NCB
Nuveen California Municipal Value Fund 2
Portfolio of Investments November 30, 2019
(Unaudited)
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
LONG-TERM INVESTMENTS – 94.3% (97.7% of Total Investments) | ||||||
MUNICIPAL BONDS – 94.3% (97.7% of Total Investments) | ||||||
Consumer Staples – 4.5% (4.7% of Total Investments) | ||||||
$1,100 | 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 | $1,138,577 | ||
1,000 | Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A, 0.000%, 6/01/41 | 12/19 at 30.13 | N/R | 300,040 | ||
1,000 | Tobacco Securitization Authority of Northern California, Tobacco Settlement Asset-Backed Bonds, Series 2005A-1, 5.500%, 6/01/45 | 12/19 at 100.00 | B- | 1,003,880 | ||
3,100 | Total Consumer Staples | 2,442,497 | ||||
Education and Civic Organizations – 2.7% (2.8% of Total Investments) | ||||||
865 | California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2009, 5.500%, 11/01/39 | 12/19 at 100.00 | A2 | 867,794 | ||
100 | 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 | 111,151 | ||
35 | 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 | 38,901 | ||
260 | 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 | 292,960 | ||
150 | California Statewide Communities Development Authority, School Facility Revenue Bonds, Alliance College-Ready Public Schools, Series 2011A, 7.000%, 7/01/46 | 7/21 at 100.00 | B+ | 158,436 | ||
1,410 | Total Education and Civic Organizations | 1,469,242 | ||||
Financials – 0.0% (0.0% of Total Investments) | ||||||
500 | Puerto Rico Urgent Interest Fund Corp (COFINA), National Custodial Taxable Trust Unit, Series 2007A Sr. Bond, 0.000%, 8/01/44 (4) | No Opt. Call | N/R | 25,000 | ||
Health Care – 8.0% (8.3% of Total Investments) | ||||||
1,090 | California Health Facilities Financing Authority, Revenue Bonds, Children's Hospital Los Angeles, Series 2017A, 5.000%, 8/15/47 | 8/27 at 100.00 | BBB+ | 1,275,714 | ||
70 | 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- | 78,908 | ||
40 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38 | 10/24 at 100.00 | AA- | 45,904 | ||
150 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B, 5.000%, 10/01/44 | 10/24 at 100.00 | AA- | 169,788 | ||
20 | California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A, 5.000%, 7/01/42 | 7/27 at 100.00 | Baa2 | 23,191 |
1
NCB | Nuveen California Municipal Value Fund 2(continued) |
Portfolio of Investments November 30, 2019 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Health Care(continued) | ||||||
$100 | California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A, 5.250%, 11/01/41 | 11/26 at 100.00 | BBB- | $115,403 | ||
1,000 | California Statewide Communities Development Authority, California, Redlands Community Hospital, Revenue Bonds, Series 2016, 5.000%, 10/01/46 | 10/26 at 100.00 | A- | 1,151,140 | ||
150 | California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A, 5.250%, 12/01/34 | 12/24 at 100.00 | BB | 168,726 | ||
785 | 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 | 884,114 | ||
380 | San Buenaventura, California, Revenue Bonds, Community Memorial Health System, Series 2011, 7.500%, 12/01/41 | 12/21 at 100.00 | BB | 418,407 | ||
3,785 | Total Health Care | 4,331,295 | ||||
Housing/Multifamily – 0.9% (0.9% of Total Investments) | ||||||
55 | California Housing Finance Agency, Multifamily Housing Revenue Bonds, Series2019-1, 4.250%, 1/15/35 | No Opt. Call | BBB+ | 63,996 | ||
California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Affordable Housing Inc Projects, Senior Series 2014A: | ||||||
15 | 5.250%, 8/15/39 | 8/24 at 100.00 | BBB+ | 16,875 | ||
40 | 5.250%, 8/15/49 | 8/24 at 100.00 | BBB+ | 44,472 | ||
70 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2012A, 5.500%, 8/15/47 | 8/22 at 100.00 | BBB | 74,748 | ||
250 | 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 | 272,765 | ||
430 | Total Housing/Multifamily | 472,856 | ||||
Long-Term Care – 2.0% (2.0% of Total Investments) | ||||||
1,000 | California Health Facilities Financing Authority, Insured Revenue Bonds, Community Program for Persons with Developmental Disabilities, Series 2011A, 6.250%, 2/01/26 | 2/21 at 100.00 | AA | 1,060,300 | ||
Tax Obligation/General – 23.7% (24.6% of Total Investments) | ||||||
1,750 | California State, General Obligation Bonds, Refunding Various Purpose Series 2019, 5.000%, 4/01/32 | No Opt. Call | Aa2 | 2,373,192 | ||
2,100 | Carlsbad Unified School District, San Diego County, California, General Obligation Bonds, Series 2009B, 6.000%, 5/01/34 | 5/24 at 100.00 | Aa1 | 2,541,861 | ||
Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2008 Series 2018B-1: | ||||||
1,000 | 5.000%, 7/01/37 | 1/28 at 100.00 | AAA | 1,230,700 | ||
1,000 | 5.250%, 7/01/42 | 1/28 at 100.00 | AAA | 1,242,060 | ||
195 | Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 – AGM Insured | 8/20 at 13.60 | AA | 26,202 | ||
840 | San Benito High School District, San Benito and Santa Clara Counties, California, General Obligation Bonds, 2016 Election Series 2017, 5.250%, 8/01/46 | 8/27 at 100.00 | Aa3 | 1,030,462 | ||
10,000 | San Marcos Unified School District, San Diego County, California, General Obligation Bonds, 2010 Election, Series 2012B, 0.000%, 8/01/51 | No Opt. Call | AA- | 3,912,700 |
2
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Tax Obligation/General(continued) | ||||||
$500 | Western Riverside Water & Wastewater Financing Authority, California, Revenue Bonds, Western Municipal Water District, Series 2009, 5.625%, 9/01/39 – AGC Insured | 12/19 at 100.00 | AA+ | $501,655 | ||
17,385 | Total Tax Obligation/General | 12,858,832 | ||||
Tax Obligation/Limited – 7.8% (8.1% of Total Investments) | ||||||
180 | Golden State Tobacco Securitization Corporation, California, Enhanced Tobacco Settlement Asset-Backed Revenue Bonds, Refunding Series 2015A, 5.000%, 6/01/40 | 6/25 at 100.00 | Aa3 | 208,397 | ||
1,000 | Los Angeles County Metropolitan Transportation Authority, California, Measure R Sales Tax Revenue Bonds, Senior Series 2016A, 5.000%, 6/01/38 | 6/26 at 100.00 | AAA | 1,201,880 | ||
1,150 | Los Angeles County Metropolitan Transportation Authority, California, Proposition C Sales Tax Revenue Bonds, Senior Lien Series 2017A, 5.000%, 7/01/39 | 7/27 at 100.00 | AAA | 1,412,487 | ||
Patterson Public Finance Authority, California, Revenue Bonds, Community Facilities District 2001-1, Senior Series 2013A: | ||||||
210 | 5.250%, 9/01/30 | 9/23 at 100.00 | N/R | 232,655 | ||
190 | 5.750%, 9/01/39 | 9/23 at 100.00 | N/R | 211,645 | ||
35 | 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 | 39,075 | ||
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1: | ||||||
9 | 0.000%, 7/01/24 | No Opt. Call | N/R | 7,892 | ||
8 | 4.550%, 7/01/40 | 7/28 at 100.00 | N/R | 8,282 | ||
225 | 0.000%, 7/01/46 | 7/28 at 41.38 | N/R | 59,483 | ||
183 | 0.000%, 7/01/51 | 7/28 at 30.01 | N/R | 35,877 | ||
64 | 4.750%, 7/01/53 | 7/28 at 100.00 | N/R | 66,230 | ||
537 | 5.000%, 7/01/58 | 7/28 at 100.00 | N/R | 564,253 | ||
15 | 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 | 16,454 | ||
20 | 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 | 22,625 | ||
25 | Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011, 7.000%, 10/01/26 | 4/21 at 100.00 | N/R | 26,682 | ||
100 | Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017, 5.750%, 9/01/32, 144A | 9/27 at 100.00 | N/R | 106,675 | ||
3,951 | Total Tax Obligation/Limited | 4,220,592 | ||||
Transportation – 19.4% (20.1% of Total Investments) | ||||||
1,500 | 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- | 1,869,255 | ||
35 | 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 | BB | 39,743 | ||
395 | Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Junior Lien Series 2013C, 6.500%, 1/15/43 | 1/24 at 100.00 | BBB+ | 464,998 |
3
NCB | Nuveen California Municipal Value Fund 2(continued) |
Portfolio of Investments November 30, 2019 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Transportation(continued) | ||||||
Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Series 2013A: | ||||||
$865 | 5.750%, 1/15/46 | 1/24 at 100.00 | A- | $997,518 | ||
865 | 6.000%, 1/15/53 | 1/24 at 100.00 | A- | 1,008,858 | ||
1,000 | Long Beach, California, Harbor Revenue Bonds, Series 2017C, 5.000%, 5/15/47 | 5/27 at 100.00 | AA | 1,199,230 | ||
1,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Refunding Senior Lien Series 2018B, 5.000%, 5/15/33 (AMT) | 5/28 at 100.00 | AA | 1,228,410 | ||
1,000 | Los Angeles Department of Airports, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018A, 5.250%, 5/15/48 (AMT) | 5/28 at 100.00 | AA- | 1,212,790 | ||
305 | Port of Oakland, California, Revenue Bonds, Refunding Series 2012P, 5.000%, 5/01/31 (AMT) | 5/22 at 100.00 | A+ | 330,528 | ||
1,820 | 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 | A+ | 2,135,934 | ||
8,785 | Total Transportation | 10,487,264 | ||||
U.S. Guaranteed – 4.3% (4.5% of Total Investments) (5) | ||||||
35 | California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A, 5.000%, 10/01/38 (Pre-refunded 10/01/24) | 10/24 at 100.00 | N/R | 41,436 | ||
210 | California Municipal Finance Authority, Mobile Home Park Revenue Bonds, Caritas Projects Series 2010A, 6.400%, 8/15/45 (Pre-refunded 8/15/20) | 8/20 at 100.00 | BBB | 217,871 | ||
500 | California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2010A-1, 6.000%, 3/01/35 (Pre-refunded 3/01/20) | 3/20 at 100.00 | A+ | 506,265 | ||
80 | National City Community Development Commission, California, Tax Allocation Bonds, National City Redevelopment Project, Series 2011, 6.500%, 8/01/24 (Pre-refunded 8/01/21) | 8/21 at 100.00 | A | 87,339 | ||
30 | 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 | A- | 33,014 | ||
3,805 | Oceanside Unified School District, San Diego County, California, General Obligation Bonds, Election 2008 Series 2010B, 0.000%, 8/01/49 (Pre-refunded 8/01/20) – AGM Insured | 8/20 at 13.60 | AA | 513,599 | ||
725 | Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2010, 6.000%, 11/01/41 (Pre-refunded 11/01/20) | 11/20 at 100.00 | Ba1 | 757,581 | ||
95 | 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- | 102,852 | ||
15 | San Francisco Redevelopment Finance Authority, California, Tax Allocation Revenue Bonds, Mission Bay North Redevelopment Project, Series 2011C, 6.750%, 8/01/41 (Pre-refunded 2/01/21) | 2/21 at 100.00 | A- | 16,006 | ||
San Francisco Redevelopment Financing Authority, California, Tax Allocation Revenue Bonds, Mission Bay South Redevelopment Project, Series 2011D: | ||||||
15 | 7.000%, 8/01/33 (Pre-refunded 2/01/21) | 2/21 at 100.00 | BBB+ | 16,041 | ||
15 | 7.000%, 8/01/41 (Pre-refunded 2/01/21) | 2/21 at 100.00 | BBB+ | 16,042 | ||
40 | Yorba Linda Redevelopment Agency, Orange County, California, Tax Allocation Revenue Bonds, Yorba Linda Redevelopment Project, Subordinate Lien Series 2011A, 6.000%, 9/01/26 (Pre-refunded 9/01/21) | 9/21 at 100.00 | N/R | 43,471 | ||
5,565 | Total U.S. Guaranteed | 2,351,517 |
4
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
Utilities – 11.7% (12.1% of Total Investments) | ||||||
$415 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2016B, 5.000%, 7/01/37 | 1/26 at 100.00 | AA | $495,477 | ||
1,245 | Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017A, 5.000%, 7/01/42 | 1/27 at 100.00 | AA | 1,492,070 | ||
1,000 | M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C, 6.500%, 11/01/39 | No Opt. Call | A | 1,549,880 | ||
2,400 | Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A, 5.250%, 11/01/24 | No Opt. Call | A | 2,791,440 | ||
5,060 | Total Utilities | 6,328,867 | ||||
Water and Sewer – 9.3% (9.6% of Total Investments) | ||||||
1,000 | California Infrastructure and Economic Development Bank Clean Water State Revolving Fund Revenue Bonds, Green Series 2018, 5.000%, 10/01/43 | 4/28 at 100.00 | AAA | 1,228,860 | ||
1,075 | California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, 5.000%, 11/21/45 (AMT), 144A | 7/22 at 100.00 | BBB | 1,143,918 | ||
375 | Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Lien Series 2017A, 5.250%, 6/01/47 | 6/27 at 100.00 | AA | 459,210 | ||
45 | Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2008A, 6.000%, 7/01/44 | 12/19 at 100.00 | C | 45,675 | ||
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Senior Lien Series 2012A: | ||||||
25 | 5.500%, 7/01/28 | 7/22 at 100.00 | C | 26,531 | ||
100 | 5.750%, 7/01/37 | 7/22 at 100.00 | C | 106,879 | ||
80 | 6.000%, 7/01/47 | 7/22 at 100.00 | C | 85,300 | ||
1,190 | Sacramento, California, Wastewater Revenue Bonds, Series 2019, 5.000%, 9/01/39 | 9/29 at 100.00 | AA | 1,517,512 | ||
335 | San Diego Public Facilities Financing Authority, California, Water Utility Revenue Bonds, Refunding Subordinate Lien Series 2016B, 5.000%, 8/01/32 | 8/26 at 100.00 | Aa3 | 409,628 | ||
4,225 | Total Water and Sewer | 5,023,513 | ||||
$55,196 | Total Long-Term Investments (cost $44,651,211) | 51,071,775 |
5
NCB | Nuveen California Municipal Value Fund 2(continued) |
Portfolio of Investments November 30, 2019 | |
(Unaudited) |
Principal Amount (000) | Description (1) | Optional Call Provisions (2) | Ratings (3) | Value | ||
SHORT-TERM INVESTMENTS – 2.2% (2.3% of Total Investments) | ||||||
MUNICIPAL BONDS – 2.2% (2.3% of Total Investments) | ||||||
Health Care – 0.4% (0.4% of Total Investments) | ||||||
$200 | ABAG Finance Authority for Nonprofit Corporations, California, Revenue Bonds, Sharp HealthCare, Variable Rate Demand Obligations, Refunding Series 2009D, 0.820%, 8/01/35 (Mandatory Put 1/22/20) (6) | 1/20 at 100.00 | A-1 | $200,000 | ||
Tax Obligation/Limited – 1.8% (1.9% of Total Investments) | ||||||
1,000 | San Diego County Regional Transportation Commission, California, Sales Tax Revenue Bonds, Variable Rate Demand Obligations, Series 2008A, 0.770%, 4/01/38 (Mandatory Put 1/23/20) (6) | 1/20 at 100.00 | A-1 | 1,000,000 | ||
$1,200 | Total Short-Term Investments (cost $1,200,000) | 1,200,000 | ||||
Total Investments (cost $45,851,211) – 96.5% | 52,271,775 | |||||
Other Assets Less Liabilities – 3.5% | 1,918,574 | |||||
Net Asset Applicable to Common Shares – 100% | $54,190,349 |
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
Level 1 | Level 2 | Level 3 | Total | |
Long-Term Investments: | ||||
Municipal Bonds | $ — | $51,071,775 | $ — | $51,071,775 |
Short-Term Investments: | ||||
Municipal Bonds | — | 1,200,000 | — | 1,200,000 |
Total | $ — | $52,271,775 | $ — | $52,271,775 |
6
(1) | All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted. | |
(2) | Optional Call Provisions: Dates (month and year) and prices of the earliest optional call or redemption. There may be other call provisions at varying prices at later dates. Certain mortgage-backed securities may be subject to periodic principal paydowns. | |
(3) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. | |
(4) | Effective February 12, 2019, the par value of the original bonds was replaced with taxable and tax exempt Puerto Rico Sales Tax Financing Corporation (commonly known as COFINA) bond units that are collateralized by a bundle of zero and coupon paying bonds. The quantity shown represents units in a trust, which were assigned according to the original bond’s accreted value. These securities do not have a stated coupon interest rate and income will be recognized through accretion of the discount associated with the trust units. The factor at which these units accrete can also decrease, primarily for principal payments generated from coupon payments received or dispositions of the underlying bond collateral. The quantity of units will not change as a result of these principal payments. | |
(5) | Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest. | |
(6) | Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index. | |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
AMT | Alternative Minimum Tax |
7