.00 | A1 | 2,038,829 | ||
1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Northeastern University, Series 2020A, 5.000%, 10/01/35 | 10/30 at 100.00 | A1 | 1,297,630 | ||
1,550 | Massachusetts Development Finance Agency, Revenue Bonds, Phillips Academy , Series 2014A, 5.000%, 9/01/43 | 9/23 at 100.00 | AAA | 1,720,454 | ||
1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Simmons College, Series 2013J, 5.250%, 10/01/39 | 10/23 at 100.00 | BBB+ | 1,087,930 | ||
1,680 | Massachusetts Development Finance Agency, Revenue Bonds, Simmons University Issue, Series 2020M, 5.000%, 10/01/39 | 10/30 at 100.00 | BBB+ | 2,079,454 | ||
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 | 2,914,684 | ||
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 | 2,699,511 | ||
610 | Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Refunding Series 2019, 5.000%, 7/01/37 | 7/29 at 100.00 | Baa2 | 741,614 | ||
5,000 | Massachusetts Development Finance Agency, Revenue Bonds, Suffolk University, Refunding Series 2020A, 4.000%, 7/01/45 | 7/30 at 100.00 | Baa2 | 5,523,050 | ||
1,500 | Massachusetts Development Finance Agency, Revenue Bonds, The Broad Institute, Series 2017, 5.000%, 4/01/36 | 10/27 at 100.00 | AA- | 1,818,735 | ||
875 | Massachusetts Development Finance Agency, Revenue Bonds, Tufts University, Series 2015Q, 5.000%, 8/15/38 | 8/25 at 100.00 | Aa2 | 995,846 | ||
1,000 | Massachusetts Development Finance Agency, Revenue Bonds, Wheaton College, Series 2017H, 5.000%, 1/01/37 | 1/28 at 100.00 | Baa1 | 1,170,810 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Williams College, Refunding Series 2021T: | ||||||
345 | 5.000%, 7/01/34 (WI/DD, Settling 3/11/21) | 7/31 at 100.00 | AA+ | 460,278 | ||
440 | 5.000%, 7/01/35 (WI/DD, Settling 3/11/21) | 7/31 at 100.00 | AA+ | 584,549 | ||
360 | 5.000%, 7/01/36 (WI/DD, Settling 3/11/21) | 7/31 at 100.00 | AA+ | 476,658 | ||
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- | 1,219,310 | ||
1,000 | 5.000%, 6/01/38 | 6/28 at 100.00 | AA- | 1,217,020 | ||
2,400 | Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2012, 5.000%, 9/01/50 | 9/22 at 100.00 | A | 2,505,144 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2017B: | ||||||
$ 5,000 | 5.000%, 9/01/42 | 9/27 at 100.00 | A | $5,957,750 | ||
5,000 | 5.000%, 9/01/45 | 9/27 at 100.00 | A | 5,924,700 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute, Series 2019: | ||||||
745 | 5.000%, 9/01/33 | 9/29 at 100.00 | A | 930,147 | ||
3,500 | 5.000%, 9/01/49 | 9/29 at 100.00 | A | 4,194,120 | ||
Massachusetts Development Finance Authority, Revenue Bonds, Suffolk University, Refunding Series 2017: | ||||||
700 | 5.000%, 7/01/35 | 7/27 at 100.00 | Baa2 | 826,133 | ||
500 | 5.000%, 7/01/36 | 7/27 at 100.00 | Baa2 | 588,465 | ||
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- | 2,792,543 | ||
2,100 | Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation, Series 2002A, 5.750%, 1/01/42 – AMBAC Insured | No Opt. Call | AA- | 3,184,524 | ||
910 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, Series 2013, 5.250%, 7/01/29 (AMT) | 7/22 at 100.00 | AA | 957,165 | ||
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue K, Series 2017A: | ||||||
1,480 | 5.000%, 7/01/24 (AMT) | No Opt. Call | AA | 1,688,147 | ||
1,150 | 5.000%, 7/01/26 (AMT) | No Opt. Call | AA | 1,378,551 | ||
Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Issue L, Senior Series 2020B: | ||||||
850 | 5.000%, 7/01/29 (AMT) | No Opt. Call | AA | 1,061,302 | ||
1,000 | 5.000%, 7/01/30 (AMT) | No Opt. Call | AA | 1,259,620 | ||
165 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2009I, 6.000%, 1/01/28 | 3/21 at 100.00 | AA | 167,364 | ||
420 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2011J, 5.625%, 7/01/33 (AMT) | 7/21 at 100.00 | AA | 425,880 | ||
1,655 | Massachusetts Educational Financing Authority, Education Loan Revenue Bonds, Series 2016J, 5.000%, 7/01/24 (AMT) | No Opt. Call | AA | 1,887,759 | ||
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 | 1,130,340 | ||
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 | 2,929,800 | ||
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 | 5,088,840 | ||
1,545 | 5.000%, 11/01/39 | 11/29 at 100.00 | Aa2 | 1,955,198 | ||
2,870 | 5.000%, 11/01/45 | 11/29 at 100.00 | Aa2 | 3,567,812 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
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 | $1,255,770 | ||
2,000 | 5.000%, 5/01/39 | 5/29 at 100.00 | Aa2 | 2,504,960 | ||
115,560 | Total Education and Civic Organizations | 136,025,336 | ||||
Health Care – 19.2% | ||||||
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 | 6,684,186 | ||
2,160 | Massachusetts Development Finance Agency Revenue Bonds, South Shore Hospital, Series 2016I, 5.000%, 7/01/41 | 7/26 at 100.00 | BBB+ | 2,451,125 | ||
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- | 2,539,883 | ||
6,000 | Massachusetts Development Finance Agency, Revenue Bonds, Atrius Health Issue, Series 2019A, 5.000%, 6/01/39 | 6/29 at 100.00 | BBB | 7,210,500 | ||
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+ | 3,499,200 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Health Systems, Series 2012G: | ||||||
3,005 | 5.000%, 10/01/28 | 10/21 at 100.00 | AA- | 3,079,283 | ||
500 | 5.000%, 10/01/30 | 10/21 at 100.00 | AA- | 512,195 | ||
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 | 1,551,675 | ||
725 | 5.000%, 7/01/37 | 7/29 at 100.00 | A | 896,999 | ||
1,400 | 5.000%, 7/01/38 | 7/29 at 100.00 | A | 1,727,278 | ||
275 | 5.000%, 7/01/39 | 7/29 at 100.00 | A | 338,429 | ||
250 | 5.000%, 7/01/41 | 7/29 at 100.00 | A | 304,745 | ||
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 | 4,385,315 | ||
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 | 2,333,860 | ||
1,625 | 5.000%, 7/01/36 | 7/26 at 100.00 | BBB | 1,878,370 | ||
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Refunding Series 2016-I: | ||||||
3,800 | 5.000%, 7/01/21 | No Opt. Call | A | 3,858,672 | ||
1,675 | 5.000%, 7/01/30 | 7/26 at 100.00 | A | 2,004,238 | ||
1,500 | 5.000%, 7/01/37 | 7/26 at 100.00 | A | 1,757,370 | ||
1,935 | 5.000%, 7/01/38 | 7/26 at 100.00 | A | 2,262,692 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2015H-1: | ||||||
$ 900 | 5.000%, 7/01/30 | 7/25 at 100.00 | A | $1,047,870 | ||
1,000 | 5.000%, 7/01/32 | 7/25 at 100.00 | A | 1,155,300 | ||
500 | 5.000%, 7/01/33 | 7/25 at 100.00 | A | 575,615 | ||
Massachusetts Development Finance Agency, Revenue Bonds, CareGroup Issue, Series 2018J-2: | ||||||
5,000 | 5.000%, 7/01/43 | 7/28 at 100.00 | A | 5,964,250 | ||
4,100 | 5.000%, 7/01/48 | 7/28 at 100.00 | A | 4,843,125 | ||
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 | 2,268,016 | ||
6,100 | 5.000%, 12/01/46 | 12/26 at 100.00 | A1 | 7,133,584 | ||
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 | 3,044,104 | ||
5,325 | 5.000%, 8/15/45 | 8/25 at 100.00 | A | 6,020,658 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Mass General Brigham, Sereis 2020A-2: | ||||||
3,000 | 5.000%, 7/01/37 | 1/30 at 100.00 | AA- | 3,818,070 | ||
2,145 | 5.000%, 7/01/39 | 1/30 at 100.00 | AA- | 2,712,567 | ||
3,535 | 4.000%, 7/01/40 | 1/30 at 100.00 | AA- | 4,115,412 | ||
1,365 | 4.000%, 7/01/41 | 1/30 at 100.00 | AA- | 1,583,960 | ||
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+ | 1,641,640 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Milford Regional Medical Center Issue, Series 2020G: | ||||||
100 | 5.000%, 7/15/30, 144A | No Opt. Call | BB+ | 119,505 | ||
100 | 5.000%, 7/15/37, 144A | 7/30 at 100.00 | BB+ | 115,188 | ||
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- | 1,398,725 | ||
2,250 | 5.000%, 7/01/41 | 7/26 at 100.00 | AA- | 2,678,850 | ||
4,950 | 5.000%, 7/01/47 | 7/26 at 100.00 | AA- | 5,867,433 | ||
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- | 7,226,265 | ||
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+ | 1,072,540 | ||
365 | Massachusetts Development Finance Agency, Revenue Bonds, Southcoast Health System Obligated Group Issue, Series 2021G, 4.000%, 7/01/46 | 7/31 at 100.00 | A- | 417,118 | ||
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+ | 4,017,322 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
$ 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- | $1,031,118 | ||
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- | 429,920 | ||
1,855 | 5.000%, 7/01/44 | 7/27 at 100.00 | A- | 2,146,216 | ||
555 | Massachusetts Development Finance Agency, Revenue Bonds, UMass Memorial Health Care, Series 2016I, 5.000%, 7/01/36 | 7/26 at 100.00 | A- | 640,015 | ||
500 | Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2019A, 5.000%, 7/01/44 | 1/29 at 100.00 | BBB+ | 593,510 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Wellforce Issue, Series 2020C: | ||||||
3,400 | 4.000%, 10/01/45 – AGM Insured | 10/30 at 100.00 | AA | 3,839,382 | ||
3,355 | 3.000%, 10/01/45 – AGM Insured | 10/30 at 100.00 | AA | 3,420,523 | ||
113,645 | Total Health Care | 130,213,816 | ||||
Housing/Multifamily – 1.3% | ||||||
2,250 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2019B-1, 3.100%, 12/01/44 | 12/28 at 100.00 | AA | 2,335,342 | ||
2,000 | Massachusetts Housing Finance Agency, Housing Bonds, Series 2020A-1, 3.000%, 12/01/45 | 12/28 at 100.00 | AA | 2,058,760 | ||
1,800 | Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2020C-1, 2.450%, 12/01/45 | 12/29 at 100.00 | AA | 1,773,972 | ||
Massachusetts Housing Finance Agency, Housing Bonds, Sustainability Green Series 2020D-1: | ||||||
1,500 | 2.200%, 12/01/40 | 6/30 at 100.00 | AA | 1,502,265 | ||
1,000 | 2.375%, 12/01/45 | 6/30 at 100.00 | AA | 1,002,970 | ||
8,550 | Total Housing/Multifamily | 8,673,309 | ||||
Long-Term Care – 0.8% | ||||||
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+ | 2,052,104 | ||
275 | 5.000%, 10/01/47, 144A | 10/22 at 105.00 | BB+ | 300,954 | ||
560 | Massachusetts Development Finance Agency, Revenue Bonds, Berkshire Retirement Community Lennox, Series 2015, 5.000%, 7/01/31 | 7/25 at 100.00 | A+ | 639,537 | ||
525 | Massachusetts Development Finance Agency, Revenue Bonds, Carleton-Willard Village, Series 2019, 5.000%, 12/01/42 | 12/25 at 103.00 | A- | 592,704 | ||
Massachusetts Development Finance Agency, Revenue Bonds, Loomis Communities, Series 2013A: | ||||||
240 | 5.250%, 1/01/26 | 1/23 at 100.00 | BBB | 257,158 | ||
790 | 5.750%, 1/01/28 | 1/23 at 100.00 | BBB | 852,971 | ||
400 | Massachusetts Development Finance Agency, Revenue Bonds, Orchard Cove, Inc, Refunding Series 2019, 5.000%, 10/01/39 | 10/24 at 104.00 | BBB+ | 451,800 | ||
4,700 | Total Long-Term Care | 5,147,228 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General – 14.3% | ||||||
$ 4,000 | Attleboro, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2019, 4.000%, 2/15/44 | 2/27 at 100.00 | AA | $4,481,920 | ||
5,725 | Boston, Massachusetts, General Obligation Bonds, Series 2018A, 5.000%, 5/01/36 | 5/28 at 100.00 | AAA | 7,146,918 | ||
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 | 1,499,568 | ||
1,440 | 3.000%, 6/01/39 | 6/28 at 100.00 | AA | 1,538,683 | ||
1,490 | 3.000%, 6/01/40 | 6/28 at 100.00 | AA | 1,586,716 | ||
Fall River, Massachusetts, General Obligation Bonds, State Qualified Municipal Purpose Loan Series 2021: | ||||||
1,655 | 4.000%, 12/01/32 | 12/29 at 100.00 | Aa2 | 2,010,345 | ||
1,610 | 4.000%, 12/01/33 | 12/29 at 100.00 | Aa2 | 1,941,241 | ||
2,000 | Higham, Massachusetts, General Obligation Bonds, Water Series 2020, 3.000%, 2/15/38 | 8/28 at 100.00 | AAA | 2,197,220 | ||
1,750 | Hudson, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2011, 5.000%, 2/15/32 | 3/21 at 100.00 | AA | 1,755,040 | ||
330 | Massachusetts Bay Transportation Authority, General Obligation Transportation System Bonds, Series 1991A, 7.000%, 3/01/21 | No Opt. Call | Aa1 | 330,000 | ||
10,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan Series 2019C, 5.000%, 5/01/42 | 5/29 at 100.00 | Aa1 | 12,396,600 | ||
3,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2015C, 5.000%, 7/01/45 | 7/25 at 100.00 | Aa1 | 3,472,410 | ||
1,190 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2016A, 5.000%, 3/01/46 | 3/24 at 100.00 | Aa1 | 1,328,599 | ||
3,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017A, 5.000%, 4/01/42 | 4/27 at 100.00 | Aa1 | 3,667,740 | ||
5,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2017F, 5.000%, 11/01/46 | 11/27 at 100.00 | Aa1 | 6,168,450 | ||
Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2018A: | ||||||
3,750 | 5.000%, 1/01/42 | 1/28 at 100.00 | Aa1 | 4,589,963 | ||
2,490 | 5.000%, 1/01/45 | 1/28 at 100.00 | Aa1 | 3,028,388 | ||
950 | 5.000%, 1/01/46 | 1/28 at 100.00 | Aa1 | 1,154,070 | ||
11,110 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2019A, 5.250%, 1/01/44 | 1/29 at 100.00 | Aa1 | 13,898,721 | ||
5,000 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2020C, 3.000%, 3/01/47 | 3/30 at 100.00 | Aa1 | 5,253,900 | ||
5,500 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2020D, 5.000%, 7/01/48 | 7/30 at 100.00 | Aa1 | 6,903,985 | ||
2,035 | Massachusetts State, General Obligation Bonds, Consolidated Loan, Series 2020E, 5.000%, 11/01/50 | 11/30 at 100.00 | Aa1 | 2,567,804 | ||
2,500 | Massachusetts State, General Obligation Bonds, Refunding Series 2020D, 4.000%, 11/01/40 | 11/30 at 100.00 | Aa1 | 2,991,100 | ||
1,000 | North Reading, Massachusetts, General Obligation Bonds, Municipal Purpose Loan Series 2012, 5.000%, 5/15/35 | 5/22 at 100.00 | Aa2 | 1,055,060 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
$ 2,010 | Pentucket Regional School District, Massachusetts, General Obligation Bonds, Series 2019, 3.000%, 9/01/43 | 9/27 at 100.00 | Aa2 | $2,114,580 | ||
1,345 | Waltham, Massachusetts, General Obligation Bonds, School Series 2020, 3.000%, 10/15/33 | 10/29 at 100.00 | AA+ | 1,509,171 | ||
81,280 | Total Tax Obligation/General | 96,588,192 | ||||
Tax Obligation/Limited – 20.3% | ||||||
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | ||||||
1,355 | 5.000%, 11/15/27 | 11/25 at 100.00 | BB | 1,551,299 | ||
1,000 | 5.000%, 11/15/39 | 11/25 at 100.00 | BB | 1,108,670 | ||
2,505 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.125%, 1/01/42 | 1/22 at 100.00 | BB | 2,562,114 | ||
870 | Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37 | 1/22 at 100.00 | BB | 890,027 | ||
Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A: | ||||||
1,160 | 5.000%, 12/01/31 | 12/26 at 100.00 | BB | 1,330,230 | ||
2,000 | 5.000%, 12/01/46 | 12/26 at 100.00 | BB | 2,224,620 | ||
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 | 1,144,835 | ||
500 | Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds, Refunding Green Series 2017, 5.000%, 5/01/36 | 5/27 at 100.00 | AA | 604,270 | ||
6,345 | Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A, 5.000%, 7/01/41 | 7/22 at 100.00 | AAA | 6,727,096 | ||
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 | 2,879,975 | ||
Massachusetts Bay Transportation Authority, Sales Tax Revenue Bonds, Subordinated Series 2020B-1: | ||||||
2,000 | 5.000%, 7/01/32 | 7/30 at 100.00 | AA | 2,619,560 | ||
10,000 | 5.000%, 7/01/45 | 7/28 at 100.00 | AA | 12,224,700 | ||
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 | 6,739,923 | ||
Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2003B: | ||||||
1,010 | 5.375%, 5/01/22 – SYNCORA GTY Insured | No Opt. Call | AA | 1,070,731 | ||
1,125 | 5.375%, 5/01/23 – SYNCORA GTY Insured | No Opt. Call | AA | 1,248,503 | ||
1,310 | Massachusetts College Building Authority, Revenue Bonds, Refunding Series 2011A, 5.000%, 5/01/24 | No Opt. Call | Aa2 | 1,497,173 | ||
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 | 1,931,919 | ||
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+ | 8,579,900 | ||
8,000 | Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Subordinated Series 2019A, 5.000%, 2/15/44 | 2/29 at 100.00 | AA+ | 9,833,760 | ||
13,470 | Massachusetts School Building Authority, Senior Dedicated Sales Tax Revenue Bonds, 2020A, 5.000%, 8/15/45 | 8/30 at 100.00 | AAA | 17,101,512 | ||
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+ | 1,572,425 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 6,575 | Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Refunding Series 2005, 5.500%, 1/01/27 – NPFG Insured | No Opt. Call | A1 | $8,134,656 | ||
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+ | 3,323,152 | ||
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+ | 4,970,400 | ||
7,000 | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement & Accelerated Bridge Programs, Series 2019A, 5.000%, 6/01/49 | 6/29 at 100.00 | AA+ | 8,599,990 | ||
800 | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series 2012A, 4.000%, 6/01/35 | 6/21 at 100.00 | AA+ | 805,584 | ||
3,500 | Massachusetts State, Transportation Fund Revenue Bonds, Rail Enhancement Program, Series 2015A, 5.000%, 6/01/45 | 6/25 at 100.00 | AA+ | 4,044,145 | ||
4,805 | Massachusetts State, Transportation Fund Revenue Bonds, Refunding Series 2017A, 5.000%, 6/01/43 | 12/27 at 100.00 | AA+ | 5,869,884 | ||
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 | 3,463,089 | ||
4,510 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 1,386,554 | ||
4,300 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 4,693,149 | ||
2,208 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 2,445,448 | ||
1,155 | 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 | 1,242,376 | ||
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 | BBB+ | 3,220,112 | ||
119,280 | Total Tax Obligation/Limited | 137,641,781 | ||||
Transportation – 7.0% | ||||||
7,965 | Massachusetts Department of Transportation, Metropolitan Highway System Revenue Bonds, Commonwealth Contract Assistance Secured, Refunding Subordinated Series 2019C, 5.000%, 1/01/33 | 1/29 at 100.00 | AA+ | 10,152,189 | ||
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+ | 1,544,562 | ||
1,500 | Massachusetts Port Authority, Revenue Bonds, Refunding Series 2017A, 5.000%, 7/01/42 (AMT) | 7/27 at 100.00 | Aa2 | 1,780,845 | ||
1,250 | Massachusetts Port Authority, Revenue Bonds, Refunding Series 2021A, 5.000%, 7/01/39 | 7/31 at 100.00 | Aa2 | 1,619,725 | ||
1,200 | Massachusetts Port Authority, Revenue Bonds, Refunding Series 2021B, 5.000%, 7/01/40 (AMT) | 7/31 at 100.00 | Aa2 | 1,529,928 | ||
1,780 | Massachusetts Port Authority, Revenue Bonds, Series 2014A, 5.000%, 7/01/34 | 7/24 at 100.00 | Aa2 | 2,007,698 | ||
Massachusetts Port Authority, Revenue Bonds, Series 2015A: | ||||||
1,425 | 5.000%, 7/01/40 | 7/25 at 100.00 | Aa2 | 1,653,784 | ||
2,000 | 5.000%, 7/01/45 | 7/25 at 100.00 | Aa2 | 2,303,980 | ||
5,960 | Massachusetts Port Authority, Revenue Bonds, Series 2019B, 5.000%, 7/01/44 | 7/29 at 100.00 | Aa2 | 7,341,647 | ||
10,000 | Massachusetts Port Authority, Revenue Bonds, Series 2019C, 5.000%, 7/01/49 (AMT) | 7/29 at 100.00 | Aa2 | 12,075,600 | ||
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 | 4,167,870 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
$ 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 | A1 | $ 850,206 | ||
38,670 | Total Transportation | 47,028,034 | ||||
U.S. Guaranteed – 4.5% (4) | ||||||
1,045 | Boston, Massachusetts, General Obligation Bonds, Series 2013A, 4.000%, 3/01/25 (Pre-refunded 3/01/23) | 3/23 at 100.00 | AAA | 1,124,117 | ||
1,890 | Massachusetts College Building Authority, Project Revenue Bonds, Green Series 2014B, 5.000%, 5/01/44 (Pre-refunded 5/01/24) | 5/24 at 100.00 | Aa2 | 2,165,638 | ||
1,015 | Massachusetts College Building Authority, Project Revenue Bonds, Refunding Series 2003B, 5.375%, 5/01/22 – SYNCORA GTY Insured (ETM) | No Opt. Call | AA | 1,076,276 | ||
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 | 1,209,830 | ||
799 | 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 | 901,568 | ||
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- | 2,777,000 | ||
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 | 1,016,120 | ||
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 | 3,514,455 | ||
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 | 299,457 | ||
2,750 | Massachusetts Port Authority, Revenue Bonds, Series 2012B, 5.000%, 7/01/32 (Pre-refunded 7/01/22) | 7/22 at 100.00 | Aa2 | 2,927,980 | ||
500 | Massachusetts Port Authority, Special Facilities Revenue Bonds, ConRac Project, Series 2011A, 5.125%, 7/01/41 (Pre-refunded 7/01/21) | 7/21 at 100.00 | BBB+ | 508,100 | ||
Massachusetts School Building Authority, Dedicated Sales Tax Revenue Bonds, Senior Series 2013A: | ||||||
1,650 | 5.000%, 5/15/38 (Pre-refunded 5/15/23) | 5/23 at 100.00 | N/R | 1,822,821 | ||
1,475 | 5.000%, 5/15/38 (Pre-refunded 5/15/23) | 5/23 at 100.00 | AAA | 1,629,491 | ||
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 | 1,699,846 | ||
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 | 8,104,275 | ||
28,714 | Total U.S. Guaranteed | 30,776,974 | ||||
Utilities – 7.0% | ||||||
4,000 | Boston Water and Sewer Commission, Massachusetts, General Revenue Bonds, Senior Series 2018A, 4.000%, 11/01/40 | 5/26 at 100.00 | AAA | 4,489,040 | ||
2,805 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Refunding Series 2017, 5.000%, 7/01/40 | 7/27 at 100.00 | A- | 3,229,929 | ||
670 | Guam Government Waterworks Authority, Water and Wastewater System Revenue Bonds, Series 2016, 5.000%, 1/01/46 | 7/26 at 100.00 | A- | 750,594 | ||
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 | 3,042,171 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
$ 60 | Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2003-9, 5.000%, 8/01/22 | 3/21 at 100.00 | AAA | $60,219 | ||
1,820 | Massachusetts Water Resources Authority, General Revenue Bonds, Refunding Green Series 2016C, 5.000%, 8/01/40 | 8/26 at 100.00 | AA+ | 2,174,227 | ||
1,000 | Massachusetts Water Resources Authority, General Revenue Bonds, Refunding Series 2016B, 5.000%, 8/01/40 | 8/26 at 100.00 | AA+ | 1,194,630 | ||
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2017B: | ||||||
1,000 | 5.000%, 8/01/39 | 8/27 at 100.00 | AA+ | 1,221,130 | ||
1,870 | 5.000%, 8/01/42 | 8/27 at 100.00 | AA+ | 2,268,254 | ||
8,000 | Massachusetts Water Resources Authority, General Revenue Bonds, Series 2019B, 5.000%, 8/01/44 | 8/29 at 100.00 | AA+ | 9,988,720 | ||
Massachusetts Water Resources Authority, General Revenue Bonds, Series 2020B: | ||||||
2,000 | 5.000%, 8/01/37 | 8/30 at 100.00 | AA+ | 2,612,500 | ||
4,200 | 5.000%, 8/01/45 | 8/30 at 100.00 | AA+ | 5,336,604 | ||
4,945 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A, 5.000%, 7/01/30, 144A | No Opt. Call | N/R | 5,895,627 | ||
2,900 | Puerto Rico Electric Power Authority, Power Revenue Bonds, Series 2004PP, 5.000%, 7/01/22 – NPFG Insured | 3/21 at 100.00 | Baa2 | 2,921,605 | ||
1,010 | Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2017C, 5.000%, 4/15/33 | 4/27 at 100.00 | AA | 1,238,634 | ||
625 | Springfield Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2019E, 4.000%, 4/15/39 | 4/29 at 100.00 | AA | 724,525 | ||
39,605 | Total Utilities | 47,148,409 | ||||
$ 550,004 | Total Long-Term Investments (cost $608,313,034) | 639,243,079 | ||||
Other Assets Less Liabilities – 5.5% | 37,247,835 | |||||
Net Assets – 100% | $ 676,490,914 |
(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. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax | |
ETM | Escrowed to maturity | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 100.9% | ||||||
MUNICIPAL BONDS – 100.9% | ||||||
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 | 3/21 at 100.00 | Caa3 | $641,775 | ||
240 | 5.125%, 1/01/37 | 3/21 at 100.00 | Caa3 | 154,687 | ||
1,175 | Total Consumer Discretionary | 796,462 | ||||
Consumer Staples – 2.9% | ||||||
Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018A: | ||||||
4,335 | 4.000%, 6/01/37 | 6/28 at 100.00 | A- | 4,882,814 | ||
325 | 5.000%, 6/01/46 | 6/28 at 100.00 | BBB+ | 379,009 | ||
3,660 | 5.250%, 6/01/46 | 6/28 at 100.00 | BBB+ | 4,355,290 | ||
2,415 | Tobacco Settlement Financing Corporation, New Jersey, Tobacco Settlement Asset-Backed Bonds, Series 2018B, 5.000%, 6/01/46 | 6/28 at 100.00 | BB+ | 2,790,339 | ||
10,735 | Total Consumer Staples | 12,407,452 | ||||
Education and Civic Organizations – 14.3% | ||||||
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- | 258,190 | ||
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- | 2,955,307 | ||
100 | 5.000%, 7/15/47 | 7/27 at 100.00 | BBB- | 111,690 | ||
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 | 105,328 | ||
870 | New Jersey Economic Development Authority, Revenue Bonds, The Seeing Eye Inc, Refunding Series 2015, 5.000%, 3/01/25 | No Opt. Call | A | 1,004,372 | ||
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 | 199,634 | ||
285 | 3.000%, 6/01/32 | 12/27 at 100.00 | A | 290,150 | ||
1,060 | 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 | 1,088,662 | ||
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 | 1,935,990 | ||
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+ | 2,306,720 | ||
1,055 | 3.750%, 7/01/33 | 7/25 at 100.00 | A+ | 1,137,606 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
New Jersey Educational Facilities Authority, Revenue Bonds, Ramapo College, Refunding Series 2012B: | ||||||
$ 525 | 5.000%, 7/01/37 | 7/22 at 100.00 | A | $550,919 | ||
100 | 5.000%, 7/01/42 | 7/22 at 100.00 | A | 104,671 | ||
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2012A: | ||||||
250 | 5.000%, 7/01/32 | 7/21 at 100.00 | BB+ | 250,888 | ||
230 | 5.000%, 7/01/37 | 7/21 at 100.00 | BB+ | 230,612 | ||
New Jersey Educational Facilities Authority, Revenue Bonds, Rider University, Series 2017F: | ||||||
360 | 3.750%, 7/01/37 | 7/27 at 100.00 | BB+ | 334,519 | ||
1,370 | 4.000%, 7/01/42 | 7/27 at 100.00 | BB+ | 1,280,196 | ||
2,445 | 5.000%, 7/01/47 | 7/27 at 100.00 | BB+ | 2,516,981 | ||
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 | BBB+ | 1,366,451 | ||
710 | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2013D, 5.000%, 7/01/38 | 7/23 at 100.00 | BBB+ | 753,466 | ||
New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2016C: | ||||||
1,870 | 3.000%, 7/01/41 | 7/26 at 100.00 | BBB+ | 1,879,294 | ||
2,430 | 3.000%, 7/01/46 | 7/26 at 100.00 | BBB+ | 2,404,995 | ||
1,085 | 4.000%, 7/01/46 | 7/26 at 100.00 | BBB+ | 1,146,346 | ||
1,000 | New Jersey Educational Facilities Authority, Revenue Bonds, Seton Hall University, Series 2020C, 3.250%, 7/01/49 – AGM Insured | 7/30 at 100.00 | AA | 1,035,620 | ||
New Jersey Educational Facilities Authority, Revenue Bonds, Stevens Institute of Technology Issue, Green Series 2020A: | ||||||
4,000 | 5.000%, 7/01/45 | 7/30 at 100.00 | BBB+ | 4,765,120 | ||
500 | 4.000%, 7/01/50 | 7/30 at 100.00 | BBB+ | 545,865 | ||
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+ | 1,147,470 | ||
1,310 | 5.000%, 7/01/47 | 7/27 at 100.00 | BBB+ | 1,485,121 | ||
500 | 4.000%, 7/01/47 | 7/27 at 100.00 | BBB+ | 533,110 | ||
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 | 1,587,149 | ||
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 | 3,203,550 | ||
685 | 4.000%, 12/01/35 (AMT) | 6/28 at 100.00 | Aaa | 732,532 | ||
1,145 | 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 | 1,173,041 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2016-1A: | ||||||
$ 1,940 | 3.500%, 12/01/32 (AMT) | 12/25 at 100.00 | Aaa | $2,009,976 | ||
440 | 4.000%, 12/01/39 (AMT) | 12/25 at 100.00 | Aaa | 456,658 | ||
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Lien Series 2017-1A: | ||||||
1,575 | 3.750%, 12/01/33 (AMT) | 12/26 at 100.00 | Aaa | 1,667,342 | ||
190 | 4.000%, 12/01/40 (AMT) | 12/26 at 100.00 | Aaa | 201,795 | ||
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 | 1,492,050 | ||
735 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Senior Series 2020B, 3.500%, 12/01/39 (AMT) | 12/28 at 100.00 | Aa1 | 756,014 | ||
510 | New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2010-2, 5.000%, 12/01/30 | 3/21 at 100.00 | Aaa | 510,352 | ||
525 | 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 | 553,481 | ||
500 | 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 | 530,645 | ||
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2013-1A: | ||||||
625 | 3.625%, 12/01/25 (AMT) | 12/22 at 100.00 | Aaa | 649,350 | ||
1,010 | 4.000%, 12/01/28 (AMT) | 12/22 at 100.00 | Aaa | 1,049,208 | ||
495 | 4.000%, 12/01/31 (AMT) | 12/22 at 100.00 | Aaa | 511,800 | ||
520 | 4.125%, 12/01/35 (AMT) | 12/22 at 100.00 | Aaa | 536,874 | ||
New Jersey Higher Education Assistance Authority, Student Loan Revenue Bonds, Series 2014-1A-1: | ||||||
695 | 4.250%, 12/01/32 (AMT) | 12/23 at 100.00 | Aaa | 735,143 | ||
695 | 4.500%, 12/01/36 (AMT) | 12/23 at 100.00 | Aaa | 736,026 | ||
1,620 | 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 | 1,724,782 | ||
1,815 | 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 | 1,907,166 | ||
1,445 | 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 | 1,469,464 | ||
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 | 3,355,290 | ||
57,365 | Total Education and Civic Organizations | 61,274,981 | ||||
Financials – 0.2% | ||||||
New Jersey Economic Development Authority, Revenue Refunding Bonds, Kapkowski Road Landfill Project, Series 2002: | ||||||
230 | 5.750%, 10/01/21 | No Opt. Call | Ba2 | 232,052 | ||
500 | 6.500%, 4/01/28 | No Opt. Call | Ba2 | 548,315 | ||
730 | Total Financials | 780,367 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care – 13.2% | ||||||
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+ | $1,924,491 | ||
800 | 5.000%, 2/15/28 | 2/24 at 100.00 | BBB+ | 885,720 | ||
2,000 | 5.000%, 2/15/33 | 2/24 at 100.00 | BBB+ | 2,168,320 | ||
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+ | 851,144 | ||
195 | New Jersey Health Care Facilities Finance Authority, Revenue Bonds, AHS Hospital Corporation, Series 2008A, 5.000%, 7/01/27 | 3/21 at 100.00 | AA- | 195,566 | ||
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+ | 825,391 | ||
700 | 6.250%, 7/01/35 | 7/21 at 100.00 | BB+ | 708,876 | ||
1,545 | New Jersey Health Care Facilities Financing Authority, New Jersey, Revenue Bonds, Saint Peters University Hospital, Series 2007, 5.750%, 7/01/37 | 3/21 at 100.00 | BB+ | 1,549,434 | ||
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- | 424,840 | ||
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- | 617,176 | ||
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- | 2,246,760 | ||
New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hackensack Meridian Health Obligated Group, Refunding Series 2017A: | ||||||
3,160 | 5.000%, 7/01/28 | 7/27 at 100.00 | AA- | 3,910,626 | ||
2,040 | 5.000%, 7/01/57 | 7/27 at 100.00 | AA- | 2,352,650 | ||
1,000 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Refunding Series 2014A, 4.000%, 7/01/45 | 7/24 at 100.00 | A+ | 1,039,410 | ||
4,460 | 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- | 4,873,754 | ||
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- | 5,695,567 | ||
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- | 615,925 | ||
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 | 554,217 | ||
575 | 5.000%, 7/01/33 | 7/26 at 100.00 | AA | 691,466 | ||
600 | 5.000%, 7/01/34 | 7/26 at 100.00 | AA | 719,478 | ||
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- | 2,252,800 | ||
630 | 5.000%, 7/01/43 | 7/24 at 100.00 | AA- | 707,862 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care (continued) | ||||||
$ 2,780 | 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- | $3,290,269 | ||
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- | 2,851,977 | ||
235 | 4.000%, 7/01/34 | 7/26 at 100.00 | BBB- | 261,555 | ||
3,085 | 5.000%, 7/01/41 | 7/26 at 100.00 | BBB- | 3,574,651 | ||
1,685 | 4.000%, 7/01/48 | 7/26 at 100.00 | BBB- | 1,840,408 | ||
470 | 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- | 491,108 | ||
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 | 1,615,050 | ||
1,255 | 5.000%, 7/01/46 – AGM Insured | 7/25 at 100.00 | AA | 1,406,993 | ||
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+ | 1,892,360 | ||
3,415 | 3.000%, 7/01/49 | 7/29 at 100.00 | A+ | 3,474,797 | ||
50,675 | Total Health Care | 56,510,641 | ||||
Housing/Multifamily – 6.0% | ||||||
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 | B | 606,606 | ||
2,440 | 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- | 2,456,812 | ||
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 | 2,157,439 | ||
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 | 1,832,428 | ||
1,015 | 4.600%, 11/01/38 (AMT) | 11/22 at 100.00 | AA | 1,050,007 | ||
1,010 | 4.750%, 11/01/46 (AMT) | 11/22 at 100.00 | AA | 1,042,855 | ||
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- | 1,634,272 | ||
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- | 1,195,654 | ||
2,105 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2016B, 3.600%, 11/01/40 | 11/25 at 100.00 | AA- | 2,207,387 | ||
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- | 951,676 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Housing/Multifamily (continued) | ||||||
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- | $2,080,494 | ||
1,865 | 3.875%, 11/01/38 | 11/27 at 100.00 | AA- | 2,031,097 | ||
1,045 | 3.950%, 11/01/43 | 11/27 at 100.00 | AA- | 1,136,553 | ||
650 | 4.000%, 11/01/48 | 11/27 at 100.00 | AA- | 704,782 | ||
500 | 4.100%, 11/01/53 | 11/27 at 100.00 | AA- | 543,555 | ||
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- | 1,847,055 | ||
515 | 3.000%, 11/01/44 | 11/28 at 100.00 | AA- | 532,726 | ||
870 | 3.050%, 11/01/49 | 11/28 at 100.00 | AA- | 907,619 | ||
465 | 3.150%, 5/01/53 | 11/28 at 100.00 | AA- | 484,000 | ||
600 | New Jersey Housing and Mortgage Finance Agency, Multifamily Revenue Bonds, Series 2020A, 2.450%, 11/01/45 | 11/29 at 100.00 | AA- | 582,870 | ||
24,805 | Total Housing/Multifamily | 25,985,887 | ||||
Housing/Single Family – 3.2% | ||||||
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2018A: | ||||||
2,080 | 3.600%, 4/01/33 | 10/27 at 100.00 | AA | 2,259,462 | ||
1,360 | 3.750%, 10/01/35 | 10/27 at 100.00 | AA | 1,488,343 | ||
2,580 | 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 | 2,797,804 | ||
2,945 | 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 | 3,155,008 | ||
New Jersey Housing and Mortgage Finance Agency, Single Family Housing Revenue Bonds, Series 2020E: | ||||||
1,920 | 2.250%, 10/01/40 | 4/29 at 100.00 | AA | 1,897,402 | ||
2,000 | 3.500%, 4/01/51 | 4/29 at 102.44 | AA | 2,202,060 | ||
12,885 | Total Housing/Single Family | 13,800,079 | ||||
Long-Term Care – 1.2% | ||||||
530 | 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 | 537,044 | ||
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- | 1,257,429 | ||
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- | 324,340 | ||
405 | 5.000%, 7/01/29 | 7/24 at 100.00 | BBB- | 437,420 | ||
2,170 | New Jersey Economic Development Authority, Revenue Bonds, White Horse HMT Urban Renewal LLC Project, Series 2020, 5.000%, 1/01/40, 144A | 1/28 at 102.00 | N/R | 2,147,953 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Long-Term Care (continued) | ||||||
$ 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 | $ 472,510 | ||
5,125 | Total Long-Term Care | 5,176,696 | ||||
Tax Obligation/General – 13.4% | ||||||
1,000 | Berkeley Heights Township, Union County, New Jersey, General Obligation Bonds, Bond Anticipation Note Series 2020, 0.500%, 3/09/21 | 3/21 at 100.00 | N/R | 1,000,080 | ||
735 | 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 | 794,248 | ||
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 | 894,874 | ||
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 | 15,077 | ||
Gloucester Township, New Jersey, General Obligation Bonds, Series 2019: | ||||||
1,000 | 2.000%, 2/01/28 – BAM Insured | No Opt. Call | AA | 1,033,800 | ||
1,500 | 2.250%, 2/01/29 – BAM Insured | No Opt. Call | AA | 1,568,415 | ||
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 | 191,097 | ||
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 | 1,492,346 | ||
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 | 131,721 | ||
340 | 5.000%, 8/01/42 | 8/25 at 100.00 | AA | 394,798 | ||
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 | 7,679,877 | ||
1,000 | 5.250%, 5/01/51 | 5/26 at 100.00 | AA | 1,194,680 | ||
5,000 | Mercer County, New Jersey, General Obligation Bonds, General Capital Improvement Open Space Farmland NotesSeries 2020A, 2.000%, 6/10/21 | No Opt. Call | N/R | 5,025,150 | ||
3,060 | Monmouth County Improvement Authority, New Jersey, Governmental Pooled Loan Revenue Bonds, Series 2020A, 2.000%, 7/12/21 | No Opt. Call | N/R | 3,080,472 | ||
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 | 349,176 | ||
220 | 5.000%, 1/01/37 | 1/24 at 100.00 | AAA | 246,952 | ||
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+ | 644,880 | ||
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 | 2,237,797 | ||
1,325 | 5.000%, 9/01/39 – BAM Insured | 9/26 at 100.00 | AA | 1,547,030 | ||
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 | 1,106,590 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
New Jersey State, General Obligation Bonds, Covid-19 Emergency Series 2020A: | ||||||
$ 2,000 | 3.000%, 6/01/32 | No Opt. Call | A3 | $2,210,120 | ||
1,795 | 4.000%, 6/01/32 | No Opt. Call | A3 | 2,174,104 | ||
500 | Newark, New Jersey, General Obligation Notes, Series 2020, 3.500%, 7/27/21 | No Opt. Call | N/R | 506,480 | ||
1,500 | Ocean City, New Jersey, General Obligation Bonds, General Improvement Series 2019, 2.250%, 9/15/33 | 9/26 at 100.00 | AA | 1,546,530 | ||
2,625 | Passaic County, New Jersey, General Obligation Bonds, General Improvement Series 2019A, 1.000%, 12/01/34 | 12/27 at 100.00 | Aa1 | 2,209,751 | ||
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- | 1,154,652 | ||
1,000 | Somerset County, New Jersey, General Obligation Bonds, Bond Anticpation Notes Series 2020, 4.000%, 9/09/21 | No Opt. Call | N/R | 1,019,880 | ||
625 | South Orange Village Township, New Jersey, General Obligation Bonds, Refunding Series 2020, 4.000%, 1/15/24 | No Opt. Call | AA- | 687,225 | ||
3,835 | 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+ | 3,974,786 | ||
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 | 2,546,186 | ||
2,900 | Union County, New Jersey, General Obligation Bonds, Bond Anticipation Notes Series 2020, 4.000%, 6/18/21 | No Opt. Call | N/R | 2,933,147 | ||
4,000 | Union County, New Jersey, General Obligation Bonds, Refunding Series 2017, 3.000%, 3/01/27 | 9/25 at 100.00 | Aaa | 4,381,120 | ||
1,500 | Verona Township Board of Education, Essex County, New Jersey, General Obligation Bonds, Refunding Series 2020, 2.250%, 3/01/39 | 3/27 at 100.00 | AA- | 1,420,230 | ||
53,955 | Total Tax Obligation/General | 57,393,271 | ||||
Tax Obligation/Limited – 23.2% | ||||||
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 | 807,573 | ||
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 | 3,988,738 | ||
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 | 2,223,287 | ||
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 | Aa1 | 3,638,970 | ||
4,000 | 4.000%, 7/01/48 | 7/29 at 100.00 | Aa1 | 4,487,400 | ||
1,050 | Government of Guam, Business Privilege Tax Bonds, Series 2011A, 5.250%, 1/01/36 | 1/22 at 100.00 | BB | 1,077,636 | ||
New Jersey Economic Development Authority, Cigarette Tax Revenue Refunding Bonds, Series 2012: | ||||||
350 | 5.000%, 6/15/21 | No Opt. Call | BBB | 354,722 | ||
2,870 | 5.000%, 6/15/25 | 6/22 at 100.00 | BBB | 3,004,804 | ||
485 | 5.000%, 6/15/28 | 6/22 at 100.00 | BBB | 504,759 | ||
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 | Baa1 | 3,291,231 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
$ 2,190 | New Jersey Economic Development Authority, Revenue Bonds, Motor Vehicle Surcharge, Refunding Series 2017A, 3.375%, 7/01/30 | 7/27 at 100.00 | BBB | $2,269,541 | ||
2,000 | New Jersey Economic Development Authority, Revenue Bonds, New Jersey Transit Corporation Projects Sublease, Refunding Series 2017B, 5.000%, 11/01/25 | No Opt. Call | Baa1 | 2,354,460 | ||
3,780 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Series 2015WW, 5.250%, 6/15/40 | 6/25 at 100.00 | Baa1 | 4,269,321 | ||
1,350 | New Jersey Economic Development Authority, School Facilities Construction Bonds, Social Series 2021QQQ, 5.000%, 6/15/33 | 12/30 at 100.00 | Baa1 | 1,682,060 | ||
New Jersey Economic Development Authority, School Facilities Construction Financing Program Bonds, Refunding Series 2013NN: | ||||||
1,525 | 5.000%, 3/01/30 | 3/23 at 100.00 | Baa1 | 1,633,275 | ||
1,150 | 5.000%, 3/01/31 | 3/23 at 100.00 | Baa1 | 1,230,224 | ||
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 | Baa1 | 1,688,805 | ||
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+ | 264,112 | ||
125 | 5.000%, 6/15/30 | 6/26 at 100.00 | A+ | 145,691 | ||
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+ | 3,218,103 | ||
14,305 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Capital Appreciation Series 2010A, 0.000%, 12/15/30 | No Opt. Call | Baa1 | 11,497,930 | ||
1,900 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Refunding Series 2006A, 5.500%, 12/15/22 | No Opt. Call | Baa1 | 2,072,995 | ||
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 | 5,472,343 | ||
4,765 | 0.000%, 12/15/33 – AGM Insured | No Opt. Call | AA | 3,654,755 | ||
1,000 | 0.000%, 12/15/34 – AGM Insured | No Opt. Call | AA | 745,180 | ||
1,550 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2010D, 5.000%, 12/15/24 | No Opt. Call | Baa1 | 1,787,413 | ||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B: | ||||||
2,555 | 5.500%, 6/15/31 | 6/21 at 100.00 | Baa1 | 2,587,397 | ||
2,595 | 5.250%, 6/15/36 | 6/21 at 100.00 | Baa1 | 2,624,868 | ||
8,830 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2012A, 5.000%, 6/15/42 | 6/22 at 100.00 | Baa1 | 9,181,257 | ||
100 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2013AA, 5.000%, 6/15/36 | 6/23 at 100.00 | Baa1 | 107,427 | ||
1,035 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019A, 4.000%, 12/15/39 | 12/29 at 100.00 | Baa1 | 1,142,205 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2019BB: | ||||||
$ 210 | 3.500%, 6/15/46 | 12/28 at 100.00 | Baa1 | $217,390 | ||
1,500 | 5.000%, 6/15/50 | 12/28 at 100.00 | Baa1 | 1,736,925 | ||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2020AA: | ||||||
1,025 | 4.000%, 6/15/45 | 12/30 at 100.00 | Baa1 | 1,116,676 | ||
1,000 | 5.000%, 6/15/45 | 12/30 at 100.00 | Baa1 | 1,193,470 | ||
100 | 3.000%, 6/15/50 | 12/30 at 100.00 | Baa1 | 97,624 | ||
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 | 1,209,882 | ||
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 | 1,340,547 | ||
1,715 | 3.500%, 5/01/35 | 5/22 at 100.00 | Aa1 | 1,746,385 | ||
3,770 | Puerto Rico Public Finance Corporation, Commonwealth Appropriation Bonds, Series 1998A, 5.125%, 6/01/24 – AMBAC Insured | No Opt. Call | Aaa | 4,030,281 | ||
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+ | 3,878,580 | ||
97,805 | Total Tax Obligation/Limited | 99,576,242 | ||||
Transportation – 12.1% | ||||||
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 | 1,172,930 | ||
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 | 396,932 | ||
1,510 | 4.125%, 1/01/39 | 1/24 at 100.00 | A1 | 1,614,371 | ||
2,000 | 5.000%, 1/01/44 | 1/24 at 100.00 | A1 | 2,191,700 | ||
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 | 1,456,281 | ||
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 | 1,810,158 | ||
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 | 1,204,460 | ||
3,115 | 5.000%, 7/01/47 | 7/27 at 100.00 | A1 | 3,714,731 | ||
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 | 1,359,246 | ||
1,130 | 5.000%, 7/01/31 | 7/29 at 100.00 | A1 | 1,456,762 | ||
1,000 | 3.000%, 7/01/49 | 7/29 at 100.00 | A1 | 1,040,970 | ||
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+ | 1,958,246 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
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 | $1,067,140 | ||
1,095 | 5.000%, 1/01/26 | 1/23 at 100.00 | A | 1,161,094 | ||
1,070 | 5.000%, 1/01/27 | 1/23 at 100.00 | A | 1,131,632 | ||
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 | A2 | 1,387,247 | ||
1,520 | 5.000%, 1/01/31 – AGM Insured (AMT) | 1/24 at 100.00 | AA | 1,703,312 | ||
1,445 | 5.625%, 1/01/52 (AMT) | 1/24 at 100.00 | BBB+ | 1,598,936 | ||
New Jersey Economic Development Authority, Special Facilities Revenue Bonds, Continental Airlines Inc, Series 1999: | ||||||
310 | 5.125%, 9/15/23 (AMT) | 8/22 at 101.00 | Ba3 | 329,273 | ||
1,025 | 5.250%, 9/15/29 (AMT) | 8/22 at 101.00 | Ba3 | 1,089,421 | ||
380 | 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 | Ba3 | 424,760 | ||
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 | Baa3 | 3,494,195 | ||
2,810 | 5.000%, 10/01/47 (AMT) | 10/27 at 100.00 | Baa3 | 3,127,305 | ||
1,300 | New Jersey Turnpike Authority, Revenue Bonds, Series 2005A, 5.250%, 1/01/29 – AGM Insured | No Opt. Call | AA | 1,691,976 | ||
1,000 | New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series 2021A, 4.000%, 1/01/42 | 1/31 at 100.00 | A+ | 1,160,890 | ||
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 | Aa3 | 1,995,960 | ||
Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Twelfth Series 2019: | ||||||
3,000 | 4.000%, 9/01/38 | 9/29 at 100.00 | Aa3 | 3,478,710 | ||
3,000 | 4.000%, 9/01/39 | 9/29 at 100.00 | Aa3 | 3,469,950 | ||
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 | 2,239,948 | ||
1,000 | 5.000%, 11/01/33 – AGM Insured | 11/29 at 100.00 | AA | 1,266,780 | ||
520 | South Jersey Transportation Authority, New Jersey, Transportation System Revenue Bonds, Series 2020A, 5.000%, 11/01/45 | 11/30 at 100.00 | BBB+ | 642,668 | ||
45,330 | Total Transportation | 51,837,984 | ||||
U.S. Guaranteed – 4.5% (5) | ||||||
1,940 | Cumberland County Improvement Authority, New Jersey, County General Obligation Revenue Bonds, Technical High School Project, Series 2014, 5.000%, 9/01/39 (Pre-refunded 9/01/24) – AGM Insured | 9/24 at 100.00 | AA | 2,251,816 | ||
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 | 5,454 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (5) (continued) | ||||||
$ 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 | $263,945 | ||
New Jersey Education Facilities Authority Revenue Bonds, The College of New Jersey Issue, Series 2013A: | ||||||
770 | 5.000%, 7/01/38 (Pre-refunded 7/01/23) | 7/23 at 100.00 | A | 855,316 | ||
1,015 | 5.000%, 7/01/43 (Pre-refunded 7/01/23) | 7/23 at 100.00 | A | 1,127,462 | ||
595 | New Jersey Health Care Facilities Financing Authority, Revenue Bonds, Hunterdon Medical Center, Refunding Series 2014A, 5.000%, 7/01/45 (Pre-refunded 7/01/24) | 7/24 at 100.00 | A+ | 685,244 | ||
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 | 218,322 | ||
1,125 | 5.000%, 7/01/31 (Pre-refunded 7/01/22) | 7/22 at 100.00 | N/R | 1,197,023 | ||
1,095 | 5.000%, 7/01/42 (Pre-refunded 7/01/22) | 7/22 at 100.00 | N/R | 1,165,102 | ||
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 | 154,939 | ||
660 | 5.250%, 7/01/31 (Pre-refunded 7/01/23) | 7/23 at 100.00 | N/R | 736,144 | ||
80 | 5.500%, 7/01/43 (Pre-refunded 7/01/23) | 7/23 at 100.00 | N/R | 88,998 | ||
360 | 5.500%, 7/01/43 (Pre-refunded 7/01/23) | 7/23 at 100.00 | N/R | 403,621 | ||
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 | 366,426 | ||
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 | 462,549 | ||
990 | 5.000%, 7/01/42 (Pre-refunded 7/01/22) | 7/22 at 100.00 | A1 | 1,053,380 | ||
New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011A: | ||||||
155 | 6.000%, 6/15/35 (Pre-refunded 6/15/21) | 6/21 at 100.00 | Baa1 | 157,551 | ||
75 | 5.500%, 6/15/41 (Pre-refunded 6/15/21) | 6/21 at 100.00 | Baa1 | 76,132 | ||
140 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Series 2011B, 5.000%, 6/15/42 (Pre-refunded 6/15/21) | 6/21 at 100.00 | Baa1 | 141,912 | ||
1,405 | New Jersey Turnpike Authority, Revenue Bonds, Series 2012B, 5.000%, 1/01/28 (Pre-refunded 1/01/23) | 1/23 at 100.00 | A+ | 1,528,162 | ||
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 | 3,353,868 | ||
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 | 604,582 | ||
930 | 5.000%, 6/01/27 (Pre-refunded 6/01/22) | 6/22 at 100.00 | A+ | 985,819 | ||
70 | 5.000%, 6/01/42 (Pre-refunded 6/01/22) | 6/22 at 100.00 | N/R | 74,247 | ||
1,175 | 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 | 1,295,907 | ||
17,655 | Total U.S. Guaranteed | 19,253,921 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities – 6.5% | ||||||
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 | $520,600 | ||
1,000 | 5.125%, 6/15/43 (AMT) | 6/22 at 100.00 | Baa2 | 1,041,000 | ||
3,425 | 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 | A1 | 3,446,680 | ||
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+ | 1,164,882 | ||
2,175 | 4.250%, 10/01/47 (AMT) | 10/22 at 100.00 | A+ | 2,226,700 | ||
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+ | 4,564,244 | ||
5,000 | 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+ | 5,219,150 | ||
3,150 | New Jersey Economic Development Authority, Water Facilities Revenue Bonds, New Jersey-American Water Company Inc Project, Refunding Series 2020B, 1.200%, 11/01/34 (AMT) (Mandatory Put 6/01/23) | No Opt. Call | A+ | 3,187,044 | ||
695 | Passaic County Utilities Authority, New Jersey, Solid Waste Disposal Revenue Bonds, Refunding Series 2018, 5.000%, 3/01/37 | No Opt. Call | AA | 946,034 | ||
565 | 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 | 592,668 | ||
5,000 | Salem County Pollution Control Financing Authority, New Jersey, Revenue Bonds, Atlantic City Electric Company Project, Refunding Series 2020, 2.250%, 6/01/29 | No Opt. Call | A | 4,986,650 | ||
26,750 | Total Utilities | 27,895,652 | ||||
$ 404,990 | Total Long-Term Investments (cost $406,607,639) | 432,689,635 | ||||
Floating Rate Obligations – (1.8)% | (7,590,000) | |||||
Other Assets Less Liabilities – 0.9% (6) | 3,688,497 | |||||
Net Assets – 100% | $ 428,788,132 |
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 | (26) | 6/21 | $(4,184,949) | $(4,139,688) | $45,261 | $(26,000) |
(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) | 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 for more information. |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 98.1% | ||||||
MUNICIPAL BONDS – 98.1% | ||||||
Consumer Staples – 3.3% | ||||||
$ 15,110 | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005A, 5.000%, 6/01/38 | 3/21 at 100.00 | B- | $15,124,808 | ||
76,105 | Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005C, 0.000%, 6/01/50, 144A | 3/21 at 16.03 | N/R | 10,298,529 | ||
New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series 2016A-1: | ||||||
1,760 | 5.625%, 6/01/35 | No Opt. Call | BBB | 1,905,182 | ||
6,885 | 5.750%, 6/01/43 | No Opt. Call | BB+ | 8,660,435 | ||
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 | 1,648,915 | ||
3,000 | TSASC Inc, New York, Tobacco Asset-Backed Bonds, Series 2006, 5.000%, 6/01/48 | 6/27 at 100.00 | N/R | 3,229,470 | ||
104,425 | Total Consumer Staples | 40,867,339 | ||||
Education and Civic Organizations – 13.7% | ||||||
Albany Industrial Development Agency, New York, Revenue Bonds, Brighter Choice Charter Schools, Series 2007A: | ||||||
1,000 | 5.000%, 4/01/27 | 4/21 at 100.00 | BB | 1,002,740 | ||
290 | 5.000%, 4/01/37 | 4/21 at 100.00 | BB | 290,510 | ||
2,145 | Buffalo and Erie County Industrial Land Development Corporation, New York, Revenue Bonds, Enterprise Charter School Project, Series 2011A, 7.500%, 12/01/40 | 3/21 at 100.00 | B+ | 2,149,762 | ||
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- | 1,717,009 | ||
1,250 | 5.500%, 4/01/43 | 4/23 at 100.00 | BBB- | 1,318,113 | ||
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+ | 2,802,375 | ||
2,500 | 5.000%, 7/01/45 | 7/25 at 100.00 | A+ | 2,781,825 | ||
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 | 1,129,950 | ||
4,050 | 5.000%, 6/01/43 | 6/24 at 100.00 | Aa2 | 4,558,275 | ||
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 | 2,403,923 | ||
2,200 | 5.500%, 11/01/44 | 11/24 at 100.00 | BB | 2,383,612 |
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, 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+ | $1,090,362 | ||
1,875 | 5.000%, 4/15/43 | 4/23 at 100.00 | BB+ | 1,931,119 | ||
2,395 | Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1, 5.000%, 6/01/55, 144A | 12/30 at 100.00 | N/R | 2,442,972 | ||
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- | 681,822 | ||
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 | 1,922,988 | ||
735 | 5.250%, 7/01/34 – FGIC Insured | No Opt. Call | Baa2 | 857,620 | ||
Dormitory Authority of the State of New York, Insured Revenue Bonds, Touro College and University System, Series 2014A: | ||||||
2,930 | 5.500%, 1/01/39 | 7/24 at 100.00 | BBB- | 3,140,726 | ||
3,065 | 5.500%, 1/01/44 | 7/24 at 100.00 | BBB- | 3,266,401 | ||
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 | 1,835,888 | ||
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 | 7,767,632 | ||
Dormitory Authority of the State of New York, Revenue Bonds, Fordham University, Series 2020: | ||||||
5,500 | 4.000%, 7/01/46 | 7/29 at 100.00 | A | 6,170,230 | ||
3,500 | 4.000%, 7/01/50 | 7/29 at 100.00 | A | 3,913,630 | ||
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- | 3,149,160 | ||
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 | A3 | 5,198,634 | ||
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 | A3 | 4,286,964 | ||
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 | 1,538,380 | ||
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 | 4,069,034 | ||
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 | 1,835,310 | ||
Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2019A: | ||||||
1,700 | 5.000%, 7/01/42 | 7/29 at 100.00 | Aa2 | 2,108,425 | ||
11,215 | 5.000%, 7/01/49 | 7/29 at 100.00 | Aa2 | 13,791,422 | ||
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 | 1,647,721 | ||
13,665 | 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 | 16,826,261 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Education and Civic Organizations (continued) | ||||||
$ 5,000 | Dormitory Authority of the State of New York, Revenue Bonds, Rockefeller University, Series 2020A, 5.000%, 7/01/53 | 7/30 at 100.00 | Aa1 | $6,260,800 | ||
100 | Dormitory Authority of the State of New York, Revenue Bonds, Saint Joseph?s College, Series 2021, 5.000%, 7/01/51 | 7/30 at 100.00 | BBB- | 114,583 | ||
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- | 3,676,665 | ||
7,500 | Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016B, 0.000%, 1/01/45 | No Opt. Call | N/R | 2,952,825 | ||
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 | 3,263,440 | ||
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 | 827,313 | ||
New York City Industrial Development Agency, New York, PILOT Payment in Lieu of Taxes Revenue Bonds, Queens Baseball Stadium Project, Refunding Series 2021A: | ||||||
3,225 | 3.000%, 1/01/39 – AGM Insured | 1/31 at 100.00 | AA | 3,383,057 | ||
1,885 | 3.000%, 1/01/40 – AGM Insured | 1/31 at 100.00 | AA | 1,972,181 | ||
1,295 | New York City Industrial Development Agency, New York, PILOT Payment in Lieu of Taxes Revenue Bonds, Yankee Stadium Project, Series 2020A, 4.000%, 3/01/45 | 9/30 at 100.00 | AA | 1,453,961 | ||
3,150 | New York City Trust for Cultural Resources, New York, Revenue Bonds, Whitney Museum of American Art, Refunding Series 2021, 5.000%, 7/01/31 | No Opt. Call | AA | 4,254,233 | ||
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 | Aa2 | 6,339,255 | ||
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 | 3,785,104 | ||
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 | 2,718,956 | ||
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- | 792,285 | ||
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 | 1,040,110 | ||
1,745 | 5.000%, 7/01/42 | 7/22 at 100.00 | Baa2 | 1,803,737 | ||
10,000 | Onondaga County Trust For Cultural Resources, New York, Revenue Bonds, Syracuse University Project, Series 2019, 5.000%, 12/01/45 | 12/29 at 100.00 | AA- | 12,379,100 | ||
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 | 216,962 | ||
205 | 5.000%, 10/15/39 | 10/29 at 100.00 | N/R | 232,929 | ||
154,865 | Total Education and Civic Organizations | 169,478,291 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
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 | A2 | $8,001,366 | ||
3,475 | Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007, 5.500%, 10/01/37 | No Opt. Call | A2 | 5,087,539 | ||
9,185 | Total Financials | 13,088,905 | ||||
Health Care – 5.2% | ||||||
Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, Series 2020A: | ||||||
7,650 | 4.000%, 9/01/45 | 3/30 at 100.00 | BBB | 8,553,083 | ||
3,885 | 4.000%, 9/01/50 | 3/30 at 100.00 | BBB | 4,313,865 | ||
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- | 2,566,731 | ||
29,985 | Dormitory Authority of the State of New York, Revenue Bonds, NYU Langone Hospitals Obligated Group, Series 2020A, 4.000%, 7/01/50 | 7/30 at 100.00 | A | 34,096,243 | ||
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- | 1,139,050 | ||
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- | 227,998 | ||
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- | 2,131,460 | ||
1,325 | 5.000%, 7/01/46 | 7/26 at 100.00 | A- | 1,484,490 | ||
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 | BBB+ | 1,466,103 | ||
2,600 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester Regional Health Project, Series 2020A, 4.000%, 12/01/38 | 12/30 at 100.00 | BBB+ | 2,980,770 | ||
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 | 424,286 | ||
2,000 | New York City Health and Hospitals Corporation, New York, Health System Revenue Bonds, Series 2020A, 4.000%, 2/15/45 | 2/31 at 100.00 | Aa3 | 2,282,580 | ||
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- | 1,737,004 | ||
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 | 1,093,040 | ||
57,430 | Total Health Care | 64,496,703 | ||||
Housing/Multifamily – 0.1% | ||||||
45 | East Syracuse Housing Authority, New York, FHA-Insured Section 8 Assisted Revenue Refunding Bonds, Bennet Project, Series 2001A, 6.700%, 4/01/21 | 3/21 at 100.00 | AA | 45,201 | ||
1,430 | New York State Housing Finance Agency, Multifamily Housing Revenue Bonds, Cannon Street Senior Housing Project, Series 2007A, 5.300%, 2/15/39 (AMT) | 3/21 at 100.00 | Aa1 | 1,432,917 | ||
1,475 | Total Housing/Multifamily | 1,478,118 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Industrials – 2.4% | ||||||
$ 19,020 | 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 | $20,690,907 | ||
7,550 | New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014, 5.150%, 11/15/34, 144A | 11/24 at 100.00 | N/R | 8,394,468 | ||
26,570 | Total Industrials | 29,085,375 | ||||
Long-Term Care – 0.2% | ||||||
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 | 3/21 at 100.00 | A2 | 651,449 | ||
550 | Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann's Community Project, Series 2019, 5.000%, 1/01/40 | 1/26 at 103.00 | N/R | 603,675 | ||
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Special Needs Facilities Pooled Program, Series 2008A-1: | ||||||
305 | 5.800%, 7/01/23 | 3/21 at 100.00 | N/R | 291,836 | ||
395 | 6.100%, 7/01/28 | 3/21 at 100.00 | N/R | 350,788 | ||
210 | 6.200%, 7/01/33 | 3/21 at 100.00 | N/R | 176,673 | ||
2,110 | Total Long-Term Care | 2,074,421 | ||||
Materials – 0.3% | ||||||
Build New York City Resource Corporation, New York, Solid Waste Disposal Revenue Bonds, Pratt Paper NY, Inc Project, Series 2014: | ||||||
860 | 4.500%, 1/01/25 (AMT), 144A | No Opt. Call | N/R | 919,134 | ||
2,145 | 5.000%, 1/01/35 (AMT), 144A | 1/25 at 100.00 | N/R | 2,371,061 | ||
3,005 | Total Materials | 3,290,195 | ||||
Tax Obligation/General – 6.1% | ||||||
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 | 4,220,256 | ||
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 | 2,437,455 | ||
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 | 2,350,220 | ||
1,000 | 5.000%, 4/01/40 – BAM Insured | 4/26 at 100.00 | AA | 1,172,430 | ||
35 | New York City, New York, General Obligation Bonds, Fiscal 2013 Series F-1, 5.000%, 3/01/37 | 3/23 at 100.00 | AA | 37,992 | ||
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 | AA | 2,213,100 | ||
2,500 | New York City, New York, General Obligation Bonds, Fiscal 2015 Series A, 5.000%, 8/01/32 | 8/24 at 100.00 | AA | 2,853,850 | ||
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 | AA | 1,955,201 | ||
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 | AA | 12,472,323 | ||
11,000 | 5.000%, 3/01/40 | 3/28 at 100.00 | AA | 13,135,210 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General (continued) | ||||||
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 | AA | $17,246,464 | ||
5,000 | 5.000%, 4/01/45 | 4/28 at 100.00 | AA | 5,906,500 | ||
7,500 | New York City, New York, General Obligation Bonds, Fiscal 2021 Series C, 5.000%, 8/01/42 | 8/30 at 100.00 | AA | 9,324,225 | ||
5 | New York City, New York, General Obligation Bonds, Series 2011D-I, 5.000%, 10/01/34 | 10/21 at 100.00 | AA | 5,129 | ||
62,810 | Total Tax Obligation/General | 75,330,355 | ||||
Tax Obligation/Limited – 24.8% | ||||||
8,300 | Battery Park City Authority, New York, Revenue Bonds, Senior Sustainability Series 2019A, 5.000%, 11/01/49 | 11/29 at 100.00 | Aaa | 10,491,615 | ||
2,945 | Dormitory Authority of the State of New York, Master BOCES Program, Revenue Bonds, Onondaga, Cortland and Madison Issue, Series 2020, 4.000%, 8/15/41 | 8/28 at 100.00 | Aa3 | 3,263,826 | ||
Dormitory Authority of the State of New York, Residential Insitutions for Children Revenue Bonds, Series 2008-A1: | ||||||
1,855 | 5.000%, 6/01/33 | 3/21 at 100.00 | Aa1 | 1,861,530 | ||
2,320 | 5.000%, 6/01/38 | 3/21 at 100.00 | Aa1 | 2,327,981 | ||
20 | Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2009C, 5.125%, 10/01/36 – AGC Insured | 3/21 at 100.00 | AA | 20,071 | ||
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+ | 5,975,426 | ||
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+ | 1,042,220 | ||
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+ | 3,372,330 | ||
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+ | 7,035,720 | ||
2,830 | 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+ | 3,307,223 | ||
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+ | 1,160,980 | ||
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+ | 8,394,190 | ||
Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2019A Bidding Group 2,3,4: | ||||||
4,150 | 5.000%, 3/15/38 | 3/29 at 100.00 | AA+ | 5,092,548 | ||
3,850 | 5.000%, 3/15/40 | 3/29 at 100.00 | AA+ | 4,692,726 | ||
4,500 | Dormitory Authority of the State of New York, State Personal Income Tax Revenue Bonds, General Purpose, Series 2020A Bidding Group 2, 4.000%, 3/15/34 | 9/30 at 100.00 | AA+ | 5,325,615 | ||
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+ | 3,340,167 | ||
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+ | 3,245,984 | ||
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+ | 16,784,250 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
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+ | $12,107,600 | ||
9,000 | 5.000%, 3/15/45 | 9/28 at 100.00 | AA+ | 10,874,430 | ||
Government of Guam, Business Privilege Tax Bonds, Refunding Series 2015D: | ||||||
2,000 | 5.000%, 11/15/28 | 11/25 at 100.00 | BB | 2,279,680 | ||
2,000 | 5.000%, 11/15/32 | 11/25 at 100.00 | BB | 2,246,680 | ||
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 | Aa3 | 5,889,700 | ||
5,710 | 5.000%, 2/15/42 | 2/27 at 100.00 | Aa3 | 6,684,469 | ||
11,275 | Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Senior Fiscal 2012 Series 2011A, 5.250%, 2/15/47 | 3/21 at 100.00 | AA- | 11,314,350 | ||
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 | 9,858,138 | ||
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 | 6,477,216 | ||
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 | 4,375,760 | ||
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 | 5,023,360 | ||
4,200 | 5.250%, 7/15/36 | 7/28 at 100.00 | AA | 5,254,578 | ||
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 | 17,221,204 | ||
3,000 | 5.000%, 7/15/45 | 7/28 at 100.00 | AA | 3,599,430 | ||
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 | 3,429,936 | ||
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 | 9,909,385 | ||
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 | 4,326,435 | ||
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 | 2,806,666 | ||
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 | 6,421,545 | ||
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 | 11,389,100 | ||
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 | 5,985,500 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/Limited (continued) | ||||||
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 | $1,691,992 | ||
10,000 | 5.000%, 8/01/40 | 8/28 at 100.00 | AAA | 12,236,000 | ||
3,000 | 5.000%, 8/01/42 | 8/28 at 100.00 | AAA | 3,650,880 | ||
5 | New York City Transitional Finance Authority, New York, Future Tax Secured Revenue Bonds, Subordinate Lien Series 2011C, 5.000%, 11/01/39 | 3/21 at 100.00 | AAA | 5,016 | ||
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+ | 5,018,350 | ||
2,500 | New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Series 2020A, 4.000%, 3/15/38 | 9/30 at 100.00 | AA+ | 2,888,750 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
1,044 | 0.000%, 7/01/33 | 7/28 at 86.06 | N/R | 742,315 | ||
53,350 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 16,401,924 | ||
11,058 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 12,247,177 | ||
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 | 2,109,040 | ||
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 | BB | 6,002,540 | ||
1,930 | 5.000%, 1/01/32 (AMT) | 1/26 at 100.00 | BB | 1,992,493 | ||
1,250 | 5.000%, 1/01/34 (AMT) | 1/26 at 100.00 | BB | 1,283,337 | ||
5,430 | 5.000%, 1/01/36 (AMT) | 1/26 at 100.00 | BB | 5,551,089 | ||
305,647 | Total Tax Obligation/Limited | 306,030,467 | ||||
Transportation – 23.2% | ||||||
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+ | 1,737,750 | ||
15,905 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020A-1, 4.000%, 11/15/45 | 5/30 at 100.00 | A3 | 17,416,452 | ||
3,600 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1, 4.750%, 11/15/45 | 5/30 at 100.00 | A3 | 4,146,984 | ||
960 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2012H, 5.000%, 11/15/31 | 11/22 at 100.00 | A3 | 1,019,107 | ||
7,500 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2015D-1, 5.000%, 11/15/30 | 11/25 at 100.00 | A3 | 8,665,350 | ||
4,000 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2017D, 4.000%, 11/15/46 | 5/28 at 100.00 | A3 | 4,332,080 | ||
2,500 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013D, 5.000%, 11/15/38 | 11/23 at 100.00 | A3 | 2,701,025 | ||
2,500 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2013E, 5.000%, 11/15/32 | 11/23 at 100.00 | A3 | 2,730,300 | ||
1,800 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2014D-1, 5.000%, 11/15/39 | 11/24 at 100.00 | A3 | 1,989,036 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
$ 8,450 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2015C-1, 5.250%, 11/15/30 | 11/25 at 100.00 | A3 | $9,866,812 | ||
Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2016C-1: | ||||||
2,500 | 5.000%, 11/15/34 | 11/26 at 100.00 | A3 | 2,905,175 | ||
2,700 | 5.000%, 11/15/56 | 11/26 at 100.00 | A3 | 3,074,679 | ||
New York City Industrial Development Agency, New York, Civic Facility Revenue Bonds, Bronx Parking Development Company, LLC Project, Series 2007: | ||||||
2,800 | 5.750%, 10/01/37 (5) | 3/21 at 100.00 | N/R | 2,100,000 | ||
2,000 | 5.875%, 10/01/46 (5) | 3/21 at 100.00 | N/R | 1,500,000 | ||
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+ | 9,931,775 | ||
8,370 | 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 | 8,609,801 | ||
5,000 | New York State Thruway Authority, General Revenue Bonds, Series 2020N, 4.000%, 1/01/42 | 1/30 at 100.00 | A1 | 5,773,600 | ||
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 | 2,630,506 | ||
8,515 | 5.000%, 1/01/46 | 1/26 at 100.00 | A2 | 9,902,775 | ||
3,000 | New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2019B, 4.000%, 1/01/53 | 1/30 at 100.00 | A2 | 3,358,080 | ||
New York Transportation Development Corporation, New York, Special Facilities Bonds, LaGuardia Airport Terminal B Redevelopment Project, Series 2016A: | ||||||
500 | 4.000%, 7/01/31 (AMT) | 7/24 at 100.00 | BBB | 541,260 | ||
7,000 | 4.000%, 7/01/41 (AMT) | 7/24 at 100.00 | BBB | 7,510,020 | ||
13,685 | 5.250%, 1/01/50 (AMT) | 7/24 at 100.00 | BBB | 15,340,885 | ||
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc John F Kennedy International Airport Project, Refunding Series 2016: | ||||||
10,435 | 5.000%, 8/01/26 (AMT) | 8/21 at 100.00 | B+ | 10,617,404 | ||
12,610 | 5.000%, 8/01/31 (AMT) | 8/21 at 100.00 | B+ | 12,819,326 | ||
1,745 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, American Airlines, Inc John F Kennedy International Airport Project, Series 2020, 5.375%, 8/01/36 (AMT) | 8/30 at 100.00 | B+ | 2,073,200 | ||
New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, Terminal 4 John F Kennedy International Airport Project, Series 2020A: | ||||||
215 | 4.000%, 12/01/38 (AMT) | 12/30 at 100.00 | Baa1 | 242,483 | ||
120 | 4.000%, 12/01/39 (AMT) | 12/30 at 100.00 | Baa1 | 134,988 | ||
1,745 | New York Transportation Development Corporation, New York, Special Facility Revenue Bonds, Terminal 4 John F Kennedy International Airport Project, Series 2020C, 5.000%, 12/01/36 | 12/30 at 100.00 | Baa1 | 2,152,492 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation (continued) | ||||||
New York Transportation Development Corporation, Special Facility Revenue Bonds, Delta Air Lines, Inc - LaGuardia Airport Terminals C&D Redevelopment Project, Series 2018: | ||||||
$ 1,300 | 5.000%, 1/01/27 (AMT) | No Opt. Call | Baa3 | $1,548,365 | ||
10,200 | 5.000%, 1/01/28 (AMT) | No Opt. Call | Baa3 | 12,411,054 | ||
10,035 | 5.000%, 1/01/31 (AMT) | 1/28 at 100.00 | Baa3 | 11,983,496 | ||
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 | 2,236,500 | ||
3,775 | 5.000%, 4/01/26 (AMT) | 4/24 at 100.00 | A3 | 4,218,978 | ||
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 | Aa3 | 3,780,482 | ||
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 | Aa3 | 2,920,957 | ||
480 | 5.000%, 5/01/45 | 5/25 at 100.00 | Aa3 | 550,877 | ||
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 | Aa3 | 10,394,125 | ||
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 | Aa3 | 11,634,700 | ||
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 | Aa3 | 3,360,457 | ||
1,225 | 5.000%, 11/01/39 (AMT) | 11/29 at 100.00 | Aa3 | 1,496,117 | ||
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 | Aa3 | 4,817,514 | ||
10,230 | 5.000%, 9/01/48 | 9/28 at 100.00 | Aa3 | 12,340,244 | ||
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 | Aa3 | 5,932,300 | ||
2,220 | Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Twenty-Thrid Series 2021, 4.000%, 7/15/46 (AMT) | 7/31 at 100.00 | Aa3 | 2,509,643 | ||
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- | 1,639,665 | ||
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- | 4,385,276 | ||
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- | 23,555,610 | ||
6,350 | Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & Tunnels, Series 2020A, 5.000%, 11/15/49 | 11/30 at 100.00 | AA- | 7,965,948 | ||
252,460 | Total Transportation | 285,505,653 | ||||
U.S. Guaranteed – 5.0% (6) | ||||||
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 | 1,666,575 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
U.S. Guaranteed (6) (continued) | ||||||
$ 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 | $756,713 | ||
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- | 2,519,825 | ||
5,000 | Dormitory Authority of the State of New York, Revenue Bonds, Pratt Institute, Series 2015A, 5.000%, 7/01/44 (Pre-refunded 7/01/24) | 7/24 at 100.00 | A2 | 5,760,150 | ||
5 | 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 (Pre-refunded 2/15/25) | 2/25 at 100.00 | N/R | 5,873 | ||
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 | 1,260,215 | ||
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 | A3 | 3,889,530 | ||
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 | A3 | 1,104,980 | ||
5,375 | New York City Trust for Cultural Resources, New York, Revenue Bonds, Wildlife Conservation Society, Series 2013A, 5.000%, 8/01/33 (Pre-refunded 8/01/23) | 8/23 at 100.00 | A+ | 5,991,835 | ||
New York City Trust for Cultural Resources, New York, Revenue Bonds, Wildlife Conservation Society, Series 2014A: | ||||||
3,800 | 5.000%, 8/01/38 (Pre-refunded 8/01/23) | 8/23 at 100.00 | A+ | 4,236,088 | ||
10,000 | 5.000%, 8/01/43 (Pre-refunded 8/01/23) | 8/23 at 100.00 | A+ | 11,147,600 | ||
New York City, New York, General Obligation Bonds, Fiscal 2013 Series A-1: | ||||||
1,900 | 5.000%, 10/01/30 (Pre-refunded 10/01/22) | 10/22 at 100.00 | AA | 2,046,053 | ||
1,915 | 5.000%, 10/01/31 (Pre-refunded 10/01/22) | 10/22 at 100.00 | AA | 2,062,206 | ||
3,000 | 5.000%, 10/01/33 (Pre-refunded 10/01/22) | 10/22 at 100.00 | AA | 3,230,610 | ||
New York City, New York, General Obligation Bonds, Fiscal 2013 Series F-1: | ||||||
1,810 | 5.000%, 3/01/32 (Pre-refunded 3/01/23) | 3/23 at 100.00 | AA | 1,983,470 | ||
6,065 | 5.000%, 3/01/37 (Pre-refunded 3/01/23) | 3/23 at 100.00 | N/R | 6,633,472 | ||
6,665 | New York City, New York, General Obligation Bonds, Series 2011D-I, 5.000%, 10/01/34 (Pre-refunded 10/01/21) | 10/21 at 100.00 | N/R | 6,852,087 | ||
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 | 294,539 | ||
56,260 | Total U.S. Guaranteed | 61,441,821 | ||||
Utilities – 12.7% | ||||||
420 | Guam Power Authority, Revenue Bonds, Series 2012A, 5.000%, 10/01/34 | 10/22 at 100.00 | BBB | 437,443 | ||
Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A: | ||||||
2,000 | 0.000%, 6/01/24 – AGM Insured | No Opt. Call | AA | 1,938,280 | ||
2,000 | 0.000%, 6/01/25 – AGM Insured | No Opt. Call | AA | 1,905,740 | ||
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 | 3,347,047 | ||
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 | 3,482,164 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
$ 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+ | $11,008,000 | ||
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+ | 5,301,027 | ||
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+ | 5,993,550 | ||
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+ | 3,562,590 | ||
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+ | 13,261,570 | ||
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 | 571,420 | ||
6,675 | 5.000%, 6/15/34 | 6/25 at 100.00 | AAA | 7,806,479 | ||
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 | 2,097,093 | ||
6,810 | 5.000%, 6/15/41 | 6/26 at 100.00 | AAA | 8,054,527 | ||
2,000 | 5.000%, 6/15/42 | 6/27 at 100.00 | AAA | 2,434,420 | ||
1,000 | 5.000%, 6/15/43 | 6/28 at 100.00 | AAA | 1,232,820 | ||
2,000 | 5.000%, 6/15/46 | 6/27 at 100.00 | AAA | 2,424,020 | ||
8,800 | 5.000%, 6/15/47 | 6/27 at 100.00 | AAA | 10,669,648 | ||
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 | 3,732,588 | ||
5,500 | New York State Power Authority, General Revenue Bonds, Series 2020A, 4.000%, 11/15/50 | 5/30 at 100.00 | AA | 6,332,425 | ||
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 | 2,544,502 | ||
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: | ||||||
1,000 | 4.250%, 7/01/25 | 7/22 at 100.00 | CCC | 1,039,530 | ||
505 | 5.500%, 7/01/28 | 7/22 at 100.00 | CCC | 533,280 | ||
1,875 | 5.750%, 7/01/37 | 7/22 at 100.00 | CCC | 1,986,187 | ||
4,000 | 5.250%, 7/01/42 | 7/22 at 100.00 | CCC | 4,210,840 | ||
1,530 | 6.000%, 7/01/47 | 7/22 at 100.00 | CCC | 1,625,763 | ||
2,450 | Suffolk County Industrial Development Agency, New York, Revenue Bonds, Nissequogue Cogeneration Partners Facility, Series 1998, 5.500%, 1/01/23 (AMT) | 3/21 at 100.00 | N/R | 2,471,584 | ||
10,000 | Utility Debt Securitization Authority, New York, Restructuring Bonds, Refunding Series 2015, 5.000%, 12/15/36 | 12/25 at 100.00 | AAA | 11,903,800 | ||
1,795 | Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2013TE, 5.000%, 12/15/41 | 12/23 at 100.00 | AAA | 2,006,954 |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities (continued) | ||||||
Utility Debt Securitization Authority, New York, Restructuring Bonds, Series 2017: | ||||||
$ 15,500 | 5.000%, 12/15/38 | 12/27 at 100.00 | AAA | $19,083,755 | ||
3,000 | 5.000%, 12/15/39 | 12/27 at 100.00 | AAA | 3,688,950 | ||
7,000 | 5.000%, 12/15/40 | 12/27 at 100.00 | AAA | 8,593,620 | ||
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- | 767,785 | ||
1,050 | 5.000%, 4/01/45 | 4/25 at 100.00 | AA- | 1,186,773 | ||
134,550 | Total Utilities | 157,236,174 | ||||
$ 1,170,792 | Total Long-Term Investments (cost $1,127,010,456) | 1,209,403,817 | ||||
Other Assets Less Liabilities – 1.9% | 22,863,196 | |||||
Net Assets – 100% | $ 1,232,267,013 |
(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) | Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy. | |
(6) | 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 |
Connecticut | Massachusetts | New Jersey | New York | |
Assets | ||||
Long-term investments, at value (cost $254,976,787, $608,313,034, $406,607,639 and $1,127,010,456, respectively) | $268,821,522 | $639,243,079 | $432,689,635 | $1,209,403,817 |
Cash | 5,968,887 | 32,673,696 | 500,637 | 1,331,475 |
Cash collateral at brokers for investments in futures contracts(1) | — | — | 122,000 | — |
Receivable for: | ||||
Interest | 2,348,177 | 5,836,954 | 4,060,924 | 12,690,418 |
Investments sold | — | — | — | 12,147,668 |
Shares sold | 221,811 | 2,409,749 | 435,826 | 1,917,203 |
Other assets | 69,835 | 24,015 | 29,087 | 184,763 |
Total assets | 277,430,232 | 680,187,493 | 437,838,109 | 1,237,675,344 |
Liabilities | ||||
Floating rate obligations | 1,570,000 | — | 7,590,000 | — |
Payable for: | ||||
Dividends | 106,101 | 116,589 | 124,207 | 626,211 |
Interest | 299 | — | 15,491 | — |
Investments purchased - regular settlement | 2,534,820 | — | — | 1,042,133 |
Investments purchased - when-issued/delayed-delivery settlement | 246,786 | 1,521,485 | — | — |
Shares redeemed | 304,995 | 1,411,270 | 809,733 | 2,473,898 |
Variation margin on futures contracts | — | — | 26,000 | — |
Accrued expenses: | ||||
Management fees | 104,924 | 250,301 | 164,217 | 454,363 |
Shareholder servicing agent fees | 50,487 | 177,496 | 120,266 | 283,874 |
Trustees fees | 66,753 | 21,130 | 27,806 | 187,905 |
12b-1 distribution and service fees | 31,702 | 51,583 | 46,155 | 118,253 |
Other | 91,496 | 146,725 | 126,102 | 221,694 |
Total liabilities | 5,108,363 | 3,696,579 | 9,049,977 | 5,408,331 |
Net assets | $272,321,869 | $676,490,914 | $428,788,132 | $1,232,267,013 |
Class A Shares | ||||
Net assets | $160,706,392 | $280,258,124 | $203,304,330 | $ 516,696,899 |
Shares outstanding | 14,994,436 | 26,924,838 | 17,419,231 | 46,280,120 |
Net asset value ("NAV") per share | $ 10.72 | $ 10.41 | $ 11.67 | $ 11.16 |
Offering price per share (NAV per share plus maximum sales charge of 4.20% of offering price) | $ 11.19 | $ 10.87 | $ 12.18 | $ 11.65 |
Class C Shares | ||||
Net assets | $ 7,001,841 | $ 9,569,270 | $ 14,867,196 | $ 43,211,399 |
Shares outstanding | 654,877 | 926,850 | 1,279,963 | 3,875,463 |
NAV and offering price per share | $ 10.69 | $ 10.32 | $ 11.62 | $ 11.15 |
Class C2 Shares | ||||
Net assets | $ 2,283,076 | $ 1,868,417 | $ 4,213,991 | $ 6,190,732 |
Shares outstanding | 213,113 | 180,738 | 362,360 | 554,983 |
NAV and offering price per share | $ 10.71 | $ 10.34 | $ 11.63 | $ 11.15 |
Class I Shares | ||||
Net assets | $102,330,560 | $384,795,103 | $206,402,615 | $ 666,167,983 |
Shares outstanding | 9,524,581 | 36,964,470 | 17,619,469 | 59,624,369 |
NAV and offering price per share | $ 10.74 | $ 10.41 | $ 11.71 | $ 11.17 |
Fund level net assets consist of: | ||||
Capital paid-in | $263,157,065 | $658,086,662 | $403,548,364 | $1,187,600,599 |
Total distributable earnings | 9,164,804 | 18,404,252 | 25,239,768 | 44,666,414 |
Fund level net assets | $272,321,869 | $676,490,914 | $428,788,132 | $1,232,267,013 |
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 | $ 8,956,097 | $ 17,166,607 | $ 14,053,962 | $ 42,510,438 |
Expenses | ||||
Management fees | 1,305,245 | 2,826,510 | 2,059,231 | 5,647,484 |
12b-1 service fees - Class A Shares | 312,212 | 458,005 | 405,628 | 997,238 |
12b-1 distribution and service fees - Class C Shares | 66,655 | 87,706 | 154,468 | 454,622 |
12b-1 distribution and service fees - Class C2 Shares | 32,891 | 21,763 | 51,309 | 73,889 |
Shareholder servicing agent fees | 95,709 | 286,296 | 201,969 | 476,220 |
Interest expense | 17,914 | 8,825 | 80,742 | 71,613 |
Custodian fees | 48,918 | 73,346 | 72,700 | 120,155 |
Professional fees | 45,721 | 66,920 | 56,271 | 106,557 |
Trustees fees | 7,323 | 16,141 | 11,648 | 33,068 |
Shareholder reporting expenses | 25,968 | 52,192 | 37,038 | 76,659 |
Federal and state registration fees | 7,368 | 19,572 | 3,684 | 6,725 |
Other | 9,479 | 11,773 | 12,271 | 17,483 |
Total expenses | 1,975,403 | 3,929,049 | 3,146,959 | 8,081,713 |
Net investment income (loss) | 6,980,694 | 13,237,558 | 10,907,003 | 34,428,725 |
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | (587,220) | (1,594,983) | (1,763) | (19,681,311) |
Futures contracts | — | — | (53,260) | — |
Change in net unrealized appreciation (depreciation) of: | ||||
Investments | (5,632,189) | (13,788,177) | (11,767,840) | (23,682,000) |
Futures contracts | — | — | 189,826 | — |
Net realized and unrealized gain (loss) | (6,219,409) | (15,383,160) | (11,633,037) | (43,363,311) |
Net increase (decrease) in net assets from operations | $ 761,285 | $ (2,145,602) | $ (726,034) | $ (8,934,586) |
Connecticut | Massachusetts | ||||
Year Ended 2/28/21 | Year Ended 2/29/20 | Year Ended 2/28/21 | Year Ended 2/29/20 | ||
Operations | |||||
Net investment income (loss) | $ 6,980,694 | $ 7,017,519 | $ 13,237,558 | $ 12,266,229 | |
Net realized gain (loss) from: | |||||
Investments | (587,220) | 293,065 | (1,594,983) | 176,012 | |
Futures contracts | — | — | — | — | |
Change in net unrealized appreciation (depreciation) of: | |||||
Investments | (5,632,189) | 13,419,065 | (13,788,177) | 35,250,808 | |
Futures contracts | — | — | — | — | |
Net increase (decrease) in net assets from operations | 761,285 | 20,729,649 | (2,145,602) | 47,693,049 | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (4,404,832) | (4,269,908) | (5,116,797) | (4,602,015) | |
Class C Shares | (135,715) | (114,294) | (127,346) | (139,933) | |
Class C2 Shares | (100,769) | (206,354) | (50,595) | (141,553) | |
Class I Shares | (2,851,001) | (2,575,933) | (8,193,073) | (8,103,143) | |
Decrease in net assets from distributions to shareholders | (7,492,317) | (7,166,489) | (13,487,811) | (12,986,644) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 47,897,935 | 61,357,777 | 255,594,703 | 198,579,111 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 6,137,623 | 5,783,155 | 11,974,726 | 11,532,959 | |
54,035,558 | 67,140,932 | 267,569,429 | 210,112,070 | ||
Cost of shares redeemed | (38,881,600) | (36,966,311) | (142,071,213) | (70,340,320) | |
Net increase (decrease) in net assets from Fund share transactions | 15,153,958 | 30,174,621 | 125,498,216 | 139,771,750 | |
Net increase (decrease) in net assets | 8,422,926 | 43,737,781 | 109,864,803 | 174,478,155 | |
Net assets at the beginning of period | 263,898,943 | 220,161,162 | 566,626,111 | 392,147,956 | |
Net assets at the end of period | $272,321,869 | $263,898,943 | $ 676,490,914 | $566,626,111 |
New Jersey | New York | ||||
Year Ended 2/28/21 | Year Ended 2/29/20 | Year Ended 2/28/21 | Year Ended 2/29/20 | ||
Operations | |||||
Net investment income (loss) | $ 10,907,003 | $ 10,928,158 | $ 34,428,725 | $ 32,503,821 | |
Net realized gain (loss) from: | |||||
Investments | (1,763) | 635,706 | (19,681,311) | 2,051,369 | |
Futures contracts | (53,260) | (766,336) | — | — | |
Change in net unrealized appreciation (depreciation) of: | |||||
Investments | (11,767,840) | 27,316,880 | (23,682,000) | 73,787,256 | |
Futures contracts | 189,826 | (190,739) | — | — | |
Net increase (decrease) in net assets from operations | (726,034) | 37,923,669 | (8,934,586) | 108,342,446 | |
Distributions to Shareholders | |||||
Dividends: | |||||
Class A Shares | (5,303,375) | (5,703,061) | (14,066,108) | (13,929,598) | |
Class C Shares | (280,918) | (332,161) | (914,202) | (951,747) | |
Class C2 Shares | (144,913) | (317,869) | (224,865) | (478,645) | |
Class I Shares | (5,405,315) | (5,154,983) | (19,156,465) | (18,332,726) | |
Decrease in net assets from distributions to shareholders | (11,134,521) | (11,508,074) | (34,361,640) | (33,692,716) | |
Fund Share Transactions | |||||
Proceeds from sale of shares | 97,562,873 | 136,143,233 | 256,170,228 | 382,399,024 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | 9,573,248 | 9,880,656 | 27,197,894 | 26,676,227 | |
107,136,121 | 146,023,889 | 283,368,122 | 409,075,251 | ||
Cost of shares redeemed | (105,733,637) | (59,127,848) | (269,938,227) | (163,910,092) | |
Net increase (decrease) in net assets from Fund share transactions | 1,402,484 | 86,896,041 | 13,429,895 | 245,165,159 | |
Net increase (decrease) in net assets | (10,458,071) | 113,311,636 | (29,866,331) | 319,814,889 | |
Net assets at the beginning of period | 439,246,203 | 325,934,567 | 1,262,133,344 | 942,318,455 | |
Net assets at the end of period | $ 428,788,132 | $439,246,203 | $1,232,267,013 | $1,262,133,344 |
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) | |||||||||
2021 | $10.99 | $0.28 | $(0.25) | $ 0.03 | $(0.30) | $ — | $(0.30) | $10.72 | |
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 | |
Class C (02/14) | |||||||||
2021 | 10.97 | 0.20 | (0.26) | (0.06) | (0.22) | — | (0.22) | 10.69 | |
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 | |
Class C2 (10/93) | |||||||||
2021 | 10.99 | 0.22 | (0.26) | (0.04) | (0.24) | — | (0.24) | 10.71 | |
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 | |
Class I (02/97) | |||||||||
2021 | 11.02 | 0.30 | (0.25) | 0.05 | (0.33) | — | (0.33) | 10.74 | |
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 |
Ratios/Supplemental Data | |||||
Ratios to Average Net Assets | |||||
Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(c) | Expenses Excluding Interest | Net Investment Income (Loss) | Portfolio Turnover Rate(d) |
0.34% | $160,706 | 0.80% | 0.79% | 2.63% | 9% |
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 |
(0.54) | 7,002 | 1.60 | 1.59 | 1.83 | 9 |
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 |
(0.32) | 2,283 | 1.35 | 1.34 | 2.11 | 9 |
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 |
0.47 | 102,331 | 0.60 | 0.59 | 2.83 | 9 |
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 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 4 – Portfolio Securities and Investments in Derivatives and the interest expense and fees paid on borrowings, as described in Note 8 - Borrowing Arrangements. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended 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) | |||||||||
2021 | $10.66 | $0.23 | $(0.25) | $(0.02) | $(0.23) | $ — | $(0.23) | $10.41 | |
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 | |
Class C (02/14) | |||||||||
2021 | 10.58 | 0.14 | (0.25) | (0.11) | (0.15) | — | (0.15) | 10.32 | |
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 | |
Class C2 (10/94) | |||||||||
2021 | 10.59 | 0.17 | (0.25) | (0.08) | (0.17) | — | (0.17) | 10.34 | |
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 | |
Class I (12/86) | |||||||||
2021 | 10.66 | 0.25 | (0.25) | — | (0.25) | — | (0.25) | 10.41 | |
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 |
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) |
(0.11) % | $280,258 | 0.78% | 0.78% | 2.18% | 11% |
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 |
(1.02) | 9,569 | 1.58 | 1.58 | 1.39 | 11 |
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 |
(0.69) | 1,868 | 1.33 | 1.33 | 1.69 | 11 |
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 |
0.06 | 384,795 | 0.58 | 0.58 | 2.39 | 11 |
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 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense reimbursement during the periods presented herein. See Note 7 - Management Fees and Other Transactions with Affiliates for more information. |
(d) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 4 – Portfolio Securities and Investments in Derivatives and the interest expense and fees paid on borrowings, as described in Note 8 - Borrowing Arrangements. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended 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) | |||||||||
2021 | $11.99 | $0.30 | $(0.32) | $(0.02) | $(0.30) | $ — | $(0.30) | $11.67 | |
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 | |
Class C (02/14) | |||||||||
2021 | 11.93 | 0.20 | (0.30) | (0.10) | (0.21) | — | (0.21) | 11.62 | |
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 | |
Class C2 (09/94) | |||||||||
2021 | 11.94 | 0.23 | (0.30) | (0.07) | (0.24) | — | (0.24) | 11.63 | |
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 | |
Class I (02/92) | |||||||||
2021 | 12.03 | 0.32 | (0.31) | 0.01 | (0.33) | — | (0.33) | 11.71 | |
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 |
Ratios/Supplemental Data | |||||
Ratios to Average Net Assets | |||||
Total Return(b) | Ending Net Assets (000) | Expenses Including Interest(c) | Expenses Excluding Interest | Net Investment Income (Loss) | Portfolio Turnover Rate(d) |
(0.09) % | $203,304 | 0.81% | 0.79% | 2.56% | 14% |
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 |
(0.81) | 14,867 | 1.61 | 1.59 | 1.76 | 14 |
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 |
(0.55) | 4,214 | 1.36 | 1.34 | 2.04 | 14 |
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 |
0.12 | 206,403 | 0.61 | 0.59 | 2.76 | 14 |
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 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 4 – Portfolio Securities and Investments in Derivatives and the interest expense and fees paid on borrowings, as described in Note 8 - Borrowing Arrangements. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | ||||||||
Class (Commencement Date) Year Ended 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) | |||||||||
2021 | $11.54 | $0.31 | $(0.38) | $(0.07) | $(0.31) | $ — | $(0.31) | $11.16 | |
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 | |
Class C (02/14) | |||||||||
2021 | 11.52 | 0.22 | (0.37) | (0.15) | (0.22) | — | (0.22) | 11.15 | |
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 | |
Class C2 (09/94) | |||||||||
2021 | 11.53 | 0.25 | (0.38) | (0.13) | (0.25) | — | (0.25) | 11.15 | |
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 | |
Class I (12/86) | |||||||||
2021 | 11.55 | 0.34 | (0.38) | (0.04) | (0.34) | — | (0.34) | 11.17 | |
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 |
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) |
(0.52) % | $516,697 | 0.76% | 0.75% | 2.83% | 31% |
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 |
(1.24) | 43,211 | 1.56 | 1.55 | 2.04 | 31 |
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 |
(1.06) | 6,191 | 1.31 | 1.30 | 2.30 | 31 |
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 |
(0.31) | 666,168 | 0.56 | 0.55 | 3.03 | 31 |
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 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | The Fund has a contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense reimbursement during the periods presented herein. See Note 7 - Management Fees and Other Transactions with Affiliates for more information. |
(d) | The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund, where applicable, as described in Note 4 – Portfolio Securities and Investments in Derivatives and the interest expense and fees paid on borrowings, as described in Note 8 - Borrowing Arrangements. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 – Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period. |
* | Rounds to less than $.01 per share. |
Connecticut | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $268,821,522 | $ — | $268,821,522 |
Massachusetts | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $639,243,079 | $ — | $639,243,079 |
New Jersey | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $432,689,635 | $ — | $432,689,635 |
Investments in Derivatives: | ||||
Futures Contracts** | 45,261 | — | — | 45,261 |
Total | $45,261 | $432,689,635 | $ — | $432,734,896 |
New York | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments*: | ||||
Municipal Bonds | $ — | $1,209,403,817 | $ — | $1,209,403,817 |
* | 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 | $ — |
Floating rate obligations: externally-deposited Inverse Floaters | — | — | — | — |
Total | $1,570,000 | $ — | $7,590,000 | $ — |
Self-Deposited Inverse Floaters | Connecticut | Massachusetts | New Jersey | New York |
Average floating rate obligations outstanding | $1,570,000 | $ — | $7,590,000 | $361,644 |
Average annual interest rate and fees | 0.87% | —% | 0.86% | 3.25% |
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 | $ — |
Maximum exposure to Recourse Trusts: externally-deposited Inverse Floaters | — | — | — | — |
Total | $1,570,000 | $ — | $7,590,000 | $ — |
Connecticut | Massachusetts | New Jersey | New York | |
Purchases | $39,067,101 | $161,850,123 | $62,425,869 | $362,511,800 |
Sales and maturities | 22,032,165 | 45,147,828 | 61,066,296 | 378,953,532 |
New Jersey | |
Average notional amount of futures contracts outstanding* | $4,995,437 |
* | The average notional amount is calculated based on the absolute aggregate notional amount 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* | $45,261 |
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 | $(53,260) | $189,826 |
Year Ended 2/28/21 | Year Ended 2/29/20 | ||||
Connecticut | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 1,634,351 | $ 17,564,735 | 2,445,189 | $ 26,190,622 | |
Class A – automatic conversion of Class C2 Shares | 27,216 | 293,334 | 5,723 | 60,952 | |
Class C | 187,612 | 2,002,748 | 195,770 | 2,086,608 | |
Class C2 | 646 | 6,789 | 2,807 | 29,960 | |
Class I | 2,619,041 | 28,030,329 | 3,098,555 | 32,989,635 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 325,126 | 3,473,778 | 313,032 | 3,352,802 | |
Class C | 10,610 | 113,148 | 8,607 | 92,059 | |
Class C2 | 6,630 | 70,663 | 11,672 | 124,724 | |
Class I | 231,394 | 2,480,034 | 205,973 | 2,213,570 | |
5,042,626 | 54,035,558 | 6,287,328 | 67,140,932 | ||
Shares redeemed: | |||||
Class A | (1,521,464) | (16,244,320) | (1,530,362) | (16,325,058) | |
Class C | (138,763) | (1,479,124) | (82,711) | (868,310) | |
Class C2 | (399,600) | (4,286,502) | (473,307) | (5,037,353) | |
Class C2 – automatic conversion to Class A Shares | (27,216) | (293,334) | (5,724) | (60,952) | |
Class I | (1,560,648) | (16,578,320) | (1,369,799) | (14,674,638) | |
(3,647,691) | (38,881,600) | (3,461,903) | (36,966,311) | ||
Net increase (decrease) | 1,394,935 | $ 15,153,958 | 2,825,425 | $ 30,174,621 |
Year Ended 2/28/21 | Year Ended 2/29/20 | ||||
Massachusetts | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 13,464,345 | $ 139,994,558 | 6,028,529 | $ 62,113,372 | |
Class A – automatic conversion of Class C2 Shares | 2,416 | 25,166 | — | — | |
Class C | 241,685 | 2,480,295 | 217,983 | 2,221,870 | |
Class C2 | 556 | 5,602 | 2,277 | 23,264 | |
Class I | 10,874,082 | 113,089,082 | 13,091,811 | 134,220,605 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 452,962 | 4,695,841 | 412,825 | 4,263,150 | |
Class C | 10,321 | 105,935 | 11,925 | 122,059 | |
Class C2 | 3,767 | 38,648 | 9,404 | 96,030 | |
Class I | 688,873 | 7,134,302 | 682,632 | 7,051,720 | |
25,739,007 | 267,569,429 | 20,457,386 | 210,112,070 | ||
Shares redeemed: | |||||
Class A | (6,347,794) | (65,024,620) | (2,146,356) | (22,155,485) | |
Class C | (132,403) | (1,345,806) | (112,576) | (1,147,022) | |
Class C2 | (267,901) | (2,762,344) | (396,704) | (4,080,098) | |
Class C2 – automatic conversion to Class A Shares | (2,433) | (25,166) | — | — | |
Class I | (7,145,658) | (72,913,277) | (4,176,081) | (42,957,715) | |
(13,896,189) | (142,071,213) | (6,831,717) | (70,340,320) | ||
Net increase (decrease) | 11,842,818 | $ 125,498,216 | 13,625,669 | $139,771,750 |
Year Ended 2/28/21 | Year Ended 2/29/20 | ||||
New Jersey | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 3,812,398 | $ 43,865,330 | 4,075,827 | $ 47,310,725 | |
Class A – automatic conversion of Class C2 Shares | 949 | 10,553 | — | — | |
Class C | 198,367 | 2,289,663 | 361,877 | 4,182,804 | |
Class C2 | 13,898 | 159,451 | 6,338 | 73,168 | |
Class I | 4,428,875 | 51,237,876 | 7,309,335 | 84,576,536 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 409,138 | 4,721,108 | 442,030 | 5,146,859 | |
Class C | 20,659 | 237,260 | 22,334 | 258,642 | |
Class C2 | 9,547 | 109,483 | 18,233 | 211,030 | |
Class I | 388,688 | 4,505,397 | 364,565 | 4,264,125 | |
9,282,519 | 107,136,121 | 12,600,539 | 146,023,889 | ||
Shares redeemed: | |||||
Class A | (4,645,683) | (53,270,845) | (2,213,257) | (25,752,952) | |
Class C | (372,055) | (4,275,541) | (255,710) | (2,950,313) | |
Class C2 | (596,212) | (6,870,050) | (457,048) | (5,296,267) | |
Class C2 – automatic conversion to Class A Shares | (952) | (10,553) | — | — | |
Class I | (3,582,063) | (41,306,648) | (2,162,525) | (25,128,316) | |
(9,196,965) | (105,733,637) | (5,088,540) | (59,127,848) | ||
Net increase (decrease) | 85,554 | $ 1,402,484 | 7,511,999 | $ 86,896,041 |
Year Ended 2/28/21 | Year Ended 2/29/20 | ||||
New York | Shares | Amount | Shares | Amount | |
Shares sold: | |||||
Class A | 9,768,654 | $ 108,296,365 | 11,679,373 | $ 130,483,598 | |
Class A – automatic conversion of Class C2 Shares | 28,168 | 306,433 | 10,024 | 112,192 | |
Class C | 609,037 | 6,762,764 | 1,267,533 | 14,111,543 | |
Class C2 | 12,769 | 139,343 | 22,709 | 253,306 | |
Class I | 12,740,865 | 140,665,323 | 21,430,240 | 237,438,385 | |
Shares issued to shareholders due to reinvestment of distributions: | |||||
Class A | 1,054,970 | 11,644,273 | 1,052,149 | 11,775,181 | |
Class C | 67,398 | 742,654 | 66,445 | 742,769 | |
Class C2 | 16,948 | 186,386 | 31,928 | 356,114 | |
Class I | 1,323,108 | 14,624,581 | 1,231,553 | 13,802,163 | |
25,621,917 | 283,368,122 | 36,791,954 | 409,075,251 | ||
Shares redeemed: | |||||
Class A | (10,878,566) | (118,668,780) | (6,523,711) | (72,803,455) | |
Class C | (1,204,784) | (13,279,925) | (409,513) | (4,563,141) | |
Class C2 | (810,173) | (8,947,936) | (908,822) | (10,145,037) | |
Class C2 – automatic conversion to Class A Shares | (28,194) | (306,433) | (10,033) | (112,192) | |
Class I | (11,709,304) | (128,735,153) | (6,849,723) | (76,286,267) | |
(24,631,021) | (269,938,227) | (14,701,802) | (163,910,092) | ||
Net increase (decrease) | 990,896 | $ 13,429,895 | 22,090,152 | $ 245,165,159 |
Connecticut | Massachusetts | New Jersey | New York | |
Tax cost of investments | $253,463,328 | $608,519,580 | $398,793,455 | $1,127,549,827 |
Gross unrealized: | ||||
Appreciation | $ 14,208,323 | $ 33,328,859 | $ 27,420,939 | $ 85,946,715 |
Depreciation | (420,131) | (2,605,360) | (1,069,492) | (4,092,725) |
Net unrealized appreciation (depreciation) of investments | $ 13,788,192 | $ 30,723,499 | $ 26,351,447 | $ 81,853,990 |
Connecticut | Massachusetts | New Jersey | New York | |
Undistributed net tax-exempt income1 | $575,559 | $324,180 | $426,505 | $2,048,214 |
Undistributed net ordinary income2 | — | — | 67 | 39,330 |
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, 2021 through February 28, 2021, and paid on March 1, 2021. |
2 | Net ordinary income consists of taxable market discount income and net short-term capital gains, if any. |
2021 | Connecticut | Massachusetts | New Jersey | New York |
Distributions from net tax-exempt income3 | $7,351,081 | $13,443,958 | $11,134,439 | $34,340,383 |
Distributions from net ordinary income2 | 141,236 | 43,853 | 82 | 21,256 |
Distributions from net long-term capital gains | — | — | — | — |
2020 | Connecticut | Massachusetts | New Jersey | New York |
Distributions from net tax-exempt income | $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 | — | — | — | — |
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 28, 2021, as Exempt Interest Dividends. |
Connecticut | Massachusetts | New Jersey | New York | |
Not subject to expiration: | ||||
Short-term | $4,591,596 | $ 5,380,559 | $264,733 | $33,791,369 |
Long-term | — | 6,165,785 | 388,966 | 2,539,653 |
Total | $4,591,596 | $11,546,344 | $653,699 | $36,331,022 |
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 |
Cross-Trades | Connecticut | Massachusetts | New Jersey | New York |
Purchases | $1,010,160 | $2,833,499 | $1,977,328 | $71,987,099 |
Sales | 1,000,280 | 2,805,785 | 2,000,000 | 65,608,525 |
Connecticut | Massachusetts | New Jersey | New York | |
Sales charges collected (Unaudited) | $146,149 | $179,206 | $185,731 | $811,852 |
Paid to financial intermediaries (Unaudited) | 136,994 | 175,649 | 179,638 | 795,727 |
Connecticut | Massachusetts | New Jersey | New York | |
Commission advances (Unaudited) | $94,656 | $171,825 | $160,961 | $751,714 |
Connecticut | Massachusetts | New Jersey | New York | |
12b-1 fees retained (Unaudited) | $21,141 | $17,861 | $31,854 | $90,218 |
Connecticut | Massachusetts | New Jersey | New York | |
CDSC retained (Unaudited) | $6,122 | $9,369 | $38,871 | $170,559 |
New Jersey | New York | |
Maximum outstanding balance | $1,800,000 | $23,900,000 |
New Jersey | New York | |
Utilization period (days outstanding) | 7 | 32 |
Average daily balance outstanding | $1,800,000 | $14,993,750 |
Average annual interest rate | 1.40% | 1.88% |
• | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to enhance the shareholder outcomes through, among other things, rationalizing the product line and gaining efficiencies through mergers, repositionings and liquidations; launching new share classes; reviewing and updating investment policies and benchmarks; closing funds to new investments; rebranding the exchange-traded fund (“ETF”) product line; and integrating certain investment teams and changing the portfolio managers serving various funds; |
• | Capital Initiatives – continuing to invest capital to support new Nuveen funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds; |
• | Liquidity Management – implementing the liquidity risk management program which was designed to assess and manage the liquidity risk of the Nuveen funds. The Board noted that this program was particularly helpful in addressing the high volatility and liquidity challenges that arose in the market, particularly for the high yield municipal sector, during the first half of 2020; |
• | Compliance Program Initiatives – continuing efforts to mitigate compliance risk, increase operating efficiencies, strengthen key compliance program elements and support international business growth and other objectives through, among other things, integrating various investment teams across affiliates, consolidating marketing review functions, enhancing compliance related technologies and establishing and maintaining shared broad-based compliance policies throughout the organization and its affiliates; |
• | Risk Management and Valuation Services – continuing efforts to provide Nuveen with a more disciplined and consistent approach to identifying and mitigating the firm’s operational risks through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates and adopting a risk operational framework across the complex; |
• | Regulatory Matters – continuing efforts to monitor regulatory trends and advocate on behalf of the Nuveen funds, to implement and comply with new or revised rules and mandates and to respond to regulatory inquiries and exams; |
• | Government Relations – continuing efforts of various Nuveen teams and affiliates to develop policy positions on a broad range of issues that may impact the Nuveen funds, advocate and communicate these positions to lawmakers and other regulatory authorities and work with trade associations to ensure these positions are represented; |
• | Business Continuity, Disaster Recovery and Information Services – continuing to periodically test business continuity and disaster recovery plans, maintain an information security program designed to identify and manage information security risks, and provide reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, potential impact of new or revised laws and regulations, incident tracking and other relevant information technology risk-related reports; and |
• | Expanded Dividend Management Services – continuing to manage the dividends among the varying types of Nuveen funds within the Nuveen complex to be consistent with the respective fund’s product design and investing resources to develop systems to assist in the process for newer products such as target term funds and ETFs. |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee |
Independent Trustees: | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Chair and Trustee | 2008 | Formerly, a Co-Founding Partner, Promus Capital (2008-2017); Director, Quality Control Corporation (manufacturing) (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (philanthropy) (since 2012), and chair of its investment committee; formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010-2019); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008-2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (financial services) (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). | 142 |
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1999 | Chairman (since 2019), formerly, President (1996-2019), The Hall-Perrine Foundation, (private philanthropic corporation); Director and Chairman (since 2009), United Fire Group, a publicly held company; formerly, Director, Public member, American Board of Orthopaedic Surgery (2015-2020); Life Trustee of Coe College and the Iowa College Foundation; formerly, Member and President Pro-Tem of the Board of Regents for the State of Iowa University System (2000-2004); formerly, Director (2000-2004), Alliant Energy; formerly, Director (1996-2015), The Gazette Company (media and publishing); formerly, Director, (1998-2003) Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer (1972-1995), SCI Financial Group, Inc., (regional financial services firm). | 142 |
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. | 142 |
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (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. (consumer wireless services), 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 (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) and Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics). | 142 |
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2013 | Member of Board of Directors of Core12 LLC. (private firm which develops branding, marketing and communications strategies for clients) (since 2008); 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. | 142 |
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1997 | Board Member, Land Trust Alliance (national public charity addressing natural land and water conservation in the U.S.) (since 2013); formerly, Board Member, U.S. Endowment for Forestry and Communities (national endowment addressing forest health, sustainable forest production and markets, and economic health of forest-reliant communities in the U.S.) (2013-2019); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation (private foundation endowed to support both natural land conservation and artistic vitality); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 142 |
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 |
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); formerly, Director, Cboe Global Markets, Inc., (2010-2020) (formerly named CBOE Holdings, Inc.); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 142 |
Matthew Thornton III 1958 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2020 | Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation ("FedEx") (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx; formerly Member of the Board of Directors (2012-2018), Safe Kids Worldwide® (a non-profit organization dedicated to preventing childhood injuries). Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since 2020), Crown Castle International (provider of communications infrastructure). | 142 |
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 (legal services, 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. | 142 |
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. (financial services) (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. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017). | 142 |
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: | ||||
Christopher E. Stickrod 1976 333 W. Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2020 | Senior Managing Director (since 2017) and Head of Advisory Product (since 2020), formerly, Managing Director (2016-2017) and Senior Vice President (2013-2016) of Nuveen, LLC; Senior Managing Director of Nuveen Securities, LLC (since 2018) and of Nuveen Fund Advisors, LLC (since 2019). | |
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and 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, LLC (since 2013) and Vice President, Assistant Secretary and Associate General Counsel of Nuveen Asset Management (since 2018). |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
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, LLC (since 2017); Associate General Counsel of Jackson National Asset Management, LLC (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, LLC; Managing Director (since 2015) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | |
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. | |
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, LLC; 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) (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) and Secretary (since 2016) of Nuveen Fund Advisors, LLC, formerly, Co-General Counsel (2011-2020), Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since 2017), Secretary (since 2016) of Nuveen Asset Management, LLC, formerly, Associate General Counsel (2011-2020), Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, 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 and Assistant Secretary | 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 730 Third Avenue New York, NY 10017 | Vice President | 2020 | President, Nuveen Fund Advisors, LLC (since 2020); Executive Vice President, Global Head of Product at Nuveen,LLC (since 2019); Co-Chief Executive Officer of Nuveen Securities, LLC (since 2020); Managing Member of MDR Collaboratory LLC (since 2018); Managing Director, Head of Wealth Management Product Structuring & COO Multi Asset Investing. The Blackstone Group (2013-2017). |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed(2) | Principal Occupation(s) During Past 5 Years | |
Christopher M. Rohrbacher 1971 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | Managing Director (since 2017) and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2017), General Counsel (since 2020), and Assistant Secretary (since 2016), formerly, Senior Vice President (2016-2017), of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Managing Director (since 2017) and Associate General Counsel (since 2016), formerly, Senior Vice President (2012-2017) and Assistant General Counsel (2008-2016) of Nuveen, LLC. | |
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, LLC. | |
E. Scott Wickerham 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262 | 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) of Nuveen Fund Advisors, LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer (since 2017) of the TIAA-CREF Funds, the TIAA-CREF Life Funds, the TIAA Separate Account VA-1 and Principal Financial Officer, Principal Accounting Officer (since 2020) and Treasurer (since 2017) of the CREF Accounts; formerly, Senior Director, TIAA-CREF Fund Administration (2014-2015); has held various positions with TIAA since 2006. | |
Mark L. Winget 1968 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | Vice President and Assistant Secretary of Nuveen Securities, LLC (since 2008), and Nuveen Fund Advisors, LLC (since 2019); Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC (since 2020); Vice President (since 2010) and Associate General Counsel (since 2019), formerly, Assistant General Counsel (2008-2016) of Nuveen, LLC. | |
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Chief Compliance Officer | 1988 | Formerly: Managing Director (2002-2020) and Assistant Secretary (2002-2020) of Nuveen Securities, LLC; formerly, Managing Director (2002-2020), Assistant Secretary (1997-2020) and Co-General Counsel (2011-2020) of Nuveen Fund Advisors, LLC; formerly, Managing Director (2004-2020) and Assistant Secretary (1994-2020) of Nuveen Investments, Inc.; formerly, Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (2011-2020); formerly, Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (2002-2020), Santa Barbara Asset Management, LLC (2006-2020) and Winslow Capital Management, LLC (2010-2020); 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, William C. Hunter and Albin F. Moschner, 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.
Mr. Moschner, Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (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., (consumer wireless services) 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 (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996), including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics).
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 28, 2021 | 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 | 27,230 | 0 | 0 | 0 | ||||||||||||
Nuveen California Municipal Bond Fund | 27,230 | 0 | 0 | 0 | ||||||||||||
Nuveen Connecticut Municipal Bond Fund | 27,230 | 0 | 0 | 0 | ||||||||||||
Nuveen Massachusetts Municipal Bond Fund | 27,230 | 0 | 0 | 0 | ||||||||||||
Nuveen New Jersey Municipal Bond Fund | 27,230 | 0 | 0 | 0 | ||||||||||||
Nuveen New York Municipal Bond Fund | 27,230 | 0 | 0 | 0 | ||||||||||||
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Total | $ | 163,380 | $ | 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 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 | % | ||||||||
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 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 | ||||||||||||
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Total | $ | 160,260 | $ | 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 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, 2021 | 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 | 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, 2021 | 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) | |||||||||
Fund Name | ||||||||||||
Nuveen California High Yield Municipal Bond Fund | 0 | 0 | 0 | |||||||||
Nuveen California Municipal Bond Fund | 0 | 0 | 0 | |||||||||
Nuveen Connecticut Municipal Bond Fund | 0 | 0 | 0 | |||||||||
Nuveen Massachusetts Municipal Bond Fund | 0 | 0 | 0 | |||||||||
Nuveen New Jersey Municipal Bond Fund | 0 | 0 | 0 | |||||||||
Nuveen New York Municipal Bond Fund | 0 | 0 | 0 | |||||||||
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Total | $ | 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 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) | |||||||||
Fund Name | ||||||||||||
Nuveen California High Yield Municipal Bond Fund | 0 | 0 | 0 | |||||||||
Nuveen California Municipal Bond Fund | 0 | 0 | 0 | |||||||||
Nuveen Connecticut Municipal Bond Fund | 0 | 0 | 0 | |||||||||
Nuveen Massachusetts Municipal Bond Fund | 0 | 0 | 0 | |||||||||
Nuveen New Jersey Municipal Bond Fund | 0 | 0 | 0 | |||||||||
Nuveen New York Municipal Bond Fund | 0 | 0 | 0 | |||||||||
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Total | $ | 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 Secretary |
Date: May 6, 2021
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/ Christopher E. Stickrod | |
Christopher E. Stickrod | ||
Chief Administrative Officer | ||
(principal executive officer) |
Date: May 6, 2021
By (Signature and Title) | /s/ E. Scott Wickerham | |
E. Scott Wickerham | ||
Vice President and Controller | ||
(principal financial officer) |
Date: May 6, 2021