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 811-23161
Nushares ETF Trust
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Christopher M. Rohrbacher
Vice President and Secretary
333 West Wacker Drive, Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: July 31
Date of reporting period: January 31, 2020
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
Item 1. Reports to Stockholders.
![](https://capedge.com/proxy/N-CSRS/0001193125-20-099110/g878043img5e1917801.gif)
Funds
Fund Name | Listing Exchange | Ticker Symbol | |||
Nuveen Enhanced Yield U.S. Aggregate Bond ETF | NYSE Arca | NUAG | |||
Nuveen Enhanced Yield 1-5 Year U.S. Aggregate Bond ETF | NYSE Arca | NUSA | |||
Nuveen ESG High Yield Corporate Bond ETF | NYSE Arca | NUHY | |||
Nuveen ESG U.S. Aggregate Bond ETF | NYSE Arca | NUBD |
![](https://capedge.com/proxy/N-CSRS/0001193125-20-099110/g878043img5e1917801.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-20-099110/g878043img30087a3c2.jpg)
![](https://capedge.com/proxy/N-CSRS/0001193125-20-099110/g878043imgcf5e54183.jpg)
Total Returns as of January 31, 2020 | ||||||
Cumulative | Average Annual | |||||
Inception Date | 6-Month | 1-Year | Since Inception | Expense Ratio | ||
NUAG at NAV | 9/14/16 | 4.49% | 10.88% | 3.57% | 0.20% | |
NUAG at Market Price | 9/14/16 | 4.80% | 11.11% | 3.60% | 0.20% | |
ICE BofAML Enhanced Yield U.S. Broad Bond Index | - | 4.71% | 11.56% | 4.15% | - | |
ICE BofAML U.S. Broad Market Index | - | 4.29% | 9.96% | 3.47% | - |
Total Returns as of January 31, 2020 | ||||||
Cumulative | Average Annual | |||||
Inception Date | 6-Month | 1-Year | Since Inception | Expense Ratio | ||
NUSA at NAV | 3/31/17 | 2.60% | 5.80% | 3.05% | 0.20% | |
NUSA at Market Price | 3/31/17 | 2.65% | 5.76% | 3.10% | 0.20% | |
ICE BofAML Enhanced Yield 1-5 Year U.S. Broad Bond Index | - | 2.77% | 6.41% | 3.40% | - | |
ICE BofAML 1-5 Year U.S. Broad Market Index | - | 2.37% | 5.50% | 2.88% | - |
Total Returns as of January 31, 2020 | |||
Cumulative | |||
Inception Date | Since Inception | Expense Ratio | |
NUHY at NAV | 9/25/19 | 1.99% | 0.35% |
NUHY at Market Price | 9/25/19 | 2.16% | 0.35% |
Bloomberg Barclays MSCI U.S. High Yield Very Liquid ESG Select Index | - | 2.41% | - |
Bloomberg Barclays U.S. High Yield Very Liquid Index | - | 2.33% | - |
Total Returns as of January 31, 2020 | ||||||
Cumulative | Average Annual | |||||
Inception Date | 6-Month | 1-Year | Since Inception | Expense Ratio | ||
NUBD at NAV | 9/29/17 | 3.93% | 9.29% | 4.40% | 0.20% | |
NUBD at Market Price | 9/29/17 | 4.06% | 9.37% | 4.49% | 0.20% | |
Bloomberg Barclays MSCI U.S. Aggregate ESG Select Index | - | 4.08% | 9.38% | 4.61% | - | |
Bloomberg Barclays U.S. Aggregate Bond Index | - | 4.20% | 9.64% | 4.67% | - |
Dividend Rate | 3.05% |
SEC 30-Day Yield | 2.14% |
Dividend Rate | 2.55% |
SEC 30-Day Yield | 1.79% |
Dividend Rate | 3.30% |
SEC 30-Day Yield | 4.41% |
Dividend Rate | 2.26% |
SEC 30-Day Yield | 1.71% |
Fund Allocation (% of net assets) | |
Securitized | 36.2% |
Corporate Debt | 34.7% |
U.S. Treasury | 23.1% |
Government Related - Long-Term | 5.0% |
U.S. Government and Agency Obligations | 15.8% |
Other Assets Less Liabilities | (14.8)% |
Net Assets | 100% |
Corporate Debt: Industries (% of total corporate debt holdings) | |
Industrial | 42.6% |
Financials | 21.6% |
Utility | 35.8% |
Total | 100% |
Portfolio Credit Quality (% of total investments) | |
AAA | 0.7% |
AA | 2.4% |
A | 11.3% |
BBB | 19.8% |
U.S. Treasury/Agency | 65.8% |
Total | 100% |
Fund Allocation (% of net assets) | |
Corporate Debt | 47.0% |
Securitized | 26.9% |
U.S. Treasury | 26.2% |
U.S. Government and Agency Obligations | 0.8% |
Other Assets Less Liabilities | (0.9)% |
Net Assets | 100% |
Corporate Debt: Industries (% of total corporate debt holdings) | |
Industrial | 24.8% |
Financials | 48.4% |
Utility | 26.8% |
Total | 100% |
Portfolio Credit Quality (% of total investments) | |
AAA | 14.9% |
AA | 5.7% |
A | 18.3% |
BBB | 23.1% |
U.S. Treasury/Agency | 38.0% |
Total | 100% |
Fund Allocation (% of net assets) | |
Corporate Debt | 98.0% |
U.S. Government and Agency Obligations | 0.8% |
Other Assets Less Liabilities | 1.2% |
Net Assets | 100% |
Corporate Debt: Industries (% of total corporate debt holdings) | |
Industrial | 89.7% |
Financials | 7.3% |
Utility | 3.0% |
Total | 100% |
Portfolio Credit Quality (% of total investments) | |
BBB | 7.7% |
BB or Lower | 91.5% |
U.S. Treasury/Agency | 0.8% |
Total | 100% |
Fund Allocation (% of net assets) | |
U.S. Treasury | 38.7% |
Securitized | 28.9% |
Corporate Debt | 25.2% |
Government Related - Long-Term | 6.2% |
U.S. Government and Agency Obligations | 7.5% |
Other Assets Less Liabilities | (6.5)% |
Net Assets | 100% |
Corporate Debt: Industries (% of total corporate debt holdings) | |
Industrial | 60.7% |
Financials | 31.6% |
Utility | 7.7% |
Total | 100% |
Portfolio Credit Quality (% of total investments) | |
AAA | 4.4% |
AA | 3.8% |
A | 13.7% |
BBB | 6.9% |
U.S. Treasury/Agency | 71.2% |
Total | 100% |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,044.90 |
Expenses Incurred During Period | $1.08 |
Hypothetical Performance (5% annualized return before expenses) | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,024.08 |
Expenses Incurred During the Period | $1.07 |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,026.00 |
Expenses Incurred During Period | $1.12 |
Hypothetical Performance (5% annualized return before expenses) | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,024.03 |
Expenses Incurred During the Period | $1.12 |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,019.90 |
Expenses Incurred During Period | $1.28 |
Hypothetical Performance (5% annualized return before expenses) | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,016.35 |
Expenses Incurred During the Period | $1.28 |
Actual Performance | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,039.30 |
Expenses Incurred During Period | $1.13 |
Hypothetical Performance (5% annualized return before expenses) | |
Beginning Account Value | $1,000.00 |
Ending Account Value | $1,024.03 |
Expenses Incurred During the Period | $1.12 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
LONG-TERM INVESTMENTS – 99.0% | ||||||
SECURITIZED – 36.2% | ||||||
$250 | COMM 2015-LC19 Mortgage Trust | 3.527% | 2/10/48 | AAA | $264,470 | |
500 | Csail 2015-C2 Commercial Mortgage Trust | 3.849% | 6/15/57 | Aa2 | 531,854 | |
1,142 | Fannie Mae Pool AL9125 | 4.000% | 10/01/43 | N/R | 1,225,129 | |
617 | Fannie Mae Pool AS6302 | 3.500% | 12/01/45 | N/R | 648,141 | |
699 | Fannie Mae Pool AX4887 | 4.000% | 12/01/44 | N/R | 745,239 | |
63 | Fannie Mae Pool MA1489 | 3.000% | 7/01/43 | Aaa | 65,275 | |
774 | Fannie Mae Pool MA2929 | 3.500% | 3/01/47 | Aaa | 806,672 | |
978 | Fannie Mae Pool MA3120 | 3.500% | 9/01/47 | Aaa | 1,019,268 | |
285 | Fannie Mae Pool MA3211 | 4.000% | 12/01/47 | Aaa | 300,315 | |
505 | Fannie Mae Pool MA3239 | 4.000% | 1/01/48 | Aaa | 531,884 | |
797 | Fannie Mae Pool MA3276 | 3.500% | 2/01/48 | Aaa | 830,272 | |
182 | Fannie Mae Pool MA3277 | 4.000% | 2/01/48 | N/R | 191,617 | |
408 | Fannie Mae Pool MA3305 | 3.500% | 3/01/48 | N/R | 425,331 | |
128 | Fannie Mae Pool MA3306 | 4.000% | 3/01/48 | N/R | 135,659 | |
426 | Fannie Mae Pool MA3332 | 3.500% | 4/01/48 | Aaa | 444,500 | |
680 | Fannie Mae Pool MA3383 | 3.500% | 6/01/48 | Aaa | 706,077 | |
329 | Fannie Mae Pool MA3467 | 4.000% | 9/01/48 | Aaa | 343,690 | |
395 | Fannie Mae Pool MA3663 | 3.500% | 5/01/49 | Aaa | 407,534 | |
477 | Fannie Mae Pool MA3744 | 3.000% | 8/01/49 | N/R | 487,983 | |
14,254 | Fannie Mae Pool MA3774, (DD1) | 3.000% | 9/01/49 | Aaa | 14,579,968 | |
11,816 | Fannie Mae Pool MA3905 | 3.000% | 1/01/50 | N/R | 12,087,501 | |
300 | Fannie Mae Pool MA3960 | 3.000% | 3/01/50 | N/R | 306,974 | |
727 | Freddie Mac Gold Pool G08797 | 4.000% | 1/01/48 | N/R | 769,755 | |
350 | Freddie Mac Gold Pool G08800 | 3.500% | 2/01/48 | N/R | 365,969 | |
52 | Ginnie Mae II Pool MA2149 | 4.000% | 8/20/44 | N/R | 55,629 | |
623 | Ginnie Mae II Pool MA3310 | 3.500% | 12/20/45 | Aaa | 653,342 | |
179 | Ginnie Mae II Pool MA3311 | 4.000% | 12/20/45 | Aaa | 189,762 | |
222 | Ginnie Mae II Pool MA3874 | 3.500% | 8/20/46 | Aaa | 231,853 | |
142 | Ginnie Mae II Pool MA3937 | 3.500% | 9/20/46 | Aaa | 148,828 | |
368 | Ginnie Mae II Pool MA4900 | 3.500% | 12/20/47 | Aaa | 383,753 | |
296 | Ginnie Mae II Pool MA4962 | 3.500% | 1/20/48 | Aaa | 306,876 | |
408 | Ginnie Mae II Pool MA5875 | 3.500% | 4/20/49 | Aaa | 420,896 | |
2,886 | Ginnie Mae II Pool MA6283 | 3.000% | 11/20/49 | N/R | 2,970,685 | |
11,453 | Ginnie Mae II Pool MA6338, (DD1) | 3.000% | 12/20/49 | N/R | 11,784,979 | |
500 | SoFi Professional Loan Program 2017-E LLC, 144A | 2.720% | 11/26/40 | AAA | 508,799 | |
250 | Verizon Owner Trust 2019-C | 2.060% | 4/22/24 | AA+ | 251,780 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
$250 | Wells Fargo Commercial Mortgage Trust 2014-LC16 | 4.020% | 8/15/50 | Aaa | $265,460 | |
$54,711 | Total Securitized (cost $55,916,223) | 56,393,719 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
CORPORATE DEBT – 34.7% | ||||||
Financials – 7.5% | ||||||
$215 | Air Lease Corp | 3.875% | 7/03/23 | BBB | $227,645 | |
109 | Aircastle Ltd | 5.000% | 4/01/23 | BBB- | 118,030 | |
100 | Alexandria Real Estate Equities Inc | 3.375% | 8/15/31 | BBB+ | 107,907 | |
150 | Ally Financial Inc | 8.000% | 11/01/31 | BBB- | 210,750 | |
561 | American International Group Inc | 4.200% | 4/01/28 | BBB+ | 631,587 | |
151 | Anthem Inc | 3.700% | 9/15/49 | A | 152,044 | |
145 | Aon Corp | 3.750% | 5/02/29 | A- | 159,747 | |
136 | AXIS Specialty Finance PLC | 4.000% | 12/06/27 | A- | 149,429 | |
137 | Bank of Montreal | 3.803% | 12/15/32 | A+ | 146,124 | |
40 | Barclays Bank PLC | 3.750% | 5/15/24 | A1 | 42,868 | |
300 | Barclays PLC | 3.932% | 5/07/25 | A | 319,495 | |
250 | Barclays PLC | 5.250% | 8/17/45 | A | 316,995 | |
62 | Boston Properties LP | 2.900% | 3/15/30 | A- | 63,914 | |
27 | Brixmor Operating Partnership LP | 4.125% | 5/15/29 | BBB- | 29,868 | |
351 | Capital One Financial Corp | 3.800% | 1/31/28 | A- | 382,192 | |
141 | Charles Schwab Corp | 3.250% | 5/22/29 | A | 152,179 | |
317 | Citigroup Inc | 4.125% | 7/25/28 | A- | 351,929 | |
437 | Citigroup Inc | 4.750% | 5/18/46 | A- | 540,034 | |
131 | CNA Financial Corp | 3.900% | 5/01/29 | A- | 145,441 | |
147 | Discover Bank | 4.650% | 9/13/28 | BBB+ | 169,203 | |
196 | Fifth Third Bancorp | 3.950% | 3/14/28 | A- | 219,886 | |
139 | GATX Corp | 4.550% | 11/07/28 | BBB | 156,603 | |
600 | GE Capital International Funding Co Unlimited Co | 4.418% | 11/15/35 | BBB+ | 675,811 | |
20 | Goldman Sachs Group Inc | 3.750% | 2/25/26 | A | 21,646 | |
26 | Goldman Sachs Group Inc | 3.500% | 11/16/26 | A | 27,775 | |
134 | Goldman Sachs Group Inc | 4.223% | 5/01/29 | A | 151,168 | |
376 | Goldman Sachs Group Inc | 4.411% | 4/23/39 | A | 445,834 | |
212 | Hartford Financial Services Group Inc | 4.400% | 3/15/48 | BBB+ | 253,640 | |
18 | Healthcare Realty Trust Inc | 3.625% | 1/15/28 | BBB+ | 19,125 | |
104 | Highwoods Realty LP | 3.050% | 2/15/30 | BBB | 106,303 | |
212 | Humana Inc | 3.850% | 10/01/24 | BBB+ | 228,215 | |
101 | Huntington Bancshares Inc/OH | 4.000% | 5/15/25 | A- | 110,721 | |
311 | International Lease Finance Corp | 8.625% | 1/15/22 | BBB | 349,894 | |
145 | Jefferies Financial Group Inc | 5.500% | 10/18/23 | BBB | 158,846 | |
4 | JPMorgan Chase & Co | 3.702% | 5/06/30 | AA- | 4,411 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Financials (continued) | ||||||
$153 | JPMorgan Chase & Co | 3.964% | 11/15/48 | AA- | $179,400 | |
40 | KeyBank NA/Cleveland OH | 3.400% | 5/20/26 | BBB+ | 42,737 | |
202 | Lazard Group LLC | 4.500% | 9/19/28 | A- | 230,956 | |
28 | Lincoln National Corp | 4.200% | 3/15/22 | A- | 29,346 | |
300 | Lloyds Banking Group PLC | 2.438% | 2/05/26 | A+ | 301,993 | |
145 | Manulife Financial Corp | 4.061% | 2/24/32 | A- | 154,206 | |
136 | Markel Corp | 5.000% | 5/20/49 | BBB+ | 168,602 | |
132 | MetLife Inc | 3.000% | 3/01/25 | A- | 139,469 | |
13 | Morgan Stanley | 4.350% | 9/08/26 | A- | 14,477 | |
200 | Morgan Stanley | 4.457% | 4/22/39 | A | 243,195 | |
26 | Physicians Realty LP | 3.950% | 1/15/28 | BBB- | 27,875 | |
108 | Principal Financial Group Inc | 3.700% | 5/15/29 | A- | 119,905 | |
153 | Prudential Financial Inc | 5.375% | 5/15/45 | BBB+ | 166,311 | |
212 | Raymond James Financial Inc | 3.625% | 9/15/26 | BBB+ | 229,653 | |
8 | Realty Income Corp | 3.650% | 1/15/28 | A- | 8,788 | |
186 | Regions Financial Corp | 3.800% | 8/14/23 | BBB+ | 198,284 | |
18 | Reinsurance Group of America Inc | 4.700% | 9/15/23 | A | 19,689 | |
246 | Royal Bank of Scotland Group PLC | 4.269% | 3/22/25 | A | 264,272 | |
29 | Sabra Health Care LP | 4.800% | 6/01/24 | BBB- | 31,106 | |
141 | Santander Holdings USA Inc, 144A | 3.244% | 10/05/26 | BBB+ | 144,517 | |
27 | Service Properties Trust | 4.375% | 2/15/30 | BBB- | 27,413 | |
146 | Synchrony Financial | 3.950% | 12/01/27 | BBB- | 155,646 | |
130 | Toronto-Dominion Bank | 3.625% | 9/15/31 | A2 | 139,677 | |
99 | Truist Bank | 3.300% | 5/15/26 | A | 105,408 | |
104 | UDR Inc | 3.000% | 8/15/31 | BBB+ | 108,166 | |
29 | UnitedHealth Group Inc | 3.850% | 6/15/28 | A+ | 32,469 | |
186 | Unum Group | 4.500% | 12/15/49 | BBB | 188,811 | |
108 | Ventas Realty LP | 4.400% | 1/15/29 | BBB+ | 121,825 | |
26 | VEREIT Operating Partnership LP | 4.875% | 6/01/26 | BBB | 29,375 | |
132 | Wells Fargo & Co | 4.750% | 12/07/46 | A | 163,441 | |
147 | Welltower Inc | 4.250% | 4/15/28 | BBB+ | 165,004 | |
146 | Westpac Banking Corp | 4.322% | 11/23/31 | A+ | 158,885 | |
194 | Willis North America Inc | 4.500% | 9/15/28 | BBB | 220,475 | |
10,455 | Total Financials | 11,678,635 | ||||
Industrial – 14.8% | ||||||
206 | Abbott Laboratories | 4.750% | 11/30/36 | A- | 264,257 | |
380 | AbbVie Inc | 3.600% | 5/14/25 | A- | 406,139 | |
196 | AbbVie Inc, 144A | 4.050% | 11/21/39 | A- | 213,264 | |
310 | Allergan Funding SCS | 3.850% | 6/15/24 | BBB | 330,530 | |
200 | Altria Group Inc | 5.800% | 2/14/39 | A3 | 242,062 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$140 | American Tower Corp | 3.800% | 8/15/29 | BBB | $152,353 | |
198 | Amgen Inc | 4.563% | 6/15/48 | A- | 236,941 | |
803 | Anheuser-Busch InBev Worldwide Inc | 4.000% | 4/13/28 | A- | 899,746 | |
140 | Apache Corp | 4.750% | 4/15/43 | BBB | 136,874 | |
248 | AT&T Inc | 4.350% | 3/01/29 | A- | 279,730 | |
210 | AT&T Inc | 5.375% | 10/15/41 | A- | 260,639 | |
153 | AT&T Inc | 4.900% | 6/15/42 | A- | 182,365 | |
205 | AT&T Inc | 4.300% | 12/15/42 | A- | 225,442 | |
256 | AT&T Inc | 4.350% | 6/15/45 | A- | 283,150 | |
138 | AutoNation Inc | 4.500% | 10/01/25 | BBB- | 151,059 | |
27 | Baxter International Inc | 3.500% | 8/15/46 | A- | 27,641 | |
148 | Becton Dickinson and Co | 4.685% | 12/15/44 | BBB | 182,064 | |
129 | Bell Canada Inc | 4.464% | 4/01/48 | BBB+ | 155,255 | |
133 | Booking Holdings Inc | 3.550% | 3/15/28 | A- | 145,126 | |
147 | BorgWarner Inc | 4.375% | 3/15/45 | BBB+ | 159,615 | |
190 | Broadcom Inc, 144A | 4.750% | 4/15/29 | BBB- | 212,918 | |
100 | Cardinal Health Inc | 4.500% | 11/15/44 | BBB | 102,761 | |
126 | Cenovus Energy Inc | 4.250% | 4/15/27 | BBB | 134,472 | |
363 | Charter Communications Operating LLC / Charter Communications Operating Capital | 5.375% | 5/01/47 | BBB- | 418,263 | |
438 | Cigna Corp, 144A | 4.500% | 2/25/26 | A- | 489,358 | |
212 | Cimarex Energy Co | 4.375% | 6/01/24 | BBB- | 225,342 | |
109 | Columbia Pipeline Group Inc | 5.800% | 6/01/45 | A3 | 142,096 | |
129 | Comcast Corp | 4.600% | 10/15/38 | A- | 159,137 | |
252 | Constellation Brands Inc | 3.600% | 2/15/28 | BBB | 271,891 | |
104 | Crown Castle International Corp | 3.100% | 11/15/29 | BBB | 107,683 | |
562 | CSX Corp | 4.250% | 3/15/29 | BBB+ | 647,434 | |
561 | CVS Health Corp | 4.875% | 7/20/35 | BBB | 669,656 | |
96 | Dell International LLC / EMC Corp, 144A | 8.350% | 7/15/46 | BBB- | 134,070 | |
320 | Discovery Communications LLC | 4.900% | 3/11/26 | BBB- | 362,568 | |
256 | Dow Chemical Co | 4.800% | 5/15/49 | BBB+ | 300,251 | |
141 | Eaton Corp | 4.150% | 11/02/42 | A- | 168,026 | |
16 | Ecolab Inc | 3.250% | 12/01/27 | A- | 17,333 | |
29 | Electronic Arts Inc | 4.800% | 3/01/26 | A- | 33,454 | |
151 | Embraer Netherlands Finance BV | 5.050% | 6/15/25 | BBB | 166,855 | |
135 | Energy Transfer Operating LP | 5.950% | 10/01/43 | BBB- | 150,455 | |
143 | Energy Transfer Operating LP | 6.125% | 12/15/45 | BBB- | 165,303 | |
400 | Enterprise Products Operating LLC | 5.750% | 3/01/35 | BBB+ | 483,554 | |
191 | EQM Midstream Partners LP | 4.000% | 8/01/24 | BBB- | 182,556 | |
146 | FedEx Corp | 3.100% | 8/05/29 | BBB | 149,416 | |
252 | FedEx Corp | 3.900% | 2/01/35 | BBB | 266,213 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$150 | Fiserv Inc | 3.500% | 7/01/29 | BBB | $161,635 | |
201 | Ford Motor Co | 4.750% | 1/15/43 | BBB | 187,434 | |
125 | Fortive Corp | 4.300% | 6/15/46 | Baa1 | 137,575 | |
250 | General Motors Co | 6.600% | 4/01/36 | BBB | 304,170 | |
137 | Global Payments Inc | 4.450% | 6/01/28 | BBB- | 154,953 | |
126 | Grupo Televisa SAB | 5.000% | 5/13/45 | BBB+ | 140,969 | |
144 | HCA Inc | 4.125% | 6/15/29 | BBB- | 155,836 | |
135 | Helmerich & Payne Inc | 4.650% | 3/15/25 | BBB+ | 148,138 | |
132 | Hess Corp | 4.300% | 4/01/27 | BBB- | 140,923 | |
127 | Hewlett Packard Enterprise Co | 6.200% | 10/15/35 | BBB+ | 158,780 | |
146 | International Paper Co | 4.400% | 8/15/47 | BBB | 159,870 | |
10 | Interpublic Group of Cos Inc | 3.750% | 2/15/23 | BBB+ | 10,525 | |
140 | JM Smucker Co | 4.250% | 3/15/35 | BBB | 157,231 | |
133 | Johnson Controls International plc | 4.625% | 7/02/44 | BBB+ | 154,291 | |
256 | Kinder Morgan Inc/DE | 4.300% | 3/01/28 | BBB | 282,923 | |
310 | Kraft Heinz Foods Co | 5.000% | 7/15/35 | BBB- | 357,834 | |
186 | Lowe's Cos Inc | 3.650% | 4/05/29 | BBB+ | 202,792 | |
206 | LYB International Finance III LLC | 4.200% | 10/15/49 | BBB+ | 214,487 | |
141 | Magellan Midstream Partners LP | 4.200% | 3/15/45 | BBB+ | 146,486 | |
136 | Marriott International Inc/MD | 4.500% | 10/01/34 | BBB | 158,333 | |
83 | McDonald's Corp | 4.700% | 12/09/35 | BBB+ | 103,467 | |
140 | McDonald's Corp | 4.875% | 7/15/40 | BBB+ | 172,536 | |
142 | Mondelez International Inc | 4.125% | 5/07/28 | Baa1 | 161,858 | |
139 | Mosaic Co | 4.050% | 11/15/27 | BBB- | 148,857 | |
99 | MPLX LP | 4.500% | 7/15/23 | BBB | 106,214 | |
260 | Newmont Corp | 3.500% | 3/15/22 | BBB | 268,156 | |
153 | Noble Energy Inc | 3.900% | 11/15/24 | BBB | 163,077 | |
132 | Nordstrom Inc | 6.950% | 3/15/28 | BBB+ | 162,393 | |
150 | Norfolk Southern Corp | 4.150% | 2/28/48 | BBB+ | 177,420 | |
153 | Nutrien Ltd | 6.125% | 1/15/41 | BBB | 201,918 | |
233 | Occidental Petroleum Corp | 6.600% | 3/15/46 | BBB+ | 309,600 | |
320 | ONEOK Inc | 4.550% | 7/15/28 | BBB | 352,702 | |
135 | Oracle Corp | 3.800% | 11/15/37 | A+ | 153,407 | |
134 | Orange SA | 5.375% | 1/13/42 | BBB+ | 180,436 | |
200 | Phillips 66 | 4.650% | 11/15/34 | A3 | 239,640 | |
140 | Pioneer Natural Resources Co | 4.450% | 1/15/26 | BBB | 155,660 | |
29 | Rayonier Inc | 3.750% | 4/01/22 | BBB- | 29,495 | |
152 | Republic Services Inc | 3.950% | 5/15/28 | BBB+ | 171,086 | |
264 | Reynolds American Inc | 5.700% | 8/15/35 | BBB+ | 315,792 | |
143 | Rogers Communications Inc | 5.000% | 3/15/44 | BBB+ | 181,742 | |
100 | RPM International Inc | 4.250% | 1/15/48 | BBB | 105,240 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$139 | Seagate HDD Cayman | 4.875% | 6/01/27 | Baa3 | $150,166 | |
273 | Spectra Energy Partners LP | 4.500% | 3/15/45 | BBB+ | 310,357 | |
150 | Starbucks Corp | 3.550% | 8/15/29 | BBB+ | 166,385 | |
150 | Telefonica Emisiones SA | 5.520% | 3/01/49 | BBB | 193,617 | |
200 | TransCanada PipeLines Ltd | 5.100% | 3/15/49 | A- | 248,730 | |
510 | Union Pacific Corp | 4.300% | 3/01/49 | A- | 610,106 | |
248 | United Technologies Corp | 3.750% | 11/01/46 | BBB+ | 283,720 | |
100 | University of Southern California | 3.226% | 10/01/20 | AA | 100,690 | |
199 | Valero Energy Corp | 3.650% | 3/15/25 | BBB | 214,117 | |
697 | Verizon Communications Inc | 4.750% | 11/01/41 | A- | 872,280 | |
274 | ViacomCBS Inc | 2.900% | 1/15/27 | BBB | 279,835 | |
198 | Vodafone Group PLC | 4.875% | 6/19/49 | BBB | 236,850 | |
193 | Walgreens Boots Alliance Inc | 4.500% | 11/18/34 | Baa2 | 208,125 | |
150 | Waste Management Inc | 3.450% | 6/15/29 | A- | 164,312 | |
196 | Western Midstream Operating LP | 4.650% | 7/01/26 | BBB- | 205,320 | |
196 | Williams Cos Inc | 3.750% | 6/15/27 | BBB | 207,112 | |
66 | WPP Finance 2010 | 3.750% | 9/19/24 | BBB+ | 70,767 | |
26 | Zimmer Biomet Holdings Inc | 5.750% | 11/30/39 | BBB | 32,062 | |
20,246 | Total Industrial | 23,045,749 | ||||
Utility – 12.4% | ||||||
212 | AEP Texas Inc | 4.150% | 5/01/49 | A- | 247,677 | |
200 | Ameren Illinois Co | 4.150% | 3/15/46 | A1 | 241,352 | |
150 | American Water Capital Corp | 4.300% | 12/01/42 | A | 177,707 | |
273 | Appalachian Power Co | 4.400% | 5/15/44 | A- | 326,533 | |
460 | Berkshire Hathaway Energy Co | 3.800% | 7/15/48 | A- | 514,162 | |
317 | Black Hills Corp | 3.150% | 1/15/27 | BBB+ | 328,048 | |
391 | CenterPoint Energy Resources Corp | 4.000% | 4/01/28 | BBB+ | 433,766 | |
570 | Cleco Corporate Holdings LLC | 3.743% | 5/01/26 | BBB- | 598,616 | |
260 | CMS Energy Corp | 4.700% | 3/31/43 | Baa1 | 312,521 | |
446 | Consolidated Edison Co of New York Inc | 3.700% | 11/15/59 | A- | 490,580 | |
412 | Dominion Energy Inc | 5.250% | 8/01/33 | BBB+ | 512,909 | |
497 | Dominion Energy Inc | 4.700% | 12/01/44 | BBB+ | 600,832 | |
338 | DTE Electric Co | 3.750% | 8/15/47 | Aa3 | 387,628 | |
1,260 | Duke Energy Corp | 3.750% | 9/01/46 | BBB+ | 1,346,019 | |
512 | Duke Energy Progress LLC | 3.600% | 9/15/47 | Aa3 | 565,986 | |
190 | Edison International | 5.750% | 6/15/27 | BBB- | 219,476 | |
338 | Emera US Finance LP | 4.750% | 6/15/46 | BBB | 411,168 | |
254 | Enel Chile SA | 4.875% | 6/12/28 | BBB+ | 285,115 | |
224 | Entergy Corp | 2.950% | 9/01/26 | BBB | 233,789 | |
62 | Entergy Texas Inc | 3.550% | 9/30/49 | A | 67,791 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Utility (continued) | ||||||
$16 | Evergy Metro Inc | 5.300% | 10/01/41 | A+ | $21,137 | |
97 | Evergy Metro Inc | 4.200% | 6/15/47 | A+ | 118,822 | |
104 | Evergy Metro Inc | 4.125% | 4/01/49 | A+ | 125,430 | |
100 | Eversource Energy | 3.450% | 1/15/50 | BBB+ | 103,179 | |
300 | Exelon Corp | 4.950% | 6/15/35 | BBB+ | 363,561 | |
941 | Exelon Corp | 4.450% | 4/15/46 | BBB+ | 1,105,772 | |
517 | FirstEnergy Corp | 4.850% | 7/15/47 | BBB | 637,197 | |
196 | Georgia Power Co | 2.650% | 9/15/29 | A- | 199,273 | |
259 | Indiana Michigan Power Co | 3.750% | 7/01/47 | A- | 290,257 | |
504 | Interstate Power & Light Co | 4.700% | 10/15/43 | A- | 603,158 | |
29 | ITC Holdings Corp | 5.300% | 7/01/43 | BBB+ | 37,407 | |
113 | John Sevier Combined Cycle Generation LLC | 4.626% | 1/15/42 | Aaa | 139,286 | |
194 | National Grid USA | 5.803% | 4/01/35 | BBB+ | 242,815 | |
320 | National Rural Utilities Cooperative Finance Corp | 3.700% | 3/15/29 | A1 | 359,277 | |
438 | NextEra Energy Capital Holdings Inc | 3.500% | 4/01/29 | A- | 475,932 | |
292 | NiSource Inc | 5.250% | 2/15/43 | BBB+ | 368,815 | |
249 | NiSource Inc | 4.800% | 2/15/44 | BBB+ | 300,781 | |
320 | NiSource Inc | 3.950% | 3/30/48 | BBB+ | 347,264 | |
372 | Oglethorpe Power Corp | 5.050% | 10/01/48 | BBB+ | 463,118 | |
200 | Oncor Electric Delivery Co LLC | 5.300% | 6/01/42 | A+ | 274,242 | |
398 | PPL Capital Funding Inc | 4.700% | 6/01/43 | BBB+ | 473,249 | |
337 | Puget Energy Inc | 3.650% | 5/15/25 | BBB | 356,795 | |
190 | Sempra Energy | 4.050% | 12/01/23 | BBB+ | 203,953 | |
205 | Southern California Edison Co | 3.400% | 6/01/23 | A- | 215,355 | |
372 | Southern California Gas Co | 3.950% | 2/15/50 | Aa2 | 441,051 | |
133 | Southern Co | 4.250% | 7/01/36 | BBB+ | 151,922 | |
515 | Southern Co | 4.400% | 7/01/46 | BBB+ | 598,008 | |
391 | Southern Co Gas Capital Corp | 4.400% | 6/01/43 | A- | 454,058 | |
311 | Spire Inc | 4.700% | 8/15/44 | BBB+ | 369,793 | |
262 | Wisconsin Public Service Corp | 3.300% | 9/01/49 | A+ | 277,374 | |
611 | Xcel Energy Inc | 4.800% | 9/15/41 | BBB+ | 727,813 | |
196 | Xcel Energy Inc | 3.500% | 12/01/49 | BBB+ | 207,034 | |
16,848 | Total Utility | 19,354,803 | ||||
$47,549 | Total Corporate Debt (cost $53,204,274) | 54,079,187 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
U.S. TREASURY – 23.1% | ||||||
$2,075 | United States Treasury Note/Bond | 2.625% | 7/31/20 | Aaa | $2,085,537 | |
16,968 | United States Treasury Note/Bond | 2.625% | 7/15/21 | Aaa | 17,260,300 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
$7,473 | United States Treasury Note/Bond | 2.000% | 12/31/21 | Aaa | $7,562,910 | |
3,068 | United States Treasury Note/Bond | 1.750% | 6/15/22 | Aaa | 3,098,680 | |
258 | United States Treasury Note/Bond | 1.375% | 10/15/22 | Aaa | 258,383 | |
2,987 | United States Treasury Note/Bond | 3.125% | 11/15/28 | Aaa | 3,386,861 | |
934 | United States Treasury Note/Bond | 2.375% | 5/15/29 | Aaa | 1,003,941 | |
1,130 | United States Treasury Note/Bond | 1.625% | 8/15/29 | Aaa | 1,140,991 | |
124 | United States Treasury Note/Bond | 2.250% | 8/15/49 | Aaa | 130,539 | |
$35,017 | Total U.S. Treasury (cost $35,784,730) | 35,928,142 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
GOVERNMENT RELATED – 5.0% | ||||||
Government Agency – 1.6% | ||||||
$496 | Federal Home Loan Mortgage Corp | 6.250% | 7/15/32 | Aaa | $738,312 | |
517 | Federal National Mortgage Association | 6.625% | 11/15/30 | Aaa | 759,856 | |
529 | Petroleos Mexicanos | 5.350% | 2/12/28 | BBB+ | 533,787 | |
375 | Tennessee Valley Authority | 3.500% | 12/15/42 | Aaa | 447,336 | |
1,917 | Total Government Agency | 2,479,291 | ||||
Municipal Bonds – 1.7% (3) | ||||||
95 | Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Subordinate Lien, Build America Federally Taxable Bond Series 2010S-1 (No Optional Call) | 6.918% | 4/01/40 | AA- | 146,652 | |
83 | California State, General Obligation Bonds, Various Purpose Build America Taxable Bond Series 2010 (Optional Call: 3/20 at 100.00) | 7.950% | 3/01/36 | Aa2 | 83,405 | |
260 | California State, General Obligation Bonds, Various Purpose Build America Taxable Bond Series 2010 (No Optional Call) | 7.625% | 3/01/40 | Aa2 | 437,980 | |
135 | Chicago O'Hare International Airport (No Optional Call) | 4.572% | 1/01/54 | A | 176,190 | |
95 | Commonwealth Financing Authority, Pennsylvania, State Appropriation Lease Bonds, Plancon Program, Taxable Series 2018A (No Optional Call) | 3.864% | 6/01/38 | A1 | 106,897 | |
95 | Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, Taxable Series 2018B (Optional Call: 8/28 at 100.00) | 4.946% | 8/01/48 | AA | 106,334 | |
60 | Health & Educational Facilities Authority of the State of Missouri (No Optional Call) | 3.086% | 9/15/51 | AA+ | 62,559 | |
105 | Illinois State, General Obligation Bonds, Pension Funding Series 2003 (No Optional Call) | 5.100% | 6/01/33 | BBB | 118,465 | |
95 | Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Build America Taxable Bonds, Series 2009KRY (No Optional Call) | 5.750% | 7/01/34 | Aa3 | 127,828 | |
300 | Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Build America Taxable Bonds, Series 2009A-1 (No Optional Call) | 5.871% | 11/15/39 | AA- | 402,285 | |
100 | Municipal Electric Authority of Georgia, Plant Vogtle Units 3 & 4 Project J Bonds, Taxable Build America Bonds Series 2010A (No Optional Call) | 6.637% | 4/01/57 | A | 143,430 | |
135 | New Jersey Transportation Trust Fund Authority, Transportation System Bonds, Federally Taxable Issuer Subsidy Build America Bonds, Series 2010B (No Optional Call) | 6.561% | 12/15/40 | A- | 192,467 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Municipal Bonds (3) (continued) | ||||||
$32 | Ohio State University, General Receipts Bonds, Multiyear Debt Issuance Program, Taxable Series 2016B (No Optional Call) | 3.798% | 12/01/46 | Aa1 | $37,942 | |
60 | Phoenix, Arizona, Various Purpose General Obligation Bonds, Build America Taxable Bonds, Series 2009A (No Optional Call) | 5.269% | 7/01/34 | AA+ | 74,720 | |
120 | Sales Tax Securitization Corp (No Optional Call) | 3.820% | 1/01/48 | AA- | 132,025 | |
81 | Texas State, General Obligation Bonds, Transportation Commission, Build America Taxable Bonds, Series 2010A (No Optional Call) | 4.631% | 4/01/33 | AAA | 97,661 | |
145 | University of California, General Revenue Bonds, Taxable Series 2019BD (No Optional Call) | 3.349% | 7/01/29 | AA | 160,761 | |
10 | University of Texas System (No Optional Call) | 3.852% | 8/15/46 | AAA | 12,388 | |
2,006 | Total Municipal Bonds | 2,619,989 | ||||
Sovereign Debt – 1.7% | ||||||
24 | Chile Government International Bond | 3.500% | 1/25/50 | A+ | 26,112 | |
209 | Colombia Government International Bond | 6.125% | 1/18/41 | Baa2 | 282,451 | |
200 | Mexico Government International Bond | 6.050% | 1/11/40 | A3 | 268,000 | |
497 | Mexico Government International Bond | 4.350% | 1/15/47 | A3 | 544,712 | |
260 | Panama Government International Bond | 4.300% | 4/29/53 | BBB+ | 316,550 | |
312 | Peruvian Government International Bond | 4.125% | 8/25/27 | A3 | 355,524 | |
200 | Philippine Government International Bond | 3.750% | 1/14/29 | BBB+ | 226,315 | |
200 | Philippine Government International Bond | 3.700% | 2/02/42 | BBB+ | 234,620 | |
126 | Republic of Italy Government International Bond | 5.375% | 6/15/33 | BBB | 152,537 | |
251 | Uruguay Government International Bond | 5.100% | 6/18/50 | BBB | 316,887 | |
2,279 | Total Sovereign Debt | 2,723,708 | ||||
$6,202 | Total Government Related (cost $7,434,170) | 7,822,988 | ||||
Total Long-Term Investments (cost $152,339,397) | 154,224,036 |
Principal Amount (000) | Description | Coupon | Maturity | Ratings (2) | Value | |
SHORT-TERM INVESTMENTS – 15.8% | ||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 15.8% | ||||||
$24,660 | Federal Home Loan Bank, Discount Notes | 0.000% | 2/03/20 | N/R | $24,660,000 | |
Total Short-Term Investments (cost $24,660,000) | 24,660,000 | |||||
Total Investments (cost $176,999,397) – 114.8% | 178,884,036 | |||||
Other Assets Less Liabilities – (14.8)% | (23,065,470) | |||||
Net Assets – 100% | $155,818,566 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | The Fund uses credit quality ratings for its portfolio securities provided by Moody's, S&P and Fitch. If all three of Moody's, S&P, and Fitch provide a rating for a security, an average of the ratings is used; if two of the three agencies rate a security, an average of the two is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody's, S&P or Fitch. | |
(3) | 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. | |
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. | |
DD1 | Portion of investment purchased on a delayed delivery basis. |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
LONG-TERM INVESTMENTS – 100.1% | ||||||
CORPORATE DEBT – 47.0% | ||||||
Financials – 22.8% | ||||||
$200 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 4.875% | 1/16/24 | BBB | $219,154 | |
175 | Air Lease Corp | 2.250% | 1/15/23 | BBB | 176,508 | |
107 | Aircastle Ltd | 4.400% | 9/25/23 | BBB- | 114,794 | |
86 | American Express Co | 3.400% | 2/22/24 | A | 91,076 | |
100 | Ares Capital Corp | 3.250% | 7/15/25 | BBB | 100,944 | |
121 | Bank of America Corp | 5.000% | 5/13/21 | A+ | 126,085 | |
350 | Bank of America Corp | 3.458% | 3/15/25 | A+ | 370,450 | |
86 | Bank of Montreal | 3.300% | 2/05/24 | AA- | 90,709 | |
212 | Bank of New York Mellon Corp | 3.450% | 8/11/23 | AA- | 224,658 | |
86 | Bank of Nova Scotia | 3.400% | 2/11/24 | AA- | 91,049 | |
200 | Barclays PLC | 3.932% | 5/07/25 | A | 212,997 | |
48 | BlackRock Inc | 4.250% | 5/24/21 | AA- | 49,639 | |
86 | Canadian Imperial Bank of Commerce | 3.100% | 4/02/24 | AA- | 90,015 | |
271 | Capital One Financial Corp | 4.750% | 7/15/21 | A- | 282,356 | |
284 | Citigroup Inc | 4.044% | 6/01/24 | A | 302,853 | |
104 | Citizens Financial Group Inc | 2.375% | 7/28/21 | BBB+ | 104,805 | |
200 | Deutsche Bank AG/New York NY | 3.700% | 5/30/24 | BBB | 207,063 | |
100 | Discover Bank | 3.350% | 2/06/23 | BBB+ | 103,852 | |
125 | Fifth Third Bancorp | 2.600% | 6/15/22 | A- | 127,236 | |
165 | Goldman Sachs Group Inc | 3.625% | 2/20/24 | A | 175,488 | |
200 | HSBC Holdings PLC | 5.100% | 4/05/21 | A+ | 207,661 | |
96 | Humana Inc | 2.900% | 12/15/22 | BBB+ | 98,459 | |
314 | JPMorgan Chase & Co | 4.500% | 1/24/22 | AA- | 330,793 | |
129 | JPMorgan Chase & Co | 3.797% | 7/23/24 | AA- | 137,081 | |
128 | Marsh & McLennan Cos Inc | 3.875% | 3/15/24 | A- | 137,848 | |
212 | Mitsubishi UFJ Financial Group Inc | 3.761% | 7/26/23 | A1 | 224,798 | |
175 | Morgan Stanley | 2.625% | 11/17/21 | A | 177,742 | |
55 | Northern Trust Corp | 3.375% | 8/23/21 | AA- | 56,494 | |
96 | PNC Financial Services Group Inc | 3.300% | 3/08/22 | A+ | 99,066 | |
75 | Prudential Financial Inc | 5.625% | 6/15/43 | BBB+ | 81,110 | |
75 | Prudential Financial Inc | 5.200% | 3/15/44 | BBB+ | 79,988 | |
400 | Royal Bank of Scotland Group PLC | 4.269% | 3/22/25 | A | 429,710 | |
86 | Sabra Health Care LP | 4.800% | 6/01/24 | BBB- | 92,245 | |
100 | Santander Holdings USA Inc | 3.500% | 6/07/24 | BBB+ | 104,328 | |
59 | SL Green Realty Corp | 4.500% | 12/01/22 | BBB | 62,422 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Financials (continued) | ||||||
$46 | Stifel Financial Corp | 3.500% | 12/01/20 | BBB | $46,566 | |
212 | Sumitomo Mitsui Financial Group Inc | 3.748% | 7/19/23 | A1 | 225,010 | |
100 | Synchrony Financial | 2.850% | 7/25/22 | BBB- | 101,941 | |
86 | Synchrony Financial | 4.375% | 3/19/24 | BBB- | 92,385 | |
100 | Toronto-Dominion Bank | 2.650% | 6/12/24 | Aa3 | 103,615 | |
86 | Trinity Acquisition PLC | 4.625% | 8/15/23 | BBB | 93,260 | |
115 | Truist Financial Corp | 2.050% | 5/10/21 | A+ | 115,593 | |
115 | US Bancorp | 2.625% | 1/24/22 | AA- | 117,140 | |
156 | Wells Fargo & Co | 3.500% | 3/08/22 | A+ | 161,622 | |
86 | Wells Fargo & Co | 3.750% | 1/24/24 | A+ | 91,848 | |
128 | Welltower Inc | 3.950% | 9/01/23 | BBB+ | 136,513 | |
6,536 | Total Financials | 6,866,969 | ||||
Industrial – 11.6% | ||||||
86 | AbbVie Inc | 3.750% | 11/14/23 | A- | 91,530 | |
100 | American Tower Corp | 2.400% | 3/15/25 | BBB | 101,312 | |
211 | AT&T Inc | 3.800% | 3/15/22 | A- | 219,720 | |
100 | BAT Capital Corp | 2.789% | 9/06/24 | BBB+ | 102,082 | |
126 | Becton Dickinson and Co | 3.125% | 11/08/21 | BBB | 128,747 | |
128 | Bristol-Myers Squibb Co, 144A | 2.750% | 2/15/23 | A+ | 131,710 | |
86 | Broadcom Inc, 144A | 3.625% | 10/15/24 | BBB- | 90,506 | |
59 | Bunge Ltd Finance Corp | 3.000% | 9/25/22 | BBB | 60,375 | |
86 | Charter Communications Operating LLC / Charter Communications Operating Capital | 4.500% | 2/01/24 | BBB- | 93,451 | |
110 | Constellation Brands Inc | 2.650% | 11/07/22 | BBB | 112,452 | |
125 | CVS Health Corp | 2.625% | 8/15/24 | BBB | 128,055 | |
100 | Dominion Energy Gas Holdings LLC | 2.500% | 11/15/24 | BBB+ | 101,576 | |
89 | eBay Inc | 2.875% | 8/01/21 | BBB+ | 90,108 | |
100 | Energy Transfer Operating LP | 4.250% | 3/15/23 | BBB- | 105,226 | |
100 | Ford Motor Credit Co LLC | 5.584% | 3/18/24 | BBB | 108,861 | |
126 | Fortive Corp | 2.350% | 6/15/21 | Baa1 | 126,683 | |
374 | General Motors Financial Co Inc | 4.375% | 9/25/21 | BBB | 388,162 | |
86 | Global Payments Inc | 4.000% | 6/01/23 | BBB- | 91,450 | |
86 | Hewlett Packard Enterprise Co | 3.500% | 10/05/21 | BBB+ | 88,327 | |
100 | Keurig Dr Pepper Inc | 4.057% | 5/25/23 | BBB | 106,747 | |
55 | McDonald's Corp | 2.625% | 1/15/22 | BBB+ | 55,988 | |
110 | Mosaic Co | 3.250% | 11/15/22 | BBB- | 113,381 | |
126 | NextEra Energy Capital Holdings Inc | 2.800% | 1/15/23 | A- | 129,448 | |
55 | Norfolk Southern Corp | 3.250% | 12/01/21 | BBB+ | 56,299 | |
100 | Occidental Petroleum Corp | 2.900% | 8/15/24 | BBB+ | 102,148 | |
100 | ONEOK Inc | 2.750% | 9/01/24 | BBB | 102,188 | |
46 | Quest Diagnostics Inc | 4.700% | 4/01/21 | BBB+ | 47,540 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$46 | Roper Technologies Inc | 2.800% | 12/15/21 | BBB+ | $46,819 | |
100 | Ryder System Inc | 2.500% | 9/01/24 | A- | 102,036 | |
36 | Southern Natural Gas Co LLC / Southern Natural Issuing Corp | 4.400% | 6/15/21 | BBB+ | 36,996 | |
86 | Union Pacific Corp | 3.150% | 3/01/24 | A- | 90,416 | |
110 | ViacomCBS Inc | 2.900% | 6/01/23 | BBB | 113,462 | |
46 | Xylem Inc/NY | 4.875% | 10/01/21 | BBB | 48,300 | |
3,394 | Total Industrial | 3,512,101 | ||||
Utility – 12.6% | ||||||
100 | Ameren Corp | 2.500% | 9/15/24 | Baa1 | 101,910 | |
100 | American Water Capital Corp | 3.850% | 3/01/24 | A | 107,172 | |
85 | Appalachian Power Co | 4.600% | 3/30/21 | A- | 87,232 | |
99 | CenterPoint Energy Resources Corp | 3.550% | 4/01/23 | BBB+ | 103,368 | |
100 | CMS Energy Corp | 3.875% | 3/01/24 | Baa1 | 106,768 | |
69 | Consolidated Edison Inc | 2.000% | 5/15/21 | BBB+ | 69,246 | |
59 | Dominion Energy Inc | 4.104% | 4/01/21 | BBB | 60,378 | |
200 | DTE Energy Co | 3.500% | 6/01/24 | BBB+ | 210,845 | |
288 | Duke Energy Carolinas LLC | 3.050% | 3/15/23 | Aa2 | 299,696 | |
100 | Entergy Gulf States Louisiana LLC | 5.590% | 10/01/24 | A | 116,776 | |
150 | Entergy Louisiana LLC | 5.400% | 11/01/24 | A | 174,229 | |
100 | Evergy Inc | 2.450% | 9/15/24 | BBB+ | 101,723 | |
96 | Eversource Energy | 2.500% | 3/15/21 | BBB+ | 96,737 | |
100 | Eversource Energy | 2.750% | 3/15/22 | BBB+ | 101,916 | |
298 | Exelon Corp | 3.497% | 6/01/22 | BBB | 307,090 | |
150 | Georgia Power Co | 2.200% | 9/15/24 | A- | 151,768 | |
110 | ITC Holdings Corp | 2.700% | 11/15/22 | BBB+ | 112,169 | |
62 | National Rural Utilities Cooperative Finance Corp | 3.050% | 2/15/22 | A1 | 63,609 | |
55 | NextEra Energy Capital Holdings Inc | 4.500% | 6/01/21 | A- | 56,634 | |
85 | PacifiCorp | 2.950% | 2/01/22 | A+ | 86,896 | |
100 | PacifiCorp | 3.600% | 4/01/24 | A+ | 106,931 | |
360 | PSEG Power LLC | 3.850% | 6/01/23 | BBB+ | 380,654 | |
215 | Sempra Energy | 2.900% | 2/01/23 | BBB+ | 221,409 | |
94 | Southern California Edison Co | 1.845% | 2/01/22 | A- | 92,707 | |
91 | Southern California Edison Co | 3.400% | 6/01/23 | A- | 95,597 | |
161 | Southern Co | 2.350% | 7/01/21 | BBB+ | 162,170 | |
111 | Virginia Electric & Power Co | 2.950% | 1/15/22 | A2 | 113,189 | |
115 | Xcel Energy Inc | 2.400% | 3/15/21 | BBB+ | 115,815 | |
3,653 | Total Utility | 3,804,634 | ||||
$13,583 | Total Corporate Debt (cost $13,746,365) | 14,183,704 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
SECURITIZED – 26.9% | ||||||
$500 | American Express Credit Account Master Trust | 2.990% | 12/15/23 | AAA | $509,326 | |
100 | BENCHMARK 2018-B1 Mortgage Trust | 3.571% | 1/15/51 | AAA | 104,187 | |
500 | CarMax Auto Owner Trust | 3.130% | 6/15/23 | AAA | 508,705 | |
120 | COMM 2012-CCRE1 Mortgage Trust | 3.912% | 5/15/45 | Aaa | 124,470 | |
300 | COMM 2014-CCRE16 Mortgage Trust | 3.775% | 4/10/47 | AAA | 321,361 | |
250 | Discover Card Execution Note Trust | 3.110% | 1/16/24 | AAA | 255,699 | |
507 | Fannie Mae Pool BM3087 | 4.000% | 12/01/32 | N/R | 532,367 | |
226 | Fannie Mae Pool MA3392 | 3.500% | 6/01/33 | N/R | 236,029 | |
166 | Fannie Mae Pool MA3490 | 4.000% | 10/01/33 | N/R | 173,291 | |
949 | Fannie Mae Pool MA3738 | 3.000% | 8/01/34 | N/R | 977,737 | |
386 | Fannie Mae Pool MA3798 | 3.000% | 10/01/34 | N/R | 397,964 | |
97 | Fannie Mae Pool MA3828 | 3.000% | 11/01/34 | N/R | 100,382 | |
99 | Fannie Mae Pool MA3897 | 3.000% | 1/01/35 | N/R | 102,406 | |
598 | Fannie Mae Pool MA3930 | 2.500% | 2/01/35 | N/R | 608,876 | |
500 | Ford Credit Auto Owner Trust 2016-REV1, 144A | 2.310% | 8/15/27 | AAA | 503,508 | |
200 | Ford Credit Floorplan Master Owner Trust A | 2.440% | 9/15/26 | AAA | 205,767 | |
296 | Freddie Mac Gold Pool G18642 | 3.500% | 4/01/32 | N/R | 310,372 | |
100 | GM Financial Automobile Leasing Trust 2018-3 | 3.300% | 7/20/22 | AAA | 101,240 | |
300 | GS Mortgage Securities Trust 2019-GC38 | 3.872% | 2/10/52 | AAA | 320,811 | |
200 | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16 | 4.166% | 12/15/46 | Aaa | 215,908 | |
259 | JPMBB Commercial Mortgage Securities Trust 2015-C28 | 2.773% | 10/15/48 | Aaa | 259,139 | |
250 | Synchrony Credit Card Master Note Trust | 2.210% | 5/15/24 | AAA | 251,835 | |
150 | Verizon Owner Trust 2019-A | 2.930% | 9/20/23 | AAA | 153,240 | |
550 | Wells Fargo Commercial Mortgage Trust 2016-C32 | 3.324% | 1/15/59 | Aaa | 575,972 | |
118 | WFRBS Commercial Mortgage Trust 2012-C7 | 4.090% | 6/15/45 | Aaa | 123,074 | |
140 | WFRBS Commercial Mortgage Trust 2013-C12 | 3.863% | 3/15/48 | AA | 145,250 | |
$7,861 | Total Securitized (cost $7,997,261) | 8,118,916 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
U.S. TREASURY – 26.2% | ||||||
$117 | United States Treasury Note/Bond | 1.375% | 2/15/20 | Aaa | $116,990 | |
1,716 | United States Treasury Note/Bond | 2.625% | 7/15/21 | Aaa | 1,745,561 | |
885 | United States Treasury Note/Bond | 1.875% | 2/28/22 | Aaa | 894,576 | |
400 | United States Treasury Note/Bond | 2.125% | 5/15/22 | Aaa | 407,125 | |
1,262 | United States Treasury Note/Bond | 1.750% | 6/30/22 | Aaa | 1,274,718 | |
250 | United States Treasury Note/Bond | 1.375% | 10/15/22 | Aaa | 250,371 | |
316 | United States Treasury Note/Bond | 2.000% | 10/31/22 | Aaa | 321,839 | |
191 | United States Treasury Note/Bond | 2.000% | 11/30/22 | Aaa | 194,633 | |
508 | United States Treasury Note/Bond | 2.375% | 1/31/23 | Aaa | 523,796 | |
340 | United States Treasury Note/Bond | 2.500% | 3/31/23 | Aaa | 352,498 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
$762 | United States Treasury Note/Bond | 2.750% | 4/30/23 | Aaa | $796,707 | |
170 | United States Treasury Note/Bond | 2.875% | 11/30/23 | Aaa | 179,835 | |
170 | United States Treasury Note/Bond | 2.500% | 1/31/24 | Aaa | 177,789 | |
500 | United States Treasury Note/Bond | 1.750% | 6/30/24 | Aaa | 509,023 | |
100 | United States Treasury Note/Bond | 1.250% | 8/31/24 | Aaa | 99,676 | |
50 | United States Treasury Note/Bond | 1.375% | 1/31/25 | N/R | 50,115 | |
$7,737 | Total U.S. Treasury (cost $7,730,334) | 7,895,252 | ||||
Total Long-Term Investments (cost $29,473,960) | 30,197,872 |
Principal Amount (000) | Description | Coupon | Maturity | Ratings (2) | Value | |
SHORT-TERM INVESTMENTS – 0.8% | ||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.8% | ||||||
$230 | Federal Home Loan Bank, Discount Notes | 0.000% | 2/03/20 | N/R | $230,000 | |
Total Short-Term Investments (cost $230,000) | 230,000 | |||||
Total Investments (cost $29,703,960) – 100.9% | 30,427,872 | |||||
Other Assets Less Liabilities – (0.9)% | (271,633) | |||||
Net Assets – 100% | $30,156,239 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | The Fund uses credit quality ratings for its portfolio securities provided by Moody's, S&P and Fitch. If all three of Moody's, S&P, and Fitch provide a rating for a security, an average of the ratings is used; if two of the three agencies rate a security, an average of the two is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody's, S&P or Fitch. | |
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. |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
LONG-TERM INVESTMENTS – 98.0% | ||||||
CORPORATE DEBT – 98.0% | ||||||
Financials – 7.2% | ||||||
$360 | Brookfield Property REIT Inc / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 144A | 5.750% | 5/15/26 | BB+ | $375,635 | |
260 | Centene Corp | 4.750% | 1/15/25 | BBB- | 268,341 | |
470 | Centene Corp, 144A | 5.375% | 6/01/26 | BBB- | 499,962 | |
40 | Centene Corp, 144A | 5.375% | 8/15/26 | BBB- | 42,500 | |
130 | ESH Hospitality Inc, 144A | 5.250% | 5/01/25 | BB- | 133,250 | |
300 | Icahn Enterprises LP / Icahn Enterprises Finance Corp | 6.250% | 2/01/22 | BB+ | 305,250 | |
630 | Intesa Sanpaolo SpA, 144A | 5.710% | 1/15/26 | BBB- | 698,201 | |
130 | LPL Holdings Inc, 144A | 5.750% | 9/15/25 | BB | 135,525 | |
110 | MPT Operating Partnership LP / MPT Finance Corp | 5.000% | 10/15/27 | BBB- | 115,632 | |
210 | MPT Operating Partnership LP / MPT Finance Corp | 4.625% | 8/01/29 | BBB- | 219,450 | |
70 | Nationstar Mortgage Holdings Inc, 144A | 8.125% | 7/15/23 | B | 74,025 | |
820 | Nationstar Mortgage Holdings Inc, 144A | 9.125% | 7/15/26 | B | 910,569 | |
3,530 | Total Financials | 3,778,340 | ||||
Industrial – 87.9% | ||||||
210 | Acadia Healthcare Co Inc | 5.625% | 2/15/23 | B- | 212,799 | |
150 | AMC Entertainment Holdings Inc | 5.750% | 6/15/25 | B3 | 133,500 | |
170 | AMC Networks Inc | 5.000% | 4/01/24 | BB | 173,400 | |
50 | AmeriGas Partners LP / AmeriGas Finance Corp | 5.625% | 5/20/24 | BB | 53,135 | |
170 | AmeriGas Partners LP / AmeriGas Finance Corp | 5.500% | 5/20/25 | BB | 181,900 | |
90 | AmeriGas Partners LP / AmeriGas Finance Corp | 5.875% | 8/20/26 | BB | 98,505 | |
170 | Antero Midstream Partners LP / Antero Midstream Finance Corp | 5.375% | 9/15/24 | BB+ | 150,535 | |
170 | Antero Midstream Partners LP / Antero Midstream Finance Corp, 144A | 5.750% | 3/01/27 | BB+ | 132,549 | |
170 | Aramark Services Inc, 144A | 5.000% | 4/01/25 | BB | 177,101 | |
400 | Aramark Services Inc, 144A | 5.000% | 2/01/28 | BB | 419,000 | |
130 | ASP AMC Merger Sub Inc, 144A | 8.000% | 5/15/25 | CCC | 87,750 | |
130 | Atento Luxco 1 SA, 144A | 6.125% | 8/10/22 | BB | 131,137 | |
110 | Beacon Roofing Supply Inc, 144A | 4.875% | 11/01/25 | B- | 109,417 | |
240 | Berry Global Inc, 144A | 4.875% | 7/15/26 | BBB- | 250,764 | |
70 | Bombardier Inc, 144A | 8.750% | 12/01/21 | B | 74,900 | |
70 | Bombardier Inc, 144A | 7.500% | 12/01/24 | B- | 67,988 | |
90 | Bombardier Inc, 144A | 7.500% | 3/15/25 | B | 86,513 | |
130 | Bombardier Inc, 144A | 7.875% | 4/15/27 | B | 123,169 | |
630 | Builders FirstSource Inc, 144A | 5.625% | 9/01/24 | BB- | 653,436 | |
320 | Calfrac Holdings LP, 144A | 8.500% | 6/15/26 | Caa3 | 121,600 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$950 | Camelot Finance SA, 144A | 4.500% | 11/01/26 | B | $966,625 | |
240 | Catalent Pharma Solutions Inc, 144A | 5.000% | 7/15/27 | B+ | 252,636 | |
110 | Cengage Learning Inc, 144A | 9.500% | 6/15/24 | CCC | 101,750 | |
210 | Chemours Co | 6.625% | 5/15/23 | Ba3 | 206,730 | |
300 | Cheniere Energy Partners LP | 5.250% | 10/01/25 | BB | 309,000 | |
470 | Cheniere Energy Partners LP | 5.625% | 10/01/26 | BB | 492,326 | |
150 | Clean Harbors Inc, 144A | 4.875% | 7/15/27 | BB+ | 157,860 | |
340 | Clear Channel Worldwide Holdings Inc, 144A | 9.250% | 2/15/24 | B- | 370,175 | |
300 | CommScope Inc, 144A | 5.500% | 3/01/24 | Ba3 | 308,250 | |
640 | CommScope Inc, 144A | 6.000% | 3/01/26 | Ba3 | 671,201 | |
240 | CommScope Inc, 144A | 8.250% | 3/01/27 | B- | 246,600 | |
360 | CommScope Technologies LLC, 144A | 6.000% | 6/15/25 | B- | 344,700 | |
210 | CommScope Technologies LLC, 144A | 5.000% | 3/15/27 | B- | 190,575 | |
850 | Connect Finco SARL / Connect US Finco LLC, 144A | 6.750% | 10/01/26 | B+ | 899,937 | |
470 | Cornerstone Building Brands Inc, 144A | 8.000% | 4/15/26 | B- | 492,912 | |
360 | Coty Inc, 144A | 6.500% | 4/15/26 | B+ | 375,300 | |
130 | Darling Ingredients Inc, 144A | 5.250% | 4/15/27 | BB+ | 137,150 | |
130 | DCP Midstream Operating LP | 5.375% | 7/15/25 | BB+ | 141,878 | |
210 | Diamond Sports Group LLC / Diamond Sports Finance Co, 144A | 5.375% | 8/15/26 | BB | 209,181 | |
150 | Dun & Bradstreet Corp, 144A | 10.250% | 2/15/27 | BB- | 171,945 | |
360 | Elanco Animal Health Inc | 4.272% | 8/28/23 | BB+ | 383,298 | |
190 | Encompass Health Corp | 4.500% | 2/01/28 | B+ | 195,708 | |
720 | Encompass Health Corp | 4.750% | 2/01/30 | B+ | 748,800 | |
240 | Energizer Holdings Inc, 144A | 6.375% | 7/15/26 | B+ | 255,612 | |
300 | Energizer Holdings Inc, 144A | 7.750% | 1/15/27 | B+ | 330,765 | |
220 | EnLink Midstream Partners LP | 4.150% | 6/01/25 | BBB- | 202,950 | |
150 | Entegris Inc, 144A | 4.625% | 2/10/26 | BB | 154,875 | |
340 | Envision Healthcare Corp, 144A | 8.750% | 10/15/26 | CCC+ | 205,020 | |
170 | Exela Intermediate LLC / Exela Finance Inc, 144A | 10.000% | 7/15/23 | CCC- | 65,450 | |
510 | Frontier Communications Corp | 10.500% | 9/15/22 | CCC- | 232,050 | |
840 | Frontier Communications Corp | 11.000% | 9/15/25 | CCC- | 384,825 | |
190 | Gogo Intermediate Holdings LLC / Gogo Finance Co Inc, 144A | 9.875% | 5/01/24 | B3 | 204,258 | |
430 | Goodyear Tire & Rubber Co | 5.000% | 5/31/26 | BB | 446,684 | |
210 | Goodyear Tire & Rubber Co | 4.875% | 3/15/27 | BB | 216,300 | |
50 | Gray Television Inc, 144A | 5.875% | 7/15/26 | BB- | 52,313 | |
50 | Gray Television Inc, 144A | 7.000% | 5/15/27 | BB- | 54,440 | |
240 | Greif Inc, 144A | 6.500% | 3/01/27 | BB- | 258,449 | |
130 | GrubHub Holdings Inc, 144A | 5.500% | 7/01/27 | BB- | 126,912 | |
220 | Hanesbrands Inc, 144A | 4.625% | 5/15/24 | Ba2 | 230,450 | |
400 | Hanesbrands Inc, 144A | 4.875% | 5/15/26 | Ba2 | 421,500 | |
130 | HCA Inc | 5.375% | 2/01/25 | Ba2 | 145,288 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$110 | HCA Inc | 5.875% | 2/15/26 | Ba2 | $126,363 | |
190 | HD Supply Inc, 144A | 5.375% | 10/15/26 | Ba2 | 201,400 | |
110 | Herc Holdings Inc, 144A | 5.500% | 7/15/27 | B+ | 114,917 | |
860 | Hertz Corp, 144A | 7.125% | 8/01/26 | B- | 913,750 | |
550 | Hertz Corp/The, 144A | 5.500% | 10/15/24 | B- | 558,019 | |
210 | Hilton Domestic Operating Co Inc | 4.250% | 9/01/24 | BB+ | 213,150 | |
340 | Hilton Domestic Operating Co Inc | 5.125% | 5/01/26 | BB+ | 356,048 | |
260 | Hilton Domestic Operating Co Inc | 4.875% | 1/15/30 | BB+ | 274,950 | |
130 | Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp | 4.625% | 4/01/25 | BB+ | 132,925 | |
130 | Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp | 4.875% | 4/01/27 | BB+ | 136,825 | |
220 | Hologic Inc, 144A | 4.375% | 10/15/25 | BB- | 224,033 | |
190 | Hughes Satellite Systems Corp | 5.250% | 8/01/26 | BBB- | 206,131 | |
50 | Hughes Satellite Systems Corp | 6.625% | 8/01/26 | BB | 55,313 | |
110 | IAA Inc, 144A | 5.500% | 6/15/27 | BB- | 116,727 | |
1,000 | iHeartCommunications Inc | 8.375% | 5/01/27 | B- | 1,087,490 | |
320 | Infor US Inc | 6.500% | 5/15/22 | CCC+ | 322,400 | |
190 | Intelsat Connect Finance SA, 144A | 9.500% | 2/15/23 | CCC- | 96,900 | |
260 | Intelsat Jackson Holdings SA, 144A | 9.750% | 7/15/25 | CCC+ | 221,650 | |
340 | Iron Mountain Inc, 144A | 4.375% | 6/01/21 | BB- | 341,275 | |
240 | Iron Mountain Inc, 144A | 4.875% | 9/15/27 | BB- | 247,200 | |
210 | Iron Mountain Inc, 144A | 5.250% | 3/15/28 | BB- | 219,450 | |
400 | Iron Mountain Inc, 144A | 4.875% | 9/15/29 | BB- | 408,040 | |
170 | KAR Auction Services Inc, 144A | 5.125% | 6/01/25 | B+ | 174,391 | |
190 | Laureate Education Inc, 144A | 8.250% | 5/01/25 | BB- | 203,537 | |
190 | Lennar Corp | 4.750% | 11/29/27 | Baa2 | 210,425 | |
190 | Marriott Ownership Resorts Inc / ILG LLC | 6.500% | 9/15/26 | BB- | 205,675 | |
150 | Masonite International Corp, 144A | 5.375% | 2/01/28 | BB+ | 157,922 | |
1,310 | Mattel Inc, 144A | 6.750% | 12/31/25 | BB- | 1,404,975 | |
90 | MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc | 5.625% | 5/01/24 | BB+ | 98,171 | |
60 | MGM Growth Properties Operating Partnership LP / MGP Finance Co-Issuer Inc | 5.750% | 2/01/27 | BB+ | 66,750 | |
210 | Michaels Stores Inc, 144A | 8.000% | 7/15/27 | B1 | 187,687 | |
1,030 | Navistar International Corp, 144A | 6.625% | 11/01/25 | B+ | 1,077,205 | |
220 | NCR Corp, 144A | 5.750% | 9/01/27 | BB | 234,345 | |
240 | NCR Corp, 144A | 6.125% | 9/01/29 | BB | 261,876 | |
70 | Netflix Inc | 4.375% | 11/15/26 | BB- | 73,570 | |
110 | Netflix Inc | 4.875% | 4/15/28 | BB- | 117,700 | |
130 | Netflix Inc | 5.875% | 11/15/28 | BB- | 146,399 | |
220 | Netflix Inc | 6.375% | 5/15/29 | BB- | 256,850 | |
70 | Netflix Inc, 144A | 5.375% | 11/15/29 | BB- | 76,191 | |
360 | Nokia Oyj | 4.375% | 6/12/27 | BB+ | 379,800 | |
220 | NortonLifeLock Inc, 144A | 5.000% | 4/15/25 | BB+ | 224,657 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$150 | OCI NV, 144A | 6.625% | 4/15/23 | BB | $155,700 | |
320 | Open Text Corp, 144A | 5.875% | 6/01/26 | BB | 338,000 | |
220 | Parkland Fuel Corp, 144A | 6.000% | 4/01/26 | BB | 231,550 | |
110 | Parkland Fuel Corp, 144A | 5.875% | 7/15/27 | BB | 116,567 | |
70 | PBF Holding Co LLC / PBF Finance Corp | 7.250% | 6/15/25 | BB | 74,346 | |
210 | Pitney Bowes Inc | 4.125% | 10/01/21 | BB | 214,177 | |
550 | Plantronics Inc, 144A | 5.500% | 5/31/23 | B+ | 530,750 | |
170 | Prestige Brands Inc, 144A | 6.375% | 3/01/24 | B+ | 175,312 | |
1,260 | Prime Security Services Borrower LLC / Prime Finance Inc, 144A | 9.250% | 5/15/23 | B- | 1,319,850 | |
300 | Prime Security Services Borrower LLC / Prime Finance Inc, 144A | 6.250% | 1/15/28 | B- | 296,325 | |
90 | Qorvo Inc | 5.500% | 7/15/26 | BB+ | 95,175 | |
170 | Realogy Group LLC / Realogy Co-Issuer Corp, 144A | 5.250% | 12/01/21 | B | 171,062 | |
130 | Ritchie Bros Auctioneers Inc, 144A | 5.375% | 1/15/25 | BB+ | 135,037 | |
210 | Sabre GLBL Inc, 144A | 5.375% | 4/15/23 | BB | 213,675 | |
70 | Sabre GLBL Inc, 144A | 5.250% | 11/15/23 | BB | 71,664 | |
170 | Sally Holdings LLC / Sally Capital Inc | 5.625% | 12/01/25 | BB- | 175,950 | |
420 | SBA Communications Corp | 4.000% | 10/01/22 | BB- | 427,350 | |
400 | SBA Communications Corp | 4.875% | 9/01/24 | BB- | 413,500 | |
130 | Select Medical Corp, 144A | 6.250% | 8/15/26 | B- | 140,248 | |
240 | Sensata Technologies UK Financing Co PLC, 144A | 6.250% | 2/15/26 | BB+ | 252,036 | |
110 | Service Corp International/US | 4.625% | 12/15/27 | BB | 115,022 | |
170 | Service Corp International/US | 5.125% | 6/01/29 | BB | 181,033 | |
400 | ServiceMaster Co LLC/The, 144A | 5.125% | 11/15/24 | BB- | 413,388 | |
50 | SESI LLC | 7.750% | 9/15/24 | B- | 31,131 | |
150 | Signature Aviation US Holdings Inc, 144A | 5.375% | 5/01/26 | BB | 155,625 | |
170 | Sirius XM Radio Inc, 144A | 3.875% | 8/01/22 | BB | 172,159 | |
280 | Sirius XM Radio Inc, 144A | 4.625% | 7/15/24 | BB | 290,325 | |
170 | Sirius XM Radio Inc, 144A | 5.375% | 4/15/25 | BB | 175,329 | |
210 | Sirius XM Radio Inc, 144A | 5.375% | 7/15/26 | BB | 221,504 | |
300 | Sirius XM Radio Inc, 144A | 5.000% | 8/01/27 | BB | 315,000 | |
260 | Sirius XM Radio Inc, 144A | 5.500% | 7/01/29 | BB | 279,799 | |
400 | Summit Materials LLC / Summit Materials Finance Corp | 6.125% | 7/15/23 | BB | 404,000 | |
50 | Sunoco LP / Sunoco Finance Corp | 4.875% | 1/15/23 | BB | 51,313 | |
70 | Sunoco LP / Sunoco Finance Corp | 6.000% | 4/15/27 | BB | 73,848 | |
30 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp, 144A | 5.500% | 9/15/24 | BB+ | 30,301 | |
210 | Targa Resources Partners LP / Targa Resources Partners Finance Corp | 5.875% | 4/15/26 | BB | 221,550 | |
70 | Targa Resources Partners LP / Targa Resources Partners Finance Corp | 6.500% | 7/15/27 | BB | 76,300 | |
70 | Targa Resources Partners LP / Targa Resources Partners Finance Corp | 5.000% | 1/15/28 | BB | 71,225 | |
70 | Targa Resources Partners LP / Targa Resources Partners Finance Corp | 6.875% | 1/15/29 | BB | 77,131 | |
400 | TEGNA Inc, 144A | 5.000% | 9/15/29 | BB | 405,000 | |
260 | Tenet Healthcare Corp | 6.750% | 6/15/23 | B- | 281,450 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$300 | Tenet Healthcare Corp | 4.625% | 7/15/24 | BB- | $307,500 | |
110 | Tenet Healthcare Corp, 144A | 4.625% | 9/01/24 | BB- | 113,300 | |
90 | Tenet Healthcare Corp | 5.125% | 5/01/25 | Ba3 | 91,575 | |
380 | Tenet Healthcare Corp, 144A | 4.875% | 1/01/26 | BB- | 394,012 | |
280 | Tenet Healthcare Corp, 144A | 5.125% | 11/01/27 | BB- | 294,700 | |
260 | Tenneco Inc | 5.000% | 7/15/26 | BB- | 239,850 | |
340 | Tervita Corp, 144A | 7.625% | 12/01/21 | B+ | 345,950 | |
380 | Tesla Inc, 144A | 5.300% | 8/15/25 | B- | 383,808 | |
320 | TransDigm Inc, 144A | 6.250% | 3/15/26 | Ba3 | 345,120 | |
300 | TransDigm Inc | 6.375% | 6/15/26 | B- | 316,500 | |
170 | TreeHouse Foods Inc, 144A | 6.000% | 2/15/24 | BB- | 174,675 | |
220 | Trinseo Materials Operating SCA / Trinseo Materials Finance Inc, 144A | 5.375% | 9/01/25 | B+ | 206,206 | |
170 | Under Armour Inc | 3.250% | 6/15/26 | Baa3 | 166,163 | |
130 | United Rentals North America Inc | 5.500% | 7/15/25 | BB- | 134,511 | |
110 | United Rentals North America Inc | 4.625% | 10/15/25 | BB- | 112,406 | |
170 | United Rentals North America Inc | 5.875% | 9/15/26 | BB- | 180,837 | |
190 | United Rentals North America Inc | 6.500% | 12/15/26 | BB- | 206,387 | |
300 | United Rentals North America Inc | 4.875% | 1/15/28 | BB- | 312,750 | |
170 | United Rentals North America Inc | 5.250% | 1/15/30 | BB- | 182,495 | |
90 | Uniti Group LP / Uniti Fiber Holdings Inc / CSL Capital LLC, 144A | 7.125% | 12/15/24 | B- | 71,325 | |
90 | Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC, 144A | 6.000% | 4/15/23 | BB | 86,175 | |
170 | Uniti Group LP / Uniti Group Finance Inc / CSL Capital LLC | 8.250% | 10/15/23 | B- | 137,700 | |
105 | Univision Communications Inc, 144A | 5.125% | 2/15/25 | B | 104,738 | |
400 | UPC Holding BV, 144A | 5.500% | 1/15/28 | B | 416,000 | |
150 | US Concrete Inc | 6.375% | 6/01/24 | BB- | 155,250 | |
570 | US Foods Inc, 144A | 5.875% | 6/15/24 | BB | 582,899 | |
300 | USA Compression Partners LP / USA Compression Finance Corp | 6.875% | 4/01/26 | BB- | 312,000 | |
170 | USA Compression Partners LP / USA Compression Finance Corp | 6.875% | 9/01/27 | BB- | 177,208 | |
130 | VeriSign Inc | 5.250% | 4/01/25 | BBB- | 143,130 | |
320 | VeriSign Inc | 4.750% | 7/15/27 | BBB- | 337,600 | |
350 | VICI Properties LP / VICI Note Co Inc, 144A | 4.625% | 12/01/29 | BB | 365,750 | |
700 | Vodafone Group PLC | 7.000% | 4/04/79 | BB+ | 825,313 | |
130 | Wyndham Hotels & Resorts Inc, 144A | 5.375% | 4/15/26 | Ba2 | 136,012 | |
170 | XPO Logistics Inc, 144A | 6.500% | 6/15/22 | BB- | 172,975 | |
340 | Ziggo Bond Co BV, 144A | 6.000% | 1/15/27 | B- | 357,075 | |
46,095 | Total Industrial | 46,415,460 | ||||
Utility – 2.9% | ||||||
650 | AES Corp/VA | 5.500% | 4/15/25 | BBB- | 670,312 | |
90 | Calpine Corp, 144A | 5.250% | 6/01/26 | BB+ | 92,934 | |
150 | Drax Finco PLC, 144A | 6.625% | 11/01/25 | BB+ | 158,697 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Utility (continued) | ||||||
$500 | Enviva Partners LP / Enviva Partners Finance Corp, 144A | 6.500% | 1/15/26 | BB- | $533,385 | |
90 | NextEra Energy Operating Partners LP, 144A | 4.250% | 9/15/24 | Ba1 | 93,713 | |
1,480 | Total Utility | 1,549,041 | ||||
$51,105 | Total Corporate Debt (cost $51,728,049) | 51,742,841 | ||||
Total Long-Term Investments (cost $51,728,049) | 51,742,841 |
Principal Amount (000) | Description | Coupon | Maturity | Ratings (2) | Value | |
SHORT-TERM INVESTMENTS – 0.8% | ||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 0.8% | ||||||
$430 | Federal Home Loan Bank, Discount Notes | 0.000% | 2/03/20 | N/R | $430,000 | |
Total Short-Term Investments (cost $430,000) | 430,000 | |||||
Total Investments (cost $52,158,049) – 98.8% | 52,172,841 | |||||
Other Assets Less Liabilities – 1.2% | 634,058 | |||||
Net Assets – 100% | $52,806,899 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | The Fund uses credit quality ratings for its portfolio securities provided by Moody's, S&P and Fitch. If all three of Moody's, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody's, S&P or Fitch. | |
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. | |
REIT | Real Estate Investment Trust |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
LONG-TERM INVESTMENTS – 99.0% | ||||||
U.S. TREASURY – 38.7% | ||||||
$1,517 | United States Treasury Note/Bond | 1.375% | 9/15/20 | Aaa | $1,515,222 | |
9,839 | United States Treasury Note/Bond | 1.875% | 9/30/22 | Aaa | 9,983,510 | |
1,190 | United States Treasury Note/Bond | 2.750% | 7/31/23 | Aaa | 1,248,152 | |
1,282 | United States Treasury Note/Bond | 2.875% | 11/30/23 | Aaa | 1,356,166 | |
1,345 | United States Treasury Note/Bond | 2.500% | 1/31/24 | Aaa | 1,406,628 | |
300 | United States Treasury Note/Bond | 2.250% | 4/30/24 | Aaa | 311,414 | |
2,950 | United States Treasury Note/Bond | 2.000% | 5/31/24 | Aaa | 3,033,545 | |
250 | United States Treasury Note/Bond | 1.250% | 8/31/24 | Aaa | 249,190 | |
2,944 | United States Treasury Note/Bond | 2.125% | 9/30/24 | Aaa | 3,049,340 | |
1,386 | United States Treasury Note/Bond | 2.125% | 11/30/24 | Aaa | 1,437,325 | |
200 | United States Treasury Note/Bond | 1.375% | 1/31/25 | N/R | 200,461 | |
982 | United States Treasury Note/Bond | 2.250% | 8/15/27 | Aaa | 1,038,312 | |
846 | United States Treasury Note/Bond | 2.250% | 11/15/27 | Aaa | 895,405 | |
2,234 | United States Treasury Note/Bond | 2.750% | 2/15/28 | Aaa | 2,451,379 | |
1,400 | United States Treasury Note/Bond | 2.375% | 5/15/29 | Aaa | 1,504,836 | |
300 | United States Treasury Note/Bond | 1.625% | 8/15/29 | Aaa | 302,918 | |
1,300 | United States Treasury Note/Bond | 2.750% | 8/15/42 | Aaa | 1,482,457 | |
4,163 | United States Treasury Note/Bond | 2.750% | 8/15/47 | Aaa | 4,806,151 | |
$34,428 | Total U.S. Treasury (cost $34,955,508) | 36,272,411 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
SECURITIZED – 28.9% | ||||||
$250 | American Express Credit Account Master Trust | 1.930% | 9/15/22 | Aaa | $249,974 | |
500 | BBCMS Trust, (WI/DD) | 2.690% | 2/15/53 | AAA | 514,990 | |
500 | COMM 2015-LC19 Mortgage Trust | 3.183% | 2/10/48 | Aaa | 529,262 | |
862 | Fannie Mae Pool MA2941 | 3.500% | 3/01/32 | N/R | 902,198 | |
1,423 | Fannie Mae Pool MA3120 | 3.500% | 9/01/47 | Aaa | 1,483,513 | |
2,895 | Fannie Mae Pool MA3143 | 3.000% | 9/01/47 | N/R | 2,979,958 | |
337 | Fannie Mae Pool MA3392 | 3.500% | 6/01/33 | N/R | 352,228 | |
729 | Fannie Mae Pool MA3490 | 4.000% | 10/01/33 | N/R | 762,478 | |
677 | Fannie Mae Pool MA3536 | 4.000% | 12/01/48 | Aaa | 707,930 | |
932 | Fannie Mae Pool MA3574 | 3.500% | 1/01/49 | N/R | 962,147 | |
5,501 | Fannie Mae Pool MA3774 | 3.000% | 9/01/49 | Aaa | 5,627,292 | |
244 | Fannie Mae Pool MA3828 | 3.000% | 11/01/34 | N/R | 250,954 | |
493 | Fannie Mae Pool MA3865 | 3.000% | 12/01/34 | N/R | 508,079 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
$2,785 | Fannie Mae Pool MA3905, (DD1) | 3.000% | 1/01/50 | N/R | $2,849,134 | |
300 | Fannie Mae Pool MA3960 | 3.000% | 3/01/50 | N/R | 306,974 | |
1,672 | Ginnie Mae II Pool MA3663 | 3.500% | 5/20/46 | Aaa | 1,747,819 | |
327 | Ginnie Mae II Pool MA5264 | 4.000% | 6/20/48 | Aaa | 341,298 | |
363 | Ginnie Mae II Pool MA5398 | 4.000% | 8/20/48 | Aaa | 378,174 | |
2,306 | Ginnie Mae II Pool MA6038 | 3.000% | 7/20/49 | N/R | 2,374,287 | |
846 | Ginnie Mae II Pool MA6283 | 3.000% | 11/20/49 | N/R | 870,718 | |
1,396 | Ginnie Mae II Pool MA6338, (DD1) | 3.000% | 12/20/49 | N/R | 1,436,283 | |
200 | GS Mortgage Securities Trust 2019-GC38 | 3.968% | 2/10/52 | AAA | 227,448 | |
300 | Wells Fargo Commercial Mortgage Trust 2016-C32 | 3.324% | 1/15/59 | Aaa | 314,166 | |
300 | Wells Fargo Commercial Mortgage Trust 2019-C49 | 3.760% | 3/15/52 | Aaa | 336,300 | |
$26,138 | Total Securitized (cost $26,563,466) | 27,013,604 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
CORPORATE DEBT – 25.2% | ||||||
Financials – 8.0% | ||||||
$90 | Alexandria Real Estate Equities Inc | 3.900% | 6/15/23 | BBB+ | $95,517 | |
117 | Allstate Corp | 4.500% | 6/15/43 | A- | 146,955 | |
279 | American Express Co | 3.400% | 2/27/23 | A | 292,117 | |
42 | Ameriprise Financial Inc | 4.000% | 10/15/23 | A | 45,344 | |
238 | Bank of Montreal | 3.803% | 12/15/32 | A+ | 253,851 | |
64 | Bank of New York Mellon Corp | 3.450% | 8/11/23 | AA- | 67,821 | |
157 | Bank of New York Mellon Corp | 3.300% | 8/23/29 | A+ | 169,575 | |
169 | Bank of Nova Scotia | 2.450% | 9/19/22 | Aa2 | 172,521 | |
42 | BlackRock Inc | 3.500% | 3/18/24 | AA- | 45,188 | |
87 | Boston Properties LP | 3.850% | 2/01/23 | A- | 91,683 | |
42 | Brixmor Operating Partnership LP | 3.875% | 8/15/22 | BBB- | 43,965 | |
48 | Brookfield Finance Inc | 4.000% | 4/01/24 | A- | 51,782 | |
89 | Canadian Imperial Bank of Commerce | 3.500% | 9/13/23 | Aa2 | 94,443 | |
105 | Chubb Corp | 6.000% | 5/11/37 | A | 152,516 | |
316 | Cooperatieve Rabobank UA | 3.875% | 2/08/22 | Aa3 | 329,696 | |
112 | Deutsche Bank AG/New York NY | 4.250% | 10/14/21 | BBB | 115,339 | |
120 | ERP Operating LP | 2.500% | 2/15/30 | A | 122,405 | |
42 | Franklin Resources Inc | 2.800% | 9/15/22 | A+ | 43,138 | |
95 | Healthpeak Properties Inc | 3.150% | 8/01/22 | BBB+ | 97,604 | |
46 | Host Hotels & Resorts LP | 4.750% | 3/01/23 | Baa2 | 49,475 | |
200 | HSBC Holdings PLC | 2.633% | 11/07/25 | A+ | 203,352 | |
200 | HSBC Holdings PLC | 4.583% | 6/19/29 | A+ | 228,389 | |
146 | KeyCorp | 5.100% | 3/24/21 | A- | 151,591 | |
82 | Liberty Property LP | 3.375% | 6/15/23 | Baa1 | 86,006 | |
500 | Lloyds Banking Group PLC | 2.438% | 2/05/26 | A+ | 503,322 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Financials (continued) | ||||||
$112 | Marsh & McLennan Cos Inc | 4.800% | 7/15/21 | A- | $116,139 | |
64 | Mitsubishi UFJ Financial Group Inc | 3.961% | 3/02/28 | A1 | 71,826 | |
743 | Morgan Stanley | 3.772% | 1/24/29 | A | 816,894 | |
42 | Northern Trust Corp | 3.950% | 10/30/25 | A+ | 46,593 | |
44 | ORIX Corp | 2.900% | 7/18/22 | A- | 44,946 | |
270 | PNC Financial Services Group Inc | 3.900% | 4/29/24 | A | 290,754 | |
100 | Principal Financial Group Inc | 3.700% | 5/15/29 | A- | 111,024 | |
72 | Prologis LP | 3.875% | 9/15/28 | A- | 81,219 | |
193 | Prudential Financial Inc | 3.905% | 12/07/47 | A | 215,449 | |
63 | RBC USA Holdco Corp | 5.250% | 9/15/20 | AA- | 64,382 | |
42 | Regency Centers Corp | 3.750% | 11/15/22 | BBB+ | 43,872 | |
89 | Regions Financial Corp | 3.800% | 8/14/23 | BBB+ | 94,878 | |
38 | Santander Holdings USA Inc | 4.500% | 7/17/25 | BBB+ | 41,535 | |
160 | Santander UK PLC | 4.000% | 3/13/24 | Aa3 | 172,696 | |
100 | Simon Property Group LP | 2.450% | 9/13/29 | A | 100,461 | |
42 | Sompo International Holdings Ltd | 4.700% | 10/15/22 | A- | 44,762 | |
143 | State Street Corp | 3.100% | 5/15/23 | A+ | 149,069 | |
152 | Sumitomo Mitsui Financial Group Inc | 3.936% | 10/16/23 | A1 | 162,680 | |
162 | Sumitomo Mitsui Financial Group Inc | 3.364% | 7/12/27 | A1 | 173,469 | |
165 | Toronto-Dominion Bank | 2.125% | 4/07/21 | Aa1 | 166,083 | |
264 | Truist Financial Corp | 3.750% | 12/06/23 | A+ | 282,028 | |
100 | UDR Inc | 3.000% | 8/15/31 | BBB+ | 104,006 | |
132 | Welltower Inc | 4.125% | 3/15/29 | BBB+ | 147,987 | |
100 | Westpac Banking Corp | 2.000% | 1/13/23 | AA- | 100,910 | |
140 | Westpac Banking Corp | 4.322% | 11/23/31 | A+ | 152,355 | |
6,960 | Total Financials | 7,449,612 | ||||
Industrial – 15.3% | ||||||
180 | 3M Co | 2.375% | 8/26/29 | AA- | 182,444 | |
402 | AbbVie Inc | 3.750% | 11/14/23 | A- | 427,851 | |
130 | AbbVie Inc | 4.500% | 5/14/35 | A- | 149,361 | |
100 | Adobe Inc, (WI/DD) | 1.900% | 2/01/25 | A | 101,088 | |
134 | American Honda Finance Corp | 1.650% | 7/12/21 | A | 133,999 | |
149 | American Tower Corp | 5.000% | 2/15/24 | BBB | 165,889 | |
197 | Amgen Inc | 4.400% | 5/01/45 | A- | 227,815 | |
82 | Analog Devices Inc | 2.500% | 12/05/21 | Baa1 | 83,051 | |
145 | Apple Inc | 1.800% | 9/11/24 | AA+ | 145,978 | |
241 | Apple Inc | 4.500% | 2/23/36 | AA+ | 301,872 | |
242 | Apple Inc | 3.850% | 5/04/43 | AA+ | 280,735 | |
42 | Applied Materials Inc | 5.100% | 10/01/35 | A- | 55,057 | |
9 | Archer-Daniels-Midland Co | 5.765% | 3/01/41 | A | 12,831 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$159 | AstraZeneca PLC | 6.450% | 9/15/37 | A | $232,186 | |
100 | Baker Hughes a GE Co LLC / Baker Hughes Co-Obligor Inc | 3.138% | 11/07/29 | A- | 103,967 | |
97 | Biogen Inc | 3.625% | 9/15/22 | A- | 101,476 | |
70 | Booking Holdings Inc | 2.750% | 3/15/23 | A- | 72,051 | |
38 | Bristol-Myers Squibb Co | 2.000% | 8/01/22 | A+ | 38,546 | |
293 | Bristol-Myers Squibb Co, 144A | 5.000% | 8/15/45 | A+ | 390,047 | |
42 | Broadridge Financial Solutions Inc | 3.950% | 9/01/20 | BBB+ | 42,507 | |
28 | Bunge Ltd Finance Corp | 3.000% | 9/25/22 | BBB | 28,653 | |
135 | Cardinal Health Inc | 2.616% | 6/15/22 | BBB | 137,099 | |
38 | Cardinal Health Inc | 3.200% | 3/15/23 | BBB | 39,318 | |
58 | Caterpillar Financial Services Corp | 2.550% | 11/29/22 | A | 59,451 | |
158 | Caterpillar Inc | 3.803% | 8/15/42 | A | 182,856 | |
250 | Cigna Corp, 144A | 3.050% | 10/15/27 | A- | 259,410 | |
150 | Cisco Systems Inc | 2.500% | 9/20/26 | AA- | 156,720 | |
28 | Clorox Co | 3.050% | 9/15/22 | A- | 28,823 | |
142 | Coca-Cola Co | 2.500% | 4/01/23 | A+ | 145,838 | |
149 | CSX Corp | 4.250% | 3/15/29 | BBB+ | 171,651 | |
42 | CSX Corp | 4.250% | 11/01/66 | BBB+ | 47,210 | |
212 | Deere & Co | 3.900% | 6/09/42 | A | 249,868 | |
145 | Dell International LLC / EMC Corp, 144A | 8.100% | 7/15/36 | BBB- | 200,481 | |
112 | Discovery Communications LLC | 3.500% | 6/15/22 | BBB- | 116,069 | |
38 | Discovery Communications LLC | 5.000% | 9/20/37 | BBB- | 44,090 | |
100 | DuPont de Nemours Inc | 4.725% | 11/15/28 | A- | 115,303 | |
42 | Eaton Corp | 4.000% | 11/02/32 | A- | 49,242 | |
112 | Ecolab Inc | 3.250% | 12/01/27 | A- | 121,330 | |
100 | Fiserv Inc | 3.500% | 7/01/29 | BBB | 107,757 | |
132 | Fortive Corp | 2.350% | 6/15/21 | Baa1 | 132,715 | |
262 | Gilead Sciences Inc | 4.000% | 9/01/36 | A | 300,617 | |
150 | GlaxoSmithKline Capital PLC | 3.375% | 6/01/29 | A+ | 165,253 | |
150 | HCA Inc | 4.125% | 6/15/29 | BBB- | 162,329 | |
112 | Hewlett Packard Enterprise Co | 3.500% | 10/05/21 | BBB+ | 115,031 | |
239 | Home Depot Inc | 5.400% | 9/15/40 | A | 328,556 | |
78 | Ingersoll-Rand Global Holding Co Ltd | 4.250% | 6/15/23 | BBB | 84,280 | |
260 | Intel Corp | 2.450% | 11/15/29 | A+ | 266,455 | |
250 | International Business Machines Corp | 3.300% | 5/15/26 | A | 269,053 | |
60 | International Business Machines Corp | 5.600% | 11/30/39 | A | 83,307 | |
58 | International Flavors & Fragrances Inc | 3.200% | 5/01/23 | BBB | 59,740 | |
101 | Kellogg Co | 2.650% | 12/01/23 | BBB | 103,773 | |
161 | Keurig Dr Pepper Inc | 3.130% | 12/15/23 | BBB | 168,081 | |
46 | Kimberly-Clark Corp | 6.625% | 8/01/37 | A | 69,556 | |
100 | Kimberly-Clark Corp, (WI/DD) | 2.875% | 2/07/50 | A | 99,939 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$156 | Kraft Heinz Foods Co | 5.000% | 7/15/35 | BBB- | $180,071 | |
99 | Laboratory Corp of America Holdings | 3.200% | 2/01/22 | BBB | 101,584 | |
58 | Lam Research Corp | 2.800% | 6/15/21 | A3 | 58,811 | |
150 | Lowe's Cos Inc | 4.650% | 4/15/42 | BBB+ | 177,590 | |
28 | Mastercard Inc | 2.000% | 11/21/21 | A+ | 28,241 | |
133 | McCormick & Co Inc/MD | 2.700% | 8/15/22 | BBB | 135,650 | |
225 | Merck & Co Inc | 3.400% | 3/07/29 | AA | 248,731 | |
276 | Microsoft Corp | 3.450% | 8/08/36 | AAA | 311,872 | |
281 | Microsoft Corp | 3.700% | 8/08/46 | AAA | 330,618 | |
80 | Moody's Corp | 4.500% | 9/01/22 | BBB+ | 84,836 | |
38 | Moody's Corp | 2.625% | 1/15/23 | BBB+ | 38,953 | |
111 | Motorola Solutions Inc | 3.500% | 3/01/23 | BBB- | 115,357 | |
44 | National Oilwell Varco Inc | 2.600% | 12/01/22 | BBB+ | 44,688 | |
42 | Norfolk Southern Corp | 4.837% | 10/01/41 | BBB+ | 52,844 | |
200 | Nutrien Ltd | 4.200% | 4/01/29 | BBB | 224,951 | |
54 | NVIDIA Corp | 2.200% | 9/16/21 | A- | 54,349 | |
261 | ONEOK Inc | 4.550% | 7/15/28 | BBB | 287,672 | |
116 | Oracle Corp | 3.250% | 11/15/27 | A+ | 125,504 | |
110 | Oracle Corp | 3.850% | 7/15/36 | A+ | 125,625 | |
105 | Orange SA | 4.125% | 9/14/21 | BBB+ | 109,239 | |
92 | PACCAR Financial Corp | 2.300% | 8/10/22 | A+ | 93,558 | |
100 | Parker-Hannifin Corp | 4.200% | 11/21/34 | A- | 115,877 | |
200 | PepsiCo Inc | 2.875% | 10/15/49 | A+ | 202,266 | |
115 | Praxair Inc | 2.700% | 2/21/23 | A | 118,169 | |
28 | Quest Diagnostics Inc | 4.250% | 4/01/24 | BBB+ | 30,418 | |
54 | Rockwell Collins Inc | 3.700% | 12/15/23 | BBB+ | 57,477 | |
36 | Roper Technologies Inc | 3.125% | 11/15/22 | BBB+ | 37,143 | |
100 | Ryder System Inc | 2.500% | 9/01/24 | A- | 102,036 | |
45 | Seagate HDD Cayman | 4.750% | 6/01/23 | Baa3 | 47,758 | |
125 | Sherwin-Williams Co | 2.950% | 8/15/29 | BBB | 129,244 | |
145 | Starbucks Corp | 3.550% | 8/15/29 | BBB+ | 160,839 | |
119 | Target Corp | 4.000% | 7/01/42 | A | 141,435 | |
41 | Telefonica Emisiones SA | 5.462% | 2/16/21 | BBB | 42,520 | |
150 | Telefonica Emisiones SA | 5.520% | 3/01/49 | BBB | 193,617 | |
170 | Toyota Motor Corp | 2.760% | 7/02/29 | AA- | 180,487 | |
307 | TWDC Enterprises 18 Corp | 2.350% | 12/01/22 | A | 313,129 | |
38 | Tyco Electronics Group SA | 3.500% | 2/03/22 | A- | 39,142 | |
100 | Unilever Capital Corp | 2.600% | 5/05/24 | A+ | 103,467 | |
103 | Union Pacific Corp | 3.600% | 9/15/37 | A- | 112,347 | |
28 | United Parcel Service Inc | 6.200% | 1/15/38 | A | 40,390 | |
148 | United Parcel Service Inc | 3.750% | 11/15/47 | A | 163,578 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Industrial (continued) | ||||||
$161 | Visa Inc | 4.150% | 12/14/35 | AA- | $196,993 | |
129 | VMware Inc | 2.950% | 8/21/22 | Baa2 | 132,011 | |
157 | Vodafone Group PLC | 6.150% | 2/27/37 | BBB | 212,335 | |
100 | Waste Management Inc | 3.450% | 6/15/29 | A- | 109,542 | |
100 | Western Midstream Operating LP | 4.050% | 2/01/30 | BBB- | 99,678 | |
31 | Weyerhaeuser Co | 4.625% | 9/15/23 | BBB | 33,767 | |
118 | WPP Finance 2010 | 3.625% | 9/07/22 | BBB+ | 122,988 | |
72 | Xylem Inc/NY | 4.875% | 10/01/21 | BBB | 75,600 | |
112 | Zoetis Inc | 3.900% | 8/20/28 | Baa1 | 125,217 | |
12,841 | Total Industrial | 14,288,819 | ||||
Utility – 1.9% | ||||||
145 | Alabama Power Co | 6.000% | 3/01/39 | A1 | 206,678 | |
21 | Commonwealth Edison Co | 6.450% | 1/15/38 | A1 | 31,132 | |
80 | Consolidated Edison Co of New York Inc | 5.500% | 12/01/39 | A- | 109,291 | |
100 | DTE Energy Co | 2.950% | 3/01/30 | BBB | 101,634 | |
94 | Entergy Louisiana LLC | 4.000% | 3/15/33 | A | 110,333 | |
100 | Eversource Energy | 3.450% | 1/15/50 | BBB+ | 103,179 | |
135 | Florida Power & Light Co | 5.950% | 2/01/38 | Aa2 | 195,523 | |
100 | National Rural Utilities Cooperative Finance Corp, (WI/DD) | 2.400% | 3/15/30 | A1 | 101,136 | |
45 | Northern States Power Co/MN | 6.200% | 7/01/37 | Aa3 | 65,909 | |
36 | Potomac Electric Power Co | 6.500% | 11/15/37 | A | 52,815 | |
137 | San Diego Gas & Electric Co | 4.150% | 5/15/48 | A | 162,106 | |
122 | Southern California Edison Co | 4.500% | 9/01/40 | A- | 145,135 | |
126 | Virginia Electric & Power Co | 6.000% | 5/15/37 | A2 | 177,447 | |
257 | WEC Energy Group Inc | 2.450% | 6/15/20 | BBB+ | 257,495 | |
1,498 | Total Utility | 1,819,813 | ||||
$21,299 | Total Corporate Debt (cost $22,395,576) | 23,558,244 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
GOVERNMENT RELATED – 6.2% | ||||||
Government Agency – 3.1% | ||||||
$290 | Federal Home Loan Banks | 1.875% | 12/11/20 | Aaa | $290,900 | |
341 | Federal National Mortgage Association | 5.625% | 7/15/37 | Aaa | 516,346 | |
200 | Japan Bank for International Cooperation | 1.750% | 10/17/24 | A+ | 200,984 | |
276 | Kreditanstalt fuer Wiederaufbau | 1.500% | 6/15/21 | AAA | 276,227 | |
772 | Kreditanstalt fuer Wiederaufbau | 2.375% | 12/29/22 | AAA | 794,190 | |
728 | Kreditanstalt fuer Wiederaufbau | 2.500% | 11/20/24 | AAA | 765,198 | |
16 | Tennessee Valley Authority | 5.250% | 9/15/39 | Aaa | 23,161 | |
2,623 | Total Government Agency | 2,867,006 |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (2) | Value | |
Municipal Bonds – 2.3% (3) | ||||||
$223 | Asian Development Bank (No Optional Call) | 1.625% | 5/05/20 | AAA | $222,962 | |
239 | European Investment Bank (No Optional Call) | 2.000% | 3/15/21 | Aaa | 240,358 | |
20 | Illinois State, General Obligation Bonds, Taxable Build America Bonds, Series 2010-3 (No Optional Call) | 6.725% | 4/01/35 | BBB | 24,330 | |
324 | Inter-American Development Bank (No Optional Call) | 3.875% | 10/28/41 | Aaa | 420,114 | |
375 | International Bank for Reconstruction & Development (No Optional Call) | 1.500% | 8/28/24 | AAA | 376,760 | |
100 | Province of British Columbia Canada (No Optional Call) | 1.750% | 9/27/24 | AAA | 101,305 | |
350 | Province of Ontario Canada (No Optional Call) | 1.750% | 1/24/23 | Aa3 | 352,807 | |
176 | Province of Quebec Canada (No Optional Call) | 2.500% | 4/20/26 | Aa2 | 184,909 | |
85 | Sales Tax Securitization Corp (No Optional Call) | 3.820% | 1/01/48 | AA- | 93,518 | |
120 | Texas State, General Obligation Bonds, Transportation Commission, Build America Taxable Bonds, Series 2009A (No Optional Call) | 5.517% | 4/01/39 | AAA | 171,794 | |
2,012 | Total Municipal Bonds | 2,188,857 | ||||
Sovereign Debt – 0.8% | ||||||
200 | Chile Government International Bond | 2.550% | 1/27/32 | A+ | 203,000 | |
416 | Colombia Government International Bond | 2.625% | 3/15/23 | Baa2 | 420,880 | |
14 | Hungary Government International Bond | 7.625% | 3/29/41 | BBB | 23,554 | |
92 | Peruvian Government International Bond | 5.625% | 11/18/50 | A3 | 140,760 | |
722 | Total Sovereign Debt | 788,194 | ||||
$5,357 | Total Government Related (cost $5,624,050) | 5,844,057 | ||||
Total Long-Term Investments (cost $89,538,600) | 92,688,316 |
Principal Amount (000) | Description | Coupon | Maturity | Ratings (2) | Value | |
SHORT-TERM INVESTMENTS – 7.5% | ||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 7.5% | ||||||
$7,020 | Federal Home Loan Bank, Discount Notes | 0.000% | 2/03/20 | N/R | $7,020,000 | |
Total Short-Term Investments (cost $7,020,000) | 7,020,000 | |||||
Total Investments (cost $96,558,600) – 106.5% | 99,708,316 | |||||
Other Assets Less Liabilities – (6.5)% | (6,099,679) | |||||
Net Assets – 100% | $93,608,637 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | ||
(1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
(2) | The Fund uses credit quality ratings for its portfolio securities provided by Moody's, S&P and Fitch. If all three of Moody's, S&P, and Fitch provide a rating for a security, the middle is used; if two of the three agencies rate a security, the lower rating is used; and if only one rating agency rates a security, that rating is used. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC/CC/C and D are below-investment grade ratings. Credit ratings are subject to change. Holdings designated N/R are not rated by Moody's, S&P or Fitch. | |
(3) | 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. | |
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. | |
DD1 | Portion of investment purchased on a delayed delivery basis. | |
WI/DD | Purchased on a when-issued or delayed delivery basis. |
NUAG | NUSA | NUHY | NUBD | |
Assets | ||||
Long-term investments, at value (cost $152,339,397, $29,473,960, $51,728,049 and $89,538,600, respectively) | $154,224,036 | $30,197,872 | $51,742,841 | $92,688,316 |
Short-term investments, at value (cost approximates value) | 24,660,000 | 230,000 | 430,000 | 7,020,000 |
Cash | 137,543 | 6,037 | 6,667 | 330,785 |
Receivable for: | ||||
Interest | 833,055 | 174,655 | 815,338 | 557,923 |
Investments sold | — | 730,154 | 2,983,665 | — |
Shares sold | 2,513,260 | — | — | — |
Total assets | 182,367,894 | 31,338,718 | 55,978,511 | 100,597,024 |
Liabilities | ||||
Payable for: | ||||
Investments purchased - regular settlement | 6,602,935 | 1,177,065 | 3,155,198 | 3,494,233 |
Investments purchased - when-issued/delayed-delivery settlement | 19,930,080 | — | — | 3,478,817 |
Accrued expenses: | ||||
Management fees | 15,596 | 5,241 | 16,220 | 14,927 |
Professional fees | 571 | 117 | 113 | 270 |
Trustees Fees | 146 | 56 | 81 | 140 |
Total liabilities | 26,549,328 | 1,182,479 | 3,171,612 | 6,988,387 |
Net assets | $155,818,566 | $30,156,239 | $52,806,899 | $93,608,637 |
Shares outstanding | 6,200,000 | 1,200,000 | 2,100,000 | 3,600,000 |
Net asset value ("NAV") per share | $25.13 | $25.13 | $25.15 | $26.00 |
Net assets consist of: | ||||
Capital paid-in | $154,352,133 | $29,752,105 | $52,678,730 | $90,489,613 |
Total distributable earnings | 1,466,433 | 404,134 | 128,169 | 3,119,024 |
Net assets | $155,818,566 | $30,156,239 | $52,806,899 | $93,608,637 |
Authorized shares | Unlimited | Unlimited | Unlimited | Unlimited |
Par value per share | $0.01 | $0.01 | $0.01 | $0.01 |
NUAG | NUSA | NUHY | NUBD | |
Investment Income | $1,623,016 | $402,514 | $653,883 | $889,504 |
Expenses | ||||
Management fees | 123,394 | 29,683 | 44,316 | 70,717 |
Professional fees | 4,564 | 2,842 | 314 | 3,359 |
Trustees fees | 1,674 | 392 | 328 | 944 |
Total expenses | 129,632 | 32,917 | 44,958 | 75,020 |
Net investment income (loss) | 1,493,384 | 369,597 | 608,925 | 814,484 |
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from: | ||||
Investments | (246,338) | 46,906 | (21,528) | 43,468 |
In-kind redemptions | 1,371,059 | — | — | 171,532 |
Change in net unrealized appreciation (depreciation) of investments | (227,355) | 333,288 | 14,792 | 1,830,885 |
Net realized and unrealized gain (loss) | 897,366 | 380,194 | (6,736) | 2,045,885 |
Net increase (decrease) in net assets from operations | $2,390,750 | $749,791 | $602,189 | $2,860,369 |
NUAG | NUSA | NUHY | NUBD | |||||||
Six Months Ended 1/31/20 | Year Ended 7/31/19 | Six Months Ended 1/31/20 | Year Ended 7/31/19 | For the Period 9/25/19 (commencement of operations) through 1/31/20 | Six Months Ended 1/31/20 | Year Ended 7/31/19 | ||||
Operations | ||||||||||
Net investment income (loss) | $1,493,384 | $3,377,177 | $369,597 | $742,567 | $608,925 | $814,484 | $1,322,685 | |||
Net realized gain (loss) from: | ||||||||||
Investments | (246,338) | 1,816,047 | 46,906 | (12,392) | (21,528) | 43,468 | 16,430 | |||
In-kind redemptions | 1,371,059 | (604,601) | — | 56,816 | — | 171,532 | 323,021 | |||
Change in net unrealized appreciation (depreciation) of investments | (227,355) | 3,499,814 | 333,288 | 767,226 | 14,792 | 1,830,885 | 2,432,028 | |||
Net increase (decrease) in net assets from operations | 2,390,750 | 8,088,437 | 749,791 | 1,554,217 | 602,189 | 2,860,369 | 4,094,164 | |||
Distributions to Shareholders | ||||||||||
Dividends | (1,896,640) | (3,510,400) | (438,650) | (855,950) | (474,020) | (900,190) | (1,392,050) | |||
Decrease in net assets from distributions to shareholders | (1,896,640) | (3,510,400) | (438,650) | (855,950) | (474,020) | (900,190) | (1,392,050) | |||
Fund Share Transactions | ||||||||||
Proceeds from shares sold | 265,079,490 | 119,215,650 | 2,495,870 | 4,875,760 | 52,678,730 | 41,056,165 | 29,521,639 | |||
Cost of shares redeemed | (180,774,420) | (200,733,010) | — | (4,951,480) | — | (5,194,200) | (17,525,220) | |||
Net increase (decrease) in net assets from Fund share transactions | 84,305,070 | (81,517,360) | 2,495,870 | (75,720) | 52,678,730 | 35,861,965 | 11,996,419 | |||
Net increase (decrease) in net assets | 84,799,180 | (76,939,323) | 2,807,011 | 622,547 | 52,806,899 | 37,822,144 | 14,698,533 | |||
Net assets at the beginning of period | 71,019,386 | 147,958,709 | 27,349,228 | 26,726,681 | — | 55,786,493 | 41,087,960 | |||
Net assets at the end of period | $155,818,566 | $71,019,386 | $30,156,239 | $27,349,228 | $52,806,899 | $93,608,637 | $55,786,493 |
Investment Operations | Less Distributions | |||||||||
Year Ended July 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | Ending Market Price | |
NUAG | ||||||||||
2020(d) | $24.49 | $0.31 | $0.78 | $1.09 | $(0.45) | $ — | $(0.45) | $25.13 | $25.16 | |
2019 | 23.49 | 0.75 | 1.09 | 1.84 | (0.84) | — | (0.84) | 24.49 | 24.44 | |
2018 | 24.61 | 0.67 | (0.91) | (0.24) | (0.88) | — | (0.88) | 23.49 | 23.50 | |
2017(e) | 25.00 | 0.57 | (0.40) | 0.17 | (0.56) | —** | (0.56) | 24.61 | 24.67 | |
NUSA | ||||||||||
2020(d) | 24.86 | 0.32 | 0.32 | 0.64 | (0.37) | — | (0.37) | 25.13 | 25.17 | |
2019 | 24.30 | 0.62 | 0.65 | 1.27 | (0.71) | — | (0.71) | 24.86 | 24.89 | |
2018 | 25.11 | 0.55 | (0.64) | (0.09) | (0.72) | — | (0.72) | 24.30 | 24.33 | |
2017(f) | 25.00 | 0.23 | 0.04 | 0.27 | (0.16) | — | (0.16) | 25.11 | 25.15 | |
NUHY | ||||||||||
2020(g) | 25.00 | 0.43 | 0.07 | 0.50 | (0.35) | — | (0.35) | 25.15 | 25.19 | |
NUBD | ||||||||||
2020(d) | 25.36 | 0.30 | 0.68 | 0.98 | (0.34) | — | (0.34) | 26.00 | 26.06 | |
2019 | 24.17 | 0.63 | 1.24 | 1.87 | (0.68) | — | (0.68) | 25.36 | 25.38 | |
2018(h) | 25.00 | 0.48 | (0.82) | (0.34) | (0.49) | — | (0.49) | 24.17 | 24.20 |
Ratios/Supplemental Data | |||||
Total Return | Ratios to Average Net Assets | ||||
Based on NAV(b) | Based on Market Price(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(c) |
4.49% | 4.80% | $155,819 | 0.21%* | 2.45%* | 86% |
8.03 | 7.77 | 71,019 | 0.20 | 3.17 | 167 |
(1.00) | (1.21) | 147,959 | 0.20 | 2.79 | 123 |
0.74 | 1.00 | 54,135 | 0.20* | 2.67* | 84 |
2.60 | 2.65 | 30,156 | 0.22* | 2.52* | 16 |
5.37 | 5.31 | 27,349 | 0.20 | 2.54 | 36 |
(0.37) | (0.39) | 26,727 | 0.20 | 2.22 | 37 |
1.10 | 1.26 | 30,132 | 0.20* | 2.74* | 4 |
1.99 | 2.16 | 52,807 | 0.36* | 4.88* | 20 |
3.93 | 4.06 | 93,609 | 0.22* | 2.34* | 8 |
7.89 | 7.84 | 55,786 | 0.20 | 2.59 | 27 |
(1.37) | (1.25) | 41,088 | 0.20* | 2.31* | 17 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total Return Based on NAV reflects the change in NAV over the period, including the assumed reinvestment of distributions, if any, at NAV on each ex-dividend payment date during the period. Total Return Based on Market Price reflects the change in the market price per share over the period, including the assumed reinvestment of distributions, if any, at the ending market price per share on each ex-dividend payment date during the period. Total returns are not annualized. |
(c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4 - Portfolio Securities and Investments in Derivatives, Investment Transactions) divided by the average long-term market value during the period. Portfolio Turnover Rate excludes securities received or delivered as a result of processing in-kind creations or redemptions of Fund shares (as disclosed in Note 5 - Fund Shares). |
(d) | For the six months ended January 31, 2020. |
(e) | For the period September 14, 2016 (commencement of operations) through July 31, 2017. |
(f) | For the period March 31, 2017 (commencement of operations) through July 31, 2017. |
(g) | For the period September 25, 2019 (commencement of operations) through January 31, 2020. |
(h) | For the period September 29, 2017 (commencement of operations) through July 31, 2018. |
* | Annualized. |
** | Rounds to less than $0.01 per share. |
NUAG | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
Securitized | $ — | $56,393,719 | $ — | $56,393,719 |
Corporate Debt | — | 54,079,187 | — | 54,079,187 |
U.S. Treasury | — | 35,928,142 | — | 35,928,142 |
Government Related | — | 7,822,988 | — | 7,822,988 |
Short-Term Investments: | ||||
U.S. Government and Agency Obligations | — | 24,660,000 | — | 24,660,000 |
Total | $ — | $178,884,036 | $ — | $178,884,036 |
NUSA | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
Corporate Debt | $ — | $14,183,704 | $ — | $14,183,704 |
Securitized | — | 8,118,916 | — | 8,118,916 |
U.S. Treasury | — | 7,895,252 | — | 7,895,252 |
Short-Term Investments: | ||||
U.S. Government and Agency Obligations | — | 230,000 | — | 230,000 |
Total | $ — | $30,427,872 | $ — | $30,427,872 |
NUHY | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
Corporate Debt | $ — | $51,742,841 | $ — | $51,742,841 |
Short-Term Investments: | ||||
U.S. Government and Agency Obligations | — | 430,000 | — | 430,000 |
Total | $ — | $52,172,841 | $ — | $52,172,841 |
NUBD | Level 1 | Level 2 | Level 3 | Total |
Long-Term Investments: | ||||
U.S. Treasury | $ — | $36,272,411 | $ — | $36,272,411 |
Securitized | — | 27,013,604 | — | 27,013,604 |
Corporate Debt | — | 23,558,244 | — | 23,558,244 |
Government Related | — | 5,844,057 | — | 5,844,057 |
Short-Term Investments: | ||||
U.S. Government and Agency Obligations | — | 7,020,000 | — | 7,020,000 |
Total | $ — | $99,708,316 | $ — | $99,708,316 |
NUAG | NUSA | NUHY | NUBD | |
Purchases: | ||||
Investment securities | $126,725,056 | $5,610,286 | $11,506,513 | $27,681,939 |
U.S. Government and agency obligations | 23,369,674 | 1,511,250 | — | 16,517,134 |
Sales and maturities: | ||||
Investment securities | 85,799,251 | 3,942,095 | 7,185,092 | 4,157,152 |
U.S. Government and agency obligations | 14,822,393 | 603,586 | — | 1,420,762 |
NUAG | NUSA | NUHY | NUBD | |
In-kind purchases | $138,233,325 | $ — | $47,512,951 | $ — |
In-kind sales | 103,915,917 | — | — | 2,776,344 |
NUAG | NUSA | ||||||||||
Six Months Ended 1/31/20 | Year Ended 7/31/19 | Six Months Ended 1/31/20 | Year Ended 7/31/19 | ||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||
Shares sold | 10,600,000 | $265,079,490 | 5,000,000 | $119,215,650 | 100,000 | $2,495,870 | 200,000 | $4,875,760 | |||
Shares redeemed | (7,300,000) | (180,774,420) | (8,400,000) | (200,733,010) | — | — | (200,000) | (4,951,480) | |||
Net increase (decrease) | 3,300,000 | $84,305,070 | (3,400,000) | $(81,517,360) | 100,000 | $2,495,870 | — | $(75,720) |
NUHY | NUBD | |||||||
For the Period 9/25/19 (commencement of operations) through 1/31/20 | Six Months Ended 1/31/20 | Year Ended 7/31/19 | ||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||
Shares sold | 2,100,000 | $52,678,730 | 1,600,000 | $41,056,165 | 1,200,000 | $29,521,639 | ||
Shares redeemed | — | — | (200,000) | (5,194,200) | (700,000) | (17,525,220) | ||
Net increase (decrease) | 2,100,000 | $52,678,730 | 1,400,000 | $35,861,965 | 500,000 | $11,996,419 |
NUAG | NUSA | NUHY | NUBD | |
Tax cost of investments | $177,244,981 | $29,800,206 | $52,276,630 | $96,765,499 |
Gross unrealized: | ||||
Appreciation | $1,720,134 | $661,880 | $314,387 | $2,980,634 |
Depreciation | (81,079) | (34,214) | (418,176) | (37,817) |
Net unrealized appreciation (depreciation) of investments | $1,639,055 | $627,666 | $(103,789) | $2,942,817 |
NUAG | NUSA | NUBD | |
Undistributed net ordinary income1 | $232,791 | $87,713 | $167,112 |
Undistributed net long-term capital gains | — | — | — |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
NUAG | NUSA | NUBD | |
Distributions from net ordinary income1 | $3,510,400 | $855,950 | $1,392,050 |
Distributions from net long-term capital gains | — | — | — |
1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
NUAG | NUSA | NUBD | |
Not subject to expiration: | |||
Short-term | $ — | $71,352 | $88,928 |
Long-term | 1,259,805 | 203,512 | 86,570 |
Total | $1,259,805 | $274,864 | $175,498 |
Fund | Management Fee |
NUAG | 0.20% |
NUSA | 0.20 |
NUHY | 0.35 |
NUBD | 0.20 |
NUAG | |
Nuveen owned shares | 3,983 |
Fund | NUHY |
TIAA owned shares | 1,927,000 |
NUAG | ||
Six months ended January 31, 2020 | Number of Days | % of Total Days |
Premium/Discount Range | ||
0.26% to 0.50% | 6 | 2.4% |
0.00 to 0.25% | 115 | 45.8% |
(0.01)% to (0.25)% | 121 | 48.2% |
(0.26)% to (0.50)% | 9 | 3.6% |
251 | 100% |
NUSA | ||
Six months ended January 31, 2020 | Number of Days | % of Total Days |
Premium/Discount Range | ||
0.00 to 0.25% | 250 | 99.6% |
(0.01)% to (0.25)% | 1 | 0.4% |
251 | 100% |
NUHY | ||
Six months ended January 31, 2020 | Number of Days | % of Total Days |
Premium/Discount Range | ||
0.26% to 0.50% | 31 | 12.3% |
0.00 to 0.25% | 203 | 80.9% |
(0.01)% to (0.25)% | 17 | 6.8% |
251 | 100% |
NUBD | ||
Six months ended January 31, 2020 | Number of Days | % of Total Days |
Premium/Discount Range | ||
0.26% to 0.50% | 31 | 12.3% |
0.00 to 0.25% | 203 | 80.9% |
(0.01)% to (0.25)% | 17 | 6.8% |
251 | 100% |
• | Fund Improvements and Product Management Initiatives – continuing to proactively manage the Nuveen fund complex as a whole and at the individual fund level with an aim to enhance the shareholder outcomes through, among other things, repositioning funds, merging funds, reviewing and updating investment policies and benchmarks, modifying the composition of certain portfolio management teams and analyzing various data to help devise such improvements; |
• | Capital Initiatives – continuing to invest capital to support new funds with initial capital as well as to facilitate modifications to the strategies or structure of existing funds; |
• | Compliance Program Initiatives – continuing efforts to enhance the compliance program through, among other things, internally integrating various portfolio management teams and aligning compliance support accordingly, completing a comprehensive review of existing policies and procedures and revising such policies and procedures as appropriate, enhancing compliance-related technologies and workflows, and optimizing compliance shared services across the organization and affiliates; |
• | Risk Management and Valuation Services – continuing efforts to strengthen the risk management functions, including through, among other things, enhancing the interaction and reporting between the investment risk management team and various affiliates, increasing the efficiency of risk monitoring performed on the Nuveen funds through improved reporting, continuing to implement risk programs designed to provide a more disciplined and consistent approach to identifying and mitigating operational risks, continuing progress on implementing a liquidity program that complies with the new liquidity regulatory requirements and continuing to oversee the daily valuation process; |
• | Additional Compliance Services – continuing investment of time and resources necessary to develop the compliance policies and procedures and other related tools necessary to meet the various new regulatory requirements affecting the Nuveen funds that have been adopted over recent years; |
• | Government Relations – continuing efforts of various Nuveen teams and affiliates to advocate and communicate their positions with lawmakers and other regulatory bodies on issues that will impact the Nuveen funds; |
• | Business Continuity, Disaster Recovery and Information Services – establishing an information security program to help identify and manage information security risks, periodically testing disaster recovery plans, maintaining and updating business continuity plans and providing reports to the Board, at least annually, addressing, among other things, management’s security risk assessment, cyber risk profile, incident tracking and other relevant information technology risk-related reports; and |
• | Expanded Dividend Management Services – continuing to expand the services necessary to manage the dividends among the varying types of Nuveen funds that have developed as the Nuveen complex has grown in size and scope. |
• | the nature, extent and quality of the services expected to be provided by the Fund Adviser; |
• | the organization of the Fund Adviser, including the responsibilities of various departments and key personnel; |
• | the relevant expertise and background of the Fund Adviser with respect to the Fund’s investment strategy; |
• | certain performance-related information (as described below); |
• | certain profitability-related information (as described below); |
• | the Fund’s proposed unitary fee structure, including comparisons of the Fund’s proposed net expense ratio with the net expense ratios of comparable funds; and |
• | the soft dollar practices of the Fund Adviser, if any. |
![](https://capedge.com/proxy/N-CSRS/0001193125-20-099110/g878043img5e1917801.gif)
Serving Investors for Generations
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this filing.
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 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 Rule30a-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 Rule30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules13a-15(b) or15d-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 Rule30a-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.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(a)(4) Change in registrant’s independent public accountant. Not applicable.
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) Nushares ETF Trust
By | (Signature and Title) | /s/ Christopher M. Rohrbacher | ||||
Christopher M. Rohrbacher Vice President and Secretary |
Date: April 6, 2020
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | (Signature and Title) | /s/ Jordan Farris | ||||
Jordan Farris Chief Administrative Officer (principal executive officer) |
Date: April 6, 2020
By | (Signature and Title) | /s/ E. Scott Wickerham | ||||
E. Scott Wickerham Vice President and Controller (principal financial officer) |
Date: April 6, 2020